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Intra Day Yen - Naked

  • #821
  • May 7, 2008 5:41am May 7, 2008 5:41am
G'morning Islander
Been away for a while. Difficult trading GY just now, seems better to trade GU and UY individually
kiwi trader
  • #822
  • May 8, 2008 12:47am May 8, 2008 12:47am
Quoting fxnelson
G'morning Islander
Been away for a while. Difficult trading GY just now, seems better to trade GU and UY individually
Hi, welcome back. I agree and often just trade the individual pair - GU's been good and the yesterday afternoon UJ had a good fall http://www.forexfactory.com/images/icons/icon7.gif
Trading Levels with WRBs
  • #823
  • Edited 3:05am May 8, 2008 1:55am | Edited 3:05am
A clean pull back into the DZ and then the Frankies sold UJ hard - will they continue to do so as they did with cable yesterday?....TWT

Edit: They did after another perfect DZ pull back....
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #824
  • May 8, 2008 3:15am May 8, 2008 3:15am
Quoting Islander
A clean pull back into the DZ and then the Frankies sold UJ hard - will they continue to do so as they did with cable yesterday?....TWT

Edit: They did after another perfect DZ pull back....
I am watching to see if the G/J pulls back to 203.500 area before it starts back down.
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  • #825
  • May 8, 2008 4:29am May 8, 2008 4:29am
Quoting Dcb
I am watching to see if the G/J pulls back to 203.500 area before it starts back down.
Its now in the 203.50 area and my narrower fib DZ, BUT give cable's run up to its 9600 area - its 50% retrace - AND the possibility of UJ retracing to its 104 area, I'm thinking that the wider fib's DZ might come into play - i.e. the 204 area - as ever, Time Will Tell!

I'm flat now after a hectic couple of hours and will wait for the BOE announcement
Attached Image (click to enlarge)
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Trading Levels with WRBs
  • #826
  • May 8, 2008 5:03am May 8, 2008 5:03am
Quoting Islander
Its now in the 203.50 area and my narrower fib DZ, BUT give cable's run up to its 9600 area - its 50% retrace - AND the possibility of UJ retracing to its 104 area, I'm thinking that the wider fib's DZ might come into play - i.e. the 204 area - as ever, Time Will Tell!

I'm flat now after a hectic couple of hours and will wait for the BOE announcement
Yes, I am watching the G/U. My bias is down, but for now I am watching. I only trade the first 4 hours of the London session, so it may start moving at that time.
Attached Image
  • #827
  • May 8, 2008 6:31am May 8, 2008 6:31am
Quoting Islander
Its now in the 203.50 area and my narrower fib DZ, BUT give cable's run up to its 9600 area - its 50% retrace - AND the possibility of UJ retracing to its 104 area, I'm thinking that the wider fib's DZ might come into play - i.e. the 204 area - as ever, Time Will Tell!

I'm flat now after a hectic couple of hours and will wait for the BOE announcement
Islander,
I only had a short time to trade so I focused on G/U. I had a 28 pip gain before I had to close my position because of time. Someone is making money with the G/J though. Have a good day trading.
  • #828
  • May 8, 2008 7:07am May 8, 2008 7:07am
Quoting Dcb
Islander,
I only had a short time to trade so I focused on G/U. I had a 28 pip gain before I had to close my position because of time. Someone is making money with the G/J though. Have a good day trading.

I rode GU up too and am now short.

As I suspected, the wider range GJ fib came into play with GJ getting well up into the DZ and allowing a good sell for well over 50 pips - now I'm flat watching UJ....
Trading Levels with WRBs
  • #829
  • May 9, 2008 1:24am May 9, 2008 1:24am
By 00:00 GMT UJ had already given a sell signal from its DZ and cable followed at 01:00 with a hit on its 50% level - although its taken until now - the Fankfurt Open to get any real action....
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  • #830
  • May 9, 2008 2:04am May 9, 2008 2:04am
Good Morning Issy......yep Frankfurt does not dissapoint.

I woke up too late to get into this one so I'll have to wait around for the next one.
Attached Image (click to enlarge)
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trading naked.......
  • #831
  • Edited 2:38am May 9, 2008 2:08am | Edited 2:38am
Hi Pip - as I dont hold overnight, I didnt get it all, but bagged the early European action!

Now a bounce back into my 5m DZ for another sell - with a tight stop as cable's held at its 500 level and we all know how the Brits like their fakeouts...

Edit: I've taken partial profits on the retest of the 201.50 level, now I'll let the remainder run with locked in profits.......
Attached Image
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  • #832
  • May 9, 2008 2:40am May 9, 2008 2:40am
I narrowed my range down a bit more and got in a little late but still made 25 quick pips from 201.77 to 201.52
Attached Image
trading naked.......
  • #833
  • May 9, 2008 3:18am May 9, 2008 3:18am
Quoting piphitman
I narrowed my range down a bit more and got in a little late but still made 25 quick pips from 201.77 to 201.52
Nice one Pip. The Swissy's held around its 1.0427 support and that's not letting UJ drop under its 103 level - IF that breaks UJ has major support around 102.67 off its 4 hour chart - that would be around 200.60 in GJ, assuming that cable stays around 1.9540. Just keep trailing the stop and see what the market gives.....
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  • #834
  • May 9, 2008 5:02am May 9, 2008 5:02am
Another 100 + pip sell from the DZ - what a great Friday.....http://www.forexfactory.com/images/icons/icon14.gif http://www.forexfactory.com/images/icons/dollar.gif

NB 200.78 is the 50% retrace off the 4 hour chart
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  • #835
  • May 9, 2008 8:36am May 9, 2008 8:36am
Three legs down, all with good retraces into the DZ and then a "Sell the Rumour, Buy the News" trade taken with the better than expected Trade Balance that had been clearly signaled by the Swissy's higher low.

Here my target was the 50% retrace - it may go further, depending on the Dows action - but I'll not be greedy - I'll be a Poet!
Attached Image (click to enlarge)
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  • #836
  • May 9, 2008 9:59am May 9, 2008 9:59am
I would like to trade also like islander fibbing... :blushing:

Need to learn more


Best wishes,
Tom
  • #837
  • May 9, 2008 7:02pm May 9, 2008 7:02pm
Hey guys, excuse the intrusion

Just wanted to ask a potentially offensive question, albeit in good intent..

Isn't all of this DZ stuff just another way of saying "here's an arbitrary breakout zone"?

I.e. isn't all this stuff just artificial range breakout with a bit of fib projections for TP thrown in?

Alternatively it's playing retraces, not sure

Not that I've done too much research just yet(I do use fibs and FEs and extensions a lot in my own trading though), just going by what I see so far..
Trust price. Know yourself.
  • #838
  • May 9, 2008 10:57pm May 9, 2008 10:57pm
Quoting SeekingLight
Hey guys, excuse the intrusion

Just wanted to ask a potentially offensive question, albeit in good intent..

Isn't all of this DZ stuff just another way of saying "here's an arbitrary breakout zone"?

I.e. isn't all this stuff just artificial range breakout with a bit of fib projections for TP thrown in?

Alternatively it's playing retraces, not sure

Not that I've done too much research just yet(I do use fibs and FEs and extensions a lot in my own trading though), just going by what I see so far..
SL,

no worries on the question, it's all good.

if you use fibs, then the high and low points have to be placed somewhere, right? so are you placing your fibs on an "artificial" range too?

If you use fibs then you know very well the importance of watching what price does when it enters and either continues through or is rejected at the 38 and 62 fib levels (DZ)

Islander can probably offer some better answers than I so I'll let him respond if he wants to.

Bobokus' thread is also a great read on finding and using the correct "range" for using ones fib correctly.

Islanders method is kind of a Skunny/Bobokus hybrid method.
trading naked.......
  • #839
  • May 10, 2008 9:14am May 10, 2008 9:14am
Quoting piphitman
if you use fibs, then the high and low points have to be placed somewhere, right? so are you placing your fibs on an "artificial" range too?
Well no, swings. But I meant the DZ = being the range which seemed to lead into a "long or short" decision type of thing.
I'm not yet very clear of what's really going on is the thing probably

Quote
If you use fibs then you know very well the importance of watching what price does when it enters and either continues through or is rejected at the 38 and 62 fib levels (DZ)
Well, yes, but I don't ever do anything on pure movement alone if there isn't some PA to go with it and usually there's only 1-2 "main" fibs on large TF outlining an area where to look for it..i.e. what I mean is the fibs are just one of many hints like s/r and TLs are, whereas what's actually traded is other stuff, which is why I'm curious about what's being done here.


Quote
Bobokus' thread is also a great read on finding and using the correct "range" for using ones fib correctly.

Islanders method is kind of a Skunny/Bobokus hybrid method.

I might take a gander, but it seems Skunny's at least is missing a clear and concise "abstract"(i.e. summary) to orient oneself by - or so it seems many have complained
Trust price. Know yourself.
  • #840
  • Edited 10:15am May 11, 2008 9:35am | Edited 10:15am
Quoting SeekingLight
Hey guys, excuse the intrusion

Just wanted to ask a potentially offensive question, albeit in good intent..

Isn't all of this DZ stuff just another way of saying "here's an arbitrary breakout zone"?

I.e. isn't all this stuff just artificial range breakout with a bit of fib projections for TP thrown in?

Alternatively it's playing retraces, not sure

Not that I've done too much research just yet(I do use fibs and FEs and extensions a lot in my own trading though), just going by what I see so far..
Hi SL - I have no problems with your question, for me, the main use of fibonacci is for identifying retracement areas in which price makes its decision either to turn back inside the Decision Zone (the 38.2 - 61.8% retracements) and carry on its prior move OR to pass straight thru the Decision Zone and reverse its previous direction.

Whichever decision the market elects to take, the price action itself inside the DZ gives important clues as to the strength or weakness of the move.

Thursday and Friday were good examples of pull backs into the DZ prior to the continuation of the down move. NB I'm not suggesting that I was able to get ALL of the moves that I highlighted, allowances must be made for slippage and spread.

I personally do not like the idea of waiting for the breakout of a prior High or Low as I've seen way too many of these turn out to be fakeouts.

Regards

Issy
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