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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #90,441
  • Jun 8, 2008 9:12am Jun 8, 2008 9:12am


howdi
  • #90,442
  • Jun 8, 2008 9:33am Jun 8, 2008 9:33am
gbp/chf moved away from gbp/jpy,..since chf/jpy is at all time high, and at parity with the canadian (i think),...so dont look just gold vs xy/chf, also comodities like oil moves with the euro,..but not synhronized, up to 1 minute, it can take up to a whole day, before euro catches up with the oil, or vice versa,..i find offen that xy/dollar pairs moves oposite with xy/chf pairs,..but still that doesnt mean, it cant retrace 200 pips on monday after the unemployment data from chf comes out,...and also i think its about trading strenght, and taking money mentally and phizicly from ur broker, then it is about strategies,..just my 2 cents...whats the point of making pips, if u dont have the guts, to take them from ur broker, to ur bank account,...u never know, it may as well happen, someone wins few milions, and when they want to withdraw them, broker change the company name, and we are all screwed, ...so....make, and take money is what we should all focus,...and by all means, if u are used to scalp with lots, dont think it works that easy, when u try to catch the big move,...so make it simple...as that..

1. trend small
2. scalp big

its just money
  • #90,443
  • Jun 8, 2008 9:33am Jun 8, 2008 9:33am
Quoting malcolmb14
day trading forex is known as the hardest thing to trade out there .. it is eratic to say the least. Even some of the top traders will tell you it is one of the hardest things to day trade out there.

If you want to learn day trading try the e mini futures ( YM ). They are a lot easier to day trade. I day trade both currency and futures and find futures way easier.

it is $5 per point and in the 1st 2 hours of market you can typically get 30-50 points , this week it has been 100 points most mornings , Friday was a crazy day within the 1st hour of market I had 240 points in the bag , then I went in later in the afternoon and got another 130 points.

go with 2 - 3 contract (15 per point)

I do day trade currency and make about 150 -200 pips per week. Friday was a very good day on usdchf and eurusd.

If you must day trade currency NEVER go against the 30 minute trend.

In addition to this you need to follow a few pairs , eurcad , eurusd,gbpchf or usdchf have been way easier to day trade than gbpjpy. GBPJPY the last 3 weeks has been particularly hard to trade.

Beauty of trading those chf pairs is have a gold chart up , gold drops go long gbpchf , gold goes up go short gbpchf.

gbpchf was a 300 pip mover on Friday

good luck .....
malc, wats ur thot on eurcad/ time for some retracement?
  • #90,444
  • Jun 8, 2008 9:55am Jun 8, 2008 9:55am
Quoting OwningSoros
bro, do you mean this pair can move 300 pips on Friday's US session according to gold's inverse direction?
Not it can ..... it did

GBPCHF is being driven by usdchf , chf is linked to gold .... (well in actual fact the perception is that it still is as in the old days)

here is a gold chart

the 50 sma on daily gold is 899. We closed above that and are liekly heading back into the 1000 + range over the coming days. Gold will be strong until the tensions between Iran and Isreal / US settle down.

GBPCHF broke the 50 sma on its daily to the downside. I have a 1-2-3 sell formation on the 4 hour that could take it down into 1.9700 or lower. I would love to see some form of bear flag on gbphf to provide an opportunity to go short.

The other option is wait till test whole number and fe 100% at 2.000 and see what cooks from there.

Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 58 KB


Attachment
Blogging daily now at www.volume.zone
  • #90,445
  • Jun 8, 2008 9:56am Jun 8, 2008 9:56am
Quoting de123
gbp/chf moved away from gbp/jpy,..since chf/jpy is at all time high, and at parity with the canadian (i think),...so dont look just gold vs xy/chf, also comodities like oil moves with the euro,..but not synhronized, up to 1 minute, it can take up to a whole day, before euro catches up with the oil, or vice versa,..i find offen that xy/dollar pairs moves oposite with xy/chf pairs,..but still that doesnt mean, it cant retrace 200 pips on monday after the unemployment data from chf comes out,...and also i think its about trading strenght, and taking money mentally and phizicly from ur broker, then it is about strategies,..just my 2 cents...whats the point of making pips, if u dont have the guts, to take them from ur broker, to ur bank account,...u never know, it may as well happen, someone wins few milions, and when they want to withdraw them, broker change the company name, and we are all screwed, ...so....make, and take money is what we should all focus,...and by all means, if u are used to scalp with lots, dont think it works that easy, when u try to catch the big move,...so make it simple...as that..

1. trend small
2. scalp big

gold and chf directly connected......simple as that ..... look at gold and usdchf chart side by side
Blogging daily now at www.volume.zone
  • #90,446
  • Jun 8, 2008 10:02am Jun 8, 2008 10:02am
China central bank hikes reserve requirement by full percentage point
BEIJING (XFN-ASIA) - China's central bank said it is raising the reserve requirement on bank deposits by a full percentage point this month.

The hike in the reserve ratio, the fifth this year, will bring the reserve requirement for most lenders to 17.5 pct.

It was the first time this year that the People's Bank of China had opted for an increase of more than half a percentage point, and it pointed to concerns over the build up of funds in the banking system.

In a brief statement on its website late on Saturday, the central bank said the increase in the funds lenders must hold in reserve will be implemented in two stages - with a 0.5 percentage point hike on June 15 followed by another 0.5 point rise on June 25.

The central bank also said that the increase will not apply to financial institutions in the areas affected by a massive earthquake on May 12. The quake was centred in southwest China's Sichuan province and affected parts of other surrounding provinces.

[email protected]

-

xfnwk

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Copyright Thomson Financial News Limited 2008. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
  • #90,447
  • Jun 8, 2008 10:04am Jun 8, 2008 10:04am
Quoting malcolmb14
day trading forex is known as the hardest thing to trade out there .. it is eratic to say the least. Even some of the top traders will tell you it is one of the hardest things to day trade out there.

If you want to learn day trading try the e mini futures ( YM ). They are a lot easier to day trade. I day trade both currency and futures and find futures way easier.

it is $5 per point and in the 1st 2 hours of market you can typically get 30-50 points , this week it has been 100 points most mornings , Friday was a crazy day within the 1st hour of market I had 240 points in the bag , then I went in later in the afternoon and got another 130 points.

go with 2 - 3 contract (15 per point)

I do day trade currency and make about 150 -200 pips per week. Friday was a very good day on usdchf and eurusd.

If you must day trade currency NEVER go against the 30 minute trend.

In addition to this you need to follow a few pairs , eurcad , eurusd,gbpchf or usdchf have been way easier to day trade than gbpjpy. GBPJPY the last 3 weeks has been particularly hard to trade.

Beauty of trading those chf pairs is have a gold chart up , gold drops go long gbpchf , gold goes up go short gbpchf.

gbpchf was a 300 pip mover on Friday

good luck .....
but dont the e futures contracts require a lot of capital??
  • #90,448
  • Jun 8, 2008 10:04am Jun 8, 2008 10:04am
Quoting malcolmb14
gold and chf directly connected......simple as that ..... look at gold and usdchf chart side by side

here is the usdchf chart .. the vertical lines are the pivots from the daily gold chart

do not forget it is inverse of gold chart ... gold goes up usdchf goes down ....

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.png Size: 172 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 58 KB
Blogging daily now at www.volume.zone
  • #90,449
  • Jun 8, 2008 10:05am Jun 8, 2008 10:05am
Quoting ns_karthik77
but dont the e futures contracts require a lot of capital??
YM day trade is 500 per contract .. like trade .5 standard . If you hold overnight you need $3200 per contract .
Blogging daily now at www.volume.zone
  • #90,450
  • Jun 8, 2008 10:06am Jun 8, 2008 10:06am
EURO! LOL
Attached Image
  • #90,451
  • Jun 8, 2008 10:08am Jun 8, 2008 10:08am
Quoting Clouds
EURO!
Attachment
Hahahhaa .. this is an armageddon in Europe I guess ..
(It's a normal false signal on wk-end)
  • #90,452
  • Jun 8, 2008 10:10am Jun 8, 2008 10:10am
Quoting malcolmb14
YM day trade is 500 per contract .. like trade .5 standard . If you hold overnight you need $3200 per contract .

so u mean to say that if u trade well, u could make $100 everyday on $500 investment ??
  • #90,453
  • Jun 8, 2008 10:11am Jun 8, 2008 10:11am
Quoting de123
gbp/chf moved away from gbp/jpy,..since chf/jpy is at all time high, and at parity with the canadian (i think),...so dont look just gold vs xy/chf, also comodities like oil moves with the euro,..but not synhronized, up to 1 minute, it can take up to a whole day, before euro catches up with the oil, or vice versa,..i find offen that xy/dollar pairs moves oposite with xy/chf pairs,..but still that doesnt mean, it cant retrace 200 pips on monday after the unemployment data from chf comes out,...and also i think its about trading strenght, and taking money mentally and phizicly from ur broker, then it is about strategies,..just my 2 cents...whats the point of making pips, if u dont have the guts, to take them from ur broker, to ur bank account,...u never know, it may as well happen, someone wins few milions, and when they want to withdraw them, broker change the company name, and we are all screwed, ...so....make, and take money is what we should all focus,...and by all means, if u are used to scalp with lots, dont think it works that easy, when u try to catch the big move,...so make it simple...as that..

1. trend small
2. scalp big

he's right
agree with Malcolomb
  • #90,454
  • Jun 8, 2008 10:12am Jun 8, 2008 10:12am
Quoting Clouds
EURO! LOL
Attachment
Heh, something big blow up? like the countries? jk
I dream, therefore I become.
  • #90,455
  • Jun 8, 2008 10:13am Jun 8, 2008 10:13am
Quoting goodness
malc, wats ur thot on eurcad/ time for some retracement?

eurcad has a habit of doing this . .the other month I scored 1900 pips in one trade
In my trading room we entered the eurcad at 1.5515. Traders have moved stop to +100. We are letting it run .

I have upside targets 1.7000 ++++. I did set upside target of 1.6463 by June 14th , but so far the curve is steepening on the 4 hour and we could get there sooner.

retracement ... mmmmm it broke 1.6000 on Friday ( whole number) and appears to be overbought on every time frame. It MIGHT pull back to this zone .

you really want to be in this trade before Tuesday morning as the BOC is cutting rates and they rarely surprise to the upside. Also the USDCAD needs to be about 1.1 / 1.2 and the BOC will do everything they can to make sure that usdcad does not get below 0.85 as it will kill our economy.
Blogging daily now at www.volume.zone
  • #90,456
  • Jun 8, 2008 10:14am Jun 8, 2008 10:14am
All eyes on Asia: for gebby AND Dow action Would not be at all surprised if the Dow closes positive
Sophia L had the most beautiful eyes
http://www.fest21.com/files/images/Sophia%20Loren.jpg
  • #90,457
  • Jun 8, 2008 10:18am Jun 8, 2008 10:18am
Malcolmb
we will see CJ below 100 again
  • #90,458
  • Jun 8, 2008 10:23am Jun 8, 2008 10:23am
Quoting hussin naiji
Malcolomb
we will see CJ below 100 again
I agree with that, just look at how the daily is setting up for a drop. At the least, I think we would see 101 again as a conservative target.
I dream, therefore I become.
  • #90,459
  • Jun 8, 2008 10:31am Jun 8, 2008 10:31am
Quoting ns_karthik77
so u mean to say that if u trade well, u could make $100 everyday on $500 investment ??
yes.

I use rapid rsi , open range ( go to www.marketgauge.com for free ebook trading the 10 o'clock bulls for open range trading) and a 50 sma envelope

wait till 30 minutes of market to pass (6:30 to 7am pst) and then see if there is a trade trigger.

Ideally on 1 contrcat you want to let it run 40 points plus

I like 3 min chart to trade from .

Pirce action will tell you if it is choppy or not. If it is wait for it to settle.

Here is 3 min on 29th May . The market was very choppy for 1st 1 hour. I used the open rnage breakout candles + or -15 points for entry

In other words 07:12 pst low was 12555- 15 = 12540 entry ( did not get filled = no trade)
0721 high was12613 +15 = 12228 ... did not get filled = false break out , no trade ,
0730 low12549 , -15 points = 12334 , no trade false breakdown
0745 high 12627+15 = 12642 , filled at 0845 , went to high at 12720 by 10:00 ( 80 points x 5 = 450 profit on 1 contract NO DRAW DOWN)

Then a treble top formed with bearish div at 10am , rapid rsi gave a sell trigger , candle low was 12705 - 15 pips = 12690 entry . this was filled with a 20 point draw down ( stops are 30 points). Price dropped to 12616 into close , another 75 points x 5 = 375

so for day on 1 contract , by taking the right trades and being patient you could have got 825 on 1 contract by day trading

Attached Image (click to enlarge)
Click to Enlarge Name: ym.png Size: 242 KB
Blogging daily now at www.volume.zone
  • #90,460
  • Jun 8, 2008 10:35am Jun 8, 2008 10:35am
Quoting hussin naiji
Malcolmb
we will see CJ below 100 again
CJ is CAD/JPY or CHF/JPY?
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