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  • #2,501
  • Aug 7, 2008 9:41am Aug 7, 2008 9:41am
Quoting loudoniii
EUR/USD (Euro) short @1.5395, just below the 1.5397 - 1.5510 Support area, or thereabouts.

Stop maybe 30 PIPs higher, above the 54 double zero level.

What do you folks reckon on this setup ?

It may not get back up there anytime soon, of course.
Same place I have mine on EUR and GBP
  • #2,502
  • Aug 7, 2008 9:43am Aug 7, 2008 9:43am
Quoting len979
LONG gbp/usd 1.9428

Cable is due for a bounce here imo
Hi, len979, I,ve also long GU at 1.9424 and placed PL at 1.5000.. wat's ur PL ?
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #2,503
  • Aug 7, 2008 9:48am Aug 7, 2008 9:48am
Quoting len979
LONG gbp/usd 1.9428

Cable is due for a bounce here imo
A more significant support awaits down at 1.9337/62 - it has been tested twice [January and May]. The 50% Fib is still lower, around 1.911...
Perhaps we can take these levels after taking full advantage of loudoniii's short call.
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  • #2,504
  • Aug 7, 2008 10:01am Aug 7, 2008 10:01am
Closed out at 1.9450, looking for short at around 1.9460-1.9470 if price go up there
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #2,505
  • Aug 7, 2008 10:01am Aug 7, 2008 10:01am
Quoting steveshutts
Have to see how the IRS on GBP is today but good levels to watch IMO:

Long: 2.0478-2.0496
Short: 2.0786-2.0804

We have already seen price rejected off a very nice level of 2.0658 late yesterday, which would have been a nice short point. We have support at 2.0530, which has held price well recently but i think the lower levels would be a better long attempt. This is very rangebound at the moment and this could be a nice long off the base of the smaller upper range.
Need to see how strong the moves are after the IRS

Steve
Was going back through the posts and I just read this call.

Excellent call Steve! I would be a bit careful though with the short as 2.0790 resistance has been hit a few times. I would still go short but with a smaller position.
  • #2,506
  • Edited 10:21am Aug 7, 2008 10:20am | Edited 10:21am
Quoting krullmagnon
The USD/CAD is bumping against the former support a year ago at 1.05 ... this fall into the no brainer category or is there a factor I'm not seeing? Looks like a great short to me.
It shot thru an important 50% Fib by about 50 pips. Is this significant on a 2800-pip range?
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  • #2,507
  • Aug 7, 2008 10:37am Aug 7, 2008 10:37am
Quoting sivaji
Hi, len979, I,ve also long GU at 1.9424 and placed PL at 1.5000.. wat's ur PL ?
My TP is 1.9578. this is a swing trade, not scalp
  • #2,508
  • Aug 7, 2008 10:49am Aug 7, 2008 10:49am
Quoting 6pack
A more significant support awaits down at 1.9337/62 - it has been tested twice [January and May]. The 50% Fib is still lower, around 1.911...
Perhaps we can take these levels after taking full advantage of loudoniii's short call.
I agree. There's a wide resistance zone 1.9420 - 1.9335. The best strategy imo, is to scale into a position with wide stops. I'll add more at 1.9350, with my stops around 1.9300. Like I said, this is a long term swing.

I closed that small long I had opened @ 1.9511 for -36 when it closed below rising trendline on daily. I decided 1.9420's area would be a better place to start building a long position
  • #2,509
  • Aug 7, 2008 10:56am Aug 7, 2008 10:56am
Quoting 6pack
It shot thru an important 50% Fib by about 50 pips. Is this significant on a 2800-pip range?
I've found 50% fib to be insignificant on most pairs except yen crosses. If this breakout holds, next stop is 61.8% fib and previous resistance at 1.0795. Breakout has to be significant (about 80 - 100 pips or more), and hold for more than two days.
  • #2,510
  • Aug 7, 2008 11:04am Aug 7, 2008 11:04am
EJ (EUR/JPY) long @ 167.63, previous Support + Resistance level.

Stop @ 167.32, 15 PIPs below its 76.4% Fibo support level of 167.47.

EJ by then will have had over 200 PIPs worth of rundown and should be reaching its daily exhaustion point by the time it gets there, by my reckoning.
  • #2,511
  • Aug 7, 2008 11:07am Aug 7, 2008 11:07am
went short USD/CHF @1.0624 reasons ---- 50% Fib of daily 1.0615 and 200SMA in daily 1.0644...... and S&R in daily chart
BANDA333
  • #2,512
  • Aug 7, 2008 11:07am Aug 7, 2008 11:07am
EUR/GBP long @ 0.7890, previous Resistance + Support level.

Stop @ 0.7865, 25 PIPs below.
  • #2,513
  • Aug 7, 2008 11:08am Aug 7, 2008 11:08am
Just bought euro here at 1.5340....just thought I would share.
  • #2,514
  • Aug 7, 2008 11:12am Aug 7, 2008 11:12am
Quoting BillyRayValentine
Just bought euro here at 1.5340....just thought I would share.

i got in a little early at 5352 .....good luck
  • #2,515
  • Aug 7, 2008 11:13am Aug 7, 2008 11:13am
Quoting BillyRayValentine
Just bought euro here at 1.5340....just thought I would share.
Long eur/usd 1.5346, stop 1.5240, TP 1.5530.

Thanks for heads up BRV. Was busy looking at other stuff.... been waiting for this for a while. I'll add a tiny amount at 1.5305
  • #2,516
  • Aug 7, 2008 11:16am Aug 7, 2008 11:16am
Quoting BillyRayValentine
Just bought euro here at 1.5340....just thought I would share.
Thanks Billy Ray

I'm short in Swissy at 1.0615
good piping
Bogdus
  • #2,517
  • Aug 7, 2008 11:20am Aug 7, 2008 11:20am
Quoting len979
Long eur/usd 1.5346, stop 1.5240, TP 1.5530.

Thanks for heads up BRV. Was busy looking at other stuff.... been waiting for this for a while. I'll add a tiny amount at 1.5305
I see very good support here.... Long term support that's been tested twice, plus sitting right on 200MA on daily. You gotta be careful though... Place your stop a bit further away as there's a tendency to stop hunt around areas of obvious support and resistance.
I can't tell you how many times this strategy has helped me from getting stopped out. I usually go in with a slightly small er position than usual if I plan to have a wider stop.... My TP is always large to compensate for the risk
  • #2,518
  • Aug 7, 2008 11:22am Aug 7, 2008 11:22am
My contrarian part says that euro might not have a big retracement from here because everybody was waiting for this area to load up on longs. First under 1.5280 to take out stops...
  • #2,519
  • Aug 7, 2008 11:23am Aug 7, 2008 11:23am
Quoting Bogdus
Thanks Billy Ray

I'm short in Swissy at 1.0615
good piping
Bogdus
I'm short Swissie @ 1.0615 too - I just don't see the market having the energy today so far to bust the Weekly Fibo 50% level there.

We shall see.
  • #2,520
  • Aug 7, 2008 11:35am Aug 7, 2008 11:35am
LIMIT order... LONG aud/usd 0.9013, stop 0.8926, TP 0.9245

Here's the anatomy of this trade:
Entry is at major support between 61.8% fib on daily and previous support.
Stop is below previous low on 3/20/08.
TP is just below 200MA on daily

Ideally I would have started with a small long at 0.9030, then average down at 1.9009 and again at 0.8960, with stops on all three at 0.8926, or start scaling out at 0.8990 if it moves down slowly with little to no bounces, but Iv'e got fairly large positions on cable and eur/usd.
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