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  • #21,401
  • Aug 19, 2008 12:15am Aug 19, 2008 12:15am
Quoting trading801
short dollars????????? meaning long eur/usd eh?
ye aussie kiwi and cable are better though
  • #21,402
  • Aug 19, 2008 12:17am Aug 19, 2008 12:17am
Do you think that euro goes down every hour/day, even though the lt trend is down?

Do you know what my strategy is?

My point is that it is also possible to make money with countertrend trades, if you just have an edge...

+20 now


Quoting Srikanth

Don't try to chase the pips against trend!
  • #21,403
  • Aug 19, 2008 12:19am Aug 19, 2008 12:19am
http://www.thelfb-forex.com/content....Session_Update


Bruce
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  • #21,404
  • Aug 19, 2008 12:19am Aug 19, 2008 12:19am
Quoting 5ysfx
ye aussie kiwi and cable are better though
Hmm.. and about 80% of traders agree with you on Aussie according to Oanda positioning, doesn't that sound a bit strange.. Hope you keep your sl below 0.85
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  • #21,405
  • Aug 19, 2008 12:21am Aug 19, 2008 12:21am
Quoting 5ysfx
short dollars today
short dollars ??? i think its suicidel to short dollars at the moment.
  • #21,406
  • Aug 19, 2008 12:21am Aug 19, 2008 12:21am
Quoting Rocroy
Do you think that euro goes down every hour/day, even though the lt trend is down?

Do you know what my strategy is?

My point is that it is also possible to make money with countertrend trades, if you just have an edge...

+20 now

true the difficulty is when to enter when up or down.. i lost quite a lot from this
  • #21,407
  • Aug 19, 2008 12:23am Aug 19, 2008 12:23am
that's where the edge is

Quoting trading801
true the difficulty is when to enter when up or down.. i lost quite a lot from this
  • #21,408
  • Aug 19, 2008 12:26am Aug 19, 2008 12:26am
If you do it successfully then great for you RocRoy I prefer scalping the retraces on trend with small amounts and be liberal with my sl on such trades, the trend gets you out of trouble on those.

EDIT (chart):
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 141 KB
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  • #21,409
  • Aug 19, 2008 12:32am Aug 19, 2008 12:32am
Quoting Jurrasic
If you do it successfully then great for you RocRoy I prefer scalping the retraces on trend with small amounts and be liberal with my sl on such trades, the trend gets you out of trouble on those.

can you elaborate on this pls dinosaur?
  • #21,410
  • Aug 19, 2008 12:34am Aug 19, 2008 12:34am
Countertrend trades are risky, especially in the beginning they need to be followed carefully. Not really recommending them.

You must have "hard data/evidence" to enter a countertrend trade. Never ever open a countertrend trade based on your gut feeling.

But they are also fun, it is always nice to grab a few additional pips.

And you know, sometimes the trend comes to an end... well, maybe not this trend yet


Quoting Jurrasic
If you do it successfully then great for you RocRoy I prefer scalping the retraces on trend with small amounts and be liberal with my sl on such trades, the trend gets you out of trouble on those.
  • #21,411
  • Aug 19, 2008 12:34am Aug 19, 2008 12:34am
07:31 USD/JPY: Active, But Range Bound London, August 19. The market tested water above its 109.67-110.23 Asian range peak in early London, reaching 110.32.

This as EUR/USD extended Fri"s new 6 month base at 1.4659 to 1.4630, leaving EUR/JPY well supported at the new 3 month low of 161.01 posted in Asia overnight. However, with pressure now off EUR/USD - the USD/JPY has dropped back sub 110.00. A rack of vanilla expiries in the 109.70-110.50 vicinity over the coming week should help to confine the market and further define the current range. Bids reside at 109.60-65 with dip buyers also aiding support at the lows overnight. More bids said to lie in the 109.40-50 region. Topside there are option barriers touted at 110.75 and confirmed at 111.00 and 111.30. There was no reaction to the BOJ decision to keep rates on hold and lower the economic assessment overnight, as both outcomes were widely anticipated. The recent Shirakawa comments are also failing to inspire the market. [email protected]
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  • #21,412
  • Aug 19, 2008 12:40am Aug 19, 2008 12:40am
Quoting trading801
can you elaborate on this pls dinosaur?
What exaclty ? In a strong and clear trend like we got wait for a sizable retrace and short as it seems to reverse a bit. You can have a wide sl with even less than 1:1 ratio and if it still keeps retracing add small positions like every 50-100 pips. Even if the trend unexpectedly (not just any trend as mentioned, just those you'd expect to continue or try for a second high/low at least) reverses allright it's still likely to try for a another low/high first so you can average down your position too and very unlikely to loose overall. With small positions and care you can make some profit like this. As a general rule though I believe it's better to keep your sl smaller and set in most cases.
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  • #21,413
  • Aug 19, 2008 12:40am Aug 19, 2008 12:40am
Quoting 5ysfx
ye aussie kiwi and cable are better though
It does look like aussie and kiwi are more stable today, even though RBA came out with meeting minutes saying they might lower rates sooner. Still not sure if the dollar bull has run out of steam yet. It just seems to have unlimited energy this couple of weeks. It runs up on all news.
Expected the unexpected
  • #21,414
  • Aug 19, 2008 12:44am Aug 19, 2008 12:44am
I guess we'll see .4720 today
  • #21,415
  • Aug 19, 2008 12:45am Aug 19, 2008 12:45am
This is my idea for the moment
Attached Image (click to enlarge)
Click to Enlarge Name: 19082008.jpg Size: 156 KB
  • #21,416
  • Aug 19, 2008 12:46am Aug 19, 2008 12:46am
Quoting avtopilot
I guess we'll see .4720 today
And your reason is?
Expected the unexpected
  • #21,417
  • Aug 19, 2008 12:47am Aug 19, 2008 12:47am
Quoting avtopilot
I guess we'll see .4720 today


i guess we ll see 1.4780
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  • #21,418
  • Aug 19, 2008 12:49am Aug 19, 2008 12:49am
Quoting artsameer
i guess we ll see 1.4780
Enough guesses. Could you state your reasons, technical or fundamental?
Expected the unexpected
  • #21,419
  • Aug 19, 2008 12:50am Aug 19, 2008 12:50am
Quoting scyang
And your reason is?
My chart
Attached Image
  • #21,420
  • Aug 19, 2008 12:51am Aug 19, 2008 12:51am
My guess is 4570
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