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  • #7,801
  • Jan 28, 2009 1:23pm Jan 28, 2009 1:23pm
Quoting bumasoft
I am long on USDCAD. This is going down like crazy. SH******T!

Did anyone else take this trade?
lol I wanted to last night but fortunately went to bed before I could take it .
  • #7,802
  • Jan 28, 2009 2:38pm Jan 28, 2009 2:38pm
Quoting misterboy
lol I wanted to last night but fortunately went to bed before I could take it .
You lucky dude, you . Did you guys see the drop on NZDUSD after the rate announcement? Huge. I may dive in and sell at resistance lines.
  • #7,803
  • Edited 2:42pm Jan 28, 2009 2:41pm | Edited 2:42pm
nzd/usd coming down into an area that has been strong support. daily -4hr and 1hr-- break below means new lows
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  • #7,804
  • Jan 28, 2009 2:45pm Jan 28, 2009 2:45pm
Don't use trendlines much, but this is almost a perfect one.
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  • #7,805
  • Jan 28, 2009 3:18pm Jan 28, 2009 3:18pm
Quoting bumasoft
Don't use trendlines much, but this is almost a perfect one.
Me too but look at this one: previous up trend line now as resistance:
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  • #7,806
  • Jan 28, 2009 3:19pm Jan 28, 2009 3:19pm
Quoting misterboy
Me too but look at this one: previous up trend line now as resistance:
Yeah, I noticed that kind of stuff a few times with strong trend lines. Maybe we should keep an eye on them from now on.
  • #7,807
  • Jan 28, 2009 3:26pm Jan 28, 2009 3:26pm
Quoting bumasoft
Yeah, I noticed that kind of stuff a few times with strong trend lines. Maybe we should keep an eye on them from now on.
yea that would be a good idea. Especially when the diagonal trend line is close to a horizontal one.
  • #7,808
  • Jan 28, 2009 3:48pm Jan 28, 2009 3:48pm
Hm... I have an 11 pip spread on NZDUSD. Any ideas why? How about you guys?

Update: Back to 5 pips. Strange :-|
  • #7,809
  • Jan 28, 2009 4:17pm Jan 28, 2009 4:17pm
Quoting bumasoft
Hm... I have an 11 pip spread on NZDUSD. Any ideas why? How about you guys?

Update: Back to 5 pips. Strange :-|
Perhaps due to NZD Trade Balance news??
  • #7,810
  • Jan 28, 2009 5:07pm Jan 28, 2009 5:07pm
...does anyone see the 1.1510ish level as a viable support?

I look to see how the level fairs over the next session, to see if price mucks around much like it did yesterday or if we can bounce and continue upwards to retest highs (or get a clean break below and short it down).

Thoughts?

http://i24.photobucket.com/albums/c2...r/usdchf-1.jpg

If I need to resize, let me know...
  • #7,811
  • Jan 28, 2009 5:22pm Jan 28, 2009 5:22pm
that level on usd/chf has been both resistance and support - have to watch p/a to make a decision
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  • #7,812
  • Jan 28, 2009 6:14pm Jan 28, 2009 6:14pm
Morning ,

Just closed my cable trade @4211 not a bad run but things have stalled a wee bit. Didn't get in on the Geppy yesterday no real point when I had the cable trade open.

And look at Eur/USD now price has been rejected twice @ 13330 area and if 13000 gets taken out shorts are on.
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  • #7,813
  • Jan 28, 2009 8:26pm Jan 28, 2009 8:26pm
Im still short GBPUSD from 4250
  • #7,814
  • Jan 28, 2009 9:05pm Jan 28, 2009 9:05pm
Siam (and others), how do you decide when price has stalled and it may be time to get out of a trade? What timeframe would you watch? Most of my winning trades, when I watch them, spend what feels like a long time hanging around before dropping, often retrace quite a bit, sometimes almost all the way back to entry after having moved 40+ pips away, before then going on to +100 or +200 or whatever.

I know there was the Iron-Man method of watching shorter timeframe charts for when S becomes R, etc, but honestly that happens constantly as far as I can tell and would have me leaving trades way too early.
  • #7,815
  • Jan 29, 2009 1:59am Jan 29, 2009 1:59am
Quoting RedCabbage
My charts are set to GMT, you may want to check yours.
Hi Red Cabbage - yeah I'd like to have them set to GMT but Metatrader doesn't have the facility. I understand it's all to do with the local time of the broker you download the package from and mine seems to be set at GMT +1. Funny, you'd have thought that a broker based in London would have their system set to GMT.

If any other MT4 user knows of a broker who has their time frame set to GMT I'd appreciate a nod.
RegardsPaul Eamonn
  • #7,816
  • Jan 29, 2009 2:26am Jan 29, 2009 2:26am
Quoting PaulEamonn
Hi Red Cabbage - yeah I'd like to have them set to GMT but Metatrader doesn't have the facility. I understand it's all to do with the local time of the broker you download the package from and mine seems to be set at GMT +1. Funny, you'd have thought that a broker based in London would have their system set to GMT.

If any other MT4 user knows of a broker who has their time frame set to GMT I'd appreciate a nod.
I still haven't established which is the best timeframe to use to be honest. I've heard some use London/Europe as it is the central session for the day and others using the TZ of the current market i.e. asia, europe, us.

My simple solution is to focus on activity in 1h charts because you know that everyone can see what you can therefore price could be driven the way you want.

Alternatively GMT+1 actually aligns you with US EST as that is -5hours from GMT.
  • #7,817
  • Jan 29, 2009 2:30am Jan 29, 2009 2:30am
Looking like a NBT to me (short when it touches the diagonal resistance, with stop above horizontal resistance). What do you think?
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  • #7,818
  • Jan 29, 2009 2:31am Jan 29, 2009 2:31am
I hope everyone had a good day yesterday. Although I wouldn't recommend trading the news, the Fed IR decision meant many of my s/r levels were hit and some good pips were to be had.

By my calculations there were around 1000 pips on the table, I hope you took some.
  • #7,819
  • Jan 29, 2009 2:37am Jan 29, 2009 2:37am
Quoting bumasoft
Looking like a NBT to me (short when it touches the diagonal resistance, with stop above horizontal resistance). What do you think?
That's the best way to use TLs IMO. I like your thinking.
  • #7,820
  • Jan 29, 2009 2:40am Jan 29, 2009 2:40am
Quoting RedCabbage
That's the best way to use TLs IMO. I like your thinking.
Thank you, RC! I have a question. How do you trade the news? You wait for the spike to break S/R lines and then get in on retracements in the direction of the news spike?
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