Gregam1128 eu trading style using usd/chf

Entered a pending sell order, @ the 1.2938 level, which is my area of interest as described earlier. Have to go to the shop and see how the real business is doing. Trailing is set to 50 pips, stop loss is 100 looking for the 2775 area for target. Out for a few hours.

Well just got back and I see that my entry hasn't been reached. so I'll put a pending entry @1.2974 to sell if we gap up over the weekend. I will also leave the previous pending entry as is. Time to go enjoy the weekend. Will post over the weekend also.

Stimulus bill just passed by congress. All pending sell orders canceled. Will reevaluate after the weekend.

Very interesting reading, I like to go thorugh this properly one by one

Keep up the good work

Thank you! I figured I would document my trading strategy, out loud and those who would like can follow on, and contribute where they see fit.

G7 Meeting Today and tomorrow. This could be real interesting come market opening. Here is a website that I like to browse during the weekend hours. It tracks in real time any currency movement that happens while most brokers are closed. The accuracy of the quotes is still subject to discretion.

http://www.forex-markets.com/quotes.htm

Lot's of interesting news over the weekend, but I won't get into that on this thread. won't be doing too much trading today, do to All star game tonight. Also IBFX generally has some very high spreads on Sunday's up until about the Asian market opening. Will update once market opens. One quick note. At the time of this writing which is 2:23 pm est time, looks to be a 40 to 45 pip gap down in the eu from Friday's closing. we'll see how that plays out. Monthly bias is still down till we get to about the 2643ish range.

Let's see if this gap plays out on opening. It looks like a 85 pip gap down on IBFX charts

There are some who would say that weekend quotes don't mean a whole hell of a lot. It still is nice to be able to see where the market is going, or has been, even if you can't trade it.

As to my earlier post. A nice size gap down!

@2762 Looking to close the huge gap. Hope this trade doesn't interfere with the all star game.http://www.forexfactory.com/images/icons/icon7.gif IBFX spread is running @8 pips. The reasoning of this trade, plain and simple. Nice retrace on the usd/chf, and we are at a nice support level from 7 4hr bars ago. Usd/chf is facing daily pivot, but that shouldn't be a problem.

Can move your stop loss to break even, or turn on a trailing stop. I am going to hold this trade until we get to the 2882 area, which is my daily pivot.

Gregam, nice thread, I hope it continues to grow... Question: Did you enter the E/U trade based solely on U/CHf meeting resistance, (pivot point)? If so, how accurate are those types of entries... I know e/u and u/chf work opposites, but I am trying to find entry points based on each individual price action.

Hey Mike. No I mostly considered the gap. The usd/chf was just confirmation for me. I really look for places of congestion to place my my entries. usd/chf direction, and gpb/yen is just confirmation. I will run this thread as long as the mods will allowhttp://www.forexfactory.com/images/icons/icon6.gif. Thanks for stopping by.

Edit:
I have attached a chart. if you notice the gap is always covered. Well let's just say 85 to 95 percent of the time. We also opened at my daily s2, and fundamentally stimulus passage is in the air. May make for a nice little bull run before a retrace back to the 2600 area.

Just noticed the 167 pip gap down on the beast. Had to put a buy order there @130.49 This one may be tricky, because that monster is good for swinging back and forth 100 to 200 pips at a time on a 1hr. r to r is 300 tp 200 sl will apply trailer once 50 pips in profit, trailer will be 50 pips. Little risky being that the game is on, but hey it's halftime.http://www.forexfactory.com/images/icons/icon10.gif

Went to sleep. went to work, came home and check the trade, and I'm still in the same area. A few pips down on the eu, and a few pips up on the gy. I will continue holding these trades fo the previous stated reasons. Too add, My daily pivots have been updated, and price has not been able to break support. I have added another long @2774.

Trailing stop hit on gy. Made a few pips. stopped on both eu trades 150 pip loss. Ouch! Looks like we may be heading to that 2643ish area I mentioned in the beginning of this thread. Missed the whole down move though because i didn't want to take on another trade while still in a loosing one. Should have hedged I suppose. Still looking to close the gap, but i guess it will be during the long Bull run that I see coming up for the month of march.
Mirror image starting to take shape as was mentioned in my 2 post to this thread.

Ok here is an observation that I have made. Looking at the attached charts, you can clearly see the direction on a much longer term basis. Back in the early 90's U.S dollar , and economy was very weak. The U.S had an election in 1993 that brought new leadership into the white house. Looking at the charts you can see the value of the dollar strengthened considerably. This is also supported fundamentally by the numerous resources available that showed the U.S pulled out of a previous recession, and amounted a surplus. Dollar strength is shown in the charts. 8 years later a new President, and a couple of wars. We also had the worst terrorist attack on our soil ever. Looking at the charts, you don't see any unusual movement during that tragic month of September. Then the U.S initiated a couple of invasions. Looking at the charts you can clearly see weakening of the dollar to previously untouched highs for the euro. We then had the economic bubble burst. Risk aversion kicked in, and thus the free fall, followed by a new President.

My long term forecast is consolidation in the December high and November low area, followed by a gradual strengthening of the dollar. Back to work.!

This is off the subject of the thread, but it references what I spoke on in regards to closing gaps. Gap closed

Before work. Anyone who took one of the earlier buys and used a trailing stop made around 45 pips or so. Myself, I was stopped out. Had 2 trades running lost 150 pips on that stop. Made it back double with some of my other side trades,such as gy, and riding the up and down range on eu, 9trades can be provided as proof for those that need). The range has been 2623 for high, and 2567 for low. Now for my analysis.

Per chart I still see more down movement to the 2430 area. But only to form the wick. Remember my earlier post at the beginning of the month said I expected this monthly bar to be a mirror of Nov, which means we have to push further south and then retrace. I expect March's bar to start in the 2645ish range, possibly consolidate that area, retrace around 100 pips to the 2550ish area, then give us a solid bull run until at least the the 4000ish area, possibly up even higher to the 4500ish area. Remember, I'm talking monthly bars here. I could be wrong, but this is what I see in my charts.

Have a good trading day!