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  • #9,701
  • Mar 12, 2009 12:59pm Mar 12, 2009 12:59pm
Well, I have taken the short on EUR/JPY looking to get out at 12,508.

We will see...
  • #9,702
  • Mar 12, 2009 1:18pm Mar 12, 2009 1:18pm
NZD/USD worth watching as well...
  • #9,703
  • Mar 12, 2009 1:50pm Mar 12, 2009 1:50pm
Quoting Birdlepop
NZD/USD worth watching as well...
I'm short this one...love seeing the line-up on the daily.
  • #9,704
  • Mar 12, 2009 3:05pm Mar 12, 2009 3:05pm
Quoting sam0182
I'm short this one...love seeing the line-up on the daily.
I'm unsure of what to do with this NZD/USD short trade now. I scaled in, once at 1.52 and another at 1.5215. Nice hourly close (possible reversal candle, yes) and am now sitting with 1 position at B/E and another at -17. Was looking to see more movement before the NYC market close.

Thoughts?
  • #9,705
  • Mar 12, 2009 3:23pm Mar 12, 2009 3:23pm
Quoting sam0182
I'm unsure of what to do with this NZD/USD short trade now. I scaled in, once at 1.52 and another at 1.5215. Nice hourly close (possible reversal candle, yes) and am now sitting with 1 position at B/E and another at -17. Was looking to see more movement before the NYC market close.

Thoughts?
Stopped for -40 & -25.
  • #9,706
  • Mar 12, 2009 3:28pm Mar 12, 2009 3:28pm
what a hard day at work,

Come home to pippage !!!

As expected, all trades pretty much as planned, you what there is so much choice with this method it is crazy, heavy S&r everywhere.

Sam, i am in sell from 0.5195 on nzd/usd.

Last night when you mentioned the gbp/usd trade and i said i was hanging, i was waiting for 1.3710

All is good

warren
I need to finish something i started
  • #9,707
  • Mar 12, 2009 3:36pm Mar 12, 2009 3:36pm
Yeah, I'm unsure of what happened with the NZD/USD...blah.

Missed my GBP/USD at 1.3985...will look to catch it again towards 1.40

EUR/USD short at 1.2995-1.3

Good to hear on your GBP short.
  • #9,708
  • Mar 12, 2009 4:04pm Mar 12, 2009 4:04pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting RedCabbage
Now 350+ pips.

I don't feel well!

I know. I was in that trade too. I did take a quick 20 pip scalp short off 125.50 when it was screaming up but still sad that we had the bottom. Only manged 54 pips from a possible 426. I've been reviewing my charts and I see where I should have gotten back in based on a 5 minute volume pattern, but I'll chalk this up to experience. The messed up part is if this were demo I probably would've had the entire move.
"Wishful thinking dies hard." Igor T.
  • #9,709
  • Mar 12, 2009 9:34pm Mar 12, 2009 9:34pm
Evening everyone...what levels are we watching tonight?

I have my eye the EUR/USD 1.30 resistance level...I'm trying to see some sort of reliable support but am not.

GBP/USD, watching resistance at 1.3985-1.40

I'll try and get some charts up in a bit.

Anyone else?
  • #9,710
  • Mar 12, 2009 9:43pm Mar 12, 2009 9:43pm
Quoting sam0182
Evening everyone...what levels are we watching tonight?

I have my eye the EUR/USD 1.30 resistance level...I'm trying to see some sort of reliable support but am not.

GBP/USD, watching resistance at 1.3985-1.40

I'll try and get some charts up in a bit.

Anyone else?
I previously had a sell limit on the pound at the same level but I have canceled. My thinking is that we got quite close, around 3982 according to IBFX, and we did not repel far enough away. Come London open if the pound heads upwards, I feel it might not prove to be as big a resistance considering we nearly tested that level earlier in the day.

Of course, I could be dead wrong but I'm trying to apply the idea of time in between touching or approaching key levels.
  • #9,711
  • Mar 13, 2009 2:21am Mar 13, 2009 2:21am
Here is my gbpusd chart. in at 864 and aiming for 980. If it gets that far will look at reaction at line to decide if I will hold, or fold.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 21 KB
  • #9,712
  • Mar 13, 2009 2:22am Mar 13, 2009 2:22am
177 is my preferred level, and if it looks strong at line will hold tight.
  • #9,713
  • Mar 13, 2009 3:32am Mar 13, 2009 3:32am
gbpusd looks a little top heavy at that 980 area so I closed my trade for 75 pips, and will now look at a pull back to 904 to take another buy. If it does go over 980 I will see if it looks like holding there before looking for a buy. Better to keep the sure profit while it is deciding direction. I dont feel like taking any sells on this tonight. Does anyone else have an opinion.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 22 KB
  • #9,714
  • Mar 13, 2009 3:37am Mar 13, 2009 3:37am
Quoting Tori
gbpusd looks a little top heavy at that 980 area so I closed my trade for 75 pips, and will now look at a pull back to 904 to take another buy. If it does go over 980 I will see if it looks like holding there before looking for a buy. Better to keep the sure profit while it is deciding direction. I dont feel like taking any sells on this tonight. Does anyone else have an opinion.Attachment
Longer term trend is still bearish so I will look at PA around 14042-14100. Both these levels have been significant in the last couple of weeks.
  • #9,715
  • Mar 13, 2009 3:43am Mar 13, 2009 3:43am
Yes. I would look at sell at 1.4177 and preferably 1.4297. and only a buy at 1.3904 or lower. Dont want to go from anywhere in between. I guess you could say I am being very very conservative. If it plays between these areas I will look to another pair and just wait on this one.
  • #9,716
  • Mar 13, 2009 3:45am Mar 13, 2009 3:45am
Red Cabbage. Can I ask you what you think about trading on a Friday. I know there is a lot of things going on before the weekends. Do you think it affects the S/R we use because if the S/R does not work well, neither do I as I can pick the lines well, not the fundamentals
  • #9,717
  • Mar 13, 2009 4:03am Mar 13, 2009 4:03am
Quoting Tori
Red Cabbage. Can I ask you what you think about trading on a Friday. I know there is a lot of things going on before the weekends. Do you think it affects the S/R we use because if the S/R does not work well, neither do I as I can pick the lines well, not the fundamentals
Fridays can be a day to get burned, all sorts of market maker agendas are in play so it's not really about fundies either.

In my experience if you only traded Fridays you wouldn't be around for long. But saying that I'm here today aren't I. I gave up trading Fridays a while ago but missed too many genuine opportunities as well so here I am

Get a free account with www.ransquawk.com they give a live market commentary that is very useful. Along with the FF calendar it's all I need.
  • #9,718
  • Mar 13, 2009 4:21am Mar 13, 2009 4:21am
I'm learning from scratch. I was watching the price action at a level that I had marked at 1.4033 (ODL prices). I have seen a lot in this thread about PA and I want to learn how to interpret what I see.

Can anyone offer their thoughts on what I was seeing on the 5M chart a little while ago please?
Attached Image
  • #9,719
  • Mar 13, 2009 4:48am Mar 13, 2009 4:48am
Quoting Grath
I'm learning from scratch. I was watching the price action at a level that I had marked at 1.4033 (ODL prices). I have seen a lot in this thread about PA and I want to learn how to interpret what I see.

Can anyone offer their thoughts on what I was seeing on the 5M chart a little while ago please?
A reaction to 14042, a significant weekly s/r.
  • #9,720
  • Mar 13, 2009 5:03am Mar 13, 2009 5:03am
Quoting RedCabbage
A reaction to 14042, a significant weekly s/r.
OK. I didn't open a short because I was uncertain what the PA was telling me - would you have gone short knowing what you knew about 1.4042 and seeing that price action?

( I know it turned from higher up a bit later, but is there anything in the PA that says I was right to sit on my hands at that point?)
Attached Image
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