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  • #10,741
  • Apr 14, 2009 7:55am Apr 14, 2009 7:55am
We do have different charts, i see. 1.3179 is the reaction lvl for me:
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  • #10,742
  • Apr 14, 2009 8:31am Apr 14, 2009 8:31am
Twitter4skype is down

Man anyone catch the eur? 1.3226 has been in play for some time now

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  • #10,743
  • Apr 14, 2009 2:17pm Apr 14, 2009 2:17pm
I am scaling into a couple of small GBP/USD shorts here as approach the resistance zone, first in @ 1.4940

I don't think this level is the strongest and haven't liked the chop today but still think we should see some retrace from here before heading higher.
  • #10,744
  • Apr 14, 2009 2:48pm Apr 14, 2009 2:48pm
Quoting sam0182
I am scaling into a couple of small GBP/USD shorts here as approach the resistance zone, first in @ 1.4940

I don't think this level is the strongest and haven't liked the chop today but still think we should see some retrace from here before heading higher.
Nice work with that, I was looking to sell right at 1.4950 and so far I've missed an entry.
  • #10,745
  • Apr 14, 2009 2:50pm Apr 14, 2009 2:50pm
Quoting Ferrari
Nice work with that, I was looking to sell right at 1.4950 and so far I've missed an entry.
Yeah, we'll see what the hourly close brings and look for the JPY session to reverse the gains later this afternoon.
  • #10,746
  • Apr 14, 2009 2:52pm Apr 14, 2009 2:52pm
disregard
  • #10,747
  • Apr 14, 2009 3:06pm Apr 14, 2009 3:06pm
Quoting sam0182
Yeah, we'll see what the hourly close brings and look for the JPY session to reverse the gains later this afternoon.
Nice hourly close and move downward...would be nice to get below 1.49 but I assume it will drift around in the mean time in between sessions.
  • #10,748
  • Apr 14, 2009 3:16pm Apr 14, 2009 3:16pm
Quoting sam0182
Nice hourly close and move downward...would be nice to get below 1.49 but I assume it will drift around in the mean time in between sessions.
And I'm out. Historically, as soon as I close my trades, the pair will continue on about 100 points in the direction of my original trade so those that are still holding shorts, enjoy.
  • #10,749
  • Apr 14, 2009 4:30pm Apr 14, 2009 4:30pm
USD/CAD sell in the 1.22 resistance range?

Break of daily TL. However, I could see price heading all the way back to 1.23 before reversing...resistance seems to be abundant between 1.218-1.23
  • #10,750
  • Apr 14, 2009 5:24pm Apr 14, 2009 5:24pm
Quoting sam0182
And I'm out. Historically, as soon as I close my trades, the pair will continue on about 100 points in the direction of my original trade so those that are still holding shorts, enjoy.
i know what you mean sam, it seems to happen to me sometimes as well. i call it the frying pan theory. this is when a trade goes against you for a while (minutes, hours, days, etc.) and then as soon as it goes positive, you jump right out, only to have it go 100 pips in your original direction.

what i do to help combat that, is close out a portion of my trade and try and let the rest ride. although, even if you haven't been sitting in the trade for a while, it is still hard to do.
"i wake up in the morning, and i piss excellence"
  • #10,751
  • Apr 14, 2009 6:12pm Apr 14, 2009 6:12pm
Quoting trader69
i know what you mean sam, it seems to happen to me sometimes as well. i call it the frying pan theory. this is when a trade goes against you for a while (minutes, hours, days, etc.) and then as soon as it goes positive, you jump right out, only to have it go 100 pips in your original direction.

what i do to help combat that, is close out a portion of my trade and try and let the rest ride. although, even if you haven't been sitting in the trade for a while, it is still hard to do.
Yep, agreed, that is the way to do it. The past couple of weeks, I've only been able to get a portion of my scaled in position before the pair turns around and runs...so shutting down half of says a 1/4 size position is seemingly worthless...as a result, I end up taking profits sooner. That being said, even a 100 point run on a small position is money in the bank...I'll look into this more and reevaluate.

It's the classic struggle of needing to start fresh on each trade and focus on having responsible money management, risk and not letting the breakeven stopout on the previous three trades induce you to cut out early on following trades

Scaling in with smaller positions boils back down to dealing with the S&R "ranges" and waiting for the best entry & the best trades. I don't necessarily like scaling in with small positions but until I gain more confidence in my entries, the scaling in allows me a little more flexibility.

Anyway, going on there for a bit. Thanks for the insight Trader69, I appreciate it
  • #10,752
  • Apr 14, 2009 9:45pm Apr 14, 2009 9:45pm
Quoting sam0182
USD/CAD sell in the 1.22 resistance range?

Break of daily TL. However, I could see price heading all the way back to 1.23 before reversing...resistance seems to be abundant between 1.218-1.23
I dont know if it will retrace to 1.23... 1.22 is a much tougher level than 1.23 if you look on the daily. And I find that 1.22 is noticeable on this timeframe...
And 1.23 isnt nearly as noticeable. From what I understand from BRV is that the more people can see a level, the stronger of a presence it is.

-> Not trying to say you are wrong, just trying to figure things out myself!
  • #10,753
  • Apr 14, 2009 9:50pm Apr 14, 2009 9:50pm
Quoting Concept
I dont know if it will retrace to 1.23... 1.22 is a much tougher level than 1.23 if you look on the daily. And I find that 1.22 is noticeable on this timeframe...
And 1.23 isnt nearly as noticeable. From what I understand from BRV is that the more people can see a level, the stronger of a presence it is.

-> Not trying to say you are wrong, just trying to figure things out myself!
Yep, good to hear...I agree, 1.22 is a good level and looks stronger than 1.23.
  • #10,754
  • Apr 14, 2009 9:58pm Apr 14, 2009 9:58pm
Can anyone who trades the USD/CAD comment on the volume during the UK/Euro session? Or is better to hold tight for NYC...?
  • #10,755
  • Edited 1:05am Apr 15, 2009 1:01am | Edited 1:05am
Quoting sam0182
Can anyone who trades the USD/CAD comment on the volume during the UK/Euro session? Or is better to hold tight for NYC...?
Does this answer to your question?
as long as volumes in Forex are reliable, Euro session seems the best.
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  • #10,756
  • Apr 15, 2009 1:36am Apr 15, 2009 1:36am
I struggle with this one.

Given that any retail broker has access to only a small sample of volume (and can thus be easily distorted or even manipulated) why use it? Also, it seems that many "volume" measures are actually price change (pseudo-tick) measures and not real volume.

If I had to have volume I'd use the futures volumes however even that leaves me cold. Five years back when I was trading currency futures I found a couple of volume clues that were worth using but both were manipulations - where a party was driving the futures so that cash would follow and taking advantage of that as a game (using the tail to wag the dog).

However I did conclude that most volume was in the European morning and the US morning sessions. And that for short timeframes the European session was much better as it tended to pick up a trend whereas the US morning was prone to news shocks and any trend was then overcome by the ringing that followed the shock. FWIW - one persons 2c.
  • #10,757
  • Apr 15, 2009 1:50am Apr 15, 2009 1:50am
Quoting kiwi_trader
I struggle with this one.

Given that any retail broker has access to only a small sample of volume (and can thus be easily distorted or even manipulated) why use it? Also, it seems that many "volume" measures are actually price change (pseudo-tick) measures and not real volume.

If I had to have volume I'd use the futures volumes however even that leaves me cold. Five years back when I was trading currency futures I found a couple of volume clues that were worth using but both were manipulations - where a party was driving the futures so that...
You've hit the nail on the head there. Any Fx volume indicator is limited, and/or largely artificial.

For me early London session has the most opportunities with the least news disruption. (So I shouldn't really be typing this right now!)

NY early on also has the best opportunities but I am careful of the news releases as they can throw people off both sides before the trend is established.

Simple monitoring of several pairs gives me all the information I need as to whether it is a good trade or not.
  • #10,758
  • Apr 15, 2009 2:18am Apr 15, 2009 2:18am
That helps guys, thanks.
  • #10,759
  • Apr 15, 2009 2:20am Apr 15, 2009 2:20am
Quite a few touches on G/J. Just a heads up.
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  • #10,760
  • Apr 15, 2009 4:05am Apr 15, 2009 4:05am
I'm short on GBP/USD from 1.4943. Good risk/reward.

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