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Cool Runnings intraday swing trading

  • #1,081
  • May 7, 2009 10:48am May 7, 2009 10:48am
EJ did make the anticipated break out of the consolidation. Made a nice 100+ pip move, then retraced after the rate announcement. The market may have thought the announcement would support the price, so stops were set below. Sometimes you can see retracements like this after news events, where the market makers and banks go "stop hunting." Then after another hundred pip move, profit taking kicked in to play. (Notice the long wick reaching up to 133.55)
Attached Image (click to enlarge)
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  • #1,082
  • May 7, 2009 2:21pm May 7, 2009 2:21pm
we are very pleased of having a new captain directing this ship full of new traders, it makes us happy to have someone professional and dedicated like you, teaching us someting new every day, thanks for your efforts and we hope that you should go forward with your comments.
  • #1,083
  • May 7, 2009 2:49pm May 7, 2009 2:49pm
Quoting sergioariza
we are very pleased of having a new captain directing this ship full of new traders, it makes us happy to have someone professional and dedicated like you, teaching us someting new every day, thanks for your efforts and we hope that you should go forward with your comments.
hi we must not forget tatton who started the thread,he has had some health probelms, fx dad is doing a great job,if tatton could come back we would be pip happy
  • #1,084
  • May 7, 2009 4:23pm May 7, 2009 4:23pm
Quoting desperate
hi we must not forget tatton who started the thread,he has had some health probelms, fx dad is doing a great job,if tatton could come back we would be pip happy
Exactly right! Tatton is awsome. His techniques are different from mine, and he can capture some monster pips! I've been looking to learn more from him. We all wish him to get better, and when he is ready to come back, we will all be better for it. By all rights, this is his thread, and I'm just throwing some info out for you all in the mean time.

Get well Tatton! We're thinking of you!
  • #1,085
  • May 7, 2009 4:29pm May 7, 2009 4:29pm
Quoting sergioariza
we are very pleased of having a new captain directing this ship full of new traders, it makes us happy to have someone professional and dedicated like you, teaching us someting new every day, thanks for your efforts and we hope that you should go forward with your comments.
Thanks Sergio! I appreciate the feedback. As Des stated, this is Tatton's thread, and he's been in touch with me. As soon as he is able, he will be back. I'm trying to keep the thread's interest/traffic up while he is away. Glad someone reads my stuff! lol! Thanks again
  • #1,086
  • May 7, 2009 4:51pm May 7, 2009 4:51pm
Surely I do not forget to tatton, He was who introduced me in the world of Gbp/Jpy and of him also I have learned very much, it is just that I saw the need to express my gratitude to Fx dad for his effort to keep this forum while Tatton recovery and come back. and all those who comment here also because with them i have learned too, same as you, I wish Tatton to recover soon and return to the forum, I've been following him since long ago. anyway and again thanks to Fx Dad, Tatton and Desperate for your hard work.
  • #1,087
  • May 7, 2009 5:18pm May 7, 2009 5:18pm
Had time for a quick post.... BOJ meeting may still be in progress, don't know if the minutes have been released. Big news day tomorrow, with US NonFarm and CAD Unemployment coming out.... alot of other stuff too. Squeeze showing fast and tight on GJ. EJ is setting up rather nice. These two pairs usually make a break about this time. If price action keeps in a tight range and moves sideways, adjust your trendlines accordingly. It is good practice to watch and get a feel for how the price action reacts to trends and support/resistence levels.
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  • #1,088
  • May 7, 2009 5:25pm May 7, 2009 5:25pm
With these squeezes being short and fast, if a move happens, it may only be short lived, so target 30-50 pips.... just take it and run! No need to hold out for more. Keep in mind, 25-50 pips a day equates to 500-1000 pips a month. At 100:1, that is 500-1000% on your average trade size. Take care guys... maybe I will be back before London.
  • #1,089
  • May 7, 2009 6:38pm May 7, 2009 6:38pm
Enjoying your posts, "Dad"!

Praying for Tatton...
TULKAS
  • #1,090
  • May 7, 2009 8:59pm May 7, 2009 8:59pm
Both of these made the break out of consolidation, as mentioned in the previous post. With 30 pips possible on the EJ and about 70 on the GJ. I drew the moves on the following charts, so they can be compared to the charts previous charts before the move happend.

We'll see what sets up going into London.
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  • #1,091
  • Edited 10:57pm May 7, 2009 10:54pm | Edited 10:57pm
Finding a little resistence, and if it can break past the arrows, can make a run up todays high, maybe even make a push higher. Range drawn in yellow

posted wrong chart, see chart in the following post #1092
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  • #1,092
  • May 7, 2009 10:57pm May 7, 2009 10:57pm
Correct chart
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  • #1,093
  • Edited 11:03pm May 7, 2009 11:01pm | Edited 11:03pm
Keep an eye on the PA to see if 133 holds as support. Still a little early. Usually it isn't until the next hour or two where the action starts.
  • #1,094
  • May 7, 2009 11:09pm May 7, 2009 11:09pm
Keep an eye on 148 and 149.30. Could be forming a consolidation squeeze, but it is too close to London open to show much. I like them to clearly form before the major markets open. Something to watch.....
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  • #1,095
  • May 7, 2009 11:17pm May 7, 2009 11:17pm
Don't want to sound like a broken record, but a possible consolidation squeeze is forming on the GBPUSD. If you've been following my posts, see if you can recognize it for yourself on the 1hr. With news coming out, and it being Big Friday, news wise, I will probably lay off the trade button. I like to keep is simple, rahter than force a trade. USDJPY and USDCAD are ranging, JPY is tightening a little though. AUD and NZD are tightening up, but their week is over, probably see little action going into NY. Larger players might clear positions by the end of the day... Fridays can be tricky.
  • #1,096
  • Edited 1:02am May 8, 2009 12:58am | Edited 1:02am
Nothing definate as far as moves, as I like to see them. 09:00 GMT is when the moves start to happen, generally. GJ still in a range, holding at 149.30 which seems to be the key support level right now. EJ has made a small break up. It is holding above 133, so might make a climb. I'd keep your stops tight on this one, if you're in. I'm not. Nothing real clear forming. Keep an eye on the next hourly candles.
  • #1,097
  • May 8, 2009 12:59am May 8, 2009 12:59am
Quoting Tulkas
Enjoying your posts, "Dad"!

Praying for Tatton...
Thanks Tulkas. I'm sure Tatton appreciates the prayers too.
  • #1,098
  • May 8, 2009 1:12am May 8, 2009 1:12am
If it breaks out of the 149.50s, it has room to run to yesterday's high of 150.87m with resistence levels at 150 and 150.50. Price still hanging in the 149.50s. GBP PPI announcement to come. That's why I'm just watching....
  • #1,099
  • May 8, 2009 1:19am May 8, 2009 1:19am
i think its time to start the weekend early,start again next week,maybe but its been a funny week ,not much action,no big moves the calm before the storm
  • #1,100
  • May 8, 2009 5:23am May 8, 2009 5:23am
They're ready to light the fireworks...NFP in 5m...
TULKAS
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