Cool Runnings intraday swing trading

looks like support is being formed, ill let u guys know my trade b4 i get offline.

be patient trade what you see.

Morning

Looks like it might bounce off the trend line at around 148.75 on my chart. Is that what you are guys expecting?

missed entry for posting will try to share again later

Hey Links,

This trendline didn't hold the candle below it. The last hour's candle closed just above it. As I told you yesterday, I watch for where the candles open and close. Some news, the BOE - MPC minutes, came out where all members voted to keep interest rates the same. The Cable has hit a new high for the year, and sentiment toward risk appetite continues. My hunch is it will stay within the range of 147.59 and 149, until NY. The new candle is trying to break below now. Good eye on the trendline though! It was a good hunch anyway (because it concurred with mine)

Thanks for the email New Mexico is an interesting place for a British girl to be! Big contrast from home.

It's finding support at the Daily Pivot 148.57. There's a few S/R areas below that, so if it does go down, it will be slow and choppy I think, until US Treasury Secretary Geithner opens his mouth in about 4.5 hours. Those guys must have huge FX accounts, because everytime they open their mouths, they move FX prices! LOL Take care, I'll check back later.

Hey all,

Just looking at the calendar going into London, and it is a banking holiday in France and Germany, so that means a decrease in volume. Forex Factory explains it best:

"Banks facilitate the majority of foreign exchange volume. When they are closed the market is less liquid and speculators become a more dominant market influence. This can lead to both abnormally low and abnormally high volatility"

So, remember this point going into any trades. You can bet that the GBPJPY will be highly volatile, so just be careful. Also, GBP has Retail sales and a few other reports coming out at 09:30 GMT. JPY has an news report coming out in a little under an hour and a half. Tertiary Industry Activity. It usually doesn't have a big impact on the market because it is information that the market usually already knows from other reports that have already come out.

I'm looking at a small consolidation on the GBPJPY going into Tokyo open, nothing earth shattering. I won't even bother posting my chart, as the trendlines are all over the place. Market pattern has been a little sloppy for my tastes. Seems like the major S/R levels are better tools right now. They are 150, 149.63, 149.24, 148.78, 148, 147.59, and 147. Tha last four 1H candles are sitting on support at 149.24.

GBPJPY broke support at 149.24, and is holding below the Daily Pivot. Has room to move down to 148.

I know I've talked about "Psyche" (psychological) levels before, but for the newbies, I'll explain again. The large, round numbers tend to be natural S/R areas. For example, on the GBPJPY they are 148, 148.50, 149, 149.50 and so on. Right now this candle has come down and hit the 148.50 line and has not broken through over the past hour. If anyone has taken a short, I'd think about taking partial profit or just clearing the trade. Maybe move your stops down and hope for the best.

Keep an eye on the pivot of 148.78. The wick may push up above it, but it is key that the candle stays below this hour. This looks like a strong bull candle, just keep and eye on the PA.

(Oops..... I said bear candle, corrected it because I meant bull)

The daily pivot, which proved to be a strong resistance level, finally broke this hour for a further move up. On the hourly chart, you can see the tops of 4 candles, from just before the break down a few hours ago, that show heavy S/R at the 149.50 area. This hour the candle has taken a bounce off of it. Watch for pressure to break 149.50, or we may see a further push sideways. Remember, we are close to the 2009 high of 151. If there is a push on 151, we may see a good run up. The Sterling has gained some good ground the past few days and it may continue.

GBPUSD is at a new high for the year, just over 1.58. Could be a sign of whats to come, but hasn't had a significant retracement yet. Something to watch for.

First time poster on this thread. Loving the insights and hope to contribute.

Thanks Flem26, Feedback is always appreciated! Welcome to the thread. Watch for Tatton's posts. He's a great trader.

Hey folks! For those couple of you (you know who you are) who made fun of my "hook" formations (LOL)...... here is a very clear example.

A hook is a break of a trendline, and then quite often will make a U-turn, or a "hook" back to the trendine, touch it and bounce off, and sometimes repeat 2-3 times, depending on the strength of the support/resistance of that particular trendline. Usually it is a good indicator of the trendline's strength.

Support lines to watch for a break is the 149.63, and 148.71, and of course the psych level of 149. Just remember, there probably will be increased volatility with the bank holidays in France and Germany. (see my earlier post for the asian session) A break of that trend where the bounce hit, may be the key indicator for a move up in the next hour or two.

Watch for the GBPUSD to break above the high of 1.5816, as confirmation of a clear move up on the GBPJPY, if a break of the trendline and 149.63 is sustained.

Been reading through your earlier posts, very useful as always Dad. See what you mean about the hooks. Watching to see if 150. will be broken. Be nice to have a "slice" of the action and not go "out of bounds" Lol.

Thanks Links,

Sometimes I can hit the center of the green, but most of the time, I have the shanks!

GBP news came out, as I mentiond in an earlier post. Retail sales came out better than expected, which is usually a good thing for the currency. The negative force behind that move was the Money Supply numbers, and they were way off the anticipated number. It was a nice move 250 pip move, and has since retraced about half of it. News is dangerous if you're on the wrong side of a trade. Even with a stop set, sometimes the brokers will blow past stops, and not close you out. So you always need to be careful, and know your news schedule for the day.

It's my bedtime.... Goodnight all. See you tomorrow.

Thats a good point FXDAD, I'll make sure that I check the schedule. Thanks for your post.

Thanks. Will do.

Monetary Policy statement and a BOJ press conference is on the schedule today. There is no scheduled time, but they are listed as "tentative." Anytime the guys, who oversee monetary policy, open their mouths, the market reacts. Something to keep in mind if you enter any trades.

Looks like price is consolidating in a small squeeze of the GBPJPY, but it is still early to react. I removed all my trendlines because there is really no clear trends forming on the 1H, and that is the chart I like basing my style of trades on. Just drew lines to outline the possible squeeze.

I'll check back in later