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Cool Runnings intraday swing trading

  • #1,221
  • May 21, 2009 9:16pm May 21, 2009 9:16pm
Hey guys,

Going into Asia, it did make a break below the consolidation (red arrow) for about a 50 pip move. I just wanted to point it out so you can learn to recognize the pattern. Now it is ranging between 149.63 and 149. I'm watching now to see if it is reacting to the backside of the trendline. If you blow up the compression to the 30M or the 15M, you cans siee it riding the backside of that trendline.

I'll check back later.
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  • #1,222
  • May 22, 2009 12:23am May 22, 2009 12:23am
Going into London, the GBPJPY seems to be holding a range and tightening up into a slight consolidation. The slide down the trendline I talked about in the last post didn't hold, so it looks like sentiment is bearish now as the candles are all lined up near the 149 area. 150 and 149 are proving to be stubborn S/R. Watch for breaks of the consolidation and then the S/R within the next hour or two, approaching the London open. Check your News calendar on the ForexFactory home page, and make sure you know the times of corresponding news. If you have open trades, and tighten up those stops a minute or two before the news release.

Not feeling 100%, so might be going to bed early... 10:15pm my time now. If I don't check back, everyone have a good weekend, and trade safe!
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  • #1,223
  • May 22, 2009 2:19am May 22, 2009 2:19am
Hey Dad thanks for your info, always good to wake up and find you have something to learn from. Hope you feel better soon, have a great wkend! Going to be a warm one here so getting the sticks out!
  • #1,224
  • May 22, 2009 2:26am May 22, 2009 2:26am
Just had a thought re the announcements. Came across a "system" a while back where you set up an order trade just before an announcement and ride whichever way it goes. That was on the GBP/USD & EUR/USD though.
Have fun
  • #1,225
  • Edited 3:29am May 22, 2009 3:19am | Edited 3:29am
Quoting LinksMan
Just had a thought re the announcements. Came across a "system" a while back where you set up an order trade just before an announcement and ride whichever way it goes. That was on the GBP/USD & EUR/USD though.
Have fun
Hey Links,

What you are talking about is called a straddle trade. A lot of brokers frown on these types of trades and a lot of the time, you will get a requote, or many times, it will spike the opposite direction of the news to take out those straddle orders on the otherside. I started my FX journey trading news, and used that method. It is a dangerous ride, because even if you have stops set, the stops will get passed by during news. The brokers don't make it easy to trade news now. If you try it, you have to try it out with a very small trade, not demo, because demos don't get requoted like a live trade will. Maybe you'll have better luck than me. With FX, if it sounds too good to be true, it probably is. That's why only 5% of traders actually make money. I'm all for trying new methods, just use a lot of caution. Thanks for the well wishes. Hit em straight!
  • #1,226
  • May 22, 2009 3:27am May 22, 2009 3:27am
Quoting FX Dad
Going into London, the GBPJPY seems to be holding a range and tightening up into a slight consolidation. The slide down the trendline I talked about in the last post didn't hold, so it looks like sentiment is bearish now as the candles are all lined up near the 149 area. 150 and 149 are proving to be stubborn S/R. Watch for breaks of the consolidation and then the S/R within the next hour or two, approaching the London open. Check your News calendar on the ForexFactory home page, and make sure you know the times of corresponding news. If you have...
Consolidation broke to the top side, but PA didn't hold it above the consolidation line. Once it broke below the consolidation line on the bottom, and then also broke support at 149, it made a nice run down for a possible 80 pips. I hoped some of you were able to grab a few pips out of the move. At best, I hope you were able to watch the break and the PA, and get a feel for the move and how it played out. I'm not feeling too well, so I was on the couch with the remote in my hand. Calling it a night, and week for now. Take care everyone, see you going into Monday.
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  • #1,227
  • May 22, 2009 9:25am May 22, 2009 9:25am
Quoting FX Dad
Consolidation broke to the top side, but PA didn't hold it above the consolidation line. Once it broke below the consolidation line on the bottom, and then also broke support at 149, it made a nice run down for a possible 80 pips. I hoped some of you were able to grab a few pips out of the move. At best, I hope you were able to watch the break and the PA, and get a feel for the move and how it played out. I'm not feeling too well, so I was on the couch with the remote in my hand. Calling it a night, and week for now. Take care everyone, see you...
FXDad I hope you feel better. I've done well with my demo account this week. Account almost doubled. I think I read somewhere that newbies should wait until they have traded 3 consecutive profitable months before going live. Is that your view as well? I want to go live next week because I am feeling confident that I know when to trade and when not to. When I first set up my demo account I was trading for the sake of if without really know which way to go. Still find Forex fasinating. Gell well soon. It's great reading your post.
Cheers.
  • #1,228
  • May 22, 2009 11:45am May 22, 2009 11:45am
Quoting forexchequer
FXDad I hope you feel better. I've done well with my demo account this week. Account almost doubled. I think I read somewhere that newbies should wait until they have traded 3 consecutive profitable months before going live. Is that your view as well? I want to go live next week because I am feeling confident that I know when to trade and when not to. When I first set up my demo account I was trading for the sake of if without really know which way to go. Still find Forex fasinating. Gell well soon. It's great reading your post.
Cheers.
Hello Forexchequer,

So, sorry to take the easy way out, but remember the post I wrote you about going live last week? (I'm still not feeling well) I did a little copy and paste, so other readers could see it if they want to. As far as you being ready, it sounds like you are doing pretty well. 3 months sounds like a reasonable amount of time, and if you made profits 3 months in a row, then you are doing pretty well! I just hope you are keeping your trade sizes small, and for sure, you need to keep them small when you first start trading with real money. There's a huge difference between the play money in a demo, and risking your own REAL money. Emotions in trading play a huge part.

Part of a post from last week:

There is a huge psychological difference in trading live, with your own money, rather than "play money" in a demo account. Demo accounts are like training as an airplane pilot in a computer simulator. You must learn the fundamentals, but all it is is a video game, where failure has no consequence. Trading real money is like taking the controls over at 30,000 feet. The game changes, where failure is death (to your margin), and success will let you live another day (to trade again). Just be sure, you are ready, and that the amount of money you will be putting in your account is money that you can afford to lose. Statistics show, that you have more than a 95% chance that you will lose it. Especially being a first time trader. Even if you have a professional guiding you, there are many psychological factors that come into play. Learning the mindset is 99% of the game.

Forexchequer, get your account funded, and go for it, only if you are comfortable. Start out small....... you are still in the learning/experimental stage. You don't want to take losses right out of the gate, and lose confidence in yourself and/or your methods. Then emotions take over. Good luck my friend! Welcome to the Fire
  • #1,229
  • May 22, 2009 11:52am May 22, 2009 11:52am
Finally broke resistance at 150 and looks like it wants to make a serious run at the high 151 to close the week. If it does close near or at 151, it could make a serious move at opening on Monday. Bull or Bear.

Have a good weekend everyone!
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  • #1,230
  • May 22, 2009 3:00pm May 22, 2009 3:00pm
Thanks FXDad, you've been a great help. God bless you man.
  • #1,231
  • May 22, 2009 3:45pm May 22, 2009 3:45pm
Quoting FX Dad
Finally broke resistance at 150 and looks like it wants to make a serious run at the high 151 to close the week. If it does close near or at 151, it could make a serious move at opening on Monday. Bull or Bear.

Have a good weekend everyone!
It did make the break to 151, and is now ar 150.89. Action should be interesting to start the week.

Take Care, Chuck
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  • #1,232
  • May 22, 2009 3:48pm May 22, 2009 3:48pm
FX Dad good stuff man. I like the words of wisdom more than anything else. Been at this for a year now and made a lot of mistakes. Had a lot of success out of the gate, got too cocky, and didn't cut the losses right away.

I don't trade anything lower than the 4 hour chart now. When the right trade setup shows up, I'll post a chart of my work. Have a good holiday.
"Don't trade to trade . . . trade to win." - James16
  • #1,233
  • May 22, 2009 3:50pm May 22, 2009 3:50pm
Quoting FX Dad
It did make the break to 151, and is now ar 150.89. Action should be interesting to start the week.

Take Care, Chuck
Geppy and Euro yen are two of my favorite pairs. I guess you can say I'm cutting my teeth trading these two crazy pairs. They can be burners, but if you're on the right side, they will do some wonderful things to your trading account.

Looking forward to next week.
"Don't trade to trade . . . trade to win." - James16
  • #1,234
  • May 22, 2009 3:55pm May 22, 2009 3:55pm
Quoting Flem26
FX Dad good stuff man. I like the words of wisdom more than anything else. Been at this for a year now and made a lot of mistakes. Had a lot of success out of the gate, got too cocky, and didn't cut the losses right away.

I don't trade anything lower than the 4 hour chart now. When the right trade setup shows up, I'll post a chart of my work. Have a good holiday.
Thanks Flem26,

I know what the learning process is like, and how much money I blew through during the learning curve. I'm still learning, after 6 years. Just trying to pass on some info, in hopes some newbies can skip some of the hard lessons I had to learn. The market has changed a bit since I started. Now the world Macroeconomic situation has changed things a little too. Would be glad to see what your doing. For some reason, I have always been able to see things better, for myself, on the 1H. Have a good one!
  • #1,235
  • May 24, 2009 7:15pm May 24, 2009 7:15pm
GBPJPY is finding support at 150.32 line I drew last week, but now seems to want to break for a short. May want to find a bottom at 150 or 149.63 area, unless Nikkei has a bad day, and could fall further. Keep an eye on the high of 151, and break of that can see a run up too. But for now the short is starting to move.
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  • #1,236
  • May 24, 2009 7:55pm May 24, 2009 7:55pm
Quoting FX Dad
GBPJPY is finding support at 150.32 line I drew last week, but now seems to want to break for a short. May want to find a bottom at 150 or 149.63 area, unless Nikkei has a bad day, and could fall further. Keep an eye on the high of 151, and break of that can see a run up too. But for now the short is starting to move.
Run down was short lived, 150 provided for a quick bounce. If it breaks back above 150.32, which is showing strong resistance right now, watch for 151 again. Good day for some quick scalps playing the range. PA still looks like it's searching for a range. Will be a little slow before Eur and London markets open
  • #1,237
  • May 24, 2009 8:02pm May 24, 2009 8:02pm
Check the calendar, BOJ Gov Shirakawa speaks twice today, and a BOJ report later. Shirakawa doesn't stir the pot too much, but you never know how markets will react if he has any surprises.

  1. BOJ Gov Shirakawa Speaks
  2. BOJ Monthly Report

Be careful if you enter any trades around the scheduled news events.

  • #1,238
  • May 24, 2009 8:04pm May 24, 2009 8:04pm
indicating a break back down......
  • #1,239
  • May 24, 2009 8:25pm May 24, 2009 8:25pm
Quoting FX Dad
indicating a break back down......
OK.... Can you tell I've been bored this weekend and was waiting for the market to open? LOL Sorry for the play by play, as if I'm at a football game.

Just keep an eye on the S/R levels and get a feel for today's PA. It's the beginning of the week, it still has 5 more days to move around.

I'll check back later.
  • #1,240
  • May 24, 2009 9:07pm May 24, 2009 9:07pm
hi all
just got back from melbourne had 3 days down there,bit of r&r

looks like you were having fun fxdad

john
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