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Cool Runnings intraday swing trading

  • #1,241
  • May 24, 2009 10:35pm May 24, 2009 10:35pm
Quoting desperate
hi all
just got back from melbourne had 3 days down there,bit of r&r

looks like you were having fun fxdad

john
Hey there John!

Actually had my kids Thursday thru Saturday. They keep me busy. Especially my little Princess, she's 6 going on 16. She's funny and scary all at the same time. Already arguing with me about why I'm making her wait until she's 30, to have a boyfriend! LOL Since I took them back to their mom's, I've been bored silly! Wish I was in Melbourne right now! Last time I was out of country, I was in Panama on business..... I'm ready for another trip! If you click on my username, there's a foto of us on my profile.....

Hope you had a nice R&R!

Chuck
  • #1,242
  • May 24, 2009 11:02pm May 24, 2009 11:02pm
Quoting FX Dad
Hey there John!

Actually had my kids Thursday thru Saturday....
Hi. FX Dad Nice to meet you.

Now that is funny. My six year old son is killing me with the whys and the Hows and the whens.
  • #1,243
  • May 24, 2009 11:10pm May 24, 2009 11:10pm
Quoting Jermy365
Hi. FX Dad Nice to meet you.

Now that is funny. My six year old son is killing me with the whys and the Hows and the whens.
Welcome!

Must be the age! I enjoy it so much, I'm going to miss this age when they are teenagers!
  • #1,244
  • Edited May 25, 2009 12:02am May 24, 2009 11:18pm | Edited May 25, 2009 12:02am
As I explained last week, the bank holidays create a real sporadic PA. It can be volitile, or slow as a rock. I'm not going to force any trades today. If there is a break of 151, I'll watch PA and make a decision then. Otherwise, it may just flutter around the current range of 151 and 149.70. You never know what can happen. When volume is thin, a big player can come in with a short or buy, and create a big spike, and if you're on the wrong side, it won't be pretty.

Trade safe..... set stops!
  • #1,245
  • May 25, 2009 1:45am May 25, 2009 1:45am
Quoting FX Dad
As I explained last week, the bank holidays create a real sporadic PA. It can be volitile, or slow as a rock. I'm not going to force any trades today. If there is a break of 151, I'll watch PA and make a decision then. Otherwise, it may just flutter around the current range of 151 and 149.70. You never know what can happen. When volume is thin, a big player can come in with a short or buy, and create a big spike, and if you're on the wrong side, it won't be pretty.

Trade safe..... set stops!
LOL! Some American I am......... It is a US holiday also tomorrow, so the NY session will be really thin on volume. Something to think about.
  • #1,246
  • May 25, 2009 7:16am May 25, 2009 7:16am
OK, I'll admit it, I made a trade. The PA has been pretty steady, slower than usual, but steady. I made a buy after the last 1H red candle closed above the Daily Pivot, at 150.70 and closed when it started to stall at 151.30 for 60 pips.... I know, I warned everyone about the holidays, and the lack of volume.... but PA has been decent.

I talked earlier, about taking a buy if it made a move above 151, but after it dropped to 150 first, I didn't want to push my luck. After it took that last bounce off of 150.30, I liked that PA to push back toward 151. I was looking for 50-80, and took 60 pips. So after waiting all weekend, I got my fix.

I'll see you later, probably going into Asia. Ciao
Attached Image (click to enlarge)
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  • #1,247
  • May 25, 2009 5:23pm May 25, 2009 5:23pm
GBPJPY is staying in a nice tight range, 150.63-151. This tight range can be attributed to the Bank holidays in UK, and US yesterday. Volume and PA should pick up going into Asia. I'll be away from my desk for a while, but watch for a break out of the range for a move to start. Orange S/R levels still apply.
Attached Image (click to enlarge)
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  • #1,248
  • May 25, 2009 8:27pm May 25, 2009 8:27pm
PA is a little sloppy after the break of the Daily Pivot. Range is widening as volume increases. Found a bottom at 150.50, but the push up was quick and didn't hold. Candle couldn't hold above 151. With Tokyo open, looks like it is trying to find a range until PA heats up. It has just poked below 150. I'm thinking short right now, but am going to pass on a trade to get feel for PA. I like to feel sure about a trade, and not just trade on a strong hunch. With the Bank holidays in UK and US, this is really more like a Monday.

I removed the S/R line at 150.32 and moved it up to 150.50, as .32 didn't come into play much yesterday. Ignore the trendline for now, as I am only using it as a reference line.

There are no news events listed today that will directly impact this pair. Some EU news that may have an indirect influence. Keep an eye on EURJPY and EURUSD as indicators.
Attached Image (click to enlarge)
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  • #1,249
  • May 25, 2009 8:42pm May 25, 2009 8:42pm
Quoting FX Dad
PA is a little sloppy after the break of the Daily Pivot. Range is widening as volume increases. Found a bottom at 150.50, but the push up was quick and didn't hold. Candle couldn't hold above 151. With Tokyo open, looks like it is trying to find a range until PA heats up. It has just poked below 150. I'm thinking short right now, but am going to pass on a trade to get feel for PA. I like to feel sure about a trade, and not just trade on a strong hunch. With the Bank holidays in UK and US, this is really more like a Monday.

I removed the S/R line...
Looking at the other pairs, USD strength is showing for now. Could see some risk aversion come into play with the JPY, so a bearish day could be setting up for the GBPJPY.
  • #1,250
  • May 25, 2009 8:58pm May 25, 2009 8:58pm
Quoting FX Dad
Looking at the other pairs, USD strength is showing for now. Could see some risk aversion come into play with the JPY, so a bearish day could be setting up for the GBPJPY.
hope you had a great holiday. london should be interesting . . .
"Don't trade to trade . . . trade to win." - James16
  • #1,251
  • May 25, 2009 10:27pm May 25, 2009 10:27pm
Quoting FX Dad
PA is a little sloppy after the break of the Daily Pivot. Range is widening as volume increases. Found a bottom at 150.50, but the push up was quick and didn't hold. Candle couldn't hold above 151. With Tokyo open, looks like it is trying to find a range until PA heats up. It has just poked below 150. I'm thinking short right now, but am going to pass on a trade to get feel for PA. I like to feel sure about a trade, and not just trade on a strong hunch. With the Bank holidays in UK and US, this is really more like a Monday.

I removed the S/R line...

Hey There,

Question. How can u ascertain a bottom before the other candle is formed?
  • #1,252
  • May 25, 2009 11:09pm May 25, 2009 11:09pm
Quoting Jermy365
Hey There,

Question. How can u ascertain a bottom before the other candle is formed?
Hey Jer,

At the time I was typing, 150 was the bottom of the range for the day, and the current candle. Then I pointed out that it was starting to "Poke" thru, 150.50, and I was thinking of going short, etc. I'm sorry if you thought I meant that 150.50 would be the bottom for the day, it was just the current bottom of the range I was trying to point out. ie. After 150.50 broke support, it has now formed a new bottom at the 150.20 area. I'm thinking it may push down to around 150 before London

Hope this answers your question. If not, let me know what you meant.
  • #1,253
  • May 25, 2009 11:20pm May 25, 2009 11:20pm
Quoting Jermy365
Hey There,

Question. How can u ascertain a bottom before the other candle is formed?
The 2 prior candles touched the 150.50 and bounced back to the upside. The last candle was sitting on the 150.50, as I started to type, then broke support there when I pointed it out. Hope this helps
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 19 KB
  • #1,254
  • May 26, 2009 2:08am May 26, 2009 2:08am
Quoting FX Dad
I'm thinking it may push down to around 150 before London.
Been away from my desk since I wrote that.... I'll admit, I didn't think it would bounce off the 151, back down to 150. At most, I thought it would go as high as the pivot, then break down. I'm glad I decided to hold back and watch the PA, rather than take a short, because my stop would have been just above the pivot, and I would have lost about 40 pips. As Tatton said at the beginning of this thread, I only like to make the better trades a few times a week, rather than trying to make 3 or 4 trades a day.... Again I'll say it, "It is the quality of the trades, not the quantity." Yes, it is common sense, but it is always so tempting just to click that TRADE button. Let's face it, Forex is addicting. It can take us over, emotionally. Emotional trading is a killer.
  • #1,255
  • Edited 9:14am May 26, 2009 7:32am | Edited 9:14am
Good day FXDad, I hope you had a great bank holiday. I know what you mean about FX trading being addicting. I am loving this trading. The thing is as you know I'm still learning and it's like having a new toy. I hope I don't grow out of it . I have a question though, regarding Pivot points, I know that there are four pivot point tools - Floor Pivot, Woodie's Camarilla and DeMark's. Which one do you use? I'm using Floor Pivot in combination with Awesome.
  • #1,256
  • May 26, 2009 6:42pm May 26, 2009 6:42pm
Quoting forexchequer
Good day FXDad, I hope you had a great bank holiday. I know what you mean about FX trading being addicting. I am loving this trading. The thing is as you know I'm still learning and it's like having a new toy. I hope I don't grow out of it . I have a question though, regarding Pivot points, I know that there are four pivot point tools - Floor Pivot, Woodie's Camarilla and DeMark's. Which one do you use? I'm using Floor Pivot in combination with Awesome.
Hello Forexchequer,

Honestly, it sounds like you do a lot more studying than I do! It sounds as though you are more of a Pivot Expert! I've never even heard of those, I'm embarrassed to say. As I said before, I'm not a big indicator fan, more of a naked chart kind of trader. I was using a pivot indicator that filled my chart with lines, and I thought it was a bit much. For me, less is more. One of our fellow Cool Runnings visitors posted this a few months ago, and I like it a lot. It gives the daily, weekly and monthy pivots..... 3 lines, and that's it! I like them, and they seem to react well with PA. I tried to find the post so you could go to it and download it from there, but I couldn't find it. So I am attaching it. I hope it downloads correctly because I'm not a real computer savvy guy. Let me know if it works. It is an ex4 file, I also have it in an mq4, but am not sure what the differences are.
Attached File(s)
File Type: ex4 AutoPivotIndicator_ver5.ex4   32 KB | 299 downloads
  • #1,257
  • May 27, 2009 2:12am May 27, 2009 2:12am
Quoting FX Dad
The 2 prior candles touched the 150.50 and bounced back to the upside. The last candle was sitting on the 150.50, as I started to type, then broke support there when I pointed it out. Hope this helps

Thanks a lot. Point taken
  • #1,258
  • May 27, 2009 11:02am May 27, 2009 11:02am
Hello everyone,

I've been busy, away from the computer, and just thought I'd check in. All I see on the 1H right now is that the GBPJPY is forming an obvious trend up and has taken a couple of bounces off the trendline. The next barrier to continue the trend up is 153, which is the high so far, but has price has fallen and seems to be forming support at 152.50.

The GBPUSD is making a similar formation and keeps on pushing, while the EURUSD is doing the same, but in a downtrend.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 15 KB
  • #1,259
  • May 27, 2009 8:30pm May 27, 2009 8:30pm
Hey guys, thought I'd post, I've taken a short at 153, stop at 153.40. Will be away from the computer for a couple hours, but it has been taking nice bounces off the trendline, so we'll see....
Attached Image
  • #1,260
  • May 27, 2009 8:34pm May 27, 2009 8:34pm
Since I'll be away from the comp, I'm setting my TP at 80 pips.
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