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  • #11,841
  • May 29, 2009 2:30am May 29, 2009 2:30am
Euro pushing 1.4012

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  • #11,842
  • May 29, 2009 2:57am May 29, 2009 2:57am
Quoting RedCabbage
Double top or BO on GBPUSD @16078 I will be watching the low TFs.

GMT 4hr close in 35 mins
Stop now at b/e on a short - anything from here is risk free.
  • #11,843
  • May 29, 2009 3:07am May 29, 2009 3:07am
Quoting BillyRayValentine
Hi Mushwedu

Yeah same type of situation but maybe a little different than before.

963.4 got hit, faded, buy on the retracement expecting a breakout. This was a weaker breakout, I'm blaming end of month flows, but principle is there. Nice find.
Hi BRV

GREAT SUCCESS - HIGH FIVE!!

Thanks for the explanation - the learning never stops.
  • #11,844
  • May 29, 2009 3:16am May 29, 2009 3:16am
took some off at +30 as we bounced at the 16039 level.
  • #11,845
  • May 29, 2009 3:25am May 29, 2009 3:25am
I am very concious of the fact that it is both Friday and the end of the month so anything can happen. This move was ideal as I had zero DD and could get my position safe quickly. I only secured 30 pips but if a sell off had occurred here I would have been in at a great price.

Remainder of position out at b/e.
  • #11,846
  • May 29, 2009 3:29am May 29, 2009 3:29am
Quoting RedCabbage
I am very concious of the fact that it is both Friday and the end of the month so anything can happen. This move was ideal as I had zero DD and could get my position safe quickly. I only secured 30 pips but if a sell off had occurred here I would have been in at a great price.

Remainder of position out at b/e.
Tight range now,,,,,GBP power struggle up here.

I have a feeling that most of the fun price action happened yesterday, and everyone got what they needed done then.

Either way, trend continues and only a safe way to play it.
  • #11,847
  • May 29, 2009 3:32am May 29, 2009 3:32am
Quoting RedCabbage
I am very concious of the fact that it is both Friday and the end of the month so anything can happen. This move was ideal as I had zero DD and could get my position safe quickly. I only secured 30 pips but if a sell off had occurred here I would have been in at a great price.

Remainder of position out at b/e.

I hear what your saying about the time of month,

I'm giving myself an early week.usd/cad up 30 ish stop @ BE it can do what it wants from here, that's enough for this week.
  • #11,848
  • May 29, 2009 3:33am May 29, 2009 3:33am
Quoting BillyRayValentine
Tight range now,,,,,GBP power struggle up here.

I have a feeling that most of the fun price action happened yesterday, and everyone got what they needed done then.

Either way, trend continues and only a safe way to play it.
Yes it did seem like the end of month came early yesterday.
  • #11,849
  • May 29, 2009 3:34am May 29, 2009 3:34am
Quoting Siam
I hear what your saying about the time of month,

I'm giving myself an early week.usd/cad up 30 ish stop @ BE it can do what it wants from here, that's enough for this week.
Another nice move - regular as clockwork you!
  • #11,850
  • May 29, 2009 3:34am May 29, 2009 3:34am
Quoting RedCabbage
Yes it did seem like the end of month came early yesterday.
Yes, I think that was probably hastened by the North Korean renouncement of the truce, yesterday. Look at what the JPY pairs did yesterday.
  • #11,851
  • May 29, 2009 4:45am May 29, 2009 4:45am
Daily level?
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  • #11,852
  • May 29, 2009 4:47am May 29, 2009 4:47am
AUDUSD is approaching 0.8000, nice level for a short. There's a daily low there on the 19th september 2008 and some other lows in that same period. What do you guys think?
  • #11,853
  • May 29, 2009 4:57am May 29, 2009 4:57am
I don't think it's a good idea to play big levels, such as mentioned in the last two posts, the same way you play shorter term levels for bounces. First, reversals at big levels generally happen slowly. Second, there's a lot of manipulation and stop-hunting happening around these levels, and it's better to let that play out. Third, unless you have info on deal flows guessing the big levels is a bit like reading tea leaves - and when it isn't manipulation is guaranteed.
  • #11,854
  • May 29, 2009 5:00am May 29, 2009 5:00am
Here is something for you guys to look at and dont miss when price impacts this area....

.8000

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  • #11,855
  • May 29, 2009 5:06am May 29, 2009 5:06am
Anyone long on GBPUSD? I'm long since 1.6095 ... 1.6190 looks like a good target, there's resistance at 1.62. Sounds good?

PS: Also long on AUDUSD, will get out for 45 pips at 0.7990, then go short at 0.8 maybe.
  • #11,856
  • May 29, 2009 5:31am May 29, 2009 5:31am
Nice bullish flag here. I'm long on SaxoTrader since 154.70. I know I entered a bit late, but I had no choice.
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  • #11,857
  • Edited 6:06am May 29, 2009 5:43am | Edited 6:06am
Quoting bumasoft
Anyone long on GBPUSD? I'm long since 1.6095 ... 1.6190 looks like a good target, there's resistance at 1.62. Sounds good?

PS: Also long on AUDUSD, will get out for 45 pips at 0.7990, then go short at 0.8 maybe.
Took 75 pips home

Edit: And another 45 pips on the AUDUSD long. 120 pips so far.
  • #11,858
  • May 29, 2009 6:00am May 29, 2009 6:00am
Been a while since I looked in here. Not sure if anyone has spotted it, but it's a fairly obvious level on UJ with confluence at the 50 fib of last swing. Last time price was at this level, buyers dominated sellers and so could represent value to buyers if/when price retests it.

There are reasons to be suspicious of it though, as daily momentum is obviously down and the longer term trend is too. If it fails then the 95.10 area is another spot to observe price action. Price will often make the high or low of the session during the opening 30 minutes, so keep an eye on the time when we hit it.
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  • #11,859
  • May 29, 2009 6:06am May 29, 2009 6:06am
Quoting birdt
Been a while since I looked in here. Not sure if anyone has spotted it, but it's a fairly obvious level on UJ with confluence at the 50 fib of last swing. Reasons to be suspicious of it though, as daily momentum is obviously down and the longer term trend is too.
Yep, saw that one, too. I sold USD/JPY @ 96.23 this morning and 95.50 is my main profit target...I won't reverse there though and instead let 1/3 of my position on and let the trade play out itself.
  • #11,860
  • May 29, 2009 6:07am May 29, 2009 6:07am
Quoting birdt
Been a while since I looked in here. Not sure if anyone has spotted it, but it's a fairly obvious level on UJ with confluence at the 50 fib of last swing. Last time price was at this level, buyers dominated sellers and so could represent value to buyers if/when price retests it.

There are reasons to be suspicious of it though, as daily momentum is obviously down and the longer term trend is too. If it fails then the 95.10 area is another spot to observe price action. Price will often make the high or low of the session during the opening 30 minutes,...
Yes spot on. Just remember it's Friday.
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