BOE just lowered repo rates and announced increase in QE to 175B from 125B. Very dollar bullish and waiting now for a bit of a pull back before shorting the GBP/$.
(binned per thread starter's request) For What It's Worth
- #68
- Aug 10, 2009 11:17am Aug 10, 2009 11:17am
- Joined May 2009 | Status: Trader | 3,730 Posts
Most of the day has been like watching paint dry, but I did have one trade on the GBP/$. Today was a continuation of the move on Friday, so no need to ignore the trend. So here is the trade: entered the GBP/$ at 1.6572 on the break south, with a very nice 25 pip stop and a 75 pip limit. Limit was determined by fib extension levels. Here it is:
- #70
- Edited 5:33am Aug 11, 2009 5:10am | Edited 5:33am
- Joined May 2009 | Status: Trader | 3,730 Posts
- #75
- Aug 12, 2009 9:56pm Aug 12, 2009 9:56pm
- Joined Feb 2008 | Status: Cartographer | 1,981 Posts
Empty as water and soft as a facing wind mountain
- #76
- Aug 17, 2009 12:37pm Aug 17, 2009 12:37pm
- Joined May 2009 | Status: Trader | 3,730 Posts
Have not had time to post here in a while but thought I would add a few notes on recent trading. Today was a good trading day for those who can figure out the trend and use fibs. I will start with the E/J and several trades I made this morning. The basic idea is to wait for a pull back against the trend (which was down this morning) on the 10M chart. When PA hits the .50 fib, place a sell order with a stop somewhere above the .618 or .786 fib, and a limit at least equal to the stop (1 to 1 ratio at a very minimum).
Here is the first trade with stop and limit 30 pips away from the entry:
Here is the second trade with stop and limit 30 pips away from the entry:
Finally, here is the last trade with stop 20 pips above entry and limit 25 pips below entry:
Here is something to consider when looking at these three trades. Notice the -.27 (132.99), -.618 (132.73), and -.786 (132.61) fibs on trade one. The limit on trade two was at 132.91, which is pretty close to the -.27 fib; limit of trade 3 was at 132.61 (the -.786 of trade 1) and the entry of trade 3 was at 132.92, which was pretty close to the limit of trade 2. I try to link my original analysis to subsquent trades and think of them in sequence. My real final target of trade 1 was the -.786, but getting there requires watching the market move up and down for multiple hours. I hate that, so I try to break it up into several trades.
Here is the first trade with stop and limit 30 pips away from the entry:
Here is the second trade with stop and limit 30 pips away from the entry:
Finally, here is the last trade with stop 20 pips above entry and limit 25 pips below entry:
Here is something to consider when looking at these three trades. Notice the -.27 (132.99), -.618 (132.73), and -.786 (132.61) fibs on trade one. The limit on trade two was at 132.91, which is pretty close to the -.27 fib; limit of trade 3 was at 132.61 (the -.786 of trade 1) and the entry of trade 3 was at 132.92, which was pretty close to the limit of trade 2. I try to link my original analysis to subsquent trades and think of them in sequence. My real final target of trade 1 was the -.786, but getting there requires watching the market move up and down for multiple hours. I hate that, so I try to break it up into several trades.
- #77
- Aug 18, 2009 4:31am Aug 18, 2009 4:31am
- Joined May 2009 | Status: Trader | 3,730 Posts
First trade today on the GBP/$. Counter trend trade.
- #78
- Edited 7:39am Aug 18, 2009 6:40am | Edited 7:39am
- Joined May 2009 | Status: Trader | 3,730 Posts