A couple of entries from this morning:
Attached Image(s) (click to enlarge)
- #13,806
- Mar 31, 2010 11:56am Mar 31, 2010 11:56am
As far as the significance of the 1.0670 area is concerned, I beg to differ. I think it's actually a pretty significant ppz (to use the J16 term for it), with a little fib confluence to boot. Still, swissy isn't really trending, so whether it's going to reach that area, and if it does, whether it's going to bounce or break through, I don't know.
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Oh well. The next big trade is always around the corner.
It's not about how much you make, it's about how much you don't lose.
- #13,807
- Apr 1, 2010 6:05am Apr 1, 2010 6:05am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #13,809
- Apr 1, 2010 7:11am Apr 1, 2010 7:11am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Hey dhb I can get fibs to fit anything you like... Go here if you want my opinion: http://www.forexfactory.com/showpost...0&postcount=61
Chart:
Gone to a better place
- #13,810
- Apr 1, 2010 7:43am Apr 1, 2010 7:43am
Touché 
That's exactly why fibs should only be used as secondary confirmation. They can tell you to go both long and short at the same time, depending on how you use them.
That's exactly why fibs should only be used as secondary confirmation. They can tell you to go both long and short at the same time, depending on how you use them.
It's not about how much you make, it's about how much you don't lose.
- #13,817
- Apr 8, 2010 3:04am Apr 8, 2010 3:04am
Well, the eurgbp trade of last week was a breakeven trade for me. Moved my stop to B/E pretty quickly, especially with NFP and the low liquidity of easter in mind. And the gap opening on monday proved this was the right thing to do.
At the moment, I'm riding chfjpy down, since yesterday actually. Entry based on a m15/m30 time frame. Stoploss size: 14 pips.
Reasons for entering:
Double fib confluence
round number
test of previous support turned resistance
In my book, it's a classic no brainer scalp, but since the direction of this trade is in line with the higher time frame trend, it has the additional advantage of having the potential to develop into a runner. And running it certainly has done over the last 12 hours. I'm targeting the highlighted H4 retracement areas (see chart below) as initial targets for this short. If I see an opportunity to add to this trade, I'll gladly do so.
At the moment, I'm riding chfjpy down, since yesterday actually. Entry based on a m15/m30 time frame. Stoploss size: 14 pips.
Reasons for entering:
Double fib confluence
round number
test of previous support turned resistance
In my book, it's a classic no brainer scalp, but since the direction of this trade is in line with the higher time frame trend, it has the additional advantage of having the potential to develop into a runner. And running it certainly has done over the last 12 hours. I'm targeting the highlighted H4 retracement areas (see chart below) as initial targets for this short. If I see an opportunity to add to this trade, I'll gladly do so.
It's not about how much you make, it's about how much you don't lose.
- #13,820
- Apr 8, 2010 5:03am Apr 8, 2010 5:03am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place