Spot FX Day Trader's Thread

You're a great trader in a sea of irritating frauds, yet a different type of trader.. I watch the S&P, think about what it's doing, get in and out multiple times during the NY session, plan a better move on cash Nikkei vs. futures then take the Asian night's news into consideration (based on the reaction in meaningful JPY movements) and go on hunches about the European session.. Sometimes I enter into a wake up and laugh or wake up and cry type of thing based on Asian action to predict the European session using a JPY pair with a far smaller stop than target.. However, I very rarely use pre-defined targets on JPY shorts due to the open-endedness of the fall when I'm asleep.

I take profit when the time is right rather than pushing my luck despite the fact that I routinely cut myself short. Today I took profit early, but yesterday I made 80 pips taking profit on EU shorts when a long-term trader would have lost 100+ on a short .. I love intraday.. I get to sit home and make a good living and that's all I want in my mid-30s.. In order to become a wealthy man in my mid-40s, I need simply continue to do the same thing I'm doing and increase my leverage over time.. I'm aware of this and I'm quite rigid in my style as a result. It is imperfect, yet the light at the end of the tunnel is beautifully bright..

USA 3 - England 2

Understood & appreciated.

Chan has made me aware of what is the essence of price discovery & is applicable on all time frames, yet more visible on higher time frames. The basic principle is that it extends in 50 & 100% of previous oscillation. So a resistance that attracted minimum buying interest will retrace by 50% (interest check, then to next support or if it's pretty far away they will add another 50% push making it 100%. There is a small group of traders that I know of that calculate S&P intraday moves by way of calculating minimum measured moves & are very good at it. I can do intraday based trading, yet prefer longer term.

As far as tonight's match goes you know the odds are against you guys, so far we met 9 times & we kicked your butts 7 out of 9 times

the oddsmakers have it at 16 to 1 in England's favor, but I can always hope..

HERE WE GO

http://www.thecaptainsmemos.com/wp-c...ionary-War.jpg

What a crap game that was! Total waste of time & beer, not so much the latter.

Regarding yearly OHLC. Gold 2009 High was 1,226.40, last week closed 1,228.9, so that is a confirmed breakout against 2009 High. IMO gold will leave 1226.4 as support now.

Solid line is 50% of all time range, dotted lines are 1999 Open & High

Those horns ruined it for me.. I had to turn the sound all the way down... so very annoying.

I bet the press in the UK is really giving it to poor old Green even though he saved the game from being a loss in the second half with that save.. People are hard on Green but the fact is that goalies don't score goals and the rest of the team only scored 1..

It doesn't really make any difference in the grand scheme of things.. England will surely move on to the next round and that's all anyone will remember.

Germans were so good today. Great tactical passing.

Short EU 1.219 s/l -40 .. stupid little thin move just pushed it through 1.215

I am off for 2 weeks, back on 29th. Good trading!

right on.. take care.. see you then.

ditching EU with 11 pips .. too much nikkei strength

will sell again at 1.226

DX retracing basically. Euro fibs for this downtrend stand at:

1.265 (23.6%)
1.312 (38.2%)
1.35 (50%)

Obviously 1.213 is a very interesting area to watch as it is 50% of the ALL TIME range. Once Euro locks below it we ought to have another strong downtrend resurrection, I know for a fact that major players watch out for things like that. Once that barrier is crossed Euro ought to head to the anticipated parity with USD. Looking at Daily ADX which is about the only indicator that I use for trend strength I see it pushing down breaking 40, as you know that suggests weakening trend, also price bouncing out of the Daily wedge. So IMO it would be prudent not to trade from the short side for the time being. I have spoken to some of my nerdytraderbuddies & they are looking at 1.264-1.268 to start looking into selling Euro again. If you look at Monthly line chart 1.268 was major support back in 2008/09, that is also 23.6% fibs, makes sense for Euro to re-test that area, wouldn't you say. Anyway, I am keeping longer term positions on, no mid-term trades though for next couple of weeks. I have taken a 60 pip loss on recent short-term Euro trade. All the best & good trading!

J

I got filled at 1.226 in my sleep.. stop -25

1.233 is important.. above that and I won't go long but I won't short either.. I'll concentrate on other pairs.

up 12 .. chickening out and moving stop to 0 ..

damn.. could have had 30 but I got greedy. stopped at b/e .. probably a wise decision since S&P cracked 1100 .. Looking to get short 1.232 with a tight stop

long AUD/USD .8615 s/l .8575

.

SHRIEEEEK!!!

dammit.. left my computer and the mooing bulls wimped out!

Stopped -40 AUD/USD ..

probably due for a correction anyway.. Aussie seemed unstoppable this morning. Oh well.. back to the drawing board.. I sure hate to start a week with a loss. Now I have no idea what to do.

hey, I thought you were leaving for two weeks?