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Trade What You See - Almost Naked Trading

  • #761
  • Oct 6, 2010 8:48am Oct 6, 2010 8:48am
Quoting sashasan
lawgirl, what's with your eurusd trade? still on?
Yes, still on...down 90 pips ($90). Going to let it go on. It feels like a little part of history to me..what is happening to the dollar. I want to watch it play out.
  • #762
  • Oct 6, 2010 8:49am Oct 6, 2010 8:49am
current chart
Attached Image (click to enlarge)
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  • #763
  • Oct 6, 2010 8:52am Oct 6, 2010 8:52am
Quoting lawgirl21
I just finished a quick scan of 16 pairs and found four with directional confirmation: (If anyone finds another pair that I missed, just let me know)

USDCHF - short
EURGBP - long
GBPJPY - short
NZDUSD - long

Let's divide them up and analyze them together....volunteers jump in..please post your analysis..we can have more than one person per pair. I'll take NZDUSD.
i think since we have just a first half of week, the angle of weekly rsi, even if its not straightly up or down, is not really important, because we are in "consolidation time period" now :nerd: so a small move is still a move
  • #764
  • Oct 6, 2010 8:55am Oct 6, 2010 8:55am
Quoting sashasan
i think since we have just a first half of week, the angle of weekly rsi, even if its not straightly up or down, is not really important, because we are in "consolidation time period" now :nerd: so a small move is still a move

You are probably right. Consolidation is a good thing because sooner or later that tight spring will be sprung in one direction or another.
  • #765
  • Oct 6, 2010 8:58am Oct 6, 2010 8:58am
Quoting sashasan
i think since we have just a first half of week, the angle of weekly rsi, even if its not straightly up or down, is not really important, because we are in "consolidation time period" now :nerd: so a small move is still a move
Sasha, did you catch that NZDUSD long trade? I missed it, but I seem to remember someone posting about it. It was good for about 70 pips. Third tap was yesterday.
  • #766
  • Oct 6, 2010 9:06am Oct 6, 2010 9:06am
I am not surprised the currency market is not doing much movement lately. There are no fundementals to cause any movement. the only thing that may cause movement on the USD CAD is the Ivey PMI ... just released 5 minutes ago


Edit -- USD CAD just dived about 40 pips based on better than expected CAD Ivey PMI.

Edit 2 -- AUD may see some movement tonigt at 8:30 pm EST becaus eof Unemploment.
  • #767
  • Oct 6, 2010 9:10am Oct 6, 2010 9:10am
Quoting lawgirl21
Sasha, did you catch that NZDUSD long trade? I missed it, but I seem to remember someone posting about it. It was good for about 70 pips. Third tap was yesterday.
unfortunately not
  • #768
  • Oct 6, 2010 9:14am Oct 6, 2010 9:14am
Quoting PurePrice
I am not surprised the currency market is not doing much movement lately. There are no fundementals to cause any movement. the only thing that may cause movement on the USD CAD is the Ivey PMI ... just released 5 minutes ago


Edit -- USD CAD just dived about 40 pips based on better than expected CAD Ivey PMI.

Edit 2 -- AUD may see some movement tonigt at 8:30 pm EST becaus eof Unemploment.

Sorry about all the typos... just have not had enough coffee yet, or need a new set of fingers.
  • #769
  • Oct 6, 2010 9:17am Oct 6, 2010 9:17am
Hi Lawgirl,

Here is what I see on the EURGBP I hope my charts came through. I'm still getting the hang of this analysis.

At weekly S/R area

I see two taps on both the Daily and 4HR. It may retrace some and come back to test the .8700 area and bounce back up off the trendline. Or it may turn back down from hitting the weekly S/R area .8700-.8740. I'm not quite sure yet. Gotta wait and see! I'm sorry, this is my first attempt at this. I hope to learn more from you
Attached Image(s) (click to enlarge)
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  • #770
  • Oct 6, 2010 9:21am Oct 6, 2010 9:21am
Quoting PurePrice
Sorry about all the typos... just have not had enough coffee yet, or need a new set of fingers.
No one cares about typos...I do understand the coffee situation, I'm the same way.
  • #771
  • Oct 6, 2010 9:24am Oct 6, 2010 9:24am
Quoting lawgirl21
I'll take NZDUSD.
this one i think is weaken because rsi is twice hit the overbought area (>80) on h4 and rsi h1 is ranging on top. also, kept in mind that european session already took some pips off, i think we can not expect really much here, what the chart actually shows now
  • #772
  • Oct 6, 2010 9:25am Oct 6, 2010 9:25am
I've been in and out of this pair since yesterday. It's in the money some now.
Attached Image (click to enlarge)
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  • #773
  • Oct 6, 2010 9:44am Oct 6, 2010 9:44am
PA is beginning to move up and maybe out of its ditch. Compare this chart to the earlier one posted earlier. This would be a breakout trade and not a 3 tap trade.
Attached Image (click to enlarge)
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  • #774
  • Oct 6, 2010 9:48am Oct 6, 2010 9:48am
Quoting lawgirl21
I've been in and out of this pair since yesterday. It's in the money some now.
I think we drew the TL too low before. I moved it up in the attached chart. Still, PA is down 10+ pips from entry.
Attached Image (click to enlarge)
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  • #775
  • Oct 6, 2010 9:49am Oct 6, 2010 9:49am
Quoting lawgirl21
I just finished a quick scan of 16 pairs and found four with directional confirmation: (If anyone finds another pair that I missed, just let me know)

USDCHF - short
EURGBP - long
GBPJPY - short
NZDUSD - long

Let's divide them up and analyze them together....volunteers jump in..please post your analysis..we can have more than one person per pair. I'll take NZDUSD.

The daily chart hit the 3rd tap and formed a nice shooting star (inverted hammer) candlestick pattern last night. Note that this is also a down channel. very compelling to go short. On the 4H chart however, price action is just at the 3rd tap of an uptrend line.

4HR chart..
Attached Image (click to enlarge)
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  • #776
  • Oct 6, 2010 9:53am Oct 6, 2010 9:53am
Quoting traderathome
I think we drew the TL too low before. I moved it up in the attached chart. Still, PA is down 10+ pips from entry.
I have my TP at the same support/TP level that you have marked on your chart. But have my doubts about PA reaching it. What do you think?
  • #777
  • Oct 6, 2010 9:53am Oct 6, 2010 9:53am
chart ...
Attached Image (click to enlarge)
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  • #778
  • Oct 6, 2010 10:01am Oct 6, 2010 10:01am
Quoting PurePrice
chart ...
I like this pair better as a breakout trade than a 3 tap one. But the breakout has already occurred.
Attached Image (click to enlarge)
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  • #779
  • Oct 6, 2010 10:13am Oct 6, 2010 10:13am
Quoting lawgirl21
I have my TP at the same support/TP level that you have marked on your chart. But have my doubts about PA reaching it. What do you think?
Well, the red line is RgH and the blue is RgL, PA limits for the day based on the average range. But yes, I was figuring on letting RgL be my TP. However, I am closing the trade and will wait to see what PA does between now and the beginning of the next day/asian session. It may climb back; either by late US push or by asian traders push before another attempt down. If it just goes on down from here, ok...already made some profit over the steep spread.
Attached Image (click to enlarge)
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  • #780
  • Oct 6, 2010 10:13am Oct 6, 2010 10:13am
Hi All,

Just food for thought. With USDJPY at 15year high, do you think BOJ will step in again???
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