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USD/CHF

  • #2,821
  • Aug 16, 2011 6:16am Aug 16, 2011 6:16am
Well my long term bearish target is 0.6200. After which then I guess it'll reverse and complete that 0.8150 GAP.
  • #2,822
  • Aug 16, 2011 7:01am Aug 16, 2011 7:01am
Quoting nishantforex
pending order active looking for 0.7875

0.7875 complete
  • #2,823
  • Aug 16, 2011 7:30am Aug 16, 2011 7:30am
is there any intervention or just speculative buying ?
  • #2,824
  • Aug 16, 2011 7:33am Aug 16, 2011 7:33am
Quoting tankokjian
is there any intervention or just speculative buying ?
Stops above .8000 being targeted.
  • #2,825
  • Aug 16, 2011 8:01am Aug 16, 2011 8:01am
current
Attached Image (click to enlarge)
Click to Enlarge Name: chf.PNG Size: 25 KB
  • #2,826
  • Aug 16, 2011 8:03am Aug 16, 2011 8:03am
does that mean, i should be covering my shorts from 7940? :o
new to CHF so please advice
hk
Quoting Sonofsin5
Stops above .8000 being targeted.
  • #2,827
  • Aug 16, 2011 8:05am Aug 16, 2011 8:05am
Agreed with you.

Quoting MaryJane
Thx for your care, but..

1. I don't believe in gaps.
2. You're right, scaling out is ineffective and messes up R:R but i'm used to trade that way. I have better stats with partial closes. Maybe i'll change/improve with time.
3. Even if i'll b/e on the remaining third, it'll be a 7:1R trade (init stop was 16p). Game's not over yet and if the rest hits my target (which is your TP3) sooner than the b/e stop, the overall outcome will be better than closing the lump trade at the "gap" level.
4. Reason for not scaling-in in this particular trade is...
  • #2,828
  • Aug 16, 2011 8:13am Aug 16, 2011 8:13am
Quoting hkkhanus
does that mean, i should be covering my shorts from 7940? :o
new to CHF so please advice
hk
Id at least move stops to BE but trade you plan.
  • #2,829
  • Edited 8:53am Aug 16, 2011 8:20am | Edited 8:53am
should have taken my profits at just under 78xx this morning
but my target is 63xx
i might add some more positions if it goes back up tbh
thanks for the advice

Quoting Sonofsin5
Id at least move stops to BE but trade you plan.
  • #2,830
  • Aug 16, 2011 8:39am Aug 16, 2011 8:39am
Quoting sonofsin5
id at least move stops to be but trade you plan.
truly the best advice

second that
  • #2,831
  • Aug 16, 2011 8:53am Aug 16, 2011 8:53am
Quoting MaryJane
disagree in most points but don't want to argue here about nonsensical 'truths'.. what's true (and works) for you doesn't have to be true (work) for others.. this is a thread about trading not about arguing about someones holy principles, may they be mine or yours.. there's more than enough of deep trash in Trading Discussion..


How could I send you money that were left on the table ?!

Hello Mary Jane, nice sense of humor.
U defend your position in a polite way.
Let me tell you 2 things about your comment, in deed, things which works for you, doesnīt have to work for others, thatīs right. And the other thing about GAP, itīs your final decission believe or not, but itīs true that always filled, the point is how long it takes...

Regards...
  • #2,832
  • Aug 16, 2011 8:55am Aug 16, 2011 8:55am
Quoting tankokjian
23.6 doesnt look strong enought for the retrace. will be to be retested.

Tanx tankokjian, I would like to know why u knew that? about retested?
Itīll happen hours after u comment.
  • #2,833
  • Aug 16, 2011 8:57am Aug 16, 2011 8:57am
short @ 7923.9
  • #2,834
  • Aug 16, 2011 9:06am Aug 16, 2011 9:06am
added @ 36
Quoting hkkhanus
short @ 7923.9
  • #2,835
  • Aug 16, 2011 9:07am Aug 16, 2011 9:07am
Quoting nishantforex
pending buy at 0.7770
hi, how do you realize your bull position at 0.7770... almost the max low in the movements ???
  • #2,836
  • Aug 16, 2011 9:09am Aug 16, 2011 9:09am
Quoting hkkhanus
short @ 7923.9
Your trading against the trend and overall market sentiment, .8000 is definitely on the cards for the next Session if not today's. I am long at 7915 with a tp at .7995.
  • #2,837
  • Aug 16, 2011 9:09am Aug 16, 2011 9:09am
both closed at 22
Quoting hkkhanus
added @ 36
  • #2,838
  • Aug 16, 2011 9:10am Aug 16, 2011 9:10am
Quoting mirmidon
Hello Mary Jane, nice sense of humor.
U defend your position in a polite way.
Let me tell you 2 things about your comment, in deed, things which works for you, doesnīt have to work for others, thatīs right. And the other thing about GAP, itīs your final decission believe or not, but itīs true that always filled, the point is how long it takes...

Regards...

Gaps are merely a figment of the retail traders imagination.

I have a broker that doesn't open until 6 PM ET, others open at 5, some at 4, some at 7. Does this mean there are multiple 'gap' plays? No. Price moves from supply to demand and demand to supply and nothing more. The fact that currencies are a mean reverting trading mechanism guarantee that the spaces left open by a brokers open and close time will indeed be hit... eventually. However, do not confuse this with price being 'drawn' or 'attracted' to the gap. This would be a false misconception.

The market is always moving, whether brokers are open or not. The big boys don't care about gaps and neither should retailers.

/My 2 pips.
  • #2,839
  • Aug 16, 2011 9:10am Aug 16, 2011 9:10am
its was just a scalp bro
Quoting Sonofsin5
Your trading against the trend and overall market sentiment, .8000 is definitely on the cards for the next Session if not today's. I am long at 7915 with a tp at .7995.
  • #2,840
  • Aug 16, 2011 9:41am Aug 16, 2011 9:41am
Quoting Venice
Gaps are merely a figment of the retail traders imagination.

I have a broker that doesn't open until 6 PM ET, others open at 5, some at 4, some at 7. Does this mean there are multiple 'gap' plays? No. Price moves from supply to demand and demand to supply and nothing more. The fact that currencies are a mean reverting trading mechanism guarantee that the spaces left open by a brokers open and close time will indeed be hit... eventually. However, do not confuse this with price being 'drawn' or 'attracted' to the gap. This would be a false misconception....
You have some valid points but I'd like to chime in. "Gaps" in the retail world and gaps in the inter-bank market exist but are viewed differently. When a retail trader thinks about gaps they are referring to the price difference from their Friday close to their Sunday open. This is not a real gap as you pointed out. When a inter-bank trader looks at the price action from Friday eve to Sundays Asian open they do so with an eye to liquidity. They realize that any movement in price during that period is extremely illiquid and that it will take a small penny to move price back to where it closed on Friday post US. I can assure you that Fridays closing price is monitored by "big boys" and is why more often then not price returns to this level and thus gives retail traders the false sense of "hey I got it right look at the Gap closing."
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