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  • #221
  • Aug 29, 2011 6:16pm Aug 29, 2011 6:16pm
Quoting Raul Lopez
Yep, sorry... that is EURAUD

Did you get in the NU?
  • #222
  • Aug 29, 2011 6:18pm Aug 29, 2011 6:18pm
Quoting knucklehead
Did you get in the NU?
Not yet, waiting for a retracement...
  • #223
  • Aug 29, 2011 7:10pm Aug 29, 2011 7:10pm
Wish I would have gotten in this one. 315 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: Greenshot_2011-08-29_19-07-59.jpg Size: 66 KB
  • #224
  • Aug 29, 2011 7:23pm Aug 29, 2011 7:23pm
Quoting Raul Lopez
Not yet, waiting for a retracement...

I got in at 8475 with two trades, up about 80 right now. I have two targets, one on the daily and one on the 4hr.
  • #225
  • Aug 29, 2011 7:50pm Aug 29, 2011 7:50pm
Quoting knucklehead
Wish I would have gotten in this one. 315 pips.
I know, we tracked that one last week...

Quoting knucklehead
I got in at 8475 with two trades, up about 80 right now. I have two targets, one on the daily and one on the 4hr.
Good luck! NZDUSD looks very good...
  • #226
  • Aug 30, 2011 6:09am Aug 30, 2011 6:09am
Quoting Raul Lopez
I know, we tracked that one last week...



Good luck! NZDUSD looks very good...

Got out with around 80 pips last night...It looks like it may retrace, so if it looks good might get back in and shoot for those targets again. Whats do you think?
  • #227
  • Aug 30, 2011 8:40am Aug 30, 2011 8:40am
They are still bullish, I think it still has some room to continue its way up... did you close both trades?
  • #228
  • Aug 30, 2011 11:12am Aug 30, 2011 11:12am
Definitely the EURAUD is one of the currency pairs that I like the most today, it broke both, the short term and long term support levels, and it still has a long way to go before it hits the next LT support level:

http://www.straightforex.com/forex_b...20-300x251.png

The next LT support level is at 1.3302, more than 200 pips away from where it is currently trading at.

What do you think?

Trade Safe!
  • #229
  • Aug 30, 2011 11:52am Aug 30, 2011 11:52am
Quoting Raul Lopez
They are still bullish, I think it still has some room to continue its way up... did you close both trades?

Yea I got out with 80 last night, didn't like the looks of one of the candles. See if it retraces.
  • #230
  • Aug 30, 2011 12:26pm Aug 30, 2011 12:26pm
AU has some potential for a long
  • #231
  • Aug 30, 2011 12:28pm Aug 30, 2011 12:28pm
Quoting Raul Lopez
Definitely the EURAUD is one of the currency pairs that I like the most today, it broke both, the short term and long term support levels, and it still has a long way to go before it hits the next LT support level:

http://www.straightforex.com/forex_b...20-300x251.png

The next LT support level is at 1.3302, more than 200 pips away from where it is currently trading at.

What do you think?

Trade Safe!

I missed this one, should have gotten in it...but see if it retraces and heads south.
  • #232
  • Aug 30, 2011 7:19pm Aug 30, 2011 7:19pm
Quoting knucklehead
I missed this one, should have gotten in it...but see if it retraces and heads south.
We'll see what happens here... Did you enter again on the NZDUSD?

Cheers,
  • #233
  • Aug 30, 2011 7:20pm Aug 30, 2011 7:20pm
This is what Alan Greenspan thinks about Currency Forecasts

Do you use currency forecasts for your trading? Think twice, the all time forecaster (Alan Greenspan) thinks they are not that useful.

Read complete article: What Alan Greenspan thinks about Currency Forecasts

Let me know what you think...
  • #234
  • Aug 30, 2011 8:53pm Aug 30, 2011 8:53pm
Quoting Raul Lopez
We'll see what happens here... Did you enter again on the NZDUSD?

Cheers,

No, didn't see anything interesting to get back in.
  • #235
  • Aug 30, 2011 8:56pm Aug 30, 2011 8:56pm
At this point don't see much with breakouts. Might trade NU range, if it looks good.
  • #236
  • Aug 31, 2011 11:20am Aug 31, 2011 11:20am
Have you seen the GBPNZD daily chart? It’s quite clear that the market is trading in a bearish condition (likely to continue its way down), and we also got some downward pressure off the daily and weekly charts:

http://www.straightforex.com/forex_b...12-260x300.png

What is most interesting about the GBPNZD is that the next LT support level is at 1.8548, and it is currently trading at 1.9017, so it is trading more than 450 pips away. We can use those pips, wont we?
Trade Safe!
  • #237
  • Sep 1, 2011 11:36am Sep 1, 2011 11:36am
What do you think about the markets this week? There are many currency pairs trading in a clear market condition, making it easy to look for trade opportunities, quite different from what we saw last week. Lets see if at the end of the week the pips on my account reflect it!

Some of the GBP crosses are also in a clear bearish condition (not the GBPUSD though), specially GBPCHF, GBPAUD, GBPNZD and GBPCAD, and most of them have a good deal of pips before the hit the next LT support level...

For instance, let’s take a look at the GBPCAD:

http://www.straightforex.com/forex_b...d9-300x284.png

The next LT level is at 1.5427 and we are currently trading around 1.5777, so we have plenty of room to get a trade with a good risk reward ratio.

Are you monitoring this one?

Trade Safe!
  • #238
  • Sep 2, 2011 11:21am Sep 2, 2011 11:21am
Do you leave your trades open over the weekend?

It’s a difficult decision because you never know what could happen over the weekend, most important (unscheduled) announcements are released on Friday or Saturday, when the market are closed, this way the impact on the markets on Monday its much smaller than it would be if it was released on a weekday.

I guess it all depends on your trading style. There is no question, scalpers and short term traders should close every trade before the market close on Friday, it doesn’t matter if you are in a loss.

But longer term traders (such as swing traders, position traders, etc) sometimes need to give more time to the market to hit their take profit order, therefore leaving trades open over the weekend is a must.

So I have a rule, If I’m on green on any trade and able to move my SL at least to the breakeven level, I leave them open.

This is the case of a short I have on the CADCHF:

http://www.straightforex.com/forex_b...13-187x300.png

I have my TP order at 0.7297, around 700+ pips away from where it is currently trading (0.8011). No way I’m going to close it today, I’m just going to wait, move my SL close to the BE level and done, wait for Monday and see what happens.

Have a great weekend!
  • #239
  • Sep 5, 2011 10:49am Sep 5, 2011 10:49am
Hope you all had a great weekend! And good luck in the week ahead! How do you see the market this Monday? I thought it wasn’t that bad, there are a few opportunities plus plenty of currency pairs are trading in a short term range, I just need them to break the range before I start looking for trade opportunities.

One of the pairs that I’m currently watching is the EURCAD, from the long term charts, its clear that it is in a bearish condition, therefore short opportunities are in play! On the short term charts, it is trading in a short term range, but since we are already in a bearish condition, its ok to look for short opportunities, here is the short term range:

http://www.straightforex.com/forex_b...12-300x185.png

I’d like to see the EURCAD retracing back to the ST resistance level and if it forms a significant pattern with downward pressure, I’ll definitely go short.

One important note: It needs to trade below the ST resistance level in order to be considered bearish, if it breaks this level up, I’ll forget about looking for short opportunities.

Trade safe!
  • #240
  • Sep 7, 2011 9:21am Sep 7, 2011 9:21am
On the last few days I wrote two new articles that I’m sure will help you trade better:

How many currency pairs to trade or monitor per day/week? - Are you the type of trader that only focus on one or two currency pairs? If you are, please read this article, it'll help you improve your trading results.

Do you think a winning trade is always good? Think twice - No one is bothered by a winning trade, but there are two types of trades that can cause more harm than good, even if they are positive trades.

Let me know what you think
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