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Forex Day Trading

  • #721
  • Sep 12, 2011 9:15am Sep 12, 2011 9:15am
Are we seeing a continuation pattern setting up, as seen on the hourly EU chart.

The longer term daily chart I would be expecting some sort of pullback to resistance area.
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  • #722
  • Sep 12, 2011 9:28am Sep 12, 2011 9:28am
It looks like it. I wouldnt be surprised if it made its way to 1.4 again. It dropped down nearly 1000 pips without any retrace. And there are a lot of rumors floating around about the French bank downgrades and Greece getting out of the Euro. If those come true, then I wouldnt be surprised if it made its way to 1.2. The US session seems to be the toughest to trade these days especially on lower time frames.
  • #723
  • Sep 12, 2011 9:34am Sep 12, 2011 9:34am
Quoting doggybones
It looks like it. I wouldnt be surprised if it made its way to 1.4 again. It dropped down nearly 1000 pips without any retrace. And there are a lot of rumors floating around about the French bank downgrades and Greece getting out of the Euro. If those come true, then I wouldnt be surprised if it made its way to 1.2. The US session seems to be the toughest to trade these days especially on lower time frames.

Ya there was bound to be some sort of rally no doubt about that, just a matter of when and how far.

Definately a bit of a mess over in the Eurozone at the moment that is for sure. Can be good for the traders though if it can push some nice moves out of the market.

I would be careful of the Yen pairs also, there is talk about BOJ intervening again as they believe the Yen is getting too strong.
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  • #724
  • Sep 12, 2011 9:51am Sep 12, 2011 9:51am
Got a little lucky with this one I think, short EU 5 min for +28 pips.

Got the BE in pretty quickly just in case.
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  • #725
  • Sep 12, 2011 9:52am Sep 12, 2011 9:52am
Quoting DarkWolF
Ya there was bound to be some sort of rally no doubt about that, just a matter of when and how far.

Definately a bit of a mess over in the Eurozone at the moment that is for sure. Can be good for the traders though if it can push some nice moves out of the market.

I would be careful of the Yen pairs also, there is talk about BOJ intervening again as they believe the Yen is getting too strong.
I dont trade Jpy and Chf at all. There is too much noise in the market with these pairs and the spreads on some of them are ridiculous too.
  • #726
  • Sep 12, 2011 9:56am Sep 12, 2011 9:56am
Quoting doggybones
I dont trade Jpy and Chf at all. There is too much noise in the market with these pairs and the spreads on some of them are ridiculous too.
I only do the EJ and GJ on daily and 4 hourly although I cant remember the last time I took a position on GJ.

Also monitor EURCHF and USDCHF on the longer terms, but I am going to take those off and replace with 2 different ones just havent got around to it yet.
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  • #727
  • Sep 12, 2011 10:37am Sep 12, 2011 10:37am
Well im done for the day guys, getting late here and quite tired

Good trading.
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  • #728
  • Sep 12, 2011 10:51am Sep 12, 2011 10:51am
Decided to close out a couple of my longer term positions before heading off.

EJ closed +301 pips
AUDNZD closed +193 pips
AUDUSD leaving to run currently +228
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  • #729
  • Sep 12, 2011 5:20pm Sep 12, 2011 5:20pm
Couldnt resist it. With a tight stop went long on Aud/ Usd. Will monitor the trade to see how it develops very closely. The reason is price didnt even try to go below the NY roll.
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  • #730
  • Sep 12, 2011 5:48pm Sep 12, 2011 5:48pm
Hi Guys,

Not much really presenting itself for me on Daily or 4 hourly first thing this morning.

Bit hard to even say what way price may go from here, wether we are going to see some bullish moves or continuation, may very well be a few indecision days while the market pauses after the large move down.

Guess all we can do is sit and watch and let price tell the story.
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  • #731
  • Sep 12, 2011 6:04pm Sep 12, 2011 6:04pm
I hear what you are saying. My long just went near my SL 3.8 pips i think.I might close it at BE if the price reaches there.The markets went nuts at the end of trading today when the Italian news came out. If that comes true the chinese will try to push the market up when they come to play.
  • #732
  • Sep 12, 2011 6:22pm Sep 12, 2011 6:22pm
S/O
  • #733
  • Sep 12, 2011 7:08pm Sep 12, 2011 7:08pm
good morning , dw, doggy & traders

Quoting DarkWolF
Decided to close out a couple of my longer term positions before heading off.

EJ closed +301 pips
AUDNZD closed +193 pips
AUDUSD leaving to run currently +228
u r


Quoting doggybones
Couldnt resist it. With a tight stop went long on Aud/ Usd. Will monitor the trade to see how it develops very closely. The reason is price didnt even try to go below the NY roll.
what is the charting software u used?
free for demo?
i like the time scale on top.
are the candles closed at NY time?
u dont mind, where do you learn the 200 MA trading (many talk about it but not in detailed n lack of examples)?
thanks for your time.


happy pipping.
cheers
  • #734
  • Sep 12, 2011 7:23pm Sep 12, 2011 7:23pm
Quick short on EU 5 min first trade for the day +16 pips.
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  • #735
  • Sep 12, 2011 7:24pm Sep 12, 2011 7:24pm
Quoting nbafx
good morning , dw, doggy & traders



what is the charting software u used?
free for demo?
i like the time scale on top.
are the candles closed at NY time?
u dont mind, where do you learn the 200 MA trading (many talk about it but not in detailed n lack of examples)?
thanks for your time.


happy pipping.
cheers

NBA, it is the one that FXCM provides with their trading software. I just use this as I dont draw too many lines and it works for me. I dont know what they have for demo.
The candles do close at NY and it works perfectly for me.

I just use the 200 ema to see the trend. Especially in a day like todays NY session. Buy above sell below. I dont really use it to trigger a trade. But I have seen that it works really well in longer time frames like daily as support or resistance.
  • #736
  • Sep 12, 2011 7:51pm Sep 12, 2011 7:51pm
ooops i didnt realize my e-aud SLo was hit after yesterday's and pull back. got it out for 180 odds pips

i will leave the g-cad as it is... i think the higher tf is better option for me i lost 7 out of 11 trades yesterday

got to work...
cheers
Attached Image(s) (click to enlarge)
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  • #737
  • Sep 12, 2011 7:51pm Sep 12, 2011 7:51pm
Quoting doggybones
NBA, it is the one that FXCM provides with their trading software. I just use this as I dont draw too many lines and it works for me. I dont know what they have for demo.
The candles do close at NY and it works perfectly for me.

I just use the 200 ema to see the trend. Especially in a day like todays NY session. Buy above sell below. I dont really use it to trigger a trade. But I have seen that it works really well in longer time frames like daily as support or resistance.
thanks
  • #738
  • Sep 12, 2011 7:53pm Sep 12, 2011 7:53pm
Quoting DarkWolF
Quick short on EU 5 min first trade for the day +16 pips.
what a gr8 start for the day
i wish i could do that
  • #739
  • Sep 12, 2011 8:17pm Sep 12, 2011 8:17pm
Quoting nbafx
what a gr8 start for the day
i wish i could do that
It can be done nba
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  • #740
  • Sep 12, 2011 8:45pm Sep 12, 2011 8:45pm
I was cooking dinner so didnt get a chance to post. I went long on Aud Usd again at 1.0304. Got out at 1.0338. Made back my money plus some from the bad trade I took last.
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