LJ Forex Group

Took a short on NZD/CAD at 0.7980

I'm in the same trade too...


Had my orders ready but forgot to press 'submit' when price came near (need to concentrate a bit more on my own trading at times).

What is your TP for the NZDCAD short?

I don't use fixed target or fixed TP's - I'll just watch how price behaves and react accordingly. Of course I'm looking for a break of the wedge and if it does I'll be looking to try and add to my current position rather than thinking where should I take profit.

Aer you in the NCAD trade too? I'm glad to hear that. But price is still hovering near my entry. Where did you get in?

Shorted EA at 1.2637

EA and NCAD seem a bit inversely correated so cut this NCAD trade at BE-5.

Did I choose the wrong one? Let's see how QM will work out....

Added one more short at 1.2642, now two shorts. SL to 1.2650

Bought ECAD at 1.2885 and closed it at 1.2907 for +22 pips.

Closed the higher entry at 1.2614 for +28 pips and moved SL to 1.2637 (BE+1).

Took a long on EN at 1.6120 and set TP at 1.6140. SL to BE+1

Closed 1/1 at 1.6140 for +20 pips.

Moved SL to 1.2630 and set TP2 at 1.2585

The remainder got stopped out at 1.2630 for +7 pips (+35 pips in total).

Sold NU at 0.7815 for scalp, closed 1/2 at 0.7805 for +10 pips and moved SL to BE+5. Will close the remainder soon and go to bed....

Tempted to close now....

Closed the remainder at 0.7800 for +15 pips (+25 pips in total). Going to bed...

Some nice trading mate, I couldn't watch the VLTF's like you do, impressive stuff.

Struggling with flu at the moment so taking it easy and probably done trading for the week now.

Some nice FB's on Silver and Dax today as well as a textbook SD zone FTB on Dow (that's the beauty of price action trading - if Forex is quiet can easily look elsewhere for opportunities - no reason to be sitting on your hands waiting for setups on Forex where there are setups across different asset classes everyday. If you're not in the market on average everyday as an intra-day trader then something is badly wrong). I've even got some stocks lined up to trade over the next few days.

Just a side note about this coming weekend....

Now firstly, if you are one of those that 'believe' news is present in 'price action' and thus you don't need to follow the news then you're in the wrong thread - only amateur's or people who don't 'understand' economics consider this an efficient approach to price action trading.

Okay, most of you will be aware that we have elections in Greece on Sunday. This is a big event risk because it boils down to whether Greece wishes to accept the tough austerity measures imposed on it in order to secure bailout funds or it doesn't. One party supports the austerity measures and one party essentially doesn't.

Now in all likelihood (going on polls conducted previously) no one party will win a majority and it will be down to the largest party to try and for a coalition.

No-one really knows if Greece is really ready to pull the plug on it's membership to the Euro-zone, to an extent they hold the rest of Europe over a barrel because of the contagion affect a member country leaving would cause and the affect on liquidity within the banking system etc.

But, the key point here is uncertainty and this is, if anything the most likely outcome, no ultimate majority and continued uncertainty as to whether Greece is willing to meed its reform and budget promises and thus whether the EU is willing to provide the next tranche of bailout funds (with Greece expected to run out of cash in a matter of weeks).

Of course, the market does not like this type of pro-longed uncertainty and a failure of Samaras to secure a majority and win the election would realistically provide such uncertainty.

From a trading perspective of course this could very well create a very high level of volatility come Sunday / Monday (so much so that Oanda are closed for trading annoyingly). It's not as simple as uncertainty = sell 'risk', as I was saying to my members earlier any signs of market 'chaos' and the G20 Central Banks will very likely step in and take coordinated action and lo and behold a short while ago we saw news to that affect crossing the wires. It's pretty obvious that the CB's will have a plan ready to bring stability to the markets should the need arise.

I have a preferred outcome myself from a moral perspective and from a trading perspective, both are very much aligned as I think the simplest trading opportunity will come from a positive outcome..the market is strongly 'net' short the Euro (I'd expect some re-positioning of this exposure ahead of the weekend) and a positive outcome would most likely cause some serious short covering and a significant bounce in risk. However things are unlikely to be as simple or clear cut as this...