what ive been doing

blue is entry red is exit. Sry for not adding that.

fibonacci is a mathamatition that found a reoccuring ratio through out the universe and every thing in it. I refer to fibonacci retracement levels and fibonacci #'s as fibo's. Google for more info.

Dave

Currently waiting for GBP to break 1.90.

Im hoping to buy in at 1.9015. Limit is to 1.9045. Stop loss is 1.8995.

Update:

canceled this order for the time being.

Im sitting here contemplating my strategy for the week. So far I think the market sentiment is still $ negative and until I see some signals saying other wise, Im going to start selling the $ on $ strength. Its just a matter of finding an entry point Im comfortable with. Im wondering if we will ever see the $ correct a little bit more then it has before its continued decline. Im going to see what happens when London comes online. See if the trend continues, or if some major profit taking starts.

China today signaled that it will allow a stronger Yuan....I guess its time watch JPY this week. I wonder if it will break the 108.00 level. Im looking to get into this trade on JPY weakness...if possible.

I started a trade selling USD/JPY this morning at 110.30 based on the following chart. Looking to cash out at about 109.75 .

Im still holding this trade. Stop loss is 110.65..just the other side of the tunnel.

Im not feeling to good about this trade anymore. Im now looking for a good spot to get out. I think the market $ sentiment could be on the verge of changing again to $ + after the last few weeks of the $ getting slammed. Market is not reacting to the TIC data the way I thought it would.

What the heck do you call a chart that looks like this.lol

Im still in the JPY trade..my stop has not been hit, and I have been taking some money off the table as I see fit.

I look to the CPI reading we have in the morning in the UK. Im going to be closely watching the price action over the next few hours to see how she starts to trend. Im guessing there will be a GBP rally continuing the GBP bull trend we have been in after the news. THe risk is for a CPI number that is much lower then expected...but highly unlikely...momentum will continue up. Im looking for a good entry point going into the news to be selling the $. Ill make a decision on where to enter some time after 2am est. Maybe Ill wait until the news is released to initiate a trade...not sure yet.

I wonder if consolidation will continue into Asian session. I suspect it does. But you can never predict these markets.

I want ot rename this forex thread. How do I get admin permissions to just this thread ?

I did what I do best today..trade the news. I used these charts to help figure out where to enter and to confirm the days trend.

GBP/USD 1.8805
EUR/USD 1.2820

I have about 100 pips between the 2 pairs right now.

Half the position on each pair is cashed out where it is currently stalling. Stop loss is 15 pips behind current levels of 1.8860 and 1.2865 .

Update: Stop loss hit on both pairs.

-Nick

If 1.8870 breaks, I might think about getting into the trade again for another 30 or so pips to 1.89 + . Ill be watching the trend most of the day.

Digesting these G7 comments. Looks like ECB wants asian currencies to strngthen. Seems that they dont want there own currencies to strengthen any more agains the $. Interesting. Not sure how all this will play into the FOREX market behavior.

Im going to treat those comments as noise for now. I think GBP and EUR will try for highs again soon. Sell off was the knee jerk reaction. Trend will continue until Bernanke comments tonight.

Highs hit again as expected. 1.8889 and GBP looks like it want to keep going. Eur is almost at its highs.

The calm before the storm..i wonder which way they will go. Will GBP/USD break 1.8890 and head back to 1.90 ? Will EUR/USD finally march past 1.29? Who knows...Ill just follow the days trend and be happy with that.

I stuck to this pair this morning after the news and I have been selling since 1.2890. As I watch right now, Im hoping for 1.27 to break. My stop Ive moved to 1.2740 . SO far its been a good day. I wish though I had played gbp and JPY again, as I usually do.

Market is going back and forth today. Im tempted to scalp, but I decided not to...I know I wont win. Anyhow, Im waiting for tonights BOJ announcement for some predictable volatlity and trends. Im sticking to what i know..im going to wait for a solid catalyst to trade. Hopefully the BOJ will put up rates and create some excitement tonight. If they dont, JPY could have a further correction to 112.00 + .