Thread: GBP and JPY Pairs H1 2013

Originally Posted by Colly

Anyone dare to short Aussie Dollar ?

T3 hit

NO divergence however, on 1h chart anyway...

very high 4 hr stochs...

crossed 1h RSI's

well I have... but dont know how long I will hold it for yet.

I'm already short the AUD/USD and have one more order at 1.0011 in case price reaches that high.

Image from earlier today and another one now. I may close a few of the EUR/USD position. Just got home from work and need time to review.

You might want to consider looking at this one website i've used for years. Yea might be be only 23 but i've been on investopedia.com since 2004. It provides a wealth of information to get one familiar with the basics. As far as advanced. I wouldn't say that. I have just been looking at patterns and acting on that. I screwed myself out of a 100+pip movement today. I was short on the EUR/USD @ 1.31743 and closed out at 1.3154 from the volatility. Had i not panicked as i have the past 2 weeks i wouldn't have been in the hole i'm in. I would have been sitting on $100 profit.

Originally Posted by Flyba

I certainly had no intention of 'abusing the kindness of others'. I was merely asking for some help as were some others. I am very grateful, and have expressed that, for all the help I received.

Also, while I would not imagine a noob like myself could contribute in a meaningful way for some time to come... we might ask questions that will help more advanced traders revise their own skills.

I am a University Lecturer and have often said to my students that some times I learn as much from them as they might from me. Individuals bring their own perspective which can sometimes be very enlightening.

I look forward to reading and learning all that goes on here. It has been fascinating to date and thank you all who post.

Flyba

Hi Flyba, from all that I've read from you, I think that you will be one of those people who will contribute to the community.

Originally Posted by zion

Good thing about FX is that one can always find opportunities almost on a daily basis in other pairs. If one has a view and could pin the inflexion point, one can enter intraday plays at appropriate pullback/rally using any oscillator as a guide.

I believe most CHF crosses bottomed here..for longer term swing players. EUR/CHF, GBP/CHF and CAD/CHF

Zion, you have brought this up a few times and you are correct. However, I feel that for anyone just getting started, it pays to concentrate on just one pair until you get the hang of trading. I'm close to that point of venturing into other pairs as if you look as some of my screen shots, I have closed positions on USD/JPY, USD/CHF and currently have open positions in the AUD/USD.

So tell me your thoughts in the CHF crosses. However, since this is the EUR/USD thread, point me in the direction that is more appropriate to talk about these pairs.

Originally Posted by cvilalta

Buy EUR/USD on a dip! 1.3100 - 1.3111
Target 80 pips
Stops 1.3160

Hope you are still hanging in there with this trade. There is a possibility as it appears that price may have a temporary bottom. Me personally, I would rather wait till price goes up and short again, but that is just my thought.

Enjoy the book Spin. I can send you a copy too if you like S_slo.....
I have been on that web site and yes it is quite good ....
It;s late where I am so I will chat to you tomorrow ...

Flyba

Originally Posted by brianborn1968

Hi Flyba, from all that I've read from you, I think that you will be one of those people who will contribute to the community.

I hope so Brian. I look forward to some mutually beneficial exchanges when I get up to speed... ( might take a wee while though)....thanks for your help to date.

Cheers

Flyba

I have not read it yet, but my wife is a librarian and she occasionally brings me books home that she thinks I might be interested in. Today she brought me "Mastering the Currency Market" ISBN 978-0-07-163484-7 and after flipping through the pages, it looks like a very good overall book on the basics. For anyone that is really new to ForEx, this might be a good read. If you are looking for something that is targeting a specific tool like Elliott Wave or Fibanacci, then this book is not the right choice as it gives an overview on a lot of different parts of this market.

Best wishes to all of you!

It needs a little work as I have added much to it lately, but I started writing a trading plan in my journal at...
http://forexforums.dailyfx.com/my-fo...g-journal.html

The plan is just the first post, then different entries that I have made.

Hopefully some of the information is helpful to some of you.

Originally Posted by brianborn1968

I'm already short the AUD/USD and have one more order at 1.0011 in case price reaches that high.

Image from earlier today and another one now. I may close a few of the EUR/USD position. Just got home from work and need time to review.

You got some great positions thier!
I hope you start pushing up the lots so you can see more money in your pocket!
We understand the pair should go up again like a bird when london open @ 4am.

Have two position open as right now.

B EUR/USD @ 1.3088 a lot of 10
B EUR/USD @ 1.3111 a lot of 5

Trying to get at least 50 pips on each. That will wrap my day.

Originally Posted by cvilalta

You got some great positions thier!
I hope you start pushing up the lots so you can see more money in your pocket!
We understand the pair should go up again like a bird when london open @ 4am.

Have two position open as right now.

B EUR/USD @ 1.3088 a lot of 10
B EUR/USD @ 1.3111 a lot of 5

Trying to get at least 50 pips on each. That will wrap my day.

Eventually. Most of this year I was trading at very high levels and saw too much highs and lows. Not in price, but emotional highs and lows. Being up several thousand one day then then thousand down the next was not where I wanted to be. So I decided to go from my regular account down to a micro account to work on my strategy. It was a good move because I can trade level headed now and gradually increase my lot size.

I did close all of my EUR/USD positions a little while ago and will look at where to place more entry points for shorts. Then again, I may call it for the year. I tried that already once and I didn't stick to it.

Originally Posted by brianborn1968

Eventually. Most of this year I was trading at very high levels and saw too much highs and lows. Not in price, but emotional highs and lows. Being up several thousand one day then then thousand down the next was not where I wanted to be. So I decided to go from my regular account down to a micro account to work on my strategy. It was a good move because I can trade level headed now and gradually increase my lot size.

I did close all of my EUR/USD positions a little while ago and will look at where to place more entry points for shorts. Then again, I may call it for the year. I tried that already once and I didn't stick to it.

Well this is like it is, emotions aside!
Create your own self working rules and don't break tham for nothing!
What I say is If I need 100 pips with a 1 lot to make US$10 with a 10 lot I will only need 10 nice pips, just find out the best entry place and forget it for a while.

I like your post and hope we can exchange knowledge in order to make some nice bucks!

Good Job

Hi everyone,

One thing we should not forget about indicators like Bollinger bands, moving averages, etc., is that it is the price variation with time which generates them, not otherwise. Indicators do not have any direct influence on the movement of price. They are simply the result of the price being mathematically manipulated in some specific way so as to show its action in a simpler, more understandable way.

So, why are indicators important in trading? Because traders use them to make trading decisions. When a lot of traders simultaneously coincide in using the lower Bollinger band as a reference level to close short positions and open long ones, the effect on the price is a sharp increase due to a surge in the demand of the currency pair being traded. So, the price seems to “bounce off the band”. If there are few or no traders willing to close short orders and open long ones at the lower Bollinger band, the price will continue falling. Since the Bollinger bands are mathematically designed so as to contain the price 95.44% of the time, they will react to this continued decline by adjusting themselves so that the price stays “mostly” contained within them. This is an example on how this particular indicator adapts itself to price action.

Finally, a timely quote by Sir Isaac Newton: “I can calculate the motion of heavenly bodies, but not the madness of people”. It is people who move the markets, and more often than not these movements are far from being sane. Being unable to predict the consequences of this "madness" is what makes us loose more frequently than win...

Before calling it a night, here are a couple of charts for anyone that finds them useful. Notice on the 8h chart, price bounced off on the 50% fib.

How far will this pair retrace the last move down or will it go even higher than 100%?

Originally Posted by Gregory McLeod

Showing off your Trading Skill is Perfectly Acceptable! You do a great job of that!

gregg

really enjoy your live trading. I use to position trade holding trades. But I found too much can happen and I like the pip and run style better. Currencies move too fast to walk away from your computer and hope it moves in your direction.