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07-07-2008, 02:13 PM
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Posts: 444
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Quote:
Originally Posted by Rix
Ah well it looks like cable is on the way up again. After closing my shorts earlier i went long at 1965 with a target of 1975. I should really have set it higher as it just breezed past, but never mind. Thats it from me today  |
brilliant trading - to close your shorts and bag big pips and to pick the lowest rate of the day as a place to go long. |
07-07-2008, 02:30 PM
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Guest Moderator
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Join Date: Feb 2004
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Quote:
Originally Posted by Panda Eyes
can advise a bit more abt yr wave ii pullback?
if there is a pullwave tht u r expecting, then y u not settle yr long 1st..
jz curious to learn & understand only. tks
imo...2day upmove super gd call. but going 20020 but so fast.
as usual gbp wil ding dong ding dong b4 up, same to go its dwn.
thus will still see 195++lvl b4 real upmove again
panda eyes
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Hi
Standard Elliott Wave, wave 2 pullback will be a fibonacci retracement of wave 1.
If you don't understand Elliott Wave then learn it, it will really help your trading.
Possible end of wave 1 could be the 50% fib of the fall from 2.0006 high to todays low, also tying in with the hourly decending trendline.
As far as I am concerend there is no point in trying to second guess a wave top by closing longs and trying to buy further down, it can keep going straight up and you have missed the boat. much better to just increase your position on a second wave pullback.
The low today is ITD2. it will not break below there again until it has gone above 2.0029. (unless ITD2 comes in tomorrow but looking at the hammer on the daily chart I can't see that)
The high is not due until around the 18th July (it could be a few days later as we are in an MTD upward move). All I know is that it will be above 2.0029 but it could easily be 2.0200-2.0400
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John G
Last edited by JohnG_FX; 07-17-2008 at 05:48 AM..
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07-07-2008, 03:08 PM
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Posts: 421
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Quote:
Originally Posted by JohnG_FX
Hi
Standard Elliott Wave, wave 2 pullback will be a fibonacci retracement of wave 1.
If you don't understand Elliott Wave then learn it, it will really help your trading.
Possible end of wave 1 could be the 50% fib of the fall from 2.0006 high to todays low, also tying in with the hourly decending trendline.
As far as I am concerend there is no point in trying to second guess a wave top by closing longs and trying to buy further down, it can keep going straight up and you have missed the boat. much better to just increase your position on a second wave pullback.
The low today is ITD2. it will not break below there again until it has gone above 2.0029. (unless ITD2 comes in tomorrow but looking at the hammer on the daily chart I can't see that)
The high is not due until around the 18th July (it could be a few days later as we are in an MTD upward move). All I know is that it will be above 2.0029 but it could easily be 2.0200-2.0400
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tks advices. learning but not v gd in it. still trying to test & understd
lots of the waves move
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07-07-2008, 11:15 PM
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IFR contrarian
"A fresh medium-term lower top now appears to be firmly in place by 2.0005 with the broader structure remaining bearish for the pair, so we sold the failure ahead of 1.9800 for a move towards the June low"s." IFR (Thomsonreuters).
[Note the use of the popular "fresh"]
If you use IFR traders as contrarian indicators, then you might want to think hard before going short again  |
07-08-2008, 01:10 AM
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Join Date: Jun 2008
Posts: 54
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Current entry orders and last week results
Only three trades last week. One of the entries I posted was profitable. I used close trailing stops to follow the market as I could not monitor them myself.
I count 7 waves down from the recent breach of 2.0000, which is counter trend. I am bullish against the 9646 low and will only buy unless it is breached.
Current entry order:
Buy 9778, target > 2.0000 (>+222), stop 9730 (-48) 4.6:1
The latest 3-wave setback may just be wave A of a larger ABC, in which case this entry might stop out, and I will get a lower buy signal to get back in.
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07-08-2008, 01:11 AM
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Overnight short at 1.9782 is in the money. Move stop loss to swing high at 1.97777.
1.97 is key support for bulls camp today. If the pair breaks 1.97 today, yesterday's low would be targeted. Will close half of lot at 1.9705. The other half with TP 1.9655.
Still think the bear move will go to 1.95 without revisiting 2.00.
GL all.
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07-08-2008, 01:17 AM
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Quote:
Originally Posted by cmellon
Overnight short at 1.9782 is in the money. Move stop loss to swing high at 1.97777.
1.97 is key support for bulls camp today. If the pair breaks 1.97 today, yesterday's low would be targeted. Will close half of lot at 1.9705. The other half with TP 1.9655.
Still think the bear move will go to 1.95 without revisiting 2.00.
GL all.
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I agree. I was asleep at the time when you went short so I joined in late at 1.9740, no stops yet, only light positions but I wanted to be in before today's housing data, also thinking ahead to Thursday's rate decision, but if we'll see higher levels still, I will add to the positions. |
07-08-2008, 01:35 AM
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Quote:
Originally Posted by melbgirl
I agree. I was asleep at the time when you went short so I joined in late at 1.9740, no stops yet, only light positions but I wanted to be in before today's housing data, also thinking ahead to Thursday's rate decision, but if we'll see higher levels still, I will add to the positions.
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Fundamental and D1 technical I posted last night IMO support bear now, but it's nonetheless good to put a stop loss to your position =) |
07-08-2008, 01:56 AM
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Quote:
Originally Posted by cmellon
Fundamental and D1 technical I posted last night IMO support bear now, but it's nonetheless good to put a stop loss to your position =)
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I took out a hedge in EUR/USD longs :-) targeting 1.5750. |
07-08-2008, 01:59 AM
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Join Date: Apr 2008
Posts: 1,641
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Quote:
Originally Posted by melbgirl
I took out a hedge in EUR/USD longs :-) targeting 1.5750.
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That's not a hedge. They may move in a different direction, though many times it moves in tandem. |
07-08-2008, 02:16 AM
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where do u think GBP heading to today ?
Do you think it will hit 1.9850s
any idea & suggestions in AUD/USD , NZD/USD ?
do you think they are in a good buy zone now ?
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07-08-2008, 03:00 AM
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Join Date: Jun 2008
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covered yesterdays short.
Ok covered short from 1.9740 so what next? 1.9800 key resistance now.Will attempt another short just under this level with a tight stop if we get up there. Will not take a new short position until hourly stochastics are in a more overbought condition. Take care everyone
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07-08-2008, 03:34 AM
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Parabolic SAR in 30 minute chart has flipped. EMA is on the way to crossover, and so is MACD. I am closing my overnight short for some 40 pips profit and waiting on the sideline now. Still prefer to short, maybe at a higher level.
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07-08-2008, 04:09 AM
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Morning all
No change in positions
Long on Cable @ 9656, 9679 & 9709
Holding shorts on GBP/CHF from 2.0346
Dow futures coming down hard this morning, currently at 11,115 Gold up to $931.55 from a $924.75 low. both are USD negative
Expect further bad earnings reports out of the US, Fannie Mae and Freddie Mac numbers started the rot, I'm expecting USD to weaken more through the US session.
A break of the hourly trendline currently around 1.9800 should accelerate the cable upmove, have not added further positiions yet but looking out for the opportunity to do so.
I'm 100% bullish, target 2.0100 minimum
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John G
Last edited by JohnG_FX; 07-17-2008 at 05:48 AM..
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07-08-2008, 04:31 AM
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It's possible we will go through that trendline and then stall at the .50 fib at 9826,
A pullback from there to retest the broken trendline is the area I am looking at for adding additional longs at the moment
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John G
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