steveshutts

Thanks Milliard, i assumed as much!!

Forgive me if this sounds a dumb question, i have not read through all this thread but this subject interests me as a firm believer of studying price action. Can this be applied to spot fx trading, given that we have no way of measuring true volume?

Don, well done mate, that is the way to go. Make it as mechanical as you can and try and trade the same way all the time. It will free you from the emotional stress and as you say, you know that it will work for you if you monitor it over a series of trades. I hope you have found your edge, the win/loss and risk/reward calculations are good. I have come to realise that unless you have balls of steel or have been institutionally trained or have been mentored then this is the way to go. Trade like a casino, with no hope or fear placed on individual trades, knowing that your edge will play out over time. The fact that you have created a system that allows you to either take profit of get stopped is great. There is no room for emotional torture as you decide whether to pull the trade or to let it run. I will be keenly monitoring your progress, good luck mate.

Cable currently finding support at the weekly fib at 9215. Would like to see some retracement back up to retest the 9400 level.

Hi Jack, Yeah, massive sell off eh! Not too surprised though. Looks to be a bit of panic buying of Yen as some of the big players unwind their carry trades. GBP/JPY has come off nearly 1700 pips over the last week. Cable hardly performed at all last week with all the concentration on the Yen and Swissy, and all the shorting of sterling definitely kept a lid on expected upward movements on cable. We had shed loads of dollar negative data last week but still cable couldn't break 9680. I suppose it was only a matter of time until it started to move with GBP/JPY. Definitely a time to be operating during the Asian session at the moment, as all the big moves within the Yen market usually start during that session.

Nothing too damaging there then, wait for PMI and home sales now.

Not much materialising this morning, everyone waiting for the data prints this afternoon now. Took a short punt on $/Yen off the failure to penetrate that 38% fib marker and asian high. Pulled that for a small loss as didn't materialise into anything. Pressure building on that fib area now, next watch area, 50% marker just above the figure there. May well see some more Yen demand there, as you guys already mentioned. Swissy looking tired up at the 61% fib of yesterdays move but hanging out now, see what happens when the US come to the table. Cable has dissapointingly fallen back into the range, finding support off that 61% fib marker.

Morning guys. Got my eyes on $/Yen and Swissy today, after that non event on cable yesterday. Waiting to see if we get a decent opp at the London open off one of these fib markers??

Thanks Anna. Anyway, until tomorrow. GDP figures out, lets see what they can cook up. :rolleyes:

I suppose, keeping an eye on upcoming releases, ie a week in advance?, would maybe help when observing price action on the mid frames(daily and 240). Us retail traders are out of the rumourville bubble, and as you say, most of these moves initiate on the expectations of future data releases and economic status. Probably a stupid question, but how far in advance do the big players start to factor in upcoming data releases? For instance, this week, there is a lot of US data due out, which is forecast to be dollar bearish. Last week, on Thursday and Friday we experienced a move back up on the Euro and Cable against the dollar. Could this have been traders positioning themselves for this coming week? I not going to start spending huge amounts of time studying the fundamentals as most of this can be depicted within the charts anyway, as even from a technical stance, we are, in effect trading the fundamental picture most of the time? But by being more aware of upcoming events, i may be able to sharpen my edge???

Yeah, fair comment. So unusual to see cable standing still and everything else going full steam ahead. I am trying to get to grips with the fundamentals as well to give myself a better insight into what to trade. Saw the huge sell off on yen last week, which made me realise that i need to concentrate more on what is going on fundamentally so i can try and take advantage of these moves. Huge amount of dollar data out this week so i switched my focus to the dollar pairs, keeping a close eye on the Euro and Cable. I suppose if there hadn't been so much selling of sterling and Euro today then it may have painted a different picture. Looking at the daily frames , the Yen does provide a much cleaner picture, something i need to consider more in future i suppose. Just closed my position at 43, out for today.

Positive home sales and consumer confidence. Not looking too good for this cable long now. The lid must have been kept on cable from all this selling against the yen. Terrible choice of trades today.

Will someone buy some sterling please. Everyones buying yen by the looks of it!!

Cable doesn't want to hurdle this 9660 barrier at all, its just not playing ball at all.

Lovely print.