steveshutts

LOL, No not me. Blimey, i find trading difficult enough as it is, let alone attempting it on acid.

No, I am still on a demo account at the moment. Still fairly new to this game, and trying to adopt a style that suits, not an easy task. Started off on the shorter time frames as most newbies do, and have realised that they are dangerous playgrounds, although i still take on some silly trades from that arena from time to time. More to do with the impatient side of me i suppose. Have learnt a great deal from Buk and Anna over the last year but still not turning over enough to warrant making this my full time occupation yet. Keep cracking at the whip though!

Looks like everyone is jumping on that carry trade. Could turn into a nightmare for those large hedge funds if we get any positive news out of Japan, which spooks the market into covering their yen shorts.

Data as expected, probably not too much on the cards today now. Yen has definitely been the one this week as you highlighted earlier in the week Buk, hope you got on that one. Out of interest, what do you use those median lines for on your channels and are they fib markers within the channel?

Yeah, cheers Milliard. I was looking for the push up to 9615 and towards last weeks high. Didn't get a shunt at the London open and it has failed to show any promise prior to the data print at 09:30. My stop has been whipped at break even now so will wait and see what happens. IMO it wasn't worth waiting to find out if they was going to shove it back down past the half prime so i am out with miniscule profit. I wanted to see a clean break past 9600 but it hasn't happened. Positive GDP figures may help? We will see.

Well, decided to take out half at 82, at least if this does back fire now, i have grabbed something. Probably a bit premature, should have let this run a bit but not looking like it wants to march on at the moment.

Went long on cable this morning at break of hourly bars at 68, stop down at 40. Bullish drive yesterday afternoon and was looking for a break of that bullish hammer candle on the daily. Price retraced 38% of move up from yesterday and found support at 9550. Kicking myself now as i didn't scale at 9600. Price is holding but i have moved my stop up to break even just in case this back fires on me. I wonder if we will get a move before the GDP release? Looking to scale at 9650 if it can break 9600. Could be the start of a nice move back up if it can break this daily channel.

Hi BUk, Yeah, out of my cable trade now, creeping back up and only a scalp. Should have got out a little earlier but gave it a little room to see if it trotted on. Stopped out on my Gbp/Jpy. I think i am going to stick to cable only now. Everytime i try and trade something else i just get whipped.

Not much going on the forum, anyone upto anything? Shorted cable this morning on failure to crack 9600. Scaled very quickly before BOE minutes, still in that, looks like price is just setting up a range down at 9500? Just shorted GBP/JPY as at nice level. 240 chart still in downtrend and has reached a major confluence zone. Round number 236.00, 61% fib of hourly swing high at 237.20 and 78% fib of last months high to low. Pushing near to old daily support that was broken and near to top of daily channel. Plenty of factors of resistance but maybe too early? Taken entry of a lower top with a hammer bar on the 15. Loads of R/R to scale at asian low if it gets there? Sorry, attached files wrong size. :o

Very confusing this morning. Looks like cable is on its way back up again with Euro but i am going to wait for a clear direction. Its floating around within the middle of its downward channel at the moment but very scrappy action. I can't really get a grip on my s+r junctures now as there seem to be so many confluences around here now that it could stop anywhere. If it breaks north then i reckon 9615 is a good target, being the top of this channel and the next fib target on the 240. Data out at 09:30 and with this direction unclear, i think i will be waiting for that?

Well cable has continued its journey back down. Looks like it is heading for 9400 now. Nice opp to short at the break of the asian low with price bouncing off that 9550 zone. Didn't take it myself as didn't expect too much today due to the US holiday so stayed out. Trotted on quite nicely though.

Thanks Anna, thats me for this week. Not around tomorrow, things to do. Happy trading and have a great weekend, speak next week.

sorry guys, had to go out. Thanks for the ongoing tuition Anna, just like to point out that it really does help. So, Anna, did you close your position on those neutral 5 min bars or do you just stand fast until your stop is hit? Also, i noticed you waited a little on the 1 min pullback signal. Do you do this to avoid false entry triggers? A case of being a little safer to let price run a few pips to show it means business?

I'm sure you have got your eye on GBP/JPY Torero. Price reacting off that key zone.

This is true, i will wait and see if we get a kick away from this zone. Let price show the direction first.

Anna, will you always wait for US open? If we saw an opp present itself around this time, would you stay out and wait for the US to come in? I know that this period is particularly rangy and dull.

Yeah, theres a nice pin bar printed on the hourly and 15, but as you say, have to wait until US comes in now to see whether they bring any demand to the table. When exactly is the US open, i have it as 13:00 GMT, is that correct?

Price has been shoved back down into the 240 channel. Bit confusing as to where this is going now. Price is currently at a demand zone, confluence area so see what happens here. Could we see price push back up from this area or will the flow continue down?

That was a poor retail sales figure. Its almost uncanny sometimes how these pre-news setups play out, almost as if the market knows what the releases are going to be.

Yep, price not willing to march on at the moment. I expect most will be waiting for the retail sales print now so this move down may just be profit taking before this release?

Hi Torero, If you look at my hourly chart they are in the same place, i have different fibs on my 240 yes. My bias is long now and will wait. See what happens at the london open. Price has broken out of yesterdays high and may launch an attack on 9700. Retail sales this morning and if we get a positive print for the pound then could see it push on up?? The daily has printed a nice reversal bar on tuesday and then a thrust bar yesterday, so looking like it will be sniffing out 9730?

Well, over to long bias now with loads of data hitting the tape for the rest of the week. Price currently at resistance housing a confluence of events here: Previous support zone, weekly pivot, 50% fib from move down off 9730, swing point on the 240. We have retail sales out in an hour, and if these fall below expected then we could see a challenge of the next major resistance up at 9600, which is the next confluence zone. If its dollar positive then we could well see price get shoved back down to the 9500 zone. However, we will probably see some revised figures from previous months to throw a spanner into the works! However, i am assuming that it would be more prudent to wait to see what happens at 15:00 when Bernanke hits the mike.

Thats an interesting placement of stops Anna. I have never used the opens of bars, always above/below the trigger.

With regards to the talked about trade. If i had of taken it, there are two ways i could have played the scale out. I could have set a limit at 85 + spread and taken out some there to cover risk. I would have left my stop where it was as moving the stop to break even would not have been wise with the action so close. That was near term support but i would have drastically been cutting my profits short if this ran on, like it has been over the last few days. It soon becomes obvious on your bottom line, if you do this too often as a couple of losses can put you quickly back at the break even stage. The other option, one which i prefer, but obviously a little trickier to execute, is to use price action to determine the scale out. The problem us retail traders face is obviously the spreads at these short time frames. If i had of shorted this at 9508 on my platform, by the time it was obvious that 9485 had provided support and a higher low was formed, the price i would have got to scale would have been 9504, which really doesn't warrant a scale?? Its these times which then play on your mind, you know that things aren't looking A1 but you only really have 2 options, close the position or continue with the risk, but knowing that a data release is imminent. A difficult decision for the inexperienced, especially when it has to be made so quickly. I suppose, i would have closed the trade, taking a miniscule profit, but preserving my capital for another trade.

Swissy at interesting confluence zone although showing no signs of stalling as of yet. Just posting, not thinking of trading, waiting for US Trade Balance figures. Conflicting signal here is the trendline break on the small hourly.