steveshutts

Blimey Torero, just seen your chart, talk about identical trades!!

1st target hit, 1/3 out for +32, will leave stop down at 9611 for now. Looking for 9700 area for next scale, will take out another 1/3 there and then trail the remainder, thats if it gets there.

Can't see your image Torero but looks like we are thinking the same this morning! Nice one, lets hope this shifts on. Retail sales out at 11:00am, so hopefully will cover some by then.

Morning guys, Closed my Euro trade this morning, didn't look like it wanted to go any further. Currently long cable from 33 after the asian breakout and pullback to that 9615 support zone, which houses the 50% 240 fib. Looking to scale some at 65, R1 and yesterdays high, lets see how this goes. Anybody upto anything?

Very slow action on Euro. Figures out in 10 mins, so have now moved my stop to break even on remainder just in case we get some negative dollar data.

Morning Torero, Cable came off a bit today after that rejection off 9750 resistance post NFP. Now back down at major support zone 9550 so see what happens here. I took a short on Euro this morning off the hourly pullback, finding resistance off the half prime and asian high, and a previous hourly resistance zone. Taken out 35% to cover 2/3's of the risk and left stop up above the swing point. Looking to take some more off around 2900 if it gets there, and will then move my stop to break even.

Morning Hok, Yeah, who knows which way she will blow this morning. Nice hammer bar printed on the cable daily yesterday off the trendline with a very bullish close to the day, pretty wild action yesterday. Until price breaks through 9700/9730 barriers, the 240 still remains in a down trend but we have a text book bull flag this morning so will wait and see what develops with the London open. Plenty more data coming out over today and tomorrow as well.

This has certainly moved back up. Nice entry triggers on the 15 and 5 down there at 9500 but the imminent PMI release kept me out of those. Looks like that data release was out early as well.

Fair play mate. Price seems to have found support there on the daily trendline and we have seen a fair move thus far. PMI prints soon so anything could happen.

Yep, there you go mate, nicely done.

Good luck with the trade Torero. I hope it continues for you. Just a note, one thing i do consider after a fairly decent run is the days average range. On cable it is about 120/130 pips, so if i have seen price cover this distance then i usually forgo any continuation setups. Obviously we do get big days but after price has already covered the days average i consider any further move as lower probability.

Yep, thats my next major marker to look for possible entries, thanks to you guys. .

Quite a sell off on cable this morning, anybody managed to catch any of this?

Price currently touching on the 38 fib level from yesterdays push up and at this mornings stall zone.

Thanks Anna, that makes sense. As you say, it depends on the objective of the trade.

Small sell off at the expected confluence zone, 50% R2 marker, standard R2 marker and half prime area. What paring ratio for your initial scale do you use Anna, 50/50, 70/30, 80/20?

Its a 'test the waters' technique, and that was a nice entry yesterday Anna. Did you pare out some last night after the inverted hammer spike on the 15, off 9610, or did you manage to hang on to the full position? Just curious, how much would you be looking at paring off in that situation? 50% and then move the stop to break even or the remaining 50%?

Re-thinking that one, i suppose as your trades are momentum based off major s+r areas, i am thinking that you would probably wait for the london open, when there would be plenty of players around and the necessary momentum to see price move?

If i got my workings right on your calcs Anna, price rebounded right off R1 this morning during the asian session at 9641? Now waiting for a continuation signal to see if this move back up will continue. I am currently waiting to see if we get some support down at the 9600 level and will look for a signal there. We may find some support off yesterdays high now acting as support and also this 9615 area is a fib confluence zone as well. Anna, i know you mentioned that in times of medium term trends you will take on setups before the London open, but this is not one of those times. In instances lke this morning, if you got a good signal would you take it?

Hi Torero, Very dull day today, lets see if the US brings us some action. Cable just pushed through the asian low but this is one of those cases where it is at a key support level on the 240 chart so, as you mentioned, this could be a turning point here, it doesn't look like price is going to follow through at the moment.

Thanks Buk. Yeah, too many lines and things get confusing.

Buk, I have heard you mention weekly and monthly pivot points. Do you plot all of these on your charts and use them for reference as well?

Sorry, posted at the same time.

I see what you are getting at Torero. Yes the Asian high could only be certain after the 07:55 bar had finished printing but i am assuming that Hok was pre-empting that 9680 would indeed be the asian high from the 1-2-3 reversal pattern on the 5 min chart that was developing.

Ditto that, nice trades there Hok. I saw the first trade develop off the asian high but didn't take it as the bear flag pattern had not been broken but that was a great trade. Plenty of R/R down to the fib, well done. I think i was a bit premature on the swissy, turned out to be a nice standard asian breakout and pullback entry, as you said, on the ball there mate!