Live FX Trades

[wasp 10]

Ok, I'm back!

 

I am STILL long from 213.85 (yesterday I think - I've been sitting on this trade so long I forgot when I entered!) and it looks like I will be in till post-NFP... So to bring things up to speed...

 

Long GJ @ 213.85

Stop @ 212.25

 

Looking for (hopefully!) a break of 215, then even 215.90/216 if possible...

[cowpip 10]

I am STILL long from 213.85 (yesterday I think - I've been sitting on this trade so long I forgot when I entered!) and it looks like I will be in till post-NFP... So to bring things up to speed...

 

 

Wasp, are you trading in this direction based on any fundamental theories? Hoping, perhaps, that the Japanese housewives are able to pull rank?

 

I'm curious because fundamentally, it looks like GJ may illustrate some further weakness, given how precarious Great Britain's economic outlooks is. Aren't they thinking of cutting rates soon, or is inflation so horrid that they have no choice but to hold the line?

[wasp 10]

Wasp, are you trading in this direction based on any fundamental theories? Hoping, perhaps, that the Japanese housewives are able to pull rank?

 

I'm curious because fundamentally, it looks like GJ may illustrate some further weakness, given how precarious Great Britain's economic outlooks is. Aren't they thinking of cutting rates soon, or is inflation so horrid that they have no choice but to hold the line?

 

I am long off support and waiting for a rejection of resistance at IMO, 215 or, a break of the support that got me into this long in the first place!

Edited July 31, 2008 by wasp
see chart

[cowpip 10]

Fair enough. Thanks.

[firewalker 10]

Wasp, are you trading in this direction based on any fundamental theories? Hoping, perhaps, that the Japanese housewives are able to pull rank?

 

I'm curious because fundamentally, it looks like GJ may illustrate some further weakness, given how precarious Great Britain's economic outlooks is. Aren't they thinking of cutting rates soon, or is inflation so horrid that they have no choice but to hold the line?

 

I think you'll find that wasp doesn't give a **** about fundamentals

[cowpip 10]

I think you'll find that wasp doesn't give a **** about fundamentals

 

Yip... I kind of figured as much. Hey, that's cool. I know several traders who could care less about fundamentals and do just fine. I personally can't do that. I require a fundamentally slanted view of the market. That's just me.

 

Whatever works...

[wasp 10]

I think you'll find that wasp doesn't give a **** about fundamentals

 

Yip... I kind of figured as much. Hey, that's cool. I know several traders who could care less about fundamentals and do just fine. I personally can't do that. I require a fundamentally slanted view of the market. That's just me.

 

Whatever works...

 

Nope. Well, whilst I am aware of this credit crunch thingy, I tip my hat to anyone who can actually make consistent profits through fundamentals. Not my way though.

[cowpip 10]

Nope. Well, whilst I am aware of this credit crunch thingy, I tip my hat to anyone who can actually make consistent profits through fundamentals. Not my way though.

 

Are you aware of when specific news will print and do you care about how the data print compares with consensus? Or is that all just noise?

[wasp 10]

Are you aware of when specific news will print and do you care about how the data print compares with consensus? Or is that all just noise?

 

I know that major news comes out at half 8 and half 1 UK time but that's the extent of my attention. I've tried both and TA always just works best for me, regardless of the news. I am in the camp of the chart leading the market and the news uncanilly tying in nicely. Normally!

[cowpip 10]

I know that major news comes out at half 8 and half 1 UK time but that's the extent of my attention. I've tried both and TA always just works best for me, regardless of the news. I am in the camp of the chart leading the market and the news uncanilly tying in nicely. Normally!

 

Thanks for the clarification. You do what works and that's all that matters.

[wasp 10]

Ok, I'm back!

 

I am STILL long from 213.85 (yesterday I think - I've been sitting on this trade so long I forgot when I entered!) and it looks like I will be in till post-NFP... So to bring things up to speed...

 

Long GJ @ 213.85

Stop @ 212.25

 

Looking for (hopefully!) a break of 215, then even 215.90/216 if possible...

 

Exited for -30

Shorted @ 213.55 (on the 4hr candle whilst trying to sleep so you had no hope the post would be made live!)

 

Well done cowpip, you were correct but stats wise, I am happy to take the loss regardless, still got plenty of edge!

[wasp 10]

exited at 212.55 for +100 and done for the week. Sod NFP, going to the pub!

 

 

 

 

 

 

EDIT: I have move all discussion to the 'trade discussion and analysis' thread so this one is left for 'live trades'.

Edited August 2, 2008 by wasp

[cowpip 10]

Thanks for that, Wasp.

 

I have gone short GJ at 212.75 at resistance. Stop: 213.05

[wasp 10]

Thanks for that, Wasp.

 

I have gone short GJ at 212.75 at resistance. Stop: 213.05

 

Nicely done. I did something similar but had my nieces here today so not had a chance to post.

[wasp 10]

Closed my short (didn't call it so won't mention the pips - +30 btw!)...!

 

Long GJ @ 212.29

Stop @ 211.69

[cowpip 10]

I'm holding my short for now. A reversal pattern hasn't yet confirmed to me.

[cowpip 10]

Closed my short (didn't call it so won't mention the pips - +30 btw!)...!

 

Long GJ @ 212.29

Stop @ 211.69

 

 

Nice call, Wasp! You obviously saw and/or felt something I didn't.

[wasp 10]

Nice call, Wasp! You obviously saw and/or felt something I didn't.

 

I'll agree if we hit 215!

[cowpip 10]

You have a fetish for 215, don't you? kidding...

 

I'm going to hold this short for now and see where the 4-hour candle closes (I'm one hour off of you on my charts - my 4-hour closes one hour before you). My chart suggests this may just be a retracement back through the last 4-hour candle. If there is any real intent to push this lower, it should occur within the next hour or two. I'd like to base my decision on how the current 4-hour candle closes.

 

If we extend the last move down further (from the last swing high near the resistance around 70/80), we end up with a measured target very close to my next marked support level around 211.60/70. BUT, it first has to break and hold that tough support level at 212.20.

[cowpip 10]

I was obviously looking the wrong support line. It should have read, the next measured lower is close to the support line I have marked around 210.40. Sorry. But it has a looong way to go to get there.

[wasp 10]

Rejected the long and the sellers still winning. Just. Dull as **** this but anyhow, took the -20 pip loss and shorted from 212.19

Edited August 6, 2008 by wasp

[wasp 10]

Rejected the long and the sellers still winning. Just. Dull as **** this but anyhow, took the 20 pip loss and shorted from 212.19

 

Scratched for -10 and long again 212.32 as looked at wrong charts :angry:

Edited August 5, 2008 by wasp
colouring in!

[cowpip 10]

Very sorry to hear that, Wasp. It really sucks when mistakes creep into profits.

 

I've closed my trade for +60 and I'm now long GJ from 212.04, with a very tight stop at 211.89 in case this current hourly inside bar breaks lower. Price action is looking a bit tired going lower. We'll soon see.

[cowpip 10]

Oops... typo... that should be long from 212.09, not 04. Bloody high spreads during the Asian session certainly don't make this easier.

 

Edit: Looks like I may be wrong on this one. I'll let it go overnight. Time for some sleep. Happy hunting, Wasp.

Edited August 5, 2008 by cowpip

[wasp 10]

Well in the end I should have stayed short as the next candle confirmed it but that prior one still said long to me. Once broken 212.20 though it was an easy clear run to 210.66 for sure.

 

Unlucky cowpip, what made you go long there?

 

Short from 212.08 in the end (as visable on the chart)