week 5

[torero 10]

Yes, I see the hammer too. I'm watching this consolidation closely to see how this rally is going. So far so good, I see a bear flag/triangle building. This might be my bias for now, but anything can change.

[torero 10]

Did anyone notice this parallel play? GBPJPY broke below day's support first, went back to resistance then head down while GBPUSD was still above day's support. Anyone use different pairs for cues to an eventual entry in another?

 

[Buk 10]

they're quite often handy to refer to as a cross reference exercise yes......although I think you'll find today's activity on the Yen pairs (across the board) is reflecting the knee-jerk jawboning yesterday on the part of "spokespersons" in relation to the upcoming G7 shindig.....

[Buk 10]

Yes, I see the hammer too. I'm watching this consolidation closely to see how this rally is going. So far so good, I see a bear flag/triangle building.

 

looks like you got your low risk green light off the 15m bars/5min triggers away from the S2 line??

[torero 10]

short here, small stop loss, let's see if i'm in prematurely or not.

 

 

[steveshutts 10]

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.

[Anna-Maria 10]

Yes, that's a fair point Steve. Also be mindful of the impending data. Today we have the GDP printing at 8.30, followed by Construction Spending at 10.00 EST. The former could spike off this Round Number if it disappoints.

 

Not to mention the later FOMC gibberish!

 

But then, there's been sufficient space to leg out & cover some of the position if the entry was tight thru the triggers?!

[torero 10]

Steve, you're right. I have considered this possibility but I have to take them as they come, breakout days are so far have been my salvation to keep the account on positive side, so I cannot tell myself to sit out if it's over the average range. The only reason I'm considering exiting is the Fed announcement later today. I wasn't aware of it but with that closing in, I might be exposing myself to unwanted volatility.

 

I'll see how NY treats this early leg down.

[Buk 10]

short here, small stop loss, let's see if i'm in prematurely or not.

 

 

get that whip out & thrash it down to 9450 torero!!

[steveshutts 10]

Yep, there you go mate, nicely done.

[torero 10]

Gonna take what's been given

 

[steveshutts 10]

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.

[Don4 10]

nice trade torero!!!!!!!!!

[torero 10]

thanks but lucky shot in the dark. just hope this lucky guesses keep going ;-) It's moving back to last resistance point on 240min, near 9540.

[Don4 10]

might get a pullback to the 50 fib notice how the shorter fib and the longer fib are almost on top of each other could be a key point to go long after the pullback

 

 

 

http://www.traderslaboratory.com/forums/attachment.php?attachmentid=638&stc=1&d=1170258110

[Don4 10]

well disregard last post this baby is still going!!!!!!!!!

[Anna-Maria 10]

A few of us were chatting earlier about the opportunities available today across all the pairs. One of the guy's here bases one of his strats around pivots hugging key confluence zones at supply-demand levels.

 

Every one of the majors has popped off a math line today, a couple of them at snappy confluence zones too. Usually at least 2 of 4 majors will signal a trade or two during the day - & at least 2-3 very decent opps per week across the 4 pairs, but today has been a case of "eeny meeny mynee mo"

 

Man, just look at some of those bars printing at the levels too.

 

You could be forgiven for assuming one could cobble a workable strat around these things huh? LOL.

 

ps: Don't even go there Buk

 

 

 

 

[steveshutts 10]

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.

[torero 10]

Yeah, was trading Russell emini this morning, things are very wacky, no rules are obeyed here. So I'll certainly wait until the dust settled after the news.

[torero 10]

that chart I posted with my exit, looks like price are obeying this channel. I'm going to keep an eye on that one.

[torero 10]

I completely missed this one, can someone tell me if this is due to the PMI? Wow, I had expected Fed but not this.

[Buk 10]

You could be forgiven for assuming one could cobble a workable strat around these things huh? LOL.

 

ps: Don't even go there Buk

 

 

hehehehe.....couldn't resist it!!

 

they even throw you decent pare outs/exit zones too

 

 

[Anna-Maria 10]

I completely missed this one, can someone tell me if this is due to the PMI? Wow, I had expected Fed but not this.

 

Yes torero. Consensus was for a 52.0 reading v/s prev print of 51.6.

 

Quite a few desks were actually gearing up for +52.5

 

It hit the tape at 48.8.

[Don4 10]

torero, there is a pretty good economic calender at, forex factory its usually pretty quick post results after news.(not trying to promote anybody just thought i would let u know)

[torero 10]

Yes, my problem is getting to read them. I'm pretty bad with keeping with news events. This is why I asked soultrader to include an alert sent so I can keep up.