Week 7

[Anna-Maria 10]

There's no particular set opening/closing time Steve. It's unofficially recognized as 7.30-8.00am EST. You won't be too far out if you use that as a guide.

 

It's certainly wise to hang fire until NY begins stirring yes. Especially if London spikes the price up/down & it begins to fade out into slop.

 

It can be very trappy if a data shunt spins price away from it's original bias, as happened this morning.

 

Unless a noticeable trigger sets up on your radar, I find it more productive to sit tight & wait. No use in taking on excessive risk?

 

If I miss a price because it occurs during the late London clack, then so be it. It's not like prices aren't gonna set-up again in the near term is it.

 

I want to trigger when the volumes & activity are condusive to movement/momentum. I don't consider the post Retail Sales level to be either, do you?

[steveshutts 10]

 

If I miss a price because it occurs during the late London clack, then so be it. It's not like prices aren't gonna set-up again in the near term is it.

 

I want to trigger when the volumes & activity are condusive to movement/momentum. I don't consider the post Retail Sales level to be either, do you?

 

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

[steveshutts 10]

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

 

 

[torero 10]

Just went long. See if this area can hold. If not, I'll be watching for a short if I get stopped out.

 

[Anna-Maria 10]

Early trigger for a post data lift back towards the range top Steve?

 

Pushing off the PP & 50% of the short range level from last weeks high (9732) to Tuesdays low (1.94).

 

9620-25 needs to confirm the upkick, if so should be good to trot.

 

 

[Anna-Maria 10]

Nasty looking 5m neutral bars spoiling the party up there @ 620, I'll be out of this for -20 on a return thru the pivot if this fails to double back sharply.

 

[torero 10]

Yeah, getting the same reaction from GBPJPY. Nasty! :mad:

[Anna-Maria 10]

They don't appear to have the appetite huh torero

 

We'll have to see what the color looks like on a trip back to this mornings consolidation by the looks!

[steveshutts 10]

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?

 

[torero 10]

yep, just found out Big Ben was speaking. Silly me.

[Anna-Maria 10]

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?

 

No, I took the full -20 hit (9570) on this occasion. The level & break, with corresponding 1st line target were fair, so I decided to allow it a little more room/time to manouvre. It just faded & died - shit happens

 

Yeah, the option was there to either pare off at those 5m doji's & haul up the stops and/or clip it at b/e etc, but I wanted to test out potential for it to trot + the 1st target was a decent +50 run up the ladder & I felt it justified standing my ground. Didn't work on this occasion, but no harm done. As long as the r/r is balanced, it's a fair deal.

 

Regards the later entry? Again, I just wanted to check the appetite on the post data reaction. But you could have sliced 10-20 pips either side of that trade had you wished, which you've already alluded to

[steveshutts 10]

Thanks Anna, thats me for this week. Not around tomorrow, things to do.

Happy trading and have a great weekend, speak next week.

[Anna-Maria 10]

1.94 represents an important hold for Cable Bulls if another assault on the yearly highs is to play out. For the time being anyway, 9400 keeps the 07 higher low shape intact. Last weeks highs (c1.9730) is proving a tricky stumbling block for the Bulls, & price bounced off the 78.6 lower high zone this week on disappointing data.

 

 

If we take the 1.94 low & project up to today’s high, the 78.6 again zooms in as an important line, protecting the recent activity around last weeks low area @ 9460, an important secondary support & higher low zone off the larger map.

 

 

 

If this drop back to 1.94 & todays hold above the 61.8% of this smaller swing are genuine Bull demand tests, then prices will face strong opposition on any attempts to hurdle the mainline resistance zones of 9720 (the 61.8) & 9805 (78.6) of the larger, more recent primary swing points.

 

 

 

The confirmation as to whether 07’s recent highs are a critical top will in some way be dependant on Euro’s ability to re-take the stiff dual resistance zone of 3250 (the 78.6) & 1.3300.

 

[torero 10]

Looks like we're heading down more?

 

 

GBPJPY moved down rapidly later yesterday. Amazing!