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Taking out a long down here with a tight stop

I've found that, in a generally falling market (ie as over the last 30 days), base building can take a few days with retracements back to fish for some support before a strong push up.

Hilary Hope you are right but still some retracement
80 pips off the lows a few minutes ago

Does that mean you are long again given that your 60pips
(dinasour) trailing stop would have taken you out yesterday

My stop is at the lows

Yes, I'm long again albeit a bit prematurely this morning. Currently back to around my entry.

Was not so confident of this long today..added a little to it
then sold the lot at 1.7709 as it pierced the 4:30 am high
Now flat...

I'm long now on the 'higher low',
but treading very carefully, in fact
it's only a little toe !

Small long post figs....

Perhaps 2 toes in size
Not married to it

talk about market undecided...

Anyone post figures please?

April PPI up 0.7%; retail sales down 0.5%; jobless claims up to 331,000.

Weak Data but a Weak Market as well.. No Move...

I think the volume is low waiting for tomorrows data.

todays low of 1.7610 nearly tested
once that goes seems to open up the 17533 low of 11th
Have to say slowly becoming a dollar bull...

Hi Guys... Back again, and now I've got my SB account sorted out I can get a bit more involved (I was in same situation as Sue42 - CFD account with you-know-who but they said I didn't have enough experience to trade forex direct. "But we can open a spreadbet account for you, sir...").

I tend to look at EUR/USD more than cable cos I live in Euroland. I think EURUSD is approaching fairly strong support on the 60 min chart at 11760 approx. This is where it bounced on 25 April (six-month low), and is also the old downtrend resistance line going back a couple of weeks that provided support yesterday.
Should be interesting to see what happens when it gets there...
I hope this is making sense. It would be clearer if I could post a chart - can anyone tell me how to do that?

Hi Peter

Never set alarm early enough to ride the dollars rise this am
Looking to enter a small GBP long at the lows we are seeing this am

edit: finding I dont have the appetite today..weekend starts at lunchtime for
me today..so staying out until next week...

I agree Hilary. Currencies are jerking up and down over the last few weeks rather than trending..Its very confusing..and makes a play over a few days
more about worry than rewards..

This price action doesn't really suit my trading style. I need to be confident of direction to afford a wider stop loss.

My indicators have been all over the show for a couple of weeks now and the news in the round (which has been relatively positive for both sides of the pair) has left the bulls and the bears in a tug-o-war, imo.

There's a lot of emphasis being put on the US data this afternoon. I'm inclined to stand aside till then.

Significant pound drop but not a lot on the Euro, above 1.1760 that may have more mileage on the upside?

Ive decided this postion taking strategy I worked out, although it does give good entrys the exits are not the best. I cant handle the draw downs its really not for me..

closed both my longs for -150pips

Just for the fact that the postion has gone against me so many time. Im glad to just close it.

Hope you all had a better weak than me..

-150 my worse week for a while..

Tellon
You are not alone, same has happened to me, not been trading Forex very long,

started off well but been hit hard this week, traded very wide stops, over 100

pips but still got hit, all part of the learning process I suppose.

I too lost some on wide stop from Friday before last after I thought (shouldn't think!) it wouldn't go down any more after figures of that day (the wild spiking one when most of us except Tellon didn't make much) but it did last week.
Fortunately got most of it back the Friday just gone with small positions pre that days figures and then pyramided to twice on pound and Euro but currently flat.
IF? oil settles back a little this week might we see stocks and bonds up a little and dollar down against most crosses? Still pondering though.
Euro stuck at top of 11880 and 11760, may go lower first? then higher?

Finally, off topic but if Hilary listening, I was informed elsewhere on board that you were previously long Petra Diamonds (PDL). Useful rise there Friday, no news? Ore sampling equipment in place and working, BHP Billiton happy, whatever that means. I wonder if there is more to come?