Forex rebates on every trade - win or lose!

Yen at 110...looking like support for now...rallying in line with us equities...
anyone else got any Yen thoughts?

Well I've just reshorted EUR/JPY in the last 2 or 3 minutes

And covered for a quick 28. I do enjoy a quickie.

:o)

i sense it's all going to explode about 5 minutes after the uk closes. I seem to remember Hilary saying there was some easy money last Friday at about that time.

dow looks dire yet the carry trades aren't really unwinding.

waiting for 110 or even 109 here. have to wait until next week for that I think

thought hilary said yen gets quiet on a friday!

Back in long at 58.

Offloaded at 72.

Short an' all.

Blast. The kids came home from school and started bickering and I missed a good leg up there.

leg up---- quickie....what are you like lol

hilary 8959 of 8970
Re cable:

"With the exception of the 1-minute chart, the MACD is below the zero line and the price action is below the ma's which happen to be heading downwards. That's for all timeframes from 5-minute through to 4-hour.

Does that make it a buy? If you think it does, then you need to be looking for the positive nature of the 1-minute to start spilling over into the 5-minute and slower otherwise you'll get toasted."


Thanks for this. I would have posted on Friday but I didn't see this post until after the data at 10 and at the time I was busy deciding what to do with cable.

Interesting post cos very shortly after your post all the buyers at 2.04 and all those with stops just below did indeed get well toasted.

I managed not to get toasted at 2.04 but it was a combination of intuition/skill/luck and a large measure of if you're not sure just wait for the next trade. Looking at indicators sure would have made the decision alot easier.


To explain I am trying to learn to trade fx over a medium term basis - i.e. get on trend, stay on it and try and make 50,100,200,400 pips off the big move - whatever the market will give me. However, this doesn't mean i'm not going to take 10 or 20 pips short term if I think they are there.

I often trade short term based on round number psychology meaning if a price hits say 2.04 i'm looking to reverse into the trend for a few pips. With stocks this works very well and seems to be the same with fx. so when cable went down near to 2.04 I went long based on the assumption there was a magic line in the sand with a pent up demand not necessarily shown on the chart. First trade worked fine as it often does. second bounce also worked fine. However, the third time it came down I was very very wary as history tells me that reason for the trade is breaking down.

It's just random with stocks on the third and subsequent bounces. sometimes it works, sometimes it doesn't, sometimes it bounces enough times to set up a permanent support level and is the trend reversal but as far as I have ever worked out as an idea for a trade you might as well just toss a coin.

Often it will also dip below as it did to 2.0390 in this case and bounce back to 2.0400 giving the opportunity for some points but again I find this a problem trade because sometimes it will be the trend reversal and it will power up to say 2.0450, sometimes 2.4000 will then become resistance and you can sure lose alot of points very fast as all those who thought 2.04 was support suddently realise it's resistance and the close creating huge downward momentum

In this instance the decision to keep out wasn't especially difficult as I really couldn't see any sort of support line below for quite a way. I knew if 2.04 didn't hold I wasn't just screwed a bit, I was scewed alot so I chose not to trade it again.

Probably most of this is obvious to you and can be explained by fib retracements etc but it;s the best way I can explain it. It was fairly astonishing to see cable collapse so fast after you posted. my "round number system" may have made me a few points and kept me out of losing by being greedy and tryiing to trade it too many times but there's no way I'd have seen any sort of signal to go short where the big points were which is mostly what i'm trying to achieve.


Interesting stuff. Next time you can be sure i'll be watching the indicators alot more closely. I am finding it difficult to get any sort of balance between how much reliance I place on the indicators and how much I should trade on instinct. Hopefully as I understand the indicators better, the instinct will become less although I do believe any good trader does need some level of insight you can't necessarily write down on a piece of paper or see on a chart.

edit-

posted twice

Morning all,

I thought I would give you a update on last week.

Monday, was a good day I traded EJ using 1 min chart and it was a very easy day ended up +50.

Tuesday, I decided to give GJ a try and got my butt kicked , I found the spreads on IB where 5-6 pips during the Asian session which is to big when you add comms as well.
I have been trading off a Ninjatrader chart that uses a feed from Gain capital, which is slightly slower than my IB platform which means i lose a tick here and there.
I switched back to EJ and finished the day flat.

Wednesday , I ended the day +10.

Thursday , didnt trade.

Friday , was a bit of a pig, I got whipped in the asian session and to top things off ,I loaded IB on to another PC set it up and it all seemed fine . Except that my bloody stops didnt trigger and I came back to the PC to be 60 pips down.
I hadnt set up the stops correctly so they wouldnt trigger outside UK market hours.

I decided to back to the 10 min chart and managed to get on the breakout around 12 UK time which saved my bacon for the week.

So I ended Friday no better off than I did on Monday +50.

I do admire you 1 min traders , but I think I will trade the 10 min for a bit.

Ian

Buderim, you're not alone. I was ticking over nicely trading the 1 min EUR JPY and got kicked on Thursday. Lost the previous gains, but there was only one reason it happened - I broke my own rules and deserved it. Discipline!!!

Anyway, have been tweaking and will try again this week as and when...

Out of curiosity, Bud, how many hours is Gingertown ahead of us here in the UK and what hours of day do you trade?

SC think discipline is so important for scalping, very easy to give your gains back. Do recommend the article "day trading" by Douglas Zalesky. The copy I got was out of SFO magazine(feb 2003), it lists a whole lot of do's and dont's and have found it very helpful. Have a good week all

Hi Hils,

Gingertown - lol (sounds like somewhere Chris Evans would live)

we are 10 hours ahead at the moment , I have been looking at the Asian session around 1 am your time, but i think I will wait until maybe 6-7 am when Europe wakes up.

Bud,

This isn't an exact science (if it were, everybody would be doing it) but, as a general rule, markets tend to be at their choppiest around the time that a new timezone comes into play. Once that's happened they tend to move into a trend.

Between 6am and 9am (UK time) is often good to play the 1-minute chart with some superfast settings as the Asian trend is tested and either pushed further or reversed. Once that's happened, it's then time to just sit back and let the trend run until the Yanks wake up and the same thing happens over again.

The eur/gpy is hard to trade this morning very wippy.

Do you mean JPY? Tight range. No meat on the bone. It'll break.