Forex intraday T/A

[>Apocalypto<]

Good evening folks, hope you had a good weekend.
The Aussie looks to have been the best opportunity, unfortunately i wasn't trading then, the first target of 8535 has been hit, second target is 8560.
The entry should have been around 8495 and it doesn't look like its coming back...an entry now is a bit risky, money management out the window....

I got it at 8425 last week.

Missed adding to it on the break of 85 now its on a light top a minor retrace is the next move in my view so depending on how deep it retraces I will look to add more to my existing after proves the direction will continue.

 

[caribean]

Well done mate, i think 8660 for an intermediate top, sometime this week, we'll see....

 

[caribean]

Did you see that EUR jump...interest rate announcement coming out, expected to remain same, could it be that someone knows something we don't....

 

[caribean]

Short signals on EUR, GBP,AUD , but NFP coming out tonight..i've shorted but remain cautious.

 

[caribean]

exited AUD short for +9 points, ominous looking twizer bottoms on the 100%, could be a double bottom...lost faith.
GBP still looks bearish.....

 

[BradK]

I am looking at IG markets....

How much is 1 contract worth in $US terms to trade Forex?

Cheers
Brad

 

[caribean]

Hi BradK, i don't know about IGMarkets, but generally speaking a contract is around $100000.00 (GBP 60000.00)
1 point (currency futures) is worth $ 12.50 (EUR/USD) ,$6.25(GBP/USD),$10.00 for others.
You can find contract spec's by visiting CBOT,CME,or it should be available somewhere on IG site.

 

[lesm]

I am looking at IG markets....

How much is 1 contract worth in $US terms to trade Forex?

Cheers
Brad

Bradk,

With IG Markets you can trade a standard contract, which is $100,000 and $10 per pip or a mini contract, which is $10,000 and $1 per pip.

As caribean mentioned the contract details/specs are available on the IG Markets site or any of the other Forex broker sites.

 

[caribean]

I just wanted to make it clear that it doesn't matter ,with perhaps the exception being scalping where every bit of saving is important, really who you are trading with, if your approach to trading is a sound one, you will make money, specific systems and different time frames are there to suit different people...i'm not pretending to be a hugely successfully forex trader,
but i have found it's usually the psychology that gets in the way ,rather than than the trading system.
There are a lot of traders more experienced then i, which could probably add a lot more, but simply put it is our own minds that play the worst tricks on us
rather than the fake bid and ask etc...
I'll try and show you some examples later on, if i can....

 

[caribean]

Hi folks, will be looking for long set ups on GBP/USD,EUR/USD for tonight....if they appear.

 

[lesm]

Hi folks, will be looking for long set ups on GBP/USD,EUR/USD for tonight....if they appear.

Looking at the current charts GBP/USD may signal a long entry before EUR/USD. Would look for an entry around 20,117 or 20,121 on the GBP/USD, and 13,631 or 13,633 on the EUR/USD.

 

[caribean]

G'day lesm good to see your response...
i'm waiting for a retracement and some suitable candlestick formation to go long, so far just a consolidation....2.0087 or 2.0075 looked promising support
areas to watch...we'll see, i always trade what i see not what i thought would happen two hours earlier, cheers mate

 

[caribean]

The areas you are mentioning will be long confirmation perhaps.

 

[lesm]

Hi caribean,

Interesting to see what both currency pairs do during the London and New York sessions. Have just been watching them on the 30 minute charts. GBP/USD has just pulled/retraced back from the pivot (20,116) through S1 and S2. EUR/USD has just gone back down from S1 through S2.

Have been watching both of these for the last couple of days, especially the EUR/USD.

 

[caribean]

Yes, lesm, i'm just happy to see someone contributing...i don't use pivots anymore, simply because since i learned to use fibs correctly i had found pivots falling on 38.2%, 50% and 61.8% depending on the bias.....
hmmm looking at the charts this could be what we are looking for...keep in mind the GBP PPI coming out 6:30 pm
ohh, yeah watch the AUSSIE correlation

 

[caribean]

Areas to watch out for.....imo

 

[caribean]

Beautiful set up....so far...on EUR

 

[lesm]

Yes, lesm, i'm just happy to see someone contributing...i don't use pivots anymore, simply because since i learned to use fibs correctly i had found pivots falling on 38.2%, 50% and 61.8% depending on the bias.....
hmmm looking at the charts this could be what we are looking for...keep in mind the GBP PPI coming out 6:30 pm
ohh, yeah watch the AUSSIE correlation

I am using a combination of pivots and fibs. They actually work together quite well. It took me a couple of months of testing to work out a consistent approach. Using MT4 for strategy testing hooked up to a demo account with live data and IG for live trading on Fx.

With a pivot based approach if you enter too early, as you are probably aware, there may be a need to cover the position quite quickly. One approach is to consider a 'no-buy'/'no-sell' zone each side of the pivot, S1/S2 and R1/R2 lines or some form of confirmation approach before entering a position. When the fib lines overlay/overlap the pivot lines they can provide an indication of the strength of resistance/support at a particular level. This has similarities when using multiple fibs and looking at the multiple fib line clustering characteristics.

Like any approach learning to use it correctly and consistently is always the key.

Will be interesting to see what tonight brings.

 

[caribean]

I use fib convergence, it's a powerfull tool if used correctly, the other tool i'm learning to use is volume, one of the best things about trading currency futures is the true volume.
One thing i have noticed is the price action seems to me to be different to what it used to be like ,say back in '05 or even '06, it could be just my imagination (i haven't gone back on the charts to check).
One thing i do remember is how many times i'd curse for covering too early and missing the move, now it's a blessing, because it almost always comes back to your entry point and beyond, take tonight for example, on the EUR i took 10 points which is just as well ,it came all the way back and i can now perhaps re-enter (i don't like the look of that shooting star candle)

 

[lesm]

G'day lesm good to see your response...
i'm waiting for a retracement and some suitable candlestick formation to go long, so far just a consolidation....2.0087 or 2.0075 looked promising support
areas to watch...we'll see, i always trade what i see not what i thought would happen two hours earlier, cheers mate

Only ever trade what I see. my references were straight from the charts at time of posting.

Not sure what the reference to two hours earlier is about, as neither of the pairs were above the pivot line for a number of hours. GBP/USD made three attempts to breach S1 and failed before 10:30 am AEST and EUR/USD was below S1 from 8:30 am AEST.

There are a number of approaches to trading pivots, some more aggressive and higher risk than others.

Good see that you picked up some pips on the EUR, but interesting that you left GBP alone, it actually had a tighter range than the EUR before it broke out to the upside. Should take a look at the volume for both the EUR and GBP.

I have access to volume via the account hooked up to MT4, always interesting to look at the pairs via both platforms.

Using fib convergence is an interesting approach, now understand why you make the calls you do, combining it with volume should help improve it.

Cheers