Forex intraday T/A

[caribean]

Hi lesm, i'm not critisizing, simply stating my approach, not all of it some of the bits i keep to myself.....the trade what you see reference was because i
stated two hours before European open of the possible general direction of the pairs.
I am interested in listening to other approaches, not because i'm not happy with my system, but because there's always room for improvement, and vise versa i would think.....
I do not post all of my trades here, or enywhere for that matter.
I pick one of the pairs, some times, the GBP had a news release coming out, which could have spiked me out, you were right the GBP was the right trade.
On the MT4 volume...(i assume you mean MT4 volume), i don't use it because i don't trust it, and that's just personal opinion, i do think MT4 is great for T/A on forex.
I guess the point of this thread is to create constuctive inputs on T/A, and also to chat, trading can be boring at times.
No expectations of traders revealing all of their strategies, in any case my approach involves a bit of discretion, for better or worse (as i stated before).
What was your target for the GBP if you don't mind me asking?
Again, thank you for posting.

 

[caribean]

Anyone knows why they dropping out of the sky?

 

[caribean]

AUD/USD might be setting up a long, better picture, end of this hourly candle.

 

[CanOz]

AUD/USD might be setting up a long, better picture, end of this hourly candle.

Sitting on S1...daily.

You ever use weekly or monthly pivots Carib?

Cheers,

 

[caribean]

Hmmm..still a bit indesicive, will watch first 15 min of next hourly candle and volume for a decision.
No, canausieuck, i don't.

 

[CanOz]

..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.....

Ahhh, i see now.

Cheers,

 

[caribean]

I actually jumped in long and out again...it may well go long, but i won't be in it....i didn't feel comfortable with it...

 

[caribean]

 

[caribean]

Anyone trade the EUR/USD tonight?

 

[tayser]

In a simulation mode - yep

über FX newbie here - nice little $500USD profit to tip my account back into the black hah

 

[lesm]

Anyone trade the EUR/USD tonight?

Hi Caribean,

No.

Thanks for your earlier response, now understand the context of your comment.

With respect to the GBP the inital target was set at R2. Normally define initial targets. From an intraday trading pespective won't initiate a trade unless there is a minimum of 10 pips available.

We all keep at least some part of the trading method to ourselves, but understanding the basis of a method helps understand part of the approach and different people may perceive potential opportunities differently. Which is why I was interested in your taking the EUR as opposed to the GBP at that point in time.

One of the things that I have found, is that I place more emphasis on entries and exits based on fibs when trading an index than I do when trading Fx. Need to look closer at this aspect over the next few days.

Initially didn't really place much emphasis on fibs, but after a fair amount of research and testing eventually learnt how to apply them effectively. In this regard you made a very valid point with respect to the application of fibs.

I find the MT4 platform useful for running tests, quite straightforward to use for experimental purposes. Since a lot of the Fx volume is either indicative or synthetic, its reliability is going to depend on who provides the data feed rather than the platform.

Haven't looked at the market all day and am just catching up on the activity, since arriving home, so will see what turns up tonight.

Cheers.

 

[lesm]

Ahhh, i see now.

Cheers,

Can,

Like any method, such as fibs or pivots, learning how to apply it correctly will make quite a bit of difference to your trading.

Cheers.

 

[CanOz]

Can,

Like any method, such as fibs or pivots, learning how to apply it correctly will make quite a bit of difference to your trading.

Cheers.

Yes, i agree Lesm. I've been looking for ways to apply the monthly and weekly pivots with other indicators and generally watching for support and resistance entry's as well. I'm only paper trading index's, i looked at forex today only due to the precarous postion of the AUD/USD pair.

Cheers,

 

[>Apocalypto<]

hey any of u guys catching the EUR/USD?

I just saw it but it's two late to make a play.

just got stoped on my USD/JPY daily trade for a nice slice but it also falling hard!

AUD/USD showing minor strength as well.

FOREX makes life fun!

 

[wayneL]

hey any of u guys catching the EUR/USD?

I just saw it but it's two late to make a play.

just got stoped on my USD/JPY daily trade for a nice slice but it also falling hard!

AUD/USD showing minor strength as well.

FOREX makes life fun!

Well it would be a hindsight trade to say yes, but it was a pretty textbook pivot play IMO.

The yen was a nice play off the 2x bottom on the dailies as well ***, for those who took it... watching for carry trade unwind implications too.

*** futures are JPY/USD so the chart is inverse to spot

 

[caribean]

Sitting on any directional currency Calls or Puts, WayneL?

 

[wayneL]

Sitting on any directional currency Calls or Puts, WayneL?

Well, as a mod I'm pretty hot on hindsite trades, so unless called live, I prefer not to say... but I do try to stay hedged for my exchange rate risk.

Cheers

 

[caribean]

Understood, WayneL.
Well, what's for dinner tonight? it will be a hard act to follow...or maybe we'll get much of the same.
The air is pretty thin up here, not much by way of historical S/R levels to go by, except for the JPY ,will be watching for any opportunity's.
The AUD has formed an indicisive daily candle...we'll see.

 

[caribean]

G'day folks, a bit quiet huh?
I've got my eye on the Swissie tonight it might set up a long (short futures).
It hasn't set up anything yet, end of this hourly candle or next ,may offer something...US trade balance coming out 10:30 so if long targets will be modest, i think 1.2085..

 

[caribean]

Good afternoon folks.
Anticipating a GBP/USD short, it may just break out of the consolidation, or give us a retracement, the AUD/USD looks to have completed a fib extension play (161.8%)and should come down a bit..we'll see.