Busy Day Tomorrow

[torero]

I see where you're pointing at, thanks, AM.

I had my stops taken out on that spike and had to make a re-entry on EURJPY. Don't mind as I had the guts and conviction that tell me trend wasn't finished and was rewarded for it (I actually add more positions it made another pullback after that spike). Not a bad ride, even though it was short. I'm amazed GBPJPY climb 400 pips today. I totally missed that pullback to 204.1 after the breakout from previous night.

[Art Krantz]

	Quote:	torero
	I had my stops taken out on that spike and had to make a re-entry on EURJPY. (I actually add more positions it made another pullback after that spike). Not a bad ride, even though it was short.

Yes, it slipped down sniffing out lazy trailers. Didn't do a very good job of it though as most of the (trailing stops) damage was a little farther back beyond 162.50.

I guess you compounded your position at the stage on the graph below? Sensible trade, nice play

They got 165 in their sights to test tough upside supply stepped to 166.50, with layered stops back to interim defense @ 163.25 back to the b/o zone @ 161.50.

[torero]

Thanks AK.

My first position was 162.23 after I got stopped out (had a tight stop), then i took another at 162.6 when it found support around .51. Usually it's the sweet spot for me (2nd entry) and load up 2x the original position. I thought there may have been another pullback after this but I wasn't sure so I got out since momentum seemed to petered out.

There is consolidation now and possibly there maybe be more upmove, but not going to wait for it as it's already TGIF!

[torero]

I don't know if you noticed as I just noticed, the dang long bottom shadow has disappeared! It was supposed to look like yours. The bar just before the green arrow on the left. Somehow historical data is just plain dubious. Don't know who's to blame the feed provider or the SW. If someone had a position and walked away and come back to see he's stopped out, he'd never know what happened. Geez.

[Art Krantz]

	Quote:	torero
	My first position was 162.23 after I got stopped out (had a tight stop), then i took another at 162.6 when it found support around .51.

Oh, ok I gotcha. I see where you're at now!

That's an even better job then huh? Nice trading there!

Yeah, it's got legs today. They're intent on running this, but then the $/Jap has got it's wings into NY & those boys will tear it up for sure with all that stop activity building up atop the big b/o zone.

Data can be erratic for sure, & as you alluded to, it's down to the firm processing the lines.

Anna-Maria & a few others observe the graphs every now & again, but our activity is a little bit slower than yours, so we're not so fussed about the micro action.

Appears like you & one or two others on here have certainly got it taped though regards the micro technical graph geography. Mighty impressive.

If it shoves regular $$'s into your checking a/c, then that's all that matters huh?

[torero]

Correction! it was 163.23 my first entry, not 162.23 (my bad). This gets everyone confused when numbers and charts don't coincide.

Since I'm just a small fry, smaller timeframes suit me just fine. Although I hope to be looking to trade from 240-min frame sometime in the future and will be looking for some pointers from your crew from that moment on.

Despite the smaller timeframe, my strategy don't call for too many trades, 2-5 trades a week so I'm a screen couch potato rest of the time. Only 1-2 good trade comes along a week really and when it finally does move, I'll be sure to compound the mo-fo to make up for the lack of overtrading

[torero]

I gotta a quick question regarding news. There is a list of news for the week and some are rated hot, red hot, and cold turkeys according to how much they affect the prices.

http://www.forexfactory.com/calendar.php

I noticed some do make the market jump while others just fizz out on its own (despite being red hot). Do you follow these too or are they just for retailing suckers like us? I ask this because at times the charts tell me to take the trade but I hesitate due to the impending news, then nada, it sits there and does as I had suspected and I eventually miss my entry. Other times I ignore the news and take the trade anyway and do get some nice results. It's hit and miss I take it.

[milliard]

	Quote:	torero
	Despite the smaller timeframe, my strategy don't call for too many trades, 2-5 trades a week.....Only 1-2 good trades come along a week really and when it finally does move, I'll be sure to compound the mo-fo to make up for the lack of overtrading

Smart thinking Batman.

When you sit back & really look at it, you got yourself the Pound/Yen with an average daily range of 280-300 pips.
The Eur/Yen tracks back & forth between 150-200 most days
& bringing up the rear of the three which you quite often refer to; the Cable, that one prints in the 150-180 range of late. That’s a lot of ball park to pitch your strike.

As you’re well aware, these instruments behave pretty good on & around their respective support & resistance levels. You got decent supply-demand markers & the plethora of tech & fundamental info available to the retail sector nowadays is on the up.

Get yourself a well drilled set-up or two & a couple reliable triggers & you’re good to go.

Do what the savvy players do.

Wait patiently for the Grade A opportunities...get in on a decent risk strike, let her find her feet & compound the crap out of it.

Makes sense? to add positions to a momentum move when the aggressive specs & real movers & shakers are onboard (such as now).

[torero]

I see things are warming up to the upside more than I'm used to seeing. But I never take my work home with me for the weekends despite knowing gaps are rare (but it's been jumpy last few weeks), I just want to a string-free conscience-free weekends and enter the battle another week with a clean slate. You higher timeframe guys hold them over the weekends, I can see the advantages.

So Andre, what's your view on my question about news and their effects on the market? Is it even relevant how it's ranked? I know you guys pull out before interest rate and NFP numbers but are the other type of news even concern you guys?

[milliard]

	Quote:	torero
	I gotta a quick question regarding news. There is a list of news for the week and some are rated hot, red hot, and cold turkeys according to how much they affect the prices. Do you follow these too I ask this because at times the charts tell me to take the trade but I hesitate due to the impending news, then nada, it sits there and does as I had suspected and I eventually miss my entry.

We're aware of whats printing & when, for sure. The only time we'll give it the time of day is if it's a real grizzly item such as the key inflation data, interest rate news or those pesky, irritating payroll prints. And that's only if we're looking to get aboard a particular pair when the news item is due out of the tape.

Other than that, no we're not in the least bit interested in the data prints. But then, we don't do our business on micro timeframes, so it doesn't concern us so much.

We'll have orders waiting to fire off at certain junctions on route, & if the data compliments the current trend & picks up the order, then cool....if not & we have to wait a couple more days for a rogue print to work itself thru the pipes, then so be it. It rarely usurps the long range trend anyway.

Most of all that stuff is subject to revisions anyhow, so the actual print gets blurred in amongst the re-runs & revisions. It's the prior & post reaction to the news which spurs the fast money though, I think you'll find.

We're not by any means unique either. Most of the regular contacts we speak to are pretty ambivalent towards data releases. But then, they also operate via the longer range template.