week 2

[Anna-Maria 10]

Ok, that's me cashed & flat.

 

We'll see what else materializes during the morning, other than that good luck with your trading today folks

[torero 10]

Thanks for the feedback. For the moment, I still hold overnight but not over the weekend but I see there's no reason not to since checking the gaps, don't happen too often so that's a relief. The last one was first day of the New Year with a gap down.

 

The other thing is Fridays tend to stay in the doldrums? I have in the past make Friday an early leave due to slowdown in volume. But not sure if it's the same in forex.

 

I'm still long but if I don't get taken out, I may end up holding it over the weekend. Always the first time for everything.

[torero 10]

I can't help but think that this is a bear flag building in EURJPY. I'm watching here for an entry. Most likely I'm busy with GBPUSD so won't do much with it until next week. Interesting setup though.

 

[cowpip 10]

I can't help but think that this is a bear flag building in EURJPY. I'm watching here for an entry. Most likely I'm busy with GBPUSD so won't do much with it until next week. Interesting setup though.

 

It sure looks that way, doesn't it? You have a good eye for spotting patterns. Looks like you'll do just fine in forex, and perhaps better than most who start out. I'm impressed with your trades to date.

 

As for myself, I'm going to close things up here now. This is awful dreck to be trading on cable. It's slowly wiggling higher, but without any conviction (from my point of view). I suppose everyone is waiting for the retail sales news in a few hours. Somehow, I suspect even that may be a non-event. Doesn't matter to me though - I'll be snoring Zzzz's.

 

Overall, it's been a good week. Thanks again to Texxas and Buk for all the fine commentary. Have a great weekend, everyone!

[Buk 10]

The other thing is Fridays tend to stay in the doldrums? I have in the past make Friday an early leave due to slowdown in volume. But not sure if it's the same in forex.

 

no different in the forex either torero..........Fridays recorded the smallest trading range on Cable, Euro & Swiss last year & during 2005 (excl the 1st Fridays NFP print)......

 

Tuesday & Wednesday recorded the highest range, with Monday & Thursday running almost equal, approx 20% tighter than Tues/Wed........

[torero 10]

I got out before the chart went berserk. I got lucky again. I saw what looks to be a bear flag on 15min and it was sitting on top of the channel so decided to close seeing too much risk and not enough reward to stay in.

 

[torero 10]

no different in the forex either torero..........Fridays recorded the smallest trading range on Cable, Euro & Swiss last year & during 2005 (excl the 1st Fridays NFP print)......

 

Tuesday & Wednesday recorded the highest range, with Monday & Thursday running almost equal, approx 20% tighter than Tues/Wed........

 

That's great to hear, now I can take 3-day weekends every weekend LOL

[Buk 10]

I got out before the chart went berserk. I got lucky again. I saw what looks to be a bear flag on 15min and it was sitting on top of the channel so decided to close seeing too much risk and not enough reward to stay in.

 

yeah, it's been a moody critter all morning really......the "scalping queen" is having another pop at it after this data print, clipping it via the 1/5m thru 9505....it's having a scuffle with the R1 up here, so I doubt she'll give it too much rope.......

 

just one of those 'pick at it days' by the looks...........

 

well done on your trade today, you got another very good r/r run!!

[torero 10]

Thanks, yeah, I'm done for the week. Thanks, buk, tex and cowpip and pipmonster for the company. See you next week!

[pipMonster 10]

I wasn't available to trade this session as I was too tired and fighting a bit of an illness earlier.

 

You're welcome Torero, for what ever bits of information I can bring to the table. Like Cowpip, I'm very impressed with your eye for spotting patterns and solid trading these past weeks.

 

Buk and Anna, I want to thank you both for the fantastic commentary and illustrations of your positions. It really helps solidify the process. It's a bit like the 'old' days now on a previous forum.

 

Cowpip...great trading mate! You really let 'em have it this week. Way to Go!

 

Have a great weekend, and see you all back here Monday.

[torero 10]

In hindsight, I should have left the trade because tactically when you have a bear flag, you cannot exit the position until it is broken, so it was a wrong presumption to exit on that logic. I exited anyway on the fact that it was Friday and thinking that the moves are pretty much over. But I also did the right thing not to have gotten caught on the violent move from the news cowpip mentioned. It could have gone the other way. Thanks all for great week and keep up the great insight. I'm really enjoying seeing what I myself overlook. Thanks all.

[Anna-Maria 10]

Yeah, I'm calling it a wrap too up here just shy of the 138 extension.

 

I don't think it's got too much left in the tank after the data print. We can see if it makes a move on Monday towards that zone + the 78.6 on the larger swing chart.

 

Could well pull back to one of these lower support lines to guage the strength into next week. As Buko mentioned, it's been a day to snatch at it & grab what's been offered.

 

Enjoy the w/end folks!