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Phoenix


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Phoenix

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  #31 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
Thanks: 0 given, 43 received

That's one way to see it. Nice chart showing a good move and v good entry. Drop, p/back, then enter as it goes past previous low. Hope you took trade for real. But if you didn't and it was just a tester. There will be plenty more along just like that.

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  #32 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
Thanks: 0 given, 43 received

Well, just closed trade off, and it's a good example of how to turn a loss into a profit.

Indeed at one point it went into a very healthy profit position, but was allowed to play on because there was and is, a lot of potential downside.

Reason for staying in trade and not taking healthy profit.
Well there are lots of shuda/cuda moments. Be happy with the one you choose.

Reason for exit.
Wanted at least some profit from trade Usd strength was still falling off to under the point of parity with Gbp.
A few bits of news out from Usa today and they could well use that as the catalyst for a big move. They need an excuse for big moves. Thing is I don't know which way.

The way the price is rising again could suggest good news for homes sales etc and push the level back to the top resistance point. *
we will have to wait and see.

* Apologies. Was just dropping off to sleep and suddenly thought what a twat I had been. Price could go to the top of the resistance IF it was a chart of a Usd first base chart. It's not though. It's Cable, Gbp/Usd. So on good news today look for market fall. (Variables allowing)

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  #33 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
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Short again. This time looking for a quickie either way. (when I say 'either way' I mean win or lose).

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  #34 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
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Done.

Am also done for a few hours.

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  #35 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
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Well, I had thought I posted a Friday wrap, but it's not here so I obviously didn't do something I should have! So start again.

Friday we had major problems this end with our LSE failing (again) to operate smoothly due to a 'technical glitch'.
Of which the LSE suffers more than most. There wasn't much going on, at least not for me and I was just taking small scalps on 'traders graveyard day'.
This is what a trader friend of mine refers to for Fridays. Explaining it as giving back some profit earned during the 4 previous days.
He doesn't trade on Fridays, preferring instead to attend to matters he has ignored during the week.

For me though it was a case of 3-1 to the home team. With the expected down move from Fridays figures when it came being quite nice.
The chart is suggesting. (Only suggesting mind) of moving up, early week. We will see.

Have just thought that I said I would be taking trades from the indicators, and I haven't taken a single on of the 'arrows' but have used discretion and taken trades based on the divergence of price.
Having the tools in your tool box doesn't mean you have to use them. The key then is knowing when or when not to use them.

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  #36 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
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So Cable started running up after an early Asian fall and is now pausing for breath while it decides which way to go. stopping at previous sup and res levels like a good technical chart is supposed to.
I wasn't on the up move over here. But elsewhere I was. Only now jumping ship as those previous levels approached, preferring to get out with something as opposed to getting out with less while it is waiting for direction, which at the moment looks decidedly sideways.

There is also not a great deal of news out today. Cad gdp at 1.30 my time and Usa pending home sales at 15.00.
Have a feeling that neither will be great market movers.

So today is more of a scalping day.

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  #37 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
Thanks: 0 given, 43 received

Couldn't have been more wrong. So much for me thinking it was going to be a quiet day. Turned out to be a very risk appetite day.

Just got back in from a visit to town where I regularly pay large sums of money to a guy who hurts me, sometimes quite painfully... Don't get me wrong, my dentist is a nice guy. He just hurts people for a living. Each to their own I suppose.


I wonder because I wasn't going to be in front of computer that I convinced myself it was going to be a quiet day?
I don't think so. But it has in general reversed all of Fridays moves, Least on the charts I have been watching.

Took a short about an hour before the Cad gdp figs came out. Was aware of news release and was ready to ditch trades if large unexpected figs came out. No big shakes though, came out at plus 0.5 with the expected at plus 0.3 So didn't have much effect. Pulled Usa up slightly and slightly Jpy too.
Eur had been tight rangy with a little conservative down movement giving slight profit before taking it away again.

But what goes up...
Given also that E/J is back at top of tiny trend line, am prepared to hold on for a while. Unless anything disastrous occurs of course. But seeing as it has been up for most of my day, I'm going for the little bit of fall back cover movement.

Arrows are being given the boot as the are coming up late a lot of times when I am already in a trade. They look pretty, but are just pretty useless.
There are no input parameters up front, so I may take a look at the code a bit later when I have time.
I am a crap programmer, but I can change things around when I get inside.

Speaking of code and programmes. I have just put an EA for Gbp/Jpy on a chart in here.
It's not based on indicators but on random walk theory.
If it pops up a trade I paste it up. I have changed a few parameters on that though. It had a huge TP of 600 pips!

Now. I don't believe in the random walk theory or chaos. I believe the market has structure, form, and intent all the way through it.

So I very much expect this EA to fail, completely and miserably!

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  #38 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
Thanks: 0 given, 43 received

E/J came down. But not by much. Decided to cover for small profit as;
1. Drop was faltering, Eur was holding its own too well against the Jpy.
2. More importantly. Me dinner was ready.

Seriously, it could quite easily have whittled away the small profit while I was eating.

Sods law being what it is though. Price actually fell. Typical.

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  #39 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
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Just having a look at the ftse, dax, dow and S & P.
Haven't looked for a while.

Seems like Dax is trying to move up. Will the others follow.

Have opened up a tiny long on ftse.

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  #40 (permalink)
Phoenixrising8
Staines Surrey England
 
 
Posts: 75 since Nov 2010
Thanks: 0 given, 43 received


Mmmm, felt weird trading those after quite a long break away from them.

Only way to judge which is the leader at any one time is just to eyeball them.

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