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[tonymand]

[quote=mustang;32221]What time do you have on your charts,seems to be 3 hrs out on EST?


GMT, feed coming from interbank fx

[tonymand]

[quote=mustang;32221]For example yesterday I took a trade on the EUR/JPY at around 23:00 EST 11/12, bought at 162.55 and hit my target (163.64) at about 03:00 EST 12/12, a nice 109pips.

Yes, nice trade. Posted it up for others to see if you dont mind as its got a pattern we have not discussed here before (hopefully got the right trade!). The 15 minute shows a classic reversal pattern of a V and a step. The step allows you to put in a technically relevant stop. As you say all occurring on the higher timeframe support. Of course the liquidity announcement from the central banks then sent it into orbit later on. Later there were further opportunities as the 60SMA was broken and the pair held and consolidated above it suggesting further upside action. Although I didnt trade it I was watching it last night and it was like watching paint dry caught in a tiny 10-20 pip band. Early in my trading I would have moved on or gone to bed but of course these days realise that such tightening is often the prelude to a breakout which lets face it is what Bollinger Bands are about. Hence such a pair is deserving of closer watching to see if a trade set up presents itself. I was however distracted by my GU trade and actively managing that at the time

[tonymand]

I thought this was an interesting set up on GU tonight. Price sat on the 60 SMA in all timeframes

[Cowaboi]

Very nice, Tony

I'm in on the same from a fib setup....for some reason Oanda charts get converted to .jpg files even when saved as .gif locally...can just about see it.

[JimmyMac]

Originally Posted by tonymand

Will be taking a couple of weeks off from the 19th as my sis in law is getting married amongdt the various other celebrations. A time to pause, reflect, refresh and renew

Good for you. It's important to take time out & chill a little. What better opportunities than the impending holidays & happy occasions!

I look forward to observing & contributing to this thread in the new year as time permits. It's one of the very few I browse when I log on.

Thank you for your enthusiastic contributions, and for the posts of other likeminded individuals.

I wish you all the very best for 2008, both in your trading endeavors & general life.

Have a merry Xmas!

[tonymand]

Its been a while since I posted a weekend review for the following week. Remember these are just my thoughts and what I will be looking for as the next few days unfold

If we start at the daily the immediate downtrend has broken the channel which has held for many months. This is bearish and should immediately have us wondering whether 2.0000 is back in our sights. At the same time though we have some type 2 divergence on the stoch and more than a possibility of a bounce at this point. We are on a key daily support level. As always have a plan for both sides of the coin. Look for signs of the bounce on the lower timeframe for consideration of a long position (but remember this is against the immediate trend). Stronger would be to wait for the retrace and look to reenter the current downtrend. The 60SMA on the 4H is marking this move well and would be a place to pay some attentiont to

Should 2.0170 not hold then we could look for a short from under this level on a retest from the underside. I wouldnt enter immediately on a break since this could be a fakeout, it may happen soon after the end of the weekend and the stochs on the 4H are welll oversold. If we do go short then the next challenge would be 2.0100 on the 4H and then of course the big one at 2.0000. Cant find any meaningful places at the moment on the H1

As always the action immediately after the weekend break may render these thoughts meaningless and they are always subject to revision as we see what the markets do as the week progresses

[tonymand]

Should 2.0170 not hold then we could look for a short from under this level on a retest from the underside. I wouldnt enter immediately on a break since this could be a fakeout, it may happen soon after the end of the weekend and the stochs on the 4H are welll oversold. If we do go short then the next challenge would be 2.0100 on the 4H and then of course the big one at 2.0000. Cant find any meaningful places at the moment on the H1

So as you can see 2.0170 did not hold. The bounce back to the SMA, failure at the round number and then break through interim support all gave short opportunities. I am out at the moment but should probably have left at least a portion in. Now looking either for 2.0100 to hold (note the divergence) with trade long a possibility or a further short if it gives way

[tonymand]

Not a bad example of 2.0100 holding exactly!

[tonymand]

Looking at this afternoon on GU we have clear overhead resistance on the H1 so any signs of rejection on the 15 min timeframe may provided a good short entry. For a long as usual I will wait for a break out and convincing pullback

[tonymand]

Price rejection best seen here on the 5 mins. 2.0175 would be a good first profit target