I had a GU buy according to PA and it hit my BE at 2 pips.
Then I had a EU buy which hit my BE at 2 pips.
Now GU shoots of way above where my TP level was suppose to be.
EU is still down south.
Are we starting to see GU and EU go their own ways?
Or will Euro pull the Pound with it?
Any old hands on board who have seen this before?
I do not know if I am an old hand, lol. I do watch the cable just loosely, but I wouldnāt always bet that fiber and cable moves with a strong correlation. For a long time the buck and xau moved with a reverse correlation but we have seen lately that it can also move together.
Technically, the fiber today is āovervolatiledā. Thatās why I do not trade today with it. Maybe a counter trade late at night if all the brave guys are sleeping, but weāll see ā¦
Took another 3 lots short from 1-3945 to 1-3930 for +15. Add that to earlier short and a 3.4 scalp and balance has went from $107.88 to $117.73.
Monetary value of that may not be impressive to most, but % wise is approx 9% off the top of my head. More than likely that will do me for today. Just came back in from doing the Halloween tour with the kids and we are all soaked to the skin cos itās thumping down with rain in Glasgow tonight.
Time to sit back and eat some candy to fully appreciate my 9%. The market can have it back later, tonight itās mine.
COOL!
Incidentally, just for Miankoās benefit, because Mianko was asking what indicators to use in his/her trading, I made just shy of 35 pips profit today with no indicators whatsoever. Just candlesticks and a couple of S&R lines.
Did have an eye on the indices today though and may not work like that everyday, but there was nothing complicated about today, no fancy things that go up and down, no flashing lights, bells or whistles. Just Price Action and not getting greedy. Cut 2 trades short of initial target to lock in profit.
One trade continued down further that would have hit intended target and the other reversed and is still -20 pips from target as I write this. So all in all quite content.
Most importantly Iām happy with the trades I made today in the sense that looking back, I still believe they were good trades based on short term Support and Resistance levels, rather than just lucky potshots. You could argue the scalp was a lucky potshot but even then I took that based on candle pattern on a short time frame and only ever intended to take 5 pips at most from that.
I know I wrote about making 9% today, and you were somewhat criticised recently for saying you intended to make only 3% everyday. But let me assure you I wonāt make 9% everyday. If some of the big guns where guaranteed that sort of return everyday there would be some very happy chappies in the world.
So previous advice still holds, aim firstly to become consistantly profitable before you worry about setting fixed targets of profit. If this all sounds a bit smug then I apologise, itās not meant to, but donāt worry, the market will have itās day over me, and both it and I know it
Not 9% every day? Come on HoG, you can do better! LOL, i am just kidding. Iād be grateful with 0.5% each day [U]consistently[/U]. 
Oh my, did you see this fiber shooting below that nice fibb and weekly pivot support level? Now where will it drop to? 137something? Below straight? 
50% of this short trade still goingā¦ i will close it at the end of NY sessionā¦
Done with this trade 400 pipsā¦ beautiful monday
Bathed the little one and by the time we came out of the bathroom some-one had shot the fiber in the head, dropped like a stone.
Next Support just under 1-38, from there all the way down to 1-3711 ??
Excellent work, no need to ask if itās trick or treat for you then ?? LOL!!:46:
This was the halloween witch pip Monday. :46:
Watch out tommorrow, maybe itās a trick treat trade, lol.
Ooops, better go, looks like the wife is coming home LOL !! ( Donāt tell her I said that, she might turn me into a frog !!)
Just looking throught the charts, and watching the Index futures figures right now. All index futures pointing significantly lower, charts pointing lower.
So going to ask a stupid question ( remembering that we are dealing with the FX market here ) How can the EUR/USD do anything but go down ?
Regarding general probabilities you would be right, but there is no sure thing in trading. It can do everything at everytime. Iāve seen the eur jumping up while the dow was dropping down in the past.
Actually I just watched it stopping at the 38 fibb and turned a little. Not thinking this will be the lowest level for this week, but weāll see.
Just as a point of reference, are you taking your Fib from the 04/10/2011 low to the 27/10/2011 high ?
I made the mistake of shorting at the 38.2 level BEFORE I put the Fib on chart. The weekly S1 at 1-3888 takes me out.
Target just above the 50% @ 1-3715
What did I say before, the market will take it back at some time !!
Actually yes! However, I have an indi here which draws several fibbs automatically for me, so thatās just one. Another one is from the 149ish level and even that stopped at the 38 fibb level right now.
Thatās ok, thought something was off since 1.03 is actually 103%ā¦no issues
Would anybody like to hazard a guess as to the answer the Greek people give when the Greek Government asks them,
āListen, would you like to pay more tax, have more cuts, job losses and years of misery. Or will we just tell Europe to piss off and weāll bring the Drachma back ??ā
Any guesses ??
I guess the question that I have been wondering about is, is Greece a net negative to the union or the Union being the net negative for Greece.
Greece sums up pretty much what the other countries of the world are going through at the moment. All hesitant and pushing away the bitter pill that has to be swallowed sooner or later. All we seem to be doing is buying extra time with resources we dont have to push away the inevitable.
Sooner or later, they are going to have to bite the bullet, regardless they in the union or not.
Now that brings me to the next question.
Is Euro, Pound, Aussie and Kiwi a net short because of the strengthening dollar, or because everyone is banking on the Euroto fall? I am very skeptical of shorting the last two for this reason.
We actually holidayād ( is that a word ? ) for about 4 years in a row in Greece just before the Euro was introduced. The Greek people seemed quite content with their world at that time.
In all honesty Iām surprised the Euro ever lasted. I have a Greek friend who tells me the people never liked the single currency as it made everything more expensive. Same story has been echoed by Spanish friends I have and another Scottish friend of mine who holidays in France every single year tells me that the French people arenāt too mad about it either.
As for shorting the pairs you mentioned Iāve just watched a bloomberg analyst say heās more bullish commodities than he is equities. So if you give any weight to what these people say it might be well to leave commodity currencies alone.
