TALOND
Still on the 9 LAWMA and 9 SMA on the 15m and 2 and 4 LWMA on the 1h.
It looks like its still testing support. I’d wait awhile. 
hey R. since you called it a night during the Asian, I was wondering, what time of day do you get up and start looking at the charts GMT? In other words, when do you start looking for big moves to happen and the slow overnight period to be over with, around 7 your time? I can get to my account on my cell phone and may try trading more during the day, but may try to get up earlier to catch the opening also.
That big move this morning, was that due to news? I see there were several news items coming out at 9am gmt
TALOND
I’m no analyst… eyes start to glaze over when i’m in a room with any of them. 
I only trade price action (as indicated by MA and Bollinger). With due respect to analysts… ‘price is always right’. ‘I think based on X,Y,Z its going to do this’ just doesn’t float my boat.
As to news. Of course, I look to whats coming up but anything other than high impact news won’t stop me from trading.
As to when I trade. Depends on how much I’ve had to drink the night before. Usually I look to the charts at around 07:00 GMT as Europe opens an hour ahead of London. I almost always only trade London open - New York close. Perhaps an hour earlier if Europe is making an early move. After New York close it usually gets very quite. I’m not a fan of the Asian because its way off my time (01:00 GMT) and clashes with drinking time and or sleep.
TALOND
Mike, a question for you. Your call is usually a drop around 14:30 GMT right? What about today? Theres some good support right about now… a possible retrace before New York close tonight?
I’ve just placed a tentative Long at 1.646 with my stop just under the lowest wick of the day. Well see.
R Carter
Where did you put your initial stop on that fall…?
I put mine @1.6690.
And I got in @1.6625.
Thx.
CAS
Looks to me you were right on the money!
I entered 1.661. SL originally set at 1.665 (just above the high wick). Manually adjust down.
a morning drop and an afternoon drop happens pretty often, not always though and not always big. sometimes swamped by a larger move but still visible, sometimes not there at all.
With some big variations looks like it’s still following the yellow brick road though eh?
edit…
well it’s dropping some now, right on schedule, where’s that crystal ball now 
also interesting to note, my ‘oversold’ indication. it went up some after that yesterday and now it’d back down mingling with the tick data again, maybe will retrace back up this afternoon or tonight?
TALOND
Interesting and right! :mad:
I thought it tended to happen aound 15:30 GMT as London is winding down and New York winding up? Got a ‘megga’ 3 pips out of my last trade before I shut it down.
R Carter
Just gave a little of that back. I didn’t get out quick enough on a LONG trade. 
That manual management of stops got me. I set it to break even after +15 pips and moved the stop back 10 pips after moving against me.
Well, I got knocked out with -10 pips.
Manually moving stops…I ain’t used to it.
CAS
My way of working the start of a trade is to enter with a fixed stop and manually move my stop up with the trade with a view to break even asap. My stop is just there as a buffer for the start of the trade to bed in. After price moves positive, like I say I move up my stop with the trade. But if price looks like its stalled out before break even, I wont let it go past my entry.
Robert
Now I’ve had a chance to sleep on it (and forget the previous discussions! :p) why use an average price line? Why not just use the current price line graph instead?
I’ll have a play around with MA’s tonight on the 5M, 15M, 1H and 4H charts to see if I can come up with a standardised ‘best fit’ set of ma’s for each chart time.
I know SanMiguel has had a go with some ma’s and chart times too. Perhaps those who are interested in trading this way, might also have a go?
RED EAR
I see where your coming from. However, on a 5m or 15m chart price still zig zags considerably even using price line. The ma is there to help make sense of what its doing or should I say going.
How would you determine best fit? (LW)MAs which reflect price trends and changes in direction with the least whipsaws?
Sorry for all the questions - some of them are no doubt very basic! :o
Have taken a long at 1.6449 currently +20 and stop moved to break even.
It didn’t look like any stops were triggered in the price action so these are genuine buyers moving the price and it was from a support zone. I can’t really be sure of a target in this instance after the big move today so I’m going to aim for the 13MA or middle bollinger band - what do you think - too much?
RED EAR
Yes I’m looking for a ma that best fits the price action on each time frame chart that gets the most pips whilst not leading us into a ‘fakeout breakout’.
I’m back from lunch with my cellphone, hesitant to enter a long though, another half hour and things will start to settle down and flatten out for the evening.
R. what about the red MAs ? worth mentioning them here?
SanMiguel
I’ve just got home and noticed the bounce. I’ve just entered at 1.647 (late I know). I agree with you it looks good for more pips. TP1 (1.6486) TP2 (1.6525). Not figured a stop yet.
How did you come by those targets by the way?
I can see some fib lines around those 2 areas or are you just extrapolating (big word ) where the bollinger lines will end up in a few hours?