Hmm, +1 to that… I think by the looks of things today, it’s time for the dollar to start pushing back… Ill be re-analysing charts in the morning before LO, but for now i think im swayed to be looking to go short GU tomorrow…
Had a look over at the AU… Potential set up for me tomorrow i think, possible short…
Will be watching the grey area to see what happens in here…
Last week’s EU low to high range for the whole week was only 160 pips, just today it’s already at 230 pips. GU last week 165 pips, just today 155 pips. What the feathers is that about?
must be the bailout gonna happen this friday…they all agree to put in just under 1 trillion euro to bail out greece economy …this it is said will stop italy and portugal going down the same disaster route…so its costing the nations a bit…but its less expensive in the long run…so i suppose the world may look upon europe as becoming more stable.
and btw…i should have told you privately i was buying the GU …as i am always ready to change tact on a trade if i end up on the wrong side of it…
in hindsight …i was looking to sell everything at 1.579 …and short back in at around 1.587 which could have been about 80 pips…and you never know it was still rallying strongly at that point …and would have maybe considered a long instead…which would have run on to final price of 1.5965 which is about another 95 points…
wow that would have been 175 points in 1 day…
but i allowed my ego to get in the way…just for the simple fact that i wanted to prove the guys so wrong…as you probably noticed…i have quite a competitive spirit and relish going against the grain…especially when proved right at the end of it…rather than to be unemotional about it and stop trying to beat people…and focus only on winning the trade.
a good lesson learned today…
but i did buy in on the sly…so im still in the race…
but consolation for today was that i expected major activity and intended on catching it early…and we got it really…but didnt listen to the market which was screaming to lock in some profit early on…i mean what had we got to lose …take 80 pips and lose a few…godda remain focussed on profits and take profits a bit more frequently in this game …i think for now…as its easy to take profits and take on a great position immediately afterwards…
gonna get a cv done tomorrow…for getting a job in FX… but im gonna look at the AUD when i get a spare moment …see what it is that you got on your charts.
sanj why would you short that…i mean looking at it…it seems to be short term trending upwards …and long term downward trend…so what sign is there to either go long or short…
if it breaks the blue trendline then maybe go long…
are you thinking that the daily high will probably be a good support and so from there the only way is probably down…(i can see that potentially) …but probability of that happening …is it a strong probability…if so why…
On AU I want to buy dips/pull backs. If it pulls back to the area around 1.0470, Friday’s high, or to even a lower level, I’ll start looking for a candle reversal pattern on the 30m or 1h time frame for a long entry.
If AU doesn’t pull back over night or at the london open, I’ll just wait.
PS thurs high around 1.0485-ish works for me too!
when you say candle reversal…do you mean…like doji., engulfing or inside bar kind of stuff that i been reading about yesterday.
Yes! maybe also a step/cross of the candle back over the 5ma.
You’d do better to angle for a summer placement… a job may or may not follow from this but you’ll be up against the brightest kids on the block. Just be sure your CV doesn’t gaurantee anything! Anyone who thinks they know what the market will do with any degree of certainty will get laughed off the floor! :20:
What’s a CV?
What… your not fluent in Latin? LOL!!! Curriculum Vitae (err … personal, educational, work experience, etc on an A4 sheet or two with a view to getting a job)
Could mean constant velocity joint? The Mad Cow plays up a bit with a few ciders on board! 
r carter…
the thing is …i dont go round being all flashy and c0cky at an interview or in the real world…i just state the facts that i am a proven salesman…proven business man…and good with numbers and am fascinated with forex.and interested in money and.think i would be an asset to the companies…
but i stopped my education after getting a levels in maths physics and electronics…and spent about 5 years as a computer programmer…before getting into business and it recruitment for the big banks in london…i used to put contractors in to either do DBA work or write trading floor software at nomura …jp morgan…salomon smith barney…
so im not all hot shot c0cky guy when i work…
but im looking to get a job…no matter how junior …and not really interested in what im going to be doing…
the only spec i have is that its an organisation that has proper traders and analysts…from which i can learn how to trade properly …if they give me a break on the inside once i get the (whatever job with them ) maybe in operations or helping the traders…
but i have had a look around and there are lots of jobs with companies that just want you to open accounts in forex…
that is fine…but im thinking that maybe that is all they want you to do…and these organisations may be more of a telesales role rather than learning forex.
of course…the big banks arent gonna look at me with out a track record…they would rather take the guy from oxbridge with phd in economics or maths.
but im going to hit the smaller organisations to get my foot in the door…
what type of organisation do you think is best in order to get proper exposure to trading rather than just opening accounts for online brokers and the like.
and what type of junior positions within these organisations…can be a foothold in to becoming a trader.
maybe you know it as being my resume.
Yeah, that’s what blue-collar yanks know it by!
Well as your London based… the best place to bang on doors would be Canary Wharf. There’s Citibank, HSBC and a host of other trading floors. Also Chevron has a big oil floor… third floor… 1 Westferry Circus.
But it ain’t going to be easy… in recent years alot of CFD traders have moved over to FX and your right about Oxbridge types. Gone are the days of starting out as a ‘runner’ in the pits.
As to positions… I guess anything that gets you through the door right? Some of the biggest names in Equities started out pushing less than stella stocks. Good hunting anyways! :60:
well im still sure that the cable is gonna drop…so i just got me 250 mini lots of cable SHORTED…
AGAIN IM MOVING EARLY ON THE DOUBLE TOP…AND HOPEFULLY WILL BE ENJOYING THE RIDE.
…
MAYBE TOMORROWS LESSON WILL BE …DONT MOVE SO EARLY…OR MAYBE THAT EARLY BIRD CATCHES THE WORM…
but im gonna sit by and take profits if it seems to be losing steam…and im gonna cut my losses if it seems to be rallying away from me.
on the 250 lots im just over 10k down already.
shorted at 1.5961 50 mini lots
1.5962 50 mini lots
1.5963 100 mini lots
You’ll forgive if I ask but thats major league around these parts? 250 mini lots = 25 standard lots. Are you trading 1-2% of account balance? MM accounts for more than 50% of any one strat. Just asking?
I like the recent turn in your posts.
You’ll make a lot more friends around here that way;)
Question.
Why would you want to work in an institution anyway? If you have a successful method, why dress up in a suit and tie, and have to answer to the likes of Lloyd Blankfien’s smarmy underlings?
Why not make your own hours, and enjoy life as you see fit? I think getting a seat at a desk would be extremely stifling these days thanks to debacles like the recent UBS fiasco.
And I’m a bit jealous about the programming background. I’ve dedicated the last 6 months to learning to program an easy language like MQL4. I now know enough to thoroughly screw up anything I touch:p
Edit: And I dunno gents. Shorting the GU right now may be the higher risk play. It’s not showing any sort of weakness to the downside even through the most illiquid time of day. I got in long last night, and intend to stay that way. The market will kick me out when it turns, I’m just not into trying to pick a top to this yet.
Man, I hit the nail on the head there, no? 14 pips off, nice profit
The million dollar question lol
250 mini lots? Dude your risking more than my goal for the year (by far). Again what % are you risking here. I am not trying to hate (but its hard not to now lol). Ok maybe a little bit you came off the wrong way but you do seem to be toning it down. What double top are you refering to. The only thing I see close is the daily witch is not in my book but could happen on a good number to. However I do see stops being run at 1.600 hope you account for that. Other than that I think you are now speaking my language. I see this could actually happen. Best of trading to you this time around.