I’ve been keeping an eye over on GU. 
Depending on what happens into today’s close and tomorrow’s London open I might roll the dice again. AU seems to be working for me today. :44:
r carter …
that new trendline does put a different perspective on things…
wow…its saying that even if we go down to 1.584…possibility of still continuing the recent upward trend…
thanks for that…
im gonna have a good think about this as im already in …and making a few pips…
dont konw if i dare hold for long as now im not as confident of a downward trend…
may be worth taking a couple pips and waiting util something is more esstablished.
yes d pip…really looking forward to tomorrow…hopefully catch some nice price action…had a look at the au hourly and that would have been a nice short early on …sounds like you caught some of that…
eblip,
Here is my analysis on GU for Thursday… one hand, blah blah blah… on the other hand, blah blah blah….
Until the pic sharpens up I’ll practice sitting on my hands. 
still looking for AU shorts but have a feeling she may have run out of poop.
Recon so… ah but wait… there’s always ‘fraggles’? 
0.4220- 0.4226?
Im still biased short for GU today… I’m in short at 1.5924 at a .62-79 fib retracement…
If you’re looking for shorts, you picked it just right, nice!
My 1-hour chart is saying short, 4-hour is saying long so blah… blah… blah…
Well, took off 1/4 at +20 then it came back up and stopped me out at BE…
Threw my fib up using a higher high, and saw where it moved up to was still placed in the .62-79 fib zone, so im back in short with more or less the same entry at 1.5924…
Hopefully this time we’ll get a stronger move down!
Might see some crazy unpredictable price action today & Friday. We’re heading into the end of the month and first quarter, big players could be trying to meet end of quarter goals and press the price in their favor. Even the best TA models may end up being useless today & tomorrow.
Definately looking that way! Too many long wicks and small bodies on the candles for my liking… My trade lingered and hit +20 pips again, so closed a 1/4 and locked BE… Just going to try ignore my charts for a while now as constantly watching these fluctuations drives me crazy lol… If i get stopped out again i think i will stay out GU for today too…
nothing has been established today in the cable…i cant justify doing anything yet…nice one on grabbing some pips sanj…hope you can hang onto em today…im gonna wait for the big guns at 12 :00 gmt…
i would like to have a go at that scalping game but this 2.5 pip spread in the GU means i cant just jump on anything…cant just get in and out…in fact any spread more than a pip is starting to get on my nerves and wind me up. as in several trades today scalping i could make say 20 pips…AND STILL NOT BREAK EVEN…AS THE BROKER WILL HAVE TO BE PAID.
im starting to think scalping through a broker is a mugs game…
i need to get on the interbank system directly…someone told me …you can catch a tiny spread very regular…and sometimes there is no spread at all…wow.
Thanks guys… Today is looking like a good day for me… My swing trades have finally started paying off too, im short USD/JPY (aweful entry though), and long USD/CHF but planning to hold these for atleast a few days, possibly over the weekend too…
Intraday ive got my GU still going strong, lingering around +50 pips atm… Hoping to hold it and see a drop down to test yesterday’s low, but we’ll see what NY has in store for us…
Just got stopped out for +35 pips… Got a feeling it will carry on in my direction now… So tempted to jump back in…
been looking at the gu…and it seems that i have to wait for it to either break about 1.6 before i will be happy anything of importance is happening or to drop below 1.585 ish…until that happens…i cant actually justify doing anything…and right nowespecially with the 2.5 spread…it may move against me if i try and scalp and then ill have more than 3 pips to get back…so ill wait and maybe read up on some charting patterns or study an indicator a bit more…anyway good luck if you jump in…
I stayed out for now, there is a double top forming on the 15m though… May leave it though and see what the situation is like nearer London close…
It depends what you really justify as a scalp… Personally, a scalp for me is anywhere between 10-20 pips, anything above and i’m looking at it as more intraday, and anything below i consider just playing with fluctuations…
What broker are you with? The demo account im on is with Oanda and there spreads are usually quite good. GU is about 1.8 - about normal…
yes…now 20 pips is a decent scalp…
i was thinking of less moree like 5 pips possibly a few more for scalping…and right now its just a bit risky…im really focussed on growing my pot…
so maybe i should focus more on swing trading and try and jump in when im confident i can hold my position for a few days and make some larger gains…
im with a few brokers at the moment…i have alpari …onanda …and fx trader pro or something like that…
but alpari and onanda seem to be best at the moment.
My 2 pips re scalping.
If you can identify a strong[B] trend that has momentum[/B], a market going somewhere, you can make some pips scalping on the 5m time frame. But if you’re trying to makes some pips scalping when the market is flat, without [B]trend and momentum[/B], you’ll most likely get chopped up pretty badly.
When there is a clear strong [B]trend with momentum[/B] you have an opportunity to work your ass off and maximize your pip count. Pull up a 1-hour AU chart and look at the last 2-3 days price action.
Then pull up the 5m with a 14 period ma and you’ll see if you’re really good, you could have scalped all the swings up & down and racked up the pips. I’ll repeat, [B]if you’re really good![/B]
You also could have done very nicely with one or two swing trades off the 1-hour.
So here’s the question, if the market has [B]trend & momentum[/B], do you want to maximize your pip count working your ass off scalping, or take a more casual approach make less pips but still very profitable? There’s no right or wrong answer, both work, just different trading styles.
[I]Terms & conditions: This is my opinion based strictly on my experience, I’m sure others might disagree. If so, please be kind and do it politely.[/I]
what type of 14 period ma exponential …applied to open /close …what do you think…on the moving average thing
I use the 14 simple on the close, the 14 ema work fine too. The exact setting of the ma is not as important as spending the time watching and getting a feel for how the price reacts with the ma.
PS I’m heading out for lunch, when I get back I’ll post a chart with a simple set-up that I use.