1.6580 Important resistance level on GU. If buyers are unable to take price higher here, 1.6250 is the likely target.
just watching a US news release on OANDA. for about a minute, the spread went up to 20 pips! that outrageous. it then went to 4pips, and now is back to 2.2. i feel sorry for anyone who traded with 20 pip spreads
My goodness! Is that legal? Can they actually do that?
It certainly shouldn’t be legal! I’m only on a practice account still, so I cant talk for real accounts. its crazy, considering the price has only moved 25-30 pips since the news release!
Lucky you… a 25-30pip move with a 20 pip spread adjustment is a 45-50 pip move…many stops.
Wow I didnt expect these to respond so quickly. Set before leaving home and in some nice + so far.
[B]NZD/USD[/B]
http://img821.imageshack.us/img821/9594/h4nz.jpg
[B]GBP/USD[/B]
http://img546.imageshack.us/img546/6494/h4gbp.jpg
[B]EUR/USD[/B]
http://img715.imageshack.us/img715/1871/h1eu.jpg
Hello all,
what a morning! price rose on the GU to touch 1.6750! i knew it was bullish, but not that much! my london open breakout trade picked up a nice 30 pips… but missed out on the other 70+. for the first time, I will be attempting to use staggered TP levels.
The great news is that my account (demo) has finally gone positive again!
Happy pipwning
I think that our economy has been starved of good news for so long that the positive GDP announcement gave it a real extra boost this morning, nice work catching a decent chunk of it. Well done on rallying your account, sounds as though you are really beginning to crack it. Rest assured that if you stick with it, the sometimes-depressing section of the learning curve is mostly restricted to the beginning of a trading career - the money-making part lasts far longer!
Thanks for the inspiration ST 
I think I’ve finally “matured” out of the newbie stage where you just want to trade trade trade rather than sit and wait for the perfect setup.
I’ve started reading a lot more news and getting my head around how it will effect the price. but I know I still have a long way to go! Hopefully going to Uni in September wont throw it all out the window.
on topic; Would anyone hazard to say that the bullish swing on the GU is over and we are on our way back down?
It’d be worthwhile now opening up a small live account - even a micro account with just £100 would be good. Getting used to putting real money on the line using small amounts will stand you in good stead later.
On topic - a pullback in GU would be welcome to reload another long. Don’t particularly see any reason for sustained USD strength at the moment. Especially after FOMC and Bernanke yesterday.
I would agree with all of that. The psychology of live trading can be tricky at first, but the good thing is that you should have confidence in your strategy, which helps get you through the odd scary moment.
On the GU, we have had a pretty firm initial rejection of 1.6750, but Resistance could well have become Support around the 1.6385 -1.6425 area, so we might see the pair ranging between those two levels for a while while it decides what to do next. So personally I will be looking at some range-based strategies in the immediate term, looking to go Long or Short once the zone is breached (assuming that we don’t just break through early).
So still some great opportunities, but will be interesting to see what happens longer-term.
And you are welcome on the encouragement - that can be just as important as sticking to your strategy, sometimes!
I have been mulling the idea of opening a micro account for months now, but having a full time job has been making me think twice really. Before I have real money on the line (even a small amount) I want to make sure I have enough free time during the day to really focus. I will be leaving my current job in july to take the summer off before I go to Uni, so maybe that would be a good time to do it. I would hate to lose the money, not because I would be broke, but because I know that I would never hear the end of it from my family, who would then try and stop me persuing FX any further. They dont really understand it, as they think of it as gambling. meh, politics.
On a good note, thats another +25pips. keep em coming.
Edit: Makes a change to see some green numbers, rather than red :22:
Without wishing to be controversial, do you have to tell your family? I got a similar vibe when I first started out, so I told my wife and a couple of friends, but did not spread the word more widely than that, and certainly did not tell my parents. If you can start with a relatively small, ring-fenced sum of money that you can afford to take out of your regular cashflow and not need back, it is very worthwhile practising the psychology now that the underlying strategy is getting more familiar.
I am full time at this, but often trade between 0530 and 0830, which would obviously work around many full-time jobs, end of day can also work well.
I guess what I am saying is, this is a profession that tends to attract a fair bit of criticism from those on the outside, but that should not be your principal reason for not taking the next step. If it works, you can then come clean about it while having some evidence that it was the right call. Trading alongside your Uni course ought to be possible, then you might find that you never need to go back to a regular job at all…! It is a cliché, but trading really can change your life. I am very glad that I took the plunge, so have become a bit of a bore when it comes to supporting others in making the same leap, sorry!
Anyway, sorry to take this further away from the thread subject, just thought it worth saying this. Apologies to the thread owner.
ST
GM All!
I am out of yesterday’s trades, with NZD/USD and USD/CHF hitting early TP. Breakeven levels hit on GU and EU for strong buying.
Original positions resumed on these pairs as I believe their runs are over or seeking a pullback or quiet near there.
So continued long on USD/CHF and short on GU, EU, and NU. Quiet a decent pullback anticipated here.
Good going TWHM!
Out of curiosity how far a pullback are you anticipating for EU and what timeframe are you looking at? With the recent US numbers of bad employment and lower GDP there’ll probably be some decent bids lined up from 1.4770-85 I reckon. I don’t see much of a catalyst right now for some sustained USD strength. Maybe some squaring up for the weekend might work in your favour?
Good Morning Pipbandit, I am looking at 1.4630-1.4530. My watchout level is 1.4750. I NEVER trade based on news. From my experience the Technicals setup ahead of the Fundamentals. I only avoid NFP days.
SL hit on a Long trade GU after the news release. got caught out by the rise. I thought maybe the GDP news release had pushed the price bullish again, only to have it drop back again on the very next candle.
Oh well, still positive for the day.
Yep, I avoid NFPs myself too. Total lottery! I went long recently at 1.4781 to catch the bids lurking there and added at 1.4801 for a combined half-size position. I’ll probably close out by the end of the day though or sooner. Can see the pair maybe dipping again before the weekend as they square up.
Lottery Indeed! I was on the road for a bit and just saw that buy up. 1.4852 may be tricky from my H4 perspective. I am expecting to hold awhile with large stops and smaller lots on these trades. Lets see how they go.