Are you referring to the candle at 8:50 failing to make a low lower than the candle at 7:00?
Is that where you went long?
yes, same trade, long fiber after breakout and pullback into top AR/80 level to 2925
Yes, compare the USDX and Fiber 15M TF candles @ 07:00 and 08:45. We got a nice rejection at 1.2880 (noted support level) when the Fiber refused to go lower. dispite the USDX going higher, indicating potential EUR strength.
Thank you for the reply.
Very helpful.
And out for 50pips. That’s my week done! 1 trade more than enough to bring in the money!!!
See how that AR low provided some lovely resistance before the drop 
(I missed the OTE for the short when it spiked up)
The USDX was lagging, lower lows on the Fiber, no higher high made on the USDX, however, higher lows maintained on the USDX.
1.29, 1.2880, 1.2845 targetting these levels for some profit taking
got burned
entered at 1.2925
did notice the AR resistance, but was hoping for price to break through… once the news hit, it dropped way too quickly for me to react…
I did however NOT pay enough attention to USDX… might would have kept me out…
on to the next one…
Got in at the big figure 1.2900 and hope the price will go up. Possible USDX bounce at 83 level
Morning all - just a quick point fwiw re the USDx and EU divergence patterns that many of us watch (re jonnycab above). Bear in mind that the Euro is only one element of the $ index (@57%) and while admittedly its the largest the JPY is @ 14% and the GBP @ 12% so at times of volatility vis a vis these currencies i.e yesterday UK budget and todays first public press conference for Koroda the new BoJ head - there can be a few distortions particularly as to whether one lags the other or not. The point being to make sure there are no big moves afoot in either of the other two component currencies which might be casuing a divergence or lag when determining an EU entry.
This is a valid point and should not be ignored. I’m not saying to change anything you currently do, because it works, but integrate this snippet of information into how you view the market as a whole and be aware of the consequences of it when you’re actively trading.
Hi Guys
Has anyone traded bonds here?
Now i’ve started watching them to get clues on what’s going to happen in the fx market, I have noticed they seem to act quite well with the usual technical analysis.
Cheers
Andrew
Stopped out for -7 pips. I could have booked my profit for 30 pips at one stage though…wanted to see how price behaving at that level. Will look for another opportunity…learning from mistakes…
This is why I use the correlation tables at mrci, for example this morning, in order to determine bias, I looked first at EUR/CHF and then fibre.
This cross is in close correlation at present, and was on a clear down trend on the 15 min, thus my LO bias for fibre was defined for me.
The beauty of the mrci table is that you can see whether correlation is increasing, decreasing or static.
I like to see correlation of ± 70’s to 80’s , obviously in the high 90’s is pretty much useless.
Thanks Peterma. I had a quick look at MRCI but didn’t understand the concepts properly…I’ll try to learn them in detail later.
Will post a link and explanation later today.
I meant to ask…you are a mind reader!
I had a horrible day trading yesterday, down around 20 pips… But today i’m long on euro at 1.2894, taken profit at 20 pips. Gonna leave the rest on at just below BE and head to bed.
All the best peeps!
I see a few of you are getting burnt today. Sorry to see that. Maybe slow down a little your trade frequency. Maybe have a weekly target and when you surpass it, step back from the market. Just a thought. It is Thursday after all, aren’t you done for the week already?
It takes an extremely competent trader to extract profits every day, every trade. Long story short: they don’t exist.
pinches self whew!!! Yep I exist…