may work well,
one thing i’d look at is what happens in the 2 linked pairs. for instance when gbpusd moves, if eurgbp moves as well, then the eurusd may be in the role of ‘arbitrage’ pair and not move much for the moment/a while. Doesn’t mean that what goes in the first 2 pairs can’t change at some point in the session, it often does, but something to consider if assuming the basis that what goes on now is more likely to continue than change
m, not so classic as expected 
Good we have a tight stop loss
Ok if USDX breaks down at this point i think we will have ITH or LTH forming…
power of 3 on d1 chart, bounced at 1.2840 weekly open.
would be nice to see a break of 2900 for longs
Interesting day tomorrow - little euro news so the expectancy is for fibre to slowly trundle on up, maybe 2950 is being eyed with a certain glee, then can cable with it’s news help a push up?. Tonight’s AS I’m thinking support at 2890, may set a buy limit at 2887 with a stop below 2870
If not triggered I will cancel before LO, if triggered and pushes up I will leave as is.
However I am suspicious of any euro push up.
Eur/gbp, eur/chf,eur/jpy hourly - all at resistance.
Usd/jpy , usd/chf, usd/cad hourly - higher lows are order of the day,
Aud/usd is the only fly in the ointment, but then again should it have fallen in the manner that it did - the fundamentals in Aus are strong, was it a case of the baby thrown out with the bath water?.
On the weekly draw a line from 1st Aug 2010 (9220) to last week’s low (9710)
.
What does gold price have to say - on the daily it’s nervous, on the hourly back to 62 fib - all early days, but watch this cross.
So I am thinking a little pull-back usdx would be ‘normal’ and then all those traders who exited too early will be able to jump back onto that usd horse.
Weekly htf ote area USDX + swing high July 2012 rejected Mon and Tues on daily
Weak pound and stop runs:
since pound is weak, and usd-chf and eur-chf have both ran stops,
i sold some gbp-chf. Not a pair 'm usually trading, though with everyone seeming to look at chf and Mr Jordan, why not.
that was all the thinking for this trade. 'll let you guys know how it unfolds
Seems a certain glee was satisfied - just liquidated any stops - now let’s see can we get the fig - may be tough.
Eur/Gbp helping fibre up, some of the pros are expecting a little higher on this cross - 86.00
oh they’ve been up to no good on eurgbp.
there is a D1 swing high just within the reach, and 86 would take care of it.
actually there was one more reason for the entry - 79 percent retrace.
so i sold gbp-chf, and because this pair could become the arbitrated one, i sold usd-chf at the same time, and one of the two should have moved short. As it happened neither moved much and both moved a little, so i closed both for total of 20 pips. if 20 pips was the daily target, this could have been a way to hit the target in about 50 minutes. I think it’s good to have a low target, because there are so many ways to get it done.
news in cad negative. looking at cadjpy pair, the odd thing is
other jpy pairs have been moving up, cadjpy didn’t, it accumulated.
despite bad news, i’m buying this pair expecting to close sometime within the next hour, win or lose
edit: just closed at -3 points, not my trade
Quote - ‘manipulators are giant traders, wearing seven leagued boots. The trained ear can detect the clump clump as they progress … Little fellows are at liberty to tiptoe wherever the footprints lead, but they must be careful that the giants do not turn quickly’
Written by a certain Richard D Wyckoff, copyright … 1910
you must have liked this book, what title is it?
didn’t read anything by this author, though i enjoyed one from same time zone, ‘reminiscences of a stock operator’, it was quite educational
It was indeed too tough - 6 pips short, many jumping back up onto usd for another heave up.
Yes Ibe, he was one of the greatest educators of all time - look him up in Wikipedia to get a feel.
The book: Studies in Tape reading.
Don’t let the title or the date put you off, it’s a real gem, recently re-published by Martino Publishing, available on Amazon.
were you waiting for it at 1.30?
awesome! great plan, there will be other days and many pips to make
Figured it would try for there but not make it, I suspect that next week we could have another try - this time, if it does, I would not fade the rise, it would probably pop the 30 - then some momentum could keep it going - while away yet.
Btw, didn’t give my reasons - figured SM would fall shy of 3000 - just the same way they did in recent time with usd/jpy, now where will all the retail sell orders be sitting, I figure they will take those orders and smile.
good morning, could we have a short usd day?
eur-gbp is about equilibrium for overnight period, with fiber-cable smt divergence at the lows
mind you there is plenty of news today
quote from the ‘Studies’. Sounds a lot like SMT divergence:
“take the market in the early fall of 1907 : Union Pacific was the leader throughout the rise from below 150 to 167. For three or four days before this advance culminated, heavy selling occurred in Reading, St. Paul, Copper, Steel and Smelters, under cover of the strength in Union. This made the turn-ing point of the market as clear as daylight. One had only to go short Reading and await the break, or he could have played Union with a close stop, knowing that the whole market would
collapse as soon as Union turned downward. When the liquidation in other stocks was completed, Union stopped advancing, the supporting orders were withdrawn, and the “pre-election break” took place. This amounted to over 20 points in Union, with proportionate de-clines in the rest of the list.”