Well, it’s another night of nothing on the charts.
No trades, more exercise in patience.
I checked ProRealTime’s feed on FXStreet today and they have 16.8240 as the low for Silver, same as Oanda in other words. I’ll consider FXPro to be the off quoter here.
The demo silver trade is proceeding towards my SL although it was halted at 17.50 today. I’m kind of hoping it’ll turn around here so it doesn’t mess up my MT4Pips stats too much. I don’t calculate lot sizes there anyway, but still.
EURGBP dropped in big style today and is now sitting just a few pips above my entry level. Let’s see what happens come Thursday, the weekly is beginning to look quite nice now. Maybe there will be a trade in March after all 
Nothing else on the charts tonight that I can see.
Unfortunately it seems that I would have to trust Currensee with my Oanda login, which is out of the question, so I won’t be adding my Oanda account there after all. Now I’m instead thinking seriously about killing it or at least removing my EA. I’m finding it doesn’t really do anything for me without Oanda since my IBFX account is just a play around thingie, and I don’t do much of that anymore.
EURGBP pending order finally triggered today. Currently we’re looking at a nice bearish weekly bar and hopefully the week will close like that. Right now odds seem good that the pair will test the rising trendline of the triangle.
If that breaks there’s potential for a decent sized drop.
Geez, this looks like a turbo trade, you’ll be out in a minute with a profit huh 
Well done!
Looks like the uptrendline is being tested more and more and as we know, that increases the likelihood that it may break. Last rejection wasn’t very impressive, as you said no new high was carved out and now the trendline is under attack again. Might be worth trying to hold on with a SL at BE. But then again if you follow my suggestion I’m sure you’ll get stopped at BE - such are my predictive powers 
An average week, well very much above average for recent, 4,4,3,4 PIPS 4% return.
Also well done!
Seems I’ll be the only one going into the weekend in a nice drawdown.
Making homemade pizza to lick my psychological wounds haha
No real reason to this post, I’m just testing to see if my Photobucket img will turn out weird as Tymens did.
Yep, cheap sons of …
Lucky I’ve learned from SweetPip how to use BP and not have to upload anywhere else!
I think it’s something babypips related, not photobucket. All the images in the forum, wether uploaded from a website or attached directly, have been size reduced.
Seems you’re right now that I look closer!
Anyway, here’s how to include images in the body of your post without uploading to imageshack or photobucket or the like:
I should mention that this is something I learned from SweetPip!
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Snap your image as per usual
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Load it into your post by going through manage attachments:
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Right click the image and choose “copy link address” (probably called something else in IE)
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Paste it into the image address popup:
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Tada!
I have to say I’m in complete agreement with that criticism. Being able to insert full sized images in the posts is a very important feature. The way they’ve changed it reduces the readability of thread.
Hmm, if somebody hasn’t posted about this in the bugs and suggestions subsection I think I will!
My rules allow no more than 4% of my account to be at risk at any one time. Currently I’m at 2% risk with the EURGBP position. Silver may be coming back down and perhaps it will trigger today on my live account, as it has already on FXPro.
That would make 4%.
Looking at charts tonight I can’t help but notice that AUDUSD and USDSGD both look interesting. Now we can draw a descending trendline across the the tops on a daily AUDUSD chart and similar but vice versa on USDSGD.
Apparently, the US healthcare bill may impact the markets in unpredictable ways and elsewhere I’ve seen the recommendation from a skilled person to not enter into new trades right now.
I’m taking that advice but I was quite tempted to look closer at AUDUSD. Well, patience always pays out in the long run.
EURGBP has behaved well today and further dropping would be well received by me.
Silver did trigger and apparently decided to immediately mock me by forming a daily pin bar against my trade. Perhaps they found out that I don’t do silver fillings? (silver fillings were banned in Sweden a few months back due to environmental concerns, it’s all plastic now baby! :D)
Seriously though, No reason to panic and get out for a small loss. Both trades remain valid and we shall see how we end up.
Plenty of pin bars forming today but I’m already maxed on my risk, so no new orders for me.
Think Mercury… Goes into the ecosystem and refuses to leave. (It’s the Mercury in Silver fillings that make it “moldable”)
Yes, it almost looks like a H&S type pattern on a daily chart, starting back in October 2009. Where will it go? I have no idea really.
Let’s have a look at the two active trades:
EURGBP
Here we see that price spent the whole day testing what it felt like to move higher toward 0.90. But at the end of the day, price apparently found it didn’t want to go there and actually closed a pip or a few below the open.
I see no reason currently to close for a partial loss, not that I’m allowed anyway according to my rules. That rule however is one of few that I will sometimes break based on the famous “gut feeling” thingie. Not tonight though.
Silver
Now Silver gives more reason for doubt. Yesterday it activated my live account order and then reversed and formed a pin bar-ish bar. Today it proceeded to form a doji. Quite a bit of indecision here in other words. The big picture looks bearish to me, but to other traders it might look bullish if they define trend by starting at Feb 5.
All in all, the bar that was my reason to place an order, the March 10 bar, is still valid and since then a lower low has been made but no higher high.
I admit this current situation is one where I do not feel 100% certainty in my trading, but I’m going to trust in the analysis that made me place the order in the first place and hence stay in the trade rather than taking a small loss. Is that the right thing to do in spite of price ranging around instead of dropping as I anticipated? I don’t know.
Perhaps it would be smarter to take a small loss and reevaluate by the sidelines? Maybe it’s the human desire to not be wrong and to not lose that is keeping me from doing that? Whichever way this trade goes, it’s one that I’ll be reviewing my management of afterwards. Perhaps I should have removed my pending order after it didn’t trigger (on my live account) after a couple of days. Many potential choices to consider here.
My sadly uneducated guess is that we’re about to resume the downtrend.
I base that on Tuesday’s close which was lower than any close in Feb or earlier in March.
Until proven otherwise I choose to view the current range as a bear flag continuation pattern, forming about half way from top to bottom. (yes, I think it’s possible that EURUSD may revisit the 1.24 level.)
This is just pure speculation though with very little substance behind it.
Hmm, strange. The images weren’t clickable as I thought they should be. BP must have resized them during the upload. I guess it’ll have to be Photobucket again then.
Correct, the SL is at 17.65 for Silver, which is just above the last swing high.
Yes, and that shows how little I understand about US politics and it’s influence over the markets psychology. When Clockwork warned about not trading until the Health care issue was cleared, I though that if it passed, markets would come crashing down for fears of “socialisation” of the US and for fear of higher taxes, etc. Instead, seems like the opposite is happening… :rolleyes:
No, I’m with you there.
I think it was on the J16 thread a few weeks back where someone posted a very good analysis about why the Gold bulls are wrong. I tend to agree with that view.
Silver has more uses in industry and so it isn’t driven by quite the same forces as gold, but they both behave bearishly now imo.