Sorry to post off topic, but could you PM or email me your contact details please (myusername at gmail dot com)? Been travelling for a couple of days and your email doesn’t seem to be working. Can’t PM either as not enough posts. Thanks mate and am really enjoying the new thread. Hopefully the riff raff will stay out and we can continue learning from you. Very sad to hear about the webinars. You should reconsider! Learnt a lot last Friday and far more efficiently than in any forum.
Is it possible for David or the mods to make it read-only for everybody else so we don’t kill it with 75 million replies like the last one? It’s going to become difficult to follow once everybody’s posted their questions and musings.
No they weren’t worth reading. His posts were off topic. We’re making pips here. He wanted to talk about something not related to trading or making pips.
If your question about why do the charts move and you lose money after you switch your computer off was serious and not spam (as reported) then you should go and read the BabyPips School before you even think about trading.
There is a pdf somewhere in the thread specifically about Order Flow trading.
Apart from that this is likely to be a very busy thread (if it stays open more than 5 minutes) so with respect please don’t fill it with posts that are not on topic or asking about things that have been covered many many times already.
I am behind in the thread so if this answer has been suggested, move along.
The information regarding bids, has not mentioned any major players, thus I would assume it to be a weaker form of support.
I would prefer to place a long entry on the option @ 1.5500 and a SL below some form of support, a 100 or 200sma would be nice else a fib line or a previous day’s low or a support line from IFR reports. For my TP I would be looking at around 1.5585.
If the SL is greater than my potential profit I would not trade.
I’m not expecting much from the Asian sessions tonight, we will likely see more tight ranges like we had last night.
I still have the USD/JPY orders in place @ 78.05-10, and I will re-assess this in the morning. I don’t expect much drama overnight as I said, so I will just leave the U/J in place and stand aside from anything else.
Thanks for awesome insight into order flow trading!
Just an update for the asian session traders:
USD/JPY:
Solid Japanese bids still from ahead of 78.00, offers from around 78.50.
Stops both side of this range - sub-77.90 and above 78.80-85.
AUD/USD:
Option related sellers ahead of 1.0600 capped overnight gains
Real money funds continue to buy dips, as carry trade demand remains strong
RBA decision at 04:30 key event for today. RBA expected to stay on hold
David’s long USD/JPY are spot on as usual Looking like strong trade, with resistance expected at 78.50 thanks to an option and exporters selling above 78.50. If the trades do trigger I will reassess the situation.
For AUD/USD we have the RBA meeting with rates expected to remain 3.5%, Reuters has suggest shorts are good ideas. I have a short trade at 1.625 with a SL of 1.640 and looking at a TP of 1.05100 which is above the 1.05000 option.
Obviously as more IFR comes out trades could be adjusted.
Solid Japanese bids in USD/JPY pre-78.00 again, trail down.
Stops mixed in sub-77.90, 77.50-60 but intervention risk too.
Offering interest in place again from around 78.50, trail up.
Stops mixed in above 78.80-85 and 79.00.
Will be interesting to watch the 78.50 offers - earlier today Reuters mentioned exporters, so could be a strong resistance level.
Some EUR/USD Info:
EUR/USD sees bids from 1.2360-70, layered down to 1.2300.
Topside stops above presumed option barriers at 1.2450.
Looking like an entry between the 1.2300 and 1.2320 option could be a nice long trade. up towards 1.2450ish area.
The 100 and 200 sma’s are also around the entry point.
Just loaded the charts up and see the USD/JPY missed our first BUY order @ 78.10 by about 5 pips in overnight trade before rallying up… we were unlucky not to get a bite on that one! Oh well plenty of fish in the sea anyway, so not a problem.
U/J is now up @ 78.30’s so I’m going to cancel my 2 buy orders on this for the moment.
Topside barriers seen at 1.2450 and 1.2500 in EUR/USD
1.2500 is large and part of a soon to expire DNT with 1.2000
Large 1.2400 vanilla expiries again today may contain for now
Large bids 1.2340-50 and smaller 1.2370-80
Also Forexlive Today’s orderboard…
EUR/USD: Bids (light) 1.2370/80 larger down at 1.2340/50 and 1.2300/20. Offers 1.2430/50 from SNB related name) buy stops above on a break of the 1.2450 barrier. Also talk of another barrier at 1.2500
So we can imagine strong selling pressure @ 1.2430-50, if breach up move to 1.2500
Looking like strong trade, with resistance expected at 78.50 thanks to an option and exporters selling above 78.50. If the trades do trigger I will reassess the situation.