Cool, I’ll stick with it, I just thought that if the flow was there to protect the option barrier that it was likely to be the case that the orders would expire at the same time as the barrier did so a graceful exit might be the best course.
David, what does this mean form IFR… "Firmer USD/JPY spot tone (78.60) sees interest in 1mth 25D RR
[B]My complete order/trade board today…[/B]
[B]UPDATED
[/B]
[B]GBP/USD[/B] [B]Pending BUY[/B] order placed @ 1.5635 (buy stops), Stop placed @ 1.5625, Target @ 1.5650 (barrier). [B]This Trade Hit Target For +15 pips[/B]
[B]USD/JPY[/B] [B]Pending SELL[/B] order placed @ 78.55 (78.50 is barrier), Stop placed @ 78.65 (yesterdays high), [B]Target @ 78.30 Trade Stopped Out -10[/B]
These are scalps with a short term outlook. Will hold orders until the NY cut @ 15:00BST.
Been told from a contact in Asia who has just finished that there is good sized BIDS sitting on [B]NZD/USD[/B] @ 0.8160-70. Thats also around the NZD high from Friday’s NFP and other techs.
So incase the NZD actually makes its way down there today, I want to play those bids. There is no report of sell stops below market price, so not sure if it can test the bids, but I have my order there on the off chance that we can slap the good bids below.
[B]Pending BUY[/B] order placed @ 0.8160, Target @ 0.8185, and the stop is 0.8150. I will leave this pending order sitting until North American close tonight. [B]Left Order In Place Until N.American Close Tonight[/B]
IFR [B]EUR/GBP[/B] [B]“Bids tipped @ 0.7920-30 (0.7924 = Aug 3 high). 0.7925 option expiry today.”[/B]…
0.7923 is last weeks low, 0,7917 is yesterdays low. If this zone is reached it will offer you a scalp trade to the upside. It is technical support combined with order flow.
[B]Pending BUY [/B]order placed @ 0.7923, Stop loss @ 0.7910, Target not set… use a trailing stop. Start by moving stop to entry @ +8, then trailing it every +5 pips. [B]Missed Entry By 1 Pip…Now Removed Order[/B]
Order will be left in place until NY cut.
[B]USD/CAD[/B] [B]Pending SHORT[/B] order @ 0.9975,(reported sell stops) Stop loss @ 0.9985 above yesterdays low, Target @ 0.9955(reported bids) [B]Trade Hit Stop Loss @ Entry Price… 0 pips gained/lost.[/B]
Will leave order in place until the NY cut 3pm UK time.
All in all there was plenty of flow around. We were unlucky with the EUR/GBP missing our entry and USD/CAD not following through to the lower bids, those 2 would have made the real difference today.
Not a bad day, still profitable, but could have been better. Lots of ranges floating about in the markets just now.
Hi.
What do you guys think about short USD/JPY at 78.70 SL 78.85 PT 78.2, just same as yesterday…
Thanks
David, when we have let say ACB,SNB or other big names on offers/bids and that level get filled, how long they are going to stay in the market ? I mean what is their target is ?
Will answer later… I’m just about to head out for a dentist appointment.
DJ
Its not a case of how long will they hold it for. You have to understand that the ACB and SNB ect ect don’t trade like you and me. They are not taking trades like us and looking for a few pips. They are often just exchanging currency from one currency to the next in order to fund transactions and on behalf of other names. Or buying reserves ect ect.
Also their positions are far more complex than buy here and sell there… what you will find is they will have multiple positions in the market at various levels, often 100’s of pips apart as one big scale in/out structure. So if they are on the BID EUR/USD for example, it doesn’t mean they will then close it 30 pips later. They will just be buying to stock up against the $ as a bigger agenda/plan.
As an order flow trader, all your looking to do is trade the reactions of these transactions taking place. If price is @ 1.5025 and you know there are buy stops @ 1.5030 and there is a barrier at 1.5050, then you can trade those stops and target the barrier… the reaction of those stops being filled should be enough to cause price to rallie up to the barrier.
That is order flow in its purest form.
It means stronger… more bullish ect ect 25D RR is an option quote beyond the scope of this thread.
Hi David
Gread thread and great info. I see you are placing entry orders on the bids etc… I was just wondering why you are not waiting for a reaction on the 5 minute candle to confirm trade entry.
Regards
Steve
Just found this thread. Always interested in learning how others tackle FOREX. Subscribing.
Hi,
I wont be updating this thread anymore due to trolls, creeps and lowlife that have no life and better things to do than spam threads.