Thursday, August 23, 2012
Wednesday, August 22, 2012
August 22, 2012
Remember this post July 31, 2012?
Prediction of price reaching 5900 on the cable seemed pretty far off. Today's high so far is 5815. Getting there.
UPDATE: Correction today's high is now 5871.
Getting ready for a seasonal tendency reversal.
Prediction of price reaching 5900 on the cable seemed pretty far off. Today's high so far is 5815. Getting there.
UPDATE: Correction today's high is now 5871.
Getting ready for a seasonal tendency reversal.
Friday, August 17, 2012
Updates
Learned a lot this summer and paid some dues. Hoping for better results this fall/winter.
One realization is that to make this work I am going to have to learn to trade the London open. There are just way too many moves and potential pips missed if you don't trade it. I will be concentrating on that for the next couple of weeks.
The problem with this blog is it has no real way of organizing my posts. If I want to review something I need to search through the myriad of posts to try to find it. For that reason I've switched to using Microsoft's One Note to document trades etc. Not sure how much, if any, posting I will do on the blog.
One realization is that to make this work I am going to have to learn to trade the London open. There are just way too many moves and potential pips missed if you don't trade it. I will be concentrating on that for the next couple of weeks.
The problem with this blog is it has no real way of organizing my posts. If I want to review something I need to search through the myriad of posts to try to find it. For that reason I've switched to using Microsoft's One Note to document trades etc. Not sure how much, if any, posting I will do on the blog.
Thursday, August 9, 2012
8.9.2012 Fiber Trade Review
Took this trade yesterday.
Bias remains bullish for the cable and fiber. The day started with the two trading in opposite directions. Cable shot up while fiber fell.
Because we had a bullish bias I was looking for a long trade in the fiber. For further confirmation I looked for USDx divergence.
The green line shows the fiber making the low while USDx refuses to make a higher high. So now I have confirmation and the next question becomes what level will it stop at?
The first question I asked was do we have any hard support lines drawn on the chart? The nearest level was at the 2330 level.
Second, where may stops be resting since this down swing seemed to be a stop run? At that time the weekly low was 2340.
For implied support the monthly pivot is 2337 and the weekly pivot at 2333. S2 was at 2332. Previous day's S1 was 2338.
Kill zone was the New York open. Price came down to 2326 bounced up to 2345 and came back down. I got in at 2335 as an OTE. Price came back down to 2325 and then moved up.
I was hoping this stop run was to end the week on an up note but instead price came back down the next day. I got out during London open this morning for 30 pips. Nice little 1:2 risk to reward ratio.
Price has retraced today and now I'm wondering if cable will get down to the 5600 figure for a possible long entry.
Bias remains bullish for the cable and fiber. The day started with the two trading in opposite directions. Cable shot up while fiber fell.
Because we had a bullish bias I was looking for a long trade in the fiber. For further confirmation I looked for USDx divergence.
The green line shows the fiber making the low while USDx refuses to make a higher high. So now I have confirmation and the next question becomes what level will it stop at?
The first question I asked was do we have any hard support lines drawn on the chart? The nearest level was at the 2330 level.
Second, where may stops be resting since this down swing seemed to be a stop run? At that time the weekly low was 2340.
For implied support the monthly pivot is 2337 and the weekly pivot at 2333. S2 was at 2332. Previous day's S1 was 2338.
Kill zone was the New York open. Price came down to 2326 bounced up to 2345 and came back down. I got in at 2335 as an OTE. Price came back down to 2325 and then moved up.
I was hoping this stop run was to end the week on an up note but instead price came back down the next day. I got out during London open this morning for 30 pips. Nice little 1:2 risk to reward ratio.
Price has retraced today and now I'm wondering if cable will get down to the 5600 figure for a possible long entry.
Thursday, August 2, 2012
8.2.2012 ECB Press Conference
This is why you don't trade when ECB/Draghi is speaking. The spikes seen before the press conference represent 150+ pips. The fall during the press conference another 150+ pips. And if I had to bet I would say it will go back up. Fun to watch.
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