Forex

Thanks Bruce,thanks for ur kind information

It's just hard to see the reason for the Cable rally from 1.9760. There were no ecomomic news that were especially market moving. The fundamentals are just not there. Maybe it's driven by technicals, to rid itself of the oversold status. But now that it's overbought on the hourly and 4 hr chart, the fundamentals(consumer confidence released this morning) drives it up even further. If 2.0070 doesn't hold the next level should be the 200 day SMA around 2.0150, also a weekly pivot point R1, a previous resistance level and the 0.764 retracement of 2.0272 to 1.9735. It should be pretty tough to crack.

I am new at these forums, but have been here about a month just watching and trading by all of your advice. By listening to you all, I got in this morning on a long @ 1.9925 and rode it up all the way to 2.0038 for a 113 pip profit. Also got in Euro trade for a 97 pip profit. 210 for the day. I just follow what you all say, line it up on my charts, punch in entry orders and go to work. That way I can't pull out to early or get scared and not get in. You guys really know what you are doing keep it up. I am learning slowly but surely. Thanks all

i am short at 19850.., not too much exposure...but anyone have any comments..., thinking ofaveraging at 201,,,- 201.50.... any comments would be highly appreciated. thanks

Closed my long position at 2.0060 and flipped to short targeting 1.9600. I expect a bounce near 1.9600 before resuming its downward course to 1.9300.

Hi pitt,
Looking at your chart reminds of a call I made last October when the price was 2.0250. There were similar converging lines (range 2.0050 / 2.0450) and I called it lower. As we all know it proceeded to take off and hit a high of 2.1150. I don't want to be caught in the same position again i.e. on the wrong side of a slump or surge.

I am still long but I don't really have any strong feelings either way at present. A break of 2.01 would help. I am also long $/Yen and short Eur/$.

Well.. It sold off after it it 2.0100. Your short may work out.. I'm not looking for a serious short until we get back to 1.9720. then we face 1.9336 low.

There is a thing out on the FXCM site about Meta Trader.. Does anyone have any comments on VT Trader or Meta Trader and connecting to FXCM?

Hi Pitt,
thanks...i dint short at 201 though, although i am hopefull, that it will go to 198 and i shall aquare off with 50 pips.. i was thinkin that there are only 2 things u can do, 1. short or 2. long.

correct me if i am wrong if i say that there is more, potential, or room, or opportunity whatever u call i for a downward move than an upward.

so if i was short, i knew its not goin above max 204, but it could go to as low as 19350.., so i held thinking i shall average at the 202's worst case. and then another at or above 204ss.,

so thats the strategy.. anyways hopefully i can get my 198 on the release of the durable goods., due to release in 3 hrs from now..or sometime this week., as next week, $ has higher chances of a decline with the sentiment shifting towards the nfps

any thoughts...??

Well that was a bit messy although I managed to exit my cable position on the way back down (half at 2.0060 and the rest at 2.00). Now to sort out the rest of my book!

dear all,
like i said b4, i nvr a gd entry nor exit lvl trader..
only in direction.
but w/ the guide fm guru lately, this is his advices:
sell any lvl below 20000..cos it wont go over 2anymore.
look for 19750 in the near term..
same apply to eur..target 157+ reached, look for 15580.