Gringinho:
Do you pull those S/R levels from the FXCM newsclient, or is this also available via the web?
Do you pull those S/R levels from the FXCM newsclient, or is this also available via the web?
Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
I find that a 20-30 tick stop can catch 100+ tick moves on trend days.
I also don't think it is a good idea to have your stop entirely at one price (assuming you trade more than 1 lots). That would only make sense if there is some kind of magical perfect stop size, which is clearly not true. Better to scale out in your stop range IMO.
FXCM, Refco Tradin Station news - which is the same as www.ifrmarkets.com ..
I have seen nothing quite as good as these comments, and they are very frequently updated 24h from correspondents all over the world. Of course in the asian session JPY is more in focus, but they cover a lot of currency pairs. They also comment macroeconomic numbers in the three major markets (US, european, asian).
Hmm, my cluelessness right now makes for just peanuts - but then I get in too early anyways ... although the potential is greater on a bigger timeframe. Hard scalping for me right now ... only 6 pip profits on 4 R/Ts.
It probably isn't my kind of scalping day, just like yesterday - which was more like a reddish day - although I saved it in the end. Now, the big question is if I should go for that drink or do some programming to update some experiemental pattern identifiers.
You should also watch MNI, Market News International.
Does www.marketnews.com / www.economeister.com have any streaming news ? I saw they had audio interviews too, and what do you get as a subscriber ?
It was a great day for me today! I slept very late and not traded at all 
Something which I should have done mid-week. This weekend I'll go over my trading plan and simplify it so I'll have minimal discretion to use during the trading hours--I ended yp doing too much self-beating this week.
You all have a nice weekend.
Chinook
Something which I should have done mid-week. This weekend I'll go over my trading plan and simplify it so I'll have minimal discretion to use during the trading hours--I ended yp doing too much self-beating this week. You all have a nice weekend.
Chinook
Watching "Super Size Me" and the EURUSD .. kinda sickening.
[03:16 EUR/USD: Bouncing Towards Opening Level As Weak Shorts Cover] Sydney, September 20: Shorts taken on the off chance that EUR/USD would break below 1.2150 and into stop loss territory have covered ahead of the afternoon session. The broad USD strength seen earlier has waned after good USD/JPY offers around 110.15 capped attempts higher in that pairing. The Tokyo holiday probably ensures that the afternoon session will be a quiet one. The EUR/USD trades 1.2161/66.
[02:34 EUR/USD: Grimly Hanging Around 1.2155 Support] Sydney, September 20: The EUR/USD is slightly pressured in Asia and is trading around 1.2155/60 support. This level is Friday"s low and the 61.8 fibo of the minor 1.2120/1.2223 move. There are a few stops under 1.2150 and 1.2145, but buyers are lined up ahead of 1.2120. The EUR/USD trades 1.2155/60.
[02:15 USD/JPY: Sellers At 110.15 Cap After Decent Early Demand] Sydney, September 20: Traders say that there have been decent flows today in the USD/JPY and EUR/JPY despite the Japanese holiday. There was early buying of both USD/JPY and EUR/JPY due to a growing perception that the Japanese authorities might be ready to intervene after a long pause. The EUR/JPY rise to 134.05 was greeted by decent selling interest from U.S. names and the move up to 100.15 in the USD/JPY has been capped by standing sell orders lined up above that level. The USD/JPY trades 110.04/09 and the EUR/JPY trades 133.76/81.
[00:58 GBP/USD: Mixed Views On BOE Expectations Muddying The Waters] Sydney, September 20: The GBP/USD has been volatile lately as the market tries to determine at which stage the BOE tightening cycle lies. The strong Retail Sales data last week threw some doubt on the view that the BOE is close to the end of its rate tightening cycle. Later today Net Consumer Credit and Net Mortgage Lending will be released in the UK and these indicators should shed more light as to the extent of further tightening for this cycle. Wednesday sees the release of the BOE Minutes and this will be closely scrutinized for more clues on the state of play for UK interest rates. Support today comes in today between 1.7885/95. The 1.7895 level is Friday"s low and 1.7885 is the 38.2 fibo of the 1.7740/1.7975 move. A break below this level could see a few stops triggered and a move towards 1.7830 ensue. Hourly resistance is found around 1.7940 and Friday"s high around 1.7975 should also provide solid resistance on the day. The GBP/USD trades 1.7901/06.
[03:16 EUR/USD: Bouncing Towards Opening Level As Weak Shorts Cover] Sydney, September 20: Shorts taken on the off chance that EUR/USD would break below 1.2150 and into stop loss territory have covered ahead of the afternoon session. The broad USD strength seen earlier has waned after good USD/JPY offers around 110.15 capped attempts higher in that pairing. The Tokyo holiday probably ensures that the afternoon session will be a quiet one. The EUR/USD trades 1.2161/66.
[02:34 EUR/USD: Grimly Hanging Around 1.2155 Support] Sydney, September 20: The EUR/USD is slightly pressured in Asia and is trading around 1.2155/60 support. This level is Friday"s low and the 61.8 fibo of the minor 1.2120/1.2223 move. There are a few stops under 1.2150 and 1.2145, but buyers are lined up ahead of 1.2120. The EUR/USD trades 1.2155/60.
[02:15 USD/JPY: Sellers At 110.15 Cap After Decent Early Demand] Sydney, September 20: Traders say that there have been decent flows today in the USD/JPY and EUR/JPY despite the Japanese holiday. There was early buying of both USD/JPY and EUR/JPY due to a growing perception that the Japanese authorities might be ready to intervene after a long pause. The EUR/JPY rise to 134.05 was greeted by decent selling interest from U.S. names and the move up to 100.15 in the USD/JPY has been capped by standing sell orders lined up above that level. The USD/JPY trades 110.04/09 and the EUR/JPY trades 133.76/81.
[00:58 GBP/USD: Mixed Views On BOE Expectations Muddying The Waters] Sydney, September 20: The GBP/USD has been volatile lately as the market tries to determine at which stage the BOE tightening cycle lies. The strong Retail Sales data last week threw some doubt on the view that the BOE is close to the end of its rate tightening cycle. Later today Net Consumer Credit and Net Mortgage Lending will be released in the UK and these indicators should shed more light as to the extent of further tightening for this cycle. Wednesday sees the release of the BOE Minutes and this will be closely scrutinized for more clues on the state of play for UK interest rates. Support today comes in today between 1.7885/95. The 1.7895 level is Friday"s low and 1.7885 is the 38.2 fibo of the 1.7740/1.7975 move. A break below this level could see a few stops triggered and a move towards 1.7830 ensue. Hourly resistance is found around 1.7940 and Friday"s high around 1.7975 should also provide solid resistance on the day. The GBP/USD trades 1.7901/06.
Pretty calm trading, and a drifting bias towards an expected FOMC rise seems emerging.
[05:21 GMT September 20] The EUR/USD opened in Asia around 1.2170 and amid broad USD demand eased below Friday"s low of 1.2157 to a session low of 1.2152. There were a few stops under 1.2150 and 1.2145, but a decent buying order at 1.2150 kept them safe for the time being. A few shorts ahead of the stops were forced to cover when the 1.2150 level held and the EUR/USD grinded back to 1.2174 before capping. The Tokyo holiday ensured that all of the currency pairing held in a tight range and it is difficult to see strong directional moves ahead of the FOMC meeting on Tuesday. If the stops below 1.2145/50 are triggered there are plenty of buyers lined up ahead of Thursday"s low of 1.2120. Sellers are camped between 1.2200/25. There isn"t any European data of note this week so any decent moves will be dictated by events in the US. Analysts feel that if the Fed remains relatively upbeat in their statement after hiking 25 bps and signal more "measured" rate hikes the EUR/USD could fall towards 1.2050. If the Fed tempers their statement and dampen expectations of more hikes the EUR/USD will test 1.2300.
[05:21 GMT September 20] The EUR/USD opened in Asia around 1.2170 and amid broad USD demand eased below Friday"s low of 1.2157 to a session low of 1.2152. There were a few stops under 1.2150 and 1.2145, but a decent buying order at 1.2150 kept them safe for the time being. A few shorts ahead of the stops were forced to cover when the 1.2150 level held and the EUR/USD grinded back to 1.2174 before capping. The Tokyo holiday ensured that all of the currency pairing held in a tight range and it is difficult to see strong directional moves ahead of the FOMC meeting on Tuesday. If the stops below 1.2145/50 are triggered there are plenty of buyers lined up ahead of Thursday"s low of 1.2120. Sellers are camped between 1.2200/25. There isn"t any European data of note this week so any decent moves will be dictated by events in the US. Analysts feel that if the Fed remains relatively upbeat in their statement after hiking 25 bps and signal more "measured" rate hikes the EUR/USD could fall towards 1.2050. If the Fed tempers their statement and dampen expectations of more hikes the EUR/USD will test 1.2300.
A nice short down ahead of the european open with 12 point profits with a small 2 pip reversal even because of a typing error. It seems it will go ahead and break the 1.2155 support easily, but it's 04:00 here soon and waiting this long for the opportunity ... sucks.
I was planning on watching some more films to ease the waiting during the slow action-deprived EURUSD night, but updated myself on news instead.
Much of my biases are heavily influenced by general news flow to try and get a feel for the 'psyche' in the markets. I decide which direction is 'safest' for me to scalp - short or long with the feel for the market combined with the 'signs' I see in price w/volume and order changes.
Spot scalpers have a much harder time, I would imagine, with the seemingly random rules introduced by the various FX dealers. This might be one reason there aren't that many spot scalpers 'voicing' experiences around here. I see the potential of the larger trades with overnight or multi-hour positions; I even did some around the last NFP number. It requires a much more stringent and systematic form for trading than I am accustomed to, though - with proven scaling in/out to offset early entries or moving trading ranges.
During these slow periods I get a bit stubborn about my targets which I guess makes good oportunities for my type of scaling into my trade .. but I actually increase the risk quite a lot .. although I try and get the momentum of additional size on my trades.
All in all ok night, but getting stretched on my timeframes ...
*yawn*
[07:15 EUR/JPY: German Name Selling Noted In Quiet Trade] London, September 20: German name selling has sent the cross into the 133.40 region, where decent bids are noted. Further bids are reportedly lined up into 133.30 and more ahead of 133.00. Stops are well away from this region, with nothing of real significance until below the 133.00 handle. Exporter offers are reported into 134.00 and ranges are likely to hold with little data and particularly with the US FOMC decision due tomorrow.
[07:12 EUR/USD: Meanders Lower With Asian Session Devoid Of Clout] London, September 20: A Japanese holiday took Tokyo out of the equation and this left the Asian session looking devoid of clout and [EUR/USD] managed to meander lower as USD demand for liquidity purposes left trading near its 1.2150 base. With a large Asian name of reputable sovereignty buying for reserve requirements the pair are likely to bounce intraday. Offers between 1.2175 and 1.2190 are currently blocking any rise back to 1.2220 and the stops under 1.2150 remain safe. With the tight ranges expected to only slightly broaden ahead of tomorrow nights FOMC, which is expected to hike rates 25bps, but with the reported 1.2000-1.2300 DNT trading is unlikely to move significantly.
Intraday 1.2155 is back under pressure but oversold levels are close and rebounds loom near term. Sell upticks while below the recent pivot point at 1.2225 with tight stops advised above. The broader triangle range on the daily charts with the 1.1995 and 1.2310 parameters remains in play and longer term players are long for a break of the base.
I was planning on watching some more films to ease the waiting during the slow action-deprived EURUSD night, but updated myself on news instead.
Much of my biases are heavily influenced by general news flow to try and get a feel for the 'psyche' in the markets. I decide which direction is 'safest' for me to scalp - short or long with the feel for the market combined with the 'signs' I see in price w/volume and order changes.
Spot scalpers have a much harder time, I would imagine, with the seemingly random rules introduced by the various FX dealers. This might be one reason there aren't that many spot scalpers 'voicing' experiences around here. I see the potential of the larger trades with overnight or multi-hour positions; I even did some around the last NFP number. It requires a much more stringent and systematic form for trading than I am accustomed to, though - with proven scaling in/out to offset early entries or moving trading ranges.
During these slow periods I get a bit stubborn about my targets which I guess makes good oportunities for my type of scaling into my trade .. but I actually increase the risk quite a lot .. although I try and get the momentum of additional size on my trades.
All in all ok night, but getting stretched on my timeframes ...
*yawn*
[07:15 EUR/JPY: German Name Selling Noted In Quiet Trade] London, September 20: German name selling has sent the cross into the 133.40 region, where decent bids are noted. Further bids are reportedly lined up into 133.30 and more ahead of 133.00. Stops are well away from this region, with nothing of real significance until below the 133.00 handle. Exporter offers are reported into 134.00 and ranges are likely to hold with little data and particularly with the US FOMC decision due tomorrow.
[07:12 EUR/USD: Meanders Lower With Asian Session Devoid Of Clout] London, September 20: A Japanese holiday took Tokyo out of the equation and this left the Asian session looking devoid of clout and [EUR/USD] managed to meander lower as USD demand for liquidity purposes left trading near its 1.2150 base. With a large Asian name of reputable sovereignty buying for reserve requirements the pair are likely to bounce intraday. Offers between 1.2175 and 1.2190 are currently blocking any rise back to 1.2220 and the stops under 1.2150 remain safe. With the tight ranges expected to only slightly broaden ahead of tomorrow nights FOMC, which is expected to hike rates 25bps, but with the reported 1.2000-1.2300 DNT trading is unlikely to move significantly.
Intraday 1.2155 is back under pressure but oversold levels are close and rebounds loom near term. Sell upticks while below the recent pivot point at 1.2225 with tight stops advised above. The broader triangle range on the daily charts with the 1.1995 and 1.2310 parameters remains in play and longer term players are long for a break of the base.