Trading -AUD/USD

[ramora]

Quote from tradingjournals:

Now we take a step back the day before the news. If rate is lowered, then it would mean people would seek shelter somewhere else. That would be mainly in currencies outside of europe (mainly US and Japan, and to some extent Swiss and Britain). Given the report coming in the US this week, it makes Japan a better alternative compared to the US. And given the proximity of Swiss and Britain to europe, Japan appears a better choice. So overall, the Yen in case of a down surprise, would appear to be a better choice. As for the AUD, it just got bad news last night, so people might be concerned. om europe, the Yen seems to be the likely choice for this news for this week. But this is just an analysis, and like any analysis it could be wrong.

Thank you tradingjournals that makes a lot of sense. Is there a news source that you follow that has helped you develop your trading approach? What sources do you check every day when you first look at the market? (Anyone else please reply as well...) This is very interesting to me --- I am very interested in the 24 hour aspect as well.

Thank you again,

 

[tradingjournals]

EUR/JPY @ 131.66. Short side. Between 1/5th and 1/4th of what I would consider to be normal trade.

 

[xelite777]

Quote from ramora:

So you are watching 28 all the time or you flip through screens during the day looking for trade setups? Do you pick a subset to follow during the day?

First of all here are the currency pairs I am following on a daily basis:

EUR/USD
USD/JPY
GBP/USD
USD/CHF
AUD/USD
USD/CAD
NZD/USD

EUR/JPY
EUR/GBP
EUR/AUD
EUR/CAD
EUR/NZD

GBP/JPY
GBP/CHF
GBP/AUD
GBP/CAD
GBP/NZD

CHF/JPY
CAD/JPY
NZD/JPY
AUD/JPY

AUD/CHF
CAD/CHF
NZD/CHF

AUD/NZD
NZD/CAD
AUD/CAD

I no longer trade or follow EUR/CHF.

That seems like a lot of currency pairs to watch, but in reality each day or so the trading setup I am looking appears on 1 or 2 pairs at most, so I only focus on those 2 the rest of the day.

Quote from ramora:Do you trade pairs with wide spread, many of that 28 must have very wide spreads, correct?

Not really, for example currently the widest spread is on the wild GBP/NZD and stands at 4.7 pip on my Forex platform, not a big deal if you consider that this pair can move 100 pips by the time you return from the bathroom!

Quote from ramora:If you don't mind, what time zones are you trading, and chart bar size, 5 min, 15 min, hour?

If follow all the time zones, without exception. I set up an alert on my wireless internet tablet and if the price I am looking for has been reached I react immediately, even if it's 3 AM in the morning and I am sleeping.

My time frame goes from the 15 min to the 4h charts but I prefer the 15 min, they offer nice mini trends all day, assuming you have a good trading system to capture them.

 

[ramora]

Quote from xelite777:


I no longer trade or follow EUR/CHF.
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Thank you, very helpful....

Why is EURCHF not interesting, with all of the other pairs why is this an exception?

Also, do you have an average time you are in a trade? 30 minutes, hour, 10 minutes?

Thanks again!

 

[tradingjournals]

Quote from ramora:

Thank you tradingjournals that makes a lot of sense. Is there a news source that you follow that has helped you develop your trading approach? What sources do you check every day when you first look at the market? (Anyone else please reply as well...) This is very interesting to me --- I am very interested in the 24 hour aspect as well.

Thank you again,

I believe that forex is more likely than not a zero to negative sum game. Therefore I believe it is a risky activity, in which one may lose money, time and health doing it. Hence, I think any interest should be weighted against the risks. You may have noticed the other day the "180 degree" moves the currencies did in the middle of the US evening. They can suddenly turn from black to red in short time, and with no advance warning.

Feel free to PM me.

 

[xelite777]

Quote from tradingjournals:

EUR/JPY @ 131.66. Short side. Between 1/5th and 1/4th of what I would consider to be normal trade.

Careful though, the EUR/JPY has hit a strong support area...

 

[tradingjournals]

Quote from xelite777:

Careful though, the EUR/JPY has hit a strong support area...

If it goes up, do you think it would go beyond 132.50?

 

[xelite777]

Quote from tradingjournals:

If it goes up, do you think it would go beyond 132.50?

If EUR/JPY ever goes up the next stop should be around the 131.95 area, a strong magnet as far as I can tell from the charts. Beyond that I have no clue TradingJournals.

I never try to predict the future, I just follow the signals that my system is generating, right here right now.

By the way, you grabbed some nice pips today.

 

[tradingjournals]

Are there any Japanese reading or posting on this thread?

 

[Visaria]

Quote from xelite777:

My exit point is dynamic not static, even though I always book the first 20 or 25 pip profit (when the market is slowly moving in my favor) or the first 50 pip profit if the market makes a rather sudden move, like yesterday on the EUR/AUD.

Always put something in your pocket first and let the rest run, then move the stop to break-even.

cheers