Thread for Thursday/Friday Traders
Here’s a place for these wonderful, wonderful discussions for those of you who trade on Thursday and Friday.
Be good to you!
Triffany
About Triffany
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at FXStreet.com and heads "The Human Element" a blog dedicated to trading psychology at ForexMotion.com Want to know more? She was recently profiled in "FXStreet.com's Women in Forex" Series.
You can contact her at Triffany(at)Triffx.com
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Aby, I am looking at the GJ… It seems to be signalling a reversal….. sideway consolidation on the 4 hour; signs of anchoring on Daily; MACD sentiment beginning to moderate from selling pressure. I am long a postage stamp. Anyone have thoughts for action now?
This looks identical to my GBP nested box trade Jerry. It’s already broken out and I’m long as per my previous post. Plan the trade and trade the plan right!
This is on the 4 hour by the way.
Yaqui, Lets see what happens to the GJ….. it has broken to the upside through the top of my support lie on 1 hour…. 200% fibo takes price up to 131.85 – which may be a long stretch…? but it does look as though its broken the 1 and 4 hour negative channel….. Always interested in your keen thoughts.
Now, what’s this about your secret? I have one that I am trying to get into written form………. to share with our powerful trading cartel…!
Yep, both the GBP + GBPJPY have broken out with excellent follow-thru. They’re both just taking a breather at their big round numbers (always significant Area’s of Interest- AOIs as Triffany says) 1.45 and 131.00 respectively. Interesting how this is occuring at roughly the same time huh.
Some of my stops are at breakeven and some profits off the table. I always leave a runner position on though with trailing stops.
Secret? No secrets. Just joking with Aby about my musical trading prowess re: harmonics.
N/U is taking a beating on the upside……but I have decided to ride it out………..
i think we might take profits at 1:30′s new high…….. give it rest and traders to clear stops. ??
GJ that is.
Yaqui, on the GJ and GU, London Traders are clearing stops and the playbook calls for taking it up then down before the 8 AM London open……. use the 5 minute charts
I would say stick to your trading plan, whatever that calls for.
The other thing I wanted to say is it’s really helpful to understand what your risk / psychological profile is before trading – ties in with your timeframe of choice, scalper, intraday, longer term etc. Really deserves its own discussion…
Anyways, most of the GBP trades I have on are off the 4 hour chart so can and will experience DD, like my CAD trade the other day, 100 pips worth, ouch!, but ultimately reached profit. I know if I’m to succeed at this game, I have to be disciplined, come what may.
I also like to remind myself of some of Mark Douglas’ 5 truths of trading in his TITZone book in times like these:
Anything can happen.
You don’t need to know what is going to happen next in order to make money.
Every moment is unique.
Yaqui,,,,,,,,,,,,,, you’re great! thanks.
Secrets!
I am long u/cad, yuk! anyone else.
Yes, Yaqui, I took profit on gj going up/exit; short/cover/ now long. looking at TP 132.5
Hello all……………
Anyone see interesting setups? I am looking
Aby, do you think the GJ has retraced enough to enter long?
Yaqui, you are also long GJ,,, or did you exit at 131.8?
No, just the GBP. And i’m out of all long positions now, and short on a harmonic pattern.
Some nice movement right now out there, but I’m pretty much done for the day I think.
Thanks. Mark Douglas is good reading…. or should I say studying…
You guys are awesome!! Great conversations going on here and a great call on the G/J there.
My tester is stopped out on that one, but a close below the current tweezers will signal another shorting opportunity. I’m not interested in buying it though…so if it stays long I guess I’ll be waiting.
I’m still short my N/U, too… that larger resistance level seems to be holding ok. Another bounce might be a good stacking opportunity.
That’s it for me though. And, of course, I won’t be entering anything new until the beginning of next week.
Yaqui, do you use the Crab Harmonic system? Interesting…. How long have you used it?
I trade all of them Jerry, crabs, bats, butterflies, not a big fan of gartley’s. Though what comes first for me *always* is Risk Reward….. I believe this to be key, not just for harmonics.
And I shall stop there, lol!
Been trading them since the start of the year, bit of a learning curve as with all things, but loving them now!
What a pity. GJ closed the hour just matching the previous tweezer ……. Only to confound us, I am sure. Argh! I don’t know the significance – maybe uncertainty as a doji candle. Hi buying sentiment is slipping, and the performance, doubtless, is not bullish…………. It is sitting on fairly solid 1 hour support. On the 4 hour, it was fairly solidly rejected at 131.85 – coincidentally at the 62 EMA. Seems like a general negative bias……….. to me… ??
Took a couple short scalps to the 1.2220 flush on the eur/usd- swisse now trading independent of the euro/usd. Look for american stock market strong going into the holiday weekend barring nukes in korea or other attacks. Who’d thunk the Chinese backing of euro bonds woulda propped up the worlds entire equity market ?
You named the big risk there…Korea…I can’t help but think of what might happen over the weekend. Especially now that China has bolstered the EZ a bit. I don’t know how their once-partner (N. Korea) will feel about that or react to it.
Yeah could be some fireworks next week…. also taking into account bank holidays etc. Monday
NFP, too…maybe a good time to take the kids to the Water Park!!
Sounds perfect!
We’ve got a holiday June 7, so two trading long weekends in a row for me.
Wow, what a year it’s been though…. I keep saying this and I’m not sick of it…. haha!
Seems to always be something to keep us on our toes, definitely a worldly business. Just wow. 
Any special Eur/usd expecting a reversal point….
I kind of thought that China’s infusion into the Euro might’ve created a more positive reaction during the NY session. I’m a bit surprised to see USD selling pause and thought the E/U might go to 1.2350 or so. But now it looks like it might range between 1.2315 and 1.2255-ish.
There’s the infusion I expected from NY!!! Wowee!
Pop goes the weasel alright!!! ;D
Well, for the record I certainly got my butt kicked by hanging on the UCad and NU!! No excuses – Limit your losses, stupid me! confession is good for the soul, not the wallet
Guess all the smart guys are relaxing and beginning a long weekend……….. Cheers!