Thread for Thursday/Friday Traders, August 26/27, 2010
Here’s a thread for you Thursday/Friday traders to stay in touch.
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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.
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I took profits on the G/C a little early (1.605) now waiting for a pullback to re enter……
Yaqui’s plan of yesterday is very interesting…. Thanks for your contribution, Yaqui.
No worries Jerry!
I’m still in my GBPCHF by the way, it’s been pretty 1 way the last 24 hours. Off it’s highs right now, but I’m still trailing stops and holding on till close Friday or 1.64s.
Also unintentionally hedged, and short the GBPUSD looking for 1.50s.
Also a note – ALWAYS, ALWAYS trade with a Stop Loss!!! My broker (Go Markets) went down for about 1.5 – 2hours yesterday ~ 9.30-11.30am US EST. As far as I’m aware it hasn’t happened before and I don’t know the technicals but the washup is they said they would reverse any negative trades. Still waiting for official details. Dunno if that’s the norm, and it didn’t affect me but I’m glad they’re happy to ‘mend any fences’.
Be alert out there, still very volatile.
Thanks, Yaqui, Since you hold your positions, do you take any profits along the way, then stack on retracements?
Look at that USD sell off!! The only pair that hasn’t had a strong USD sell off is the U/CAD.
Sorry to see the nasty bearish 4 hour candle with a fair sized wick on the GBPCHF
Is that a serious omen? What do you think Yaqui?
Trif and others. Have any of you noticed a frequent occurance of positions tend to reverse when the US session fades into the Asian session? ala NY rule? In many cases I go to bed about 1 am (1 PM NY Time) and when I get up and look at the charts, about 7 AM Thai Time (7 PM NY) my profits have become losses or visa versa….. I now have good profit in my GBPCHF, but am considering closing all positions and re entering tomorrow morning Thai Time….. Like to hear comments from anyone.
I have noticed that the overlaps in general seem to create a reversal situation lately. This isn’t uncommon in times of uncertainty, actually. Last year around this time and the beginning of this year did much the same thing.
It is part of the reason why we have such a whipsaw reaction, there is no trend in market confidence since the next session’s news can easily move price in the opposite direction with that part of the world’s news.
Great Q!!
I had the same thought a few weeks ago after noticing recent movements – something to analyse in the future methinks.
I’m even more inclined to tighten stops and/or not hold anything overnight (in addition to over the w/end), especially over the N-hemisphere summer and major holidays.
Thanks, Trif. For me, I’m thinking of closing out my positions at a profit before tucky-bye…. better lose profit than suffer a crappy loss
Just be aware of the ADR (average daily ranges) for this pair in recent weeks have been upwards of 300 pips.
Also, on these cross (and exotic) pairs, spreads can widen overnight and larger SL may be necessary, plus its summer.
Breakeven’s good too, which is always an option.
Sorry Jerry, I’ve been in and out today…
I was ultimately stopped out of my GBPCHF on trail stops 1.5950s. Had a great 200+ run though.
Yes I love to scale in and out, so I did take profits near 1.6050s as well (it’s 23.6 retracement of the A-D points on the harmonic pattern plus prior S/R so great confluence). Not good for me psychologically otherwise…
I sometimes stack on at fib + S/R points, and if a pattern shows up in smaller timeframes. Pretty discretionary though and I don’t do it often… still tinkering…
Well Yaqui, I sold at 1.6040 and back in at 1.5938.
Will you re enter here? or will will you move on to better? You were looking at 1.64s……….. whaz next my friend… I plan to exit – clean sheet for tomoorrow…..don’t like the overnight droop
Sounds good, no re-entries for me.
Much too late in the week, summer, last Friday of the month, blah blah blah, you know the story. ;p
I’ll always look for longer-term (usually max 4 hour timeframe) trades at the start of the week and look to wind things down at the end. Constantly in and out on the shorter stuff all week, but it’s too quick to post these.
Re entry………… You have a good point…. Take the profit and rest. For past several hours, GC has had no punch…. consolidating………….. i guess