Watchlist Update for Tuesday, August 24, 2010
Wow…if you’re not already in it, it’s too late at this point! E/J, G/J and E/U we talked about yesterday all did very, very well. But since my trades hit Profit overnight I’m not still in any of them and I’m not thrilled about chasing what’s left.
The only exception, for me, is the 4h N/U 800sma consolidation. Everything else I’ll have to watch for tiring and a then a cue to take the retracements.
What are you watching and trading?
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I am long a tad GU for retrace
Looks like the current candle (14:00 GMT) is flirting w/ a close above the little area of indecision on the G/U. I may be in this with you soon.
For NU retrace, I assume you are looking for a 4 hr confirming candle? or will you drop back to the 1 hr.?
Oh Yes. I am introducing you tonight to a friend, Walter, who wants to learn trading
The N/U I’m watching the 800sma consolidation…really its a regular old tightening up. Here’s a pic: http://screencast.com/t/YTRlYTA1N
I don’t mind entering my first position on the 1h and second on a 4h close.
Thanks for the referral! Is he brand new? I’ve been thinking about putting together an absolute beginner’s course for the basics. I’ve had a lot of people interested, lately, who are really new to trading.
Walter is a very successful real estate investor in UK and Thailand. He started diversifying in stocks about a year ago, and now is going to do some currency trading….. He has been reading at my direction – terms, support, resistance, Fibo, etc. Has a demo account and a small live account. I don’t know how serious he isabout trading, but he is always serious about money. His interest in trading began with his conversations with me (don’t hold that against him.)
If you are looking at a close (GU) above the indecision area………. then I suspect that will be pointing to the next major resistance of 1.561? Am I reading you correctly?
1.5660 is the secondary low of the 4h consolidation and exactly the area I’m watching for profit, though the 1400 candle didn’t close and this one is so impulsive I’m waiting for a small pullback first.
I took profit on the GU rush. Will re enter after a pullback…. I am taking profits early because the market seems very volatile…….. Also took NU profits…
VERY volatile. Holy cow!
For the NU you must be looking for a close above 1.55. For me, I would like to see it pull back before taking another leg up
Your NU TP must be up about 1.57?
Nested box hasn’t triggered, but my PT will be a quick in/out at the middle box….7115. Not a big range and I won’t be able to do much with it unless I get a good pullback.
volatile YES! I exited NU at .7076 and GU at 1.5465. I guess we now wait for re entry….
(
the very tricky part, where I typically mess up.
A bit crazy out there right now…
Anyhow I’m long GBPCHF 4 hour with initial scaled entry 5850s, interim PTs are mostly prior S/R and Fibs (green lines) with ultimate target ~600 pips away. Will be trailing stops and depending on where we end up Friday, most likely will close out. SL 1.5790
http://screencast.com/t/NTgyMmNmYz
Also finally hopped onto UDSJPY longs on retracements and USDCAD shorts as well.