My Forex Journal

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

The last bar closed at 1.2865. I assume it is a morning star(see the previous thread). So my long looks good as long as prices doesn't close below 1.2850!

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

Hi...

I always like to add the candles to see what results and a morning star from my book adds to form a hammer and those 3 bars look pretty close.

John

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

John, did you see the jump in GBP?

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

Hi..

Oh yes watched that go....it has a mind of its own at times but confirmation of a move for me is as I said in a previous post is when the other pairs move also.

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

You really need a brain of steel to trade the cable. I can't handle the volatility of this pair.

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

Hey John,

While GBP is exploding, I thought this might brings a moment of reading enjoyment:

http:/www.think-aboutit.com/native/prophecy.htm

Cheers mate.

ps. Oh, by the way. If you are long, make sure a very tight SL. Perhaps around 1.8380.

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

Hi..

Thanks for the novel Frank...lol

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

hi..

well momentum has come to a stop.. hammer forming on 1hr GBP but a while to go yet till end of bar.

No not in a trade as yet and I agree with trading GBP it is a little wild but I do like to watch it to get an idea of market momentum.

as I type things moving again.

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

Ouch! Stopped out with -45 pips.

Didn't expect a big spike like this, specially, after the election.

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

Hi..

yes well i just dont like data...never got a chance to get in it moved so quick.

notice no wild swings one direction only so far.

only a pull-back which is always on the cards.

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

Well, I reversed short at the first sign of retrace in the 5min. chart:

Sold 1.2830 SL 1.2880 (target open)

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

John,

My logic is whatever behind the reason of this sharp move, it closed below the morning star. That's very bearish. Let's see I get whipsawed by the end of the day.

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

Hi..

I would like to get in and not make the day a lost day but as I only look at 1hr and 4hr charts it would be a total guess as to whats going to happen. Till the next bar anyway.

FrankC · Joined: 23 Sep 2004 Posts: 269 Location: Chile

Stopped out(-50)

Whipsawed indeed. Done for the week.

John_M · Joined: 20 Oct 2004 Posts: 84 Location: Australia

Hi..

Well Frank when are we going to learn...I missed my first entry and should have called it a day but no my brain was telling me get a trade in today so did with a 44 pip loss.

All the data was out at the same time so what was the reverse swing 30 plus minutes after the news... thats unusual. I expect a very quick swing at the start but not that late.

Now the market is not moving at all...go figure.

regards
John