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Thread: Forex Trading

  1. #1
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    Forex Trading

    Hello people

    I been trading along side many things in my life for many years and I thought I would give you some insight into some of the trades I am looking at, also if people are interested I can explain some of the terminology I use and also some of the knowledge ive learnt from some of the best traders in the world.




    I'll keep this short for the time being but this is the weekly chart which is the first one I check, then I reduce the chart down to daily, 4 hour and then 2hour.

    There is a lot of support running along side all time frame and also there some Euro news flowing today which can take tech right out of the game but from my analyses.

    There is an option going off this afternoon at 1.2000 (987m)

    so with all the support n the weekly, daily and 4hour and 1 hour, also its showing some oversold qualities I would rather have the long side of this trade, even though the market is suspecting more downside, I feel there are stops building topside which will trigger the market makers to run the stops which will equal pips so while I have been typing ive taken a long position for the short term. I do have a stop loss in place and will notify you if and when this trade works out or not, or I can talk people through it. I was going to post more chart which will help you understand my thoughts but wanted this to get on here because its live

    Red arrow is the option flowing off today
    black arrows are my support and resistance across all time frames
    moving averages and RSI are also on my chart

    lets see how this develops
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    I work down the time frames to secure a trade but first I will start further out and work in to find confluence and see if the topside or downside look better to secure a trade. I normally only trade longer term these days because of my work schedule but I was a day trader for many yrs along side other things but these days its not something I can do so I will try to execute days trades but normally it will be over a longer period.

    I try and work off daily orders what will be flowing through the exchange and I see which way is the more heavy, my direction of the trade will depend on many things its not fixed, its something what will depend on many factors

  3. #3
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    Grabbed a bit of EUR also @ 1.1925, TP1 1.1990, TP2 1.2055.

    It still far from option target, so SL is tight. Are you seeing support below 1.19?
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    Quote Originally Posted by Mr.BB View Post
    Grabbed a bit of EUR also @ 1.1925, TP1 1.1990, TP2 1.2055.

    It still far from option target, so SL is tight. Are you seeing support below 1.19?
    My concern is the Italian PMI was weak which reinforced the other softer data flowing from the Eurozone which makes this trade a very tricky one, but seeing that its a Bank Holiday and flow is limited and can move fast in this market when there isn't much going on I suspect the option might attract some attention and looking at the offers and bids it does look top heavy.

    There's support all over different time frames but the round number would see a stop loss hunt and maybe a bounce but yes the SL is tight on this one for me unless something changes when the UK desks come online
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    Strong $ today even off the back of the NFP on Friday which is surprising but this is causing the softer Euro but I live in hope for the magnet effect on the open option what runs off this afternoon

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    PMI's aren't looking good

    •Eurozone 48.6 vs 50.1 prior
    •Germany 51.0 vs 51.5 prior
    •France 50.1 vs 50.0 prior
    •Italy 42.7 vs 48.0 prior

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    By the New York for the option rolling off I will reconsider the trade

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    Still plenty weakness and the option isn't attracting any magnetism of yet, coming down to support level which will most probably trip some stops. It will be time to re-think the trade from down there. Lets see where the New Yorkers push it




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    Signalling oversold levels now but the news isn't positive in the Euro camp, but I am still hopeful and confident at this stage due to the Bank Holiday in the UK and the option traders

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    Round number coming up on Euro

    short USD/JPY

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    Closed my USD/JPY trade but still got my Euro open......

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    Quote Originally Posted by marcus300 View Post
    Closed my USD/JPY trade but still got my Euro open......
    Closed half of the euro before lunch.

    Edit: Almost hit the SL which is sitting at 1.1895
    Last edited by Mr.BB; 05-07-2018 at 06:39 AM.

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    Closed the USD because it was approaching the 200MA also the Euro was bouncing off the round number, the orders being placed showed some slight weakness in the $ so I thought that it might be good for s few pips to help with the lower EURO I am in.

    Getting close to the New York cut for the option so hopefully it will make a stronger run if not I will cut it lose at break even and just take the USD pips home. Unless aany new orders start flowing through to make this change my mind

  14. #14
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    Bitcoin is up lol!

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    Quote Originally Posted by Obs View Post
    Bitcoin is up lol!
    No, its down on the day

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    Quote Originally Posted by Mr.BB View Post
    Closed half of the euro before lunch.

    Edit: Almost hit the SL which is sitting at 1.1895
    We were battling the news flow mate against the euro but I went with the USD at the round number approach to off set my euro trade, so still full on the euro because its seeing the round number bounce instead of a stop run, so will keep watching

  17. #17
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    Quote Originally Posted by Mr.BB View Post
    No, its down on the day
    It be back by weekend

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    There's some sell orders coming through for the USD which is turning the Euro, not a lot of strength though which means its not too positive but still sat infront of my charts waiting.

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    Might have to set an alert and TP I've got to go, so will be mobile.

    Will update on the Euro trade

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    Shorted USDJPY again tight stop

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    Closed usd short

    Euro now free trade and profit

    Euro still running

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    No London close trade and option was to far away to make an impact without London on board. Also fighting against eurozone weak data but seeing some dollar sell off which is riding euro higher.

    Lets watch

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    Didnt watch the whole afternoon, going to adjust the SL in the green.

    My nasdaq positions are great, on the other hand my oil and natgas are facked... Patience is a virtue!
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    04.30hrs wake up

    Checked Asian market's nothing really price moving

    Iran deal with the USA will be a price mover.

    Still got euro trading on the go but will be busy other thing's today so alerts are set.

    Will be watching all day on and off when i can

  25. #25
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    Option I'm targeting today 1.1950 (1.5bn), eurousd

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    Plenty of heavy orders coming through.

    News can always knock these right out but looks like the options are in play

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    Option is being defended well. There's a ladder of offers within a 30 pip range of strike price but they are being eaten up but looks substantial defence at moment. Bit of news woukd help.

    Post up chart later if anyone interested seeing it in action
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    Update on trade

    Because of the big options at 1950 and it was in a 30 pip range it was a good trade to take to go for an attack on the options. I did favour the long side due to the option size but as I look at the news feed there were a lot of offers building within a 30 pip range to the option strike price and they were heavy offers for the defence.

    The bids below what were attacking were weaker but I still had my long position locked in from yesterday and it was free anyway due to the USD trade I had with it.
    The news was negative all day on the euro which didn't help matters and the option was attack 2-3 times but it was a weak attack so I went short on the last weak attack to hedge my euro long. Got into profit and took the hedge off and sold my long position on the bounce close to option expiry.

    Wasn't the best trade but still in profit but my USD yesterday made up for it and still came out good. It was all about damage limitation. The two lines on the chart are the option and the lower line is where the price was and between was littered with offers which were heavier than the bids so really the short position was better deal but I had to trade my way out of my long position. Its oversold now MMMM

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    GBP looks interesting took a trade,
    London close aswell

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    Quote Originally Posted by marcus300 View Post
    GBP looks interesting took a trade,
    London close aswell
    Went down to the round number where a lot a bids were lurking. But it ran some stops first then lost momentum so i took a long due to the heavy bids and support.

    Not sure how much more its got but I'm happy so took 56 pips.

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    Slight positive news flow for euro. Alot of activity.

    Small trade took

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    Marcus you're definitly smarter than you look......
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    -*- NO SOURCE CHECKS -*-

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    Quote Originally Posted by kelkel View Post
    Marcus you're definitly smarter than you look......
    I don't know how to take that kel lol

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    Dollar moving lower as Trump confirms US leaves Iran deal. Not much activity to be honest and can't stay up for the Asian open so will monitor it in the morning see if there's anything set up for London open

  35. #35
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    Wednesday, May 9 calender

    05:30

    CAD

    Building Permits (m/m)View Details

    IMPACTACTUALFORECASTPREVIOUS

    MED

    2.2%-2.6%

    05:30

    USD

    PPI (m/m)View Details

    IMPACTACTUALFORECASTPREVIOUS

    MED

    0.2%0.3%

    05:30

    USD

    Core PPI (m/m)View Details

    IMPACTACTUALFORECASTPREVIOUS

    MED

    0.2%0.3%

    07:00

    USD

    Wholesale Inventories (m/m)View Details

    IMPACTACTUALFORECASTPREVIOUS

    LOW

    0.5%0.5%

    14:00

    NZD

    RBNZ Cash Rate Target

    IMPACTACTUALFORECASTPREVIOUS

    MED

    1.75%1.75%

    16:01

    GBP

    RICS Housing Survey

    IMPACTACTUALFORECASTPREVIOUS

    MED

    -1.0%0.0%

    16:50

    JPY

    Bank Lending Data (Ex trusts) (y/y)View Details

    IMPACTACTUALFORECASTPREVIOUS

    LOW

    1.9%1.9%

    16:50

    JPY

    BoP Current Account Balance

    IMPACTACTUALFORECASTPREVIOUS

    MED

    2,929.3B2,076.0B

    18:30

    CNY

    Chinese CPI (y/y)View Details

    IMPACTACTUALFORECASTPREVIOUS

    MED

    1.9%2.1%

    18:30

    CNY

    Chinese PPI (y/y)View Details

    IMPACTACTUALFORECASTPREVIOUS

    HIGH

    3.4%3.1%

    22:00

    JPY

    Economy Watchers SurveyView Details

    IMPACTACTUALFORECASTPREVIOUS

    MED

    49.048.9

  36. #36
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    Trump wants oil higher
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  37. #37
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    Quote Originally Posted by Mr.BB View Post
    Trump wants oil higher
    You think he may have a long position or he just likes fuking with them

  38. #38
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    Gbp still looks interesting but big BOE meeting tomorrow so will be staying out of it.

    Going to check the news and look at the chsrts.

    Busy day todsy so might be hard but up early to check what's going on

  39. #39
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    Quote Originally Posted by Mr.BB View Post
    Trump wants oil higher
    What's your strategy mate

  40. #40
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    Nothing outstanding on the option front. So I'm going to stay out today unless something happens.

    I've got some long term plays but doubt anything will happened with those.

    I'll be keeping an eye on usdjpy because it's nearly showing signs of overbought

    Might stay up tonight to see the Asian open but got a busy day today so will be mobile trading if anything alerts me.
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