July 22nd - July 27th

[daiello]

Well what do we expect this week?

Is the dollar going to hit new lows?

[ForexWolf]

Well from the charts I am seeing--it actually looks like the charts are showing the dollar gearing up for a small correction mode...if so its very possible many pairs will come off their highs rather quickly....least for a very short time. :D

Daily charts for example-- $/CAD is finally showing some change signs--the $/cad may test back into 1.05-1.06 perhaps...

EUR/$ Daily--gapped UP on open tonite at 1.3833--looks like it may close that gap at the very least to 1.3800, and possibly consolidate some back into 1.3745 and 1.3650 areas... GBP/$ is also set up similarly...looks like it will close its gap up and perhaps drift a bit into firmer ground...

AUD/USD daily had that long run up and then closed Friday with that bearish looking star--looks like its gonna stall and potentially dip back to .8750-.8720

No idea if these will turn or change for sure or how long--but its something I am watching to see if they turn around...

Here is what I think may happen in the next 48 hours or so--US has no major news out due until Wednesday (for new homes--which will be awful IMO)... EUR and JPY have a lot of news due out--including JPY big guy Fukui who will give some comments.. His words always spark some JPY movement--which will spark some AUD movement--since JPY is one of aussies biggest customers... Then we have EUR news due out with its folks making speeches from the ECB...this will most likely be subdued commentary and not play into any definitive remarks because its mid summer and they are still looking ahead positively but quietly for any 3rd and 4th quarter projections--this all may give a slight easing of pressures, and cause consolidations to happen in many many pairs ahead of the US homes sales news on Wednesday.

JMO... We'll see what happens...don't know if I am right but we shall see--I know I will be watching closely..cause I'm liking some of the chart formations.. I don't have any trade plans yet..but its looking like it could be a whippy beginning week before we see a possiblty nice trend continuation by friday....

FXW

[daiello]

What about all this subprime mortgage meltdown talk?

[daiello]

I had some fun scalping today.

Short EUR/USD = 14.93$
Short XAU/USD = 38.82$
Long GBP/USD = 13$
Long EUR/AUD = 5$

I got out of EUR AUD quick because the overall trend was down so i was -pips for a while and then cashed out once i saw positive.

What i have noticed is more times than not the trend comes back around to where you shorted/bought you just need to be patient.

Short USD/CAD now.

[orange]

USDJPY broke its longterm ascending triangle uptrend last friday. presently has already crashed well below the psychological 122 barrier and now in the 120s. this begins the second week of trading below pivot, with this week so far carving deeper below pivot than last friday. oddly enough, good USA econ news could further depress the pair because of Japan's heavy reliance on USA trade.
this is a weekly HOD chart; the last datapoint is this week so far; the second to last datapoint shows last week's HOD but on friday the pair slipped below 122...technically, after the breakout above the red top of the tri, the top green represents pair's new upper resistance, while the red now represents broken support and new local resistance...

[daiello]

Shorting it now

[daiello]

I have a goal to make 5k$ in the stock market and put that into a forex account come January 1st.

This will give me not only a total of about 6 months of practice, but with 5k$ i will also have enough to make at least 10$ a pip.

I have been scalping some good trades as of late but i wont be rushing into until January!

[orange]

Originally Posted by daiello

Shorting it now

dropped 50 pips from the time i posted. based on the time you posted and got in, you made abt 20 or 30 pips, if you were able to stand the heat for 5 or 6 hours... nice play

[daiello]

Originally Posted by orange

dropped 50 pips from the time i posted. based on the time you posted and got in, you made abt 20 or 30 pips, if you were able to stand the heat for 5 or 6 hours... nice play

I like to scalp.

I noticed with USD JPY with 5,000$ is about 20$ a pip.

So i was in for like 5 pips and happy with a 100$ gain. My goal is 100$ a day, and i did that in under an hour. So i consider it pretty well.

[plungee]

That sure is an excellent chart 7-24. Didn't know that was possible. Backtracked it to ImageShack. Good to know.

Been trading stocks for a lot of years, but no forex. My IB account allows 4X, so I've done a little investigation, but have no concept of the fundamentals of 4X trading. If I go long a major pair, i.e.: $/Y must the dollar go up for me to gain? If the dollar is listed last, i.e.: GBP/USD, then the USD must go down to gain? (if long, reverse for short?) I can handle the charting, altho maybe there are recurring patterns and seasonal occurrences of which I should be aware.

Any info/advice appreciated, also references you recommend.

plungee