July 29th - August 3rd

[daiello]

Ahh, So today i learned how to use fib retracement and i am currently in EUR USD and XAU USD.

I love the XAU chart because the candle bounced off of both the trend line and the fib support.

Put in my stop losses and take profits, we will see what happens when i awake.

[ForexWolf]

Here is what I see on some pairs for a set trade this week...

EUR/USD looks like it shall test down to 1.3550 - 1.3500 and then flounder to drift sideways upwards from there..

EUR/JPY look for a test back down from 161.50 to 160.55-65 area and then a possible hard turn back to the upside into 162.00-163.00

AUD/USD looks like it may try down to .8435 - .8400 but looks like its firmer ground is around .8600 where it may end up after a dip...

GBP looks like it may flounder sideways at first and then head up to 2.0340 -2.0360

see what happens...GLTA

FXW

[ForexWolf]

Originally Posted by ForexWolf

Here is what I see on some pairs for a set trade this week...

EUR/USD looks like it shall test down to 1.3550 - 1.3500 and then flounder to drift sideways upwards from there..

EUR/JPY look for a test back down from 161.50 to 160.55-65 area and then a possible hard turn back to the upside into 162.00-163.00

AUD/USD looks like it may try down to .8435 - .8400 but looks like its firmer ground is around .8600 where it may end up after a dip...

GBP looks like it may flounder sideways at first and then head up to 2.0340 -2.0360

see what happens...GLTA

FXW

For anyone who is playing along...

Of the above--EUR/JPY fell to 160.60 only once--I was hoping it would do it a second time after I had posted the above opinion...it didn't. But hey its back up from 161 to just under 163.00 now. Not as many pips gained as I wished--my original plan was an entry on the dip back in 160.70 territory--instead I had to settle to go long when it broke 162.00...but still a winner...

AUD/USD only dipped to .8460 area instead of my targeted 8435 area...same as above--had to revisit the plan to alter to a second long entry level just under .8500...meh..its working but not as well as planned for gains...

EUR/USD is screwing me over right now on my short...but as long as it stays under 1.37 I'll feel better about it still going to come thru and dip down again...have to see where it goes...not all of em are winners..and thats why the good lord invented the stop-loss. :D

GBP is floundering about sideways as I thought like a dead fish.. Like last nite--I don't see any indication of a move just yet--looks like a good entry range may be 2.0210-2.0235 to go LONG if anyone is interested in tryin the play.. 2.0340-60 target still looks viable to me for a move... I would say I would expect this to pullback from its current 2.0245 area before doin anything...so there may be still time to get a nice lower entry price..have to see what London does overnite....


FXW

[daiello]

Your USD JPY numbers arent correct, its at 119, not 160?

Also learning fib retracement %s.

They worked wonders for me so far.

Made 400$ on EUR USD, and 900$ on XAU USD.

Shorting GBP/USD now because it seems the 23% (i think thats what it is off the top of my head) is resistance as of now. Will watch it closely.

I like trading in 100k units, 10$ pips is nice.

[daiello]

8.1 pips on my GBP USD short. Over 200$.

Now shorting EUR USD again because i drew a resistance line, and 1.3076 and i have my fib support which i played off last night. So we will see how this play goes.

[ForexWolf]

Originally Posted by daiello

Your USD JPY numbers arent correct, its at 119, not 160?

Hmm...no--its EURO/JPY (a cross pair--not a major)....I'm not playing the USD/JPY....I hate the USD/JPY pair and avoid it when I can..:D

EUR/JPY is my play....in the 163.60 area now!


FXW

[ForexWolf]

Originally Posted by daiello

8.1 pips on my GBP USD short. Over 200$.

Now shorting EUR USD again because i drew a resistance line, and 1.3076 and i have my fib support which i played off last night. So we will see how this play goes.

Best of luck on it--it stopped me out sadly... But over +100pips on EUR/JPY and +110pips on AUD/USD today alone makes up for a -80 pip loss..2 out of 3 trades worked--still not bad...

FWIW, I still think EUR/USD will fall back down and a SHORT trade will work...but now for me I'm gonna need a validation level to be broken (probably around 1.3640 area) before I try to short it again to target 1.3550 - 1.3500 area...

good luck to ya...
FXW

[ForexWolf]

Oh yea--keep an eye on the USD/CAD pair...its currently at 1.0655 area after hitting 1.07 for a hard cieling--looks to me like it could keep on dropping to 1.06 and 1.0550...possibly all the way back to 1.0465 area on a strong move.. FWIW I've shorted this pair and I'm going to see if it will follow thru back down to those levels...


FXW

[daiello]

Oh yeah sorry. I thought it said USD JPY, so i was like hmm thats not at 160.

I lost a bunch on something, but made it back.

I need to stop buying so many units. I was at like 40$ a pip, but if it goes down im out of luck.

[ForexWolf]

Originally Posted by ForexWolf

Oh yea--keep an eye on the USD/CAD pair...its currently at 1.0655 area after hitting 1.07 for a hard cieling--looks to me like it could keep on dropping to 1.06 and 1.0550...possibly all the way back to 1.0465 area on a strong move.. FWIW I've shorted this pair and I'm going to see if it will follow thru back down to those levels...


FXW

Anyone else catch the drop to just under 1.06 and make some pips? :D

It was good for me for +65 pips netted...

Shorted again at the same price I did last nite...the hourly bear-reversal candle on the 1hr chart--looks like its gonna drop again!!


FXW