well, it was breached by the NQ, which (along with the 6E series now ) I also follow. but the spooz are holding strong at R1, and my vote is for the blow-off top.
Buy @ 1309.0 I needed at least confirmation from one of the three indicators, and I got it so the system is now Long. R3 is at 1313, but with these narrow ranges, I'm not sure how much that matters, I'll look to move the stop to breakeven when 2 pts are hit, and take profits at 1313 if it gets there. Regards, JJ
Glad this thread has really got me foccused on my Pivots again. Today another classic day on the euro. Zig-zaged around weekly pivot at the european open, up to daily pivot - bounced of it once, twice, three times.....a winner. Actually you had exactly 20 seconds to get in short before the spread widened to 10 pips (on Oanda) 30 seconds before the numbers and then 15 pips spread for a couple of minutes after NFP. A bit tricky indeed. Shot down - short the pullback with the rest of them ....and down to s1 , yippy +30. Wound up for the next move around S1 which flung price back up then pulled price back to it, long just as it was diverging on the faster tick charts and boom... took profits at weekly pivot. These pivoty thingys really work. All this commotion and yet price hasn't moved from the W. pivot today . They could have just made an announcement and said "Today price will not move from the pivot due to lack of interest, winning traders line up on the left to collect your payoffs...and lets all go home early" This liquidity pool has more slippery slides than Waterworld!!
Pivots are great on FX - no doubt. Spread widening like Oanda's - love those deal desks. Go to an ECN, spreads *might* widen a little bit. A pip or two at most. MB did not widen at all yesterday. Oanda is just taking money directly from you. No offense intended to you NZ. I just hate any dealing desk. Pick Pockets - all of them.
Gotta admit, I hesitated a little but when that spread widened it scared the bajibas out of me as I was about to click sell - and I had to wait for the pullback. At least now I know for sure that they do the spread party trick only 30 seconds before and not 45 seconds before the numbers lol.
Hi Jimmy, Agree with just about all you said not so sure about this one. (though each to there own of course). One of the anictodes I like from reminiscences is the guy who goes to the wise old trader and says I can't sleep I am carrying 50,000 bales of cotton and am worried that its going to correct, what should I do? The old codger says lighten the position to sleeping point. For me that point is flat. Many years ago when I was in and out of all sorts of stuff all day I didn't flatten out by close (only twice). It did cause restless nights. Anyway the whole profit risk think is a complex matter but in a nutshell with a winning approach I believe I can compound more, quicker, intraday than swinging. (Though I guess some people will do better with all there capital at work in a diverse portfolio). Sorry no time for an illustration I am done for the day and off for a pint with my sister. (late already) Might be back later if not have a great weekend Cheers, Nick.
I hear nothing but horror stories, there are plenty on this website, about how forex "brokers" screw people over all the time. I'll stick to the CME as the spreads are great, liquidity is great, and there not going to f*ck you over.
Forex is a lot like the wild west. Few regulations, decentralized. It will never be centralized. Countries cannot decide on the shape of negotiating tables - how will they EVER decide to cnetralize currency trading. Good thing about this - decentralization makes games more difficult. Commodities can easily be gamed by market makers - and they are daily. Centralization makes it possible. Dealing desks are set up to take your trade. They don't go out to the open market. ECN brokers do not stand between you and the banks. Hence they make money via commissions. Cleaner this way. Much cleaner. That is why FX is the most trending market on the planet - and with 2 to 3 trillion transacted every single day - the MOST liquid. By far. But - to each his own. If you are making money - why change? I have a few friends that trade the CME. They do well. FOr me - FX is the wayto go.
I'm glad this thread got me focused on the Pivots & the Currency pairs also ... looking at them is like 3 times the pleasure, and none of the pain of the financials! Best, JJ
Well, it did and so did I. 4 pts and done with this bad boy. Not a bad week considering the lack of liquidity and movement in the markets, I think next week they'll be out with a bang! Best Regards, Jimmy Jam