surveycash:

Which TF are you using? All I see here is down for 120pips or more,

For this entry I looked at the 30 min and 4H.

You are right about the potential to fall more - especially looking at the 4H chart.

However I believe GJ is at a decision point now. If this decision point fails, the next one would be around or b4 123.20 -- which incidentally matches the next 120 pip drop you're seeing.

Thumbs up on ur projection BTW.

smithereen:

For this entry I looked at the 30 min and 4H.

You are right about the potential to fall more - especially looking at the 4H chart.

However I believe GJ is at a decision point now. If this decision point fails, the next one would be around or b4 123.20 -- which incidentally matches the next 120 pip drop you're seeing.

Thumbs up on your projection BTW.

And it seems the decision point has not disappointed. Where is your TP? Mine @124.95 however by the time I do my daily Pivot I may know where to pull the trigger. Thumb up!

Concept:

And it seems the decision point has not disappointed. Where is your TP? Mine @124.95 however by the time I do my daily Pivot I may know where to pull the trigger. Thumb up!

My TP for this trade is currently @ 125.27. This is purely tentative, cos as tomorrow unfolds, I will have reason to reduce or increase.

Also, I suspect we may have one of those freak GJ rallies that make u wish you'd placed your TP at 300, so I'm still deciding how to play this.

Anyone feeling this? Any "Dibia"s in the house?

bros, for forex ?

aguiyi:

bros, for forex ?

Na here we need dem pass o.

The month began with fireworks but ended with on a quiet note as risk appetite inched higher on positive data from the US. The Swiss franc easily led the market after the government said it accepts the strong CHF. Australian retail sales and China's manufacturing PMI are the highlights of the upcoming session.

US economic data was surprisingly strong:

- Chicago manufacturing PMI at 56.5 compared to 54.8 exp. and 58.8 prior

- Factory orders up 2.4% in July compared to +1% exp.

- ADP employment at 91K vs. 103K exp

The Australian dollar was the second-best performer after CHF on the positive sentiment generated from the data. The S&P 500 gained 0.5% to 1219. Gold fell by $2.

The Swiss government unveiled a stimulus plan to counteract the squeeze on growth due to the strong CHF. The SNB announced no new measures in the currency forwards market after making an announcement on three of the past four Wednesday's. The moves signal a change in tactics for the Swiss toward learning to live with the strong franc, rather than fighting it.

The euro fell on a rumour about Greece hiring a New York law firm to explore leaving the Eurozone.

Canada's GDP report was mixed as the economy contracted 0.4% (annualized) in Q2 compared to the +0.1% expected. CAD initially declined but rebounded on some of the details of the report. The negative reading came on the heels of 3.6% growth in Q1 and is partly due to a number of factors, including the Japanese disaster and temporary shutdowns in the energy sector. Trade was a large negative drag due to the strong Canadian dollar but domestic demand rose at a 3% annualized rate and business investment rose 31%. A recession is unlikely but it can't be ruled out either due to shocks from the US. The chief CAD risk is that we see the BOC taking a more accommodative stance.

Month End

JPY was the top performers in August while NZD and CHF lagged. The S&P 500 fell 5% in August in the fourth consecutive monthly decline. Gold gained 12.7%, silver rose 5.75% and oil fell 7.2%.

Glancing at the monthly charts, the downward trend in USD/JPY appears well-intact while a reversal appears to be underway in USD/CHF. The EUR/USD and GBP/USD chart shows very little direction. In the commodity currencies (especially CAD) signs of a change in trend are apparent but it's more likely to be sideways than down.

Asia-Pacific Preview

July Australian retail sales at 0130 GMT are expected up 0.3% after a 0.1% contraction. At the same time, private new capital expenditures are expected up 4.1% in Q2 after a 3.4% prior rise.

China's August manufacturing PMI will be released at 0200 GMT and is expected at 51.2 in Aug after a 50.7 reading in July. Earlier in the week, HSBC's flash PMI was stronger than expected so the market has likely priced in a reading higher than the consensus. Expect to see a 30-40 pip reaction in AUD to this report.

smithereen:

My TP for this trade is currently @ 125.27. This is purely tentative, cos as tomorrow unfolds, I will have reason to reduce or increase.

Also, I suspect we may have one of those freak GJ rallies that make u wish you'd placed your TP at 300, so I'm still deciding how to play this.

Anyone feeling this? Any "Dibia"s in the house?

Closed my 2nd leg of GJ @ 124.95 for +45 pips. 1st leg still in play.

I see price started retracing @ 125.34, so my initial TP (125.27) would've been the best for this leg (77 pips).

Still, it's good to wake up in a new month and find yourself in pips!


Meanwhile EU has touched the bottom of the buy zone I described on tuesday and on wednesday, this I assume should be the end area of wave 5 down (wave 3 down happened tuesday, wave 4 up -- which I traded -- happened between tuesday and wednesday).

If I am seeing this correctly, then I expect upward drift on EU starting today.

I jumped in (Long) at @ 1.4375, yester night (today shld have been a better entry though).

Fingers crossed.

USD/CHF Bears in control. GBP/USD Bulls have taken over. Look into them guys, may the pips continue to be with us.

@smithereen
EU was a bad trade for me yesterday. However it is u/chf that is going to suffer. I feel like taking all the money on the table.

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How can i learn forex

AU could be a good sell bamm!!

AU is not yet ready to be sold oh!

Buying EU for 60 pips @ 1.4370 stop loss 40 pips.
Second TP 100 pips frm entry.

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Bears are no more in charge in usd/chf.

Lol, stopped out of EU

Sell nzdusd now.

1st target: 0.8416

2n6d target 0.8301


Get ready to short AU

EU still down6 targeting 1.4170 am already up +80 pips

may the pips continue to be with us

EURJPY also good for sell

target: 109.29

Also shorting EURCHF targeting 1.1332

join me on this at ur own peril. already +15 pips up

patiently waiting to also short AU big time

yeah EU has just broke 1.4282 heading towards 1.4170 enjoy the ride

blackgucci:

Lol, stopped out of EU

Eyaaah. E dey happen, my brother.

If I may recommend (when trying to catch a turn point): 100 SL or more depending on the situation, along with much smaller lot sizing.

If following the trend, then ur normal SL system is probably ok.

Note that this is only my opinion and may not work with your overall system. Only try it after u've run calculations and developed a way round the implications.
-----------

Meanwhile I may buy a second EU soon -- if we hit 1.4203.
Watching EJ as well.


Danger diabolic .

EURCHF am up +100 pips

Sell AU now

AU on your mask!!!!!!!

Get ready to short AU with me

target 1.0515 between today and tomoro.

but not set yet on my side oooooooo

I wonder where folks are seeing a buy on EU since market open.

area to watch for a bullish reversal on eur/usd.took my 100 pips on 4hrs retracement

JAZES:

I wonder where folks are seeing a buy on EU since market open.

Same here ooooooo my broda when EU is still strong on d  downside.anyways scalpers can still pick something you can't tell.

for me i hate scalping

AU getting set

lets watch out for the next 1hr to trigger a sell

SELL AUDUSD @ 1.0680

1st target: 1.0580

2nd target: 1.0498 medium term

endfx1:

Same here ooooooo my broda when EU is still strong on d  downside.anyways scalpers can still pick something you can't tell.

for me i hate scalping

I have been on a sell since last week thursday because i know it will drop
and finally i have closed out all my sell positions on EU and GU.

Now i can play golf and play around today.

Who wan join me ooo