Rob and and I have enjoyed a massive journey to get to this point, but, as a first time blogger and burgeoning live trader, I am not sure which I am finding most daunting. However, I am relishing sharing my experiences , thoughts, views and charts with you.
Rob has already blogged cable , but for my first blog I know he will have left me something nice, so lets look at one of our other favourites, GBP/CHF.
Here I go...
Oh, Hmmmm, thanks Rob, can't wait to trade it. Not much for me there. Yet again, Rob has been very consistent and has already planned and bagged the easy pips from the cable table; perhaps I will look elsewhwere; Yippon the Snake maybe, that'll be good,..
Taking it from the top... its very steep...
'Hey, nice channel'
'Thanks, I have just had it broken by a Darling"
'Hmmmm'
Rob and I had been watching this rising level all year (sounds like a long time) and finally it was broken on 22 Apr 09 by the Darling bud with his Budget. In the context of trading, I don't care what he said or how he said it, but I do love the markets response, for I feel it reveals a lot. As you can see, this and our other pairs dropped. There was a big push lower, and Rob and I were absolutely ready to short it back to the halcyon days of January 09. But, instead the pair thrust south screaming "Sell, Sell" and then looked around, realised where it was, felt embarrassed and a little sheepish and when it saw Rob looking at it with one of his withering looks, it cut back above the line and has not looked back since.
Lets zoom in..
Wow, nice channel, nice and tight.
and here we are again at the tactical level.
For me, I can not fault this pairs recent rise, It has been well ordered, uniform,, regular and very tame; what a lovely pair!
Wait a minute, this is Yippon the Snake; it has shown very little euphoria in its recent move so far, it has not left anything behind and has been very purposeful; as a result, its MACD has eased slightly but has not relented in support. I do not trust it either way, I'm scared!!
If it is going to press higher, and I think it will, it will at least test 149.90 and 151.50 as the big levels and I will leave it alone till then on the long side.
What I am interested in though, is the 1 hr 62.(146.05). Yip has left it behind without a bye or leave and I know it will come back looking for it soon. That said, the 62 is quite trusty and will probably go chasing Yip and they will probably meet halfway in a loving embrace. Might be a nice idea for a 5 min trade to close the gap for these old lost friends?
Here is that 5 Min chart,
Ooh look, that rising support level is from the 1hr chart and it is close to the 5 min 200. I will trade a break of the rising support, aiming initially for the 1 hr 62, but I will not be going hard for it until I see some sincere 1 hr MACD divergence.
I would say beware of shorting this pair too hard at the minute,it may look ripe, but I think it has the bit between its teeth, a following wind and a sense of calm that makes me uneasy.
There we have it, thank you for being so gentle with me on my first time,
Trade Safe!
Tom,
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