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FX Viper Trade Discussion (Archived Thread)

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  • #16
    Got some news from the US so hopefully some good reports out to help us out, ive also got some GBPUSD trades.

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    • #17
      I demand a 100 pip down for both pairs :-D

      Sent from my GT-N7000 using Tapatalk

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      • #18
        Wake up Viper :-D

        Edit: we missed a 15pip spike that lasted for sometime, better luck later today :-)

        Sent from my GT-N7000 using Tapatalk

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        • #19
          anyone have an explanation of the current strength of usd in the past 30 minutes ?

          is it even good or wise to search for explanation for every big move ???

          EDIT:
          nvm, it is back where it started last night
          Last edited by Okda; 04-28-2014, 07:08 AM.

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          • #20
            Originally posted by Okda View Post
            anyone have an explanation of the current strength of usd in the past 30 minutes ?

            is it even good or wise to search for explanation for every big move ???

            EDIT:
            nvm, it is back where it started last night
            Ha ha, and now it moved quite a bit more! Knowing how it moves recently it's probably not sustainable though. It needs to knock out all breakout traders still left in the business and only then it will potentially continue.
            Last edited by primi; 04-28-2014, 08:30 AM.

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            • #21
              Last weeks gap has finally closed. Maybe now we will get a more decisive move down

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              • #22
                Originally posted by The Hobbit View Post
                Last weeks gap has finally closed. Maybe now we will get a more decisive move down
                Why? Can you explain how gaps work, why they need to be closed and who's interested in them closing?

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                • #23
                  Will the eu try to touch 1.396 again before going down like what happened at the start of April?

                  Sent from my GT-N7000 using Tapatalk

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                  • #24
                    I'd remain cautiously bullish still but it's now taking a long time. Weekly situation looks largely the same, daily shows strong rejection from demand down there again and a new high breaking through 1.3879. There was a tiny false break just now and I was trying to find a way in but nothing is screaming "short!" at me just yet. It's possible it's just some supply consumption going on and it will break higher again which would I think be my prefered direction.
                    Attached Files

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                    • #25
                      Originally posted by primi View Post
                      Why? Can you explain how gaps work, why they need to be closed and who's interested in them closing?
                      No guarantee that gaps will close but it usually happens. Heres an article about it and I'm sure there is a lot more info out there http://thegeekknows.com/2010/04/fore...t-why-how.html

                      In particular see this paragraph near the end of the piece:

                      When a forex gap closes, it simply means that the price goes back to the level it was before the gap. One possible reason for a closure will be that the gap may have happened because of a knee jerk reaction to an event. Once the commotion surrounding the event disappears, the market may realize that ” Hey, that event wasn’t so great after all ” and normal economic forces take over and bring the price to where it was before the event. Do note however that there is no 100% rule that forex gaps will close. I will like to remind you again that nothing in forex is 100% confirmed.

                      I hope this article shed some light on forex gaps.



                      Read more: http://thegeekknows.com/2010/04/fore...#ixzz30TSLi4WL

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                      • #26
                        Originally posted by The Hobbit View Post
                        No guarantee that gaps will close but it usually happens. Heres an article about it and I'm sure there is a lot more info out there http://thegeekknows.com/2010/04/fore...t-why-how.html

                        In particular see this paragraph near the end of the piece:

                        When a forex gap closes, it simply means that the price goes back to the level it was before the gap. One possible reason for a closure will be that the gap may have happened because of a knee jerk reaction to an event. Once the commotion surrounding the event disappears, the market may realize that ” Hey, that event wasn’t so great after all ” and normal economic forces take over and bring the price to where it was before the event. Do note however that there is no 100% rule that forex gaps will close. I will like to remind you again that nothing in forex is 100% confirmed.

                        I hope this article shed some light on forex gaps.



                        Read more: http://thegeekknows.com/2010/04/fore...#ixzz30TSLi4WL
                        In my opinion gaps are just some retail thing better left alone. And thinking that gaps always close for some reason can be downright dangerous. Yes they usually close but if they don't your account will.

                        Lots of pairs are very mean reverting. Take out any bar and create a gap and it's very likely it will close sooner or later. Weekend gaps are pretty much just that, missing bars. Some brokers open sooner, some later. Those that open sooner maybe even don't have a gap. Or the other way around. Spread is crap, market is illiquid, you don't know where to put your stop because there's no logic behind the trade anyway and you end up risking a lot for a questionable outcome. Not worth it.

                        Using gaps and the "fact" that they close in any other trading plan for trade management is also very questionable in my opinion. Nobody is pushing price up just to close the gap and nobody is giving up when they close. If price moves it's for some other reason unrelated to gaps. Very different to say options like discussed in the other thread. There's a lot of orderflow because of options. And it's much more predictable.

                        Just saying.

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                        • #27
                          Wow, what a nasty reversal! I guess there's still some life in it then eh? It was pip perfect too, down to 1.38121 and back again. At least on my feed it was.
                          Attached Files

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                          • #28
                            Waiting on EURUSD and USDCAD turnarounds...

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                            • #29
                              Originally posted by Isochronous View Post
                              Waiting on EURUSD and USDCAD turnarounds...
                              I think EURUSD will have a go at 1.3967 first before going back down. This is a 2 week old chart, haven't updated it recently but the levels are still good, at least the ones we're interested in. Of course some news could disturb the picture again but so far last NFP looks just like a silly liquidity spike only and we're back to business as usual (direction up).
                              Attached Files

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                              • #30
                                Originally posted by primi View Post
                                In my opinion gaps are just some retail thing better left alone. And thinking that gaps always close for some reason can be downright dangerous. Yes they usually close but if they don't your account will.

                                Lots of pairs are very mean reverting. Take out any bar and create a gap and it's very likely it will close sooner or later. Weekend gaps are pretty much just that, missing bars. Some brokers open sooner, some later. Those that open sooner maybe even don't have a gap. Or the other way around. Spread is crap, market is illiquid, you don't know where to put your stop because there's no logic behind the trade anyway and you end up risking a lot for a questionable outcome. Not worth it.

                                Using gaps and the "fact" that they close in any other trading plan for trade management is also very questionable in my opinion. Nobody is pushing price up just to close the gap and nobody is giving up when they close. If price moves it's for some other reason unrelated to gaps. Very different to say options like discussed in the other thread. There's a lot of orderflow because of options. And it's much more predictable.

                                Just saying.
                                From my experience though. Once the gap closes it can be a good time to enter the trade on the other direction.
                                Deleted

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