Thanks matey!

I am still allowed to post, but not allowed to suggest any bias in my trading (up, down, sideways), as it may subconsciously affect my own ability to trade unemotionally.

Which is probably fair.

Best of Luck with the new job Clarence: I'll miss your posts:)

Bullish wedge on EUR/USD dailies?

Have you moved, noticed the Aberdeen?

Yeah mate, in Aberdeen now. Where men are men, and sheep are scared.

Clarence when you say bullish Wedge this means that the $ should get weaker, when it breaks the wedge (shoudl be in the upward direction).
Correct me if I am wrong

thank you Clarence

Yes, exactly...well the pattern is normally a bullish one...but if it breaks the wrong way (south), then those kind of moves can be very large...since many people try to front-run a break north, with a stop below the wedge...but the wedge slope falls further with time...leading to ever lowering stops...leading to ever greater losses...leading to panic covering.

The GBP/USD had a downward sloping trendline until this week, which suggested to many that it would reverse north, but it broke south instead, leading to the large move we saw.

What I think is important with potential bullish/bearish wedges such as this one, is to be very careful selling new lows or buying new highs, as the pattern shows that continuation breakouts are traveling less and less further each time.

The wedge broke north, has retraced, and now a possible inverted H&S is setting up:

whats your view on £ just got buried...

I have been pipped out of being short the GBP/USD twice this week, the bugger doesn't stay down very long.

That's not a good sign for shorts ATM IMO.

I think GBP/USD needs to fill the weekend gap from 2 weekends ago, which is at 1.51-ish, before short opportunities will bear fruit again.

ok, got caught as well, bastard to trade at the moment, big spike 30 minutes ago got me

right shoulder on that inverted H&S has been taken out - not a good sign for bullish potential.

Guys can you recommend a Broker for trading currencies..

Are you allowed to trade it with no leverage..

Thinking Euro Based Broker..

thanks Clarence

Hi Wontbackdown,

I use oanda.com, who let you use tiny position sizes. Which means you don't have to make use of leverage, even if you only have a small amount of money in your account.

The connection to their server used to be poor, but now it's quite reliable.

They are based in Switzerland, but do their clearing through New York.

Pretty little triangle forming over the last 4 hours....

now a potential head and shoulders forming over the past 24 hours.

Price is being constrained by this trend line (see chart), just rejected off it again.

Daily candle is now bullish engulfing - one more new high today and I am long this fickle beast.

Wow, this is a tough market to trade - false breakouts in both directions.... suggestive of a messy range. I am stepping away from EUR/USD for a few days, in the hope that triangle starts to form. I like triangles.

looks like nobody can decide what piece of ****e is the worst, the GBP or the US$...?
looks like a deadheat to me!

Here is the always excellent Peter Wadkins's take on the day's action on EUR/USD, which he attributes to the Chinese defending some EUR/USD options.

Doesn't really explain the even bigger strength in CHF, does it though?

Damn, I had a limit buy @ 1.2555 last night but canceled it before going to bed because of the looming ES dump. Didn't have guts to chase it today

LONG euro for the session...

Moving slowly - could be a repeat of the action from a few days ago. I will assume that and have now locked off the trade at breakeven +1... Now its a free roll and I will walk away.... Maybe forget about it until tomorrow.

mm - pulling half so I can pocket some. The rest will ride.

closing out - good trade.