by Metalhawk on March 9, 2010
More of the same this week. There was next to nothing to mention as far as scalp lines was concerned, so I held off a day more. This time, it paid off. Firstly, I hope you all watch Nick’s analysis, and if you do, you caught a nice trade already (I know I did) using a S&R (constant) line. And if you don’t watch it, well, what are you waiting for?!?!?!? 
Anyway, the other S&R line on Nick’s analysis has now doubled up as a nice scalp level, with a bounce earlier today/late last night).
1. Short @ 132.00: This one has been around for a while and doesn’t require more explanation after the last few weeks. Needless to say, it’s a very nice setup.
2. Long @ 137.35: This one was called as a S&R line by Nick, and the bounce makes it look doubly nice.
That’s it for now. Good luck.
by Metalhawk on March 9, 2010
I closed this one after getting home from work and seeing it just missed my take profit earlier tonight. I closed for +52 pips. I owe Nick a big thank you for this one though. You see, S&R (or constant) lines have never been a strength of mine, so when Nick called it in his analysis, I trusted him (of course) and placed my pending order for it. So again, thank you Nick.
by Metalhawk on March 3, 2010
Hey folks. Again this week, there’s not much to go with to start. In fact, I had one line close to being formed to start the week, but it got ruined by the weekend gap (134.60). It has since been replaced by the short @ 132.00, as I’m sure you all can see clearly on the charts.
Beyond that, there’s nothing yet. After the big drop to start the week, price has been ranging, so it’s a wait and see game.
Good luck, and I will post again if new lines develop.
by Metalhawk on February 25, 2010
I hope you all took the 138.20 short break. After the initial rush down, it took a small break before resuming its descent. For me, it was all taken via a pending trade, so I saw none of it until I got home. +80 pips on this one.
by Metalhawk on February 22, 2010
I know I didn’t post last week, but early in the week, nothing was happening so I thought I’d wait an extra day. That didn’t help, the markets continued to range, and by the time things started moving again to finally create a line, it was Thursday morning.
Still, we don’t have a lot to talk about. This has been a very boring year so far for line breaks. And even now, there’s only 2 lines to talk about. One formed last week, the other one a few weeks ago.
1. Short @ 138.20: Strong move down, long wick, and a long and pronounced bounce back up 500 pips.
2. Long @ 143.60: The candle forming this one was a beauty, after a 500 pips move to that line. I would prefer to see a slightly mote pronounced move down, but as it stands it’s still good enough.
That’s it. I’m bored. Thank god for the Olympics right now.
by Metalhawk on February 9, 2010
I know I will sound like a broken record here, but we lost yet another good line to bad timing. This time, the 139.20, which formed (and bouncing off an old line) after that huge drop was broken late on Friday. People trading it would probably have gotten a profit out of it, but trading Fridays tends to be risky.
I waited a bit this week to post this because the market was ranging, so it was quite boring. It seems to be waking up a little, so I will post the 2 lines I have at the moment.
1. Long @ 141.40: Not the strongest of lines, but it seems ok.
2. Short @ 138.20: I think this one is pretty obvious, although it took a little time to go up enough to call it a line.
Not the most promising week, but we’ll make do with what we are given.
Good luck.
by Metalhawk on February 2, 2010
A sorta boring last week. A ruined line by a major GBP news release (144.60), and price just ranged all week. And if THAT wasn’t enough, one of the new lines that came about last week (143.60) was ruined by this week’s opening. This seems to be a recurring theme lately. On the bright side, 147.30 was confirmed as a solid line with another bounce late in the week. So…
1. Long @ 147.30: Beautiful triple bounce. I’m really looking forward to this one.
Maybe:
2. Short @ 143.00: I feel this one is a little riskier, and so I’m still on the fence about it. I don’t know if I will trade it. The move down that eventually lead to it wasn’t exactly a clean one. I will make another post if I decide to take it. If I don’t post, I won’t take it.
Again this week, slim pickings. We’ll see if anything develops during the week, and as usual, let’s keep our eyes open for reversals.
Cheers.
by Metalhawk on January 27, 2010
I mentioned the first one when I wrote the analysis, but 147.30 long can now be called a nice looking scalp opportunity. There’s also 143.60 short, but for this one, I would like to see a little more of a push up (price is currently at 145.65) to about 146.00, but it looks like it shouldn’t be a problem.
by Metalhawk on January 26, 2010
The negative GDP news coming out of the UK wasted what could have been a nice line. The line was broken pretty much at the same time as the numbers came out. No trade on this one…
by Metalhawk on January 26, 2010
It seems that last week, not everyone agreed on the scalp lines. I wasn’t crazy about the consecutive, close to one another lines, but others, including Nick, liked them and took them. To each his/her own.
As for this week, there’s only one line close, and it’s the 144.60 short line. Although as I write this, there’s one that is forming long at 147.30. Worth keeping an eye on. I guess I could mention the 150.70 long, but that seems a little far away for now.
A quick note about the 144.60 short line: keep an eye if you can when price approaches the 143.85 area, which is near the 80 pips profit zone. There was a bounce there back in mid-December. You never know what effect this could have on price action.
As usual, 80 pips profit, 70 pips loss.
Cheers.
