I went long about 30 minutes ago (9:30 EST) at 9265.(Major Support) Currently +30. Since I missed the selloff earlier I will ride the retracement. Target 9365 where I will consider a short.

Hi
I was waiting for 8.25 am (GMT) to start selling as per IDT information. Shocked to see the selling happened in an hour.
How did you decide 1.9265 was a major support. I tried various fibonacci levels (using my very limited experience in fibs), but could not come to a conclusion at this value.
Could you please elaborate?
also do you continuously monitor your positions or place a deal and let it run its course?
Thanks
Kumar

Just woke up to find myself stopped out at 9245. -20 Now I will wait for a retrace to 9260 for a sell. Should be resistance there now.
To answer your question, Kumar, 9260 is the bottom of the trading range that we have been in since 8 Jan. The top of the range is at 9915 made on 23 Jan. It was the low of the year until it was broken during the Frankfurt open today. It is the 100% fibo retracement area of 9260-9915. If you are using fibos, then you should have had the 9260-9915 drawn on your charts as it was a major one.
The Asian session was not able to break 9260 and I am somewhat suprised that the European session took it out so quickly. This is all related to the sell off of carry trades in the GBP/JYP.

I hope someone got in on IDT's forcast? If so then they are in pip heaven now. There was an opportunity at the open yesterday to get in between 9440 and 9450 but I missed it. How about you HFT? Did you get in?

Ok, I went short a couple of hours ago at 9246. Just got out at 9224. +22.
Recovered my -20 pip loss from last night. WoW I'm +2 pips ahead at the moment.
Its time now to wait and see. A break below 9200 could lead us to 9000 soon but I favor a retracement above 9260 first. We are way oversold.
I wish that I had not made that dumb trade last night. I should have gotten out at +30 rather than going to bed and letting it ride.

I have been trying to follow this thread, but sometimes have difficulty. IDT's forecast, although it called for a downtrend, didn't call for a downtrend until 3:25 -8:30am ET. At that point price was well below the entry price zone and even below the target price.

I don't see where IDT, in their own examples/instructions, says to enter the market 10 hours prior to their forecasted time, even if the sell zone is hit. Otherwise, what would be the point of providing such precise time forecasts.

I am not saying that there weren't other technical signals/conditions met for a sell soon after the open yesterday. I just don't see how the IDT forecast was at all instructive to make that entry anywhere near that point in time.

Is it possible for you or someone to elaborate?

Thank you,

saintmo

Sure, I agree with you 100%. Since the forcast had no +++ in the super intraday I ignored it. And my indicators never gave me a sell signal since they are all oversold. But I can not ignore the fact that their intraday called for a down day and so far my daily chart shows a big red candle.
Anyone that sold when price was in the sell zone would have made +200.

But how does one take advantage of the fact that they identified the correct direction in intraday? I thought I had understood that if there were no '+++' (super intrday) the appropriate response to an intratrend direction (in this case down) was to look at the super intraday and find a sell signal and enter generally within that time frame when price was near the target zone.

For me, forecasting the right direction 2 days, or 1 day or a half day early is of little value for short term trading--unless I can determine how to consistently interpret the forecast with great success.

I am not saying that IDT hasn't provided valuable forecasts on other days. Just seems like this one wasn't useful ahead of time--only in hindsight.

Thanks for any time and insight on how to use these signals in these circumstances. And maybe the right answer is to wait on the sidelines until another day.

saintmo

saintmo, I have my own method of trading and following market direction and IDT forcasts are just another indicator to me. No forcast will ever be able to achieve perfection. Every trader will use forcasts differently since they are not perfect. When a forcast is not perfect, look at your charts and trade what you see.

wep561,

I appreciate your time. I evidently misunderstood that this particular forecast could be used. If it could not, then the answer is to rely on other systems and wait for another day for IDT.

Thanks again,

saintmo