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forexchequer Jul 29, 2011 1:12pm | Post# 17101

Charts
 
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Hi All,
I have been following this thread for a couple of months now and very pleased to have found it. It makes a refreshing change that there are no ego's and trash talk here.I use S/R lines and very little else. LG's method really brings results.

Thanks LG

Delite Jul 29, 2011 1:48pm | Post# 17102

Thanks for the kind words, Delite.

Yes, open and close above/below the S/R lines, but next candle needs to be going in desired direction and with this market, we have been waiting for a close above/below any wick that may have formed.

A pleasure!

Thanks for the clarification. Will post some charts next week.

Have a great weekend

Nijn Jul 29, 2011 1:50pm | Post# 17103

Swissie into uncharted area
 
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I will have to adopt your attitude about uncharted areas. They scare me and I tend to try to stay away from them. USDCAD, USDCHF, USDJPY...I have stayed away from them, but I check on them just in case they take off.

Aussie has been a real money maker..totally agree.
I love those uncharted areas
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Nijn Jul 29, 2011 2:02pm | Post# 17104

A gamble is not a trade....
 
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Ok Ninj, I think I see what you're saying. Now you'd just be looking for some red arrows to compliment the taps, I think.

And I really appreciate your taking the time to expand on my question!

Thanks mate!
Yes that is correct, but there is more.

This is to follow up on the story of the trendlines in USDCAD.
It's a two part story.
I wrote the first part this morning, before I left home, but forgot to post it here.
The second part was written just now, due to changing market conditions

Right now, during London session, there is another attempt to get back above 0.95 level.
As you can see, price has breached the magenta trendline and is trading above 0.95.
Now the question is, is this a succesful breakout above the trendline ?
The answer is, I do not know for sure, but I think this is not a valid breakout.
Why not ?
The price action that follows the "breakout" is not convincing.
Price has also not traded above this week's high.
Another thing to consider is that the trendline is drawn poorly.
Maybe it should be drawn with a different angle, using different points etc...
(dotted yellow line for example)
Although the signals are mixed, I enter a short trade right now with a tight stop loss.
Don't have the time to monitor the trade, it's time to play outside with my kids and go the Zoo.

Coming back home at the end of the day, I see that price has gone up, and the trade was stopped out with a loss.
(see second chart)

The lesson to be learned here is that trendlines, no matter how you draw them, do serve a purpose.
Another lesson is that this was a really bad trade for several reasons.
The signals were mixed and point to a further advance (divergence in RSI).
There was also no real price action to justify the short trade.
However, bearish as I was on the USDollar, I was too eager to enter a short trade.
So actually this was not a trade, but a gamble.
It was a gamble for a declining USDollar.
And I lost this gamble.

Hope that helps and thanks for reading
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Nijn Jul 29, 2011 2:15pm | Post# 17105

Aussie MoneyTree
 
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The idea is to stay in the trend as long possible.
As long as the uptrend is still there, my long position is still there as well.
Well, the problem is....the short term uptrend was broken overnight.
The break was not according to plan, so part of my long position got stopped out at 1.0950.

Long term I am still bullish on this one, so I decided to not close all the longs.
In order to protect the remaining long AUDUSD, I shorted NZDUSD, so that gives me a long AUDNZD.
This turned out to be a good trade and profitable switch during the volatile overnight and daylight sessions.
I got stopped out of my short NZDUSD at 0.8650 with a profit.
Even better, I still have my long AUDUSD.
Meanwhile the price is back to the trendline again, struggling for the 1.10 level again.
And we are again on our way into uncharted areas.
I really like this
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Erebus Jul 29, 2011 2:46pm | Post# 17106

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A pleasure!

Thanks for the clarification. Will post some charts next week.

Have a great weekend
No problem, it will be a deelight to do so

And some settings, it just plots up to 5 vertical lines at the time of your choice, quite easy, text is as per your choice also, very handy
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Xi-VLines20v1.02.ex4
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autoforex1 Jul 29, 2011 5:14pm | Post# 17107

lawgirl, what's with your eurusd trade? still on?

lawgirl21 Jul 30, 2011 11:05am | Post# 17108

EURUSD
 
lawgirl, what's with your eurusd trade? still on?
No, I had two long trades on about July 26. Both hit my TP for about 25 on one and 40 on the other. But I caught it going down and made another 100 pips on it over the next 2 days.

lawgirl21 Jul 30, 2011 11:46am | Post# 17109

EURGBP Week's Summary
 
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July 26, 2011
Break to the upside for about 30 pips before turning and heading down for the remainder of the week.

July 27, and July 28
Textbook almost identical moves down around 50 pips each day.

July 29, 2011
Price taking a break. Consolidation to decide where to go next. Plenty of room still to the downside, but may head back up.

H4 Chart
Candles, as do the RSIs, show total indecision.
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vox dei Jul 30, 2011 12:53pm | Post# 17110

[font=Helvetica][size=3][font=Helvetica][size=3][left]When our trades lose money, whatever our logic, we can be sure we were not alone. But we can equally be sure that we were in the minority. Had we been in the majority the market would have performed as anticipated. The market decision process is that simple. It is a matter of putting our behavior in line with the majority as often as we can. The most effective tool to achieve that is our own empirically tested market psychology. We are the market, if only we can let ourselves mimic the mind of...
I have exactly the opposite view. The market is merely part of the real world. As a part of the whole it obeys the same set of rules as the whole. There is no democracy here, only the illusion of it. In the real world a minority enjoys most of the wealth and power. Logic follows that a minority is responsible for most of the market moves as well. I really wish everything was like you described, but rich and poor people simply do not have the same weight/saying on matters.

Before you start arguing on the merits/flaws of each perspective give it an honest thought.

If the majority is consistently right as you argue, then why is it that every broker data shows that the majority of their clients are unprofitable?

Nijn Jul 31, 2011 10:08am | Post# 17111

EURGBP
 
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July 26, 2011
Break to the upside for about 30 pips before turning and heading down for the remainder of the week.

July 27, and July 28
Textbook almost identical moves down around 50 pips each day.

July 29, 2011
Price taking a break. Consolidation to decide where to go next. Plenty of room still to the downside, but may head back up.

H4 Chart
Candles, as do the RSIs, show total indecision.
Those were nice trades in EURGBP
It was already mentioned that a H&S pattern is forming on the daily chart.
We are near the neckline.
Any ideas for next week ?
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Nijn Jul 31, 2011 10:11am | Post# 17112

AUDNZD
 
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AUDNZD is still on my watchlist.
Long term, price is approaching interesting levels (see weekly chart).
Past two weeks (see H4 chart) showing several H43T setups, and BO trades.
I only took one trade, and I was lucky to get out with positive pips on a long trade in a downtrend.
Now price returns to the bottom of the trading range and taps the H4 line again.
Opportunities for a downside BO and upside H43T next week.

Ideas and comments are very much appreciated
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lawgirl21 Jul 31, 2011 10:55am | Post# 17113

AUDNZD
 
AUDNZD is still on my watchlist.
Long term, price is approaching interesting levels (see weekly chart).
Past two weeks (see H4 chart) showing several H43T setups, and BO trades.
I only took one trade, and I was lucky to get out with positive pips on a long trade in a downtrend.
Now price returns to the bottom of the trading range and taps the H4 line again.
Opportunities for a downside BO and upside H43T next week.

Ideas and comments are very much appreciated
This pair on my watch list too. I went through all the pairs over the weekend and decided to exclude all pairs that are at all time highs/lows as I don't what to try predicting how much higher/lower they will go.

That's the following pairs:
EURCHF, GBPCHF, USDJPY, AUDUSD, USDCHF, NZDUSD, EURAUD, and AUDCAD, with USDCAD and GBPJPY almost at all time lows (around 500 and 800 pips away, still room down).

That leaves plenty of pairs to trade, including EURGBP which is one of my favorite pairs.

ovyeh Aug 1, 2011 3:40am | Post# 17114

GOLD SPOT
 
Gold opened with about 130 pips gap. It may close de gap

lehmann Aug 1, 2011 5:41am | Post# 17115

EURGBP
 
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Im gonna watch this possible BO in EURGBP
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lawgirl21 Aug 1, 2011 9:28am | Post# 17116

GBPCHF, EURCHF
 
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This pair on my watch list too. I went through all the pairs over the weekend and decided to exclude all pairs that are at all time highs/lows as I don't what to try predicting how much higher/lower they will go.

That's the following pairs:
EURCHF, GBPCHF, USDJPY, AUDUSD, USDCHF, NZDUSD, EURAUD, and AUDCAD, with USDCAD and GBPJPY almost at all time lows (around 500 and 800 pips away, still room down).

That leaves plenty of pairs to trade, including EURGBP which is one of my favorite pairs.
That being said...these two pairs open yesterday with 92 and 84 pip gaps up. I could not resist trading them. They have both closed back down now.
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lawgirl21 Aug 1, 2011 9:51am | Post# 17117

GBPUSD
 
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Starting to break...
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pippete Aug 1, 2011 9:52am | Post# 17118

NZDJPY
 
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Pipfest... Lots of nice BOs this morning. here is one.
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lawgirl21 Aug 1, 2011 9:53am | Post# 17119

EURJPY
 
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Breaking here too.
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pippete Aug 1, 2011 9:54am | Post# 17120

AUDJPY
 
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Another one. Got a few pips on this one too... Same on Cable and GBPCAD... Too many to post..
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