Remember i told u if price went thru monthly pivot and candle closed under monthly pivot i would go short. So this is how my trade turned out. My 1st profit target got hit.
Attached Image (click to enlarge)
- | Commercial Member | Joined Jun 2006 | 1,578 Posts
Feb / OND... thought you guys might like this setup on gold futures...
http://www.forexfactory.com/showpost...4&postcount=64
Peace
Peace
- | Joined Oct 2007 | Status: Member | 551 Posts
Hi Feb, do you know why people clap their hand at the opening bell in the Usa? I have googled it, asked around... not precise answer, few jokes around it and that's it.
- Joined Nov 2007 | Status: Member | 110 Posts
Welcome, friend OND. Your descriptions on your E/J trades and false break-out are great!
By the way, how do you deal with false break-outs? In your E/J trade, the S/L is more than 1%, I assume the leverage you used is less than 10 times?
Thank you very much.
I'm not sure what you are asking regarding my S/L being more than 1% - more than 1% of what? The risk model I apply means that I'm never risking more than around 0.6% of my trading capital.
As for how I deal with false breakouts, I tend to avoid trading breakouts in the main. Of course, there are always occasions where a breakout interests me (based on the preceding market structure) but I would usually wait on the retracement before getting in. Sure, sometimes there is no retracement and it just keeps going but I'm happy to let those ones go rather than chasing the market.
Hope that helps clarify things but let me know if not and I'll try to explain further
O N D
- Joined Nov 2007 | Status: Member | 110 Posts
Feb / OND... thought you guys might like this setup on gold futures...
http://www.forexfactory.com/showpost...4&postcount=64
- Joined Nov 2007 | Status: Member | 110 Posts
Just back from a day away from my screen and thought I'd post some up to date charts with a few brief thoughts to keep the discussion going whilst all you Americans gear up for a turkey feast 
First attachment is the weekly Cable chart and it demonstrates why I'm steering clear of going long this pair at present, despite the long established up trend.
It's a damn ugly candle for Cable bulls and the subsequent candles haven't made it look any prettier!
First attachment is the weekly Cable chart and it demonstrates why I'm steering clear of going long this pair at present, despite the long established up trend.
It's a damn ugly candle for Cable bulls and the subsequent candles haven't made it look any prettier!
- | Joined Apr 2007 | Status: Member | 515 Posts
Just back from a day away from my screen and thought I'd post some up to date charts with a few brief thoughts to keep the discussion going whilst all you Americans gear up for a turkey feast
First attachment is the weekly Cable chart and it demonstrates why I'm steering clear of going long this pair at present, despite the long established up trend.
It's a damn ugly candle for Cable bulls and the subsequent candles haven't made it look any prettier!
As you know i have read the charts totally different.
Scenario 1:
I see firstly a possible break of the upper channel. If it breaks and hold then we have lots of pips to play with to the upside.
Scenario 2:
However if we break the bottom of the channel and it holds then we can actually see gbp/usd go down to 1.9900-1.9700 level again.
But let's see which scenario plays out first.
- Joined Apr 2006 | Status: Mmmm pips. | 1,418 Posts
There was some serious money to be made today with v-formations.
Look at gbp/jpy that almost gave 600 pips.
Usd/jpy gave 100something pips.
Aud/usd almost 100something pips.
Usd/cad almost 100 pips.
Hope everyone saw those signals and made good money today
That's why I enter as soon as I get an engulfing bar, or I see a pinbar break. Just seems easier than having to figure out some sort of "V" formation and all that. BEOBs, BUOBs, PBs, etc., just seem easier to me.
I could be drinking too much already today though, so who knows...
Mr. Trend