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Intra Day Yen - Naked

  • #21
  • Feb 11, 2008 4:13am Feb 11, 2008 4:13am
Quoting Islander
I see it, that's a < 60 pip range, so far me I'd be down to the 1m chart IF I was going to try to trade it - and the higher low at 08:32 GMT would have suggested a long....but I'm using 80 pips range as my minimum for walking the 5m, so I'll pass
Ended up as a nice trade although FXDD froze and had me sitting like a Kangaroo in the headlights. I took 20 and retreated to the safety of the outback. T2 also happens to line up closely to the 50% retracement of the major fib you have on your chart. Hmmm, cosmic order.
Attached Image
  • #22
  • Feb 11, 2008 4:15am Feb 11, 2008 4:15am
Quoting casperbet
Hello

Nice thread! I spent all weekend reading through Skunny's Thread but man it's long!

Can you please give me any hints where to look to learn more about your Fib set up with the trading decision zone and the T1, T2 and T3?

Thanks
It's allllllllllll in Skunny's thread
trading naked.......
  • #23
  • Feb 11, 2008 4:18am Feb 11, 2008 4:18am
Quoting casperbet
Hello

Nice thread! I spent all weekend reading through Skunny's Thread but man it's long!

Can you please give me any hints where to look to learn more about your Fib set up with the trading decision zone and the T1, T2 and T3?

Thanks
Hi casperbet,

Click on Islanders name in this thread. That will take you to his profile. From there you can read all his posts in Skunny's thread to get the evolution and lots of trade example.

Anyhoo, I strongly suggest you make the commitment to read Skunny's thread as well as it will be well worth it in the long run. There is no substitute for a little elbow grease, nodoz, and vhands.
  • #24
  • Feb 11, 2008 4:20am Feb 11, 2008 4:20am
Quoting casperbet
Hello

Nice thread! I spent all weekend reading through Skunny's Thread but man it's long!

Can you please give me any hints where to look to learn more about your Fib set up with the trading decision zone and the T1, T2 and T3?

Thanks
As I said on the first page, please do your homework as that way YOU will understand what we guys who have put in hundreds of hours of study have learnt....if you insist on a shortcut just zoom in on my posts, but you'll miss out on a lot!
Trading Levels with WRBs
  • #25
  • Feb 11, 2008 4:23am Feb 11, 2008 4:23am
Thanks for your replys.

I am not looking for a shortcut but just wanted to know how to get the fib looks like yours as this really helps me when testing vhands
  • #26
  • Feb 11, 2008 4:26am Feb 11, 2008 4:26am
Quoting MasterBlaster
Ended up as a nice trade although FXDD froze and had me sitting like a Kangaroo in the headlights. I took 20 and retreated to the safety of the outback. T2 also happens to line up closely to the 50% retracement of the major fib you have on your chart. Hmmm, cosmic order.
Nice pips - and as you've noticed, GJ really likes the 50% retrace, especially after a fast move
Trading Levels with WRBs
  • #27
  • Feb 11, 2008 4:34am Feb 11, 2008 4:34am
Quoting casperbet
Thanks for your replys.

I am not looking for a shortcut but just wanted to know how to get the fib looks like yours as this really helps me when testing vhands
just modify the properties of your fib tool in MT4

DZ = 61.8 and 38.2
AL = 23.7 and 76.4
TP1 = 138
TP2 = 161
trading naked.......
  • #28
  • Feb 11, 2008 4:55am Feb 11, 2008 4:55am
So now we have the most difficult decision with any trend following methodogy - and I'm still working to find the most reliable solution.

The double bottom in GJ in the 8:10 and 9:25 GMT candles is an indication that for now the fall has been halted. Also, these times came right after the LO, so the Brits are buying - but for how long?

The 5m GJ IFib has a wide 194 pip range and price has now moved above the upper DZ line and hit the upper Alert Line - so a large retrace of the initial fall. IF I am going to consider a long entry, I need some confirmation and that will either be by price coming back into the DZ and then exiting to the upside for a Buy at the upper AL, OR by price consolidating above the DZ (which just happens to start at the 208.00 level) and then continuing upwards. In this case, I'd buy above the 208.50 level as price would then probably continue to at least the 100 level.

Either way, I'll be careful as I dont want to give back any of those nice pips that I got from the early fall - I've already hit my daily target....http://www.forexfactory.com/images/icons/icon12.gif
Trading Levels with WRBs
  • #29
  • Edited 6:43am Feb 11, 2008 5:39am | Edited 6:43am
Hi everybody,

Thank you Islander, for starting this thread. I think this will go a long way in helping us to progress along the educational path that Skunny has set for us. I really appreciate this.

Allow me to share with you my 15M chart on the GBP/JPY from around 11:25 am.(GMT) This is what I'm looking at with my trading buddy. We have four cycles from four different time frames: Daily(blue); 4H(purple); 1H(yellow); 15M(red)

We originally planned to manage trades on the 1H timeframe. But since you guys seem to be doing it down on the 15M, I thought I would try the same and see. You could probably see the confluences that we get at some price levels. One of the major confluences that we're watching is the confluence of resistance at around 208.31-34, which is capping the current price action from continuing on the upside at the moment. This same price level happens to be the pivot point (50%) retrace of on the 1H cycle (yellow). I would love to hear everyone's thoughts about what could be a plausible game plan if resistance were to hold here and price starts to move back down again, (which certainly seems possible at the moment). I'm especially interested in your opinion, Islander, since we seem to be watching a similar picture. At which point do we say we're good for a short trade? Would it be logical to enter if and when it breaks the swing short of the 15M cycle (207.51), or should we wait for it to reach/break the Break Short level at 206.78? I personally think that since the previous low was established by a dramatic drop, it would be difficult to reach it a second time, much less break much farther below that significant low.

Thank you everyone, and I hope this thread will benefit everybody involved, in a big way. I pledge 161.8% contribution!

Tony
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_02112008_m15.gif Size: 11 KB
  • #30
  • Feb 11, 2008 5:56am Feb 11, 2008 5:56am
Sorry to interrupt, ive read bo's skunnies threeads. can you tell me what fib levels and how names are you using? necause i was browsing ure posts islander and there are more then enough of them and i had diffriculties findging lol

thank you

ps. this thread will be rocking in some time
  • #31
  • Feb 11, 2008 6:26am Feb 11, 2008 6:26am
Quoting tman378
Hi everybody,

Thank you Islander, for starting this thread. I think this will go a long way in helping us to progress along the educational path that Skunny has set for us. I really appreciate this.

Allow me to share with you my 15M chart on the GBP/JPY from around 11:25 am.(GMT) This is what I'm looking at with my trading buddy. We have four cycles from four different time frames: Daily(blue); 4H(purple); 1H(yellow); 15M(red)

We originally planned to manage trades on the 1H timeframe. But since you guys seem to be doing it down on the 15M, I thought I would try the same and see. You could probably see the confluences that we get at some price levels. One of the major confluences that we're watching is the confluence of resistance at around 208.31-34, which is capping the current price action from continuing on the upside at the moment. This same price level happens to be the pivot point (50%) retrace of on the 1H cycle (yellow). I would love to hear everyone's thoughts about what could be a plausible game plan if resistance were to hold here and price starts to move back down again, (which certainly seems possible at the moment). I'm especially interested in your opinion, Islander, since we seem to be watching a similar picture. At which point do we say we're good for a short trade? Would it be logical to enter if and when it breaks the swing short of the 15M cycle (207.51), or should we wait for it to reach/break the Break Short level at 206.78? I personally that since the previous low was established by a dramatic drop, it would be difficult to reach it a second time, much less break much farther below that significant low.

Thank you everyone, and I hope this thread will benefit everybody involved, in a big way. I pledge 161.8% contribution!

Tony
Hi Tony - from what I am watching - my last 5m fib - IF price does decide to continue down I'll enter on a clear break down out of the DZ - also 207.51 level - and below the AL level. Price often bounces between the two ALs whilst deciding which way to break - the problem here is that they are 102 pips apart, so ideally I'd like to draw a narrower fib - I'm considering this now....

Guess I need some of Karmos Patience Pills!
Trading Levels with WRBs
  • #32
  • Feb 11, 2008 7:19am Feb 11, 2008 7:19am
Thank you for your reply, Mr. Islander

Seems price (GBP/JPY) is caught in a sideway channel now. It's been bouncing back and forth between the two confluence areas (207.87 - 208.31). See how price reacts to various levels from different timeframes, especially where there are confluences. Could this kind of range bound price action not be used to range trade or buy/sell on a break out of either side of the tight range? I thought about this but wasn't confident enough to do it. Otherwise there's a 30-40 pip room to scalp in that channel. I prefer to trade on breakouts though.

Also, since that confluence of resistance has held firm, I've walked the fib down from the previous high at 208.66 (before the big drop), to the new resistance at 208.39. Do you guys think this is ok? So the decision zone has become a bit tighter.

Where did you end up drawing your new fib, Islander?

Tony
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_02112008_m15.gif Size: 11 KB
  • #33
  • Feb 11, 2008 7:33am Feb 11, 2008 7:33am
Quoting tman378
Thank you for your reply, Mr. Islander

Seems price (GBP/JPY) is caught in a sideway channel now. It's been bouncing back and forth between the two confluence areas (207.87 - 208.31). See how price reacts to various levels from different timeframes, especially where there are confluences. Could this kind of range bound price action not be used to range trade or buy/sell on a break out of either side of the tight range? I thought about this but wasn't confident enough to do it. Otherwise there's a 30-40 pip room to scalp in that channel. I prefer to trade on breakouts though.

Also, since that confluence of resistance has held firm, I've walked the fib down from the previous high at 208.66 (before the big drop), to the new resistance at 208.39. Do you guys think this is ok? So the decision zone has become a bit tighter.

Where did you end up drawing your new fib, Islander?

Tony
That's where I'd put it too - narrower swing tighter DZ and stops...

I have to go out for a few hours, back later...
Trading Levels with WRBs
  • #34
  • Feb 11, 2008 9:08am Feb 11, 2008 9:08am
Latest 5 minute trade, entry on the close outside of the DZ. A nice little 40 pipper to T1. To fib or not to fib -- that's no question, definitely to fib.
Attached Image
  • #35
  • Feb 11, 2008 9:38am Feb 11, 2008 9:38am
Here's how my trade progression worked on the last trade taking into consideration GBPUSD and USDJPY:

The 15:50 candle was the one that closed beneath the AL line. If you look at the GBPUSD at the 15:50 (highlighted) candle you see there was already an entry there on a break of the Entry line and it was heading to T1. Then the USDJPY made a strong move down at 16:20 (highlighted) follow up by a break out of the DZ at 16:40. At 16:40 my T1 was hit on GBPJPY.

Someone's blowing a dog whistle -- got to go.
Attached Images
  • #36
  • Feb 11, 2008 10:45am Feb 11, 2008 10:45am
Quoting MasterBlaster
Here's how my trade progression worked on the last trade taking into consideration GBPUSD and USDJPY:

The 15:50 candle was the one that closed beneath the AL line. If you look at the GBPUSD at the 15:50 (highlighted) candle you see there was already an entry there on a break of the Entry line and it was heading to T1. Then the USDJPY made a strong move down at 16:20 (highlighted) follow up by a break out of the DZ at 16:40. At 16:40 my T1 was hit on GBPJPY.

Someone's blowing a dog whistle -- got to go.
Nice trade MB - a narrow range and you still got good pips - and you picked up on UJ leading GJ down, and cable also dropped a little too. http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #37
  • Feb 11, 2008 10:52am Feb 11, 2008 10:52am
nice job MB............I think now that Issy's got his own thread I'm going to have to stay up through the whole London session
trading naked.......
  • #38
  • Feb 11, 2008 10:55am Feb 11, 2008 10:55am
I'm still not seeing any confirmation of a trend direction on this TF......falling highs, but also the lows have held, with a higher low in early US trading - so a wedge waiting to break out.

Need another Patience Pill - or in my case a San Miguel as the sun's "over the yard arm" - here as well as in the outback!
Attached Image (click to enlarge)
Click to Enlarge Name: feb 11 gbp 5m 1150.gif Size: 14 KB
Trading Levels with WRBs
  • #39
  • Feb 11, 2008 10:57am Feb 11, 2008 10:57am
HI ISLANDER!!!!!


OOOOooo i am working up some ripsnorters for youJK but I DO LOVE THE YEN!!!!

I will keep my hands in my pockets hehehe NICE THREAD!

Sizz
  • #40
  • Feb 11, 2008 10:58am Feb 11, 2008 10:58am
Quoting piphitman
nice job MB............I think now that Issy's got his own thread I'm going to have to stay up through the whole London session
Yeeks - that's a long awake stretch for a Pacific Coast Dude!
Trading Levels with WRBs
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