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Intra Day Yen - Naked

  • #281
  • Feb 14, 2008 11:17am Feb 14, 2008 11:17am
Quoting 24HourTrader
Nice trade Islander

It seems likely to me UJ dropped so dramatically due to it hitting last week's 138% at 108.54. Pretty kooky time this past few hours. UJ shoots down after hitting the weekly 138% just as GU is shooting upward and nailing yesterday 161.8% to the pip...took some guts to short the gbp/jpy there amid the indecision of it's brethren.

Thanks 24HT - it is amaizing how the levels do get hit - and in GJ and GU on a spike up fakeout / stop sweeping move that kills the breakout traders
Trading Levels with WRBs
  • #282
  • Feb 14, 2008 12:04pm Feb 14, 2008 12:04pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting PolishTrader
Hey Yuppie,

I'm definitely not Issy but I can answer your question.The difference between Issy's levels and your are caused by brokers data feeds

As you can noticed on previous page,Issy had 213.89 as high and 212.96 as low.His T1 target was at 60 so I presume he closed it a little bit earlier (maybe because of the price action which indicated that it wouldn't make "sixty")

By the way Issy - great thread

Thank you for your reply PT... Much appreciated... I am aware of the discrepancies in data feeds between MT4 brokers... I was mainly interested in the reasoning behind Islanders choice... Which I can see he as detailed below...


Magnus
  • #283
  • Feb 14, 2008 12:14pm Feb 14, 2008 12:14pm
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Islander
Hi Magnus - remember that I also watch UJ and GU and here we got the fast drop 'cause both were falling...UJ was approaching its Daily Pivot at 107.87 and GU was targeting its M4 line - I hit the exit button as UJ hit its level - I'm not always worried about the last pip or exact target level, especially this late in the European Session - also as has been mentioned, levels vary between brokers....
Aaaaah... Clearer now... I was having difficulty seeing why you exited as GJ was reaching T1, as opposed to watching price-action around this area...

I am still working through the other threads recommended and appreciate that I will, no doubt, find answers to my questions in there... It is, however, extremely beneficial to watch, and try and understand, what is happening in real-time as you guys talk and trade...


Thank you

Magnus
  • #284
  • Feb 14, 2008 1:10pm Feb 14, 2008 1:10pm
Quoting Yuppie
Aaaaah... Clearer now... I was having difficulty seeing why you exited as GJ was reaching T1, as opposed to watching price-action around this area...

I am still working through the other threads recommended and appreciate that I will, no doubt, find answers to my questions in there... It is, however, extremely beneficial to watch, and try and understand, what is happening in real-time as you guys talk and trade...


Thank you

Magnus
Another relevent point is that I am trying to show a methodology, each trader will - and must - put his own interpretation into how he / she uses what is being shown.

We are all individuals and "see" the price action differently - IMO its less stressful to accept some flexibility and remember that banked pips are always good pips. Leaving a few "on the table" shows "respect" for the market - to expect 100% is IMO the height of arrogance and the markets can be very humbling.....lol, just some Valentines Day ramblings after a couple glasses of a fine Rioja!
Trading Levels with WRBs
  • #285
  • Feb 14, 2008 2:06pm Feb 14, 2008 2:06pm
Quoting Islander
Hi Maxwells - I think you know by now that I dont enter on breakouts - I've been burnt too many times doing that, so now I only enter on action around the DZ.

That way if its a false breakout, I'm already in profit and can close out without any loss - and usually with a small profit....

Good luck with whatever YOU decide to do....

Edit: just look at the action on cable to see what I mean......there the breakout to new highs stalled after 9 pips and has now pulled back 26 pips......the buy out of the DZ 55 mins earlier at 9683 gave you a potential 44 pips gross profit....go figure...
Issy,

This is some of the best advise you could have given on this thread.........don't enter on the breakout, try to enter in the DZ or AL area, you have to get in cheaper than the 0/100 lines. Now everyone will have their own style and tolerances but getting in on the cheap is key.

It gives you so much more flexibility in case it goes the wrong way on you. Imagine entering on the break of a 80 pip fib range and seeing price go up one or two pips and then all the way back down 80 pips to the other side........ughhhhh........I'd rather see it go down and only get about 20 pips profit out of it rather than have to mount an 80 pip rescue mission. An 80 pip rescue mission consumes a lot of $$$ and stress.
trading naked.......
  • #286
  • Feb 14, 2008 9:22pm Feb 14, 2008 9:22pm
This was a nice little bounce from the 50% fib... did anyone catch this?
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  • #287
  • Feb 14, 2008 11:25pm Feb 14, 2008 11:25pm
5M G/J AL and daily pivot providing some resistance.......will watch further, hope for a penetration and then a retrace back down a little for a good entry.

Cable seems on an upward march already, UJ sideways just above 5M DZ.
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trading naked.......
  • #288
  • Feb 14, 2008 11:36pm Feb 14, 2008 11:36pm
Quoting piphitman
5M G/J AL and daily pivot providing some resistance.......will watch further, hope for a penetration and then a retrace back down a little for a good entry.

Cable seems on an upward march already, UJ sideways just above 5M DZ.

hey bud... what levels are your AL set at? is it 38 62? or is that dz levlelsthanks in advance
  • #289
  • Feb 14, 2008 11:39pm Feb 14, 2008 11:39pm
AL = 23.6 and 76.4

DZ = 38.2 and 61.8
trading naked.......
  • #290
  • Feb 14, 2008 11:54pm Feb 14, 2008 11:54pm
took one position after bounce of 50 and break of DZ (212.56), took another (212.69) at AL area. Cable staying above 5M AL, UJ trying to get above 5M DZ.......
Attached Image
trading naked.......
  • #291
  • Feb 14, 2008 11:57pm Feb 14, 2008 11:57pm
Quoting piphitman
took one position after bounce of 50 and break of DZ (212.56), took another (212.69) at AL area. Cable staying above 5M AL, UJ trying to get above 5M DZ.......



quick question...do u set your fibs up like bo?

do u and islander put a daily a retrace fib and an intraday? or just 2 fibs? how do u set up before trading?
  • #292
  • Feb 15, 2008 12:35am Feb 15, 2008 12:35am
Quoting piphitman
took one position after bounce of 50 and break of DZ (212.56), took another (212.69) at AL area. Cable staying above 5M AL, UJ trying to get above 5M DZ.......

GM Pip - nice entry and its looking good.....
Trading Levels with WRBs
  • #293
  • Feb 15, 2008 12:37am Feb 15, 2008 12:37am
Hi guys...
here my trades from today... entered around AL and again just before the High of my fib...
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"The only successful substitute for brains is silence."
  • #294
  • Edited 12:46am Feb 15, 2008 12:39am | Edited 12:46am
Hi piphitman
I have a question ,can you help me on this please ?
why didn't you enter trades short on showed attached image ?
where you define you must go short or long ?
thank you very much and islander hard work for IFibs
Attached Image (click to enlarge)
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  • #295
  • Feb 15, 2008 12:39am Feb 15, 2008 12:39am
Quoting dagoods


quick question...do u set your fibs up like bo?

do u and islander put a daily a retrace fib and an intraday? or just 2 fibs? how do u set up before trading?
I do set mine up somewhat like Bo.

I use the 15M for my intraday but I will also place an intraday fib on a 1H chart too (like Bo's) but what I will do is sometimes narrow the 15M swing fib range to better suit a good DZ/AL range to observe PA.
I guess my5M fib range is what Bo would consider the retracement fib. Issy has suggested a minimum of an 85 pip range for the 5M fib so I really try to stick to the 85 pip minimum unless of course conditions on the field change and call for a smaller range than the 85 minimum.

Islander gave me a great tip a few weeks ago..........take a 5M chart and go back around 6-9 months on v-hands and watch what happens from Frankfurt open through the London session and look at the typical pip ranges.....Issy says there is a typical range of about 190 pips in that session for the G/J. I have gone back through v-hands and re ran those time frames to study up on the action during FO/LO. Those are the pips I want to make sure I am trading off of.

I'm on PST so I can't stay awake for the whole London session so I really like the shorter time frames Issy trades.
trading naked.......
  • #296
  • Feb 15, 2008 12:41am Feb 15, 2008 12:41am
Quoting dagoods


quick question...do u set your fibs up like bo?

do u and islander put a daily a retrace fib and an intraday? or just 2 fibs? how do u set up before trading?
Hi DG - whilst I got some ideas from Bo's thread, remember that he focuses on cable and only trades GJ when cable and UJ are moving in tandem.

Here the idea is to continually walk the fibs, so whenever we see a new H / L AND a pullback starts. we'll walk the fib. Also, for the 5m I like to see a minimum range of ~80 pips - much less and I'd be on a 1m chart - and I try to avoid that!

Regards

Issy
Trading Levels with WRBs
  • #297
  • Feb 15, 2008 12:51am Feb 15, 2008 12:51am
Quoting JaGuaR
Hi piphitman
I have a question ,can you help me on this please ?
why didn't you enter trades short on showed attached image ?
where you define you must go short or long ?
thank you very much and islander hard work for IFibs
Hi JaG - your chart was drawn off a down move and thus we would be expecting that move tp continue DOWNWARDS and would be looking to SELL on the exit from the lower DZ line.

However, price did exit the DZ and then stopped at the AL line, Alerting us to a possible reversal. Now I'm looking for confirmation as quite often price will range between the AL levels whilst deciding which way to go - here it exited upwards and became a buy.

Reversals are always difficult and I need more research to confirm the best way to trade them. For now I'm cautious, hence waiting to see the exit and break of the "other" AL.

Hope that helps - here with that 20 / 20 hindesight buying the bounce off the lower AL worked - lets do some research!

PS are you a car guy?

Regards

Issy
Trading Levels with WRBs
  • #298
  • Feb 15, 2008 12:52am Feb 15, 2008 12:52am
Quoting JaGuaR
Hi piphitman
I have a question ,can you help me on this please ?
why didn't you enter trades short on showed attached image ?
where you define you must go short or long ?
thank you very much and islander hard work for IFibs
firstly, after your two white arrows, notice how price then went back up into the DZ (blue area) and then when it came back down out of the DZ area it failed to get to the AL line and it created a "higher low" candle.....WARNING SIGN.

then it tried again...unsuccessful resulting in a doji pinbar (reversal signal) on the low attempt again. price then went back into the DZ and up to the other side and it kinda shot up. I still wasn't convinced because it stopped just short of the daily pivot so I figured a retracement was going to be coming, then when it came down to the 50 and no further I was in.

hope that helps, price is kinda stalled at the M3 so if it goes no further I already have locked in profits becasue of playing it I-fib style.
trading naked.......
  • #299
  • Feb 15, 2008 12:56am Feb 15, 2008 12:56am
Quoting Islander
GM Pip - nice entry and its looking good.....
GM Issy,

I read yesterday mornings posts after I left, I see you stayed and slayed the beast in impressive style yesterday. GJ
trading naked.......
  • #300
  • Feb 15, 2008 12:57am Feb 15, 2008 12:57am
out at 212.94
trading naked.......
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