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  • #181
  • Apr 20, 2008 5:24pm Apr 20, 2008 5:24pm
Quoting Tiki Trader
Oh... I should just shut up huh..??
Absolutely not!!! I have become a better trader because of you and a few others here. I cannot thank you enough my friend!
  • #182
  • Apr 20, 2008 5:24pm Apr 20, 2008 5:24pm
The point about making a chart is that it shows you have thought something out... it does not matter if you are right or wrong... just that you have a reason for what you trade... a chart shows that you have given thought... and practice on chart drawing will be very helpful.... i can draw my charts in a minute or so each time.... this is not a lot of time... I post a chart almost every post I make.... but I bet I spend less time a day than you on forex.... !!

I guess I am bored tonight too.... someone give that GBP/USD a kick in the butt... I want it to go down...

Quoting KissFan
Yea. I see ya'lls point. If I was losing in this business, I'd be a chart posting fool asking for help. I just have a laptop pc. I sit down each evening when I get home from work ( I don't have an office job) and set up my pending orders.
  • #183
  • Edited 5:42pm Apr 20, 2008 5:28pm | Edited 5:42pm
Quoting Tiki Trader
The point about making a chart is that it shows you have thought something out... it does not matter if you are right or wrong... just that you have a reason for what you trade... a chart shows that you have given thought... and practice on chart drawing will be very helpful.... i can draw my charts in a minute or so each time.... this is not a lot of time... I post a chart almost every post I make.... but I bet I spend less time a day than you on forex.... !!

I guess I am bored tonight too.... someone give that GBP/USD a kick in the butt... I want it to go down...
This probably won't affect you much because you trade towards the 5 EMA? I was looking at cable this morning and noticed on the weekly chart price is near a trendline and there's a buob setup.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_weekly_buob.gif Size: 11 KB
  • #184
  • Apr 20, 2008 5:28pm Apr 20, 2008 5:28pm
Quoting Tiki Trader
A well planned trade should not go much against you.... yes.. the trade need room to breath....
I agree with you here and this is where my trading is very weak.
  • #185
  • Apr 20, 2008 5:33pm Apr 20, 2008 5:33pm
What you might have to consider also when trading so many pairs is correlation. I noticed you trade gbpchf, gbpjpy and I've seen some other yen crosspairs. Generally speaking, most of the yen crosspairs follow gbpchf. So... if that drops, the yen pairs tend to follow as well. This may or may not be a problem later on when you have a bigger account. Keep in mind though that if one pair goes down and you have a few others going down with it, if you're risking 2% per trade, it's no longer that. It could end up being 6-8% risk combined. Something to think about.
  • #186
  • Apr 20, 2008 5:36pm Apr 20, 2008 5:36pm
Quoting zoopy
This probably won't affect you much because you trade towards the 5 EMA? I was looking at cable this morning and noticed on the weekly chart price is near a trendline and there's a buob setup.
I see. Just practice.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD Weekly.GIF Size: 52 KB
  • #187
  • Apr 20, 2008 5:41pm Apr 20, 2008 5:41pm
Oh.. I know you do... I believe all that.... but big drawdowns means coming close to stops.....

And who am I to talk...??? My account is not up 50 % !!!!!!!!

I'm just just blabbin man... can't find anything to write in my own journal tonight...

Quoting KissFan
Tiki with all due respect, (and I really mean that) my trading is not luck. There is a rhyme and reason for the trades that I take. Now I might not be right on them, but there is a reason for every pending order that I set up. I treat my trading just like my other business. I am in this business to make money and to get better at what I do every day.
  • #188
  • Apr 20, 2008 6:20pm Apr 20, 2008 6:20pm
Gosh... I guess I scared evreybody off......
  • #189
  • Apr 20, 2008 7:05pm Apr 20, 2008 7:05pm
Quoting Tiki Trader
Gosh... I guess I scared evreybody off......
  • #190
  • Apr 20, 2008 7:21pm Apr 20, 2008 7:21pm
I'm here Frank.... no worries.
  • #191
  • Edited 7:57pm Apr 20, 2008 7:38pm | Edited 7:57pm
What would be wrong with taking a long on this pair? What would be a good entry? We have a BUOB that breaks out of the range and closes. I would think that an entry of 102.40 would be a good long play. However, look at this next chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart24.GIF Size: 57 KB
  • #192
  • Apr 20, 2008 8:03pm Apr 20, 2008 8:03pm
An entry at the close of the BUOB would have resulted in a drawdown of 160 pips the next day. This trade would be profitable eventually. However, the entry was key here. How do I decide entry and if this would be an "A" trade?
Attached Image (click to enlarge)
Click to Enlarge Name: Chart20.GIF Size: 46 KB
  • #193
  • Apr 20, 2008 8:12pm Apr 20, 2008 8:12pm
Quoting KissFan
An entry at the close of the BUOB would have resulted in a drawdown of 160 pips the next day. This trade would be profitable eventually. However, the entry was key here. How do I decide entry and if this would be an "A" trade?
What I generally try to do when trading the following setups: buob, beob, dblhc and dbhlc is to wait for a retrace to the 50.0% first. You'll find quite often that when these setups do occur, price pulls back first before continuing. Another thing to note that I've seen before and this has to do with correlation again. When I see gbpjpy go up, quite often I see euraud go down. Not sure about other yen crosspairs but I've definitely noticed it with gbpjpy.

You can try the 50.0% approach. It'll give you a better entry and a tighter stop.
  • #194
  • Apr 20, 2008 8:15pm Apr 20, 2008 8:15pm
Quoting zoopy
What I generally try to do when trading the following setups: buob, beob, dblhc and dbhlc is to wait for a retrace to the 50.0% first. You'll find quite often that when these setups do occur, price pulls back first before continuing. Another thing to note that I've seen before and this has to do with correlation again. When I see gbpjpy go up, quite often I see euraud go down. Not sure about other yen crosspairs but I've definitely noticed it with gbpjpy.

You can try the 50.0% approach. It'll give you a better entry and a tighter stop.
Draw the fib on the last candle?
  • #195
  • Apr 20, 2008 8:26pm Apr 20, 2008 8:26pm
Quoting KissFan
Draw the fib on the last candle?
I've attached a chart on the current weekly buob on cable. Price may or may not hit it but quite often there is a retracement first. Check it out though on other pairs and you'll see what I mean.

There's also an example on eurusd 4 hour. There was a very big dbhlc and after it formed, price has started creeping up towards the 50.0% retracement.

On the cable example, I would place an order to buy at around 1.9800.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_weeklybuob_entry.gif Size: 12 KB
  • #196
  • Apr 20, 2008 8:32pm Apr 20, 2008 8:32pm
Quoting zoopy
I've attached a chart on the current weekly buob on cable. Price may or may not hit it but quite often there is a retracement first. Check it out though on other pairs and you'll see what I mean.

There's also an example on eurusd 4 hour. There was a very big dbhlc and after it formed, price has started creeping up towards the 50.0% retracement.

On the cable example, I would place an order to buy at around 1.9800.
Thanks for the chart and clarification Zoop! I'm gonna get this PA thing down yet!
  • #197
  • Apr 20, 2008 8:36pm Apr 20, 2008 8:36pm
Here's another example of how well this sometimes works. Price went down and stopped at exactly where the 50.0% retracement was before going up. I just realized in that first example I gave there are a few setups where you can clearly see it moved back to around the 50.0% before moving in the intended direction.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud_buob_50.gif Size: 11 KB
  • #198
  • Apr 21, 2008 10:10am Apr 21, 2008 10:10am
Quoting zoopy
I've attached a chart on the current weekly buob on cable. Price may or may not hit it but quite often there is a retracement first. Check it out though on other pairs and you'll see what I mean.

There's also an example on eurusd 4 hour. There was a very big dbhlc and after it formed, price has started creeping up towards the 50.0% retracement.

On the cable example, I would place an order to buy at around 1.9800.
Here's a follow up chart on the 50.0% retracement. I wasn't expecting it to drop as soon as it did. It'll be interesting to see whether price goes up from here.

Either way, if you were to enter a long your risk would have been reduced by 50%.
Attached Image (click to enlarge)
Click to Enlarge Name: cable_weeklybuob.gif Size: 11 KB
  • #199
  • Edited Apr 22, 2008 9:29am Apr 21, 2008 3:08pm | Edited Apr 22, 2008 9:29am
Intraday Style#2 Trades -----------------------+4860 Pips Since 03.06.2008
04.15.2008 AUD/JPY Entry Limit
AUD/JPY Entry Limit
AUD/JPY Entry Limit
04.12.2008 AUD/NZD S 1.1735
AUD/NZD Entry Limit
AUD/NZD Entry Limit
04.15.2008 AUD/USD Entry Limit
AUD/USD Entry Limit
AUD/USD Entry Limit
04.21.2008 CAD/JPY Buy Entry Limit 100.80
CAD/JPY Entry Limit
CAD/JPY Entry Limit
04.09.2008 CHF/JPY Entry Limit
CHF/JPY Entry Limit
CHF/JPY Entry Limit
04.21.2008 EUR/AUD Buy Entry Limit 1.6794
EUR/AUD Entry Limit
EUR/AUD Entry Limit
04.21.2008 EUR/CAD Buy Entry Limit 1.5820
04.18.2008 EUR/CAD
EUR/CAD Entry Limit
04.16.2008 EUR/CHF S 1.5969
EUR/CHF Entry Limit
EUR/CHF Entry Limit
03.31.2008 EUR/GBP Entry Limit
EUR/GBP Entry Limit
EUR/GBP Entry Limit
04.15.2008 EUR/JPY S 161.71
EUR/JPY Entry Limit
EUR/JPY Entry Limit
04.17.2008 EUR/USD
04.21.2008 EUR/USD Buy Entry Limit 1.5730
EUR/USD Entry Limit
04.21.2008 GBP/CHF Sell Entry Limit 2.0143
GBP/CHF Entry Limit
GBP/CHF Entry Limit
04.21.2008 GBP/JPY Buy Entry Limit 202.74
GBP/JPY Entry Limit
GBP/JPY Entry Limit
04.21.2008 GBP/USD Buy Entry Limit 1.9730
04.18.2008 GBP/USD
04.20.2008 GBP/USD
04.08.2008 NZD/USD Entry Limit
NZD/USD Entry Limit
NZD/USD Entry Limit
04.21.2008 USD/CAD S 1.0126
USD/CAD Entry Limit
USD/CAD Entry Limit
04.21.2008 USD/CHF Sell Entry Limit 1.0294
USD/CHF Entry Limit
USD/CHF Entry Limit
04.21.2008 USD/JPY Entry Limit
USD/JPY Entry Limit
USD/JPY Entry Limit

Gain on Investment(s) Since 03.06.2008... +60.34%
  • #200
  • Apr 21, 2008 4:45pm Apr 21, 2008 4:45pm
I'm eager to see how well you do on that cable buy at 1.9800 lol. My Oanda is showing me that you're 22 pips in profit already!
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