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  • #21
  • May 14, 2008 10:20pm May 14, 2008 10:20pm
Quoting BillyRayValentine
Long USD/CAD at the 0.9986 range

you could go at parity right now and scale into a position if you wanted to in case price continues to push down, which it might
up to...
+76 pips from .9986
+90 from .9970
  • #22
  • May 15, 2008 2:12am May 15, 2008 2:12am
Quoting BillyRayValentine
Nailed .9290 for + 25 pips so far

There is more support at .9275 so if it heads lower I would fade that too
+80 pips now...closing the bulk of the position
  • #23
  • May 15, 2008 2:24am May 15, 2008 2:24am
Short EUR 1.5566 - 1.5570
another possibility on EUR, this one to go short, if it is able to scramble up to this level. I'm still on the lower levels if price goes down that far. There isn't a ton of historical resistance at these levels; they are relatively new, so my probablility on this one is a little lower. Also, there's a good amount of news out tomorrow so heads up. Also be aware that there is a recent high at 1.5594, so price might advance that high before pulling back a little....be wise w/ your stop loss.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR.jpg Size: 101 KB
  • #24
  • May 15, 2008 2:26am May 15, 2008 2:26am
Great thread, have discovered this style through James16 just recently and would say that this is the way forward. Thanks for putting your stuff on here.

Any thoughts on the pin bar on the daily TF for cable at 1.9400 level. Dont want to say what I did (though it might be obvious) as this is your thread and your calls, but do you have any thoughts on it?
Be like a post stamp! Stick to it until you get there!
  • #25
  • May 15, 2008 2:41am May 15, 2008 2:41am
This is good stuff. Basic supply and demand trading, what could be easier!?

Sam Seiden has produced a few videos on the style of trading in this thread.

You can find them on FXstreet.

I will definetly help contribute charts on the pairs I follow.
  • #26
  • May 15, 2008 2:49am May 15, 2008 2:49am
I am attaching some articles i find relevant to the style of trading in this thread.
Attached File(s)
File Type: zip supdemarticles.zip   1.4 MB | 5,504 downloads
  • #27
  • May 15, 2008 2:51am May 15, 2008 2:51am
Quoting Mary Pippins
Great thread, have discovered this style through James16 just recently and would say that this is the way forward. Thanks for putting your stuff on here.

Any thoughts on the pin bar on the daily TF for cable at 1.9400 level. Dont want to say what I did (though it might be obvious) as this is your thread and your calls, but do you have any thoughts on it?
Oh no please feel free to post if you have something to share. Not just my calls. I was just looking for 95- 9570. 95 is a .50 retracement on the last wave so it might have some difficulty there (fighting it right now), but I always keep a little open just in case of a big run. But its a +130 pip trade in light of this, which is good enough for me otherwise.

On the daily, there is always the possibility of a big reversal, but it becomes less likely as the level gets hit over and over again. It could pop right back up to 1.9984 for all I know at this point, or it might not.....the pin bar is a good indication of a reversal, but better to get in 80 pips lower at the support. But the shorter term opportunities will always be there. I'll take what I can when I can get it. I like higher probablity and less trading. Emotionally, I'm a lot more stable trading this way . Not to mention I can eat and provide for a roof over my head (always a good thing).
  • #28
  • May 15, 2008 2:56am May 15, 2008 2:56am
Quoting BillyRayValentine
Sure why not...here's another one:

Long AUD 0.9290, long AUD 0.9272
right now bouncing off higher level support of .9300 for about 33 pips.

with any of these there are multiple support/resistance levels in these ranges. some you might take some heat on if price flows up to the next one, but fading the higher/lower level and breaking even on the first one isnt uncommon. so set your stop lossess accordingly. profit is profit.
This bastard isn't quitting easily. max +100 pips now
  • #29
  • May 15, 2008 2:59am May 15, 2008 2:59am
Quoting dieselpower
I am attaching some articles i find relevant to the style of trading in this thread.
thank you for these I'll give them a read.
  • #30
  • May 15, 2008 3:08am May 15, 2008 3:08am
Quoting Mary Pippins
Great thread, have discovered this style through James16 just recently and would say that this is the way forward. Thanks for putting your stuff on here.

Any thoughts on the pin bar on the daily TF for cable at 1.9400 level. Dont want to say what I did (though it might be obvious) as this is your thread and your calls, but do you have any thoughts on it?
Also I could talk alot about retracements, maybe later, but I almost always target .50 originally from the last wave. Almost always price hits it, starts traveling back, and might continue or waddle around before it finally breaks it. Like on the AUD trade my main target was around .9385. Again, though, leaving a little open just in case.
  • #31
  • May 15, 2008 3:15am May 15, 2008 3:15am
Any pair ride the gunning of stops, enter 10 pips before a double 00 number TP 10 pips to 20 pips above it. Watch momentum and Reverse back down under the double 00. Takes practice but it works. 15 pip stop can gain 30. 2:1 RR. Such a no brainer. Do it on multiples of 50 as well.
"Diversification is an excuse for a lack of talent" ~FXC
  • #32
  • May 15, 2008 3:20am May 15, 2008 3:20am
CAD/JPY +3

USD/JPY +30

USD/CHF +40

GBP/USD +12

0120am
"Diversification is an excuse for a lack of talent" ~FXC
  • #33
  • Edited 7:46am May 15, 2008 3:23am | Edited 7:46am
Quoting FXCapitalist
Any pair ride the gunning of stops, enter 10 pips before a double 00 number TP 10 pips to 20 pips above it. Watch momentum and Reverse back down under the double 00. Takes practice but it works. 15 pip stop can gain 30. 2:1 RR. Such a no brainer. Do it on multiples of 50 as well.
I agree, I always like the level to be hit atleast once though because sometimes there are strong levels of support and resistance surrounding them.

Like take CAD today for example. It went right through parity (1.000) because solid support had formed underneath it 14-30 pips lower.

You're right about momentum. You have to watch, but not too much. Too much weariness can prevent you from pulling the trigger and missing out on a 100 pip move.
  • #34
  • May 15, 2008 3:26am May 15, 2008 3:26am
Quoting FXCapitalist
CAD/JPY +3

USD/JPY +30

USD/CHF +40

GBP/USD +12

0120am
I see the support on JPY, and .50 retrace on GBP, how did you get CHF? Are you long or short these? Can you explain your strategy? thanks
  • #35
  • May 15, 2008 3:31am May 15, 2008 3:31am
Quoting BillyRayValentine
Also I could talk alot about retracements, maybe later, but I almost always target .50 originally from the last wave. Almost always price hits it, starts traveling back, and might continue or waddle around before it finally breaks it. Like on the AUD trade my main target was around .9385. Again, though, leaving a little open just in case.

The .50 fib level sounds fascinating, I sort of neglected fibs lately as I was cobbeling together my strategy anew but I'll see how I can integrate it into my way.

Just how do you determine the bottom of a wave? Do you just jump in once a S/R level is reached or do you wait for PA or other confirmation on some TF?
Be like a post stamp! Stick to it until you get there!
  • #36
  • May 15, 2008 3:55am May 15, 2008 3:55am
Quoting Mary Pippins
The .50 fib level sounds fascinating, I sort of neglected fibs lately as I was cobbeling together my strategy anew but I'll see how I can integrate it into my way.

Just how do you determine the bottom of a wave? Do you just jump in once a S/R level is reached or do you wait for PA or other confirmation on some TF?
Hi MP....here's the AUD trade as an example. .50 ret's are generally the strongest.
Attached Image (click to enlarge)
Click to Enlarge Name: AUD.jpg Size: 101 KB
  • #37
  • May 15, 2008 4:24am May 15, 2008 4:24am
Quoting BillyRayValentine
Hi MP....here's the AUD trade as an example. .50 ret's are generally the strongest.
Nice one, this trade had a potential of about 80 pips. Fibs are a fascinating thing.

Though the difficult part for me would be to determine my entry based on fibs.
How do you determine that a wave reached it's bottom before targeting the .50 fib level?
Do you just speculate that a S/R level will hold? Or just how do you decide to enter a trade? And also how do you determine your S/L?
Hope you don't mind me asking.
Be like a post stamp! Stick to it until you get there!
  • #38
  • Edited 7:38pm May 15, 2008 4:31am | Edited 7:38pm
Quoting Mary Pippins
Nice one, this trade had a potential of about 80 pips. Fibs are a fascinating thing.

Though the difficult part for me would be to determine my entry based on fibs.
How do you determine that a wave reached it's bottom before targeting the .50 fib level?
Do you just speculate that a S/R level will hold? Or just how do you decide to enter a trade? And also how do you determine your S/L?
Hope you don't mind me asking.
I dont mind at all....

Here's what I basically do:

1. Find a strong level of support/resistance and fade as explained in previous posts.

2. At 15 - 20 pips move your stop to breakeven

3. At around 40 pips take partial profit

4. Let the rest run to your target

5. Keep a small amount open in case of a run further

6. Be patient. Dont jump the gun and close out a runner or if you're in the red for a short time. If you are certain about something, stay with it. And use stops wisely.

to be more specific with your question, I assume that the entry will hold based on its strength. the worst that can happen is that I get stopped out at breakeven or take partial off the table. at that point I draw the retracement from top to bottom and locate a reasonable target. use a stop loss of course on entry, but make sure it makes sense if there are strong levels not too far away. price might bounce off of these as well, in which case, you dont want to get stopped out. like on CAD today.
  • #39
  • May 15, 2008 4:42am May 15, 2008 4:42am
Heres a recap of the trades I posted yesterday (before they occurred unless specified):
These are the MAX number of pips you could have gained so far, but not to say they can continue, as I believe a couple of these will

USD/CAD:
+76 pips from .9986 or
+90 from .9970

AUD/USD:
+100 pips

EUR/JPY:
+80 pips

and GBP/USD:
+136 pips (this one was already in progress at the time of my post)

+406 pips total at max, not to say exits would have been different. Like eg I'm still holding a little piece of CAD and GBP
  • #40
  • May 15, 2008 5:00am May 15, 2008 5:00am
Quoting BillyRayValentine
I dont mind at all....

Here's what I basically do:

1. Find a strong level of support/resistance and fade as explained in previous posts.

2. At 15 - 20 pips move your stop to breakeven

3. At around 40 pips take partial profit

4. Let the rest run to your target

5. Keep a small amount open in case of a run further

to be more specific with your question, I assume that the entry will hold based on its strength. at that point I draw the retracement from top to bottom and locate a reasonable target. use a stop loss of course on entry, but make sure it makes sense if there are strong levels not too far away. price might bounce off of these as well, in which case, you dont want to get stopped out. like on CAD today.

That's great stuff, do you use PA and particular time frames?

Btw there is another pin forming right now on the EURUSD on the 4h TF, what you reckon about that one?
Be like a post stamp! Stick to it until you get there!
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