Joined Oct 2007
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Status: Proverbs 27:17
|186 Posts
I took half off at + 30. Stop at Break even. Leaving half open since we are in the 76.4 fib of the last wave up, just in case I catch a bottom here. I love a free trade.
Energy and persistence conquer all things! Ben Franklin
I took half off at + 30. Stop at Break even. Leaving half open since we are in the 76.4 fib of the last wave up, just in case I catch a bottom here. I love a free trade.
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Great call on the Cable long, Iron-man !
I didn't see the Cable long at all.
I've still got a Sell Entry Limit order on Cable @ 1.9585, in anticipation of a continuation of the downtrend.
I've still got a Sell Entry Limit order on Cable @ 1.9585, in anticipation of a continuation of the downtrend.
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Price hit 81 on my platform earlier and fell. I was chatting with Mary Pippins earlier (Billy Ray is getting some much needed rest tonight) and we were saying how the 80 area was a good area for a pullback to get with the present trend. So no argument here. But in case I'm wrong. The 76.4 fib often does give the turning point. If price forms a double bottom down in the 35 area on the 1 hour or makes a low just alittle bit higher than the previous low (1.9526 on my platform) those are often signs that price is reversing. Appreciate the feedback.
Energy and persistence conquer all things! Ben Franklin
why the sell at 9585 and not the figure, 9600 which coincides with important resistance?
i have a sell order at 9600 expecting further price declines, 50 pip stop
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Tomaz - Hi !
I should have said 1.9584, which is the low of the 1st spikey candle down on the 4-hr chart that you see when you look left from the current price, assuming that price retraces up a bit before resuming the downtrend.
1.9584 is the 76.4% Fibo level of the big 4-hr runup, from 1.9407 to 2.0155.
Was also a Resistance level in the May timeframe on the 4-hr.
I should have said 1.9584, which is the low of the 1st spikey candle down on the 4-hr chart that you see when you look left from the current price, assuming that price retraces up a bit before resuming the downtrend.
1.9584 is the 76.4% Fibo level of the big 4-hr runup, from 1.9407 to 2.0155.
Was also a Resistance level in the May timeframe on the 4-hr.
Cheers, Loudoniii
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thx Loudon
if you get filled, where is the stop/tp?
i suggest support at 9420 which for me stands out.. but price can retrace 100 pips or so to then fall (supposedly) so beware where you put the stop.. cheers
i suggest support at 9420 which for me stands out.. but price can retrace 100 pips or so to then fall (supposedly) so beware where you put the stop.. cheers
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Hi Tomaz !
I'll just give it a 30-PIP stop, ie 1.9614.
Next major Resistance level I have is at 9643.
I'm not prepared to put my stop above that.
If 1.9614 doesn't hold it, then I got the setup wrong, and I'll lose 30 PIPs.
Take Profit / Limit level I'd set at something like 1.9481, just 5 PIPs above the next major Support level that I see at 1.9476.
Plus a 5-PIP spread makes that 1.9486, which would represent 98 PIPs profit.
Obviously I will trail my Stop Loss as I go, to protect profits.
It's a Reward : Risk Ratio game... I look for minimum 2:1 Reward : Risk before going in, preferably 3:1 or better.
Using BRV S+R techniques has improved my Win Rate greatly, ie the number of trades won versus number of trades made.
If you can achieve a high Win Rate, with a 2:1 or better Reward : Risk profile, you can make great money.
Found it. It hit Jul 15 during a CPI release for GBP so its a dud anyway but thanks for the heads up.
If any of you guys notice anything I might be missing please let me know and I'll do my best to stay on top of things. Like I say trying to stay organized but sometimes a little difficult due to the volume. Thanks,
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Thx BRV. Trying to learn here because I have some difficulties in recognizing strong vs. weak levels. I prepare every day by marking reaction points in advance, some react by few pips, only 1-2 of them may react 40 pips and more. I'm coming to conclusion that the more obviously level can be seen on 4hr chart, the better. In that particular trade I thought 2.0100 level on GBP was very obvious and was surprised to see it did not show much of a resistance. You said it was because of CPI news at 4:30am. The level was hit for first time at 4:10am. my question, do you advise to cancel the trade well in advance of news (how long 1hr, 2 hr)? Hope to hear from you soon because I have 5-6 pending orders right now and today has FOMC which usually is major mover. Thx.
Search FF for "semafor". You'll find the indicator.
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Looks to me like a backpainter though. Like fractal indicator. I need to look at the code but at first glance - looks like a backpainter which makes it essentially useless.
Looks to me like a backpainter though. Like fractal indicator. I need to look at the code but at first glance - looks like a backpainter which makes it essentially useless.
