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  • #2,261
  • Aug 5, 2008 11:08am Aug 5, 2008 11:08am
Quoting Verto
  • #2,262
  • Aug 5, 2008 11:19am Aug 5, 2008 11:19am
LONG eur/usd 1.5464, stop 1.5406, TP 1.5564

bought off 78.6% fib
  • #2,263
  • Aug 5, 2008 11:26am Aug 5, 2008 11:26am
Quoting zarni
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.
Yes, even i noticed that... It looks very good looking at the past but it is repainting indicator so its completely useless
  • #2,264
  • Aug 5, 2008 11:35am Aug 5, 2008 11:35am
EUR/USD Long @ 1.5440

It was a good resistance during last wave up, metatrader does not show a spike on June 15 to 1.5440 because it happened during melbourne trading on sunday. The only thing that I am scared of is that it might be hit during FOMC announcement, that's why I will use 25-30 pips stop.
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  • #2,265
  • Aug 5, 2008 11:41am Aug 5, 2008 11:41am
Quoting loudoniii
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.

That's my thinking anyway.

Best wishes, Loudoniii

long cable 9526 tp 9584

sell order at 9585 for 9500
  • #2,266
  • Aug 5, 2008 11:44am Aug 5, 2008 11:44am
indicators have nothing to do with this thread-this thread is about s/r--better for all if thread is kept on subject
  • #2,267
  • Aug 5, 2008 11:47am Aug 5, 2008 11:47am
Quoting turboguru
.
it means the indicator either changes it signals after the fact or waits for next candle to complete before putting in signal for previous. You will see this indicator will rarely give you valid signal for the current candle that closed until it is too late.
You can see same thing with fractals indicator for instance. It's like you looking back and seeing a reversal point, only problem is you probably don't have a time machine to go back and get in on that level anymore...
  • #2,268
  • Aug 5, 2008 11:55am Aug 5, 2008 11:55am
Quoting zarni
it means the indicator either changes it signals after the fact or waits for next candle to complete before putting in signal for previous. You will see this indicator will rarely give you valid signal for the current candle that closed until it is too late.
You can see same thing with fractals indicator for instance. It's like you looking back and seeing a reversal point, only problem is you probably don't have a time machine to go back and get in on that level anymore...
Thanks
  • #2,269
  • Edited 12:19pm Aug 5, 2008 12:00pm | Edited 12:19pm
Quoting rogerdoger
In case some were wondering I did close that earlier e/u long for about +10 or so. I didn't like the price action. I don't think I'm going to get back till after the rate annoucement. I got work anyway, haha.
  • #2,270
  • Aug 5, 2008 12:03pm Aug 5, 2008 12:03pm
Quoting len979
LONG eur/usd 1.5464, stop 1.5406, TP 1.5564

bought off 78.6% fib

You think its got the juice to make it to 64? I have my tp at 44 I see a bit of resistance there?

But of course you are the prodigy !!!

+Lemming
  • #2,271
  • Aug 5, 2008 12:27pm Aug 5, 2008 12:27pm
Quoting lemmingboiv2
You think its got the juice to make it to 64? I have my tp at 44 I see a bit of resistance there?

But of course you are the prodigy !!!

+Lemming
I'm the prodigy?? hahaa I wish!

I'll close half at +40, and try to ride the rest to 5560's
  • #2,272
  • Aug 5, 2008 12:33pm Aug 5, 2008 12:33pm
Hi Folks ........... need your insight........I am kinda in a big hole with USD/CAD short is it better to close the position before the FOMC? shorted at 1.0355.........
Appreciate your insight and comments on this regards
Thank you
BANDA333
  • #2,273
  • Aug 5, 2008 12:34pm Aug 5, 2008 12:34pm
Quoting len979
I'm the prodigy?? hahaa I wish!

I'll close half at +40, and try to ride the rest to 5560's

I am treading with extreme caution as one of the main rules is not to trade around news time. . . . . and we are 45 mins away from a whopper of an announcement.

Should be interesting to watch what happens

Happy retracements to all
  • #2,274
  • Aug 5, 2008 12:47pm Aug 5, 2008 12:47pm
Hi everyone - just wanted to say I'm putting any of my posted trades on hold until late tonight due to FOMC; maybe beinning of London session - not expecting a lot of logic from the market in these hours.
  • #2,275
  • Aug 5, 2008 12:51pm Aug 5, 2008 12:51pm
Quoting BANDA
Hi Folks ........... need your insight........I am kinda in a big hole with USD/CAD short is it better to close the position before the FOMC? shorted at 1.0355.........
Appreciate your insight and comments on this regards
Thank you
Where is your stop?
Hopefully it's not a huge position.... there seems to be some resistance at 1.0420 - 1.0474, but it's been tested before and I'm not sure it's gonna hold. Loonie seems intent on breaking out.

The best advise I would give you is... if your'e not confortable with a position, cut your losses short and move on to the next trade. Don't let a small loss turn into an account killer.
  • #2,276
  • Aug 5, 2008 12:52pm Aug 5, 2008 12:52pm
[quote=BillyRayValentine;2148055]Hi everyone - just wanted to say I'm putting any of my posted trades on hold until late tonight due to FOMC; maybe beinning of London session - not expecting a lot of logic from the market in these hours.[/quot

Hey BRV, just wanted to say thank you for your help and insight into the aus/usd over the past few days, i've had an excellent run with it and added about %10 to my overall account, once again thank you very much.
  • #2,277
  • Aug 5, 2008 1:00pm Aug 5, 2008 1:00pm
Quoting BANDA
Hi Folks ........... need your insight........I am kinda in a big hole with USD/CAD short is it better to close the position before the FOMC? shorted at 1.0355.........
Appreciate your insight and comments on this regards
Thank you

hi Banda

i really sympathize......been there before too

usdcad certainly looks like it has some more upside to it.......
one thought would be for you to close your trade and accept the loss.......noone can possibly tell you what is going to happen after the FOMC....then once price has moved up at least 20-25 pips from where you closed......... re enter a market order to short in the same place that you closed. This way you have cut your losses shorter and then you re enter the market when price comes back down again .....which it will at some point.....and then you will also recover those losses too.

just a suggestion

good luck !!

cheers
  • #2,278
  • Aug 5, 2008 1:01pm Aug 5, 2008 1:01pm
SHORT gbp/jpy 211.90 - 212.20, stop 212.56, TP 210.80
  • #2,279
  • Aug 5, 2008 1:02pm Aug 5, 2008 1:02pm
Len
Thank you very much for your input........ Wish you green pips
Thank you buddy



Quoting len979
Where is your stop?
Hopefully it's not a huge position.... there seems to be some resistance at 1.0420 - 1.0474, but it's been tested before and I'm not sure it's gonna hold. Loonie seems intent on breaking out.

The best advise I would give you is... if your'e not confortable with a position, cut your losses short and move on to the next trade. Don't let a small loss turn into an account killer.
BANDA333
  • #2,280
  • Aug 5, 2008 1:02pm Aug 5, 2008 1:02pm
Quoting len979
Where is your stop?
Hopefully it's not a huge position.... there seems to be some resistance at 1.0420 - 1.0474, but it's been tested before and I'm not sure it's gonna hold. Loonie seems intent on breaking out.

The best advise I would give you is... if your'e not confortable with a position, cut your losses short and move on to the next trade. Don't let a small loss turn into an account killer.
i agree i think if it breaks 470 then i would get out, dont beat yourself up though, i came very close to shorting this pair at around the same level as you did.
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