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  • #4,841
  • Aug 7, 2008 8:08am Aug 7, 2008 8:08am
Nice job everyone...Aad and Sherm you traded out your plan very nicely, it couldnt have played out any better. Now by following behind price with your sell stop (in a downtrend) your in sinc with the market, all thats in your way is yesterdays low. Just be carefule reading candle formations on the 1 hour, they are not as sure a thing as they are on higher timeframes.
Steve and Jono welcome to the thread !
And of coarse hello Galaxymom.
  • #4,842
  • Aug 7, 2008 8:08am Aug 7, 2008 8:08am
The short kind of scared me and I almost closed it, because it went from being up 20+ pips and then moved all the way back to loss, but now its moved all the way in the other direction, and I think price @ profit is somewhat stable.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,843
  • Aug 7, 2008 8:10am Aug 7, 2008 8:10am
Morning Bo
Mom "To conquer fear is the beginning of wisdom." – Bertrand Russell
  • #4,844
  • Aug 7, 2008 8:15am Aug 7, 2008 8:15am
Quoting TheLegace
The short kind of scared me and I almost closed it, because it went from being up 20+ pips and then moved all the way back to loss, but now its moved all the way in the other direction, and I think price @ profit is somewhat stable.

i am not in the trade but to it seems to be retracing to maybe 1.9487 and will be going down again.....i am not saying i am right but lets wait and see..
  • #4,845
  • Aug 7, 2008 8:17am Aug 7, 2008 8:17am
Quoting Bobokus
Nice job everyone...Aad and Sherm you traded out your plan very nicely, it couldnt have played out any better. Now by following behind price with your sell stop (in a downtrend) your in sinc with the market, all thats in your way is yesterdays low. Just be carefule reading candle formations on the 1 hour, they are not as sure a thing as they are on higher timeframes.
Steve and Jono welcome to the thread !
And of coarse hello Galaxymom.
Yes that is very true, thanks Bobokus...
  • #4,846
  • Aug 7, 2008 8:19am Aug 7, 2008 8:19am
I am still holding my short I have now pulled my swing fibb back on to areas that momentum can slow down a bitt( this does not mean close trade but watch closesly)
This is an area that depending on what I see I might close some postions...

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  • #4,847
  • Aug 7, 2008 8:20am Aug 7, 2008 8:20am
well guest i am wrong any way... could i ask you guys how did you that it will be going down...
  • #4,848
  • Aug 7, 2008 8:23am Aug 7, 2008 8:23am
What are your targets for the GU trade? I just wanna make sure I am setting my targets properly, the T1 is 1.9439?

Thanx.
TheLegace
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,849
  • Aug 7, 2008 8:23am Aug 7, 2008 8:23am
This the key swing that I am watching price action as well...

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  • #4,850
  • Aug 7, 2008 8:38am Aug 7, 2008 8:38am
I have now brought up my closes tear of resistance....If price makes a pullback I will know the location sellers will attack...

Keep in mind if for some reason price cant close below the intraday low it can be showing support...either way I will secure profits when this candle closes by placing a stop at this candles high....I will not hold my trade to the swing if it brakes highs..

Attached Image (click to enlarge)
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  • #4,851
  • Aug 7, 2008 8:53am Aug 7, 2008 8:53am
Quoting Shermenator
I have now brought up my closes tear of resistance....If price makes a pullback I will know the location sellers will attack...

Keep in mind if for some reason price cant close below the intraday low it can be showing support...either way I will secure profits when this candle closes by placing a stop at this candles high....I will not hold my trade to the swing if it brakes highs..

Attachment
Nice , now just keep following it with your swing and if waveforms develope before you reach T1 you can see if price will begin to run against you if you get more than a 61.8 retrace on these smaller waves or movements. Giving you a heads up that you may want to look for an exit at that point.
  • #4,852
  • Aug 7, 2008 9:01am Aug 7, 2008 9:01am
The price has broken through the low, there doesn't seem to be much strong support, and right now price is still heading down.

TheLegace.


EDIT I am actually looking at the daily, and this is a very strong support point, from June, but my trades are pretty close to reaching their T1s. Since I am new at this, I will be watching closely on how you guys set your targets. From the video I think I will close most of it, and leave maybe .3 of a lot running to maybe a T2 or something.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,853
  • Aug 7, 2008 9:08am Aug 7, 2008 9:08am
Quoting TheLegace
The price has broken through the low, there doesn't seem to be much strong support, and right now price is still heading down.

TheLegace.


EDIT I am actually looking at the daily, and this is a very strong support point, from June, but my trades are pretty close to reaching their T1s. Since I am new at this, I will be watching closely on how you guys set your targets. From the video I think I will close most of it, and leave maybe .3 of a lot running to maybe a T2 or something.

I dont think youll have a problem with it reaching its targets today. You can draw a horizontal line at 1.9400 on the Daily and see this has been a major support level, the question is will it break this time ?
  • #4,854
  • Aug 7, 2008 9:08am Aug 7, 2008 9:08am
I have closed 80 percent of my trade...price action is still in my favor But I am closing postions and will leave the rest to run...I will let the market take me out today....

Attached Image (click to enlarge)
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  • #4,855
  • Aug 7, 2008 9:10am Aug 7, 2008 9:10am
Quoting TheLegace
The price has broken through the low, there doesn't seem to be much strong support, and right now price is still heading down.

TheLegace.


EDIT I am actually looking at the daily, and this is a very strong support point, from June, but my trades are pretty close to reaching their T1s. Since I am new at this, I will be watching closely on how you guys set your targets. From the video I think I will close most of it, and leave maybe .3 of a lot running to maybe a T2 or something.
Let's see if there's a bounce from 1.9417 TP...
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  • #4,856
  • Aug 7, 2008 9:13am Aug 7, 2008 9:13am
Quoting Shermenator
I have closed 80 percent of my trade...price action is still in my favor But I am closing postions and will leave the rest to run...I will let the market take me out today....

Attachment
Now , you see what I mean by the wins far outweigh the losses and not to get caught up in the second quessing yorself from 1 loosing day.
  • #4,857
  • Aug 7, 2008 9:15am Aug 7, 2008 9:15am
Quoting Aad
Let's see if there's a bounce from 1.9417 TP...
I would geuss there will be some profit taking type action at T1, since no one really nows if big money is still sitting on the 1.9400 level.
  • #4,858
  • Aug 7, 2008 9:17am Aug 7, 2008 9:17am
Well since I can't watch the trade any longer I need to close it, I am very happy with today, I made about 90 pips, and saw many trade oppurtunities today, just didn't take them, I really love this system.

TheLegace.

Thanx for all the help.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #4,859
  • Aug 7, 2008 9:20am Aug 7, 2008 9:20am
Quoting TheLegace
Well since I can't watch the trade any longer I need to close it, I am very happy with today, I made about 90 pips, and saw many trade oppurtunities today, just didn't take them, I really love this system.

TheLegace.

Thanx for all the help.
There's really no need to try to squeeze out every pip out of a move (there will be more trading days to come) so you did the right thing...
  • #4,860
  • Aug 7, 2008 9:20am Aug 7, 2008 9:20am
Quoting Bobokus
I would geuss there will be some profit taking type action at T1, since no one really nows if big money is still sitting on the 1.9400 level.

I see....since the sentiment on the dollar has changed a bitt fundamentally that suport might not be as powerfull since the sentiment overall has changed a bitt since last time that it served as support. Since the sentiment has changed a bitt the Big boys way of investing has changed as well. I think the bloomberg stuff you told me to read every day is working. I have learned much I am up 120 pips for the week with this trade thanks for the help Bobokus.
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