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No Brainer Trades

  • #2,781
  • Aug 12, 2008 11:04am Aug 12, 2008 11:04am
Hi All,
Great forum and very informative reading. Totally new to forex and wondering if any of you have good recommendations for book titles I can start to read to gain a further insight in to the markets.
Thank you
  • #2,782
  • Aug 12, 2008 11:57am Aug 12, 2008 11:57am
Quoting duc998
Hi All,
Great forum and very informative reading. Totally new to forex and wondering if any of you have good recommendations for book titles I can start to read to gain a further insight in to the markets.
Thank you

Support and Resistance Trading PDF by Billy Ray Valentine available at any forexfactory thread near you. . . . . .



+Lemming
  • #2,783
  • Aug 12, 2008 12:06pm Aug 12, 2008 12:06pm
So along this sliding scale of awesome selling that is the AUD/USD we have hit and blasted through several historical strong levels of S&R. However there are quick 40-80 pip scalps countertrend available each time as we bounce off of them before plunging to new depths (which we should be very pleased with because once we close our scalp position we should then continue building our sell position until this trend decides it wants to stop.......Which I REALLY hope it doesnt, I mean this is like taking candy from a old man on a ventilator)

Looks like our next chance is coming up @8681

+Lemming
  • #2,784
  • Aug 12, 2008 2:14pm Aug 12, 2008 2:14pm
Quoting 6pack
I was also eyeing this level, which was the high in March and the low in July. But I'd be very careful [always], since I don't see any Fib confirmations, and as I've just suggested above, it's safer to sell rallies now than to guess bottoms.
In terms of oscillators, other pairs are much worse off now - so there may still be more downside. Well, other pairs have US$ on one side...
Whew, glad I pulled it before the level hit and was completely ignored. I have had zero luck with the beast or any other cross for that matter. I've done really well with the USD pairs, but can't get a feel for the others.
  • #2,785
  • Aug 12, 2008 4:03pm Aug 12, 2008 4:03pm
Quoting lemmingboiv2
So along this sliding scale of awesome selling that is the AUD/USD we have hit and blasted through several historical strong levels of S&R. However there are quick 40-80 pip scalps countertrend available each time as we bounce off of them before plunging to new depths (which we should be very pleased with because once we close our scalp position we should then continue building our sell position until this trend decides it wants to stop.......Which I REALLY hope it doesnt, I mean this is like taking candy from a old man on a ventilator)

Looks like our next chance is coming up @8681

+Lemming
Have you ever actually tried to take candy from an old man on a ventilator? It is alot easier than it sounds... BELIEVE me...


Very good post though about trends people stop betting it will turn around and just ride the trend till it bends.
  • #2,786
  • Aug 12, 2008 4:39pm Aug 12, 2008 4:39pm
Quoting Verto
Have you ever actually tried to take candy from an old man on a ventilator? It is alot easier than it sounds... BELIEVE me...
Did you mean it's a lot harder than it sounds?
  • #2,787
  • Aug 12, 2008 5:42pm Aug 12, 2008 5:42pm
Quoting opie999
Did you mean it's a lot harder than it sounds?
yeah i did... lol i guess this was my mind's way of telling me that i was really trying to stretch it.
  • #2,788
  • Aug 12, 2008 7:59pm Aug 12, 2008 7:59pm
Quoting SABTrader
I'm seeing a lot of things reversing
oil over 115
and gold over 820
so have gone
long EU 1.4931
stop loss @ 40 pips initially
not sure where i should exit as i know this is against the trend
any suggestions
steve
As I approached this week I began to look for dollar weekness. There seems to be tops and bottoms across the majors with only a few violent stabs lower. Could it go lower? sure. SO take half off the table, in the 20-40 range is what I would do and move your stop to breakeven if you're looking for a bottom. Be prepared to get stopped out a couple times but as long as you move to breakeven quickly, so what. Do it as many times as it takes to catch the bottom or convince you that the downtrend isn't over. I took my first counter trend venture this morning in USDCAD and that worked out well though I was starting to wonder. That pair moves like the syrup they so proudly export most of the time.

Citi Group has a one touch option on the EURUSD that expires in Oct 08 long for 1.69 We'll see how that plays out. Hope that helps. Remember, protect your equity, at the end of the day it's all you have.
Energy and persistence conquer all things! Ben Franklin
  • #2,789
  • Aug 12, 2008 8:14pm Aug 12, 2008 8:14pm
Quoting Iron-man
As I approached this week I began to look for dollar weekness. There seems to be tops and bottoms across the majors with only a few violent stabs lower. Could it go lower? sure. SO take half off the table, in the 20-40 range is what I would do and move your stop to breakeven if you're looking for a bottom. Be prepared to get stopped out a couple times but as long as you move to breakeven quickly, so what. Do it as many times as it takes to catch the bottom or convince you that the downtrend isn't over. I took my first counter trend venture this morning in USDCAD and that worked out well though I was starting to wonder. That pair moves like the syrup they so proudly export most of the time.

Citi Group has a one touch option on the EURUSD that expires in Oct 08 long for 1.69 We'll see how that plays out. Hope that helps. Remember, protect your equity, at the end of the day it's all you have.
Can you explain this a little more explicitly? I'm not sure I truly grasp the significance.
  • #2,790
  • Aug 12, 2008 8:21pm Aug 12, 2008 8:21pm
Quoting duc998
Hi All,
Great forum and very informative reading. Totally new to forex and wondering if any of you have good recommendations for book titles I can start to read to gain a further insight in to the markets.
Thank you
When I was first starting out I read "Trading in the Zone" by Michael Douglas I found it to be worth it's weight in gold and highly recommend it. I bought the hard copy but I'm pretty sure I've seen it offered on this forum somewhere for free.
Time hides Nothing
  • #2,791
  • Aug 12, 2008 10:05pm Aug 12, 2008 10:05pm
Quoting finswin56
Can you explain this a little more explicitly? I'm not sure I truly grasp the significance.
It's a "One touch" option for 1.6900 on the Euro which expires Oct of this year. The 4th I think. Now as we know, US options can be "exercised" at any time. But what it says to me is that is where they expect price to go. Will it get there? Maybe. Maybe not. But it's confirmation that someone else thinks it will. So it should at least head that way before month's end.
Energy and persistence conquer all things! Ben Franklin
  • #2,792
  • Aug 12, 2008 10:08pm Aug 12, 2008 10:08pm
Quoting finswin56
Whew, glad I pulled it before the level hit and was completely ignored. I have had zero luck with the beast or any other cross for that matter. I've done really well with the USD pairs, but can't get a feel for the others.
GJ might have trouble going thru the 50% fib, which is not far from the support level last seen at the beginning of June. But buying now is risky business - I think it's much safer to sell the rallies. 208 seems so far [right now we're at 205.50] - but price sank thru it just a few hours ago.
good luck!
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  • #2,793
  • Aug 12, 2008 10:34pm Aug 12, 2008 10:34pm
Quoting Iron-man
It's a "One touch" option for 1.6900 on the Euro which expires Oct of this year. The 4th I think. Now as we know, US options can be "exercised" at any time. But what it says to me is that is where they expect price to go. Will it get there? Maybe. Maybe not. But it's confirmation that someone else thinks it will. So it should at least head that way before month's end.
Where do you get this info Ironman?
Time hides Nothing
  • #2,794
  • Aug 12, 2008 10:45pm Aug 12, 2008 10:45pm
not much chance of euro headed to 1.6900--look at euro land economies
  • #2,795
  • Aug 12, 2008 11:04pm Aug 12, 2008 11:04pm
track: buy USDJPY at 107.50
  • #2,796
  • Aug 12, 2008 11:24pm Aug 12, 2008 11:24pm
Quoting c-note
not much chance of euro headed to 1.6900--look at euro land economies
I gave up trying to predict long-term targets for currencies a long time ago. But having insight into the general direction certainly can be useful. Alot of back and forth out there now but it will settle down soon. After Labor Day when Europe comes off vacation the insanity will once again become manageable insanity.
Energy and persistence conquer all things! Ben Franklin
  • #2,797
  • Aug 12, 2008 11:29pm Aug 12, 2008 11:29pm
Quoting CindyXXXX
Where do you get this info Ironman?
If you trade with CitiProFX then you can get their research in PDF form, fresh in your inbox everyday. Or you can go golfing with one of their financial advisors and he can forward it from his inbox. Either way is fine. I just happened to do the latter.
Energy and persistence conquer all things! Ben Franklin
  • #2,798
  • Aug 12, 2008 11:55pm Aug 12, 2008 11:55pm
To the pip. Missed it unfortunately by concentrating on UJ action.
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  • #2,799
  • Aug 13, 2008 12:02am Aug 13, 2008 12:02am
109.1 Short on failure

108.44-108.58 buy a bounce

clean break of this sup zone -> short
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  • #2,800
  • Aug 13, 2008 12:20am Aug 13, 2008 12:20am
I've tried to use PA based S/R's many times, but noticed that fib levels are more precise. PA S/R's could be broken by 15-20 pips and the price can still bounce back, so it is hard to know when to enter. Perhaps I just need more excercise?

R

Quoting Kane Rai
109.1 Short on failure

108.44-108.58 buy a bounce

clean break of this sup zone -> short
Attached Image (click to enlarge)
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