No Brainer Trades | Page 141 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD, USD/CHF, USD/JPY

Similar Threads

No brainer fundamental trades 55 replies

This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies

The Koala System (No brainer) 127 replies

EUR/GBP SHORT for No Brainer 67 replies

Selling USD and YEN is a no brainer. 12 replies

Attachments: No Brainer Trades
Exit Attachments

No Brainer Trades

  • #2,801
  • Aug 13, 2008 12:22am Aug 13, 2008 12:22am
No doubt one of my favorite chart patterns. Head and shoulders on H4 USDCAD with numerous M formations on lower timeframes. Looks like a very technical short to me so to all chart pattern junkies (myself included) an eventual further usd weakness could be proven by h4 closing under 1.0605-00. As of now I would be all over in this trade once that neckline is made into a "Colombian necktie"

Anyway this could be a week-long trade all the way down to 1.03. I would be more than happy and glad if a nice and kind person gets me out of my current analysis mysery in trying to jump on a sinking usdcad ship.

good luck all !


p.s. hmmm usd/jpy double top, eur/usd has some nice daily candlestick formation going on and looks like chf is going for h&s on the h4 chart
currrrrrrrrection ???
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #2,802
  • Aug 13, 2008 12:44am Aug 13, 2008 12:44am
Quoting Rocroy
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?
Horizontal s/r is pretty precise if that level was support _and_ resistance in the past and sticks out like a sore thumb on the chart (H1 and higher preferred).

Diagonal s/r is less precise because it's not obvious to everyone in the market place on how to draw the line.

We use fib levels in this thread to confirm or enhance the validity of a horizontal level.

What I learned in the past two weeks that correctly interpreting market sentiment and momentum is very important in judging if you fade a level or let it break and take it on the retrace.
  • #2,803
  • Aug 13, 2008 1:07am Aug 13, 2008 1:07am
the trend in the market is just showing us a new face of forex,this only helps us to be better traders,mastering or learning how to master the trending market,thanks to the help of brv and ironman it has been a successfull journey,been short on aud/jpy since the 6th, +500 pips and still countingthe market is at significant support on most currencies now, is this where we finally get the long awaited reversal or is a support that would turn to resistance, i am at the sideline watching and jealously guarding my equity, if there is a break below the support then i am in for the short
  • #2,804
  • Aug 13, 2008 1:44am Aug 13, 2008 1:44am
I pretty much agree with you. But let me take an other example to show why I feel that using PA based S/R's is "difficult". The same pair, and the aqua colored circle. No matter how to draw the S/R level, I can't make it match with price action (graph1). But when you use fibs, everything becomes very clear (graph2).

That is only one example, but it shows where the problem (imo) is: often there is no single top or bottom (see the example), and there is a large area around the level where the price may react.

Probably if you play with several pairs you are able to pick up the best cases. But if a trader wants to concentrate on one or two pairs, then things may get more "difficult"?

R

Quoting Kane Rai
Horizontal s/r is pretty precise if that level was support _and_ resistance in the past and sticks out like a sore thumb on the chart (H1 and higher preferred).

Diagonal s/r is less precise because it's not obvious to everyone in the market place on how to draw the line.

We use fib levels in this thread to confirm or enhance the validity of a horizontal level.

What I learned in the past two weeks that correctly interpreting market sentiment and momentum is very important in judging if you fade a level or let it break and take it on the retrace.
Attached Image (click to enlarge)
Click to Enlarge Name: uj now.gif Size: 23 KB


Attached Image (click to enlarge)
Click to Enlarge Name: uj now1.gif Size: 26 KB
  • #2,805
  • Aug 13, 2008 2:19am Aug 13, 2008 2:19am
Quoting Rocroy
That is only one example, but it shows where the problem (imo) is: often there is no single top or bottom (see the example), and there is a large area around the level where the price may react.

Probably if you play with several pairs you are able to pick up the best cases. But if a trader wants to concentrate on one or two pairs, then things may get more "difficult"?
Fair enough. There are plenty of cases when price runs out of steam before reaching the level. I just pass on these trades. Spotting and marking s/r levels plus setting alarms in MT4 does not take much time after some practice. This allows me to follow eight pairs and to take the best setups only.

If no level gets hit on a day - big deal.
  • #2,806
  • Aug 13, 2008 3:27am Aug 13, 2008 3:27am
In spite of some (my) problems I think this method one of the safest / simplest (and probably quite productive too, based on Billy Ray's posts) presented in this forum. I'll still be watching this thread with great interest.

Good luck to all No Brainer Traders.

R

Quoting Kane Rai
Fair enough. There are plenty of cases when price runs out of steam before reaching the level. I just pass on these trades. Spotting and marking s/r levels plus setting alarms in MT4 does not take much time after some practice. This allows me to follow eight pairs and to take the best setups only.

If no level gets hit on a day - big deal.
  • #2,807
  • Aug 13, 2008 3:32am Aug 13, 2008 3:32am
Seems that euro has found support at 1.482. Don't know how long lasting that support is, and if that has any effect on audjpy (probably not), but i'm waiting for euro to bounce up a few pips.

R

Quoting pastork
the trend in the market is just showing us a new face of forex,this only helps us to be better traders,mastering or learning how to master the trending market,thanks to the help of brv and ironman it has been a successfull journey,been short on aud/jpy since the 6th, +500 pips and still countingthe market is at significant support on most currencies now, is this where we finally get the long awaited reversal or is a support that would turn to resistance, i am at the sideline watching and jealously guarding my equity, if there is a break below the support then i am in for the short
  • #2,808
  • Aug 13, 2008 4:13am Aug 13, 2008 4:13am
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.
Thanks!

Very interesting as it runs contrary nearly everything we're seeing about the two economies right now. Never know what could happen when the fiscal packages wear off though.
  • #2,809
  • Aug 13, 2008 5:41am Aug 13, 2008 5:41am
How do you set up MT4 alarms to alert that price is about to reach a certain level ? thanks.
  • #2,810
  • Aug 13, 2008 6:01am Aug 13, 2008 6:01am
Quoting lumesh
How do you set up MT4 alarms to alert that price is about to reach a certain level ? thanks.

Hi,

Using the VIEW menu make sure your terminal is open. It will appear at the bottom of the screen. Now click on the TAB ALERT at the bottom of the Terminal.

If you right click now within the ALERT window you will get a floating menu, the top item should be CREATE. Select it.

You will now get another dialogue which will allow you to select the currency (SYMBOL) along with the ALERT conditions (BID or ASK). You can set the price (using VALUE entry) to within so many pips of the area you are interested in such that you know it is approaching your alert zone.

The SOURCE allows you to change the sound. If you press TEST you will hear it.

Hope that helps,
  • #2,811
  • Aug 13, 2008 6:30am Aug 13, 2008 6:30am
Quoting faq123
Hi,

Using the VIEW menu make sure your terminal is open. It will appear at the bottom of the screen. Now click on the TAB ALERT at the bottom of the Terminal.

If you right click now within the ALERT window you will get a floating menu, the top item should be CREATE. Select it.

You will now get another dialogue which will allow you to select the currency (SYMBOL) along with the ALERT conditions (BID or ASK). You can set the price (using VALUE entry) to within so many pips of the area you are interested in such that you know it is approaching your alert zone.

The SOURCE allows you to change the sound. If you press TEST you will hear it.



Hope that helps,
Didn't know you could do that cheers... I'm with GFT and I just get a free text to my mobile for price alerts which is cool.

Cheers
Time hides Nothing
  • #2,812
  • Aug 13, 2008 6:37am Aug 13, 2008 6:37am
Thanks a lot. That's exactly what i needed ...any chance to alert my mobile with a text message ?
  • #2,813
  • Aug 13, 2008 6:43am Aug 13, 2008 6:43am
Quoting faq123
Hi,

Using the VIEW menu make sure your terminal is open. It will appear at the bottom of the screen. Now click on the TAB ALERT at the bottom of the Terminal.

If you right click now within the ALERT window you will get a floating menu, the top item should be CREATE. Select it.

You will now get another dialogue which will allow you to select the currency (SYMBOL) along with the ALERT conditions (BID or ASK). You can set the price (using VALUE entry) to within so many pips of the area you are interested in such that you know it is approaching your alert zone.

The SOURCE allows you to change the sound. If you press TEST you will hear it.

Hope that helps,
... CTRL-t brings up the terminal.
While we're at it, CTRL-f shows you the crosshair - which I find very useful.

Cheers!
6p
  • #2,814
  • Aug 13, 2008 9:37am Aug 13, 2008 9:37am
Quoting endroute
What am I missing here, I don't see any significant resistence at this level. What did I miss here?
ENDROUTE,

Just getting started with COG. I wanted to jump back into the forum on this system. The last post I read was in 2007. Trying to catch up.

Rick
"Row well and live"
  • #2,815
  • Aug 13, 2008 10:31am Aug 13, 2008 10:31am
Quoting lumesh
Thanks a lot. That's exactly what i needed ...any chance to alert my mobile with a text message ?
Hi,

I did a quick search and found the following info. I'm not too sure if I can post the link so I've PM'd it to you.

------------------------------------------------------------------------

MT Version 4 has the ability to send email alerts. Follow these steps to setup Email alerts within the platform;

1, Go to Tools > Options. Click on the Email tab.
2, Edit these settings according to your ISP's requirements. Typically the light red text is a general guideline of what you should enter in. For clarification, call your ISP. (Note: Web email services such as Hotmail, Yahoo, G-mail etc. will not work).

SMTP server - this is your ISP's mail server address.
SMTP login - this is your login ID to access your mail.
SMTP pass - your mail password
From - This is the email address the email will come from. This is typically the same address as stated in the SMTP login field.
To: The address you want it to go to (see below for help sending these alerts as SMS messages to your cell phone)

Before you click on the "Test" button be sure to click 'Ok' to apply the settings, then go back into Tools > Options to test your settings. See the Journal (Terminal window > Journal) for any error messages.

3 navigate to the Alerts tab in the Terminal window. Right click anywhere in this window, and select 'Create'.

4 change the 'Action' menu to Mail.
5 set your parameters.
6, to the far right of the 'Source' field is a button with 3 dots,'...'. Click this button to edit the specifics to your email, i.e. subject and body. (note, if you are wanting to send an email to your cell phone keep in mind that cell phones are limited to 160 characters per message, including subject).

7, I would suggest editing the Timeout and Max Iterations menus (Timeout means once the criteria is met it will wait X seconds before generating another signal. Max iterations means it will generate a signal X amount of times before stopping. Thus at default settings, if you don't edit this you will get an email every 10 seconds for the next 3 hours).

8 Click Ok.

SMS/Tex messaging help

If I want to have the platform send these alerts to my cell phone as text messages, all you need to do is put in the right address in the 'To:' field in the Email options (Tools > Options > Email). This address varies by carrier.
  • #2,816
  • Aug 13, 2008 10:39am Aug 13, 2008 10:39am
Quoting lumesh
Thanks a lot. That's exactly what i needed ...any chance to alert my mobile with a text message ?

I suppose I should have tried the obvious first... There is a lot of useful information here on FF about this subject. Just search for SMS.

This thread looks very interesting:

http://www.forexfactory.com/showthread.php?t=15197
  • #2,817
  • Aug 13, 2008 1:31pm Aug 13, 2008 1:31pm
thanks for your help faq123...i thought it would be easier to do it...i think i must contact my servive provider to get a message to my cell..thanks again.
  • #2,818
  • Aug 13, 2008 2:08pm Aug 13, 2008 2:08pm
Is doing some interesting things right now after bouncing off 93.135 yesterday heading up toward the 38 fib @ 97.516 which has some historical S&R

Watch it close Since the daily trend overall is down a short could certainly be most called for at that fib....

But I think we just got the magic number for a strong Support line and can look to take a strong bounce again at 93.135
  • #2,819
  • Edited 8:00pm Aug 13, 2008 7:27pm | Edited 8:00pm
This looks like a very good thread to learn from. But I don't understand the "fighting". One person post a chart with indicators and it's ok. Another person post a chart with indicators and they get pounced on. What's so wrong with using computer to show support and resistance? I just don't want to get pounced on.
"War is Peace; Freedom is Slavery; Ignorance is Strength."
  • #2,820
  • Aug 13, 2008 10:08pm Aug 13, 2008 10:08pm
Quoting garciaFX
This looks like a very good thread to learn from. But I don't understand the "fighting". One person post a chart with indicators and it's ok. Another person post a chart with indicators and they get pounced on. What's so wrong with using computer to show support and resistance? I just don't want to get pounced on.
Lol, you are asking the same question in another thread. The same exact one.

?!?
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
4 traders viewing now