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  • #3,281
  • Aug 25, 2008 8:58am Aug 25, 2008 8:58am
Quoting CindyXXXX
Just athought Cruze that GU trade went 20 pips before reversing - Shouldn't you have moved your sl to BE... Just that BRV strongly recomends doing that,
I noticed that when I went back and looked at the chart, however I place my trades and have the SL in place just in case market doesnt do what I expect. That is my risk and I would normally alter for a break even posi once we have achieved between 20 to 30 pips profit, however it was during dinner that this moved happened (im in Australia so the brunt of london and US is at night) so I was unlucky in that aspect. It doesnt hurt to loose 30 pips, what I have learnt is it hurts not learning from it, chasing to make it back, or trading without SL in the hope that the market eventually comes back around to give you green.

My next trade will just have to be better. The other option is you can trail a stop while your not around. That is something that I might do from now on as you can always cancel the trailing stop once you are back and place a fix stop. See I learnt something new lol

take care
  • #3,282
  • Aug 25, 2008 9:08am Aug 25, 2008 9:08am
Anybody short on USD/JPY...i'm from 109,75 although news were a bit in favour of USD but i hope it doesn't play much significance. TP around 109.30
  • #3,283
  • Aug 25, 2008 9:08am Aug 25, 2008 9:08am
0320-0340 looks to be a good buy area. Level of S/R on a number of occasions and is also the 76.4% retrace level from the high to low. Still a way to go to come down to it however. Charts posted below
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Click to Enlarge Name: USD CAD also 76.gif Size: 36 KB
  • #3,284
  • Aug 25, 2008 5:17pm Aug 25, 2008 5:17pm
Attached Image (click to enlarge)
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Looks like the GU is resting near previous support.
  • #3,285
  • Aug 25, 2008 6:42pm Aug 25, 2008 6:42pm
Morning,

looking at a long trade on Aud/usd @ 8595

Have a good day out there.
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  • #3,286
  • Aug 25, 2008 9:46pm Aug 25, 2008 9:46pm
Quoting len979
Short gbp/usd 1.8544 ... adding. My average is now 1.8500.
My stop on cable almost got hit. I had raised it from 1.8572 to 1.8599... it looked set to take out stops above 1.8550. Now it can plunge to 1.7930 from here . I'll lower my stop to breakeven once i'm up +50.
  • #3,287
  • Aug 25, 2008 11:10pm Aug 25, 2008 11:10pm
Quoting SBrickman
Attachment

What is the reason you raised your stop? To protect your profit?
I'm short gbp/usd. I raised my stop to a "safe" area coz I saw it was about to get hit. Cable has a habit of agressive stop hunting beyond support and resistance. My strategy is to go in small and keep adding with wide stops. It's tough to trade cable and gbp/jpy with narrow stops... you'll always get stopped.
  • #3,288
  • Aug 25, 2008 11:45pm Aug 25, 2008 11:45pm
Just stopping by to say great thread BillyRayValentine, this should really be trading 101 for all those who want to trade consistently. Though I'm still not clear on the cup formations/setups but I'll figure it out in time...
  • #3,289
  • Aug 26, 2008 2:11am Aug 26, 2008 2:11am
usd/chf looks set to breakout.
  • #3,290
  • Aug 26, 2008 2:19am Aug 26, 2008 2:19am
Afternoon

Aud usd stopped out as the down trend continues it seems like thers no stopping the $ at the moment.
  • #3,291
  • Aug 26, 2008 2:43am Aug 26, 2008 2:43am
gbpusd long at 1.8423 sl 1.8393 tp 1.8493
usdchf short at 1.1009 sl 1.1132 tp 1.0925
similar setups with eurusd, nzdusd, audusd
usd breakout is in sight, so stops are rather tight
in the same time current situation is a classic support/resistance bounce scheme
  • #3,292
  • Aug 26, 2008 2:44am Aug 26, 2008 2:44am
Quoting len979
usd/chf looks set to breakout.
Break out to go higher?
Expected the unexpected
  • #3,293
  • Aug 26, 2008 2:45am Aug 26, 2008 2:45am
This truly is the land of smiles

Anyone got a gas mask?
  • #3,294
  • Edited 3:11am Aug 26, 2008 2:45am | Edited 3:11am
Quoting len979
usd/chf looks set to breakout.
price has probed this 1020/1030'ish area five times in the last week and 1021 is a weekly 38% fib line.

if it does breakthrough i don't see strong resistence until 1.1108 (?)

a failure could see a retrace to 973'ish (?)

pattern on the 15min chart is a bounce down

plus, oil has begun edging up, after consolidating yesterday, which should slow the $

i'm short with fingers crossed

ok ... how many times do i have to be told not to take a trade just before a news item ... duh!!!!
  • #3,295
  • Aug 26, 2008 3:28am Aug 26, 2008 3:28am
Quoting scyang
Break out to go higher?
Yeah, breakout higher happening right now. It's already tested 1.1020 resistance three times. Next resistance I see is 1.1280
  • #3,296
  • Aug 26, 2008 3:36am Aug 26, 2008 3:36am
Quote
gbpusd long at 1.8423 sl 1.8393 tp 1.8493
usdchf short at 1.1009 sl 1.1132 tp 1.0925
similar setups with eurusd, nzdusd, audusd
mentioned trades were closed right after bad ifo for approx +30 pips total profit
guess we can have usd narrow correction now with further appreciation until usd news time (10am)
  • #3,297
  • Aug 26, 2008 3:39am Aug 26, 2008 3:39am
Quoting len979
Yeah, breakout higher happening right now. It's already tested 1.1020 resistance three times. Next resistance I see is 1.1280
I missed that one, perhaps I'll see if there's a possible entry on a minor pullback...
  • #3,298
  • Aug 26, 2008 3:44am Aug 26, 2008 3:44am
Quoting Aad
I missed that one, perhaps I'll see if there's a possible entry on a minor pullback...
I would wait for the 4hr candle to close above 1.1040 for breakout to be confirmed. Then go long with a tight stop below breakout range.
  • #3,299
  • Aug 26, 2008 3:45am Aug 26, 2008 3:45am
Quoting len979
usd/chf looks set to breakout.
Great call, Len !

IFO really moved that Swiss puppy - and all the other European currencies.

I just made some nice PIPs on the Swissie, and it looks like it's got a good way to go yet .. with maybe a bit of a retrace beforehand.

Thanks for the tip.

Cheers, Loudoniii
  • #3,300
  • Aug 26, 2008 3:54am Aug 26, 2008 3:54am
Quoting len979
I would wait for the 4hr candle to close above 1.1040 for breakout to be confirmed. Then go long with a tight stop below breakout range.
Right you are Len979...
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