No Brainer Trades

Sure punched through a 50% fibo like it was balsa wood........ this bad boy has some momentum! Sell and just keep building positions on the retrace. . . another chance to get on board @ .8412.... This is the blatantly obvious easy money train of the year!

Looks like a solid area of support could be found based upon this price action going back to 2006. Bear in mind that GBP is getting a hiding on the higher time frames so take it easy. How price reacts to this level should reveal some information about how far GU is going to go. I do find that gap somewhat compelling and it seems like a logical profit target when GU corrects.

Lets post some pictures
I try to take some demo trades
just for practice.

Dhalsim

AUDUSD support areas are around 0.8215 (nearest to currently active support at 0.827), then 0.816 and 0.8015 (last is a major one, it can be seen at monthly)

Check out GBPCHF 1.9580 - 1.9600 for some potential support, can't post a chart right now but look to March and April for historic price action in this region.

@107.48

Can you post a chart mate, I can't really see a significant level there. A very minor intermediate low at 107.45 but the confirmed support level appears to be around 20 pips below.

Perhaps this might be an area where you might think about phasing in buy positions in expectation that price could bounce before reaching the 107.27 area. There's definitely been support there before. Still not certain it is a banker though as it has not offered definitive support AND resistance since being violated and finding support at the level below. It is a level that I will set alerts and watch closely, looking for reversal patterns on lower time frames. Perhaps not in keeping with the pure BRV method but it can keep you out of trouble if the market is too hot to bounce.

Where is BRV? This thread could use his input

GBPJPY support areas: 189.50, 184.30, 180.50

EURUSD approaching 1.4311 - this is the bottom of a huge range from Dec of last year. It's only hit twice with conviction on the daily, once as resistance (1.4295) and as support (1.4311), but it's significance might mean a good spot of reaction.

Birdt - good call on GBPUSD and some damn fine clean charts

Cheers bro, I wish some more people would post a few charts too. I watch a number of pairs and refine the levels often but a fresh perspective and some new ideas are always good. BRV has said enough that we can run with it, and if he returns to offer some more pearls of wisdom then that is great. There is enough information here to make plenty of profits if only you follow the simple framework. No need for Elliot waves or complex quant models, just spot the most obvious levels and take the trades. It is the time in between price hitting these levels that is the most risky.

Hi guys,

May I ask, how many of you are using Oil, Gold, US Dollar Index and SPX charts to help with your trading?

I know that BillyRay watches them, as he made that clear, but I fear of being too much undecided, if I start to watch too many charts! You know, I think I won't be able to pull the trigger if one chart tells me "do this" and another "do that" and so on. Is it not enough just to focus on the obvious S&R lines?

While I have been reading this whole thread from the beginning, I pulled up charts from all the majors and I've been marking up the most obvious S&R levels on H4 and H1 time frames. When the levels were hit, I switched to the 5M time frame to monitor the trade. If the price started to act "funny", I "mentally" closed the trade. But if the price went to my favor, I let the trade play itself out, taking 30+ pips of "profit" at a time.

Anyway, what I'm trying to say, I suppose, is that I find this method very powerful and rewarding even without watching too many other data.

I'd appreciate your thoughts on this.

Far from an expert trader here, but one thing that I have found out is that the simpler the better in this business. If you can monitor and assimilate the information on those other instruments then wonderful. The second you start to feel overwhelmed from information overload it will be more of a liability than an asset.

HTH,

Aga

Using today as an example I would say use what you need to decide on the trend. If I did not have Gold and Oil to look at I would have considered going long with Jacko and the gang at 1.4450. Instead I saw Gold as very weak and Oil has selling consistently into the US session therefore I knew the currency action that looked like support was at best suspect. Thanks to bearish Gold I set my sites on Long USDCHF at S/R levels and banked some easy pips. With trend in mind you can enter after news in the direction of the trend and make some quick pips as well.

Normally I would be with you, but this sucker has so much weight in this free fall it is punching through everything. . . . just wait to enter on highs and build that sell. . . on a trend with ROUGHLY 1700 pip movement to the downside and 230ish to the upside (on the daily chart), why even care about mild moves to the upside when the downside moves are so amazing?

1.38-40 easy 1.36 maybe 1.33 we can only hope

Agaden and Fxorce, thanks for your replies. I think I will limit myself to 6 currency pairs (and to "no brainer trades" ONLY) and I will watch Oil, Gold and S&P mini futures.

I still have some stuff to work over and then I'll come with another question or two.

looks good for a short@4315

I would have to agree with you on that as I follow the Daily chart trend and look for setups towards that trend on the intraday H1 chart...

Thanks for all your work on this. It's rather a long thread but a large amount of valuable and usable info.

Best,
MB

I think $US just hit pretty good resistance here with $USD index at 78.83. This level has been hit (or almost hit) four times since 1991. Also most pairs are at major resistance or support.
I suspect we are going to get a major reversal from here, although anything is possible going by recent moves.