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  • #6,361
  • Oct 14, 2008 7:01am Oct 14, 2008 7:01am
Quoting alex12
Thanks for clarification. Why didn't you enter short a few candles before when a candle broke the intraday short and closed below it.?
Same question for me.... Also look how much it pulled back before it went south where the short was taken....
  • #6,362
  • Oct 14, 2008 7:09am Oct 14, 2008 7:09am
Quoting et_phonehome_2
Same question for me.... Also look how much it pulled back before it went south where the short was taken....
look at my last post....also place your swing to your intraday fibb....we had already had a support failure meaning odds are the day had become bearish at that point.....I was looking for short only except if price managed to close above the intraday long again
  • #6,363
  • Oct 14, 2008 7:15am Oct 14, 2008 7:15am
Quoting Shermenator
Simply time of day...only take trade in the 1 hour chart when momentum and volume is high...if you are trying to create a reversal like that on a days movement meaning you take the break of the short you whant to take it when alot of traders are trading since you are trying to create a reversal....meaning tha a trade taken at that time is low probabilty trading....I trade 4 hours as well and time of the day does not matter....but when trading 1 hour chart time of the day can vary results from being a good trader to being a crappy trader...
Thanks .It makes sense now with your excellent explanation.
  • #6,364
  • Oct 14, 2008 7:15am Oct 14, 2008 7:15am
Alright guys I will now take my leave and go back to sleep ...see you guys tonight...if you guys have any questions I will be more then glad to help...If I dont answer it for some reason BOBOKUS will...he is just about 10 times better then me lol...so it wont be so bad if I dont get to your questions since he might be the one answering it lol.
  • #6,365
  • Oct 14, 2008 7:17am Oct 14, 2008 7:17am
Quoting alex12
Thanks .It makes sense now with your excellent explanation.
Cool ...I am more then glad to give back to this thread after learning so much from this thread now for about 10 months now...this thread will make you guys great traders if you stick with it
  • #6,366
  • Edited 11:45am Oct 14, 2008 8:28am | Edited 11:45am
Quoting Shermenator
EURusd short

Attachment

and AudUSD short

Attachment
One question regarding the short entry on Eur/ usd. Your entry is based on the failure/rejection of intraday high . It seems that your entry is based on price action on that area.
Shouldn't we normally wait for a swing to form first and then observe the price action within the swing fibs and then go short on the break of short/low swing?
As Shermantor is in bed now ,I do not mind if the master himself (Bo ) can answer the question.
  • #6,367
  • Oct 14, 2008 10:23am Oct 14, 2008 10:23am
hello sherm,thx for your comment, but i will like to say something..did you notice the retracement short on the gbpusd chart?i talked about it and i said price has retraced to hit twice and when the 3rd candle was forming,it did not get to it the retarcement short,that was why i entered the short though it was a scalp...do you reason with me or do i make sense a bit?but anyways,i will like to ask you another question...you mentioned the time of the day while replying alex...what do you mean by the time of the day?

happy pips taking
  • #6,368
  • Oct 14, 2008 10:39am Oct 14, 2008 10:39am
Hi Guy's.
Anybody noticed Cad/Jpy today. It's was a superb trade for me today. Luckly get some great Pip's
PipHacker.
Attached Image (click to enlarge)
Click to Enlarge Name: cj------.gif Size: 35 KB
  • #6,369
  • Oct 14, 2008 5:23pm Oct 14, 2008 5:23pm
Quoting alex12
One question regarding the short entry on Eur/ usd. Your entry is based on the failure/rejection of intraday high . It seems that your entry is based on price action on that area.
Shouldn't we normally wait for a swing to form first and then observe the price action within the swing fibs and then go short on the break of short/low swing?
As Shermantor is in bed now ,I do not mind if the master himself (Bo ) can answer the question.
He was most likely just making a price action trade, taking a retracement move back to the Intraday levels as a scalp. Trading retracements on the 1 hour however can be more risky than taking trades from the Intraday levels, especially with the volitility as it is here recently. At first its best to let the retracements set you up for your entries from the Intraday levels.
  • #6,370
  • Oct 14, 2008 5:26pm Oct 14, 2008 5:26pm
Quoting Shermenator
Cool ...I am more then glad to give back to this thread after learning so much from this thread now for about 10 months now...this thread will make you guys great traders if you stick with it
Nice job answering questions today.
  • #6,371
  • Oct 14, 2008 5:32pm Oct 14, 2008 5:32pm
Quoting PipHacker
Hi Guy's.
Anybody noticed Cad/Jpy today. It's was a superb trade for me today. Luckly get some great Pip's
PipHacker.
Excellent, positive trades are a good thing. Even though I dont normally trade cross pairs..too many thing to keep up with and I like a light workload. Its a good start for the week though.
  • #6,372
  • Oct 14, 2008 6:29pm Oct 14, 2008 6:29pm
Quoting Bobokus
He was most likely just making a price action trade, taking a retracement move back to the Intraday levels as a scalp. Trading retracements on the 1 hour however can be more risky than taking trades from the Intraday levels, especially with the volitility as it is here recently. At first its best to let the retracements set you up for your entries from the Intraday levels.
Thanks Bo. So if that is the case, there would not have been any trading opportunity on Gbp/usd yesterday or today as they did not retrace to the intraday fib unless we had taken the break of intraday high. Is that correct?
My other question is , as the intraday movement has been bullish ,should we be more biased towards going long ?
  • #6,373
  • Oct 14, 2008 6:51pm Oct 14, 2008 6:51pm
Quoting alex12
Thanks Bo. So if that is the case, there would not have been any trading opportunity on Gbp/usd yesterday or today as they did not retrace to the intraday fib unless we had taken the break of intraday high. Is that correct?
My other question is , as the intraday movement has been bullish ,should we be more biased towards going long ?
Right the bounce that did occur happened before the close of Monday and left us with the break of the high which did come within a few pips of Mondays T1.Todays GBP will finish bearish.
Today after meeting that goal from Monday were seeing too much retracement from that and we could reverse once again. Price has been moving up for the past 3 trading days so we can move our Daily retracement fib on these last 3 days to give us support levels if in fact we see a rejection from todays Intraday levels or a break of its low once its established.
Todays Intraday for GBP will be the high and low of today once the low is established.
  • #6,374
  • Oct 14, 2008 7:02pm Oct 14, 2008 7:02pm
Quoting Bobokus
Right the bounce that did occur happened before the close of Monday and left us with the break of the high which did come within a few pips of Mondays T1.Todays GBP will finish bearish.
Today after meeting that goal from Monday were seeing too much retracement from that and we could reverse once again. Price has been moving up for the past 3 trading days so we can move our Daily retracement fib on these last 3 days to give us support levels if in fact we see a rejection from todays Intraday levels or a break of its low once its established.
Todays Intraday for GBP will be the high and low of today once the low is established.
Thanks Bo , I think I have got a more clear picture of the movements during the last couple of days now.
  • #6,375
  • Oct 14, 2008 9:11pm Oct 14, 2008 9:11pm
gbp/usd analysis 4hr. The first chart shows where price has closed above the 61.8% and 66%. The 2nd chart shows the fib for the upward move, and the 50% is at 7275. 38.2% usually isnt a powerful support level, so a drop to 50% is very possible, but keep an eye on the hour charts for entry, or whatever the heck it is you guys use . If you're wondering about the MA's i got on there, its a new system im backtesting, and isnt part of this analysis. good luck all.
Attached Image(s) (click to enlarge)
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  • #6,376
  • Oct 14, 2008 9:32pm Oct 14, 2008 9:32pm
This is my analysis on gbpusd...

We have comed to a pause after having a couple of nice bullish days....we come to a daily resistance 38.2 that will now begin to test the move we had up over the couple of days...if we begin to brake lows in the daily chart like we might today we are going to see a test to the levels of support over the past couple of days...we will soon know if this move up move was simply a retracement to the down move or if its a start of new bullish trend...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 24 KB


Never have a Bias in the forex...go with the flow
  • #6,377
  • Oct 14, 2008 9:43pm Oct 14, 2008 9:43pm
sherm what would u do if it retraced to 7533?..
  • #6,378
  • Oct 14, 2008 9:51pm Oct 14, 2008 9:51pm
Quoting big_pipin
sherm what would u do if it retraced to 7533?..

By then I will make my long profit already lol...
  • #6,379
  • Oct 14, 2008 9:57pm Oct 14, 2008 9:57pm
Quoting big_pipin
sherm what would u do if it retraced to 7533?..
Also what you whant to look at is that if it retraces that deep the down move is geetting weak since it making a deep retracement to a 1 days movement....as well as putting you above a 38.2 support from the daily chart...meaning I would look at the location of price before consider taking a trade in either direction
  • #6,380
  • Oct 14, 2008 10:01pm Oct 14, 2008 10:01pm
Quoting Shermenator
By then I will make my long profit already lol...

yes, but how do you know price will be supported at these levels levels? are you long?.
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