fxchi,great trades you took .i want to ask a question...your entry position on cable, were they based on retracement at the retracement pivot?
happy pips taking
happy pips taking
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Dislikedfxchi,great trades you took .i want to ask a question...your entry position on cable, were they based on retracement at the retracement pivot?
happy pips takingIgnored
DislikedMy entries were aggressive to be honest - and the way I trade fibs right now not sure Bo would condone this approach, but its what's been working for me. My pre trading week analysis told me that once price is trading below the retracement pivot at 7205, it's all over for the bull team - especially considering Monday's PA when price reversed hard at resistance short fib at 7500. If I have a view like this I'll just use entry limit orders and don't wait for test/reaction to fibs. So yesterday as it was retracing back into the intraday fib levels I jumped in and took one entry during Asia session, then I had another entry 20 pips above there, and then if price continued moving up I had my last largest entry order sitting at 7240, a little below the 382 because I want to make sure my whole position is in the market (I also thought UK session would cause a slight bull move and I can enter largest position then based on PA last week) - anyways in this scenario I'm willing to let the market move against me, but again, I was confident price was trading below 7205 and would come back. I was willing to hold the position through a negative all week if I had to when I entered the position (assuming higher tf resistance was still present obviously). If you do scale into positions like this and the largest position isn't triggered it can be tricky finding another good entry, but patience pays in finding it. Don't rush in just to get your largest entry in. I actually like it when price moves against me so that I can enter the largest position at a better price. Like last night I had to maneuver my largest position in when the market didn't make it to my last entry so during franky session at about 2:40 AM I got my last entry/largest position in minutes before the drop.
To succinctly answer your question- I was heavily biased in shorting cable once it was trading below 7205 b/c it should be going to 6454 so I jumped in yesterday. Just one of those cases where you know a probable scenario before it occurs.Ignored
DislikedI just took a short on GU, it's actually looks like a good trade. The price has broken its all time low the next level isn't another 300 or so pips away, but thats a horizontal line that I went and looked for. Generally when price has broken long term lows, what I want to do is find the next level, but sometimes you can't do that with fibonacci, I can't see a place to plot anything at the moment, but I will do some deep analysis later. But for now I just opened up the weekly chart found the next strong resistance point and thats just a guideline of where price is going to go. I planted intraday fibs, the price retraced and broke through short level thats the 1h or short time frame, but long term wise we broke this all time low and there is a 4h candle that broke through it. So I think I am able to find a short, although it is late in the day, the markets got a lof power and I think I want to take advantage of it.
This is a live trade so I hope it goes well to bring confidence back into me.
FxChi I really like your method on saving your trades, I think once I have developed more experience I think I may just follow that sort of system where I try and renter a trade at a better price.
Thanx.
Good Luck.
TheLegace.Ignored
DislikedHope it works for you my man. I've seen several entries this morning, but I've burned more money opening trades the same day once I've banked pips - i'm waiting for set-up later tonight. Anyways don't be concerned about time of day on the cable trade. There have been some big moves in the afternoon the past few weeks on cable as US indices sell off. (Anyone know of a broker that we can use to chart track Indices? Used to use WHC but doesn't work anymore). Anyways 6849 is Intraday T2, so I'd expect stalling there, but it could blow through the way cable has been moving lately. I wish I had kept with my entries, but profit is profit so I'm happy. Good luck.
By the way, you should keep a trading plan/journal. It has done wonders for me. Demo scaling your positions also. It's just something I'm comfortable with and might not work for everyone.Ignored
DislikedDoes anyone have an opinion on the retracement and subsequent break of downtrend low on fiber. I entered short at the break 3234 but am wondering if scalping is in order or if I should set my goals higher? BTW how do you attach a snapshot to the post. I've asked b4 but no reply.
AlohaIgnored
DislikedActually the downtrending pressure has resumed since the ranging of last week. Mondays break short was all we needed too see and its back to selling rallies with the Euro, GBP as well.
To attach a pic or chart when your in the post page scroll down to the manage attachments, click there and upload your pic or chart there.Ignored
DislikedBo,please can see what your intraday will look like.After that news move,i am a little bit shaky.Ignored
DislikedThanks for the reply Bo, and thanks for putting this thread together. I'm presently on page 100 something and am learning new things on every page.
The only problem is that it's like reading the \"Da Vinci Code\", I can't stop.
AlohaIgnored
DislikedBo do you think there will be a lot market movement, enough to able to trade during the asian session. I fell asleep during the day, I am just hoping I can bank some pips before I go to sleep. If you think its a good idea to trade asian session what currencies might be a good idea?
Thanx.
TheLegace.Ignored
Dislikedi personally do not think we can still have a huge or better movement in the market during the asian session,what i think will happen now to the major pairs will either be a consolidation or retrecement and if u are looking for pairs to trade during the asian time,i'll advice u pick on pairs like aud/jpy or any crosses related to aud,jpy and sometimes nzd.They sometimes moves during this periods,but still keep your finger cross bcos anything can happenIgnored
DislikedHope it works for you my man. I've seen several entries this morning, but I've burned more money opening trades the same day once I've banked pips - i'm waiting for set-up later tonight. Anyways don't be concerned about time of day on the cable trade. There have been some big moves in the afternoon the past few weeks on cable as US indices sell off. (Anyone know of a broker that we can use to chart track Indices? Used to use WHC but doesn't work anymore). Anyways 6849 is Intraday T2, so I'd expect stalling there, but it could blow through the way cable has been moving lately. I wish I had kept with my entries, but profit is profit so I'm happy. Good luck.
By the way, you should keep a trading plan/journal. It has done wonders for me. Demo scaling your positions also. It's just something I'm comfortable with and might not work for everyone.Ignored
DislikedI still use WHC but I had to configure it after they done what ever it was they did. Open up the market watch window, right click on go to symbols, then expand the area you want and double click to show what you want charts for.
Happy Pippin'
KCIgnored