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  • #6,541
  • Oct 22, 2008 8:53am Oct 22, 2008 8:53am
Quoting TheLegace
I guess we're still waiting for retracement to finish, if it breaks levels could there be a possible long scalp?

TheLegace.
Sure, I took a long scalp from 6396 for 10 pips. Just wait until it gives you a reason though.If you look at the last swing it was showing support suggesting that it wanted to retrace into yesterdays move more, how much is undetirminable though since the deck is stacked against it. I wouldnt now since its already moving up and could top out at any point if the sellers gang bang it again.
  • #6,542
  • Oct 22, 2008 9:04am Oct 22, 2008 9:04am
Quoting Bobokus
Sure, I took a long scalp from 6396 for 10 pips. Just wait until it gives you a reason though.If you look at the last swing it was showing support suggesting that it wanted to retrace into yesterdays move more, how much is undetirminable though since the deck is stacked against it. I wouldnt now since its already moving up and could top out at any point if the sellers gang bang it again.
I would expect price to retrace to 6849, because I have got a long term retracement level matching with a short intraday level, I think if price bounces of that then there will definately be a good short entry for trend continuation. I think those are the best intraday fibs that I can put on. If price can't make it to that level, then I think a short oppurtunity once the daily low has been broken, because then another retracement level which has held from about 6-7 hours ago will cause the "seller gang bang".

Stocks are doing bad, everywhere around the world, OPEC is scrambling to stabilize oil prices, but as everyone should learn the hard way. NO ONE can control the economy.

Well hopefully things are getting cheaper, and me being Canadian will get mroe money from forex since I am earning in US dollars, where the market is going is good for me, as long as I can profit and grow my account.

Good Luck for today, I think there may be an oppurtunity late into the day.
Also I may scalp some pips, by placing swing fibs, because price seems to have stopped out at my Down Trend T1 level, since price has been rejected twice. Since price may test level again, then the trade might be a scalp or a really good entry early into a good short trade.

TheLegace.
Attached Image (click to enlarge)
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"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,543
  • Oct 22, 2008 9:18am Oct 22, 2008 9:18am
Closed a 12 pip scalp long, I didn't trade it live, since I am not very comfortable with scalping yet, just doing some practicing with scapling before risking money, I am still inexperience trader, but everyday learning so much.

Thanx Everyone.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,544
  • Oct 22, 2008 9:38am Oct 22, 2008 9:38am
Quoting TheLegace
Closed a 12 pip scalp long, I didn't trade it live, since I am not very comfortable with scalping yet, just doing some practicing with scapling before risking money, I am still inexperience trader, but everyday learning so much.

Thanx Everyone.
TheLegace.
Thats how it works experience builds confidence.
  • #6,545
  • Oct 22, 2008 8:31pm Oct 22, 2008 8:31pm
Hi Bo..

How do you set the 62 envelope? Sorry for asking. I've tried your setting and so far its very effective. What I did is set at daily, revert to Hr 1 and trade from D.Short or D.Long. target at S1. 99% correct but just need the be wery of news. Just need to know how far the trend will go beyond S1.
  • #6,546
  • Oct 22, 2008 9:47pm Oct 22, 2008 9:47pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Bobokus
If you shorted at 7214, your sitting pretty good right now.
No no, I entered at 6214 trying for a quick scalp. Was really stupid and was a trade based purely on greed. I just wanted in on the action. Playing with fire burned me.

It was good to shut off the computer and take a break and I'm back again tonight and ready to battle. I'm already in short. Saw price trading below intraday short so I thought it was going to be another Asian session drop, but price reversed on me. 1st entry was at 6165 (smallest position, 2nd entry @ 6186 (2nd largest position), 3rd entry was sell stop triggered at 6300. Price currently trading at 6250 - so even though it went against my original position by 85 pips, my DD is about -.06% right now.

The only thing I don't like about the position are the daily retracement targets have been met.
"Wishful thinking dies hard." Igor T.
  • #6,547
  • Oct 22, 2008 11:56pm Oct 22, 2008 11:56pm
I am not going to go short just yet, its a mistake I constantly make, when price is consolidating. The price is going to keep testing intraday short level until one of the markets open or something. Right now it's retesting that level, I may go short now just before markets open. I am just going to do a bit of reading on markets. From the looks of 4h charts price looks like its definately going to retrace to 6319, its pushing higher highs at the moment. But once London opens or even a couple hours that there will definiately be a great oppurtunity. since after it reaches and likely bounces price has about a 150 pip window to the daily low, but it will likely break that, so based on price action it may go to about a 300 pip, and depending on how news is maybe more.

EDIT: GU retail sales should also have an affect, just noticed it now. Just gotta plan what to do since it wont come out until 1.5 hour after london open, just have to wait and see.
Good Luck.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,548
  • Oct 23, 2008 12:57am Oct 23, 2008 12:57am
Hey, since everyone here trades fibonacci retraces, I was wondering how accurate they are on lower time frames? I have used them on longer (1 hour and 4 hour) but was wondering how it works on say, 5 minute bars. I know I can easily go and try it myself but that would take time. I want to know if in our experience it works or not..thanks
  • #6,549
  • Oct 23, 2008 1:24am Oct 23, 2008 1:24am
Quoting misterboy
but was wondering how it works on say, 5 minute bars. I know I can easily go and try it myself but that would take time. I want to know if in our experience it works or not..thanks
Well See screenshot, i just lock some great Pip's on Lower timeframe
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  • #6,550
  • Oct 23, 2008 1:37am Oct 23, 2008 1:37am
Was able to close to 24 pip trade scalp long at closed at T1 long term down trend targets. Looks like price is testing my intraday long levels. It might get rejected depending on economic data, so my position for the day will be based on economic data, as news and levels will confirm a good entry whether market sentiment is short or long Again no real outlook, it could go either way. I have no clue where it could go, so I am going to wait until 4:30 once GU news comes out. Might make US session interesting.

Here is my scalp, was a good scalp, but again it was a demo, my last scalp ended up as a loss, so I am going to practise a bit more when it comes to scalping.


Good Luck.
TheLegace.
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"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,551
  • Oct 23, 2008 1:38am Oct 23, 2008 1:38am
Quoting PipHacker
Well See screenshot, i just lock some great Pip's on Lower timeframe
whoa..that looks good. Now I will go ahead and try it myself..Thanks for the reply :-)
  • #6,552
  • Oct 23, 2008 2:01am Oct 23, 2008 2:01am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I love the PA I'm seeing so far. Retail sales will not be good, but the question is will it be worse than expected? Hopefully, so we can see some big moves again. Also I think there's a good chance of a down day with US indices so good for shorts too. Notice hidden bearish divergence on RSI. White horizontal line is the daily pivot we're trading below currently.
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"Wishful thinking dies hard." Igor T.
  • #6,553
  • Oct 23, 2008 5:08am Oct 23, 2008 5:08am
Anyone short on GU? I just entered. I'll expect to enter in EU once price breaks, hope trade goes well. It looks like retail sales were better than expected, just maybe not good enough for price?

I will definately have to get out of the short once Unemployment Claims come in, it will probably drive the price up, rather than down.

Good Luck.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,554
  • Oct 23, 2008 5:11am Oct 23, 2008 5:11am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
Anyone short on GU? I just entered. I'll expect to enter in EU once price breaks, hope trade goes well. It looks like retail sales were better than expected, just maybe not good enough for price?

I will definately have to get out of the short once Unemployment Claims come in, it will probably drive the price up, rather than down.

Good Luck.
TheLegace.
I've been short...lol. Cable trade looks like cake. It just gave us an evening star after testing 6350 for 3 hours or so.
"Wishful thinking dies hard." Igor T.
  • #6,555
  • Oct 23, 2008 5:12am Oct 23, 2008 5:12am
Quoting FxChi
I've been short...lol. Cable trade looks like cake. It just gave us an evening star after testing 6350 for 3 hours or so.
The price was shaking around thats why I waited till last minute to enter, how come you entered much earlier though, I know it broke short a while ago to, mabye you just entered then?

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,556
  • Oct 23, 2008 5:22am Oct 23, 2008 5:22am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting TheLegace
The price was shaking around thats why I waited till last minute to enter, how come you entered much earlier though, I know it broke short a while ago to, mabye you just entered then?

TheLegace.
I entered shorts earlier scaling in during Asia session b/c I thought it was going to move early. I saw it was reversing so I just put a sell stop order at 6300 to save the position. I really didn't think it was going to break bullish, and if anything I was thinking consolidation. I took the positions before the announcements and I was anticipating worse than expected numbers which didn't play out, but I also think US indices will take this down, so I'm willing to stay with the position until 4 PM est if it's working against me as long as resistance fib levels are holding. I guess it's kind of like gambling with the probabilities in my favor, but I must admit I didn't have confirmation when I entered. Again, aggressive entries - high risk, high reward - but I have my reasons for taking the risk so I'm comfortable with it.

My first 2 positions are in negative right now, but my total trade is showing a plus .72% b/c of that last position @ 6300.
"Wishful thinking dies hard." Igor T.
  • #6,557
  • Oct 23, 2008 5:47am Oct 23, 2008 5:47am
Quoting TheLegace
I'll expect to enter in EU once price breaks, hope trade goes well.
TheLegace.
I entered short on the close/open of the 0100 and 0200 respectively. I pulled the plug on that one at retracement low. I had taken the previous short break too, (Wed 2200) but missed the retrace down to what is now intraday low but was still able to pull profits.
Looking to go short again if retrace short breaks and holds.

Could someone confirm my fib setup. Thanks

P.S. I decided to leave the retrace fib at its prior low since that is the only place from where we had a retrace from Tuesday's landslide. Is that wrong?
Attached Image (click to enlarge)
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A lawn mower is not an effective tool to pick-up dog poop!
  • #6,558
  • Oct 23, 2008 6:31am Oct 23, 2008 6:31am
Quoting FxChi
I entered shorts earlier scaling in during Asia session b/c I thought it was going to move early. I saw it was reversing so I just put a sell stop order at 6300 to save the position. I really didn't think it was going to break bullish, and if anything I was thinking consolidation. I took the positions before the announcements and I was anticipating worse than expected numbers which didn't play out, but I also think US indices will take this down, so I'm willing to stay with the position until 4 PM est if it's working against me as long as resistance fib levels are holding. I guess it's kind of like gambling with the probabilities in my favor, but I must admit I didn't have confirmation when I entered. Again, aggressive entries - high risk, high reward - but I have my reasons for taking the risk so I'm comfortable with it.

My first 2 positions are in negative right now, but my total trade is showing a plus .72% b/c of that last position @ 6300.
Hello FxChi,
If you have took this position according to the news and indicators then it is good to wait for it. But i would like to tell you one thing that come out of the trade before your target or use stop loss. Because we cannot say anything about this market.
  • #6,559
  • Oct 23, 2008 7:00am Oct 23, 2008 7:00am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I'm out with 2.5% account gain. Taking my money and running! LOL. US Indices Futures are already trading lower - could be a very big day. Good luck everyone.
"Wishful thinking dies hard." Igor T.
  • #6,560
  • Oct 23, 2008 7:47am Oct 23, 2008 7:47am
Looks like the break of the retracement short proved worthy. Took profit at Swing t1 which lined up nicely with retracement low.
Bo, I am still hesitant in targeting lower/higher levels. I guess it's the extra pressure price needs to break the High or low (in this case of the retracement fib) that has me skittish. I know price action has a lot to do with it and that's why I exited this trade, but could you provide some additional insight.

Aloha
Attached Image(s) (click to enlarge)
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A lawn mower is not an effective tool to pick-up dog poop!
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