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  • #6,761
  • Nov 4, 2008 9:44am Nov 4, 2008 9:44am
Quoting TheLegace
Damn I woke up late missed out on probably 70-80 pip long on GU, took on EU, but it didn't go to far. I think it was retracing or atleast stalling, and since I didn't enter into the trade the way I usually do, with more analysis, I just went in on it, I closed 14 pips, not bad for the day, I am staying away from GU and EU, because I'm just to late, I don't exactly have the feel for the market.

Good Luck.
TheLegace.

Smart move, wait until it comes to you, dont chase it.
  • #6,762
  • Nov 4, 2008 10:00am Nov 4, 2008 10:00am
thx for the answer bo,though i am still a little bit confused but i think i will do it your way...may be you can still shed more light on what you mean by the month stuff ,so i will adjust my fib to your own, i mean to the one on the chart you posted.thx again.

happy pips taking
  • #6,763
  • Nov 4, 2008 10:11am Nov 4, 2008 10:11am
well,i went on a long 3 hours to the end of the london session on eurusd but i closed the trade too early, i bagged 32 pips, i went long 2 hours ago on gbpusd,closed d trade cos i thought it was going against me and lost 70 pips,i re-entered after looking closely at my 4 hour chart for a break of the high of the last 4 hour candle and i just closed the trade making 142 pips...i am 104+ pips today...this days i am basing most of my enteries on the 4 hour chart and it has been very rewarding and wonderful.
i should have netted more pips,cos i was considering entering short on usdcad but i did not cos i was trying to follow the usa elections,that pair went more than 200 pips, but i learnt one thing today again,i need to stop exiting trades too early,as a matter of fact that was why i lost 70 pips,if i had not exited the trade too early,sincerely it would have been profit for me but sincerely,forex is now making sense to me,i mean real real sense to me now.

i am done for the day,i will still be online to watch the election in the states and may be monitor it,i am not an american but i like obama,infact, i should fast for him to win the elections today but ,somehow,i forgot and ate...lol...dont mind me.

i am done for today,i will be here tomorrow again to net pips in as usual,i still see gbpusd going up,but any which way,i wish you guys the best trading.till tomorrow.........................

happy pips taking
  • #6,764
  • Nov 4, 2008 10:13am Nov 4, 2008 10:13am
Looking foward for a slowdown in this puppy....I need price to stop making higher closes and higher highs as well as lows....

Attached Image (click to enlarge)
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  • #6,765
  • Nov 4, 2008 10:53am Nov 4, 2008 10:53am
bo,can you please post your daily chart for gbpusd? i hope my questions and requests will not bore you some day!!thx.

happy pips taking
  • #6,766
  • Nov 4, 2008 11:36am Nov 4, 2008 11:36am
Quoting Shermenator
Looking foward for a slowdown in this puppy....I need price to stop making higher closes and higher highs as well as lows....

Attachment
That's an agressive order you got over there Sherm!
I manage to get some pips on the way up.
  • #6,767
  • Nov 4, 2008 11:46am Nov 4, 2008 11:46am
Quoting speedarad
That's an agressive order you got over there Sherm!
I manage to get some pips on the way up.
Lol to me its not agreesive at all since at the moment the picture was posted if price had managed to get to that price it would make a shift of momentum....think about what it would mean for price to start braking lows after such a rally....my sell stop is not at the same price anymore its changed
  • #6,768
  • Nov 4, 2008 11:52am Nov 4, 2008 11:52am
Quoting speedarad
That's an agressive order you got over there Sherm!
I manage to get some pips on the way up.

Price is also in areas that sellers are supposed to appear...also be aware that you have people holding longs from the bottom....at this point some fear will kick in to the people still holding their longs as well as the confidence of the buyers will decrease since people by normality get scared of buying ino such an up move...as well as the fact buyers are looking to get their profits...it also comes down in how I am planing to manage this trade...
  • #6,769
  • Nov 4, 2008 12:55pm Nov 4, 2008 12:55pm
Quoting Shermenator
Lol to me its not aggressive at all since at the moment the picture was posted if price had managed to get to that price it would make a shift of momentum....think about what it would mean for price to start braking lows after such a rally....my sell stop is not at the same price anymore its changed
I know you put your order before(probably after 13H or 14H candle close),but for me is agresive because I like to see the mkt. start breaking lows first.I agree that at the time the mkt.was approaching a resist. area which could turn in a reversal.

P.S. Don't get me wrong;I like and I admire the way you trade.
  • #6,770
  • Nov 4, 2008 1:30pm Nov 4, 2008 1:30pm
Guyz,
I miss those rides............lol,i was a bit sentiment about the market reacting negatively to the presidential election in USA.Anyway,the pips i bagged in the early morning of today is a bit ok.2moro is another day,gud nit guys.
  • #6,771
  • Nov 4, 2008 2:22pm Nov 4, 2008 2:22pm
Quoting speedarad
I know you put your order before(probably after 13H or 14H candle close),but for me is agresive because I like to see the mkt. start breaking lows first.I agree that at the time the mkt.was approaching a resist. area which could turn in a reversal.

P.S. Don't get me wrong;I like and I admire the way you trade.
Of coarce not bud...we are all a team in this thread and we are all here to grow as a team...I made my money today and so did you ...so we are all pipping in our own way and I am happy
  • #6,772
  • Nov 4, 2008 6:00pm Nov 4, 2008 6:00pm
Quoting bjpumping
bo,can you please post your daily chart for gbpusd? i hope my questions and requests will not bore you some day!!thx.

happy pips taking
I did its on post 6752, nothing has changed yet.
  • #6,773
  • Nov 4, 2008 11:09pm Nov 4, 2008 11:09pm
I may take a short on GU if level seems like it breaks, its holding at the moment, but it may break at end of candle, the price was just rejected off one of my resistance points and how should be heading down toward resistance T1 @ 5478, lemme know if anyone agrees with this statement.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,774
  • Nov 4, 2008 11:35pm Nov 4, 2008 11:35pm
Friends,
I congratulate my american fellow traders for the peacefull election and the well deserve victory for ur elect president OBAMA!!!!
More Pipping!!!!!!!!!!
  • #6,775
  • Nov 5, 2008 12:31am Nov 5, 2008 12:31am
Quoting TheLegace
I may take a short on GU if level seems like it breaks, its holding at the moment, but it may break at end of candle, the price was just rejected off one of my resistance points and how should be heading down toward resistance T1 @ 5478, lemme know if anyone agrees with this statement.

TheLegace.
Aloha Thelegace,

I had set a short stop below the 0200 on cable. It was picked-up on the 0400 candle. My thinking was that if price could break resistance short and fall below previous lows, intraday T! should be in play. As you can now see, the market was in my favor til the beginning of the 0500. At the end of that candle, I placed a swing fib on that retracement and found a break of the retracement long would be my stop loss. It was triggered.
I read your post to Bo about deciding when to take profit and tried progressively moving my TP to the high of the previous candle. Oh well, didn't work out this time.
The only thing I can think of is that since price blew right through intraday levels ( on the 0400 candle) and then retraced a to pivot, the momentum was not there. I subsequently reversed position where I was closed out on the short and went long. We'll see how that turns out. Any thouhts and how would any of you played this trade?
Attached Image (click to enlarge)
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A lawn mower is not an effective tool to pick-up dog poop!
  • #6,776
  • Nov 5, 2008 12:36am Nov 5, 2008 12:36am
Quoting Jazflyer
Aloha Thelegace,

I had set a short stop below the 0200 on cable. It was picked-up on the 0400 candle. My thinking was that if price could break resistance short and fall below previous lows, intraday T! should be in play. As you can now see, the market was in my favor til the beginning of the 0500. At the end of that candle, I placed a swing fib on that retracement and found a break of the retracement long would be my stop loss. It was triggered.
I read your post to Bo about deciding when to take profit and tried progressively moving my TP to the high of the previous candle. Oh well, didn't work out this time.
The only thing I can think of is that since price blew right through intraday...
Well I realized market was reversing and there would be somewhat of an up trend, I drew my fibs from the high to the low that is there right now, I expect price to move up, but get rejected on short level, so trade just yet, I had doubts about the short so I didn't enter, which was a good a idea. I didn't see price clear the short line(usually wait close of candle before a decision). Ontop of that the candle sticks are showing quite a bit of weakness in short direction, I generally don't trust trade where candles have long wicks, I might just stay out for a long while right now, because I don't trust the market the moment. Usually If I can predict how the price is going to move then it usually means the trade that i want to predict will go smooth as well.

Good Luck. I think there might be a short oppurtunity depending on how price moves, I think it will come maybe 2 candles from now.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #6,777
  • Nov 5, 2008 1:09am Nov 5, 2008 1:09am
Quoting TheLegace
Ontop of that the candle sticks are showing quite a bit of weakness in short direction, I generally don't trust trade where candles have long wicks
TheLegace.
As I'm writing, the reversal is going against me. While I too appreciated the long candle theory, it's somewhat difficult to identify until the candle actually closes. Might not be bad for making a determination for entering a trade but proves a bit more challenging once in a trade. Case in point, the short which I mentioned earlier.
A lawn mower is not an effective tool to pick-up dog poop!
  • #6,778
  • Nov 5, 2008 4:17am Nov 5, 2008 4:17am
looking for a long scalp from intraday pivot, might be risky though because of the 4hr resistance fib, but bias seems to be up for now, higher highs and higher lows
Attached Image (click to enlarge)
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  • #6,779
  • Nov 5, 2008 5:23am Nov 5, 2008 5:23am
Quoting islandtrader
looking for a long scalp from intraday pivot, might be risky though because of the 4hr resistance fib, but bias seems to be up for now, higher highs and higher lows
Nice charts bud...looks like mine...I like how we always work as a team...
And get on skype lol

Alright here is what I did tonight...

I took a long at the break of 5 a clock candle long since that was the only valid entry tonight....their was a never a short in this currency unless you traded tokyo and thats something I dont do ....after my entry I was able to take some profits based on price action and 3 hours after my trade I saw I was cought in a range so I place my target at breakeven and reached...I will step aside and let the market decide itself...

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 23 KB
  • #6,780
  • Nov 5, 2008 5:24am Nov 5, 2008 5:24am
I took a short, on GU and EU, trade was going great, but now market is ranging which confirms my theory and solution to candlewick issue. Just get out whenever the hell you can, I should went into scalping mode, and gotten 40-50 pips the trade offered me, now I am holding the trade far longer than I want to, and I'm just hoping it wont reverse. I am down not to many pips, but the short level is being tested again, I am just going to try and close about 30 pips or so, market should atleast move down that range.

Good Luck.

TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
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