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  • #5,381
  • Nov 7, 2008 3:27am Nov 7, 2008 3:27am
Quoting Guerrillawar
I had shorted it at nearly the exact pip 1.2849. It got as high on my platform as 1.2850. However, that high may not hold. It came in kind of heavy through the 1.2825 level. I think you may have missed it Tori be careful with this move
So you would have taken this as a bounce down, not feeling the need to wait for it to come back up to same area before selling. looks like it is having a bit of a rise back up now.
  • #5,382
  • Nov 7, 2008 3:29am Nov 7, 2008 3:29am
Maybe another go at eur/usd shorts. Here is the pattern I was talking about yesterday
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  • #5,383
  • Edited 4:01am Nov 7, 2008 3:37am | Edited 4:01am
Quoting cliffedwards
Swissy worth a look 11700. Double top at 11800..monday - yesterday..
Yes. Was a perfect sell from the double top resistance @ 1.1800 in confluence with ascending grey pitchfork. If your in a short position, the median line of descending yellowgreen fork could be your TP1 if this was considered as a longer-term trade.
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  • #5,384
  • Nov 7, 2008 4:13am Nov 7, 2008 4:13am
Quoting verno
I am new to this thread and reading it with interest. I was wondering what people thought of a small short around 1.2820 per the attached chart?

Thoughts appreciated.

Verno

Nice charts.
  • #5,385
  • Nov 7, 2008 4:14am Nov 7, 2008 4:14am
German Ind. Output out at 12cet.. remember how bad orders were.. excuse for euro sell off?
SPFut in ascending channel since last night..now hanging at bottom channel.... Dax Flat from open..swissy taking a look up out of the box..
  • #5,386
  • Nov 7, 2008 4:38am Nov 7, 2008 4:38am
squared up that eur/usd short. at 1.2810 very short term support. Proably a big mistake. Most likely poor NFP numbers will come out and the lows of the asian session are going to be in play
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  • #5,387
  • Nov 7, 2008 4:38am Nov 7, 2008 4:38am
Wanted to know if anyone is using RTT Deskalert software for the news? It doesnt show anything today, maybe their servers are down or something. Sorry for the offtopic post BRV, hope you aint mad at me?!
  • #5,388
  • Nov 7, 2008 5:01am Nov 7, 2008 5:01am
putting my training to work just scalping. I noticed resistance on usdchf at 1.1717 on 5 min chart. so very short term. candle broke through. waited for 3 five min candles to retrace back to line, then took trade and am still in it with 10 pips up. dont expect to get much out of it, but the experience of getting into trades the right way is invaluable. That is my 10th pos scalp for just over 100 pips total since I finally got straightened out. Have been watching videos and they are wonderful. cant say enough about this forum. As I write out of trade, 10 pips
  • #5,389
  • Nov 7, 2008 5:19am Nov 7, 2008 5:19am
Nice trade Tori, Thats a trade I should have taken as well. I wasn't focused I was eating lunch. This trade had true cause it was better than a 5m pattern. Keep your ideas coming and attach your charts. Looks like you got the hang of it.
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  • #5,390
  • Nov 7, 2008 5:29am Nov 7, 2008 5:29am
Quoting Paj
Verno, a little late here but that level has been chopped up a bit - drop to a 15 min, doesn't mean it will not work, but are the odds clearly stacked in your favour?
I can sort of see what you are saying here but go to a longer time frame and see how support held bouncing there for 7 hours before coming off on nov 5 and then again holding on the 6th before breaking and then becoming resistance. These closings and openings provide the key area to me. I wouldn't say it was 2820 but not a bad area. I would say 2836-2840. The good thing is, if it doesn't hold as resistance there, then you know you should be looking to bail. When BRV says, "sloshed around" then area, I don't know that he is referring to this. BRV, if you get a chance, can you either confirm or disagree with my assesment?

btw...if you draw a fib from the high of the week, the 38% retracement is there as well. I would say this is a good probable "scalp" trade and a scalp in this market can be 50-100 pips. and as of this writing the trade has already given that.
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  • #5,391
  • Nov 7, 2008 5:44am Nov 7, 2008 5:44am
I hope no one will laugh at this idea. I have two screens. one for taking the trade, reading this blog, ect. the other screen in a 24inch with 16 charts on it. I use them this way. When I am at S/R area for bgpusd for instance, and it is starting to look like drop, as now, I can see what pound jap, or eurgbp, is doing. if they start to head down quickly or slowly, it just gives me a heads up. It works really well for jap currencies as they all begin to turn together. usually. Just helps to verify for me if there is a change. when all japs were increasing solidly a couple of weeks ago, I could tell the overall strength. It is just the way I like to view currencies. Then of course I have a choice for scalping.
  • #5,392
  • Nov 7, 2008 5:53am Nov 7, 2008 5:53am
I'm surprised no one here has mentioned point and figure charts. This is what they used in the old days. For some people they understand the concept of support and resistance much better with point and figure. I don't recomend only using point and figure. But I also don't recomend not using point and figure. Information that goes missing on a candle can be shown more clearly on a point and figure. John Murphy a famous author said he would never trade without them.
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  • #5,393
  • Nov 7, 2008 5:56am Nov 7, 2008 5:56am
4x4ever, thanks for the feedback thats really useful. so can I confirm that you also look at the "body" of the candle for the support / resistance rather than just the low or high?

I always thought that this was frowned upon? Not that that bothers me if it works?

Cheers
Verno

PS I might be setting myself up, but what about the below region on USDCHF?
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  • #5,394
  • Nov 7, 2008 5:58am Nov 7, 2008 5:58am
Quoting belekas
Wanted to know if anyone is using RTT Deskalert software for the news? It doesnt show anything today, maybe their servers are down or something. Sorry for the offtopic post BRV, hope you aint mad at me?!
Oh yeah you really crossed the line on this one
  • #5,395
  • Nov 7, 2008 5:59am Nov 7, 2008 5:59am
Quoting Guerrillawar
I'm surprised no one here has mentioned point and figure charts. This is what they used in the old days. For some people they understand the concept of support and resistance much better with point and figure. I don't recomend only using point and figure. But I also don't recomend not using point and figure. Information that goes missing on a candle can be shown more clearly on a point and figure. John Murphy a famous author said he would never trade without them.
funny you should mention this we were actually just talking about these today....do you use them ever? I never got into them but people that get into them really religiously follow them it seems.
  • #5,396
  • Nov 7, 2008 6:18am Nov 7, 2008 6:18am
quote=jones247;2333017]Hi BRV,

Do you trade break-outs more than fades at s&r levels? You mentioned that several bounces off the s&r level will indicate a pending break-out. Are there any other unique price patterns that distinguish a break-out from a bounce?

thanks,

Walt[/quote]

Hi Walt, In regards to you first question I think I gotcha here:
http://www.forexfactory.com/showpost...postcount=5266

In terms of the second theres more than a short list to put here.....my best recommendation is screentime and flipping through the many examples posted in the thread. Its very hard to answe that one so simply....many visual explainations throughout, howver that mught be of service to you.
  • #5,397
  • Nov 7, 2008 6:20am Nov 7, 2008 6:20am
Quoting Tori
Hi BRV. I was watching your eurusd trade and I wonder if you take the opposite trade in usdchf at same time. I know they go almost exactly in opposite direction pip for pip. I usually take one of them, nervous until I am in the clear, and by that time have missed the other. Not game to put both trades in close together. If one goes up 50, the other comes down 50.
I might if they are both hitting levels, but not just because they are correlated....if I do I'm half size on both = 1 full position to keep $ exposure in check....otherwise its like opening 2 positions.
  • #5,398
  • Nov 7, 2008 6:20am Nov 7, 2008 6:20am
P&F is just a tool in the traders kit. It can add dimension to your decision making process. It can be bulky and slow at first but once you get the hang of it works well. You do have to fiddle with the look back period and box size since each market has its own attributes. My opinion is price should be looked at in a multidimensional view.

1. candles
2. Line chart of just the high on a 15m chart
3. Line chart of just the low on a 15m chart
4. Line chart of the high-low-close divided by three on a 15m chart
5. Point and figure


If you use all of these it will be a rare occassion that you miss a key level of support or resistance. You would be surprised that each chart can open up a whole new world that doesn't exisist on a simple candle chart. However, don't go any lower than 15m for these additional charts or information overload will most definitly take place.
  • #5,399
  • Nov 7, 2008 6:23am Nov 7, 2008 6:23am
Quoting Barak's pip
hi BRV ,

latelly you are talking a lot about price action and patterns that you recognize ... is there anything more then the buckets ? I will be happy to learn more patterns , since it gives more aprroval for potential trades.

here is one pattern I see all the time , it happens on an up moves and downd moves , it can also appear upside down - not sure yet how to trade it ..


the second one is a better example , looks like gartley pattern
There are yeah, like the one here http://www.forexfactory.com/showpost...postcount=5318
for instance......and yes you seem to be getting them.....this post has 60 from all over buried in them: http://www.nobrainertrades.com/searc...ade%20Examples
  • #5,400
  • Nov 7, 2008 6:25am Nov 7, 2008 6:25am
Quoting Guerrillawar
Dear Brv,

Were you watching these levels in Aud/usd during the asia session.
wasnt following aud today actually but looks like some decent reactions around here.
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