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  • #5,521
  • Nov 10, 2008 7:55pm Nov 10, 2008 7:55pm
Quoting djambazov84
This trade has the potential of running hundreds of pips, due to the super-obvious resistance 1.18 was providing for many days. However turn on your daily and h4 chart and try to assess what important price levels lie ahead which have a good history of being used as both supp & resistance. Your take profit strategy could be taking 1/4 or 1/3 of your lot size as you see important levels being breached/rejecting the current price. Also try to pyramid on every retracement. This could be a good profit:risk trade. If price wants to retest 1.18 stay positive and let the trade run. If it breaches 1.18 then it could be a false brakeout

Thanks, great reply!
  • #5,522
  • Nov 10, 2008 8:59pm Nov 10, 2008 8:59pm
well that kind of sucked. what are you guys thinking now?
  • #5,523
  • Nov 10, 2008 9:02pm Nov 10, 2008 9:02pm
Quoting Pilot22
well that kind of sucked. what are you guys thinking now?

Eur/usd is retesting the triangle from below. Looks like a good shorting opportunity to me. You risk could be even around 25-40 pips depending on your tolerance.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #5,524
  • Nov 10, 2008 9:03pm Nov 10, 2008 9:03pm
Quoting hendrix
Hi everyone,

I was just thinking how nice all this volatility can be for us and if you just WAIT for the right setups.

But -- I flipped my EUR/USD chart back to 2004 and 2005, when the daily ATR was as low as 25-55 pips, and I wondered, how on earth will I make money trading that kind of market?

I currently use a 40 pip TSL and it works really well for me. But in a market, where the daily range is 50 pips, would a 40 pip TSL still apply? What to do then? Lower the stop loss and consecutively increase the pip value? Or to find something more volatile, like the GBP/JPY?

Some thoughts would be apprechiated from those who traded back then. (BRV, maybe? )
It was bloody difficult... my friend...and many traders had a very hard time making money including me...But Hey.. we'er here now.. so enjoy, and prosper..
  • #5,525
  • Nov 10, 2008 9:42pm Nov 10, 2008 9:42pm
Quoting djambazov84
Eur/usd is retesting the triangle from below. Looks like a good shorting opportunity to me. You risk could be even around 25-40 pips depending on your tolerance.

Do you have a screenshot of what area you are talking about?
  • #5,526
  • Nov 10, 2008 10:03pm Nov 10, 2008 10:03pm
hello, everyone, new trader is coming in...ha I have found this thread and watched for a long time, and said nothing... Because I was watching the thread, and learning, and doing the trade.... Try to figure out some key points that I can't find out , because reading and taking action is different......... Thanks for BRV and all other contributing people here..... And now,,,,,,,,, I think it is my time to speak out..... I have few questions, can I ask them in here? P.S, English as Second language..sorry about language errors..still learning
  • #5,527
  • Nov 10, 2008 10:43pm Nov 10, 2008 10:43pm
Quoting libb
Do you have a screenshot of what area you are talking about?
libb,

As I was reading the posts I had to stop when I saw your picture, you look remarkably like my oldest daughter.

Ok .... back to trading.
  • #5,528
  • Nov 10, 2008 10:47pm Nov 10, 2008 10:47pm
Quoting Lou
libb,

As I was reading the posts I had to stop when I saw your picture, you look remarkably like my oldest daughter.

Ok .... back to trading.

Har Har Har. If that was really me I wouldn't worry about trading to make money.
  • #5,529
  • Nov 11, 2008 12:19am Nov 11, 2008 12:19am
Quoting libb
Har Har Har. If that was really me I wouldn't worry about trading to make money.
Sister?..I thought that was johnny depp?
  • #5,530
  • Nov 11, 2008 12:41am Nov 11, 2008 12:41am
Quoting cliffedwards
It was bloody difficult... my friend...and many traders had a very hard time making money including me...But Hey.. we'er here now.. so enjoy, and prosper..
So I guess it's what I was thinking about - either to use smaller stop losses and bigger position size or to find something more volatile like GBP/JPY. But I guess I'll stick to smaller stop losses when the time comes.

@Willowgal: yeah, I think that the 40 pip SL it's based on the current volatility, R:R expectations and BRV's trading method. I used to use 50 pip SL before that, but I feel more comfortable using a 40 pip SL now.
  • #5,531
  • Nov 11, 2008 12:48am Nov 11, 2008 12:48am
Anyone notice the head and shoulders forming on the EUR/USD and GBPD/USD on the 5m?
  • #5,532
  • Nov 11, 2008 1:53am Nov 11, 2008 1:53am
Quoting Greenhaze
USDCHF looks ready for the breakout. 1TP @ 1.1880 , asian session rarely show any momentum but there could be a lot of pending orders waiting.

I canceled this order before going to sleep , otherwise i would be still in the trade with 50 pips s/l looking for b/e. Up trendline is still intact , break of 1.1750 could result in a further drop.
  • #5,533
  • Nov 11, 2008 1:57am Nov 11, 2008 1:57am
Quoting hunterkillua
hello, everyone,...
Fire away with your questions .... I am sure BRV or one of our other more experienced traders will be happy to answer your questions
  • #5,534
  • Nov 11, 2008 2:30am Nov 11, 2008 2:30am
Any body get this trade in the usd/jpy during the Asian session. I wish I wasn't sleeping. Absolute text book material.
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  • #5,535
  • Nov 11, 2008 2:31am Nov 11, 2008 2:31am
Quoting libb
Anyone notice the head and shoulders forming on the EUR/USD and GBPD/USD on the 5m?
Also triangle on the 4 hour
Attached Image
  • #5,536
  • Nov 11, 2008 2:46am Nov 11, 2008 2:46am
Some other text book material that took place during the Asian session. I hope some of you BRV students traded some of these. I'm sure BRV would have been proud of you.
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  • #5,537
  • Nov 11, 2008 3:10am Nov 11, 2008 3:10am
Tori, how are you? Did trade anything good during the Asian session?
  • #5,538
  • Nov 11, 2008 3:24am Nov 11, 2008 3:24am
Quoting jlmac27
Also triangle on the 4 hour
Hopefully the breakout will be as explosive as the breakout on the USD/JPY triangle formed between the 24th - 28th Oct.
  • #5,539
  • Nov 11, 2008 3:33am Nov 11, 2008 3:33am
Couple of potential set-ups based on horizontal support and resistance that I'm looking at. USDCAD has been consolidating in a tight energy coil and has been since the end of the US session. I will not trade the breakout but wait for the pullback and get in on a retest of the support/resistance, if one occurs.

Euro is looking strong today, currently challenging this resistance - GBPUSD is at the bottom of a wedge though and AUDUSD is in the middle of a range. Which pair makes the most sense to be shorting? EURUSD has got the clearest set-up, but is above the London open range and Euro is the strongest currency so far today. For this reason, if I were bullish on USD, I would look to GBP for a support break and retest in an attempt to match the strongest and weakest currencies.
Attached Image(s) (click to enlarge)
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  • #5,540
  • Nov 11, 2008 3:35am Nov 11, 2008 3:35am
Quoting Guerrillawar
Tori, how are you? Did trade anything good during the Asian session?
Good morning GW,
You have any trades on the radar?Looks like eur,usd may be hitting some resistance as we speak,any thoughts on this pair for today?
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