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  • #5,541
  • Nov 11, 2008 3:40am Nov 11, 2008 3:40am
Quoting birdt
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,...
Real quick question bird,but maybe not such an easy answer.How do you go about figuring out a strong currency,or weak one,as you mentioned in this post.Thanks
  • #5,542
  • Nov 11, 2008 3:43am Nov 11, 2008 3:43am
Just a while ago there was a nice setup on e/u.
50% from last swing exactly @ 1.2800 round number. with pretty good upside momentum i scalped it for 15 pips. Lets see if the h1 will close in the morning range forming nice pb (those from james16 group know what i mean).
  • #5,543
  • Nov 11, 2008 3:50am Nov 11, 2008 3:50am
Quoting Greenhaze
Just a while ago there was a nice setup on e/u.
50% from last swing exactly @ 1.2800 round number. with pretty good upside momentum i scalped it for 15 pips. Lets see if the h1 will close in the morning range forming nice pb (those from james16 group know what i mean).
I entered this trade at 1.2765 with a stop set at 1.2800,target 1.2650
  • #5,544
  • Nov 11, 2008 4:13am Nov 11, 2008 4:13am
Quoting Guerrillawar
Tori, how are you? Did trade anything good during the Asian session?
I have not traded anything today, but have been working on my charts. I learned so much from you last couple of days. Firstly was putting as much emphasis on intraday lines as long term. Also was using a package through company I was trading with including pivots, S/R ect. But have chosen instead to wipe charts clean, and study with my own eyes instead of relying on others. I must be responsible for my own lines solely. Have done a good job because have many many possible trades that could have been taken today that would have hit well. Cut down the amount of charts. color coded lines. And watched over and over how major lines have reacted in past. I will start to post my trades when I see one I like. usdcad has been bouncing all day at 1.1915 which I have as intraday line. my long term sell point would be 1.2007. Hope you dont mind the monologue. You will get used to it. toodles
  • #5,545
  • Nov 11, 2008 4:17am Nov 11, 2008 4:17am
Quoting jlmac27
Real quick question bird,but maybe not such an easy answer.How do you go about figuring out a strong currency,or weak one,as you mentioned in this post.Thanks
EURUSD had made a bullish 1-2-3 during the first half hour of the European session, surpassing the last swing high. GBPUSD had been in a down-trend and had slumped down to the bottom of the Asian range. Also, if you take a look on EURGBP, and pretty much every other currency pair with GBP, GBP has been getting a good kicking.

USD is the world's reserve currency, every trade involves the dollar one way or another even if it is not a 'major' pair. If you do your analysis on USD against a basket of the other currencies and then pick the currency(s) at the opposite end of the extreme then you stand to win the most. There are tools that can be acquired to help you identify the 'hot hand' but you should be able to train your eye to identify these currencies by examining the strength of the trend etc..
  • #5,546
  • Nov 11, 2008 4:26am Nov 11, 2008 4:26am
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I like the usdjpy for a sell at 98.30, Saw the buy which I have at 97.60, but am going to change my attitude and look for strongest direction and I had noticed so many small candles along the way, so will wait. I see a possible sell on eurusd at 1.2789 from major support. Looking at that shortly, If it goes through 1.2900 is my preference. will try to post that chart here too.
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  • #5,547
  • Nov 11, 2008 4:34am Nov 11, 2008 4:34am
Quoting birdt
EURUSD had made a bullish 1-2-3 during the first half hour of the European session, surpassing the last swing high. GBPUSD had been in a down-trend and had slumped down to the bottom of the Asian range. Also, if you take a look on EURGBP, and pretty much every other currency pair with GBP, GBP has been getting a good kicking.

USD is the world's reserve currency, every trade involves the dollar one way or another even if it is not a 'major' pair. If you do your analysis on USD against a basket of the other currencies and then pick the currency(s)...
Thank you bird for your reply.I really need to stick to one pair for now.To get e feel for that pair on how it moves,and for collecting fundamentals on the pair.Thanks again bird
  • #5,548
  • Nov 11, 2008 4:50am Nov 11, 2008 4:50am
I would just like to say that my trading has improved 100% since I started reading this thread and reading ONLY this thread. Having spent ages looking at other systems which have so many lines and indicators that gave them the appearance of an Apache HUD display. First class thread and blog Mr BRV.

Off topic but a reminder that today is Remembrance Day. The eleventh hour of the eleventh day of the eleventh month.

A few mins of silence for good mates who are no longer here...
  • #5,549
  • Nov 11, 2008 4:51am Nov 11, 2008 4:51am
Quoting jlmac27
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?
I was watching the eur/usd resis. you mentioned and decided to pass on the trade. I thought the market was kind of rangey so was only looking for the best of the best. In hindsight, it would have been nice if I took that trade.
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  • #5,550
  • Nov 11, 2008 5:02am Nov 11, 2008 5:02am
Quoting Guerrillawar
I was watching the eur/usd resis. you mentioned and decided to pass on the trade. I thought the market was kind of rangey so was only looking for the best of the best. In hindsight, it would have been nice if I took that trade.

GW,
I did get in a short on the eur/usd but got out with a small profit.It seemed to be turning on me.By the way I was never a big fan of line charts,but after seeing yours I have pulled up a few of my own.Seems to give a more cut and dry visual of S&R.Do you think that is good?Or do candles and bars show a better visual of it,because they include more data?Thanks again for your insight..
  • #5,551
  • Nov 11, 2008 5:04am Nov 11, 2008 5:04am
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I have another one I am looking at. just came through major support. only just mind you. but watching this level as there is possible 140 pips to next major line. will keep an eye on it. does anyone have a comment.
  • #5,552
  • Edited 5:17am Nov 11, 2008 5:04am | Edited 5:17am
Quoting MarineUK
I would just like to say that my trading has improved 100% since I started reading this thread and reading ONLY this thread. Having spent ages looking at other systems which have so many lines and indicators that gave them the appearance of an Apache HUD display. First class thread and blog Mr BRV.

Off topic but a reminder that today is Remembrance Day. The eleventh hour of the eleventh day of the eleventh month.

A few mins of silence for good mates who are no longer here...

Good to hear marine!Welcome and stick around there is always something new here to learn
  • #5,553
  • Nov 11, 2008 5:13am Nov 11, 2008 5:13am
Quoting Tori

I like the usdjpy for a sell at 98.30, Saw the buy which I have at 97.60, but am going to change my attitude and look for strongest direction and I had noticed so many small candles along the way, so will wait. I see a possible sell on eurusd at 1.2789 from major support. Looking at that shortly, If it goes through 1.2900 is my preference. will try to post that chart here too.
I would be careful with that usd/jpy short at 98.30. that level was already used today. You need to be especially aware of the stock indexes when trading the yen. The yen is not pure s&r currency other factors must be weighed. I'm personally long the usd/jpy from 97.62 and I'm holding out till 98.65 or so. Maybe I'll take 1/2 off at your 98.30 level. I'm doing this because I anticipate a little strength in the stock indexes. However, I may be wrong but I don't think so. I think the floor will mark up the indexes today.

I think I recall reading your from new Zealand. Do you know where Okaihau is? Its a town in New Zealand My friend owns a dairy farm there. Its a really big farm tons of acres. He's a real deal cowboy
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  • #5,554
  • Nov 11, 2008 5:24am Nov 11, 2008 5:24am
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I have to apologise. I believe my line on last chart may have been out 6 to 8 pips. I am still looking at sell on this if it drops a little. I am from australia so our trading time is a little easier than yours. It is 10.30 evening here so asian and london session good for me. hot and 33 degrees here today. did a bike ride all around new zealand and it is heaven on earth. you should visit your friend and stay a while. you would love it.
  • #5,555
  • Nov 11, 2008 5:30am Nov 11, 2008 5:30am
Quoting jlmac27
GW,
I did get in a short on the eur/usd but got out with a small profit.It seemed to be turning on me.By the way I was never a big fan of line charts,but after seeing yours I have pulled up a few of my own.Seems to give a more cut and dry visual of S&R.Do you think that is good?Or do candles and bars show a better visual of it,because they include more data?Thanks again for your insight..
Lines can help getting rid of garbage. However, you must factor in the high, low, and close. This can be done with a modified line chart and modified time frames. I have developed a theory that helps me immensely that can only be applied to line charts. Its called perfect respect. When two peaks line up almost exactly and hold. That's my clue to get busy. Take a look at the example. One would miss this clue on any other type of chart. Since its a uncommon line and a uncommon time frame. I don't think it would be so clear on a candle chart.
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  • #5,556
  • Nov 11, 2008 5:39am Nov 11, 2008 5:39am
The entry of 1.2789 on eurusd from earlier was good and so I stick my neck out and say I am aiming for 1.2646 target.
  • #5,557
  • Nov 11, 2008 5:47am Nov 11, 2008 5:47am
GW. This is where I need direction. In profit for 50 odd pips. have target, the stopper at the moment is intraday scalping line around 730, but main line down at 646. How do I not get impatient and exit the trade too early. I dont want to lose all profit, yet I need to let it play at this level. do you have a strategy
  • #5,558
  • Nov 11, 2008 5:51am Nov 11, 2008 5:51am
Quoting Tori
GW. This is where I need direction. In profit for 50 odd pips. have target, the stopper at the moment is intraday scalping line around 730, but main line down at 646. How do I not get impatient and exit the trade too early. I dont want to lose all profit, yet I need to let it play at this level. do you have a strategy
Maybe you could close half of your lot to retain some profits?
  • #5,559
  • Nov 11, 2008 5:55am Nov 11, 2008 5:55am
Quoting libb
Maybe you could close half of your lot to retain some profits?
Thanks, sensible yes. I usually close out totally, then get annoyed as it tumbles down and I cant get back in. I find I watch over intently and almost ride every pip and this is not good.
  • #5,560
  • Nov 11, 2008 6:05am Nov 11, 2008 6:05am
Quoting Tori
GW. This is where I need direction. In profit for 50 odd pips. have target, the stopper at the moment is intraday scalping line around 730, but main line down at 646. How do I not get impatient and exit the trade too early. I dont want to lose all profit, yet I need to let it play at this level. do you have a strategy
50 pips ain't so bad. I would take profit 1.2725 see my chart. Any thing more that is unlikely until N.Y. starts really trading. And its quite possible Eur/usd is going to rally off these levels. Honestly, I would say very likely. However, holding winners is my weak point. I can easily sit tight and wait for the better set-ups with no discomfort. Once I'm up 50 or so pips I get anxious to turn it into hard cash. All kinds of solutions have been put forth take 1/2 off at key level and bring the stop to break-even. None of the solutions are really great because it irritates me to be up 50 and then close the other 1/2 at break even. More often than not that is the outcome that will take place rather than getting a runner for 300 pips. Honestly, I like to make enough from the 50 pips to say I had a fairly good day. And then just be done with it and be happy for your success as a trader for being able to take the 50 pips. Using my approach is basically a 1/1 approach. But if you can put two winners on every day and only one loser you do have a viable business.
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