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  • #5,581
  • Nov 11, 2008 8:20am Nov 11, 2008 8:20am
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Thankyou BRV for so much insight. You have many very appreciative students. Can I ask your comment for this trade. In at 789, target 646. Have sat on it because intraday support only in way. If I put stop at break even, would you sit on one like this. If it comes back I lose nothing anyway.
  • #5,582
  • Nov 11, 2008 8:35am Nov 11, 2008 8:35am
Quoting Tori
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Thankyou BRV for so much insight. You have many very appreciative students. Can I ask your comment for this trade. In at 789, target 646. Have sat on it because intraday support only in way. If I put stop at break even, would you sit on one like this. If it comes back I lose nothing anyway.
Hi Tori, needs to break this diagonal trendline still and I'm only a little skeptical due to the bond markets being closed and any "suprises" in terms of today. I would lead to think that if it breaks it its heading lower, though. Overall this pair looks like it wants to go under some more consolidation and eventually lower. I dont think youll have a problem setting a stop to BE at this point.

Nice entry: thats picture perfect; I took the same trade earlier today from 1.2800 but closed at 1.2700 already...just because of time though.....I didnt want to be sitting on it while Im sleeping or anything.
  • #5,583
  • Nov 11, 2008 8:38am Nov 11, 2008 8:38am
Just a quick one to say I found the update very helpful. I was finding taking profits very stressful because I could not come up with a clear exit strategy (worried about closing early or mainly missing out on the bigger move) I think the answer is like you say setting a clear target based on R:R principals. I could not get my head around partial position closing because of the damage it would do to my R:R.. I was coming round to the same conclusion but you have yet again clarified it for me. Thanks again Sensei!
  • #5,584
  • Nov 11, 2008 9:00am Nov 11, 2008 9:00am
i think we have a break
since i missed it i will w8 for a retest

Nah i always wait for retests
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  • #5,585
  • Nov 11, 2008 9:06am Nov 11, 2008 9:06am
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Just got my target. woohoo. I have learnt so much about adhering to my lines, and the value of setting lines correctly. Thankyou to all those who have given me help to learn these principals. I have much to learn still and BRV and GW are great mentors.
  • #5,586
  • Nov 11, 2008 9:08am Nov 11, 2008 9:08am
Went short on EURUSD at 1.2665, which was a break of the diagonal TL and then a break of recent horizontal support around 2670.
  • #5,587
  • Nov 11, 2008 9:17am Nov 11, 2008 9:17am
Thanks again Billy for all the info and hard work.
Boxing clever since 76.
  • #5,588
  • Nov 11, 2008 9:23am Nov 11, 2008 9:23am
Quoting smittens4212
Went short on EURUSD at 1.2665, which was a break of the diagonal TL and then a break of recent horizontal support around 2670.
I saw the same level, I didnt take it because I dont like to take all the breaks, I always enter in the re-test, so im waiting to enter in that short at 1.2667, I dont know if the price is going to go back,... let see if i can get the oportunity.
  • #5,589
  • Nov 11, 2008 9:23am Nov 11, 2008 9:23am
Thanks for the new material BRV
  • #5,590
  • Nov 11, 2008 9:29am Nov 11, 2008 9:29am
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I would like to take a buy on eurjpy when it hits 122.29 which I expect will happen as I wont be here to play it. Goodnight all and thanks for such a great place to learn.
  • #5,591
  • Nov 11, 2008 9:34am Nov 11, 2008 9:34am
BRV... first of all thank you for the new content. I've only read it once so far, but it's great. Will reread a few more times in the next several days.

I'm short EU and also in USDCHF Long.

I took 1/2 my position off at about 20 pips on each. I'd like feedback on my thoughts for the rest of the position.

On EU I have my stop a couple pips above 1.2667... would stop me out at a small profit on whats left. Planning on taking 1/2 my remaining position off it it makes it to 1.2602 which aligns with a fib extension. At that point I'd move my stop back to my entry point and lest the rest run as I'm thinking its still headed down.

Similarly on CHF I've got my stop about 6 pips under 1.1800... planning on taking 1/2 my remaining position off at 1.1850 (fib extension from yesterdays high/low) and again moving my stop down to my entry point and letting the rest run a bit.

any feedback on that plan would be appreciated.
  • #5,592
  • Nov 11, 2008 9:41am Nov 11, 2008 9:41am
Brv, great posts. I hope people don't just pay lip service to it. Most traders in the heat of the battle tend to disregard the wisdom brv has put forth. Any how be sure to move those posts to the front page since this thread is no longer easily readable. What do you think about everything vs the dollar? It looks like every thing is on sale. Here's a great day to test the 3-1 ratio on some two-three day holds.
  • #5,593
  • Nov 11, 2008 9:44am Nov 11, 2008 9:44am
Heads up on Aussie 6540..ish break or bounce..

also Kiwi
  • #5,594
  • Nov 11, 2008 9:48am Nov 11, 2008 9:48am
Quoting lafedgar
I saw the same level, I didnt take it because I dont like to take all the breaks, I always enter in the re-test, so im waiting to enter in that short at 1.2667, I dont know if the price is going to go back,... let see if i can get the oportunity.
This has been building up for a while and broke pretty hard. I don't think there will be a re-test anytime soon.
  • #5,595
  • Nov 11, 2008 10:15am Nov 11, 2008 10:15am
Quoting smittens4212
This has been building up for a while and broke pretty hard. I don't think there will be a re-test anytime soon.
yes, i think so. When the price was in 1.2646 i was almost sure that i could got it at the 1.2667, but it didnt happen. well I lost it and you got a good one.
  • #5,596
  • Nov 11, 2008 10:31am Nov 11, 2008 10:31am
I'm just trying to figure out when I should get out.

It was +150 at the highest, it's about +100 now. Holding onto it until 1.2590, target is near 1.2465.
  • #5,597
  • Nov 11, 2008 10:39am Nov 11, 2008 10:39am
Quoting thewizard
BRV... first of all thank you for the new content. I've only read it once so far, but it's great. Will reread a few more times in the next several days.

I'm short EU and also in USDCHF Long.

I took 1/2 my position off at about 20 pips on each. I'd like feedback on my thoughts for the rest of the position.

On EU I have my stop a couple pips above 1.2667... would stop me out at a small profit on whats left. Planning on taking 1/2 my remaining position off it it makes it to 1.2602 which aligns with a fib extension. At that point I'd move my stop back to my entry point and lest the rest run as I'm thinking its still headed down.

Similarly on CHF I've got my stop about 6 pips under 1.1800......
Hi there.....we're at some crossroads here in terms of price....EUR just bounced from its local low at 1.2525 and CHF is moving lower after hitting the 1.1850 mark you were talking about - also CHF, if need be, has its monthly 618 retracement at 1.1888. Retracement could be sizeable on this one as I know there was a lot of tout for orders down there at the low on EUR.......we'll see if it wants to last. Lots of money being grabbed on this one today.
  • #5,598
  • Edited 11:03am Nov 11, 2008 10:43am | Edited 11:03am
Quoting Guerrillawar
Brv, great posts. I hope people don't just pay lip service to it. Most traders in the heat of the battle tend to disregard the wisdom brv has put forth. Any how be sure to move those posts to the front page since this thread is no longer easily readable. What do you think about everything vs the dollar? It looks like every thing is on sale. Here's a great day to test the 3-1 ratio on some two-three day holds.
Hi GW, I think this bounce is going to be good for a decent run here....the S&P is getting kicked in the butt today but consumer confidence from the eurozone and US is telling us otherwise, and either way looks like it wants to remain in consolidation for the time being; ultimately lower, though. Some damn fine moves today. Looking for this to last a little while. I think a bigger retracement is due, now that everyone has all of the 'trendline breaks' out of their system. I could be totally wrong here but we'll see. Good for a decent amount of pips either way so far.
  • #5,599
  • Nov 11, 2008 11:06am Nov 11, 2008 11:06am
BRV, thanks so much for "Intro to Trade managament" It is so valuable to be reminded how important this is.
Thanks again
  • #5,600
  • Nov 11, 2008 11:31am Nov 11, 2008 11:31am
This is a wonderful thread.

Nice profit this morning on the U/Chf pair breaking 1800. Thanks to to the author of this thread for teaching me some new skills.
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