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  • #6,121
  • Nov 19, 2008 8:00am Nov 19, 2008 8:00am
Quoting robgsxr
This made me smile Verno I have kicked myself for this very reason a number of times.
Another view is: If we were trading for a bank I presume we would always have a strategy that would work on any trading day. The thing is..... someone will have a great day today using their methods.. whether scalping, 4 hour trading, 15 minute trading and on and on.

We have to have patience but that is only relative to the method / strategy we employ.
If only we had access to a banks crystal ball.

At least during the waiting we can learn some more!
Agreed Robgsxr, sit on your hands as someone used to say
  • #6,122
  • Nov 19, 2008 8:01am Nov 19, 2008 8:01am
sorry, posted chart before updating lines. see how doing this helps with the discipline. last post from me tonight I think.
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  • #6,123
  • Nov 19, 2008 8:06am Nov 19, 2008 8:06am
Quoting Tori
Thanks Brad Pip, I enjoyed reading about all that. Does anyone have a thought on usdcad. looks good spot for sell coming up, havent made up my mind till I see if it is strong there, or fails.
Attachment

Seems like it wanted to respect the resistance 20 pips below it and bounce. Just what I'm seeing.
  • #6,124
  • Nov 19, 2008 8:13am Nov 19, 2008 8:13am
w.t.h. just caused that violent break. any one know? whats your estimate on an initial target on eur/usd
  • #6,125
  • Nov 19, 2008 8:13am Nov 19, 2008 8:13am
finally over my 076 on pound. now I will shift my stop up to under 76 line. and let it go to 271 with luck. eurjpy looking good. I am looking at 123.70 still. will watch lower chart for feeling on that. hope you are in there libb
  • #6,126
  • Nov 19, 2008 8:14am Nov 19, 2008 8:14am
I see some of you are chatting on the E/J and thought I would toss out some observations just to keep myself awake (West Coast time zone).

Obviously, we are showing a large triangle which says that there will be a breakout soon since we are near an apex. Which way, whose knows? But we are also in a basic range; actually right in the center, which also means it could trade either direction here. There is a key level from way back on the weekly chart around the Figure at 120 for support, too and if price breaks a little lower this coould coincide with the lower trend line. And of course, there is very little volatility here today, especially against the ATR which has dropped lower in recent days.

Basically I am sitting on my hands, trying to not force a trade here in the middle of the range. I prefer to see price trading near the outer limits of the range, after exceeding the ATR and later in the session. It becomes tired there and tends to want to return to the range. Offers some high probability trades in those circumstances. So, I will wait and see and try to be patient.

Now for some more coffee.
  • #6,127
  • Nov 19, 2008 8:15am Nov 19, 2008 8:15am
Quoting Guerrillawar
w.t.h. just caused that violent break. any one know? whats your estimate on an initial target on eur/usd
Only my opinion, but 789 looks solid. and you were probably just right and dollar needed a little drop, although some mutterer is talking about now on usd, so that might be move
  • #6,128
  • Nov 19, 2008 8:15am Nov 19, 2008 8:15am
my day totally sucked till this one trade. I closed here maybe worth much more though. Those t.l.'s got smoked
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  • #6,129
  • Nov 19, 2008 8:17am Nov 19, 2008 8:17am
Quoting Tori
finally over my 076 on pound. now I will shift my stop up to under 76 line. and let it go to 271 with luck. eurjpy looking good. I am looking at 123.70 still. will watch lower chart for feeling on that. hope you are in there libb

So you're short on EURJPY at 123.70?
  • #6,130
  • Nov 19, 2008 8:17am Nov 19, 2008 8:17am
Quoting Tori
Only my opinion, but 789 looks solid. and you were probably just right and dollar needed a little drop, although some mutterer is talking about now on usd, so that might be move
moving pretty fast, maybe 848 next after. would not take sell too quick till sure it has stopped momentum. certainly interesting.
  • #6,131
  • Nov 19, 2008 8:18am Nov 19, 2008 8:18am
Quoting libb
So you're short on EURJPY at 123.70?
No. Not at all, that is first target. and with way it is moving quickly across board, I am not doing anything rashly
  • #6,132
  • Nov 19, 2008 8:18am Nov 19, 2008 8:18am
Tori, what does your T.L. work tell you about the aussie may be a sell in the works soon. But I don't know the euro is on a tear
  • #6,133
  • Nov 19, 2008 8:21am Nov 19, 2008 8:21am
Quoting Tori
No. Not at all, that is first target. and with way it is moving quickly across board, I am not doing anything rashly

Oh ok you meant if I was still on board with that trade. No I closed out a while ago. Something else I need to work on. When to close on my profits, I generally seem to play it pretty safe.
  • #6,134
  • Nov 19, 2008 8:22am Nov 19, 2008 8:22am
Hey guys, I was never big into classical technical analysis patterns. What is the name of this pattern?
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  • #6,135
  • Nov 19, 2008 8:23am Nov 19, 2008 8:23am
I am out eurjpy as per one min. see if it drops a little. good luck whoever else is in there. my patience worn thin.
  • #6,136
  • Nov 19, 2008 8:28am Nov 19, 2008 8:28am
Quoting Tori
I am out eurjpy as per one min. see if it drops a little. good luck whoever else is in there. my patience worn thin.
oh, my god your shorted eur/jpy. he's the next one to break and when he breaks it can be an instant 300 pips
  • #6,137
  • Nov 19, 2008 8:29am Nov 19, 2008 8:29am
This is what my broker says caused the move. That was sure a nice one

FX: EURUSD triggers buy stops through 1.2700-10, which was a trendline break. EURUSD should now have a bit of room on the topside. High so far 1.2765.
  • #6,138
  • Nov 19, 2008 8:29am Nov 19, 2008 8:29am
I am stoked. pulled plug on pound for 268 pips. dont like how they have all stalled. wouldnt want to take a sell with that momentum so if the dropped back to support would look then. But it is very late in oz so I am off. You guys will have all the fun by the looks. toodles
  • #6,139
  • Nov 19, 2008 8:31am Nov 19, 2008 8:31am
Quoting Guerrillawar
oh, my god your shorted eur/jpy. he's the next one to break and when he breaks it can be an instant 300 pips
no never shorted. got out of long. crikey.
  • #6,140
  • Nov 19, 2008 8:32am Nov 19, 2008 8:32am
Quoting Tori
no never shorted. got out of long. crikey.
I forget you guys are on the other side of the world and upside down. hehe
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