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  • #6,241
  • Nov 20, 2008 9:05am Nov 20, 2008 9:05am
Quoting verno
Can someone advise if this is a valid cup / bucket level?

also Smittens, what settings do you have stochs on?
14/3/3 are the stoch settings

I also had the bucket drawn at 1.4777, withheld any trades though as equities are bouncing around new lows.
  • #6,242
  • Nov 20, 2008 9:28am Nov 20, 2008 9:28am
smittens,

Thanks for yesterday's reply #6172.
I traded fades toady. 2:1 in my favor. After careful planing its quite a ride.
  • #6,243
  • Nov 20, 2008 10:34am Nov 20, 2008 10:34am
Price action the last two days has been insane - we saw a simliar situation yesterday when we appeared to break to the upside out of some consolidatory patterns across the board and then crashed back through to break out the other side. Might we see something similar today?

Attempting to identify some order in the chaos, I see the beginning foundations of an inverted head and shoulders formation being laid upon this support and resistance framework on GJ. It's a little bit sketchy but something to keep an eye on.
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  • #6,244
  • Nov 20, 2008 10:44am Nov 20, 2008 10:44am
Quoting ady27
smittens,

Thanks for yesterday's reply #6172.
I traded fades toady. 2:1 in my favor. After careful planing its quite a ride.
Isn't it?

It's a bit of a conundrum... you need confidence to successfully trade (whether it's fades or breakouts), but it's difficult to get confidence without making good trades... and it's difficult to make good trades without confidence. Something like that.

That is why trading with a mini account is a good idea before risking any big money. You can afford to take trades you may not feel that comfortable with (because of a lack of experience), and as you begin to make some winners with real money (even if only a small amount), you can build that confidence.
  • #6,245
  • Nov 20, 2008 11:13am Nov 20, 2008 11:13am
Sorry about no re-pointing this out as it was happening, but per my post on Monday short EURCHF @1.5350 has been hit and trading lower. Taking partial profit at current price (just under 1.5300) and moving stop to breakeven.
  • #6,246
  • Nov 20, 2008 11:16am Nov 20, 2008 11:16am
Quoting FXBeacon
Sorry about no re-pointing this out as it was happening, but per my post on Monday short EURCHF @1.5350 has been hit and trading lower. Taking partial profit at current price (just under 1.5300) and moving stop to breakeven.

I caught it, I should have pointed it out as well. I guess I didnt' because I don't consider myself an expert. But, I am profitable though
  • #6,247
  • Nov 20, 2008 12:00pm Nov 20, 2008 12:00pm
There's a lot of "experts" that aren't proftable, so I'd say you're ahead of the game Libb!
  • #6,248
  • Nov 20, 2008 12:07pm Nov 20, 2008 12:07pm
Quoting FXBeacon
There's a lot of "experts" that aren't proftable, so I'd say you're ahead of the game Libb!
Woo Hoo! You have your eye on any more trades today?
  • #6,249
  • Nov 20, 2008 12:39pm Nov 20, 2008 12:39pm
Not really, just scalping a little bit on JPY crosses. I was up all night, I'm really beat! I think my best trade will be a nap. Most of the other levels I've had my eye on either hit already, or are too far away for me to worry about going into the NY close. I'll probably just relax and reload for the Asian session.
  • #6,250
  • Nov 20, 2008 1:47pm Nov 20, 2008 1:47pm
Long EURUSD at these levels? I have taken a position but am always a bit wary when its outside the london session at times like this.
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  • #6,251
  • Nov 20, 2008 1:47pm Nov 20, 2008 1:47pm
What do you think of a bounce off a high made almost a month ago on the USDCAD 1.3013?
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  • #6,252
  • Nov 20, 2008 1:54pm Nov 20, 2008 1:54pm
How about a buy around 1.4690 area. Is it a possible bounce there ?
  • #6,253
  • Nov 20, 2008 2:09pm Nov 20, 2008 2:09pm
Nice call Libb! That was actually the next level I was looking at, you beat me to it! HA. Take a look at the monthly chart and you seem some nice historical significance too. Should be a nice short.
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  • #6,254
  • Edited 2:46pm Nov 20, 2008 2:31pm | Edited 2:46pm
If we can break thru the current level 4713 support area then I look for it to go down to 4660 area for a bounce. But I'm still learning the nuances of this too. Correct me if I'm wrong please.

Happy Pippin'
KC
Quoting terunaku
How about a buy around 1.4690 area. Is it a possible bounce there ?
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  • #6,255
  • Edited 2:48pm Nov 20, 2008 2:46pm | Edited 2:48pm
Quoting kc8flq
If we can break thru the current level 4713 support area then I look for it to go down to 4660 area for a bounce. But I'm still learning the nuances of this too. Correct me if I'm wrong please.
KC, I'm not sure what charting service you're using, but my esignal charts and the charts with my broker's quotes are showing that bottom as 1.4640, but you have the right idea. Regardless, that bottom level is a good traditional support level that may very well generate a bounce higher. When looking for a "no-brainer" you'd always like to see some two-way action (especially when going against the trend), where the price has come down to a level and made a strong bounce higher and where the price has come up to that same level and made a strong bounce downwards. Remember the bigger the historical reaction from a level, the bigger the bounce you can expect. Also, it we see a break of that level, the floodgates should open to retest those around 1.4560. I haven't even looked at a level below there yet!

Good luck.
  • #6,256
  • Nov 20, 2008 3:09pm Nov 20, 2008 3:09pm
Hi Everyone. Gosh, I got up this morning and was shocked to see some of my levels hit right to the pip. I thought it may have sounded a bit bold to warn that the usdcad might hit 1.2977 but there it was. Must have been a hairy night over there. I wouldnt even jump on a sell there just yet either. It will have to hang around there for a while. I am watching for up on eurusd from 440 back to 513, You guys talk about fib a lot and some of the technicals on charts are quite elaborate. I just look at my lines and gut feeling, and even though I hit my lines over and over almost to the pip, I somehow feel that my summary may be dismissed as irrelevant because I dont quote all those indicators. But BRV states over and over that simplicity, S/R levels, and watching for reactions is the whole basis of this strategy. I have stuck to that since joining, and shock myself over and over at the accuracy of these lines if you take the time to study them. I hope everyone has a good day, and just one more, think the aususd might go back to 62.0. will be watching that too.
  • #6,257
  • Nov 20, 2008 3:14pm Nov 20, 2008 3:14pm
Anyone hear from BRV?Not to be a pest,god knows he needs a break from this thread here and there.Just wondering if anyone has heard from him.Good trading to you all!
  • #6,258
  • Nov 20, 2008 3:56pm Nov 20, 2008 3:56pm
here is a clear setup
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  • #6,259
  • Nov 20, 2008 4:21pm Nov 20, 2008 4:21pm
I'm using WHC, same as BRV, as charting but different broker.



Quoting FXBeacon
KC, I'm not sure what charting service you're using, but my esignal charts and the charts with my broker's quotes are showing that bottom as 1.4640, but you have the right idea. Regardless, that bottom level is a good traditional support level that may very well generate a bounce higher. When looking for a "no-brainer" you'd always like to see some two-way action (especially when going against the trend), where the price has come down to a level and made a strong bounce higher and where the price has come up to that same level and made a strong...
  • #6,260
  • Nov 20, 2008 4:23pm Nov 20, 2008 4:23pm
Quoting Tori
Hi Everyone. Gosh, I got up this morning and was shocked to see some of my levels hit right to the pip. I thought it may have sounded a bit bold to warn that the usdcad might hit 1.2977 but there it was. Must have been a hairy night over there. I wouldnt even jump on a sell there just yet either. It will have to hang around there for a while. I am watching for up on eurusd from 440 back to 513, You guys talk about fib a lot and some of the technicals on charts are quite elaborate. I just look at my lines and gut feeling, and even though I hit my...
Tori,
Your statement makes this market as clear as it really is.You are truly keeping it simple,that is why your marks are hit.I wish I could put this in my head.Really look how simple a chart is when it is followed by S&R.It is just about black and white,with the right MM there is no reason anyone could not make a living off this....But with that said,I still hold a full time job.
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