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  • #6,361
  • Nov 24, 2008 12:43am Nov 24, 2008 12:43am
Quoting libb
I have my eye on this at the moment...
I make 1.2121 the 50% Fib retracement of 19/11 to 21/11 which is helpful.
  • #6,362
  • Nov 24, 2008 3:49am Nov 24, 2008 3:49am
Quoting ady27
OK guys, since we learned to write down our daily plan, I decided to take the risk and share it with you. Here are my 2 cents...
Your comments are highly appreciated. Be gentle with me .

Equities:
Since government gave citigroup 306$ billion $ guarantee, it seems that equities will rise today. The American car industry is also on the way to get help. And finally, the US federal is going to flood the markets with dollars. All the info is from this morning (European time) Blomberg.
Do not forget the Japanese market is of today due to the holidays....
I seem to be talking to myself this morning but I don't mind!

On the USDCAD around 12553 the is also convergence with a 4H TL (circled in red) that forms a countertrend channel - more confirmation?
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad241108.jpg Size: 218 KB
  • #6,363
  • Nov 24, 2008 3:57am Nov 24, 2008 3:57am
Price standing off couple of big correlated intraday levels close here..?
Euro Cable Swissy DAX UKFut SPFut..
..this little pullback may be building energy to test these..
maybe clues if 1h close Pins on Euro, Swissy..?

Sorry RedCabbage.. I am..getting to it..LoL
  • #6,364
  • Nov 24, 2008 4:06am Nov 24, 2008 4:06am
Quoting RedCabbage
I seem to be talking to myself this morning but I don't mind!

On the USDCAD around 12553 the is also convergence with a 4H TL (circled in red) that forms a countertrend channel - more confirmation?

You are not alone...
553 is already marked... long way until it will get there
  • #6,365
  • Nov 24, 2008 4:09am Nov 24, 2008 4:09am
Quoting ady27
You are not alone...
553 is already marked... long way until it will get there
Yes, I was replying to your post on the previous page about the USDCAD and adding further confirmation to your level.

However I didn't quote your post correctly.
  • #6,366
  • Nov 24, 2008 6:16am Nov 24, 2008 6:16am
Quoting ady27
You are not alone...
553 is already marked... long way until it will get there
What would be your SL and TP on a trade like this?
  • #6,367
  • Edited 6:42am Nov 24, 2008 6:39am | Edited 6:42am
Quoting MarkyBoy
What would be your SL and TP on a trade like this?
Have you read all BillyRay's links on page one of this thread?

There is no shorter route to understanding the strategy fully.
  • #6,368
  • Nov 24, 2008 6:49am Nov 24, 2008 6:49am
Here is a good setup coming up very soon...

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 22 KB
  • #6,369
  • Nov 24, 2008 6:50am Nov 24, 2008 6:50am
Quoting RedCabbage
Have you read all BillyRay's links on page one of this thread?

There is no shorter route to understanding the strategy fully.

Good answer RedCabbage.
The phrase with the fish comes to mind

It seems everybody is in Japan... Holiday ... very quite here today
  • #6,370
  • Nov 24, 2008 7:09am Nov 24, 2008 7:09am
Alright here is my order wish me luck...

Buy limit at 1.2450
Stop 1.2425 (20 pips pluss pread)
Limit 1.2510

Once in profit 20 pips I move stop to break even....
Then once in profit 40 pips I move stop to secure 20 pips....
Then It either hits limit or I get stopped out with 20 pips...

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 18 KB
  • #6,371
  • Nov 24, 2008 7:20am Nov 24, 2008 7:20am
Quoting ady27
Good answer RedCabbage.
The phrase with the fish comes to mind

It seems everybody is in Japan... Holiday ... very quite here today
I have read the guidance - I just felt that a 20 pip SL would not have worked because there seemed to be a potentially larger deviation than that - looks like I have been proved right....
  • #6,372
  • Nov 24, 2008 7:37am Nov 24, 2008 7:37am
Quoting ady27
OK guys, since we learned to write down our daily plan, I decided to take the risk and share it with you. Here are my 2 cents...
Your comments are highly appreciated. Be gentle with me .

Equities:
Since government gave citigroup 306$ billion $ guarantee, it seems that equities will rise today. The American car industry is also on the way to get help. And finally, the US federal is going to flood the markets with dollars. All the info is from this morning (European time) Blomberg.
Do not forget the Japanese market is of today due to the holidays.

I...
Thanks for sharing your plan....haha Also, thanks for telling me about how you trade breakout last week...
  • #6,373
  • Nov 24, 2008 7:52am Nov 24, 2008 7:52am
[quote=Shermenator;2372392]Here is a good setup coming up very soon...

Hi Shermenator. I thank you for posting your charts like the above. Since you pointed out a few lines to me the other day, I have been taking much more notice of the levels of resistance or support and putting those stronger lines in a bright colour. I got in usdcad at 385 and although it is a bit sick at the moment, looks good for a bounce to me, and in view of chart. I guess time will tell.
  • #6,374
  • Edited 7:54am Nov 24, 2008 7:52am | Edited 7:54am
Quoting MarkyBoy
I have read the guidance - I just felt that a 20 pip SL would not have worked because there seemed to be a potentially larger deviation than that - looks like I have been proved right....
If you are assessing each pair and potential position then you are approaching this the right way. As you said, BRV has given guidance, not rigid instructions.

12553 was certainly a significant level for USDCAD, ironically it would have been a good sell not a buy!
  • #6,375
  • Nov 24, 2008 8:04am Nov 24, 2008 8:04am
I reckon 1.2000 is a good buy for usdchf, but tonight anything can happen
  • #6,376
  • Edited 8:29am Nov 24, 2008 8:09am | Edited 8:29am
Quoting RedCabbage
...12553 was certainly a significant level for USDCAD, ironically it would have been a good sell not a buy!
Ooops..RC..I scalped the bounce and traded the breakout.. from 35 low of 2.30 bar..and was about to post a PM thankyou to ady and youself for heads-up..I usually avoid the Looney..
Sorry you missed it...Anyway thanks..

Anyone notice rangetrade on AussieCad over last couple of weeks.. good for regular scalps..
  • #6,377
  • Nov 24, 2008 8:25am Nov 24, 2008 8:25am
Quoting cliffedwards
Ooops..RC..I scalped the bounce and traded the breakout.. from 35 low of 2.30 bar..and was about to post a PM thankyou to ady and youself for heads-up..I usually avoid the Looney..
Sorry you missed it...Anyway thanks..
Well done. At least someone benefitted.

The Looney is not one of my favourites either but this level looked significant.

I was so focussed on the pivot I completely forgot about trading the breakout.

Ouch! I'll remember that one.
  • #6,378
  • Nov 24, 2008 8:44am Nov 24, 2008 8:44am
If E/U will close today above the 1.2800 I'll be looking for longs from this area.
The first target would be 1.3300 area. Some traders are looking at the 21 sma, so daily close above it will give signs for longs aswell.
Attached Image
  • #6,379
  • Nov 24, 2008 8:46am Nov 24, 2008 8:46am
Quoting Greenhaze
If E/U will close today above the 1.2800 I'll be looking for longs from this area.
The first target would be 1.3300 area. Some traders are looking at the 21 sma, so daily close above it will give signs for longs aswell.
Just a quick question. Could you please clarify, why would traders look at the 21 sma. Totally agree with your statement about a possible daily close above 1.28.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #6,380
  • Nov 24, 2008 8:54am Nov 24, 2008 8:54am
Quoting djambazov84
Just a quick question. Could you please clarify, why would traders look at the 21 sma. Totally agree with your statement about a possible daily close above 1.28.
I noticed that services like UBS in oanda news section and saxobank analysts are looking at it , plus it sits exactly on the bar highs not only in eur/usd.
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