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  • #6,381
  • Nov 24, 2008 11:13am Nov 24, 2008 11:13am
Quoting Tori
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.
I got in there at 383 looking for the bounce too, until it bounced off my 426 line. Luckily I closed breakeven.
  • #6,382
  • Nov 24, 2008 11:25am Nov 24, 2008 11:25am
21 is like a monthly average with most months having 20 or 21 business days in them.
55 is for a quarterly average
5 is for the weekly

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.
  • #6,383
  • Nov 24, 2008 11:33am Nov 24, 2008 11:33am
Quoting kc8flq
21 is like a monthly average with most months having 20 or 21 business days in them.
55 is for a quarterly average
5 is for the weekly

And those are Fibonacci numbers also.
  • #6,384
  • Nov 24, 2008 7:17pm Nov 24, 2008 7:17pm
Just checking the thread. It seems odd that there has not been a post for seven hours.

SR
  • #6,385
  • Nov 24, 2008 7:23pm Nov 24, 2008 7:23pm
I think its due to the short work week, only 3 days. Maybe all those traders making money are out getting their shopping done.

Which would explain why I'm still here.....


Quoting seattlerust
Just checking the thread. It seems odd that there has not been a post for seven hours.

SR
  • #6,386
  • Nov 24, 2008 7:24pm Nov 24, 2008 7:24pm
I agree Seattlerust, was just going to say the same thing. I didn't see too many moves today that interested me. I scalped 60 or so pips though, so no complaints. I'm going to write up my plan for London and NY and post any setups that seem good. Hope others can chime in and do the same. Good luck everyone.
  • #6,387
  • Nov 24, 2008 7:39pm Nov 24, 2008 7:39pm
I'm not seeing any really good setups in the majors right now.

Given the large moves we saw today, I'm holding back on looking at any big trades for the moment and interested in scalping small moves on a 1/5/15m basis. I think we will see some consolidation in most pairs and it will be more conducive to these small scalps than taking any type of position trades.

For example looking for little guys like this bucket
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  • #6,388
  • Nov 25, 2008 1:52am Nov 25, 2008 1:52am
Quoting smittens4212
I'm not seeing any really good setups in the majors right now.

Given the large moves we saw today, I'm holding back on looking at any big trades for the moment and interested in scalping small moves on a 1/5/15m basis. I think we will see some consolidation in most pairs and it will be more conducive to these small scalps than taking any type of position trades.

For example looking for little guys like this bucket
There's news on the CHF - Consumption indicator at 9am GMT let's see how that could affect things.
  • #6,389
  • Nov 25, 2008 3:50am Nov 25, 2008 3:50am
Small breakthrough of resistance for USDCAD at 12426 which managed an initial 40 pip breakout, but overall less than expected.
  • #6,390
  • Edited 6:06am Nov 25, 2008 5:34am | Edited 6:06am
BRV stresses that S/R is more significant the longer the timeframe.

12109 on USDCHF is shows convergence of a 4h TL,a 61.8 Fib(yellow) from yesterdays daily range and a daily support line(green) dating back to 220807 when the pair were last at that level.

Any thoughts?

(cliffedwards will probably just put an order on and scoop 200+ pips!)
Attached Image (click to enlarge)
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  • #6,391
  • Nov 25, 2008 6:10am Nov 25, 2008 6:10am
Quoting RedCabbage
BRV stresses that S/R is more significant the longer the timeframe.

12109 on USDCHF is shows convergence of a 4h TL,a 61.8 Fib from yesterdays daily range and a weekly support line dating back to 220807 when the pair were last at that level.

Any thoughts?

(cliffedwards will probably just put an order on and scoop 200+ pips!)
Hi Red,
As BRV teaches, we should look for the simple and obvious line.
I can not see the line that you mentioned on my weekly, so I guess other people don't, maybe it will not be a point for price action as not many trader will notice it. I look at the most clear past points of action on 4H and 1H and sometimes on daily.

Regarding the Fibo, it is too ambiguous as the highest point was just around the corner on the 21.11 .I think it is hard to ignore it.

I posted my chart for you. I did not place any new line the past 3 days and look how the price reacted to the different lines. It work. You do not have to look for hidden lines, use only the ones you think everybody looks at.

Hope I was answering your question. Again this is only my opinion...
Attached Image (click to enlarge)
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  • #6,392
  • Nov 25, 2008 6:25am Nov 25, 2008 6:25am
ady

Sorry my mistake, I was editing my post while you were looking into it.

The green s/r line at 12109 on my chart is daily not weekly.

I am curious because yesterdays breakout from 12167 was also from a daily support line.
  • #6,393
  • Nov 25, 2008 6:45am Nov 25, 2008 6:45am
Here's the price action for those daily s/r lines back in Aug 2007.

As I said it appears 12167 was a significant level yesterday, but I fully appreciate what you said about trading the obvious.
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  • #6,394
  • Nov 25, 2008 7:04am Nov 25, 2008 7:04am
Quoting RedCabbage
(cliffedwards will probably just put an order on and scoop 200+ pips!)
Afternoon RC..I wish..LoL..Thin morning..2 trades..Caught reject off 2816 @28 as it rose .. broker showed big vol...rode it to 2873 and ..tried to be smart.. faded in and closed even.....Grrrr....The Lifts not going to the top floor today.LoL
But.. I mentioned AussieCad ranging yesterday(?) and it hit a buy at 7869 .. TS closed for 70...
I feel like Smittens..dont see much...quitting while ahead..Have a good day..
  • #6,395
  • Nov 25, 2008 7:47am Nov 25, 2008 7:47am
Hi all, jus wondering if this is a good point to SHORT...
it has touched previous SR... comments would be appreciated...
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  • #6,396
  • Nov 25, 2008 8:38am Nov 25, 2008 8:38am
Hi guys I'm a newbie to this thread, but this Eur/Chf short looks like a "no brainer" to me. Previous resistance, and fib confluence at 1.5575. Anyone else like the looks of this one? Sorry if it's been pointed out already I didn't read everything in this thread so far.
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  • #6,397
  • Edited 10:44am Nov 25, 2008 9:05am | Edited 10:44am
Caught GBPUSD on my demo, hope someone got this one alive.

Edit: Added EURUSD, maybe this has been posted already.

Both of these plays sure are retracing quickly..
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I need to put up stop losses.
  • #6,398
  • Nov 25, 2008 10:08am Nov 25, 2008 10:08am
Hi guys,

Been on holiday for over a week so time to get back to some trading now.

Any thoughts on this bounce off 1.5250 - this area has a fair bit of history and should be strong support if hit

Any thoughts ?

WG
Attached Image (click to enlarge)
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  • #6,399
  • Nov 25, 2008 10:35am Nov 25, 2008 10:35am
Quoting Willowgal
Hi guys,

Been on holiday for over a week so time to get back to some trading now.

Any thoughts on this bounce off 1.5250 - this area has a fair bit of history and should be strong support if hit

Any thoughts ?

WG
I find that support range a little wide to catch. In any case it seems to be retracing already. Would go long on my demo at 5280-90 for something a little tighter.
Attached Image (click to enlarge)
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I need to put up stop losses.
  • #6,400
  • Nov 25, 2008 10:41am Nov 25, 2008 10:41am
Quoting swap
I find that support range a little wide to catch. In any case it seems to be retracing already. Would go long on my demo at 5280-90 for something a little tighter.
Already in and out swap for 50 pips ... it hit my level spot on.

I think I am out a bit prematurely as well unfortunately
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