My trades by Dave

That was just a test I'll try to make the words larger.

The control V didn't work I had to click edit/paste.

Thanks for all your help.

Dave

This is a weekly chart wave count.
The top of 4 didn't rise above bottom of 1. Thats bear signal.
We need the bottom of wave 5 to cross below bottom of 3 to confirm long term down trend.
That cross will be major as well as the support there.

This is the daily charts showing over sold stochs for the past several days.
Dailys need corrective retrace.

We are too close to the july 4 low(1.1864) for me to sell at this point(1.1900/20). I will sell on rallys with great causion. We are nearing a big pivot point. I wont sell on the cross below 1.1864 untill daily studies have had some retrace. A larger account should take the trade on the break through. And place s/l @ 1.1960
possible target 1.1780

1.1758 is april 19th low next major support if 1.1864 is broken.

Dave

"buy at bottoms, sell at tops" ... I've tried this logical method with marginal success. I just entered a trade without any other confirmation. For example, today on GBPUSD, I would've entered long at 1.7521 area (if I was infront of pc). Price went to 1.7571, of which I would've only taken 30 pips (my weakness). I'm looking forward to seeing your trades and reasoning behind them. It will help me from taking "blind" trades.


If a big pivot point is crossed, wouldn't it be safe to then go with the flow, since a strong force will be required to penetrate. Take a small profit, then re-enter on a retrace?

Good Luck
Habeeb

only 30 pips......30 is great for beginners like us. (baby steps)

Yes a sell on penetration of this up comming pivot is advisable but I will only catch about 15-20. I have taken my account from 400$ up to 688$ and then down to 80$ and now back to 220$. So I trade very causiously. Last night I only took 10 pips on the break below 1.1951. I cann't and won't post those trades cause they happen way to fast. And there not with my current trade style.

Don't think you have to make a trade every day either. There are millions of oppertunities in the days, months, years ahead. I might not trade today cause I don't have a trend or even a good range to trade in. I trade only eur/usd cause I have spent 10 hrs a day for 4 months waching it and have a feel for the pair. Every time I try to trade another pair I lose.
It is good for new guys to master trading one pair first.

Dave

edit: O'yea every one behind a trade desk knows the dailys have been over sold for a while so I would expect a good bounce at or just below 1.1864.
The guys that trade against people like us would bid large just below and that would screw every one who sells on that break. So causion is advised.

This is my first post,i am a newbie, i'd like to Know what you think about the fiber for the next days. Is this the thread for this discussion? I like to short the eur@1950-60 do you think it go back to there.

I don't know about the fiber.

I hope the eur/usd gets back up to a 1.1950/60/70/80 range then it confirms a range for me to trade in.
If or when it rises wait for a double top on the 5 min chart and sell as long as the second top doesn't move past the first. Then only take 15-20 pips, don't try to squeeze every pip you can out of it.

Dave

edit: eur is pressing on support w/o bounce so a drop lower is possible but I expect this consilidation to last untill 8 pm EDT 00:00 GMT

good instruction about the pair eur/usd, i hope we can see it today in the 50's
I have read your posts in the dailyfx forum, you are very clear,it is nice to know you are here helping us.
bye
bea

I am stepping out just as eur starts to show some life. I still belive its not going far untill later like 8pm EDT cause thats when we get a new candle on the daily chart. It could very possibly slowly work its way up there and then fall at the time above. Give or take

entry order
Sell: 1.1964
s/l:1.1984
target: 1.1910

If It happens and I am here when it hits 1.1910 I'll trail the stop down to 1.1954 former support was 1.1951 that will garentee me 7 of my 10 min. pips at that point.

Dave

Since 1.1864 is a major support point and dailystudies so over sold that a long order near 1.1900 with a s/l at 1.1855 would be very viable to get in on the ground floor of the next up trend.

Hmmm

Dave

Looking at the 4 hr chart this one makes alot of sence. We should be at the bottom of wave B, and C usually rises higher than the top of A.
That wave C top could be the daily corrective retrace we need.
4 hr chart is over sold and starting to hook. RSI is at 35 and a break above 40 is the buy signal.
I am going long @ 1.1910
s/l:1.1855
target:1.2050 1st, 1.2150 2nd

This entry maches the system. See the large time charts show buy signal like daily oversold. And wait for lower ones to line up with it.

Price is still falling so entry could be better I'll update not entered yet.

Entry on 5 min chart

I dunno now if its going lower. so 1.1910 it is.

Dave
edit: sell order canciled.

The above long entry is a place it and good entry for a trend trader.

I will swing trade this one as far as it goes. This means When I see the top of a wave form I will pull out and get back in on the bottom of the down wave continueing this through 5 waves. Then the a,b,c count starts.
There are d,e,f and x,y,z waves too, but I don't get those yet. They count a sideways action.
I would one day, like to be an Eliot Wave practitioner.

Dave

I feel I need to explain. That was unusual for me to change my mind like that. Cause you could say I am second guessing and thats bad. I agree, but...

Although that sell order made sense, alot of sense, it just didn't feel right. I couldn't figure out why it didn't. But because my opinion was turned bearish last night I almost didn't see this. This one feels very good to me. This don't mean that it won't go up to 1.1960/80 and fall back to 1.1900 befor making the move I want. But I want in on the bottom. It might not move below this but could. We might have seen the bottom established. I don't know but I really don't think 1.1864 will be broke untill wave C is formed.
Once wave C if formed the down trend will be wide open.

Feeling the market is a bigger assett than any indacator. Some where in my thread on dailyfx I wrote this move and for the past 2 weeks I have been pretty accurate.
I write this for documentation, not to sound like a know-it-all.
I am new

Dave

Here are some things I look for after a trade is placed.

Edit: aww man the tip of the stochs was blocked out buy the word box, but they were at 66. And I think I wrote a break above 60 on RSI but it should read 40.

If you can even read it on there. Let me know if you cann't

charts lined up for another move trades 1.1926

edit:now that was timming 1-2 min befor

Dave

Testing red letters.
edit: I think that helped.

The price action is choppy at best this morn. The time is running out on my trade. I am waching closely to see if I need to pull out and enter on a retest of lows.
The 4 hr chart continues to look real good for my trade and the price didn't pull back off 1.1940 like it did befor suggesting a stab higher to the 1.1950/55 range. Depending on what kind of pull back I get there.

Dave

this trade is based on 4 hr chart so about 8 hrs is left in it. If it fails rally higher it will suggest a lower low could be comming.

I have decided to enter a second buy order @ 1.1915 s/l @ 1.1895 pt:1.1940

I am going to use a second posotion to trade this range while first posotion remains in play.
If the price decides to test 1.1864/70 then the posotion is stopped at 1.1895 and I will trade what ever range developes between 1.1865 and 1.1899.

If the trend never gets past 1.1900 then I'll leave the 2nd posotion in on a top side break and trade the next range up leaving 1st posotion in.

Stop on first is 50 pips so 1-2 range trades will cover that.

I just got 12 pips but I pt for better entry at 1.1915. That will cover half the losses if the second posotion goes streight to s/l.

Dave

edit:On the daily chart

I just noticed there is a doji on the bottom of the eur/usd with same exact open and close price.
And one on top of the usd/chf 3 pips from exact open close being same.

the general consinsus there is that a doji is a trend reversal signal and widely viewed as the most significant candlestick.


Dave