No Brainer Trades

What do u think folks is this a no brainer??

A short looks good there, though it has done a nice retrace thus far. If you patiently wait for another failed attempt then I see no reason for not shorting there.

Hello all. I'm currently up to page 50 of this thread, copying and pasting into a Word doc as I go, so please forgive me if this question has been asked and answered and I haven't gotten to it yet:

I'm using MT4 to chart, as most are, I guess. Say I find a good line that I expect to act as support, and the low of the candle(s) I am basing the line on is 1.3420. Of course with MT4 this is the low Bid. So when I set a limit order to Buy, should I be adjusting that number to the equivalent Ask? And what about if I am placing a Limit Sell at an expected Resistance line, based on the MT4 high Bid? With the spread on some pairs obviously the difference could be significant.

I also use Oanda as my broker, and that brings in another issue. It can be a bit tricky to match up SR lines as 1) Oanda only has a 3-hour chart, 2) the prices are different at all times from Alpari's, and 3) Oanda uses the average price, so without knowing what the spread was at the time I'm a bit at a loss as to how to narrow down the price I'm looking for.

Sorry if this is a newbie question, but I figured I should ask here rather than in the Rookie forum in case there was anything particular to this method; also, I know BRV is/was using MT4 and Oanda.

Thanks in any case. This is definitely the method I hope to become proficient at and to make the focus of my trading.

Morning,

Big level on the Eur coming up. If this one breaks it should be a pretty nice ride down.

Usd/jpy has also just broken the 90.15 level also, could be a busy old Monday.

I've only been trading for about a year, so take my interpretation for what it is as I'm definitely not an expert.

I know it gets said often, but 'it depends.' A news piece may one day drive the market and on another day may be completely irrelevant, because it depends on what the traders are watching. During the recent EURUSD bear run from 1.60, news in equities drove a lot of the selling because of the massive deleveraging that was going on. Prior to that, oil was one of the big movers. At the current moment central bank rates are a big focus.

So first I would say you should see what is driving the market, and focus on news related to that. Of course this can change on a daily basis, e.g. oil may have been the focus of USDCAD traders on day X, but on day Y they're more focused on interest rates.

Once you've established what is driving the market, you can focus on how it may affect S/R. Maybe equities are heavily driving the USDJPY, and as they perform well the USDJPY goes up. Resistance is going to be counter-trend, so it's less likely to turn the market. You may see a bounce, you may see nothing at all. But let's say for example that equities are doing well but the USDJPY is going down. Here is where I would look for support levels to fade in anticipation that the USDJPY is going to go up because equities are doing well, and I'd be looking for higher profit levels than trying to fade resistance.


Anyways, this is what I'm watching on the EURUSD right now.

Hey

Anyone taking note of this? Would this be a no brainer, already been about 3 bounces off this level. Daily trend's down big time, so maybe a breakout??

Well, I'll respond just so my only post on this thread isn't a newbie question, but obviously don't take these as words of wisdom

Personally, if it's already been hit three times in about a week, I wouldn't consider risking another bounce to be a no-brainer. Some lines I'm considering would be .5744, which had a couple bounces at the end of December, plenty of bounces in the past (both S and R), and coincides almost perfectly with the 76.4 fib ret. Probably extend the range 10 pips to include the double lows from 12/31 at .5734. But of course when you do that, you've got possibly too many bounces from that area recently as well, and mostly from this side.

USDCAD


Here is a short I just took

I have now locked break even in my trade....dont let a winner turn into a loser....I rather get taken out at break even and search for another trade

Closed with 2 pips lol....their will be more trades in the market

I would expect a breach of this level with a bounce from 5767 which coincides with a Fib 38.2.

A good save. Can I share your coffee?

Did anyone take this - now +50

+80

It's not a pair I monitor.

Oh

I'll trade anything if I think it'll move - lol.

We might geta long in the audusd preety soon

Absolutely. There's pairs I trade, those I just monitor day to day but might trade and a few other potentials

I need to get to know the characteristics of a pair before I trade.

AUDUSD


I might buy this puppy...Ill say if I do

Could have been a short after all. Hourly ranges on USDCAD are wide which is not good for your stops.

AUDUSD has weekly s/r, fib 38.2 and a psychological barrier at around 6800.

Nice to have you aboard the NBT thread (again?) Sherm