No Brainer Trades

Alright guys take it easy I am now going to bed let the pips be with you guys

Hi,

The setup looked to me more like a inverse bucket. Am I right.

Regards

Thomas

Hi Shermenator,

Why do you have green and orange levels in your chart? Both say S&R?!

regards from a more or less useless time zone
(+12)
Thomas

they simply mean they come from different timeframes

I had a support level at 1.4805 on G/U. One hour candlestick closed above support. I got in a little high (1.4815) then price went up to 1.4727. It then dropped dramatically through my stop loss of 1.4790. Was I wrong in believing this was a good support level?

Hi DAD,

There is probably no real clear, satisfying answer to your question, but here are a few observations:

First, rule number ONE in trading is that the market is going to do whatever it darn well pleases. Our job is to submit to the market; it will never submit to us. So, with that behind us, here are some other thoughts.

This level, while a reasonable level on the 1H and higher charts, with some historical S/R behind it, is still, IMHO, rather naked. By that I mean that there are no supporting factors to strengthen it. I like to see some Fib retracements or extensions fall into line on the same level. Other people look for other S/R indicators (Pivots, etc.) in confluence. These are not necessary but they do increase the probabliity.

Time of day is important. This level was hit at the end of the day; London and Europe were closed. New York was closed. Only the Asian markets were open and volatility was thin. No news on these currencies was imminent for about nine hours, after the NY open.

This trade would be a counter trend trade and counter to the fundementals as well. We are in a period of risk aversion. Funds are moving into the USD. The london economy is in the toilet as is the EZ and rates are expected to fall some more. This is being priced in.

So, given all of that, one can still take this trade. But, in recognition of all of that, the prudent trader should think of reducing the trade size, reducing the risk, watching price action carefully, etc. And of course, keeping in mind that the market will do what it wants.

I hope this helps.

SR

Whats up guys

Currently long in the gbpusd...its a scalp trade since it against the current rythem meaning I go lighter in the trade...pluss 61.8 fibb

closed my little scalp with a minor loss

Artnoon,

Some interesting levels cropping up Aud/usd 6760 has broken & the beast is heading down to 12980 major support.

Still holding the Eur & Usd trades from yesterday and looking forward to Blighty adding some weight behind it all.

It might be but I don't look for buckets or flags or pennants or any other stuff - lol.

All I see is clear levels of S/R and double tops.

On the chart there was very clear resistance around 66/67 and it was also a double top. The RR on this was amazing!!

Nope the level is not wrong...what you see in my picture is that the place the buying actually took place was at 4816 and then price gave that bullish candle...one you see this it showing you it was buying at that spot and that the level you had right below has lost some of the buyers since some of the orders got filled just above the level....its alwasy better when price comes directly to the level instead of stopping at several places before getting in to it since what you whant is to have all the buyers in one spot an not spread out.Meaning that once you saw that the buying took place above the level you whanted its better to let it go and wait for the market to give you an entry that does exactly what you whant...

Heres a little somthing for you guys to look at....make a plan and trade it...

Don't disagree, but with oil dropping - that can't be
helping our friends to the north - thoughts?

Well keep in mind oils rythem in the daily chart is back to the bullish side unless it goes back below 40 buck a barrel...also keep in mind the long wicks your starting to get in oil at the bottom representingng the buying pressure also head and shoulders...this usdcad trade is also against the rythem in the smaller timeframes from daily down.....so shorts are scalps and longs are hold so your money management should be around the conditions being faced...I primerly just trade what I see on the charts ...I also only sell when price is going up and buy when price is going down...I always do the opposite of price

Works for me but oil is at $36.47 right now
http://www.livecharts.co.uk/MarketCharts/crude.php

yep your right for some reason my chart was freezing up on oil...thanks

No Problem -- You can also get gold prices from that site

Just won my short in the usdcad

I've forgotten what it's like to be awake all night and posting every 20mins along with 5 or 6 others all the time. Damn work in the next few hours. Some day...some day....