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  • #7,641
  • Jan 26, 2009 7:59am Jan 26, 2009 7:59am
Quoting kojak
yep
took two trades today..eur/gbp +90 pip(posted a couple of hours ago) and now this one with sl moved to break even right now.
a great day today..
cu
kojak
Great trading there, kojak! Good luck!
  • #7,642
  • Jan 26, 2009 8:03am Jan 26, 2009 8:03am
Quoting orcus
RC, why 1.2133? I don't really see anything there.
I always work on price zones rather than a single level. As it is very rare for a reversal exactly to the pip. Usually I use 2 obvious s/r lines but sometimes wicks form a zone.

133 is the close and open of the lows on 14th Jan on a 1Hr chart. I should have chosen the candle bodies on this date in a 4hr chart as this matched up with the 61.8Fib at 12145 which it actually reacted to.
  • #7,643
  • Jan 26, 2009 8:11am Jan 26, 2009 8:11am
Quoting RedCabbage
I always work on price zones rather than a single level. As it is very rare for a reversal exactly to the pip. Usually I use 2 obvious s/r lines but sometimes wicks form a zone.

133 is the close and open of the lows on 14th Jan on a 1Hr chart. I should have chosen the candle bodies on this date in a 4hr chart as this matched up with the 61.8Fib at 12145 which it actually reacted to.
I understand your reasoning. Isn't this a bit confusing though? I mean for me, the actual zone (if I include 1.2133) is 1.2133 - 1.2070 ... This is a 60 pip area. It gets hard to know where to actually enter. I guess I'll learn this with experience, maybe...
  • #7,644
  • Jan 26, 2009 8:19am Jan 26, 2009 8:19am
Quoting bumasoft
I understand your reasoning. Isn't this a bit confusing though? I mean for me, the actual zone (if I include 1.2133) is 1.2133 - 1.2070 ... This is a 60 pip area. It gets hard to know where to actually enter. I guess I'll learn this with experience, maybe...
Here's the link: -

http://www.nobrainertrades.com/2008/...ng-trades.html


My entry should have been 12147(+6), the top of the range.

You could include 12070, but 12104 is historically very significant and coincides with a daily TL so I am looking for an entry range above that.

Have a look back through some charts and you'll see how many 'wick zones' create a reversal.

I had my 61.8 Fib all on it's own, I should have looked harder for a s/r level to support it.
  • #7,645
  • Jan 26, 2009 8:19am Jan 26, 2009 8:19am
AU is retesting the neckline at 85 of an inverse head and shoulders, nice resistance turned support. what u cats think of Longs ?
  • #7,646
  • Jan 26, 2009 8:22am Jan 26, 2009 8:22am
Quoting RedCabbage
Here's the link: -

http://www.nobrainertrades.com/2008/...ng-trades.html


My entry should have been 12147(+6), the top of the range.

You could include 12070, but 12104 is historically very significant and coincides with a daily TL so I am looking for an entry range above that.

Have a look back through some charts and you'll see how many 'wick zones' create a reversal.

I had my 61.8 Fib all on it's own, I should have looked harder for a s/r level to support it.
Ok, good point there and thanks for the article
  • #7,647
  • Jan 26, 2009 8:32am Jan 26, 2009 8:32am
Similar set up now on USDCHF.

418-384 there is a daily TL. 23.6Fib and a nice round number!

EFA
  • #7,648
  • Edited 8:55am Jan 26, 2009 8:36am | Edited 8:55am
Quoting RedCabbage
Similar set up now on USDCHF.

418-384. No Fib confirmation but there is a daily TL.
Cool, I had 2 limit orders, one at 410 and one at 390 (to account for the spread). 418 looks a bit too far for me, I don't want to risk too much as a noob . Let's see how it goes.

Update: Got in at 1.1419 + 6 (spread), after I saw price stalling. Have 2 more orders at 1.1410 and 1.1390. Thanks for the heads up, RC!

Update: Closed for +21 pips. I opened up a very small position, so I couldn't scale out . I still have those two orders lower.
  • #7,649
  • Jan 26, 2009 9:09am Jan 26, 2009 9:09am
Quoting bumasoft
Cool, I had 2 limit orders, one at 410 and one at 390 (to account for the spread). 418 looks a bit too far for me, I don't want to risk too much as a noob . Let's see how it goes.

Update: Got in at 1.1419 + 6 (spread), after I saw price stalling. Have 2 more orders at 1.1410 and 1.1390. Thanks for the heads up, RC!

Update: Closed for +21 pips. I opened up a very small position, so I couldn't scale out . I still have those two orders lower.
Spot on.

I still have 11390.
  • #7,650
  • Jan 26, 2009 9:11am Jan 26, 2009 9:11am
Quoting kojak
yep
took two trades today..eur/gbp +90 pip(posted a couple of hours ago) and now this one with sl moved to break even right now.
a great day today..
cu
kojak
sl got hit with trailin stop at 89,30 so thats +30 pips on usd/jpy..
im out for today...
happy trading folks.
kind regards AND for this thread
kojak
  • #7,651
  • Jan 26, 2009 9:22am Jan 26, 2009 9:22am
Second buy was hit on USDCHF @ 1.1410, I have another one at 1.1390 that will possibly get hit. Let's see how this goes.
  • #7,652
  • Jan 26, 2009 9:27am Jan 26, 2009 9:27am
Quoting kojak
sl got hit with trailin stop at 89,30 so thats +30 pips on usd/jpy..
im out for today...
happy trading folks.
kind regards AND for this thread
kojak

Tidy trading kojak!
  • #7,653
  • Jan 26, 2009 9:30am Jan 26, 2009 9:30am
Do you guys often trade this late (after 16 pm GMT)? Market is very slow. Just want to check if someone is trading with success outside the EU session.

Thanks.
  • #7,654
  • Jan 26, 2009 9:41am Jan 26, 2009 9:41am
Quoting bumasoft
Do you guys often trade this late (after 16 pm GMT)? Market is very slow. Just want to check if someone is trading with success outside the EU session.

Thanks.
It's approaching lunchtime in the US so it does get quieter.

Whether I carry on past this time depends on: -

 

  1. if I've made target
  2. significant levels are in reach
  3. how delicate my open positions are
  4. significant news announcements
  5. whether I've got something better to do

HTH

  • #7,655
  • Jan 26, 2009 9:44am Jan 26, 2009 9:44am
Quoting RedCabbage
It's approaching lunchtime in the US so it does get quieter.

Whether I carry on past this time depends on: -

  1. if I've made target
  2. significant levels are in reach
  3. how delicate my open positions are
  4. significant news announcements
  5. whether I've got something better to do

HTH

Ok so, if:

1. I don't have a target, I try to get what I can from the market
2. Significant levels are in reach
3. I don't have any open positions
4. There are no significant news announcements
5. I don't have anything better to do.

Then I'm prolly doing the right thing

Thanks.
  • #7,656
  • Jan 26, 2009 9:54am Jan 26, 2009 9:54am
Significant levels don't hold as much sway during illiquid hours and no news. Something to keep in mind. I think these off-hours are probably best suited for small scalps, only worth the time if you really have nothing better to do. Of course there will be some big moves here and there, but they can be hard to pick up on.
  • #7,657
  • Jan 26, 2009 10:00am Jan 26, 2009 10:00am
Interesting day.. stock correlation intact..dayhigh pop through round no...But EYen hasnt followed..so possible retest 311X if S&P falls into close?? watch last 30 minutes..nice rally on dax ...IMHO important where SP closes..
E$ bulls need good close here.. and need to test 33 handle going forward this next few days..Size of US hhdebt getting a lot of scary exposure from the talking heads..BTW G$ looking toppy..wonder if it will actually get to the 40 handle for that bounce ?

RC /smitty...any HiTech TA take .. on this?
  • #7,658
  • Jan 26, 2009 10:01am Jan 26, 2009 10:01am
Quoting smittens4212
Significant levels don't hold as much sway during illiquid hours and no news. Something to keep in mind. I think these off-hours are probably best suited for small scalps, only worth the time if you really have nothing better to do. Of course there will be some big moves here and there, but they can be hard to pick up on.
Yeah, actually I have an exam tomorrow, but... I hate to learn that crap, so I'd better scalp some pips

Thanks.
  • #7,659
  • Jan 26, 2009 10:06am Jan 26, 2009 10:06am
How stupid was I to close the USDCHF buy at 1.1410 at 1 pip because of fear? ... Was worth at least 30 pips. I suck!
  • #7,660
  • Jan 26, 2009 10:09am Jan 26, 2009 10:09am
Anyone watching 88.60 - 88.70 on USDJPY?

Update: I missed the range again... It was 88.80 - 88.60...
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