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  • #7,681
  • Jan 27, 2009 4:39am Jan 27, 2009 4:39am
Quoting RedCabbage
Ah yes I have that from the last uptrend but since the break I am concentrating on fibs from the downtrend. 23.6 is at 13230 not a million miles away.

38.2 is close to 13535 s/r.
Yeah, 3535 is a nice one. It's also 50% on that daily fib.
  • #7,682
  • Jan 27, 2009 4:49am Jan 27, 2009 4:49am
Bottom of a shallow bucket forming on USDCAD at 12271?

Rim at 12236-12379.

Better one on USDCHF 11400?
  • #7,683
  • Jan 27, 2009 4:54am Jan 27, 2009 4:54am
I just took 20 pips on GBPJPY (buy at 125.38 support). I opened a very small position again and couldn't scale out ... Was worth over 50 pips. Damn it!

Edit: was worth over 100 pips. How stupid am I? Somebody slap me hard!
  • #7,684
  • Edited 5:28am Jan 27, 2009 5:12am | Edited 5:28am
Quoting bumasoft
I just took 20 pips on GBPJPY (buy at 125.38 support). I opened a very small position again and couldn't scale out ... Was worth over 50 pips. Damn it!

Edit: was worth over 100 pips. How stupid am I? Somebody slap me hard!
http://1.bp.blogspot.com/_nW2eMRU5Wx...s1600-h/i3.gif

Here's a chart from BRV/nobrainertrades.com that should help. On this chart he shorts from the first arrow and you would keep moving your stop loss lower, and lower as it moves into a new trading range of S/R. On the last line of S/R you see it break through, come back up, attempts unsucessfully to break the support again, and that's where he takes profit.
  • #7,685
  • Jan 27, 2009 5:14am Jan 27, 2009 5:14am
Quoting libb
http://1.bp.blogspot.com/_nW2eMRU5Wx...s1600-h/i3.gif

Here's a chart from BRV/nobrainertrades.com that should help. On this chart he shorts from the first arrow and you would keep moving your stop loss lower, and lower as it moves into a new trading range of S/R. On the last lane of S/R you see it break through, come back up, attempts unsucessfully to break the support again, and that's where he takes profit.
Thanks, libb. The sad part is that I know his method and I studied his chart before, but I am still having problems with emotions, since I lost 50% of my account when I started out, so now it's hard to keep a trade open without taking anything. I'll try to do better next time.
  • #7,686
  • Jan 27, 2009 5:19am Jan 27, 2009 5:19am
Quoting bumasoft
Thanks, libb. The sad part is that I know his method and I studied his chart before, but I am still having problems with emotions, since I lost 50% of my account when I started out, so now it's hard to keep a trade open without taking anything. I'll try to do better next time.
Maybe try practicing this take profit strategy on a demo account. This is a hard hurdle of trading to get over. It's tempting to get in the green and quickly close out, but it doesn't work out in the long run.
  • #7,687
  • Jan 27, 2009 5:22am Jan 27, 2009 5:22am
You build a house by stacking bricks.
  • #7,688
  • Jan 27, 2009 5:30am Jan 27, 2009 5:30am
Thanks RC and libb for your advice . You are right. But it's ok, I think it is better if I learn on this real account, where I can face my emotions and learn to control them. It's a mini account, so I can trade on really small positions. I was on the demo before, but I just can't take that seriously. It's too much of a game for me and I learn bad habits (like overleveraging). I'll try to stack more bricks to my skills as I go along
  • #7,689
  • Jan 27, 2009 5:56am Jan 27, 2009 5:56am
libb

How do you feel about that EURCAD position yesterday?
  • #7,690
  • Jan 27, 2009 5:57am Jan 27, 2009 5:57am
Quoting RedCabbage
libb

How do you feel about that EURCAD position yesterday?
Haha oh boy, its up 400ish. I guess I have to keep an eye on "nobrainer" trades on even the less desirable pairs.
Attached Image (click to enlarge)
Click to Enlarge Name: ec.gif Size: 27 KB
  • #7,691
  • Jan 27, 2009 5:58am Jan 27, 2009 5:58am
Let's say we have the following scenario, like on GBPUSD: price touches support top range at 1.4088, then makes a 21 pip retracement. Price comes back down, touches bottom of support range at 1.4066. Do you also take that? I'm just asking, I didn't take any of these. What do you do if price just touches the top of your range, then you close the trade in profit and it heads back down? Do you buy at the bottom of the range or do you stand aside?

Thanks
  • #7,692
  • Jan 27, 2009 6:03am Jan 27, 2009 6:03am
Quoting libb
Haha oh boy, its up 400ish. I guess I have to keep an eye on "nobrainer" trades on even the less desirable pairs.
Exactly theres a few s/r specialists on FF that are looking in unusual places for set ups. The majors are easily affected by news and many other factors creating 'noise' and making the charts harder to decipher.

Some of these minor pairs have much more stable trends and PA.

The spreads may be higher but look at the potential!
  • #7,693
  • Jan 27, 2009 6:24am Jan 27, 2009 6:24am
Heads up at 1.3080 - 1.3110
  • #7,694
  • Jan 27, 2009 6:31am Jan 27, 2009 6:31am
Quoting bumasoft
Heads up at 1.3080 - 1.3110

I've got a range of 137-100.
  • #7,695
  • Jan 27, 2009 6:40am Jan 27, 2009 6:40am
Quoting bumasoft
Let's say we have the following scenario, like on GBPUSD: price touches support top range at 1.4088, then makes a 21 pip retracement. Price comes back down, touches bottom of support range at 1.4066. Do you also take that? I'm just asking, I didn't take any of these. What do you do if price just touches the top of your range, then you close the trade in profit and it heads back down? Do you buy at the bottom of the range or do you stand aside?

Thanks
It depends BRVs guide (and many others) mention taking the same trade again sometimes or buying in (adding) at a lower level.

However as I said in my post yesterday a move within 20pips of your target will weaken the next level by at least that amount if not more.

I tend to go in at the start of the range, put up with a little draw down but be glad to be in the position. It's hard to pick a precise entry point between 2 s/r lines manually and frustrating if it turns before you get in.

Entry is a compromise.
  • #7,696
  • Jan 27, 2009 6:46am Jan 27, 2009 6:46am
Quoting RedCabbage
It depends BRVs guide (and many others) mention taking the same trade again sometimes or buying in (adding) at a lower level.

However as I said in my post yesterday a move within 20pips of your target will weaken the next level by at least that amount if not more.

I tend to go in at the start of the range, put up with a little draw down but be glad to be in the position. It's hard to pick a precise entry point between 2 s/r lines manually and frustrating if it turns before you get in.

Entry is a compromise.
Fair enough. Thanks for helping out. Maybe someday I can help someone myself, as a thank you
  • #7,697
  • Jan 27, 2009 6:47am Jan 27, 2009 6:47am
USDCAD 1.2370 - 1.24 looking like a no brainer short.
  • #7,698
  • Jan 27, 2009 6:48am Jan 27, 2009 6:48am
Quoting RedCabbage
Bottom of a shallow bucket forming on USDCAD at 12271?

Rim at 12236-12379.

Better one on USDCHF 11400?
CAD broken through 12271.

12380 is 38.2fib of last downtrend on 4hr.
  • #7,699
  • Jan 27, 2009 7:08am Jan 27, 2009 7:08am
I'm long USDCAD, but I think that's a bad decision. Doesn't look good

Update: It was a good idea
  • #7,700
  • Jan 27, 2009 7:50am Jan 27, 2009 7:50am
is any of you guys using this oanda's tool ?

what do you think about that?

http://fxtrade.oanda.com/tools/stati..._summary.shtml
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