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  • #7,741
  • Jan 28, 2009 3:16am Jan 28, 2009 3:16am
Ive just shorted the £/Yen at 12770. I've just taken off half the position at 12741 and let the other half run. It's just a shame it is a demo account!!

Hi Willowgal - how is the weather all the way over there in Newmarket?

I've been looking at those Renko charts you posted up. Do you use the combination of a change in colour and the close proximity of support/resistance to enter a trade?
RegardsPaul Eamonn
  • #7,742
  • Jan 28, 2009 3:20am Jan 28, 2009 3:20am
Quoting orcus
Where does the 1315 come from? The range I have marked is 1248 (76 fib) - 1289 (sr).
I have too lows there on the H1. I have 1289 too, but there are some recent lows on 1315.
  • #7,743
  • Jan 28, 2009 3:24am Jan 28, 2009 3:24am
Have moved my stop loss to breakeven already...

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 22 KB
  • #7,744
  • Jan 28, 2009 3:37am Jan 28, 2009 3:37am
Quoting bumasoft
Watching USDCHF 1.1280 - 1.1315 area. Possible buy.

I'm avoiding that pair for a little while, too much ranging for me. Just my humble input.
  • #7,745
  • Jan 28, 2009 3:46am Jan 28, 2009 3:46am
Hi Gareth- I got your pm but the system won't let me reply. I'll need to contact admin to get them to sort it out.

I'll get in contact as soon as I can.
RegardsPaul Eamonn
  • #7,746
  • Jan 28, 2009 3:51am Jan 28, 2009 3:51am
Quoting libb
I'm avoiding that pair for a little while, too much ranging for me. Just my humble input.
Yeah, that and USDCAD look fuzzy. Maybe bacause of the US rate decision today?
  • #7,747
  • Jan 28, 2009 3:57am Jan 28, 2009 3:57am
Anyone looking at the Euro/£. Looks to me like it is approaching a buy around the 9240/60 level.

There is quite a long term support level, a 38.2 retacement from 9518/8843, a 100% extension of the recent down move 9518/9338 and, if that's not all, there are 50% and a 61.8% retracement lines created from intermediate lows.
RegardsPaul Eamonn
  • #7,748
  • Jan 28, 2009 3:58am Jan 28, 2009 3:58am
Anyone looking at USDCAD at 1.2160?
  • #7,749
  • Jan 28, 2009 4:16am Jan 28, 2009 4:16am
Quoting misterboy
Anyone looking at USDCAD at 1.2160?
I'm only getting long if it gets near 1.2100. I don't like how it's acting right now.
  • #7,750
  • Jan 28, 2009 4:18am Jan 28, 2009 4:18am
Quoting bumasoft
I'm only getting long if it gets near 1.2100. I don't like how it's acting right now.
Yea im not watching it anymore. It started going up a few pips before 2160 and now I dont have confidence to go long again at 2160. I have support again at 2118
  • #7,751
  • Jan 28, 2009 4:20am Jan 28, 2009 4:20am
Quoting misterboy
Yea im not watching it anymore. It started going up a few pips before 2160 and now I dont have confidence to go long again at 2160. I have support again at 2118
Yup, that's better. 1.2118 - 1.2100. Looks decent to me.
  • #7,752
  • Jan 28, 2009 4:29am Jan 28, 2009 4:29am
Both USD CHF (rising wedge on H1) and USD CAD (pennant on H1) look to becoming break out trade possibilities in my opinion
Gone to a better place
  • #7,753
  • Jan 28, 2009 4:41am Jan 28, 2009 4:41am
NZDUSD is also pending a breakout. It's been playing in a range (0.5250 - 0.5340) for a while. Possible break to the downside.
  • #7,754
  • Jan 28, 2009 4:54am Jan 28, 2009 4:54am
GBPJPY

I have another level at 129.37 that coincides with the 62% fib retr. from Jan/18 high to Jan/23 low. So be careful of overshooting 128.76.

There is also another minor level at 128.45.

T.

Quoting Siam
Morning,

Have a nice level on GBP/JPY coming up @ 12876. Cable is also nearing 14466. These look like good levels to fade at the moment.

Have a good day out there guys.
  • #7,755
  • Jan 28, 2009 5:05am Jan 28, 2009 5:05am
Quoting smikester
Both USD CHF (rising wedge on H1) and USD CAD (pennant on H1) look to becoming break out trade possibilities in my opinion

They're both trying to form buckets.
  • #7,756
  • Jan 28, 2009 5:15am Jan 28, 2009 5:15am
Quoting PaulEamonn
Ive just shorted the £/Yen at 12770. I've just taken off half the position at 12741 and let the other half run. It's just a shame it is a demo account!!

Hi Willowgal - how is the weather all the way over there in Newmarket? Still raining....
I've been looking at those Renko charts you posted up. Do you use the combination of a change in colour and the close proximity of support/resistance to enter a trade?
Hi Paul,

I do pretty much the same as in BRV's pdf... it is just all done in a lot shorter t/f. Even fibs seem to be respected, especially if a level has been used at least once before (within say the last hour) - I mark of levels to watch and then look at the price action (using the Renko chart and also the Market Watch ticker on MT4) to look for either a change of momentum for a reversal or strength to take out a level for a breakout.

Like this one below ... the charts seem to make the levels more obvious to see if anything.
Attached Image (click to enlarge)
Click to Enlarge Name: renko usdchf r s.gif Size: 23 KB
  • #7,757
  • Jan 28, 2009 7:04am Jan 28, 2009 7:04am
Quoting Willowgal
Hi Paul,

I do pretty much the same as in BRV's pdf... it is just all done in a lot shorter t/f. Even fibs seem to be respected, especially if a level has been used at least once before (within say the last hour) - I mark of levels to watch and then look at the price action (using the Renko chart and also the Market Watch ticker on MT4) to look for either a change of momentum for a reversal or strength to take out a level for a breakout.

Like this one below ... the charts seem to make the levels more obvious to see if anything.
This Renko chart only shows one bar for me... Do I have some settings wrong or what? I have box size and bar width set to 3, like you said.

Thanks.

Update: Sorry, it's working. I guess I wasn't used to how it works
  • #7,758
  • Jan 28, 2009 7:29am Jan 28, 2009 7:29am
Willowgal - I think I'm going to have to take a closer look at it. From what you said yesterday I think you and I are similar. We both want to trade, and we want to trade NOW!

One more question - by 'Market Watch ticker' do you mean the tick chart in the trade window you can see on the left when placing a trade?

Bumasoft - afraid you'll have to get up earlier and let the chart load up the data before you start looking at it!
RegardsPaul Eamonn
  • #7,759
  • Jan 28, 2009 7:31am Jan 28, 2009 7:31am
Quoting PaulEamonn
Willowgal - I think I'm going to have to take a closer look at it. From what you said yesterday I think you and I are similar. We both want to trade, and we want to trade NOW!

One more question - by 'Market Watch ticker' do you mean the tick chart in the trade window you can see on the left when placing a trade?

Bumasoft - afraid you'll have to get up earlier and let the chart load up the data before you start looking at it!
LOL. Sorry guys, I'm prolly just like you guys (I want to trade and I want to do it now). That's my personality
  • #7,760
  • Jan 28, 2009 7:35am Jan 28, 2009 7:35am
I am long on USDCAD. This is going down like crazy. SH******T!

Did anyone else take this trade?
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