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  • #8,681
  • Feb 11, 2009 5:44am Feb 11, 2009 5:44am
Quoting sivaji
Congrats!!!

I've short @0.9024 after the news... already change sl to b/e +10
if it manage to get to .9075 - .9085 willshort again....
Good job there
  • #8,682
  • Feb 11, 2009 5:47am Feb 11, 2009 5:47am
Quoting eswap0
Thanks!
Just a question: Why 9085 instead of a lower value such as 9078? There are some pikes that define the RL which are lower than 9085...
Thanks!
"Round number" ... I assume RC would go lower than that, to account for the shortfall and spread anyway.
  • #8,683
  • Feb 11, 2009 5:49am Feb 11, 2009 5:49am
I get to browse at this thread time to time, and it is very interesting to me.

I notice the USDJPY is at the 90.000 level (which seems to hold some historical significance). It has returned to this level in just this trading session.

It has not really bounced to go long, but instead has sit right in that area.

Can you tell me why you guys didn't look to go long at this level?

Thanks!
  • #8,684
  • Feb 11, 2009 5:51am Feb 11, 2009 5:51am
Quoting eswap0
Thanks!
Just a question: Why 9085 instead of a lower value such as 9078? There are some pikes that define the RL which are lower than 9085...
Thanks!
Go to your 4h chart plot a 9085* line and you'll see it has been used for both support and resistance on several occasions as far back as 13 Jan.

The best levels have been both support and resistance.

*Your charts may vary slightly to mine.
  • #8,685
  • Edited 5:54am Feb 11, 2009 5:53am | Edited 5:54am
Quoting eswap0
Thanks!
Just a question: Why 9085 instead of a lower value such as 9078? There are some pikes that define the RL which are lower than 9085...
Thanks!
RC. My thoughts too - but at a lower level - say 9040. Or is the size of stop loss required to cover the range too much and so you're not prepared to trade unless it gets up to 9085?

Edit: Well that answers my question. Thanks RC.
RegardsPaul Eamonn
  • #8,686
  • Feb 11, 2009 6:00am Feb 11, 2009 6:00am
Quoting unlv_tj
I get to browse at this thread time to time, and it is very interesting to me.

I notice the USDJPY is at the 90.000 level (which seems to hold some historical significance). It has returned to this level in just this trading session.

It has not really bounced to go long, but instead has sit right in that area.

Can you tell me why you guys didn't look to go long at this level?

Thanks!
The long is from a range 9000-8976 - it isn't exactly taking off yet but there's still a chance. IT IS COUNTER TREND THOUGH.
  • #8,687
  • Feb 11, 2009 6:01am Feb 11, 2009 6:01am
Quoting RedCabbage
Go to your 4h chart plot a 9085* line and you'll see it has been used for both support and resistance on several occasions as far back as 13 Jan.

The best levels have been both support and resistance.

*Your charts may vary slightly to mine.
Thank you.
RL is clear: my thought was just that as some points of this RL were slightly below 9085, setting the entry some pips below would increase the probability of getting filled, although at a "higher cost".
Thanks!
Trading: the skill of avoiding trades
  • #8,688
  • Feb 11, 2009 6:50am Feb 11, 2009 6:50am
Something defently setting up...

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  • #8,689
  • Feb 11, 2009 6:58am Feb 11, 2009 6:58am
Quoting RedCabbage
9085-9123 looks interesting for shorts
Why not consider also the trade from the actual level (about 9000) to 9085 since it look like being with the trend so it could be a buy limit order around 8970 with partial TP around 9070.
What do you think?
  • #8,690
  • Feb 11, 2009 7:08am Feb 11, 2009 7:08am
Quoting schmurex
Why not consider also the trade from the actual level (about 9000) to 9085 since it look like being with the trend so it could be a buy limit order around 8970 with partial TP around 9070.
What do you think?
That's not a No Brainer to me.

Just IMO.

The ideal 1h trend trade was at the pullback to 8900
  • #8,691
  • Feb 11, 2009 7:20am Feb 11, 2009 7:20am
Quoting RedCabbage
That's not a No Brainer to me.

Just IMO.
Thanks for the answer.
on my chart 8970 has a long history of being used as R/S
and since it has been recently violated if price test it again and bounce from it, isn't it a NBT?
  • #8,692
  • Feb 11, 2009 7:23am Feb 11, 2009 7:23am
up 16 pips once up in profit a decent amount I will move stop to brek even and let it do as it wishes...

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  • #8,693
  • Feb 11, 2009 7:23am Feb 11, 2009 7:23am
Quoting schmurex
Thanks for the answer.
on my chart 8970 has a long history of being used as R/S
and since it has been recently violated if price test it again and bounce from it, isn't it a NBT?
Cool. Can you attach a chart?
  • #8,694
  • Feb 11, 2009 7:47am Feb 11, 2009 7:47am
Up 30 pips stop to break even let do as it whants ....will secure profits once resistance gets hit....

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  • #8,695
  • Feb 11, 2009 7:51am Feb 11, 2009 7:51am
Will now secure some profits and let it do as it whants...easy pips...

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  • #8,696
  • Feb 11, 2009 7:54am Feb 11, 2009 7:54am
Quoting RedCabbage
Cool. Can you attach a chart?
Here you are, at least 5 touches it reacted from (more if you count a 10 pip zone around this level) and there is obviously more on a smaller TF.
Maybe I'm not seeing it right???
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  • #8,697
  • Feb 11, 2009 8:08am Feb 11, 2009 8:08am
Interested in a short in USDCAD from 12514-12539
  • #8,698
  • Feb 11, 2009 8:17am Feb 11, 2009 8:17am
Quoting schmurex
Here you are, at least 5 touches it reacted from (more if you count a 10 pip zone around this level) and there is obviously more on a smaller TF.
Maybe I'm not seeing it right???
It is possible to see s/r everywhere, but the real skill is in identifying the significant ones.

8970 doesn't get me excited from a pure s/r point of view however is it a 38.2 Fib of the last big sell off.
  • #8,699
  • Feb 11, 2009 8:24am Feb 11, 2009 8:24am
got some and the rest was taken out at break even.The market is not ready yet
  • #8,700
  • Feb 11, 2009 8:33am Feb 11, 2009 8:33am
Quoting RedCabbage
It is possible to see s/r everywhere, but the real skill is in identifying the significant ones.

8970 doesn't get me excited from a pure s/r point of view however is it a 38.2 Fib of the last big sell off.
Thank you.
I had also the fib on my chart but I made a simplified one for clarity.
8970 is also R1 of pivot point and 76.4 of the last significant part of the drop.
But as you said one can easily see SR and important fib level everywhere.
I wanted just to have your opinion, because I see more counter trend scalps that trend break-out posted on this thread and wondered why...
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