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  • #8,701
  • Feb 11, 2009 8:39am Feb 11, 2009 8:39am
Quoting RedCabbage
Interested in a short in USDCAD from 12514-12539
Looking like a good call RC. Did you get a fill?

And, if you don't mind be pickin' yer brains, where would you set your stop loss and what sort of profit target would you be looking for on a 'reversal?' trade like this.
RegardsPaul Eamonn
  • #8,702
  • Feb 11, 2009 8:43am Feb 11, 2009 8:43am
Quoting PaulEamonn
Looking like a good call RC. Did you get a fill?

And, if you don't mind be pickin' yer brains, where would you set your stop loss and what sort of profit target would you be looking for on a 'reversal?' trade like this.
No I could wrong but I'm waiting for a little higher than 12514
  • #8,703
  • Feb 11, 2009 8:56am Feb 11, 2009 8:56am
Quoting RedCabbage
No I could wrong but I'm waiting for a little higher than 12514
But it made huge retracement (almost 100 pips) at 1.2512. I was waiting for 1.2535 or there about to enter but not comfortable with this level again.
  • #8,704
  • Feb 11, 2009 8:58am Feb 11, 2009 8:58am
Quoting RedCabbage
No I could wrong but I'm waiting for a little higher than 12514
You won't be put off by the fact that there was just a 100-ish pip retracement from a level that close?
  • #8,705
  • Feb 11, 2009 9:01am Feb 11, 2009 9:01am
Quoting orcus
You won't be put off by the fact that there was just a 100-ish pip retracement from a level that close?
Yes I am put off. It happens.
  • #8,706
  • Feb 11, 2009 9:21am Feb 11, 2009 9:21am
Quoting RedCabbage
No I could wrong but I'm waiting for a little higher than 12514
and in i go at 1.2511 SL 15 TP 30 perhaps.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 13 KB
  • #8,707
  • Feb 11, 2009 9:33am Feb 11, 2009 9:33am
AUDUSD ...we got a couple of good setups coming up
  • #8,708
  • Feb 11, 2009 9:43am Feb 11, 2009 9:43am
Quoting Knightz
and in i go at 1.2511 SL 15 TP 30 perhaps.
gah.. got stopped out!
  • #8,709
  • Edited 10:20am Feb 11, 2009 9:47am | Edited 10:20am
Quoting RedCabbage
Yes I am put off. It happens.
Sorry, I didn't mean "put off" as in "peeved", I meant would you still take your intended trade given that there was already a good retracement that close?

This is actually one of my issues; what do you find is "too close" to your intended entry as far as an earlier bounce and retracement, such that you will no longer consider entering if it later hits your level?
  • #8,710
  • Feb 11, 2009 10:06am Feb 11, 2009 10:06am
hi guys.. im really intresting with no brainer since it is very logical to me.. but I can manage to decide which one is the good S/R.

I have already read the pdf and train it in demo account which's i ussually win.. but bad things happen when I use the real accout..

any guys hv suggestion? espesially in deciding the S/R in TF 1H and 4H..

tq.. sorry for my bad english..
I draw a line for u... a support line.. not a resistance one..
  • #8,711
  • Feb 11, 2009 10:18am Feb 11, 2009 10:18am
Quoting Knightz
gah.. got stopped out!
Zooming out to the 1hr, your general level was good but you can see where prior attempts above 1.25 had made progress above before reversing and that the spike you shorted certainly had a probability of attempting to test that previous high before coming back down.

Agree?

5m charts...eek. It looked like a decent setup until you take a step back and say ahh, maybe I should have timed my entry closer to the hourly spike high? Or managed my entry by scaling in smaller portions up to that spike?

Just my comments as I was watching this trade, originally thinking it looked good...until the 1hr showed a different story.

Thoughts?
  • #8,712
  • Feb 11, 2009 10:19am Feb 11, 2009 10:19am
Quoting left_trader
hi guys.. im really intresting with no brainer since it is very logical to me.. but I can manage to decide which one is the good S/R.

I have already read the pdf and train it in demo account which's i ussually win.. but bad things happen when I use the real accout..

any guys hv suggestion? espesially in deciding the S/R in TF 1H and 4H..

tq.. sorry for my bad english..

Preety simple when looking at a charts trade the once that stand out and not the once that you have to try and figure out if its a level....those levels require patience if you find a level all the time means your not using the correct levels.
  • #8,713
  • Feb 11, 2009 10:21am Feb 11, 2009 10:21am
Quoting Knightz
gah.. got stopped out!
Entry too early stop too tight. Look at the pip ranges of any pair you are likely to trade some can move 20 pips a minute. If the range is too large look elsewhere.

Currently even 40-50 pips is tight on most pairs, you have to choose your entry carefully and make sure your stop is behind another s/r.

Finally always keep your RR ratio 2:1+ i.e only risk a 40 pip s/l against a 80+pip No Brainer.
  • #8,714
  • Feb 11, 2009 10:24am Feb 11, 2009 10:24am
Alright guys take it easy I will now go hibernate ....great trading day
  • #8,715
  • Feb 11, 2009 10:32am Feb 11, 2009 10:32am
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?
my long @ 8970 is already 40 pip in the money. moved my SL to BE
luck?
  • #8,716
  • Feb 11, 2009 10:32am Feb 11, 2009 10:32am
Quoting RedCabbage
No I could wrong but I'm waiting for a little higher than 12514
The 90pip fall from 12514 did put me off a bit but the strength of the next push to 12530 was perfect as it means all the sellers would move together.

A NBT of 84 pips.

All the answers really are in this thread and the pdf.
  • #8,717
  • Feb 11, 2009 10:39am Feb 11, 2009 10:39am
Quoting schmurex
my long @ 8970 is already 40 pip in the money. moved my SL to BE
luck?
No it's not luck because you identified the trade and took it. Everyone uses this method in their own way, you'll often hear the phrase "trade what you see", your charts hold the key to your success not anyone elses.

I see 8970 s/r better in 5min but I only go down that far to watch price action.
  • #8,718
  • Feb 11, 2009 10:41am Feb 11, 2009 10:41am
Quoting RedCabbage
The 90pip fall from 12514 did put me off a bit but the strength of the next push to 12530 was perfect as it means all the sellers would move together.

A NBT of 84 pips.

All the answers really are in this thread and the pdf.
IMHO 2537 level is still valid for a retest before breaking through.
I allready missed it twice for 2 to 4 pips. hope to get it next time.
  • #8,719
  • Feb 11, 2009 10:44am Feb 11, 2009 10:44am
Quoting RedCabbage
No it's not luck because you identified the trade and took it. Everyone uses this method in their own way, you'll often hear the phrase "trade what you see", your charts hold the key to your success not anyone elses.

I see 8970 s/r better in 5min but I only go down that far to watch price action.
Thanks
I moved my SL to BE+10 but PA make me think that it might retest 8970 ...
  • #8,720
  • Feb 11, 2009 10:46am Feb 11, 2009 10:46am
Quoting RedCabbage
The 90pip fall from 12514 did put me off a bit but the strength of the next push to 12530 was perfect as it means all the sellers would move together.

A NBT of 84 pips.

All the answers really are in this thread and the pdf.
I'm almost caught up with the thread and have read the pdf, but sometimes I get mixed signals. For example: BRV says a good retracement that close to your planned entry makes it much less likely that your trade will get a good bounce, particularly if the retracement was recent; this was a 100 pip ret within an hour, so by those criteria I would have thought the trade was no longer an NBT and in fact pretty risky. You say the strong move back up convinced you the trade would still be good, but isn't strong price momentum toward the line usually another sign that the line won't hold, i.e., shouldn't that have made the trade seem even less likely rather than moreso?

And that's not even taking into account the fact that that area had already been bounced off of several times over the past week, yet another factor that would have made me think that, if anything, a breakout would be the no brainer.
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