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  • #8,821
  • Feb 13, 2009 8:28am Feb 13, 2009 8:28am
Quoting bumasoft
Yup, that's where my exit would be.

LE: Actually, my exit was my stop loss...
Thats life, many more oppurtunities exist. Lost one today with NZDJPY. After that I decided that I will start concentrate on the crosses that have spread 6pips and under. Two advantages to that I dont miss as many setups and with less crosses to do research on I will be better able to understand there price action.
  • #8,822
  • Feb 13, 2009 8:34am Feb 13, 2009 8:34am
Quoting islandpippin
Thats life, many more oppurtunities exist. Lost one today with NZDJPY. After that I decided that I will start concentrate on the crosses that have spread 6pips and under. Two advantages to that I dont miss as many setups and with less crosses to do research on I will be better able to understand there price action.
Yup. I'm starting to be pretty calm with this lately. I'm not affected anymore. Just looking for the next good opportunity. No anger, no greed, no fear = no pain
  • #8,823
  • Feb 13, 2009 9:06am Feb 13, 2009 9:06am
Quoting misterboy
I took that trade the last time it got to around 1.1520. But its touched about 3-4 times already and not too much time apart, I dont know what to expect when it gets there again

Anyone have any idea?
I agree with the concern on the multiple touches...that is a four hour chart and we're looking at some distance in between the last and the next (possibly next week?)...I'll have to refer to the PDF for details on this.

All of that being said & taking a step back...this doesn't look to be a NBT.
  • #8,824
  • Edited 10:12am Feb 13, 2009 9:52am | Edited 10:12am
0-2 again for me last night. Presumably I should not have entered due to strong momentum, but since I'm still just in the data-gathering stage, I went ahead.

gbp/jpy short @ 133.40

eur/gbp long @ .8905

Of course the pairs were correlated, so it's no surprise they both failed. In that situation, would you all only go with one of them rather than taking on twice the risk?
  • #8,825
  • Feb 13, 2009 10:02am Feb 13, 2009 10:02am
Quoting sam0182
I agree with the concern on the multiple touches...that is a four hour chart and we're looking at some distance in between the last and the next (possibly next week?)...I'll have to refer to the PDF for details on this.

All of that being said & taking a step back...this doesn't look to be a NBT.
what PDF are u referring to?Can i have a look?Thanks........Ayour2a
  • #8,826
  • Feb 13, 2009 10:26am Feb 13, 2009 10:26am
Quoting ayour2a
what PDF are u referring to?Can i have a look?Thanks........Ayour2a
Sorry for the confusion, I was referring to the BRV's PDF with detail regarding support/resistance lines that have been used and abused, etc.
  • #8,827
  • Feb 13, 2009 10:36am Feb 13, 2009 10:36am
Quoting sam0182
Sorry for the confusion, I was referring to the BRV's PDF with detail regarding support/resistance lines that have been used and abused, etc.
ok
  • #8,828
  • Edited 12:17pm Feb 13, 2009 12:07pm | Edited 12:17pm
Quoting bumasoft
So when you're countertrend, it's best to use limit orders and when you're with the trend, enter manually?
Erm no. As with everything here there ar no hard and fast rules but generally you would watch the PA of a countertrend trade as it is likely to lose momentum more slowly whereas a trend trade from a pullback might be caught better by a limit order/buy stop as being with the trend is should have more momentum.

But I guess it all depends on personal preference, confidence in the s/r level and speed the pair is moving.
  • #8,829
  • Feb 13, 2009 12:15pm Feb 13, 2009 12:15pm
Quoting orcus
In that situation, would you all only go with one of them rather than taking on twice the risk?
You're right. There's no point going for two trades that are linked directly or inversely, you are doubling your risk. It would be the same as doubling your lot size.

Look at both options and try to choose the best based on spread, TP, nearby s/r etc.
  • #8,830
  • Feb 13, 2009 12:45pm Feb 13, 2009 12:45pm
Billy, it's been a long time since I've been here. Just wanted to drop in and say HI!

It's great to see the thread still going.

Cisco
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  • #8,831
  • Feb 13, 2009 1:36pm Feb 13, 2009 1:36pm
Quoting ciscoguy
Billy, it's been a long time since I've been here. Just wanted to drop in and say HI!

It's great to see the thread still going.

Cisco
I look forward to seeing the gap trade posts again...!
  • #8,832
  • Feb 13, 2009 2:17pm Feb 13, 2009 2:17pm
This week was pretty good. Had very few trades (5-6 max) but just 1 loser.
  • #8,833
  • Feb 13, 2009 2:18pm Feb 13, 2009 2:18pm
Quoting misterboy
This week was pretty good. Had very few trades (5-6 max) but just 1 loser.
Congrats, I went 1-5 ($1 trades, luckily)
  • #8,834
  • Feb 13, 2009 2:22pm Feb 13, 2009 2:22pm
Quoting orcus
Congrats, I went 1-5 ($1 trades, luckily)
Thanks
  • #8,835
  • Feb 13, 2009 3:10pm Feb 13, 2009 3:10pm
Watching the Sam Sieden videos (slow afternoon at work).

Do any of you fellas use the indicators he mentions...

CCI (14)
Bollinger Bands (20)

?

Thanks!
  • #8,836
  • Feb 13, 2009 3:54pm Feb 13, 2009 3:54pm
Quoting unlv_tj
Watching the Sam Sieden videos (slow afternoon at work).

Do any of you fellas use the indicators he mentions...

CCI (14)
Bollinger Bands (20)

?

Thanks!
I dont use them for support/resistance but I liked one of the strategies he taught where you take all the ob signals of CCI/stochs in a downtrend and do the opposite in a up trend. I eyeballed it a bit, looks pretty good on higher TFs like 4 hr or daily. It can be a good longer term strategy.
  • #8,837
  • Feb 15, 2009 5:49pm Feb 15, 2009 5:49pm
Despite the US Holiday I'll be looking in here tomorrow. I remember Siam had a good day last US Bank Holiday - I always choose the wrong holidays to take!
  • #8,838
  • Edited 11:01pm Feb 15, 2009 5:54pm | Edited 11:01pm
Agreed

If something goes holiday or not there's still money to be made.

Big gaps this morning and the Euro is again nearing that strong diagonal level again.
Attached Image (click to enlarge)
Click to Enlarge Name: sr29.gif Size: 29 KB
  • #8,839
  • Feb 15, 2009 11:35pm Feb 15, 2009 11:35pm
Going with what Siam posted...

Coinciding with the gap open (and expectation of it closing) with the 1.27 support figure...NBT material?

The fact that 1.27 has already been used (and abused?) is my primary concern. Otherwise, a long in the area of 1.27 looks like a straight forward trade with the gap close offering more incentive.

http://i24.photobucket.com/albums/c2...r/Forex/EU.jpg
  • #8,840
  • Feb 16, 2009 5:27am Feb 16, 2009 5:27am
Good morning all. Wow it's quiet on here today! Nobody watching anything or has the entire world taken President's Day off?
RegardsPaul Eamonn
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