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  • #8,941
  • Feb 17, 2009 6:27pm Feb 17, 2009 6:27pm
Morning

Fire works yes and on the menu today is ajuicy prime 12600 area on the Usd/Cad
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  • #8,942
  • Feb 17, 2009 6:46pm Feb 17, 2009 6:46pm
Hi,

Here is a nice chart to look at a trade which offers lots of confluence at a round number. 11600 ish has lof s levels to break through before it could drop any. A strong diagonal + plenty of bottoms and although many of you don't use them a nice MA which tends to hug the tails of those bars.
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  • #8,943
  • Feb 17, 2009 7:00pm Feb 17, 2009 7:00pm
Hey people
How are you all? What's your take on EU/JPY I am planing to go long 115.50 area.........
Thanking in advance for any input
BANDA333
  • #8,944
  • Feb 17, 2009 7:52pm Feb 17, 2009 7:52pm
Quoting Siam
Hi,

Here is a nice chart to look at a trade which offers lots of confluence at a round number. 11600 ish has lof s levels to break through before it could drop any. A strong diagonal + plenty of bottoms and although many of you don't use them a nice MA which tends to hug the tails of those bars.
Siam,

Are you concerned at all with the trend line break that would occur in order to meet the 1.16 price? I could see a small bounce off that figure but with a break of this 3 week old trend line, I would see price driving down to the 1.15 area where it looks like more buyers/support sit. In addition, we have some fib agreement with that 1.15 level, coming at the 61.8% of 1/27-2/17.

I can see the 1.16 mark for a quick bounce but for me, it doesn't look worth the risk.

You thoughts?
  • #8,945
  • Feb 17, 2009 8:43pm Feb 17, 2009 8:43pm
On a 4hr chart Siam's line coincides nicely with the trendline (I was actually watching 1.1635 or so as a bucket bounce in addition the trendline).

edit: Actually on a daily, too, as I didn't draw the line the same way he did.
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  • #8,946
  • Feb 17, 2009 9:34pm Feb 17, 2009 9:34pm
Quoting orcus
On a 4hr chart Siam's line coincides nicely with the trendline (I was actually watching 1.1635 or so as a bucket bounce in addition the trendline).

edit: Actually on a daily, too, as I didn't draw the line the same way he did.
Yep, I see it now. A closer look puts the trend line more on point with 1.16.

Good call Siam and thanks for the clarification Orcus.

http://i24.photobucket.com/albums/c2...Forex/UC11.jpg
  • #8,947
  • Feb 17, 2009 11:16pm Feb 17, 2009 11:16pm
Quoting sam0182
Yep, I see it now. A closer look puts the trend line more on point with 1.16.

Good call Siam and thanks for the clarification Orcus.

http://i24.photobucket.com/albums/c2...Forex/UC11.jpg

Hi looks good

And 1.1560 looks a decent place to tuck a stop under, so not a great deal of risk involved.

Oh and Btw if Euro tanks below 1.2540 then it's game on.
  • #8,948
  • Feb 18, 2009 3:29am Feb 18, 2009 3:29am
Quoting fx yogi
Thanks SR. I have noticed that more often than not when a trade is going my way, all the others tend to, and when a trade is going against me the other trades also tend to follow. Not always but often.
That is because of the pairs' correlations : you can see them at
http://fxtradeinfocenter.oanda.com/c...elations.shtml

As you can see, U/Chf is the anti-E/U, and the commodity currencies tend to move in synch with the euro too.
If you look for a pair uncorrelated with the E/U you must go with the Yen, while the Cable used to move in sync with the E/U but now this correlation is temporarily broken.

Cheers
LJ
1st step stop loss in the green 2nd step play with the free money
  • #8,949
  • Feb 18, 2009 5:09am Feb 18, 2009 5:09am
I am in this trade (CAD/JPY) short

Your views please?
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  • #8,950
  • Feb 18, 2009 5:42am Feb 18, 2009 5:42am
Well hope it works out for you. Not sure on how I'd have traded it (not on my watched pairs list) but a couple of notable items:

Last 10 days it has been pretty well range bound between about 72 and 75 (give or take 25-50 pips). Your entry appears to be pretty much smack in the middle of this which means things could go either way.

Looking at the chart (although this is just one snapshot of one timeframe) it appears to be forming a wedge/triangle, so not sure how your trade coincides with the lines that would result from that. Draw trendlines on the top (connecting highest highs) and bottom (connecting lowest lows) and see where the current price is relative to that.

The S&R Line you have has appeared to have been broken multiple times in the last few days, so I'm not sure how much value I'd have placed in it, especially since it appears to be tested by 5 out of the last 6 bars shown on the chart.

Good luck, hope it works out for you and drops like a rock. Just providing some alternative items to think about and consider in the future.



Hope this helps.
  • #8,951
  • Feb 18, 2009 7:48am Feb 18, 2009 7:48am
Quoting RedCabbage
Lots of round numbers in play here. Sundays gap it yet to be filled but I like the look of a revisit to 14100-14050 for a long and maybe a future short from the around the 61.8 Fib and 14700.
Hey RC - Would you mind sharing what the different color lines are on your charts? I'm guessing different colors are taken from different timeframes. As I'm starting to set up some charts, would ideally like to mimic your color selections which will help me correlate my charts/levels with yours (and make it easier for you to correct yours later..LOL)

Please advise.

Thanks.

NYJFan
  • #8,952
  • Feb 18, 2009 8:49am Feb 18, 2009 8:49am
Quoting nyjetfan
Hey RC - Would you mind sharing what the different color lines are on your charts? I'm guessing different colors are taken from different timeframes. As I'm starting to set up some charts, would ideally like to mimic your color selections which will help me correlate my charts/levels with yours (and make it easier for you to correct yours later..LOL)

Please advise.

Thanks.

NYJFan

NYJetFan -
RegardsPaul Eamonn
  • #8,953
  • Feb 18, 2009 10:11am Feb 18, 2009 10:11am
EURUSD : possible long at 1.2489 ?
  • #8,954
  • Feb 18, 2009 10:21am Feb 18, 2009 10:21am
Quoting nyjetfan
Hey RC - Would you mind sharing what the different color lines are on your charts? I'm guessing different colors are taken from different timeframes. As I'm starting to set up some charts, would ideally like to mimic your color selections which will help me correlate my charts/levels with yours (and make it easier for you to correct yours later..LOL)

Please advise.

Thanks.

NYJFan
Brown - weekly

Green - daily

Black - 4h (but in the process of changing to red)

Blue - 1h

Fibs are automatically set to: -

Light Blue 23.6

Pink 38.2

Brown 50

Yellow 61.8

Orange 78.6

The origin and significance of these lines are then easily identifiable in 1h charts (my favourite timeframe) and below for PA.

HTH

EDIT : Just got the joke http://www.jonrb.com/emoticons/rotfl3.gif
  • #8,955
  • Feb 18, 2009 10:32am Feb 18, 2009 10:32am
Quoting Khalys
EURUSD : possible long at 1.2489 ?
Can't say I see anything there, but that's no surprise

I'd like to ask if those posting levels could please give a brief explanation of their reasons; just something as quick as "support from last week, 61 fib from a few days ago". I don't think charts are necessary since we all have access to the same stuff, but those of us still at the bottom of the ladder would really appreciate reading the reasons for looking at an area.
  • #8,956
  • Feb 18, 2009 10:38am Feb 18, 2009 10:38am
Quoting Khalys
EURUSD : possible long at 1.2489 ?

Nothing there IMO.

Can you post a chart to explain what you see there?
  • #8,957
  • Feb 18, 2009 10:40am Feb 18, 2009 10:40am
Quoting Khalys
EURUSD : possible long at 1.2489 ?
The only thing I can see is support way back circa summer 2006.
RegardsPaul Eamonn
  • #8,958
  • Feb 18, 2009 10:45am Feb 18, 2009 10:45am
Quoting PaulEamonn
The only thing I can see is support way back circa summer 2006.
I can see Oct 27 on the dailies, but when I zoom in on that area with a 4 hour timeframe, it pretty much just uses that as a midpoint of a trading range (several passes through the area) before moving on higher.
  • #8,959
  • Feb 18, 2009 11:38am Feb 18, 2009 11:38am
Quoting nyjetfan
I can see Oct 27 on the dailies, but when I zoom in on that area with a 4 hour timeframe, it pretty much just uses that as a midpoint of a trading range (several passes through the area) before moving on higher.
Looks like we shall never know! I think Khalys has left the building.

Shame it didn't got down there for him. It would have given him a nice bit of profit.
RegardsPaul Eamonn
  • #8,960
  • Feb 18, 2009 12:13pm Feb 18, 2009 12:13pm
USD/CHF bounce off the daily spike/previous support (@ about 1.1829) from Nov 28th was nearly to the pip...impressive.
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