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  • #9,421
  • Mar 3, 2009 10:18am Mar 3, 2009 10:18am
USD/CAD moving up to that resistance range...
  • #9,422
  • Mar 3, 2009 11:49am Mar 3, 2009 11:49am
In case anyone wonders why I don't trade break outs, look at EURGBP in a 1hr chart. Three false attempts at breaking out to form an inverted bucket.

Grrr - hate them!
  • #9,423
  • Mar 3, 2009 11:53am Mar 3, 2009 11:53am
Quoting RedCabbage
In case anyone wonders why I don't trade break outs, look at EURGBP in a 1hr chart. Three false attempts at breaking out to form an inverted bucket.

Grrr - hate them!
RC, what do you take of that spike down to 1.2520 on the EUR?

Still going to look to go long on next leg down to actually touch the 1.2512 hot spot? Or is the trade now negated as that last spike was close enough and has since provided some retrace?

My take on it - I'm still watching the trade and think with decent stop, we should still see a bounce at 1.2512-1.25 whole number...but the fact that we already received a bounce 8 points North of that 1.2512 figure reduces my confidence.
  • #9,424
  • Mar 3, 2009 12:10pm Mar 3, 2009 12:10pm
Quoting sam0182
RC, what do you take of that spike down to 1.2520 on the EUR?

Still going to look to go long on next leg down to actually touch the 1.2512 hot spot? Or is the trade now negated as that last spike was close enough and has since provided some retrace?

My take on it - I'm still watching the trade and think with decent stop, we should still see a bounce at 1.2512-1.25 whole number...but the fact that we already received a bounce 8 points North of that 1.2512 figure reduces my confidence.
I didn't actually take this one as I was looking at something else, but as a rule I will enter at +/-10/15 depending on the timeframe and circumstances to account for the spread and any short fall. My brokers price would have given me my entry in this case and I was targeting 12585 for 60 pips.

My confidence in this level is now significantly reduced, only 15m 5m price action will determine whether or not this price will give another decent bounce when we are back there again. Repeated visits can yield good results, look at how GBPUSD hit 14375 on 26 Feb in the NY session - 4 x 1hr wicks with an initial move of 60 before an eventual sell off of 200+.

In cases like this I am studying the price action in lower time frames to learn what to look for.
  • #9,425
  • Mar 3, 2009 1:02pm Mar 3, 2009 1:02pm
Hey All:

I am new to this No Brainer Trades thread and I like what I see. I am relatively new to trading forex and have read many different trading strategys styles etc. What I keep coming back to is the areas of S/R.

No indicators, MA's etc.

Less clutter on the chart the better for me to see. I also use the Fibs to see if retracement areas also line up with areas of S/R to give added strength. I

Hope I maybe can add something to the thread worthwhile.
  • #9,426
  • Mar 3, 2009 5:59pm Mar 3, 2009 5:59pm
Quoting koorb
Hey All:

I am new to this No Brainer Trades thread and I like what I see. I am relatively new to trading forex and have read many different trading strategys styles etc. What I keep coming back to is the areas of S/R.

No indicators, MA's etc.

Less clutter on the chart the better for me to see. I also use the Fibs to see if retracement areas also line up with areas of S/R to give added strength. I

Hope I maybe can add something to the thread worthwhile.
Ditto!

You stole my thoughts ... nothing to add; you said it all for me.
Stumbled into this thread today ... after reading a sample, I now have to go back to Post #1 and read the entire 600+ pages

See you all in a few (sleepless) days
  • #9,427
  • Mar 3, 2009 6:09pm Mar 3, 2009 6:09pm
Morning,

Well here we are.

This is one of those times where i'll wait for the price action to lead the way. Any bearish doji, pin or the like around this area on a 4hr chart and I'm taking this one out.

Attached Image (click to enlarge)
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  • #9,428
  • Mar 3, 2009 6:15pm Mar 3, 2009 6:15pm
Quoting Siam
Morning,

Well here we are.

This is one of those times where i'll wait for the price action to lead the way. Any bearish doji, pin or the like around this area on a 4hr chart and I'm taking this one out.

nice chart Siam.

Just curious...what's your trading style? I noticed you post up charts with the higher time frames. How many trades you taking a day/week? What kind of pips are you looking for in a successful trade?
  • #9,429
  • Mar 3, 2009 6:47pm Mar 3, 2009 6:47pm
Hey Libb,

The more I use the weekly the less i seem to be trading. I think we have to adjust to the conditions we are faced with. last year i made a killing playing daily charts. But the markets were trending and most of my trades are with the trend. Let's admit it these are much tougher times last year was a breeze for us guys.

I don't have a set ammount that I'm trying to earn per month but the only sure thing is the more patient i become the more the account seems to grow.

Over five years of doing this the hardest thing to beat in this market was myself. The itchy trigger finger has gone thank god. I really want to trade more but untill things start moving again I know i'll just keep getting stung.

One thing that i'm still waiting to do is become a long term trader just catching a trend and letting it ride. The day i can do that without jumping in and out will be the day that .......

Wait a minute check out Euro Holly ..........................
  • #9,430
  • Edited 9:10pm Mar 3, 2009 8:59pm | Edited 9:10pm
Quoting Siam
Morning,

Well here we are.

This is one of those times where i'll wait for the price action to lead the way. Any bearish doji, pin or the like around this area on a 4hr chart and I'm taking this one out.

Yes I have been watching the US/CAD for a possible entry. This may turn out to be one of those trades that we can stay in for a long term trend down. Looking for an entry around the 1.2985 - 1.300 level
  • #9,431
  • Mar 3, 2009 9:18pm Mar 3, 2009 9:18pm
Seems to be fairly good resistance at the 138.60 level. Has hit there several times and has not broken out as of yet. Wil continue to watch this for a trade.
  • #9,432
  • Mar 3, 2009 9:40pm Mar 3, 2009 9:40pm
Looks to be resistance at 1.1825. Hit there today and on February 18th
  • #9,433
  • Mar 3, 2009 10:01pm Mar 3, 2009 10:01pm
Watch out with trying to figure out what the gbpusd is trying to do ....let it move out
  • #9,434
  • Mar 4, 2009 12:48am Mar 4, 2009 12:48am
Quoting sam0182
USD/CAD moving up to that resistance range...

where u guys think is the exact resistance of usd/cad ?

for me is at 1.2989
I draw a line for u... a support line.. not a resistance one..
  • #9,435
  • Mar 4, 2009 1:16am Mar 4, 2009 1:16am
Quoting left_trader
where u guys think is the exact resistance of usd/cad ?

for me is at 1.2989
I think of support and resistance as a range, we are kidding ourselves if we start talking in exact prices and certainties.
  • #9,436
  • Mar 4, 2009 1:18am Mar 4, 2009 1:18am
Quoting RedCabbage
I think of support and resistance as a range, we are kidding ourselves if we start talking in exact prices and certainties.
why are you so good lol....thats why I trade with you
  • #9,437
  • Mar 4, 2009 1:34am Mar 4, 2009 1:34am
This is something to look at...

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  • #9,438
  • Mar 4, 2009 1:41am Mar 4, 2009 1:41am
I took a sell on the UJ @ 98.70 off the 1H
  • #9,439
  • Mar 4, 2009 1:48am Mar 4, 2009 1:48am
Quoting PipDiablo
I took a sell on the UJ @ 98.70 off the 1H
could be a good short term short. 50% retrace is at 98.88. i expect some profit taking around this level; but trend is up imo.
"i wake up in the morning, and i piss excellence"
  • #9,440
  • Mar 4, 2009 2:00am Mar 4, 2009 2:00am
Quoting PipDiablo
I took a sell on the UJ @ 98.70 off the 1H
Out -15
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