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  • #9,661
  • Mar 12, 2009 2:38am Mar 12, 2009 2:38am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
See how it plays out.
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"Wishful thinking dies hard." Igor T.
  • #9,662
  • Mar 12, 2009 2:57am Mar 12, 2009 2:57am
I'm looking at 12216-12175

Previous support & resistance
38 Fib
Round number
High TF s/r
Lots of time/space
Major Low
  • #9,663
  • Mar 12, 2009 3:03am Mar 12, 2009 3:03am
this is my eurjpy chart. would actually like it to drop a little more.
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  • #9,664
  • Mar 12, 2009 3:05am Mar 12, 2009 3:05am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Cashed a quick 25 pips on it. Was going to move stop to BE and let it run, but I'm happy with 25. I would've been happier if that last 30 min pin ended higher than the open, so that's why I closed it. Originally was targeting 100 pips at 2370.
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"Wishful thinking dies hard." Igor T.
  • #9,665
  • Mar 12, 2009 3:07am Mar 12, 2009 3:07am
nzdusd is almost at target for another buy. as per above chart.
  • #9,666
  • Mar 12, 2009 3:11am Mar 12, 2009 3:11am
Quoting Tori
nzdusd is almost at target for another buy. as per above chart.
Im in. Buy 5069
  • #9,667
  • Mar 12, 2009 3:12am Mar 12, 2009 3:12am
Quoting Tori
nzdusd is almost at target for another buy. as per above chart.
Bingo, 5070 hit, now I will let it go back up to 131 and maybe further depending on strength. Love having to come out and say because it makes me asses more carefully and take more time
  • #9,668
  • Mar 12, 2009 3:19am Mar 12, 2009 3:19am
Quoting FxChi
Cashed a quick 25 pips on it. Was going to move stop to BE and let it run, but I'm happy with 25. I would've been happier if that last 30 min pin ended higher than the open, so that's why I closed it. Originally was targeting 100 pips at 2370.
25 pips more than I've got today!
  • #9,669
  • Mar 12, 2009 3:30am Mar 12, 2009 3:30am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Thanks RC. Now I just have to keep those 25 lol.

Next zone I'm looking at 122.35 - 121.70.
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"Wishful thinking dies hard." Igor T.
  • #9,670
  • Mar 12, 2009 3:49am Mar 12, 2009 3:49am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Let's see how this one plays out.
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"Wishful thinking dies hard." Igor T.
  • #9,671
  • Mar 12, 2009 4:03am Mar 12, 2009 4:03am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I really don't like that last 30 minute bar. I decided to take the +10 rather than BE.
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"Wishful thinking dies hard." Igor T.
  • #9,672
  • Mar 12, 2009 4:12am Mar 12, 2009 4:12am
Quoting FxChi
I really don't like that last 30 minute bar. I decided to take the +10 rather than BE.
My 12216 entry plus spread gives me enough to go to b/e now.

I will leave it to see if it is a runner from here otherwise my RR gets all screwed up.
  • #9,673
  • Mar 12, 2009 4:13am Mar 12, 2009 4:13am
Quoting orcus
This is very interesting to me because others have stated the same thing awhile back, but it's the opposite of what I've found. Looking back over my last 60 trades, of the 12 that I noted "strong price momentum approaching line", 10 blasted right through and never looked back. I'm still poring over the BRV posts, but he also mentions how he'll step aside if price is racing toward the line.
That's why even when it's racing I still wait and watch to see if it will go through or hover around. Then I decide what to do.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #9,674
  • Mar 12, 2009 4:15am Mar 12, 2009 4:15am
Quoting Tori
Bingo, 5070 hit, now I will let it go back up to 131 and maybe further depending on strength. Love having to come out and say because it makes me asses more carefully and take more time
Good trend trade call. Let's see if it's a runner from here.
  • #9,675
  • Mar 12, 2009 4:17am Mar 12, 2009 4:17am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting RedCabbage
My 12216 entry plus spread gives me enough to go to b/e now.

I will leave it to see if it is a runner from here otherwise my RR gets all screwed up.

It's looking like it could be a runner. Good luck.

I had my entry limit @ 122.15 plus spread so that was pretty much the bottom, but I hate once I'm up for the day to give anything back. I'll look for something else where I agree with ensuing PA. Even if this runs, I didn't see the PA I wanted to see after entry for me to stay in. Live to fight another day and trade other set-ups too.
"Wishful thinking dies hard." Igor T.
  • #9,676
  • Mar 12, 2009 4:33am Mar 12, 2009 4:33am
Quoting FxChi
It's looking like it could be a runner. Good luck.

I had my entry limit @ 122.15 plus spread so that was pretty much the bottom, but I hate once I'm up for the day to give anything back. I'll look for something else where I agree with ensuing PA. Even if this runs, I didn't see the PA I wanted to see after entry for me to stay in. Live to fight another day and trade other set-ups too.
I'm out, and yet I still think it could go from here.

All too often I'm stopped out at b/e from a trade that goes on to be successful, this suggests I should give trades even more room.

Some traders I know will tolerate four visits to b/e and still not close.

I am working on how to qualify a longer b/e tolerance.
  • #9,677
  • Mar 12, 2009 4:40am Mar 12, 2009 4:40am
I will give idea of how I would like to play this nzdusd. If it break back over 131 will let it have its head, even if it just hangs about for a while, because I like 191 as target. Would like to take the chance on this and as long as it is safe for 30 in the bag, I would let it go and see what happens.
  • #9,678
  • Mar 12, 2009 4:44am Mar 12, 2009 4:44am
Quoting Tori
I will give idea of how I would like to play this nzdusd. If it break back over 131 will let it have its head, even if it just hangs about for a while, because I like 191 as target. Would like to take the chance on this and as long as it is safe for 30 in the bag, I would let it go and see what happens.
Watch out around 5168 if it does break 5131.
  • #9,679
  • Mar 12, 2009 4:51am Mar 12, 2009 4:51am
Quoting RedCabbage
Watch out around 5168 if it does break 5131.

Yes, spot on, I would make that take profit, and look for a pullback from there. wait for buy again. I will not be looking for sells on this one. rather wait for the buy again. will reasses later huh.
  • #9,680
  • Mar 12, 2009 4:53am Mar 12, 2009 4:53am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Likewise. I have same issue. Personally though, I feel if you're going countertrend, you need to be on top of your position a bit more. That's just my approach.

Going into the trade I was looking for a hard bounce out of the level, and it didn't play out the way I thought it would in my head. So I don't question the decision to close it. I mean the only way I'd let something like that turn negative is have a bit more of a proven system of using let's say 30 pip SL and 60 pip TP and know over a period of time I have a 75% win rate and this loss will most likely be followed by a win. Something like that would make me stay in the trade, but I don't have mechanical rules for trading these specific S/R types of trades. I use more PA rules and don't let trades turn negative once it does move up. After intitial entry maybe the first 5 - 10 minutes I don't mind if it tests the level (I've alraedy figured out where I'm placing my stop and am comfortable with a trade losing at this point), but after that I don't want it coming back on me. But again, that's just me though and I haven't perfected trading S/R yet.
"Wishful thinking dies hard." Igor T.
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