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No Brainer Trades

  • #9,801
  • Mar 18, 2009 7:39am Mar 18, 2009 7:39am
Magic. target reached. I am out of that. will go back in if it drops to my line at 904
  • #9,802
  • Mar 18, 2009 7:47am Mar 18, 2009 7:47am
Quoting Tori
Magic. target reached. I am out of that. will go back in if it drops to my line at 904
TORI - ur reffering to ur GU trade rite? at wat price did u get in and out???
  • #9,803
  • Mar 18, 2009 8:06am Mar 18, 2009 8:06am
Yes it was the pound. 908 in and out at 955. got out because it went up so quickly and my 959 line was so close when the other charts all slowed down so expected pound to drop a little. I thought it was best to take the pips and see if it dropped, rather than go to BE and be knocked out if it slipped back, which it did do.
  • #9,804
  • Mar 18, 2009 8:13am Mar 18, 2009 8:13am
Quoting Tori
Yes it was the pound. 908 in and out at 955. got out because it went up so quickly and my 959 line was so close when the other charts all slowed down so expected pound to drop a little. I thought it was best to take the pips and see if it dropped, rather than go to BE and be knocked out if it slipped back, which it did do.
hmm..did u plan to short at 959 line? i jus went out at 90pips.. tot i was being too greedy at first, but all my indicators are goin along wif trend.. so i stayed in a little longer.. seems like a small retrace happenin... wats ur nx get in point? RC, da rest - opinions?
  • #9,805
  • Mar 18, 2009 8:18am Mar 18, 2009 8:18am
No, was not planning to short at 959. just wanted pips in the bag and decided not to risk the line in case of a pullback. not planning to do anything with pound now as it has a way to go before I would be interested and it is late for me
  • #9,806
  • Mar 18, 2009 8:20am Mar 18, 2009 8:20am
Has anyone been watching the usdcad. It is sitting nicely on that 625 line. If it goes down further 559 is the spot, but I like it from here. target would be 764 possibly. Wonder what you guys think.
  • #9,807
  • Mar 18, 2009 9:11am Mar 18, 2009 9:11am
Quoting Tori
Has anyone been watching the usdcad. It is sitting nicely on that 625 line. If it goes down further 559 is the spot, but I like it from here. target would be 764 possibly. Wonder what you guys think.
Do you think it will push straight thro 722?

G
  • #9,808
  • Mar 18, 2009 9:16am Mar 18, 2009 9:16am
Quoting Knightz
hmm..did u plan to short at 959 line? i jus went out at 90pips.. tot i was being too greedy at first, but all my indicators are goin along wif trend.. so i stayed in a little longer.. seems like a small retrace happenin... wats ur nx get in point? RC, da rest - opinions?
No offence, it's just my opinion, but I find text speak a bit annoying on a forum. Are you posting from a mobile phone?

But anyway back to business, 13965 was my 1st TP. I would like to see a retrace from 14015-14030. But it wouldn't surprise me to see 14130.
  • #9,809
  • Mar 18, 2009 9:18am Mar 18, 2009 9:18am
Quoting Tori
Has anyone been watching the usdcad. It is sitting nicely on that 625 line. If it goes down further 559 is the spot, but I like it from here. target would be 764 possibly. Wonder what you guys think.
12650-12600 has been a level I've been watching for some time. It seems the market agrees with you!
  • #9,810
  • Mar 18, 2009 11:11am Mar 18, 2009 11:11am
If we take a look back to the first page.. we see BRV trading performance consist of 40 trade in 4 months 15 days..

its mean BRV took avarage of 2.25 position in a day.. he only take a very high probability trade...

according to u guys.. for an ideal.. how many trade we took in a day?
I draw a line for u... a support line.. not a resistance one..
  • #9,811
  • Mar 18, 2009 11:13am Mar 18, 2009 11:13am
0-2 today, bringing my March total to 1-6 on the live account and 4-9 on the demo. Awesome. I'll post today's failures later on for some feedback.

As usual, I look at my charts and my levels seem much more obvious to me than many of the others posted here. Three months in and I still seem to have no clue as to what makes a level good. Looking at the pre- and post-entry charts I save, I can't really see anything that indicates why the winners win and the losers lose.

Excuse the frustration venting, please...
  • #9,812
  • Mar 18, 2009 11:48am Mar 18, 2009 11:48am
Quoting orcus
0-2 today, bringing my March total to 1-6 on the live account and 4-9 on the demo. Awesome. I'll post today's failures later on for some feedback.

As usual, I look at my charts and my levels seem much more obvious to me than many of the others posted here. Three months in and I still seem to have no clue as to what makes a level good. Looking at the pre- and post-entry charts I save, I can't really see anything that indicates why the winners win and the losers lose.

Excuse the frustration venting, please...
Tell me which pairs and I'll post a chart or two if it helps.
  • #9,813
  • Mar 18, 2009 12:55pm Mar 18, 2009 12:55pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Having issues posting charts here. But check out EU 3286 on daily. I think that one qualifies as BRV nobrainer. Gee wouldn't it be nice if we got a 150 pip spike today after FOMC up into there...lol. One can only dream.
"Wishful thinking dies hard." Igor T.
  • #9,814
  • Mar 18, 2009 1:16pm Mar 18, 2009 1:16pm
Quoting FxChi
Having issues posting charts here. But check out EU 3286 on daily. I think that one qualifies as BRV nobrainer. Gee wouldn't it be nice if we got a 150 pip spike today after FOMC up into there...lol. One can only dream.
Below is sort of what you're looking for?

It looks to be a good range area for daily resistance...

http://i24.photobucket.com/albums/c2...Forex/eu-1.jpg
  • #9,815
  • Mar 18, 2009 1:17pm Mar 18, 2009 1:17pm
...And while I'm at it, watching longer term for a short around 1.4180-90 range, concurring with the downtrend.

http://i24.photobucket.com/albums/c2...Forex/gu-1.jpg
  • #9,816
  • Mar 18, 2009 1:20pm Mar 18, 2009 1:20pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Holy crap that was scary. Got 18 pips from the deal. Poor execution. Took me a few minutes before I could even log-in to my broker. Merry X-mas...lol.

EDIT: ENDED up with 2 shorts - One For 12 (from 3277 -3265), and the other for 6 (3317 - 3311). Nice!
"Wishful thinking dies hard." Igor T.
  • #9,817
  • Mar 18, 2009 1:36pm Mar 18, 2009 1:36pm
My two trades were:

EUR/USD short @ 1.3085 -- obvious repeat SR visible on 4h, daily, and weekly; also a long-term line; has not been touched since 2-09. My guess as to why this failed would be that there was a bounce from 3070 a couple days ago, but I thought the level was strong enough to still get a decent bounce from the "real" line.

USD/CHF long @ 1.16900 -- about as obvious SR as you could hope for; formerly used as resistance, after breaking that on 3/12 there was not even a hint of a test from this side. Many previous reactions as S and R. Perfect confluence with 61 fib, and it is also a "bucket" formation on the daily.
  • #9,818
  • Mar 18, 2009 1:44pm Mar 18, 2009 1:44pm
Quoting sam0182
...And while I'm at it, watching longer term for a short around 1.4180-90 range, concurring with the downtrend.
Ahhh, news days
  • #9,819
  • Mar 18, 2009 1:54pm Mar 18, 2009 1:54pm
Quoting orcus
My two trades were:

EUR/USD short @ 1.3085 -- obvious repeat SR visible on 4h, daily, and weekly; also a long-term line; has not been touched since 2-09. My guess as to why this failed would be that there was a bounce from 3070 a couple days ago, but I thought the level was strong enough to still get a decent bounce from the "real" line.

USD/CHF long @ 1.16900 -- about as obvious SR as you could hope for; formerly used as resistance, after breaking that on 3/12 there was not even a hint of a test from this side. Many previous reactions as...
Hi Orcus-

For what it's worth, I'll offer my opinion, as limited as it might be...

I think the explosion in prices due to the Fed meeting has wiped out any traditional S/R levels. In times like these, such levels are not respected as we would expect and considering your level on the Euro was so close to when prices took off, that doesn't help your cause.

I see your 3085 and why you had that as an S/R level; I couldn't argue too much with you. I have a personally bias on majors gaining strength on the dollar so I was looking for dips to buy rather than rally's to sell. This is all given the recent strength the majors have exhibited lately.

I've been working with this method for a short while and have had similar frustrations. I think we can really use this forum and it's expert advisers if you will (provided they are willing to participate...NOT that they aren't, just saying for the sake of saying) to provide some guidance/support as you post your potential zones for trading. They may be able to spot inefficiencies in zones that you and I don't see right away.

Don't give up. This is a great method and the way it's traded makes sense. Buy low, sell high, right? Well, not that easy. But you'll get there.

-G550
  • #9,820
  • Mar 18, 2009 2:15pm Mar 18, 2009 2:15pm
Quoting orcus
My two trades were:

EUR/USD short @ 1.3085 -- obvious repeat SR visible on 4h, daily, and weekly; also a long-term line; has not been touched since 2-09. My guess as to why this failed would be that there was a bounce from 3070 a couple days ago, but I thought the level was strong enough to still get a decent bounce from the "real" line.

USD/CHF long @ 1.16900 -- about as obvious SR as you could hope for; formerly used as resistance, after breaking that on 3/12 there was not even a hint of a test from this side. Many previous reactions as S...

IMHO, Swissy is just a plain big mess. Its very hard to find a real support or resistance level right now. But if I were to take the trade you took on swissy, I'd probably wait for 1.1675 to 80 which was last weeks highs before it took off like a rocket ship...not that it mattered, it would have lost too. Let me add this note...and this is not to justify why this trade should be avoided, this is just a personal preference: that bar that rocket shipped up from 1.16 to 1.19 is a very low liquidity bar and they can refill just as fast as they formed. Anyway, plain and simple, this is an UGLY pair as far as daytrading goes.

Re: Eur/usd...whether on the 1 hour or 4 hour, we had price fail about 10-20 pips below your area a few hours prior. It already reacted to this area. We're looking more for a straight shot into the area. Personally, I'd like to see a few consecutive 1 or 4 hour bars up into the area.

My best suggestion for you would be to cut off the live trading. Another suggestion is to avoid trading right before news. Your entry on EUR/USD came right before major U.S. eco news at 8:30 EST.

Hope that helps
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