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  • #9,921
  • Mar 24, 2009 1:19am Mar 24, 2009 1:19am
Quoting mike45
What do you, guys, think of EUR/CHF around 1.5160 ?
That sure is a no-brainer level, good job!
However to trade it you should be prepared for any outcomes, just like Siam said.

LJ
1st step stop loss in the green 2nd step play with the free money
  • #9,922
  • Mar 24, 2009 3:00am Mar 24, 2009 3:00am
Quoting PipAdder
This could be a very good reason, and I am glad you bring it up because I often end up second-guessing myself about how meaningful the number of bounces on a level is... The logic behind it (at least how I understand it) is that if the level has seen a lot of transit (been tested) recently this transit is going to use up the orders sitting there (or the supply, if you prefer that term in the case of a resistance) until nothing remains to hold price and the resistance is broken. Great... but how much transit is a lot of transit? I wouldn't bet on...
I am new to this, but have been fading swing highs/lows for some time using a completely different technique. What I subscribe to is that I would never fade a 4th test - I'll rather buy/sell the breakout. This corresponds to the Elliott wave theory as well - flat top/bottom tri-angular corrections happen in 5 waves - that means the old high/low would be broken on the 4th visit.
  • #9,923
  • Mar 24, 2009 5:47am Mar 24, 2009 5:47am
Quoting Siam
I forget whose signature has this quote in it " Support and resistance either holds or it doesn't"
You rang...
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #9,924
  • Mar 24, 2009 11:38am Mar 24, 2009 11:38am
Quoting mike45
What do you, guys, think of EUR/CHF around 1.5160 ?
I am kinda curious about that one hyooooge green candle that decimated that previous resistance. Would it be safe to say that this pair is going to correct and possibly not even recognize the new found support?

Seems like a no brainer trade... but I think there might be more to it than just a line?

I am a newb though... so if I am wrong I would like to know why!
  • #9,925
  • Mar 24, 2009 12:17pm Mar 24, 2009 12:17pm
Fellow traders: Thanks for this thread. I have been trading for a few years but am new to this thread. Such a great system after much searching. Two things: Do many of you trade ej as it seems, looking back, to follow the rules well? Second, are there friends out there who would be interested in a skype group so that we could chat in real time? I would like to have it be for calling possible signals and reversals. My personal trading times would be from US stock market open to open of london. You can PM me if you like.


Yes I am a pirate Two hundred years too late The cannons don’t thunder There’s nothing to plunder I’m an over 40 victim of fate Arriving too late Arriving too late by Jimmy Buffett

So now I plunder pips
  • #9,926
  • Mar 24, 2009 1:10pm Mar 24, 2009 1:10pm
Quoting pip pirate 2
....Second, are there friends out there who would be interested in a skype group so that we could chat in real time? I would like to have it be for calling possible signals and reversals. My personal trading times would be from US stock market open to open of london. You can PM me if you like.
Good idea - I'm in - my skype name is "mike.smith582"
  • #9,927
  • Mar 24, 2009 2:35pm Mar 24, 2009 2:35pm
Alright I am still in myusdcad trade long keep in mind this is a long term trade I am in long since last week...

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  • #9,928
  • Mar 24, 2009 2:44pm Mar 24, 2009 2:44pm
Quoting Shermenator
Alright I am still in myusdcad trade long keep in mind this is a long term trade I am in long since last week...

Attachment
Hey Sherm, what do you qualify as being a long term trade? I'm currently short the Euro looking for dollar strength back down to potentially 1.30 (which would be roughly a 50 fib ret) but I'm unsure of the longer term outlook. Maybe new Euro uptrend, but who knows.

Just curious as to what others perceive long term.
  • #9,929
  • Mar 24, 2009 3:41pm Mar 24, 2009 3:41pm
Long @ 6938 audusd
My first NBT
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Trading: the skill of avoiding trades
  • #9,930
  • Mar 24, 2009 5:54pm Mar 24, 2009 5:54pm
Hi Everyone. My eurjpy trade came home yesterday, went a little further than I had anticipated though, but who is complaining. Now I have done what I planned which is take the buy from 132.03 with a target of 134.06. If it looks like stalling intra-day I would take pips and wait for another drop.
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  • #9,931
  • Mar 24, 2009 6:18pm Mar 24, 2009 6:18pm
Eurjpy. There is a huge reversal shooting star candle on the dailies on this chart you might want to keep in mind. I am only going to take it as far as it looks healthy and then wait to see. I would be careful with this one in view of the daily chart.
  • #9,932
  • Mar 24, 2009 6:41pm Mar 24, 2009 6:41pm
Okay, seeing as everyone is quiet I will ramble a little. Why am I taking the eurjpy. I dont really like the asian session because it is the smallest and can be volatile. But today the eurjpy had come down to where I thought it would, and often the Japanese will buy it up during the day quite heavily. I have to watch to make sure they are buying because they can also sell quite heavily as well. This can go against what looks like the trade to take based on the daily candle I spoke of earlier. I am mostly concerned with the other charts having a drag on this today as the eurusd is topping out, but as it may not move much being the asian session the effect might not be a lot. So I think the eurjpy has potential for another push to give me some nice pips, but I will have to be careful. Dont want the aussie as it is too shallow and that is about all there is for today.
  • #9,933
  • Mar 24, 2009 7:12pm Mar 24, 2009 7:12pm
Last post today, probably. If anyone is on this trade there is some resistance at 79, you can see it on 15 min chart, and that will be where I may take profit and then go back when it looks like coming over that level. Just my thoughts.
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  • #9,934
  • Mar 24, 2009 8:11pm Mar 24, 2009 8:11pm
Well that sucked. I ended up with no pips because jumped out too late when it turned.Oh well, live to fight again, when it turns from lower area.
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  • #9,935
  • Edited 8:42pm Mar 24, 2009 8:41pm | Edited 8:42pm
That happens man,

Just closed a short from the break of yesterday's 4 hr pin. The daily bar broke and headed right down to the 13000 area closed out at 13120 and placed another short order @ 12970 if there is a hard break of 13000 I want to jump on board for the ride down.

It amazes me more and more that how we trade on the BRV thread really goes hand in hand with stuff that J16 teaches. It just seems to put more powder in the gun.
  • #9,936
  • Mar 24, 2009 8:57pm Mar 24, 2009 8:57pm
We had a bearish day yesterday in the futures so we might see some dollar buying taking place today...so I amlooking foward to buying dollars today
  • #9,937
  • Mar 24, 2009 9:02pm Mar 24, 2009 9:02pm
I am looking at gbpusd for a buy. Will watch the 579 line as that would be my preference. It has turned from present line many times and as the eurusd is looking down as well think it might drop a bit further. If not then fine. Eurjpy might be a sell now from that 132.03 line.here is pound chart with my lines.
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  • #9,938
  • Mar 24, 2009 9:40pm Mar 24, 2009 9:40pm
Take a look at the stocks as well as oil...Oil has come to a major resistance as well as the futures had a bearish close yesterday.

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  • #9,939
  • Mar 25, 2009 1:40am Mar 25, 2009 1:40am
UJ Buy 97.17 4H
  • #9,940
  • Mar 25, 2009 2:22am Mar 25, 2009 2:22am
Quoting Tori
I am looking at gbpusd for a buy. Will watch the 579 line as that would be my preference.
Attachment
Agreed.

I have 14600-14580 marked up, also 14500-14448 knowing how cable likes its round numbers.
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