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  • #1,421
  • Mar 31, 2009 2:35am Mar 31, 2009 2:35am
IMHO 1.33 acting as strong resistance, so till this level won't be taken, I wouldn't go long.
By the way: isn't it a pin bar forming at weekly chart? Ofcourse it's start of the week and plenty of time left till it ends
Attached Image
  • #1,422
  • Mar 31, 2009 3:53am Mar 31, 2009 3:53am
Quoting elitejets
Good grief, none of you have heard of the wizard in the Harry Potter stories?
Quoting elitejets

Having said that our grimweasel looks more like Harry Potter than the guy with the long white hair and white beard.


Harry Potter!!! No boyish looks or glasses here I'm afraid!

Grimweasel is a long story, but in short I wanted an 'internet-handle' other than my name for emails and forums etc. Provides one with a necessary 'air of mystique'. It also has historical connotations to my 'chequered' past. I was a boy who did naughty things growing up in the country, as boys do - just I took things a little too far at times . Really, I'm not that Grim or weasely any more. Hope no-ones picture is dashed! LOL

I'm now out of USDCAD from yesterday's move as I set my stop at what I thought was a significant level. It was one of the hardest trades for me to manage as I was trying to stay away from lower TFs and looking for a reason to get out. I set my limit order too high at 1.3000 and have subsequently given back some of yesterday's gains- -but hey, that's trading!

I'm now one for setting targets - I set a target on euryen of 126, so I put a limit order in for that level, and you know what? Less checking of the position, less stress and no need to worry. If it sailed past, so what? I set a target, achieved the target and got out with no hesitation or greed. As it was the market bounced back and has since risen strongly today (thus far).
Trade less and become more profitable!
  • #1,423
  • Mar 31, 2009 4:11am Mar 31, 2009 4:11am
Quoting Grimweasel
I'm now one for setting targets - I set a target on euryen of 126, so I put a limit order in for that level, and you know what? Less checking of the position, less stress and no need to worry. If it sailed past, so what? I set a target, achieved the target and got out with no hesitation or greed. As it was the market bounced back and has since risen strongly today (thus far).
Good one Grimweasel.

I'm trying a slightly different approach to you in terms of targets. I'll have a primary target at which i'll close HALF my position and move my stop to BE. This gives me money in the bank and a free trade if it continues in the direction i entered.

I am trying to get to a position in my trading and psychology where i am profitable and consistant by NEVER CLOSING A TRADE but letting the Queen decide my fate.
Should be interesting!

Dan
  • #1,424
  • Mar 31, 2009 4:15am Mar 31, 2009 4:15am
Quoting strat
In my exuberance to describe the new thread structure, I forgot to thank the guy who is doing all the artwork for the logos - Lance (rogueforex) - so thank you, Lance, for all your hard work.
yeah.......3 huzzars for you man.

Im so glad to be apart of this thread.Its really made my day more fun.

And your ALL so cool and i swear im noticing a better quality of analysis from everyone.

Its helping me so much. thanks guys for helping me to help myself and help you.........g
  • #1,425
  • Mar 31, 2009 4:27am Mar 31, 2009 4:27am
HI Strat/ Nicola

The US/CAD looks interesting on my feed (albeit UK morning time) price right on trend line, I think this is drawn as you said Strat.

Finding support on MA’s and 61 fib, also weekly chart bullish . Appreciate got to wait for candle to finish just observing live screen, so i guess the next daily bar will give us a clue to direction?
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Yesterday’s regrets and tomorrows dreams are today’s opportunities
  • #1,426
  • Mar 31, 2009 4:28am Mar 31, 2009 4:28am
Quoting AstonDan
Good one Grimweasel.
Quoting AstonDan

I'm trying a slightly different approach to you in terms of targets. I'll have a primary target at which i'll close HALF my position and move my stop to BE. This gives me money in the bank and a free trade if it continues in the direction i entered.

[font=Times New Roman]I am trying to get to a position in my trading and psychology...


Hey Dan - very sound methodology. It's something that I have tried too but I find it difficult with my SB firm to set staged targets. (IG). I have an account with CMC too and they are easier to set staged profit targets with, but my funds are currently with IG as they let you trade at 50p a point, which is ideal in my learning to 'trade-naked', small amounts slowly with greater chance of not violating my RR settings!!

Also there is a still a risk of losing on trades with in-proper in-trade management. The trader needs to take full responsibility for any trade and the consequences and in some ways I think the staging out process and letting the last half 'run-wild' is in someway passing the buck from the trader to the market. It's almost like switching blame to the market, which if you read any of the Psycho books is a bad thing as you are devolving responsibility for the trade, abdicating to the market if you like.

This is not solid, just my interpretation of what I have read. I'd love to be corrected by a celebrated market psychologist!!
Trade less and become more profitable!
  • #1,427
  • Mar 31, 2009 4:37am Mar 31, 2009 4:37am
Quoting Grimweasel
The trader needs to take full responsibility for any trade and the consequences and in some ways I think the staging out process and letting the last half 'run-wild' is in someway passing the buck from the trader to the market. It's almost like switching blame to the market, which if you read any of the Psycho books is a bad thing as you are devolving responsibility for the trade, abdicating to the market if you like.
Interesting point GW. I'm only at the beginning of the process so i have a long way to go and a lot to learn.

I think i'm on the right thread to help though so i'm looking forward to finding out.

Keep on
Dan
  • #1,428
  • Mar 31, 2009 4:42am Mar 31, 2009 4:42am
When i had these "hustons" i remember thinking....which one which one?

The answer is which one makes you feel good inside....and which one you feel the trade deserves.

I do all of them....On the majority of my swing i eat,T/P and break even for a free trade....i just like that vibe and the sound "free trade".

On the other its a 4 hr veto looking for a daily bar stop move at bar close.


charting is an art not a science so its always flowing and changing thats why you need an open mind.

If you find yourself picking on the daily bar stop chunk you probably got to much on it.

The butt ring indicator is a good way to see if your over exposed for your mind...........g
  • #1,429
  • Mar 31, 2009 4:51am Mar 31, 2009 4:51am
look at our chf/yen....

It engaged and did all my crystal ball told me to the 3rd target to the pip.

So i get all of that fun and frolics.

the last bit which is a small bit is running on a 4 hr veto with daily bar stop move.

And id be suprised if it dont test the .61 fib of the dbhlc on the daily....standard really but its small enough(position size) so my "butt ring" dosnt engage....does that make sense? g
  • #1,430
  • Mar 31, 2009 5:04am Mar 31, 2009 5:04am
Quoting Baba G
look at our chf/yen....

It engaged and did all my crystal ball told me to the 3rd target to the pip.

So i get all of that fun and frolics.

the last bit which is a small bit is running on a 4 hr veto with daily bar stop move.

And id be suprised if it dont test the .61 fib of the dbhlc on the daily....standard really but its small enough(position size) so my "butt ring" dosnt engage....does that make sense? g
I'm not sure if it does to me BG. Are you short or long? This was my reading of that pair at the weekend.

CHF/JPY

WEEKLY: Shooting star with shadow piercing S/R level at 87.

DAILY: DBHLC on DAILY, closing strongly beneath S/R level at 86. I’ll place a SELL STOP below Friday’s low at 85 with a first target at 83 (I am aware of the poor R/R ratio on this)

So i am in this pair short based on the above (strong bearish weekly AND daily PA). I promised you and Strat i wouldn't trade based on where price was during the day, and since half my reason for placing my order was based on WEEKLY PA, i'm expecting this to play out OVER THE COURSE OF THIS WEEK (or even longer).

Sorry if i'm being thick? Maybe Lance should design a Dunce's cap?!

Cheers
Dan
  • #1,431
  • Mar 31, 2009 5:11am Mar 31, 2009 5:11am
yep......im doing the same as you....nearly

I divide my ticket into chunks......cause im finally swinging a decent size bat.

Then i do different things to different chunks thats all........g
  • #1,432
  • Mar 31, 2009 5:17am Mar 31, 2009 5:17am
I have to deal with something you dont......account size.

keep in mind my tickets are always 4 or 5 standard sometimes more.

So i like to play with that....see
  • #1,433
  • Mar 31, 2009 5:22am Mar 31, 2009 5:22am
Thank you sensei
  • #1,434
  • Mar 31, 2009 7:01am Mar 31, 2009 7:01am
Quoting elitejets
I feel like singing "Oh Canada" today, not at all Rock and Roll but finally this one moved. Grimweasel and I have been waiting since last week!!
Strat asked last week if we all noticed how strong the 1.22 support level was and we heard you.

CAD and crude are distantly related but the correlation should not be relied upon as I think the moves have much more to do with a strengthening dollar.
The weekly hammer up for USDCAD worked brilliantly, and this pair has support from the BOSS 20ema and has closed above the daily 20ema again. I might...
Not so sure about uptrend.
Regards
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/ ... clarifying decisions ... /
  • #1,435
  • Mar 31, 2009 7:14am Mar 31, 2009 7:14am
I think your thread designation should involve "strat certified lurker"....imo
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #1,436
  • Mar 31, 2009 7:32am Mar 31, 2009 7:32am
Quoting walb99
Not so sure about uptrend.
Regards
I see what you mean. Perhaps I should have said a lower ascending support line ... http://www.forexfactory.com/attachme...2&d=1238462548

To be honest when I zoom out on the daily or look at the weekly I see a giant bull flag. But then I am quite a hopeful optimist and I remember when USDCAD was 1.60!!
My hopelessly optimistic target is 1.40 anyway.

Nicola
  • #1,437
  • Mar 31, 2009 7:54am Mar 31, 2009 7:54am
Quoting elitejets
I see what you mean. Perhaps I should have said a lower ascending support line ... http://www.forexfactory.com/attachme...2&d=1238462548

To be honest when I zoom out on the daily or look at the weekly I see a giant bull flag. But then I am quite a hopeful optimist and I remember when USDCAD was 1.60!!
My hopelessly optimistic target is 1.40 anyway.

Nicola
If this supportline breaks, it will be a major event.
Regards
/ ... clarifying decisions ... /
  • #1,438
  • Mar 31, 2009 8:27am Mar 31, 2009 8:27am
Quoting walb99
If this supportline breaks, it will be a major event.
Regards
Yep that will be an runaway express train with no breaks
  • #1,439
  • Mar 31, 2009 8:33am Mar 31, 2009 8:33am
Quoting el_duende
Yep that will be an runaway express train with no breaks
Let's wait and see.
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/ ... clarifying decisions ... /
  • #1,440
  • Mar 31, 2009 10:52am Mar 31, 2009 10:52am
Hi Nicola

Thanks for this piece of news; I will watch to see how it affects price. Interesting that FF don't publicy display this info on the calendar.
Nicole
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