Hi
would anybody like to comment on the chart
Am i on the right track with these S/R lines
and would this be worth a go come monday
if it stays below the support line (for a short) or is it jumping in to quickly.
thanks
Ignored
I agree with the S/R lines, and would be short if it breaks through, and retests that 90 area. I would like to see it go down, and try to go back above 90, and fail. If so, I am probably short this pair.
this the first time I have spent this amount of time analyzing any one trade, so here are my thoughts. I have an IB in the past 2 days which is a mental stop if Im awake and if I get hit there I will look for another long at the first yellow horizontal line. The past three days have tried to get below my weekly SR line and do but cant hold ground and yesterdays candle closes right on the SR line, in my opinion it means long but I havent waited for direction Im just going with the recent trend. Any feed back by other would be appreciated.
Go to the experts folder then look for the indicaters folder and put it there. If you dont see it restart MT4 and it should be in your custom indicater folder or just the indicater folder I can remember after that.
Here is another one I feel is a must we have major resistance here and absolutely no close above. Now granted It may not go to my TP but by 12 tomorrow it could be back at 7050 which is plenty to take at the end of the week.
Here is another one I feel is a must we have major resistance here and absolutely no close above. Now granted It may not go to my TP but by 12 tomorrow it could be back at 7050 which is plenty to take at the end of the week.
Ignored
Nice chart kodflakes. Are you tempted to wait for a little more definitive price action that may give you a clue as to the next move. e.g. a pin or beob on the daily or 4H timeframe?
My observations....you could say this about all the XXX/JPY pairs pretty much. It only did two of three things I like to see in a continuation or break out trade: It went above the first area, it found support.....but it did NOT continue higher.
Ignored
hi cw..thanks for your comment on this trade..
since i'm half p.a half fibo trader when there is such setup like this one i don't usually wait to break that pinbar's high..i get in trade at the retracement of the pinbar or last swing move with some convincing price action..i got that almost pinbar on 4hr t.f and entered after break of it...
about higher timeframes..actually below is how i start analysing a pair..once i'm done with s/r zones i try not to add more zones so that could get messier and hard to trade..
so i'm aware it didn't continue up..thats why i don't expect too much of this long but still that long on with tiny sl..
In my opinion which can be quite wrong or risky but once bulls cant hold price or break price doesn't that give you indication of direction? However looking at it now can you see a direction or signs of the reversal I talked about last night?
Nice chart kodflakes. Are you tempted to wait for a little more definitive price action that may give you a clue as to the next move. e.g. a pin or beob on the daily or 4H timeframe?
I agree with the S/R lines, and would be short if it breaks through, and retests that 90 area. I would like to see it go down, and try to go back above 90, and fail. If so, I am probably short this pair.
Ignored
Hi clockwork71
Am i right in thinking the strategy is on the daily or 4h chart
1/ if price pushes through the S/R zone weather it be long or short
we are looking for a retrace back to the zone and then wait for price action(ie engulfing bar,pin bar,outside bar) to trade in direction of break out.
and the other question
2/ if price bars hit S/R zone weather short or long but do not break through would you look for the right price action bars as above and get in straight away while its still in the zone or after the initial bounce from the S/R zone wait for retrace back to zone looking all the time for the right action bars then trade it.
I hope that makes sense lol.
hi cw..thanks for your comment on this trade..
since i'm half p.a half fibo trader when there is such setup like this one i don't usually wait to break that pinbar's high..i get in trade at the retracement of the pinbar or last swing move with some convincing price action..i got that almost pinbar on 4hr t.f and entered after break of it...
about higher timeframes..actually below is how i start analysing a pair..once i'm done with s/r zones i try not to add more zones so that could get messier and hard to trade..
so i'm aware it didn't continue...
Ignored
Hey - as long as you accept the risk, and totally....I am not going to disagree with your trading....it's a little more aggressive that way - but it comes down to how comfortable you are. That's the key to any trading.
Hi clockwork71
Am i right in thinking the strategy is on the daily or 4h chart
1/ if price pushes through the S/R zone weather it be long or short
we are looking for a retrace back to the zone and then wait for price action(ie engulfing bar,pin bar,outside bar) to trade in direction of break out.
and the other question
2/ if price bars hit S/R zone weather short or long but do not break through would you look for the right price action bars as above and get in straight away while its still in the zone or after the initial bounce from the S/R zone...
Ignored
Please rephrase question #2.
However, #1 is perfectly clear, and yes is the answer to all of it.
Just wanted to share for those IBFX traders. Happy Easter.
Interbank FX is introducing 5th decimal pricing!
As part of our continuing commitment to delivering the optimal customer experience, we are introducing 5th decimal pricing on our currency pairs. The 5th decimal prices will be available on our primary demo server "InterbankFX-Demo Accounts" starting Sunday evening at 8pm EST on April 12th, 2009
Hi all, is anyone else seeing a possible short setup on the USDCAD?
My thoughts are that it has broken below and retested the long(ish) term upwards trendline on the daily chart and if it breaks down next week it could be a very nice trade.
Sorry I can't post a chart but I'm away at work til Tuesday and on my other laptop.
Just wanted to share for those IBFX traders. Happy Easter.
Interbank FX is introducing 5th decimal pricing!
As part of our continuing commitment to delivering the optimal customer experience, we are introducing 5th decimal pricing on our currency pairs. The 5th decimal prices will be available on our primary demo server "InterbankFX-Demo Accounts" starting Sunday evening at 8pm EST on April 12th, 2009
Ignored
Yeah, I saw that. Be careful everyone.....a 50 pip stop now will be a 500 tick stop, and have to be entered as such.
To be honest, I don't know if this will change much for people like me.
Hi all, is anyone else seeing a possible short setup on the USDCAD?
My thoughts are that it has broken below and retested the long(ish) term upwards trendline on the daily chart and if it breaks down next week it could be a very nice trade.
Sorry I can't post a chart but I'm away at work til Tuesday and on my other laptop.
Ignored
Yes, everyone on the planet is watching this one. So when it moves in either direction, it should be a nice move overall. This pair tends to do this a lot.....then moves rapidly. We will see....I have had this chart up with the same triangle drawn out on it for ages now, and it's getting to the critical area where if it doesn't break - the move will be small at best.
Yes, everyone on the planet is watching this one. So when it moves in either direction, it should be a nice move overall. This pair tends to do this a lot.....then moves rapidly. We will see....I have had this chart up with the same triangle drawn out on it for ages now, and it's getting to the critical area where if it doesn't break - the move will be small at best.
Ignored
and i bet everybody on this thread would love to see you posted some of your trades fully explained..
remember you promising that while ago but probably haven`t had enough time so far..
but i so hope we all can see couple of examples of you showing us how cw getting in and out of a trade...
thx a lot for great thread again..
and i bet everybody on this thread would love to see you posted some of your trades fully explained..
remember you promising that while ago but probably haven`t had enough time so far..
but i so hope we all can see couple of examples of you showing us how cw getting in and out of a trade...
thx a lot for great thread again..
Ignored
Well I can do that I suppose, that EUR/JPY trade was a trade that I thought was explained fairly well. I forget that because it's simple and obvious to me, doesn't mean that is how it is for everyone.
I tend to make more stock trades than forex these days. (I only had about 6 trades last month in fx.) However, these trades are all the same in my eyes. It's all patterns and "areas".
However, #1 is perfectly clear, and yes is the answer to all of it.
Ignored
Hi cw
thanks for the reply
What i was trying to say in question 2 was would you take the trade in the zone on the chart at 1 with the right price bars or would you have waited for the bounce to 2 then a retrace back to the zone at3 before going long with the right price action bars
thanks
Hi cw
thanks for the reply
What i was trying to say in question 2 was would you take the trade in the zone on the chart at 1 with the right price bars or would you have waited for the bounce to 2 then a retrace back to the zone at3 before going long with the right price action bars
thanks
Ignored
I would have been in on bar 1. What you are thinking is what I do on breakouts. For example, on the USD/CAD, I would want to see a breakthrough move at 1.30, then a retest.
However, either way is valid. In fact, the pull back method is a more conservative way to take this trade you posted.
