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  • #11,161
  • Apr 28, 2009 1:55pm Apr 28, 2009 1:55pm
Quoting vijay s.
Indeed, I don't know if that USD/CHF is a clear level. Definitely not an A+ trade.

I was just looking at E/U and I think there is a much clearer level we are close to. See attachment-- may get a reaction if we come down to 1.3122 again.

I'm still learning, so I appreciate your thoughts & commentary!
I see what you're going for and your level but personally, that's nothing I would look into. I'm watching for shorts and feel that today's run up will be soon coming to an end. Whether it has already or still has more room is the question but I'm not getting involved in that.

I do know that if it continues up, I look to short at certain levels...but after the 200 point move today, I'm unwilling to try and go long, looking for continued moves up.

Maybe that's an odd way to look at things...Although I think the EUR/USD could continue up (in fact, 1.3225 is next on my watch list for shorts), I will not put money on it as we've already had quite the move today and feel that short is the way to go (with the overall trend).

Your thoughts?

Hopefully we can draw some input from some of the more experienced traders in the thread...
  • #11,162
  • Apr 28, 2009 5:28pm Apr 28, 2009 5:28pm
Quoting vijay s.
Indeed, I don't know if that USD/CHF is a clear level. Definitely not an A+ trade.

I was just looking at E/U and I think there is a much clearer level we are close to. See attachment-- may get a reaction if we come down to 1.3122 again.

I'm still learning, so I appreciate your thoughts & commentary!
Looks like this one is running about 40pips. Not a big runner, but not bad for intra-day.
  • #11,163
  • Apr 28, 2009 9:00pm Apr 28, 2009 9:00pm
G/U & E/U levels up and coming...

E/U is first at 1.3225...comments on this level? 1.33 not far behind either.

http://i24.photobucket.com/albums/c2.../euapril28.jpg


G/U at 1.4775...

http://i24.photobucket.com/albums/c2.../guapril28.jpg
  • #11,164
  • Apr 28, 2009 9:26pm Apr 28, 2009 9:26pm
Looking for a buy on AUDUSD off .7115.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd_h1_090429.gif Size: 32 KB
  • #11,165
  • Apr 28, 2009 9:31pm Apr 28, 2009 9:31pm
Quoting sam0182
G/U & E/U levels up and coming...

E/U is first at 1.3225...comments on this level? 1.33 not far behind either.

http://i24.photobucket.com/albums/c2.../euapril28.jpg


G/U at 1.4775...

http://i24.photobucket.com/albums/c2.../guapril28.jpg
Both levels look good! I'm looking to get long on EURUSD on the way up to 1.3225. Looking for a bounce off 1.3160 to ride it up. I missed my first long target at 1.3120.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h1_090429.gif Size: 29 KB
  • #11,166
  • Apr 28, 2009 11:22pm Apr 28, 2009 11:22pm
Quoting Tori
And this is eurusd. would like 955 or 887 for buy, otherwise I will wait for it to go up quite a way before taking sell. Not touching anything in the middle. I am currently in a trade but not much point posting that as it is already in play.
Attachment
Hi Tori

2 excellent calls on GBPUSD and EURUSD yesterday.

EUR is up 235 for anyone who had the balls to hold it.
  • #11,167
  • Apr 29, 2009 1:51am Apr 29, 2009 1:51am
[quote]
Quoting RedCabbage
As far as I am concerned pretty much everything you need to know to trade this way is in BRV's pdf. So always try to answer any queries there first.

We should all be looking for confirmation/validation of our s/r levels on top of BRV's rules for picking the most visually obvious s/r. The main ones being Fibs and TLs. If like me you actually write a daily plan it is very easy
Red Cabbage,

Great work of yours. I think by using this simple method, a lot of "iffy" trades can be eliminated. I've now had a chance to apply your "conditions" and can truly vouch for their effectiveness. I wonder if you realise how valuable this tool is! Maybe a patent should be applied for here!

An example is yesterday's trade on Eur. On the way down from 1.3300, there have been a number of levels we could have used for longs, but applying your conditions, it became clear to me that the 1.2989 was the highest probability bounce area.

1.3205 - 4/10
1.3160 - 4 or 5/10
1.3112 - 5/10
1.3088 - 6/10
1.3037(44) - 6/10
1.2989 - 8/10

One question on this subject, though. I'm still finding it difficult to judge price action at a level. I realise that a violent approach is cause for concern and that a 1h close beyond the level negates the trade (sometimes) and opens the chance for a breakout trade. The problem is still when to do what? Yesteday was fairly cut and dried - no 1h close below the 1.2989, but at times it's not so easy. What do you look for?

Once again thanks for the sensible posts. Hopefully I'll be able to make a contribution in future.

Lourens
(My profile name means "Our house/home" in Shona, an indiginous Zimbabwean language - I am home here now)
  • #11,168
  • Apr 29, 2009 3:13am Apr 29, 2009 3:13am
1.4777 has been in play for some time now

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  • #11,169
  • Apr 29, 2009 3:35am Apr 29, 2009 3:35am
Quoting Tori
I hope you dont mind this comment. But taking the trade you did is risky. It sits in the middle of nowhere really. If you look for really strong areas that have travelled a way, you have put more odds in your favour. Areas like 5739, or 5523. There is more chance of the trade working if it has travelled out a bit further. You have less chance there and less pips to target for also. If you look between 5631 and 5523 it has been ranging and so the possibility of it stopping with small amount of pips of more likely than if you took a sell from higher...
Appreciate the comment as I'm still learning.

I agree that 5739 and 5523 are great levels and are perhaps the best kind but 5620 wasn't as bad as you make it out to be. See the graph for the number of hits at that level.

You are right in that it wasn't the best level but it had a good reaction so I stayed in the trade. Once again see graph for reaction (went short at the arrow).

Attached Image (click to enlarge)
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  • #11,170
  • Apr 29, 2009 3:40am Apr 29, 2009 3:40am
usdcad. Like this level if it should come down that far, and it is quite possible.
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  • #11,171
  • Apr 29, 2009 3:40am Apr 29, 2009 3:40am
just a heads up, possible short soon, but I'd be more confident about it if USDJPY reaches bottom of h4 range, possible resistance (approx 97.50) as well.
Attached Image (click to enlarge)
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forget about tomorrow, just steal away into the night
  • #11,172
  • Apr 29, 2009 3:43am Apr 29, 2009 3:43am
Hi Ploob B. I would not have posted the comment unless you were in profit as I wont criticise. I simply wanted to draw your attention to something that might be pertinent on other trades. It isnt that I thought you had taken a poor trade, clearly you did not because it was in profit, it was simply discussing how to take a trade that could pay off with many pips and less risk.
  • #11,173
  • Apr 29, 2009 4:19am Apr 29, 2009 4:19am
ISHACM

Nice call on the NZD/USD.( Post 11149) I really thought that one had great potential but that's the way it goes.I was very nervous with PA about 10 minutes into that and got out way too early. But I did follow my rules.
  • #11,174
  • Apr 29, 2009 4:51am Apr 29, 2009 4:51am
eur/usd approaching 1.33
  • #11,175
  • Apr 29, 2009 4:56am Apr 29, 2009 4:56am
Quoting darkness
Nice to see a Pacific NW trader in here. I'm in Portland.
Hi Darkness,

Please contact me by EMail or PM.

SR
  • #11,176
  • Apr 29, 2009 5:10am Apr 29, 2009 5:10am
[quote=Mushwedu;2702019]
Quote


Red Cabbage,

Great work of yours. I think by using this simple method, a lot of "iffy" trades can be eliminated. I've now had a chance to apply your "conditions" and can truly vouch for their effectiveness. I wonder if you realise how valuable this tool is! Maybe a patent should be applied for here!

An example is yesterday's trade on Eur. On the way down from 1.3300, there have been a number of levels we could have used for longs, but applying your conditions, it became clear to me that the 1.2989 was the highest probability...

Glad you are finding it useful!
  • #11,177
  • Apr 29, 2009 5:47am Apr 29, 2009 5:47am
Quoting Ferrari
1.4777 has been in play for some time now

Attachment

Good call.

Tricky PA to begin with but it came away in the end.
  • #11,178
  • Apr 29, 2009 6:14am Apr 29, 2009 6:14am
Looking so short E/U at 3300-3315 if it manages to meander up to that level without any early(significant) pullbacks, if it does keep an eye on it the next few days.

I was going to say look at taking a long at 3180-3200... it was a round number, 61.8 fib... but it just did it a few hours ago
  • #11,179
  • Apr 29, 2009 6:29am Apr 29, 2009 6:29am
I bought some cable at the green line - reason: has taken out the top at the red line (close above), then came back and hopefully the former resistance (green) will be support

we'll see.
Attached Image (click to enlarge)
Click to Enlarge Name: guh1.jpg Size: 60 KB
forget about tomorrow, just steal away into the night
  • #11,180
  • Edited 6:43am Apr 29, 2009 6:33am | Edited 6:43am
hi traders
I like what I've read of the thread so far. just downloaded the BRV.pdf and will give'er a read before barging in here and being all noisy I'm mainly a short term trader (scalper if you will) - at least that's where I make my pips consistently. I know my trading and know that the area I can improve is on the longer TFs... so that's where I'll be focusing my efforts. ok, enough of that - it's nice to see this thread has maintained a solid level where many around it are falling apart.
good trading all.
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