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  • #11,221
  • May 1, 2009 1:49pm May 1, 2009 1:49pm
Hi guys.
Let's assume the following:
I've got support on USD/CAD @ 1.1848 , have put buy limit @ 1.1850 , the order was triggered , +20 pips were made , I've moved s/l to break even , this s/l order was triggered as well and price retraced back to 1.1848.
What can I do in this situation?
Enter the long trade once again?
Let's say I've done so.
And once again I've got the same scenario.
How many times can I enter the long trade, if I can at all?
Thanks!
  • #11,222
  • May 1, 2009 2:38pm May 1, 2009 2:38pm
Quoting liopro
Hi guys.
Let's assume the following:
I've got support on USD/CAD @ 1.1848 , have put buy limit @ 1.1850 , the order was triggered , +20 pips were made , I've moved s/l to break even , this s/l order was triggered as well and price retraced back to 1.1848.
What can I do in this situation?
Enter the long trade once again?
Let's say I've done so.
And once again I've got the same scenario.
How many times can I enter the long trade, if I can at all?
Thanks!
The more level is touched the more longs are taken in and if those longs do not move price up, it means there are more sellers on the side. Look for lower S/R. CAD is playing with 200 SMA. And its friday evening, price action is like this on evenings.
  • #11,223
  • May 1, 2009 2:54pm May 1, 2009 2:54pm
Plus its end of month, I think its a general consensus that trading on these days isnt that good of an idea for day traders.
  • #11,224
  • May 2, 2009 6:02am May 2, 2009 6:02am
Quoting Gambis
The more level is touched the more longs are taken in and if those longs do not move price up, it means there are more sellers on the side. Look for lower S/R. CAD is playing with 200 SMA. And its friday evening, price action is like this on evenings.
I agree with you on this,but the question is when enough is enough?
Is there any average number of upward moves which failed to continue what in turn means sellers are control the situation?
Just think if I closed the trades let's say 3 times @ b/e and my fourth trade ended with 40 pips loss I've just lost 40 pips from 4 trades and 3 of them were winning trades
  • #11,225
  • May 2, 2009 7:07am May 2, 2009 7:07am
I dont think there is any average number. Once i've seen on USD/CAD a level has been touched 7 times in 30min period and only then sold off 80 pips only to come back and break that level for 30 pips higher into stronger s/r and then it was sold for good. So there are only expectations and yes, you have to take it, cs you dont know for sure, maybe its a trade of the week. The things to look for are:
-The bigger time frames - how your s/r looks from there?
-Market sentiment - news.
-Fundamental - who looks more stable, Canada or USA?
-Corelation between pairs - usually pairs do corelate, so find out what pairs do corelate between each other and look for s/r thats pairs are running in together. The turning point for one pair is usually a turning point for other as well, so be aware of it.
-Other instruments come into play like fibs, channels, trendlines...
Etc... This is what i do look for mostly. Everything is in the pdf. at the first post.
  • #11,226
  • May 2, 2009 9:15am May 2, 2009 9:15am
Quoting Gambis
I dont think there is any average number. Once i've seen on USD/CAD a level has been touched 7 times in 30min period and only then sold off 80 pips only to come back and break that level for 30 pips higher into stronger s/r and then it was sold for good. So there are only expectations and yes, you have to take it, cs you dont know for sure, maybe its a trade of the week. The things to look for are:
-The bigger time frames - how your s/r looks from there?
-Market sentiment - news.
-Fundamental - who looks more stable, Canada or USA?
-Corelation...
Thanks it was helpful
  • #11,227
  • Edited Jun 2, 2019 12:26pm May 2, 2009 9:33am | Edited Jun 2, 2019 12:26pm
What do you guys think about going short here:

{ personal information deleted by staff, per request }
  • #11,228
  • May 2, 2009 12:41pm May 2, 2009 12:41pm
It looks like a good level, it might be at a fib level as well. I would look on BRV's website to read about his take on fading levels though so you know when you have a better chance at succeeding and when you dont.
I would probably head on down to the 1hr time frame and manage the trade from there... I would say that the probability of that trade going in your favor is worth the risk(if fib is present)

I am very new though, so if any more experienced traders have an opinion... I would be happy to hear!
  • #11,229
  • May 2, 2009 5:16pm May 2, 2009 5:16pm
Friends,

the formation marked with circles, is in my opinion a bullish sign, which reminds me a waiter's hand. I think it's reliable on a hourly, so I don't think I'll short the pound in the near future, not even at 1.5.
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forget about tomorrow, just steal away into the night
  • #11,230
  • May 3, 2009 10:35pm May 3, 2009 10:35pm
According to FF calendar, today is JPY and GBP bank holiday. Will you guys trade JPY or GBP pairs today?
  • #11,231
  • May 4, 2009 1:38am May 4, 2009 1:38am
Quoting dreamtrader
According to FF calendar, today is JPY and GBP bank holiday. Will you guys trade JPY or GBP pairs today?
Breakouts in JPY London session only for me.
  • #11,232
  • May 4, 2009 6:32am May 4, 2009 6:32am
Quoting hxcjf
Breakouts in JPY London session only for me.
What do you mean?
  • #11,233
  • May 4, 2009 9:18am May 4, 2009 9:18am
I went long at 1.5659, what do you think? is it a good call or a bad jugdement
Attached Image
  • #11,234
  • May 4, 2009 9:32am May 4, 2009 9:32am
I'm longing USD/CAD 1.177, daily/weekly line.
  • #11,235
  • May 4, 2009 11:19am May 4, 2009 11:19am
Quoting sam0182
I'm longing USD/CAD 1.177, daily/weekly line.
Out of that mess at b/e

EUR/USD 1.36 anyone?
  • #11,236
  • May 4, 2009 12:11pm May 4, 2009 12:11pm
Looking for a buy @1.3320 Today had some losses on this pair, so im low in confidence on taiking it again. Cs i have no idea what TP should be on this ride. What do you think guys? The tail on h1 is scarring me
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  • #11,237
  • May 4, 2009 12:29pm May 4, 2009 12:29pm
Quoting Gambis
Looking for a buy @1.3320 Today had some losses on this pair, so im low in confidence on taiking it again. Cs i have no idea what TP should be on this ride. What do you think guys? The tail on h1 is scarring me
You would be trading back into an area of S/R defined at ~1.3400. At his point you would look to go short. That 'tail', as you call it is a strong indicator that the market is looking short. (See the james16 or Silent Service Method threads for a discussion of "Pin Bars" and what they mean).

Taking a buy right now is trading into the teeth of the market.
I'm pretty much done with all this ...
  • #11,238
  • May 4, 2009 12:33pm May 4, 2009 12:33pm
Quoting Gambis
Looking for a buy @1.3320 Today had some losses on this pair, so im low in confidence on taiking it again. Cs i have no idea what TP should be on this ride. What do you think guys? The tail on h1 is scarring me
In addition to what StoragePro said, the 1.3320 level is not the strongest level and is in the middle of much stronger S&R levels. Take a step back and wait for the price to move to a stronger level and take action from there.

The next 24 hours should provide a quality opportunity on the EUR/USD and more so will give you time to digest today's losses and again trade with confidence.
  • #11,239
  • May 4, 2009 12:45pm May 4, 2009 12:45pm
Looking from a bigger picture it was a heavy resistance level. Actually i was waiting for a short there last week, silly i'd missed it today.
But a situation we are having now shows us a break out from previous week's high with a pullback, that normaly should be traded as long. I'll reduce my longs to minimum, with a tight SL, who knows, maybe it will work out somehow. Thanks for support
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  • #11,240
  • May 4, 2009 1:14pm May 4, 2009 1:14pm
Quoting Gambis
Looking for a buy @1.3320 Today had some losses on this pair, so im low in confidence on taiking it again. Cs i have no idea what TP should be on this ride. What do you think guys? The tail on h1 is scarring me
Hey man, about the Confidence... I dont know if you have watched that video BRV posted a few pages back. If you have not, I highly recommend that you spend the 55minutes and do so.

That 1 hour video(plus reading his book) has altered my outlook on trading in a positive fashion and I think it would help with yours as well.
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