Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

No brainer fundamental trades 55 replies

This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies

The Koala System (No brainer) 127 replies

EUR/GBP SHORT for No Brainer 67 replies

Selling USD and YEN is a no brainer. 12 replies

Attachments: No Brainer Trades
Exit Attachments

No Brainer Trades

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!
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.
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.
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
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.
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
  • Post #11,227
  • Quote
  • Edited Jun 2, 2019 1:26pm May 2, 2009 10:33am | Edited Jun 2, 2019 1:26pm
What do you guys think about going short here:

{ personal information deleted by staff, per request }
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!
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.
Attached Image (click to enlarge)
Click to Enlarge Name: chart0502guh1.jpg Size: 64 KB
forget about tomorrow, just steal away into the night
According to FF calendar, today is JPY and GBP bank holiday. Will you guys trade JPY or GBP pairs today?
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.
Quoting hxcjf
Breakouts in JPY London session only for me.
What do you mean?
I went long at 1.5659, what do you think? is it a good call or a bad jugdement
Attached Image
I'm longing USD/CAD 1.177, daily/weekly line.
Quoting sam0182
I'm longing USD/CAD 1.177, daily/weekly line.
Out of that mess at b/e

EUR/USD 1.36 anyone?
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
Attached Image (click to enlarge)
Click to Enlarge Name: 09-05-04eu.gif Size: 15 KB
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 ...
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.
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
Attached Image (click to enlarge)
Click to Enlarge Name: 09-05-04eu`.gif Size: 21 KB
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.
0 traders viewing now