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  • #11,461
  • May 14, 2009 2:09pm May 14, 2009 2:09pm
Quoting BillyRayValentine
Boom boom boom....like climbing a ladder...who needs an rsi/stochastic/moving average/whatever with something as clean as this:

Hey BillyRay V,

I have 1.542 marked as a potential fade area. Seems like you think otherwise. How come you wouldn't consider it a line that price would bounce strongly from since it should both good support and resistance earlier in the week?

Thanks,
BB

Edit: Also, I see the stacking bricks on 5min, but assumed that the 1 hr resistance would trump it.
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  • #11,462
  • May 14, 2009 2:14pm May 14, 2009 2:14pm
So BRV, are you looking at a 5m chart because you are already in a trade at a greater Time Frame? Just monitoring the trade to see when to get out?

For some reason its been a thorn in my side trying to figure out what TF to trade off of and then what to do from there.

As it stands I am starting off at the Daily, putting down 1-2 levels that might be influential. After that I go to the 4hr and put down a few more levels that are more fine tuned for that time frame. I put the lines where 'everyone' can see them and make sure they are valid... If I have to 'search' for a place to put the line, I pass it up.

Then I do the same thing for 1hr, and then 'manage' (if you want to call it that) the trade.

I know there are influences that we need to look at as well, and that is always at the back of my mind trying to find that info out. I just think I am looking at too many things at once.... Anyone have some advice!?

So after that I might have roughly 10 lines floating around (all different colors depending on which time frame) and go from there. Looks like a broken TV.
  • #11,463
  • May 14, 2009 2:14pm May 14, 2009 2:14pm
Quoting The Big Bang
Hey BillyRay V,

I have 1.542 marked as a potential fade area. Seems like you think otherwise. How come you wouldn't consider it a line that price would bounce strongly from since it should both good support and resistance earlier in the week?

Thanks,
BB

Edit: Also, I see the stacking bricks on 5min, but assumed that the 1 hr resistance would trump it.
No I dont think otherwise.....thats a good area youre absolutely right....I just didnt have it marked up on the chart. trade would be around +20 right now if you took it.
  • #11,464
  • May 14, 2009 2:17pm May 14, 2009 2:17pm
Quoting Concept
So BRV, are you looking at a 5m chart because you are already in a trade at a greater Time Frame? Just monitoring the trade to see when to get out?

For some reason its been a thorn in my side trying to figure out what TF to trade off of and then what to do from there.

As it stands I am starting off at the Daily, putting down 1-2 levels that might be influential. After that I go to the 4hr and put down a few more levels that are more fine tuned for that time frame. I put the lines where 'everyone' can see them and make sure they are valid......
Dont overcomplicate it. There are alot of levels, they just come and go all the time and seen on different timeframes.

I look for intraday clues all the way down to 1 min charts, like in trend continuation plays etc. The reason I do it is because I know the guys running the show are doing it too.

If youre looking for longer term plays, take the areas visible on greater timeframes.

If youre looking for shorter term plays or trend continuation on strong days, go shorter time frame.
  • #11,465
  • May 14, 2009 2:20pm May 14, 2009 2:20pm
Quoting BillyRayValentine
No I dont think otherwise.....thats a good area youre absolutely right....I just didnt have it marked up on the chart. trade would be around +20 right now if you took it.

I done did take it. Though, scared the shite out of me when I saw your post. I must have misinterpreted it. Haha.

Anyway, closed out for 20.

I heart this thread.
  • #11,466
  • May 14, 2009 2:24pm May 14, 2009 2:24pm
Quoting eaglestar
how far back do you keep s/r levels? have you ever thought of color coding them like white most important blue lesser red lesser green lesser yellow least? i am trying to concoct a method of trading based on your thread bobokus thread and channels that is simplest way to say at the moment look at this post of mine if you can and tell me your opinion.

any insight and help would be so grateful. if you make ma a pro trader 1% of my profits are yours hehe
i trade full time 50 hours a week but recently ran into some stress so my live account suffered....

Depends - I always say the last time price was hit usually holds the most significance. The dissecting eurusd video I posted a while back I think it might explain a little better. Just scroll up and down the chart, marking up the most significant zones......and yes, sometimes I color code longer term levels vs shorter term.
  • #11,467
  • May 14, 2009 2:31pm May 14, 2009 2:31pm
Quoting The Big Bang
Hey BillyRay V,

I have 1.542 marked as a potential fade area. Seems like you think otherwise. How come you wouldn't consider it a line that price would bounce strongly from since it should both good support and resistance earlier in the week?

Thanks,
BB

Edit: Also, I see the stacking bricks on 5min, but assumed that the 1 hr resistance would trump it.
High probability at this price, but the time of day isn't great, volumes are lower and you need market consensus to make the move work.

Another great Head & Shoulders.
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  • #11,468
  • May 14, 2009 3:34pm May 14, 2009 3:34pm
Quoting RedCabbage
High probability at this price, but the time of day isn't great, volumes are lower and you need market consensus to make the move work.

Another great Head & Shoulders.
RC, thanks for your input.

RC and all,

What is your opinion on holding trades during the lull from NY close to Asian open?

From my noob perspective it seems that the opens always bring a bit of volatility with them, making an entry at the end of NY for a trade like this (see RC post above) a bit more risky as it could pop either way and hit a s/l. Whereas if one was already in a trade for decent profit, it wouldn't make such a difference as price would probably pick up where the trend left off after the initial volatility.

Like I said, a noob perspective. Thoughts anyone?
  • #11,469
  • May 14, 2009 5:04pm May 14, 2009 5:04pm
Quoting The Big Bang
RC, thanks for your input.

RC and all,

What is your opinion on holding trades during the lull from NY close to Asian open?

From my noob perspective it seems that the opens always bring a bit of volatility with them, making an entry at the end of NY for a trade like this (see RC post above) a bit more risky as it could pop either way and hit a s/l. Whereas if one was already in a trade for decent profit, it wouldn't make such a difference as price would probably pick up where the trend left off after the initial volatility.

Like I said,...
I'm not experienced enough to give an opinion on the Asian session but treat it like any other period of uncertainty.

If I had taken this trade I would probably have my stop at b/e (+ enough for a coffee) with a healthy but realistic 1st TP at 15170 +10 to cover spread and a few pips shortfall giving a potential 60 pips while I sleep.

Let's see what the morning brings.
  • #11,470
  • May 14, 2009 7:54pm May 14, 2009 7:54pm
Morning,

Missed the party belated wishes dam time zones who needs em,

Usd/Jpy came within whisker of hitting my first tp then traveled on it's merry way back up to take out my stop. this ones on probation for now.

Onto the next.
  • #11,471
  • May 14, 2009 8:18pm May 14, 2009 8:18pm
Hi,

This just caught my attention. Theres a few things I'm looking at here 50 fib, nice diagonal trend line and close to a round number 71
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  • #11,472
  • May 14, 2009 8:33pm May 14, 2009 8:33pm
Quoting BillyRayValentine
By the way, today is the one year mark since I started this thread.

We're also about to hit 1 million views on the same day.

WEIRD OR WHAT???!!!

I think so. Dinner on ForexFactory? Twee, Merlin, how 'bout it?

(PS - I realize that most people could give a crap less, and that's okay )


.
Congratulations BRV, you're an inspiration to many. Please keep up the great work.
  • #11,473
  • May 14, 2009 11:00pm May 14, 2009 11:00pm
I am seeing price hover around the 5215/5200 SBR level... Thinking there might be a hard selloff to close off the week. Got a different looking Head/Shoulders forming as well( If It is classified as one). And the weekly highs are probably safe from anything that tomorrow can bring.

I would probably take half off at the 5150 level and let the rest ride.
I probably will not be up to see this trade take off. So I will see how it looks in about 8 hours when I wake up!

Any comments would be appreciated!
  • #11,474
  • May 15, 2009 1:40am May 15, 2009 1:40am
The left shoulder of the H&S is exactly the same size as the right shoulder.

12 candles.
  • #11,475
  • May 15, 2009 1:53am May 15, 2009 1:53am
Quoting RedCabbage
The left shoulder of the H&S is exactly the same size as the right shoulder.

12 candles.
Hmmmm if you refer to gbp/usd, shoulder is not completed yet
  • #11,476
  • May 15, 2009 1:57am May 15, 2009 1:57am
Quoting mattpajek
Hmmmm if you refer to gbp/usd, shoulder is not completed yet
True.

It is well on the way though.
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  • #11,477
  • May 15, 2009 1:59am May 15, 2009 1:59am
Quoting RedCabbage
True.

It is well on the way though.
yup agree on that
  • #11,478
  • May 15, 2009 2:01am May 15, 2009 2:01am
Quoting mattpajek
yup agree on that
We'll have to see if they were driving price down pre-London open before buying it to make it into a continuation flag instead.
  • #11,479
  • May 15, 2009 2:05am May 15, 2009 2:05am
Would shorting this to .7350 be a no brainer?
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  • #11,480
  • May 15, 2009 2:12am May 15, 2009 2:12am
Quoting SannaCBranno
Would shorting this to .7350 be a no brainer?
From what price? I cannot really see a set up here.
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