No Brainer Trades | Page 579 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD, USD/CHF, USD/JPY

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

  • #11,561
  • May 19, 2009 9:27am May 19, 2009 9:27am
Also note that there is virtually no selling wicks for the last couple of days. For me this suggests further upside for a while.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_037.jpg Size: 69 KB
  • #11,562
  • May 19, 2009 9:35am May 19, 2009 9:35am
Is this a kind of preparation for breakout?
Attached Image (click to enlarge)
Click to Enlarge Name: clipboard06.gif Size: 19 KB
  • #11,563
  • May 19, 2009 9:40am May 19, 2009 9:40am
Quoting smjones
I can see the decent short down on GU, but I prefer to stay with the trend and as you can see the GBP is just about the strongest currency right now, so I don't want to fight with that, until it looses bid ratio strength against the basket of other currencies.
A nice little add-on. These currency strength graphs have been discussed before but none so well integrated.

Is this something you can share?
  • #11,564
  • Edited 10:07am May 19, 2009 9:40am | Edited 10:07am
Quoting smjones
Also note that there is virtually no selling wicks for the last couple of days. For me this suggests further upside for a while.

yeah strength is still very strong here.....everything I have is pointing into higher territory for swings atm

those daily bars tell the story - aud is in a similar boat. eur and chf have been acting a little weaker.
  • #11,565
  • May 19, 2009 10:08am May 19, 2009 10:08am
Quoting kk007
Is this a kind of preparation for breakout?

we're getting a minor fade now......if it runs back up there fast there's a good shot - just remember resistance up at 5534 and more on the path

hourly bar finally closed above it (5500 handle) but just barely so a little hard to judge.
  • #11,566
  • May 19, 2009 11:06am May 19, 2009 11:06am
Quoting RedCabbage
We don't need an indi - we've got seattlerust.
ROFL....

No BRV, No helpers in seeing these. Just screen time, I suppose. I look at them very simply. Price goes up then retraces. I can eyeball where a .618 or .786 retracement is likely to be and if price zig-zags on its way there, I will check the Fibs. The key characteristic is that zig-zag, or lightening bolt. For perfection (highly unlikely, but sometimes) the zig-zag legs will be equal. The closer that the movements adhere to the Fibs, the higher the probability.

Here is a good explanation from the FX360 site:

http://www.fx360.com/techAnalysis/ch...y-pattern.aspx

SR
  • #11,567
  • May 19, 2009 11:18am May 19, 2009 11:18am
Quoting smjones
I can see the decent short down on GU, but I prefer to stay with the trend and as you can see the GBP is just about the strongest currency right now, so I don't want to fight with that, until it looses bid ratio strength against the basket of other currencies.
My programme says the same. GBP and AUD have been strong all day and havent deviated much in their relative strength.
Boxing clever since 76.
  • #11,568
  • May 19, 2009 11:55am May 19, 2009 11:55am
It's only a diagonal tl but it's been holding true and is creeping up to the 61.8 fib. If PA hits it again this could be a trigger for trend continuation.

I'm a bit late but EUR/GBP hit 8763, anyone else think it's due for a nice bullish run again like on last tuesday?
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 3.png Size: 105 KB
  • #11,569
  • Edited May 20, 2009 1:32am May 19, 2009 2:27pm | Edited May 20, 2009 1:32am
Quoting Sam's Voice
It's only a diagonal tl but it's been holding true and is creeping up to the 61.8 fib. If PA hits it again this could be a trigger for trend continuation.

I'm a bit late but EUR/GBP hit 8763, anyone else think it's due for a nice bullish run again like on last tuesday?
Quoting RedCabbage
EURGBP
Yes it was discussed earlier as a level on the way to 8728.

Can't complain about a reliable countertrend 40 pips with no DD.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100509two.jpg Size: 188 KB
  • #11,570
  • May 19, 2009 4:39pm May 19, 2009 4:39pm
Quoting Concept
Did you give it a bit of TLC BRV?? Looks good if you did, or I am just not good at paying attention to details
A little bit yeah....making it actually readable is a good thing.
  • #11,571
  • May 19, 2009 5:27pm May 19, 2009 5:27pm
Iron Man, thank you very much for advise. i am learning patience and looking for S/R areas all the time. It seems I find them but often just being too careful do not pull the trigger like today, I put resistance for Gbp/Usd at 1.5514 and 1.5535 but despite price clearly bouncing from 1.5514 I failed to open position there. i opened it at support level at 1.5448 with 30 pips profit. Then took short position at 1.5520 but quit too soon again at just 8 pips.
By the way, how many times price should hit R/S level that I considered it sloshed? I personally already do not open position if S/R level worked even once. Is it right thing to do or I can open position even after level was hit once or twice within 1 day? I usually look for S/hat I can see from 1 day to 1 hour time frame.

Thank you again
  • #11,572
  • May 19, 2009 7:23pm May 19, 2009 7:23pm
Got a flag pattern forming on the GU 1hr at the moment. I have never really looked at these before. It seems that its hitting the roof of 1hr Resistance (5514) and bouncing back a bit.

Now from what I have been reading, flags generally break out the same direction they got there. And looking at how the USD is weak across the other 3 majors as well, I would assume that the stall at the roof of 5514 isnt going to hold.

Now its a matter of finding out when its a good time to take a trade!

Any comments/opinions welcomed. I am trying to better myself though public scrutiny!
  • #11,573
  • May 19, 2009 8:02pm May 19, 2009 8:02pm
Quoting RedCabbage
Hi Siam

How are you doing?

Agreed 8727 looks fantastic, I'm expecting a hiccup at 8764 on the way there as well.

Morning,

Hiccup, but no belching please.

And look at that loonie.
Attached Image (click to enlarge)
Click to Enlarge Name: 7.gif Size: 28 KB
  • #11,574
  • May 19, 2009 8:54pm May 19, 2009 8:54pm
hello,

Any idea why the 1.55 breakout did not work. Is it the 10% failure example, or it is not strong enough as a R/S.

look for your opinion!

007
Attached Image (click to enlarge)
Click to Enlarge Name: clipboard07.gif Size: 19 KB
  • #11,575
  • May 19, 2009 11:42pm May 19, 2009 11:42pm
Quoting sam0182
Just looking at the G/U trade, the resistance looked pretty short term as you were playing an hourly level that was just used a few days ago and stops should have been moved to breakeven quickly/or a shorter TP.

That being said and let me know if I'm missing something, but the bounce off that level offered up about 55 points top to bottom...and if you were brave enough to play a second bounce of this level (AFTER it bounced 55 points and went back to test again), you still had a top to bottom reaction of about 30 points, more than enough time...
I placed my short order just a few seconds before the GBP breakout with no return, and so no way to breakeven, I have no time to think about the stoploss and I lost 40 pip immediately. It was actually my mistake it was the third hitting of the S/R within the last few hour, and so I shouldn't have expected a safe bounce.

The S/R was not that short term, I think, it has been visited on 12 May. And what you said the 50 pip from top to bottom was not quite true. It did not touch the 1.535 level before rebound.
  • #11,576
  • May 20, 2009 12:21am May 20, 2009 12:21am
Quoting kk007
I placed my short order just a few seconds before the GBP breakout with no return, and so no way to breakeven, I have no time to think about the stoploss and I lost 40 pip immediately. It was actually my mistake it was the third hitting of the S/R within the last few hour, and so I shouldn't have expected a safe bounce.

The S/R was not that short term, I think, it has been visited on 12 May. And what you said the 50 pip from top to bottom was not quite true. It did not touch the 1.535 level before rebound.
Short term is a matter of opinion and trading style. And...my charting is showing roughly a 55 point reaction, top to bottom from the resistance zone...

http://i24.photobucket.com/albums/c2...Forex/gu55.jpg
  • #11,577
  • May 20, 2009 1:25am May 20, 2009 1:25am
Quoting Siam
Morning,

Hiccup, but no belching please.

And look at that loonie.
Swing Out Sister
  • #11,578
  • May 20, 2009 2:04am May 20, 2009 2:04am
Quoting sam0182
Short term is a matter of opinion and trading style. And...my charting is showing roughly a 55 point reaction, top to bottom from the resistance zone...
Thanks sam, my broker gave me a slightly different chart.
  • #11,579
  • May 20, 2009 5:12am May 20, 2009 5:12am
Price has been reacted to the 5534 obviously, great. You can see 5500 did not recieved any respects at all (as if it were not a S/R), unlike the last time when it was visited in Dec 08 and recieved a lot of respects. S/R is so strange to me. Anyone can give me your opinion why these levels were treated differently every time. Many thanks for opinions.
Attached Image (click to enlarge)
Click to Enlarge Name: clipboard11.gif Size: 20 KB
  • #11,580
  • May 20, 2009 5:36am May 20, 2009 5:36am
Quoting kk007
Price has been reacted to the 5534 obviously, great. You can see 5500 did not recieved any respects at all (as if it were not a S/R), unlike the last time when it was visited in Dec 08 and recieved a lot of respects. S/R is so strange to me. Anyone can give me your opinion why these levels were treated differently every time. Many thanks for opinions.

Have you read the .pdf file from the first post in this thread? It will answer many of your questions.

Looks to me like .5500 was paid attention to by the market. This doesn't mean that price has to stop instantly and bounce off of that specific number. Remember, s/r is a range and not just set at one price.
3 traders viewing now