Just getting settled in, day job starting now.
I'm waiting for a breakout on the EUR/USD...may be on going right now. Other than my lower EUR/USD level of 1.38, I'm not watching anything.
Yourself?
- #12,041
- Edited 8:49am Jun 11, 2009 8:47am | Edited 8:49am
- Joined Mar 2008 | Status: Trader | 1,462 Posts
[quote=BillyRayValentine;2795395]Adding to the thread here another one I look at alot -
I think some of these patterns actually show themselves as pinbars on daily charts, possibly weekly charts too, with the lower low then higher retracement. Some traders trade pinbars after their highs have been broken by about 10 - 15 pips (in the case of going long). However, I think this pattern you have presented allows for an earlier but confident entry.
You have presented a decent pattern here.
I think some of these patterns actually show themselves as pinbars on daily charts, possibly weekly charts too, with the lower low then higher retracement. Some traders trade pinbars after their highs have been broken by about 10 - 15 pips (in the case of going long). However, I think this pattern you have presented allows for an earlier but confident entry.
You have presented a decent pattern here.
- #12,047
- Jun 11, 2009 12:58pm Jun 11, 2009 12:58pm
Reason for short:
- round number: 1.66;
- has some history (check out 2nd june 2009);
- overbought territory (price broke through the upper bollinger band;
- M5 chart shows bearish candlestick signals.
Currently +20 pips. Good for a scalp I'd say
- round number: 1.66;
- has some history (check out 2nd june 2009);
- overbought territory (price broke through the upper bollinger band;
- M5 chart shows bearish candlestick signals.
Currently +20 pips. Good for a scalp I'd say
- #12,048
- Edited 3:11pm Jun 11, 2009 1:56pm | Edited 3:11pm
EURJPY:
Round number and resistance at 138, M5 bearish candlestick signals, price at the upper Bollinger band on the H1.
EURUSD:
- 61.8% Fib level at 1.4133, price closed below it;
- Long upper shadow on previous H1 candle which shows us that the bears are gaining control;
- shooting star on the M5 at 1.4155 fib followed by bearish confirmation candlesticks.
- Edit: price is also on the upper band of the H1 Bollinger bands, but I forgot to attach them to the EURUSD chart
Update: EURUSD short closed for 45 pips.
Round number and resistance at 138, M5 bearish candlestick signals, price at the upper Bollinger band on the H1.
EURUSD:
- 61.8% Fib level at 1.4133, price closed below it;
- Long upper shadow on previous H1 candle which shows us that the bears are gaining control;
- shooting star on the M5 at 1.4155 fib followed by bearish confirmation candlesticks.
- Edit: price is also on the upper band of the H1 Bollinger bands, but I forgot to attach them to the EURUSD chart
Update: EURUSD short closed for 45 pips.
- #12,051
- Jun 11, 2009 11:36pm Jun 11, 2009 11:36pm
Reason for short:
- round number: 1.66;
- has some history (check out 2nd june 2009);
- overbought territory (price broke through the upper bollinger band;
- M5 chart shows bearish candlestick signals.
Currently +20 pips. Good for a scalp I'd say
- #12,053
- Jun 12, 2009 12:57am Jun 12, 2009 12:57am
Buma,
I saw this one but had to pass. I didn't think the history on the 1.6600 was sufficient. June 2nd was only ONE day and the bounce off 1.6600 on that day was only around 50 pips, which is way too small and made me doubt this trade. Rebounds of 200 and 300 pips + are more significant especially when they happen on more than one occassion.
Ideally you want a level to be respected at least twice (on the 4-hr chart), three or more times would be fantastic. The more respect in the past the higher the probability of your trade succeeding...
. Just that I need to respect 2 rules: fixed targets + don't let three minutes pass without having an open position (I'm at a training course), so I'm trying to play things like that when I'm home too, so I get used to it. I couldn't enter long since there were bearish signals, so I went short.
- #12,054
- Jun 12, 2009 3:39am Jun 12, 2009 3:39am
- | Joined Nov 2008 | Status: I support the resistance | 1,033 Posts
