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Damion's Tribute

  • #21
  • Jun 16, 2009 10:57pm Jun 16, 2009 10:57pm
Quoting soyabean
The down trendline is not valid for the ABCD setup. We have to be patient and trade only the best setups!
I guess it has to close below the current trend's low to be valid right?

Thanks.
AFTAB Time Will Tell & Price Will Show
  • #22
  • Jun 16, 2009 11:02pm Jun 16, 2009 11:02pm
Quoting soyabean
I think we witnessed some strong price action today, will be looking for some reaction near the major trendlines.
Soya,

Out of the trades you are looking at right now (charts you have posted), would you be able to share which is the best trade in your opinion and why (should you have an option to just trade ANY 1 PAIR)?

Thanks.
AFTAB Time Will Tell & Price Will Show
  • #23
  • Jun 17, 2009 9:44am Jun 17, 2009 9:44am
Quoting aftab
I guess it has to close below the current trend's low to be valid right?

Thanks.
Right.
  • #24
  • Jun 17, 2009 9:57am Jun 17, 2009 9:57am
Quoting aftab
Thanks Soya. Like I said, I am learning a lot from your feedback and I appreciate it.

Just for me to be able to get an insight into how you are thinking, when would you even consider getting involved with this pair?

Thanks.
Hey, the only opportunity that I would have taken on the 4h charts would be this bullish engulfing. Strong price action at the uptrendline.
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  • #25
  • Jun 17, 2009 9:59am Jun 17, 2009 9:59am
Quoting soyabean
Hey, the only opportunity that I would have taken on the 4h charts would be this bullish engulfing. Strong price action at the uptrendline.
On the 1h chart, this could be a possible entry at the evening star.
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  • #26
  • Jun 17, 2009 10:13am Jun 17, 2009 10:13am
Quoting aftab
Soya,

Out of the trades you are looking at right now (charts you have posted), would you be able to share which is the best trade in your opinion and why (should you have an option to just trade ANY 1 PAIR)?

Thanks.
Posted below are possible trades that could have been taken. The blue zones indicated in my previous charts were resistance areas we should watch out during the retracement.

To answer your question, I like the EJ setup best because the candle formation was on the 4h chart, as compared to the AJ setup. Hence, price action was stronger. The EU setup looks to be the weakest because the bearish engulfing pattern came on the 2nd test of the resistance.

Just a note though, I missed all these opportunities as I don't trade 1H chart for AJ and I was away at work when the EJ setup appeared. Let's wait for other opportunities .
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: ej.gif Size: 18 KB
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  • #27
  • Jun 17, 2009 5:07pm Jun 17, 2009 5:07pm
Quoting soyabean
On the 1h chart, this could be a possible entry at the evening star.
It's when a higher time frame trendline is broken that you look for a possible trade set on a lower time frame. Of course the same candle formation and risk:reward should offer an opportunity.

Got it Soya.
AFTAB Time Will Tell & Price Will Show
  • #28
  • Jun 17, 2009 6:13pm Jun 17, 2009 6:13pm
Quoting soyabean
Posted below are possible trades that could have been taken. The blue zones indicated in my previous charts were resistance areas we should watch out during the retracement.

To answer your question, I like the EJ setup best because the candle formation was on the 4h chart, as compared to the AJ setup. Hence, price action was stronger. The EU setup looks to be the weakest because the bearish engulfing pattern came on the 2nd test of the resistance.

Just a note though, I missed all these opportunities as I don't trade 1H chart for AJ and I was...
Thanks Soya, got to learn a lot from your comments.
AFTAB Time Will Tell & Price Will Show
  • #29
  • Jun 17, 2009 6:14pm Jun 17, 2009 6:14pm
Soya,

Is this what you are looking at?

Also, expanded the chart a little.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: USDJPY - 17th June 2009_LargerCandles.jpg Size: 126 KB
AFTAB Time Will Tell & Price Will Show
  • #30
  • Jun 17, 2009 6:39pm Jun 17, 2009 6:39pm
Quoting aftab
Soya,

Is this what you are looking at?

Also, expanded the chart a little.
I think there is definitely a trade opportunity here for aggressive traders. Consider taking profits early though or moving sl to b/e. Personally I try not to take counter trend trades. The weekly and daily charts are still bearish.
  • #31
  • Edited 4:35pm Jun 18, 2009 4:31pm | Edited 4:35pm
Soya,

My entry on the 5 mins - maybe the wrong thing to do; but I wanted a tighter stop.

Also an updated 4HR chart. I traded 2 mini lots - exited one at 1:1.5 and the other is at B/E - will exit at 97.00 or get stopped out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY - 18th June 2009_5MINS_entry.jpg Size: 146 KB
Click to Enlarge Name: USDJPY - 18th June 2009.jpg Size: 150 KB
AFTAB Time Will Tell & Price Will Show
  • #32
  • Jun 21, 2009 7:49am Jun 21, 2009 7:49am
Soya,

Are you looking at anything this week?

Thanks.
AFTAB Time Will Tell & Price Will Show
  • #33
  • Jun 22, 2009 11:35am Jun 22, 2009 11:35am
Quoting aftab
Soya,

My entry on the 5 mins - maybe the wrong thing to do; but I wanted a tighter stop.

Also an updated 4HR chart. I traded 2 mini lots - exited one at 1:1.5 and the other is at B/E - will exit at 97.00 or get stopped out.

You are an aggressive trader Glad you did well on your trades and I see you adopted my suggestions to take profits early and secure to b/e.

Personally I prefer to ride on bigger moves. To each his own though, find what you are comfortable with. Damion is exceptionally comfortable on 4h charts, mike is on 1h charts, and mike trades counter trends well too.
  • #34
  • Jun 22, 2009 11:37am Jun 22, 2009 11:37am
Quoting aftab
Soya,

Are you looking at anything this week?

Thanks.
Not at the moment, i am still waiting for my nzdusd trade to give me a good run of pips. Just closed my AUDNZD for 180 pips too. =) I think there are a few trade opportunities but i am just too busy with work and life to watch my charts now.

Currently I only have 30 mins every day to take a quick look. I will post any finding later if there's a good catch.
  • #35
  • Jun 24, 2009 4:25am Jun 24, 2009 4:25am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Hi Soyabean,
I m hone in to this journal.Fantastic stuff.I know this is going to be a good place to learn forex.Keep up the good work guys.

  • #36
  • Jun 24, 2009 5:36am Jun 24, 2009 5:36am
OK, we dump the trade calls here
congrat broda
  • #37
  • Jun 24, 2009 6:54am Jun 24, 2009 6:54am
Missed this trade as I was at work, what a fantastic R:R ratio.
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  • #38
  • Jun 24, 2009 6:55am Jun 24, 2009 6:55am
Quoting Nimrod
Hi Soyabean,
I m hone in to this journal.Fantastic stuff.I know this is going to be a good place to learn forex.Keep up the good work guys.

Hi! A warm welcome to my thread, please make this ur home for learning and discussing our trade ideas, not limited to just abcd1234.
  • #39
  • Jun 24, 2009 6:57am Jun 24, 2009 6:57am
Quoting Naijafx
OK, we dump the trade calls here
congrat broda
Welcome my bro. I don't post as often now but will do my best to keep this alive! Most importantly, keep damion's teachings alive!
  • #40
  • Jun 24, 2009 7:01am Jun 24, 2009 7:01am
This is a typical entry at the bullish engulfing of the daily uptrendline.

Closed 1 lot for 1:1, I am moving SL to b/e. Hoping to ride a LONG WAY up now at no loss, target is 600 pips away.
Attached Image(s) (click to enlarge)
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