No Brainer Trades

nice pic! bolt is the man

loudoniii & DutchAngel,
appreciate that latest back-to-back post.

If there is anybody scrolling through that has not joined in on the chat at http://www.nobrainertrades.com/2008/...de-poster.html you should do it, do it NAWAGH!!!(now) but don't type in nobrainer.com or you will get some window blind website and I'm not sure how good their trade recommendations are!

I've receive loads and loads of questions about money management and risk.

To answer all these I have created a video which can be found at:



Please rate / comment as it will help me determine what I cover in the next lesson.

Cheers WG

No problem - the more we all share the more we learn !

Cheers, Loudoniii

PS: Are you really based on Mount Everest ?

I don't want this to move any higher as I'm downtrending with a small position but if we do, I'm ready for an S&R bounce around 1.403-1.406. 50% fib from June 3 highs to June 15 lows.

http://i24.photobucket.com/albums/c2...rusdjune17.jpg

Thanks for the greetings supremeChaos. You are quite the prolific poster it seems

over and under pattern; eur/gbp; H1; possible buy around 0.8450 level?

Cool Im going to try following this!

Hi guys. Lines were on eurusd did pretty well yesterday so will just say that I am looking at a sell on eurusd at 1.3994, but it might just push through to 1.4039 which is my preference. If it does then great, further to fall. I like gbpusd for sell at1.6484 and will wait for it. I am off on holidays for a week and will refrain from trading so good luck. Bye Duncan. Chat late next week.

In the spirit of learning, I'd like some feedback at the AUDUSD H1 chart im looking at. Steve likes a buy at the 0.7675 area, which is far below the current levels.

I'm looking at the 0.7849 level where its served as support three times in the past few days at exactly this point on both the H1, H4, and D1 timeframes. I'd appreciate any insight or opinions on taking a long position at this level.

Hi Tori i would like to ask you a few question whenever you are available.

Hi Quantom, Im no expert, Ive been reading the NBT thread for about a month now, My understanding is that once a Support area has been used three times it becomes very weak, If I am right you need to be carefull, as if it hits it again instead of bouncing back it could run straight through to the next support level.

VonBek.

loudoniii,
Mt. Everest? not really..lol
It's a big dream for me to summit that place within 3-5 years. Coming from a tropical country (Philippines), it may take some time for me to acclimatize with the extreme (very very cold) weather, & hence achieve that goal.
Thanks again for your generosity.



Dropped Onion,
what do u specifically mean by this?
Anyway, thanks! Hope i'm being productive with my posts (throughout FF).



row,
i believe Tori is here often. so just ask away, & wait for the reply.



Samikshai,
that is very difficult to ascertain.
U see, not all those who read this thread post here. maybe the ratio of posters-to-lurkers is around 1:100 or more.
Not to mention the fact, that not all who implement BRV's teachings are applying it all & exclusively. that is another variable to take into account.

i think the better question to ask is:
if i TRY this stuff, shall it benefit me? Go try it for yourself.
I think that is the only thing relevant to you, rather than the issue of whether many/few people use it & make money with it.

Thanks for the new overview article BRV. Excellent reading, you should post it in the news section.

New stuff from yours truly:

The S&P 500 has fallen approximately 46 pts from its highs, keeping risk traders at bay and pairs such as GBP/USD, EUR/USD and AUD/USD remain consolidated, with downside support levels under constant pressure.

Throughout this recession we have seen the staunch correlation of these pairs to the world equity markets, where risk trading reigns supreme, and few things have caused them to separate this relationship along the path. The occasional interest rate news and other local events are common among driving what seem to be nonsensical spikes and heavy movements in price, though from a macro perspective, we seem to religiously revert back to this relationship.

The dollar is slightly weaker tonight, after a correction the stock market helped push the pairs higher late in the US trading session. We now sit in the middle of a range that began approximately 2 weeks ago, with lower highs being made across the board.

After 2 weeks of consolidation and indecision among buyers and sellers, the S&P 500 has officially broken through its supportive trendline, and bears are now targeting lower retracement levels. Likewise, the Nikkei, FTSE and FESX are in the same boat, finally falling over from an overheated rally that began in early March.

http://2.bp.blogspot.com/_nW2eMRU5Wx.../s400/spx1.gif

Because of this, we look to badly needed US dollar strength in the weeks to come on the back of risk leaving world equity markets for the time being, bringing EUR, GBP AUD, etc to lower levels.

A “V” shaped recovery is great for political talk, but reality is another issue. Despite a string of better-than forecast numbers over the course of the past several months, world economic data is still very generally poor and sectors are still in rough shape. What wealth has entered these sectors over the course of the past few months has provided little in terms of sustenance, as more debts need to get paid off from beatings taken over the course of the past year. We had little reason to believe this rally would continue for long; the only question was: “how high before another collapse?”.

But as we all know, markets move up, down and sideways, and this equity market support break could temporarily be the beginning of a head and shoulders pattern or some other mutant of this. When we translate this over to currencies it means we could indeed go higher on GBP, EUR and AUD; it’s still not out of the question, though bias is certainly down.

Particularly for GBP, the currency seems to be resilient to sellers this past week, but downside levels continue to get tested. EUR is weaker; thus, it’s been my weapon of choice to sell when markets are moving lower. Two weeks ago we had strong sentiment leaning to the upside on all of these pairs, and is now vanishing little bit by little bit.

Using GBP/USD as an example, here are our alternatives as I see them now:

For buys:

The downward-sloping diagonal trendline is the first major area of resistance, followed by highs at 1.6618 and 1.6661. A potential move into this area could see a short term retracement, or bounce from the diagonal trendline or highs, followed by a breakout. Ideally, a long position would be taken on confirmation of this momentum , anywhere between the diagonal trendline high and 1.6618. A target on this trade would potentially be as high as the 1.7100 area, if it can clear the 1.6780 area. We would lock ourselves in at breakeven ahead of the local resistance (1.6661) to protect from any failures.

For sells:

Downward pressure on the 1.6239 and 1.6212 area continues. If a failure is truly to occur and in any time soon, we would like to see a day of heavy selling pressure going into this level, ideally selling ahead of this zone to protect ourselves from any false breakouts. The major area of support below this zone comes in at 1.6130 and 1.6114 (retracement confluence) and 1.6089, as well as a slew of rather ambiguous support levels from bumps made on the hourly charts in the most recent uptrend. Because we have a ‘triangular’ pattern taking shape, the likelihood of a big pullback from an area like this (1.6130-1.6089) is possible, though we would prefer to lock our trades in at breakeven and see if we can ‘ride it out’ for lower lows.

http://1.bp.blogspot.com/_nW2eMRU5Wx...00/gbpusd1.gif

In terms of methods for entering trades ahead of these levels, I’ll be posting more in the coming weeks. I’m finding that latching onto trends seems to be an issue for many traders, and I have an armful of techniques I use to do so. I’ll keep you posted. -Steve

Hi Steve - as a cable trader I chose the right time to visit your excellent thread and read your great analysis just posted- many thanks

Regards

Issy

Dear Medici

I tried this approach this morning, starting trading Cable just before 06:00 UK local time (BST) and getting out at 08:15 BST, buying from 06:00 BST onwards, 5 trades in all.

I got out when price hit resistance from the 61.8% Fibo level at 1.6462 (it then very quickly dropped over 40 PIPs on serious profit-taking).

All setups and entries I based on classic BRV S+R levels, including shorter-term 5-min S+R levels from the Asian Session overnight.

I'm sure I didn't get it quite right at all, but I won all 5 trades and made 88.5 PIPs in a couple of hours, which I'm pretty happy with !

Thank you so much for the excellent advice in your post http://www.forexfactory.com/showpost...ostcount=12149.

Best wishes, Loudoniii

I am happy to hear. Well done. My own analysis this morning was that 1.3920 ín the Euro was a safe bet to trade the range up to 1.3985. Less sure about cable given yesterday's sell-off and Mervyn King's gloominess, so waited until the Asian low at 1.6364 was tested and confirmed. And just like you noted several retracements to scale up the positions at. Out in both when yesterday's NY highs were hit. In all another glorious London session, as predictable as a Swiss watch. Particularly pleasing to be able to withdraw today's paycheck at 8.30 ahead of a sunny day

hi supremeChaos,

I just meant that you offer many thoughts and insights through your consistent posts and responses.

keep up the good work.