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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #16,381
  • Jun 22, 2009 10:22pm Jun 22, 2009 10:22pm
Quoting eohater
Nearing this TP. My remaining short position once this order gets filled will be covered +100 and eyeing 612x for my next TP.
A long position might present itself at the turn of the h4. Even if it's with the SL below the current low. The close of the h4 will be interesting and might provide an opportunity in either direction. I am biased short, but I'm willing to go long with calucated risks. Infinity made a point about this today in the thread and I don't know if everyone got it or not. We look for the setups and control our exposure.

Trade well guys!
EO
Just digging in the trenches like everyone else!
  • #16,382
  • Jun 23, 2009 1:46am Jun 23, 2009 1:46am
Just got up this morning to see her at the TL, took a long with 10 pip SL and covered at BE as she passed it.

Got a sell order for if she comes back and makes a new low.
Attached Image (click to enlarge)
Click to Enlarge Name: h4.gif Size: 32 KB
  • #16,383
  • Jun 23, 2009 2:05am Jun 23, 2009 2:05am
Morning Alan

I am long from 1.6276 looking to add every 50 pips opened her as she got past the S1 how are you doing?

provided she can get past the 10 on the 1H
  • #16,384
  • Jun 23, 2009 2:08am Jun 23, 2009 2:08am
Morning Ben
  • #16,385
  • Jun 23, 2009 2:11am Jun 23, 2009 2:11am
Quoting davids
Morning Alan

I am long from 1.6276 looking to add every 50 pips opened her as she got past the S1 how are you doing?

provided she can get past the 10 on the 1H
Got taken out +20
  • #16,386
  • Jun 23, 2009 2:12am Jun 23, 2009 2:12am
Quoting davids
Morning Alan

I am long from 1.6276 looking to add every 50 pips opened her as she got past the S1 how are you doing?

provided she can get past the 10 on the 1H
Morning, 6317 might be as high as we get, draw a TL from top of 22 hours ago to top of 2 hours ago. She just bounced right off it.

EDIT: chart added
Attached Image (click to enlarge)
Click to Enlarge Name: h4.gif Size: 21 KB
  • #16,387
  • Jun 23, 2009 2:17am Jun 23, 2009 2:17am
Quoting BenScoobert
Morning, 6317 might be as high as we get, draw a TL from top of 22 hours ago to top of 2 hours ago. She just bounced right off it.

EDIT: chart added
Cable has being very irritating of late I am going to wait to see what happens I don't think she knows whether she wants to up or down I have opened a long on EJ
  • #16,388
  • Jun 23, 2009 2:17am Jun 23, 2009 2:17am
Quoting eohater
A long position might present itself at the turn of the h4. Even if it's with the SL below the current low. The close of the h4 will be interesting and might provide an opportunity in either direction. I am biased short, but I'm willing to go long with calucated risks. Infinity made a point about this today in the thread and I don't know if everyone got it or not. We look for the setups and control our exposure.

Trade well guys!
EO
Like EO said here, biased short.

Maybe we are the top side of the falling channel rather than a reversal.
  • #16,389
  • Jun 23, 2009 2:26am Jun 23, 2009 2:26am
Quoting BenScoobert
Like EO said here, biased short.

Maybe we are the top side of the falling channel rather than a reversal.
I think you are right the bias is short but the candles are saying we are going up the next hour should reveal her intentions
  • #16,390
  • Edited 3:00am Jun 23, 2009 2:43am | Edited 3:00am
Quoting davids
I think you are right the bias is short but the candles are saying we are going up the next hour should reveal her intentions
Id like to see 6334 before im more convinced we are northbound.

EDIT: That would also leave us a good looking hammer on the H4 about to end if it does it before the hour is up.

EDIT AGAIN: SL taken at 6273, still 21 pips up and I booked 1/3 off at 52 pips, overall a nice trade. She's still so undecided.
  • #16,391
  • Jun 23, 2009 3:29am Jun 23, 2009 3:29am
Possible longs at 6186 and 6158
  • #16,392
  • Jun 23, 2009 5:12am Jun 23, 2009 5:12am
Risk aversion underpin dollar, yen gains

The dollar rose against most major currencies on Monday apart from the yen after the World Bank warned that it expects the global recession to be deeper than previously thought.
 Fresh demand for safe haven assets took the greenback and the yen higher at the start of the week. The World Bank said the global economy is expected to shrink 2.9% this year, more than the 1.7% contraction forecast back in March. It also said global trade will drop by almost 10% this year while output is predicted to fall by 2.9%.
 Traders took a case of the heebie jeebies and Friday’s appetite for riskier trades faded as Monday’s session progressed.
 The dollar index, which measures the US currency against six others, rose to 80.784 from 80.246 late Friday.
 A poor performance amongst global equities also increased demand for the dollar and yen while the euro turned lower on concern about the ECB’s one-year refinancing operation on Wednesday.
 Unease about Germany’s widening budget shortfall also hurt appetite for the euro zone currency, analysts said. The euro fell to $1.3864 from $1.3952 on Friday. Sterling was down 0.8% to $1.6355. The euro eased 0.2% against the pound to 84.21p.
 Renewed concern about the global outlook capped bigger gains for the pound against the euro. Traders also sat cautiously ahead of the US Federal Reserve policy meeting, which starts today.
  • #16,393
  • Jun 23, 2009 5:16am Jun 23, 2009 5:16am
I am long EJ 132.795 am going to hold this trade for a few days and see if I can get 250 pips out of her, may not work out covered +1 at the moment.
  • #16,394
  • Jun 23, 2009 5:28am Jun 23, 2009 5:28am
I know this is one we do not trade but thought I would share this analysis

GBPJPY 4 Hr Head & Shoulders Confirmed and price at neckline - Stop: above 157.10 (most recent high): R:R= approx 1:1. A conservative target could be the current Monthly Pivot at 151.05 = Approx RH shoulder extension from neckline. Move to Break even at the Missed Weekly Pivot at 153.21 from 1st week in June and take 1st profit. Agressive Targets: MWP at 148.18 from last week in May 09. MDP at 146.18 on 19 May 09. The extension of the Head distance from the neckline falls inbetween these 2 levels.

For this to play out GBPUSD has to go down there is a 74% correlation between GBPUSD and GBPJPY
  • #16,395
  • Jun 23, 2009 5:38am Jun 23, 2009 5:38am
Hi Daffy

How are you doing mate
  • #16,396
  • Jun 23, 2009 5:44am Jun 23, 2009 5:44am
Good Morninig to everybody.

Are we seeing Gartley on GU 15M?
Attached Image
  • #16,397
  • Jun 23, 2009 5:48am Jun 23, 2009 5:48am
im long... could well squeeze higher by 100 pips from here

got in at 40,50, 60, and 70!!!!
Trading is 80% Emotional, 20% Technical
  • #16,398
  • Jun 23, 2009 6:09am Jun 23, 2009 6:09am
Quoting davids
Hi Daffy

How are you doing mate
Hey Davids, I'm doing fine. How's life in sunny SA?
  • #16,399
  • Jun 23, 2009 6:14am Jun 23, 2009 6:14am
Quoting daffy
Hey Davids, I'm doing fine. How's life in sunny SA?
I am from SA but have lived in Winchester in the UK for the last 8 years I am just about finished writing an indicator that displays any MA on any chart will probable finish it in the next 30 mins or so.
  • #16,400
  • Jun 23, 2009 6:26am Jun 23, 2009 6:26am
Quoting davids
I am from SA but have lived in Winchester in the UK for the last 8 years I am just about finished writing an indicator that displays any MA on any chart will probable finish it in the next 30 mins or so.
Nice one. I keep meaning to get up to speed with metatrader's API so I can write my own indicators, but I just don't seem to get around to it. It's doubly disappointing since I work as a computer programmer for a living, so I really don't have any excuse.

Something that intrigued me over the weekend was someone coded what they called a price action EA, that would trade only on PA. Interesting idea - I'm wondering if it is worth coding up an EA to recognise some high probability setups and enter a trade on them.
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