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Sonic R. System

  • #4,101
  • Jul 23, 2009 7:18am Jul 23, 2009 7:18am
Ooops.

Put in a sell stop order on USD/CHF for 0.4 lots, went to the whizzer and the next time I looked I was 40 pips in the red. Went against me for 60 pips in the end. Still hanging on to it and put in a 1.2 lot order in the same direction to try to even things out.

This has worked before. You just have to stay as Cool as ICE! Got my feet in a bucket of iced water.

DON"T TRY THIS AT HOME FOLKS! LoL
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Starting to see instead of just looking.
  • #4,102
  • Jul 23, 2009 7:22am Jul 23, 2009 7:22am
Quoting calderone
I am expecting the majors to drop. We will see. Do you ever trade euro/us?
yeah i trade 3 paires gu eu ej .....news i m out side no trade the news...
FxHome
  • #4,103
  • Jul 23, 2009 7:30am Jul 23, 2009 7:30am
here is my trade setup but dont trade news at the time
Attached Image (click to enlarge)
Click to Enlarge Name: 23 ej sell.gif Size: 46 KB
FxHome
  • #4,104
  • Jul 23, 2009 7:40am Jul 23, 2009 7:40am
Quoting Muhammad989
yeah i trade 3 paires gu eu ej .....news i m out side no trade the news...

I am still in waiting for everyone else to get out.

Honest!
Starting to see instead of just looking.
  • #4,105
  • Jul 23, 2009 7:44am Jul 23, 2009 7:44am
And that folks is how you can turn a disaster into a winning trade, if you really have to and the environment is right like people bailing before news. The trick is NEVER to have to do this in the first place.
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Starting to see instead of just looking.
  • #4,106
  • Jul 23, 2009 7:50am Jul 23, 2009 7:50am
News is rough for trading this week.

How do I draw lines on my charts? I could throw a eur/us chart up but you would have to look hard for my sell stop and sl.

I put my sell stop at 1.4193 - right below the 38.2 retracement. It is not in any danger of being hit. I should stop thinking about what I think will happen and just trade.

Here it is anyway.
Attached Image (click to enlarge)
Click to Enlarge Name: eur us.gif Size: 18 KB
  • #4,107
  • Jul 23, 2009 7:51am Jul 23, 2009 7:51am
I really thought the news would have pushed eur lower and the way it is looking we will be in a range.
  • #4,108
  • Jul 23, 2009 7:59am Jul 23, 2009 7:59am
Just goes to show that an exit can sometimes make the trade better than an entry. Looks like I got out just in time. If I had been greedy, I would be back in the red, BiG TimE!
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Starting to see instead of just looking.
  • #4,109
  • Jul 23, 2009 8:07am Jul 23, 2009 8:07am
Good Morning, Sonikers!

I am eyeballing a SonicShort on the GU, e'll see what happens - only time and the waves will tell!

I'm short now.

EP @ 1.6473
SL @ 1.6520 (-47)
TP1@ 1.6423 (+50)
TP2@ 1.6383 (+90)

Good luck today!
Attached Image (click to enlarge)
Click to Enlarge Name: GU 7-23-2009 SonicShort1.jpg Size: 186 KB
  • #4,110
  • Jul 23, 2009 8:15am Jul 23, 2009 8:15am
Quoting ddaytrader
Good Morning, Sonikers!

I am eyeballing a SonicShort on the GU, e'll see what happens - only time and the waves will tell!

I'm short now.

EP @ 1.6473
SL @ 1.6520 (-47)
TP1@ 1.6423 (+50)
TP2@ 1.6383 (+90)

Good luck today!
ddaytrader, what about strong S&R lvl around 1.6457 (which is daily open btw)? I remember you said it is good idea to try to avoid trades where there is a close S&R lvl in the way.
  • #4,111
  • Jul 23, 2009 8:20am Jul 23, 2009 8:20am
I deleted my sell stop on eur-now look at that action. lol

Let's see what develops.

Great charts guys, it is helping me.
  • #4,112
  • Jul 23, 2009 8:29am Jul 23, 2009 8:29am
Quoting calderone
I deleted my sell stop on eur-now look at that action. lol

Let's see what develops.

Great charts guys, it is helping me.
If you want to see action look at USD/CHF
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 34 KB
Starting to see instead of just looking.
  • #4,113
  • Jul 23, 2009 8:29am Jul 23, 2009 8:29am
Quoting snusnufreak
ddaytrader, what about strong S&R lvl around 1.6457 (which is daily open btw)? I remember you said it is good idea to try to avoid trades where there is a close S&R lvl in the way.
You are right - I usually do not want to go long or short very close to a potential S/R level. I prefer that the next S/R be at least as far from my entry point as my stop loss is.

In this case, the swings (waves) seem very clear to me, and therefore, I'd rather be in than out.

I see we did get a strong bounce from the level you indicate, so there is obviously something to your observation. But if this trade does not reach its first TP, that is ok. If it results in a loss, that is ok too.

Time and the waves will tell

Good Luck Today!
  • #4,114
  • Jul 23, 2009 8:44am Jul 23, 2009 8:44am
Quoting Basber
Now Pips Are Negative. Let's See What Will Happen Next
1.0940 Is Dangarous Area ...

Regards,
Basber
Close It At -3

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #4,115
  • Jul 23, 2009 9:00am Jul 23, 2009 9:00am
Quoting Rastaman
If you want to see action look at USD/CHF
That is crazy! Look at it now.
  • #4,116
  • Jul 23, 2009 9:01am Jul 23, 2009 9:01am
Quoting ddaytrader
hit both targets for +40 and +60. This pair could see 134.8x over the coming hours, and a break above there opens it up for a run toward 136.xx-137.00

Here is the H4 EJ - Look at what I posted last night when EJ was at 134.00.

I post this not to make myself look smart. I post this because any of us Sonikers can see these S/R levels, and you should update your H4 charts as new swing highs and lows develop, and always know where price is in relation to the "big picture".

If EJ breaks and holds above these levels, then it likely has another 200 pips +/- left to its rally over the coming days.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 7-23-2009 H4 136.xx Here We Come1.jpg Size: 82 KB
  • #4,117
  • Jul 23, 2009 9:07am Jul 23, 2009 9:07am
great analyiise DD i m out today .....looking clear position like u said dont impatient and also USD news's day today .......0.0 is better then negative
FxHome
  • #4,118
  • Jul 23, 2009 9:16am Jul 23, 2009 9:16am
Quoting ddaytrader
Here is the H4 EJ - Look at what I posted last night when EJ was at 134.00.

I post this not to make myself look smart. I post this because any of us Sonikers can see these S/R levels, and you should update your H4 charts as new swing highs and lows develop, and always know where price is in relation to the "big picture".

If EJ breaks and holds above these levels, then it likely has another 200 pips +/- left to its rally over the coming days.
Good idea. I take it these are major S&R areas on the H4 then move down to the H1 to look at with the M15?

I often mark nearby strong areas on the weekly and move down to H4 or D1. Maybe these are to high a TF for the M15? WHat do you think?
Starting to see instead of just looking.
  • #4,119
  • Jul 23, 2009 9:18am Jul 23, 2009 9:18am
Quoting Rastaman
Good idea. I take it these are major R&R areas on the H4 then move down to the H1 to look at with the M15?

I often mark nearby strong areas on the weekly and move down to H4 or D1. Maybe these are to high a TF for the M15? WHat do you think?
Weekly s&r always plays a factor. It is better to know those areas and watch for pa for signals. I am still learning everyday.
  • #4,120
  • Jul 23, 2009 9:19am Jul 23, 2009 9:19am
Quoting calderone
That is crazy! Look at it now.
It was crazier when I was in a trade 60 pips in the wrong direction this afternoon. after forgeting to put a SL on. Got out of it ok by the skin of my teeth.
Starting to see instead of just looking.
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