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No Brainer Trades

  • #12,901
  • Aug 12, 2009 5:42am Aug 12, 2009 5:42am
I have posted there was a clean breakout for GBP/USD today, but I didn't comment GBP/USD for you and didn't talked about Fibo for it. Also, GBP/USD hasn't touched 1.63402 for many days.

Quoting scorpionFX
On GBP/USD I wasnt looking for fibs but a support line at @1.63402 which was a strong line yesterday (also possible bearish flag was made), and today was broken so i expectet to go down..but as i wrote in last post i find out what was my mistake!

happy trading!
scFX
  • #12,902
  • Aug 12, 2009 5:54am Aug 12, 2009 5:54am
ooo i see..you didnt talk about g/u..but any way here it is a picture where the line we were talking about was broken, like you say it was touched for many times now but today was first time breaken..
Attached Image (click to enlarge)
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  • #12,903
  • Aug 12, 2009 6:03am Aug 12, 2009 6:03am
Hi,
i am using gann grid and looking good in all pairs.

http://www.forexfactory.com/t/171202...trading-1.html

Good Luck
  • #12,904
  • Aug 12, 2009 6:07am Aug 12, 2009 6:07am
Quoting scorpionFX
ooo i see..you didnt talk about g/u..but any way here it is a picture where the line we were talking about was broken, like you say it was touched for many times now but today was first time breaken..
Oh, I haven't said anything like "it was touched for many times now" for this. Not sure who said this for you.

Second, it was 1.64302 not 1.63402. You better be careful about the digits.
  • #12,905
  • Aug 12, 2009 9:23am Aug 12, 2009 9:23am
Could anybody, please, explain (with Examples) how to draw Support and Resistance lines (in regarding to this strategy)? I know this in theory, but when I'm looking at chart.. there so many possibilities to draw lines so the chart will be full of lines. Guess, some of them are wrong. Hope somebody can help with it.
Thank you!
  • #12,906
  • Aug 12, 2009 10:06am Aug 12, 2009 10:06am
Quoting bizkam
Could anybody, please, explain (with Examples) how to draw Support and Resistance lines (in regarding to this strategy)? I know this in theory, but when I'm looking at chart.. there so many possibilities to draw lines so the chart will be full of lines. Guess, some of them are wrong. Hope somebody can help with it.
Thank you!
You may go through the No Brainer Trades materials for its specific requirements. Nevertheless, in a more general sense, you may check this to see if it helps you:

http://www.forexfactory.com/t/184195/marking-srs-1.html
  • #12,907
  • Aug 12, 2009 10:09am Aug 12, 2009 10:09am
Thank you!


Quoting kk007
You may go through the No Brainer Trades materials for its specific requirements. Nevertheless, in a more general sense, you may check this to see if it helps you:

http://www.forexfactory.com/t/184195/marking-srs-1.html
  • #12,908
  • Aug 12, 2009 10:22am Aug 12, 2009 10:22am
Quoting kk007
You may go through the No Brainer Trades materials for its specific requirements. Nevertheless, in a more general sense, you may check this to see if it helps you:

http://www.forexfactory.com/t/184195/marking-srs-1.html
As kk007 said, use this and then post up a couple of your marked up charts here in the thread and we'll review them.
  • #12,909
  • Aug 12, 2009 10:56am Aug 12, 2009 10:56am
GU rejected by my daily trendline at 1.6556
  • #12,910
  • Aug 12, 2009 11:08am Aug 12, 2009 11:08am
Quoting sam0182
Levels below are still good, may get some action in the coming UK session.

Keeping an eye on the EUR/USD, 1.43 level for a short. USD/CHF 107.33 another level for a long bounce. If we see further dollar strength, 1.0935 USD/CHF looks good for a daily resistance short.

EUR/USD below

http://i24.photobucket.com/albums/c2...h_eusdaug9.jpg

And my USD/CHF lines...

http://i24.photobucket.com/albums/c2...h_uchfaug9.jpg...
Great call on the USDCHF @10733 a 50% Fib amongst other things.

rbs/50/00/r/ts/mp/TL/FR
  • #12,911
  • Aug 12, 2009 11:29am Aug 12, 2009 11:29am
Chart for above.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf120809h1.jpg Size: 178 KB
  • #12,912
  • Aug 12, 2009 11:46am Aug 12, 2009 11:46am
It is unbelievably beautiful. Thanks for sharing!

Quoting RedCabbage
Chart for above.
  • #12,913
  • Aug 12, 2009 2:04pm Aug 12, 2009 2:04pm
Yeah, this morning's USD/CHF played out nicely.

My focus back to USD/CHF 109.3 short, or EUR/USD 1.43 short
  • #12,914
  • Aug 12, 2009 4:52pm Aug 12, 2009 4:52pm
anyone looking at 106.50 area for possible long ... some history and 76% retracement.

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf4hr.gif Size: 19 KB
  • #12,915
  • Aug 12, 2009 5:01pm Aug 12, 2009 5:01pm
This week looked like S/R levels went bust one after another. Lost few trades and since I increased leverage to 3:1 this week, lost 3%.
So, I started using the S/R for break out purpose and today traded back 2%, but still 1 % to get to my previous top.
It looked like increasing leverage decision came at wrong time, bad timing so to speak
At least I have had my best day today. Made $1000 but still down
Crazy markets, remind me last summer/ fall.
  • #12,916
  • Aug 12, 2009 6:15pm Aug 12, 2009 6:15pm
Quoting booker66
anyone looking at 106.50 area for possible long ... some history and 76% retracement.

Attachment
I kind of like that area Booker, just am not happy with how it wasn't really respected the last time price interacted with it (8/6/09-8/7/09). However, in the days and weeks prior, 106.5 was a reliable level. In fact, I posted a long opportunity up on July 12, see 10th post down:

http://www.forexfactory.com/t/86429/...ml#post2868969

Second thing going for this trade may be EUR/USD nailing 1.43 at about the same time and reacting. 1.43 looks like a cleaner figure IMO and hence is what I'm watching...but USD/CHF always offers lower volatility and is generally easier on stops/stop running.

Something to look at, nice chart!
  • #12,917
  • Aug 12, 2009 6:18pm Aug 12, 2009 6:18pm
Quoting shiko
This week looked like S/R levels went bust one after another. Lost few trades and since I increased leverage to 3:1 this week, lost 3%.
So, I started using the S/R for break out purpose and today traded back 2%, but still 1 % to get to my previous top.
It looked like increasing leverage decision came at wrong time, bad timing so to speak
At least I have had my best day today. Made $1000 but still down
Crazy markets, remind me last summer/ fall.
No worries Shiko, still have a couple of good days left and now that we've had some movement/breakouts, a couple quality S&R levels are on the horizon.

I can't comment on any big levels that were disrespected this week but I'm unsure if you were trading smaller time frames or...? Feel free to toss up some charts of the failed trades, I'd be curious to see.
  • #12,918
  • Aug 12, 2009 10:50pm Aug 12, 2009 10:50pm
Previous S&R, 61% Fib. If we continue down, it should give up some points...

http://i24.photobucket.com/albums/c2...sdcadaug13.jpg
  • #12,919
  • Aug 13, 2009 1:12am Aug 13, 2009 1:12am
Quoting sam0182
Previous S&R, 61% Fib. If we continue down, it should give up some points...

http://i24.photobucket.com/albums/c2...sdcadaug13.jpg
Hi Sam I will be watching 108 as there is good convergence there 61%, S1. However, is there potential for a Quasimodo (mutated H&S) at 10750? It is a shame we have little convergence at this price that I can see.
  • #12,920
  • Aug 13, 2009 4:54am Aug 13, 2009 4:54am
I find today also difficult to fade, but easier to trade breakout. Perhaps, because of there are a lot of red schedule news for EUR and USD these two days.

May RC and Sam share your views?

PS. RC, thanks for your CHF chart, it worked out great!
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