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  • #1,401
  • Jul 13, 2009 7:57pm Jul 13, 2009 7:57pm
Quoting Infinity
Hi Mike, I hope all is well.... I shorted cable based on the daily as well.. I already took some profit and covered the trade but I see us heading back down to the 62xx area at least before heading back up... This pair has been in a real crazy range these past few weeks...The monthly looks bullish still though so unless last month's low is taken out, I think we will be heading towards 1.7000 at some point in the near future....
Well, I have quite a few updates to add here on the weekly and daily trades that I had taken a few weeks ago.

Today, however, I added to the repertoire, a short on the eur/gbp and a long on the gbp/chf.

The gbp/jpy shorts were closed for full profit at 150 from 158.

The gbp/cad is still on for most of the trade position- closed partial however.

The eur/cad trade from June 9th is still on the table with only one partial left on the position and 500 pips banked and stops now behind the support at 1.58.


I'll post a little trendline analysis on the eur/gbp and gbp/chf trades right now.

You'll see my first target placed on the eur/gbp right at the rising trendline. If we see a pop in price down, I'll wait for the retrace BACK to that and then re-enter. If not, then oh well? I already made bank for the day.

Same deal on the gbp/chf.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: justifiable gbpchf.gif Size: 15 KB
I dream, therefore I become.
  • #1,402
  • Jul 15, 2009 8:28am Jul 15, 2009 8:28am
Looking for something interesting on the usd/cad here. If we see some pa, those areas of S/R are looking pretty good for setups and initial take profits.
Attached Image (click to enlarge)
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I dream, therefore I become.
  • #1,403
  • Jul 15, 2009 9:39am Jul 15, 2009 9:39am
Excellent job with your trades Mikey!!!
Patience + Discipline - Greed = Success
  • #1,404
  • Edited 10:05am Aug 12, 2009 9:26am | Edited 10:05am
Wow a little update is needed here. I'm actually still in the gbp/cad position but the others are closed. On that trade, I'm seeing right now a gain of 1000 pips. This is a life changing amount for me as I've increased leverage yet again as my account has grown. Damn, I'm nervous. It's time to hit my head again as this milestone has me nervous. I'm not proud, I'm not elated. I'm nervous and there's an underlying issue to blame for that. Hopefully, I'll be able to figure it out within the next month or so.

Other than that, I just posted up some 4 hour trades on the gbp/jpy, usd/jpy, eur/nzd, and eur/aud. The eur/nzd and eur/aud trades were based on the Ibs after the pin bars and so risk is minimal compared to the full pin. On the g/j and u/j, I'm already locked in profit.

I'm going for a run now to clear my head and come back to it tomorrow. I am worthy of this. I've had trouble with that thought for a while now. I am worthy of this.
I dream, therefore I become.
  • #1,405
  • Aug 12, 2009 9:31am Aug 12, 2009 9:31am
If you've never read his posts, check out a guy named Dale. His inside bar trading is simple and effective. Jim (Jarroo) is the same way. check em out. They've enhanced my trading yet again - using simple techniques.
I dream, therefore I become.
  • #1,406
  • Aug 12, 2009 9:32am Aug 12, 2009 9:32am
These dailies coming up ought to be nice too. Looking at the yen pairs, those 4 hour entries were perfect for runners. I'll be posting on the daily close with thoughts, entries, and exit ideas.
I dream, therefore I become.
  • #1,407
  • Aug 12, 2009 10:47am Aug 12, 2009 10:47am
Profits were booked on the eur/nzd and eur/aud already based on those IBs after pin bars. 90 and 100 pips respectively at first areas of support.
Gbp/jpy and usd/jpy trades are still on the table. However, I took partial on the gbp/jpy at 159 while the rest is running until I see how the day closes. It's all about protection of capital.
I dream, therefore I become.
  • #1,408
  • Aug 12, 2009 4:32pm Aug 12, 2009 4:32pm
Quoting mike w
Profits were booked on the eur/nzd and eur/aud already based on those IBs after pin bars. 90 and 100 pips respectively at first areas of support.
Gbp/jpy and usd/jpy trades are still on the table. However, I took partial on the gbp/jpy at 159 while the rest is running until I see how the day closes. It's all about protection of capital.
Not many setups for the night. The rest on the gbp/jpy and usd/jpy were closed at BE +5.

I'm looking into the gbp/chf 4 hour right now.

The 4 hour closed as an IB and there's a chance of the 1 hour closing as a BEOVB to break out that 4 hour. If that happens I'll be in on this trade down to 1.77.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf august twelfth four hour.gif Size: 20 KB
Click to Enlarge Name: gbpchf august twelfth one.gif Size: 18 KB
I dream, therefore I become.
  • #1,409
  • Aug 12, 2009 4:36pm Aug 12, 2009 4:36pm
I'm waiting for an entry signal on the hourly before entering short for the daily eur/aud. If I get a pin a little higher up, I'll play it but if not then oh well. Next trade.
I dream, therefore I become.
  • #1,410
  • Aug 12, 2009 4:44pm Aug 12, 2009 4:44pm
I'm also thinking there will be a lot of IBs and double IBs tonight on these 4 hour charts. I'm hoping so anyway
I dream, therefore I become.
  • #1,411
  • Aug 12, 2009 8:35pm Aug 12, 2009 8:35pm
Quoting mike w
I'm also thinking there will be a lot of IBs and double IBs tonight on these 4 hour charts. I'm hoping so anyway
Gotta love those I4Bs.

Trades waiting to be triggered/are triggered on the usd/cad, nzd/usd, aud/jpy, gbp/aud, and usd/jpy.
I dream, therefore I become.
  • #1,412
  • Aug 13, 2009 1:46am Aug 13, 2009 1:46am
Hi Mike. Those 4h IBs and dbl IBs happens quite often in every chart. I've marked white bars for OBs, blue/red bars for HH/LL bars, yellow bars for IBs for easy viewing.
Attached Image(s) (click to enlarge)
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  • #1,413
  • Aug 13, 2009 8:05am Aug 13, 2009 8:05am
Quoting newborn
Hi Mike. Those 4h IBs and dbl IBs happens quite often in every chart. I've marked white bars for OBs, blue/red bars for HH/LL bars, yellow bars for IBs for easy viewing.
Wow, thank you Newborn for making that chart. I'm going to go through and study it now. I am going to see what discrepencies there are that make each IB differecnt- better or worse to trade. Along with that, the various pins, and OBs. I'll post in an hour or so.
I dream, therefore I become.
  • #1,414
  • Aug 13, 2009 8:25am Aug 13, 2009 8:25am
Quoting mike w
Gotta love those I4Bs.

Trades waiting to be triggered/are triggered on the usd/cad, nzd/usd, aud/jpy, gbp/aud, and usd/jpy.
IB on Usd/cad was stopped initially for a 30 pip loss and then reversed. This trade was then closed for a gain of 70 pips. In all, I took a gain of 40 through it.

IB on nzd/usd was closed for 35 pips at the resistance area of .6760

IB on aud/jpy was initially stopped for a loss of 40 and then retriggered to the top side for a gain of 40? lol

IB on gbp/aud was closed for a gain of 45 pips.

IB on usd/jpy was closed initially for a loss of 25 and then again as a loss of 25. (Can't win em all!) I got trigger happy and didn't think this one through. It was in a heavy area if you'd look to the left. That loss was my fault.
I dream, therefore I become.
  • #1,415
  • Aug 13, 2009 9:45am Aug 13, 2009 9:45am
Notice, Jim, that it went to the previous lows then came off of them. LOOK at your trades and see if that happened. Where are you placing your trades at? Are you placing them at highs/lows or in the middle of the shit stream?
Attached Image (click to enlarge)
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I dream, therefore I become.
  • #1,416
  • Aug 13, 2009 11:02am Aug 13, 2009 11:02am
found out that hanover has quite complex candle identifier mq4.
http://www.forexfactory.com/t/155529...dicator-1.html

I wrote a simple version, based on premises that price bar only have 4 possible general outcome. up, down, ib and ob. I hope it could be useful, at least for easy spotting ib and ob.
Attached File(s)
File Type: mq4 basic.mq4   4 KB | 161 downloads
  • #1,417
  • Edited 6:45pm Aug 13, 2009 5:48pm | Edited 6:45pm
Quoting mike w
Notice, Jim, that it went to the previous lows then came off of them. LOOK at your trades and see if that happened. Where are you placing your trades at? Are you placing them at highs/lows or in the middle of the shit stream?

I see what you're saying Mike. I only trade from major support or resistance zones and usually at highs and lows. Sometimes I try to get in a continuation move, but not often. I didn't take this GBP/USD trade, because the PB was to small, therefore I didn't think it would run far. Actually, it did what I thought it would do, but the Risk reward wasn't there for me personally. I've been keeping my eyes out for PB's at levels slightly higher on this pair. Considering its close to a 50% retrace and a nice resistance spot.
"Luck favors the prepared mind"
  • #1,418
  • Aug 15, 2009 10:45am Aug 15, 2009 10:45am
I'm currently testing daily IBs. If you play them lazily and just on the break, you lose quite a bit more. If you play them diligently, that eliminates quite a large percent of the losers you would have had. I'll explain on this later after I receive a certain PM regarding this.
I dream, therefore I become.
  • #1,419
  • Aug 15, 2009 9:49pm Aug 15, 2009 9:49pm
Charts speak for themselves. daily pin. Previous support. Shabam.

However, there always seems to be a however. lol However, if that 4 hour pin remains valid over the weekend, I'll be going long off it to the high again as it is off that area of support created by the top of the congestion area.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: new zealandddd fooooo.gif Size: 18 KB
I dream, therefore I become.
  • #1,420
  • Aug 16, 2009 8:23am Aug 16, 2009 8:23am
Hey Mike! I enjoyed the pics of your bikes on the other thread. Let me have your take on this trade. I am in a discretionary quandry. I entered at the break of the daily pin at .8375 and took 1/2 off the table at .8456. Total of 81 pips. Currently my SL is .8200 I am willing to take a small loss overall by allowing the trade to play out a little longer however the chart is giving me mixed signals here. The daily is showing BEOB at swing high but closed above support. The 4hr is telling me short still but once again above support. My problem is that I see divergence on the daily chart. Your thoughts are appreciated.

K.I.S.S.
Attached Image(s) (click to enlarge)
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