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Cool Runnings intraday swing trading

  • #1,921
  • Aug 20, 2009 12:03pm Aug 20, 2009 12:03pm
the best and profity trade on this marker is : No trade
  • #1,922
  • Edited 6:22pm Aug 20, 2009 6:18pm | Edited 6:22pm
Just posting some thoughts here in order to learn.

EJ appears to be pushing up against 134.40 in a wedge. Question is would it be best to wait for the break of 134.50? Not sure...I think I will observe the PA here and take notes. If it breaks down, then I think a break below 134 would be tradeable.
Attached Image (click to enlarge)
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  • #1,923
  • Aug 20, 2009 6:25pm Aug 20, 2009 6:25pm
Hey Guys,

Going into Tokyo, price has consolidated across the board. Key S/R levels to watch are:

GBPUSD 1.6500
GBPJPY 155.50
EURUSD 1.4265

The trendline on the GBPJPY has been hit 3 times, and a break to the upside could see the trendline broken for a move up toward 156.00 and then 156.50

I will put up the sign in for the Trade Room, but there is a possibility that I won't be in there on time. Watch for the Trade Room widget to say "LIVE." That will mean that I am in there.

We have a lot of other great traders in there too guys. I really thought more Noobs would be using it but, it has been more of a social place for full time traders, exchanging notes. So I think it is a really great place for noobs to hear first hand, when and how these traders take their trades. Room usually opens 1.5 hours before London trading begins.

Trade Safe!
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Click to Enlarge Name: gbpjpy.jpg Size: 154 KB
  • #1,924
  • Aug 20, 2009 6:32pm Aug 20, 2009 6:32pm
Quoting deepsouth
Just posting some thoughts here in order to learn.

EJ appears to be pushing up against 134.40 in a wedge. Question is would it be best to wait for the break of 134.50? Not sure...I think I will observe the PA here and take notes. If it breaks down, then I think a break below 134 would be tradeable.
DS,

I think you're observation is spot on. 134.50 might see some resistance, so if you enter on the break of 134.40, you must keep an eye on it. To the downside, I'd probably wait for a clear break of 134. That is how I'd play it.
  • #1,925
  • Aug 20, 2009 6:35pm Aug 20, 2009 6:35pm
Quote
I think you're observation is spot on. 134.50 might see some resistance, so you must keep an eye on it. To the downside, I'd probably wait for a clear break of 134. That is how I'd play it.

Tks FXdad...
  • #1,926
  • Aug 20, 2009 7:50pm Aug 20, 2009 7:50pm
I sold EJ at the break of 134.00, let's see what she wants to do tonight....

I'll buy back half at +20 and move to BE.
Attached Image (click to enlarge)
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  • #1,927
  • Aug 20, 2009 8:12pm Aug 20, 2009 8:12pm
Closed first half at +21 and moved to BE, set TP2 at 133.50. I will not watch the PA as closely now that I am in a free trade....
Attached Image (click to enlarge)
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  • #1,928
  • Aug 20, 2009 8:17pm Aug 20, 2009 8:17pm
After a little more scrutiny I moved my TP2 up to 133.65, just above the S1 pivot line.

DS
  • #1,929
  • Aug 20, 2009 8:32pm Aug 20, 2009 8:32pm
Well, I said I wasn't going to watch PA too closely...but of course I did and closed my second half out at +24 for a net of 22ish. Price really started jumping around and when I looked to the left of the chart I see a lot of tails that define the range that EJ is trading in. Of course as I type this my original TP2 of 133.65 was hit and then some.

I really have to learn to let the free half of the trade run....emotions take over in this situation almost always. Thanks for the pointers FX Dad!

DS
  • #1,930
  • Aug 20, 2009 8:45pm Aug 20, 2009 8:45pm
Quoting deepsouth
Well, I said I wasn't going to watch PA too closely...but of course I did and closed my second half out at +24 for a net of 22ish. Price really started jumping around and when I looked to the left of the chart I see a lot of tails that define the range that EJ is trading in. Of course as I type this my original TP2 of 133.65 was hit and then some.

I really have to learn to let the free half of the trade run....emotions take over in this situation almost always. Thanks for the pointers FX Dad!

DS
DS,

I think you did fine. Never be unhappy about taking profit. Getting out at .65 doesn't look like a bad move now. You can't always catch every pip. Be happy you are on the + side. You did great! The trade was very safe and is what I call a "high probability trade," meaning that it was a trade that had a high probability of success and you safely took profit. That spike was quick, and you could have held out, but now it is back up to .81 now. I think you played it well. Money in the bank..... rather than gone.
  • #1,931
  • Aug 20, 2009 9:25pm Aug 20, 2009 9:25pm
Quote
The trade was very safe and is what I call a "high probability trade," meaning that it was a trade that had a high probability of success and you safely took profit.


FX Dad
That I think is the key to success in FX, high probability trades that move into at least some profit quickly allowing a free trade on a portion of the position. I am a little concerned for my R:R though. It seems that I am getting less than 1:1. Should I be overly concerned about this or simply rely on a runner here and there to close that gap? My stops on EJ are averaging 40 pips, and my profits between 15 and 25.

Thanks again for the education...

DS
  • #1,932
  • Aug 21, 2009 12:11am Aug 21, 2009 12:11am
Quoting deepsouth
FX Dad
That I think is the key to success in FX, high probability trades that move into at least some profit quickly allowing a free trade on a portion of the position. I am a little concerned for my R:R though. It seems that I am getting less than 1:1. Should I be overly concerned about this or simply rely on a runner here and there to close that gap? My stops on EJ are averaging 40 pips, and my profits between 15 and 25.

Thanks again for the education...

DS
If you've been in the trade room and listened to me or Martin manage trades, you will see we keep our SL a lot tighter. I think you should concentrae on getting your RR to at least 1:2. ie., your EURGBP trades should be a 20 pip SL with a 40 pip TP. If you are not winning enough trades to make money with this scenario, then I think you need to be more selective with your trades.

Hope this helps DS. If you want, email me and we can set up a time to meet in the trade room, and I can try and help you fine tune your trade plan. I'll probably be out of pocket until later in NY.

Take care.
  • #1,933
  • Aug 21, 2009 12:13am Aug 21, 2009 12:13am
Hey guys, I will not be in the room for London sesion. I have it open because there are a few other great traders that will probably be in there and they will be posting on the chat, as it gets closer to London session.

I'll probably be back for London session on Monday.

Take Care!
  • #1,934
  • Aug 21, 2009 5:24am Aug 21, 2009 5:24am
Quote
Hope this helps DS. If you want, email me and we can set up a time to meet in the trade room, and I can try and help you fine tune your trade plan. I'll probably be out of pocket until later in NY.

Email sent..Thanks FX Dad

DS
  • #1,935
  • Aug 21, 2009 6:39pm Aug 21, 2009 6:39pm
This week signals got over 400 pips

have nice weekend
  • #1,936
  • Aug 21, 2009 8:58pm Aug 21, 2009 8:58pm
Quoting FXAdvice
This week signals got over 400 pips

have nice weekend
Nice Week FX! Good Job!
  • #1,937
  • Aug 24, 2009 2:39am Aug 24, 2009 2:39am
I hope you will have good working week...
  • #1,938
  • Aug 24, 2009 3:02am Aug 24, 2009 3:02am
hi the two fx,s

hope u2 had a good weekend

john
  • #1,939
  • Aug 24, 2009 11:33am Aug 24, 2009 11:33am
Looking for Long On G/J around 154.50 - 155.00
  • #1,940
  • Aug 24, 2009 11:38am Aug 24, 2009 11:38am
hello fxadvice do you tell stops and targets plz?
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