No Brainer Trades

I decided to stop this time. Yesterday made 2 trades total 30 pips. then when market fell I entered long and lost daily gain. so, decided to be a little smarter today

Thanks Booker. I'm holding this mofo, looking for a trend continuation. Hopefully it will work with EUR supports you outlined (1.48).

Nonetheless, I'm slowly buying EUR/USD as we move down.

USD/CAD 1.065-1.07 is another I'm really loaded short on right now, also looking for trend continuation.

UJ short, break of TL. Not really a NBT but just bringing it up

Opinions welcome!

weve all been there mate .. but not as often since joining this thread

usdcad looks promising .. put in daily chart from march down trend also natural resistance areas from pullbacks .. only once has a pullback broken through natural resistance area momenteraly in july
were at that area again and if the previous pattern is anything to go by should be good .. but anything can happen as we know .
good luck .. im not in yet .

BillyRayValentine
Member
Member Since Apr 2006
http://cdn.forexfactory.com/images/misc/10+kt.gif 1,447 Posts

http://cdn.forexfactory.com/images/icons/icon1.gif The Piece on Diagonal Trendlines
Much like Fibonacci extensions, diagonal trendlines can be used as a guide when attempting to enter a trade. They are at the bottom of our list because they are generally the weakest, and drawing them can be very ambiguous. Ambiguity is one word we do not like to incorporate in our trading. Because of this we advise you to use them with caution. Regardless, when used in conjunction with horizontal support/resistance, they can reinforce our reasons for entering.

The first major rule when using diagonal trendlines is that when you are drawing them, they must be absolutely clear to the rest of the world. I received some sell-side technical research from a major investment bank one day. The analyst had a chart marked up with a diagonal trendline drawn through several price levels, connecting points which I had a hard time understanding. Sure enough, price broke right through his trendline that very day, and the next day, his trendline was revised to a more reasonable price point; the one which should have been used in the first place.

I can’t stress it enough, so I’ll say it again: the trendline must be absolutely clear to the rest of the world. We all perceive things in different ways, but the money we trade with needs to be protected. Only use diagonal trendlines if they are very obvious and significant.

Diagonal trendlines do indeed provide support and resistance; we only use them, however, to reinforce our horizontal support and resistance. When the two combine, your probability of success increases, making for a safe trade. Like horizontal support and resistance, however, a diagonal trendline that has been used over and over again will eventually break. Be cautious of consolidated price around these levels.

Also, much like horizontal support and resistance and Fibonacci extensions, diagonal trendlines found on higher timeframes hold much more significance than those found on lower timeframes. We generally start with 4hr charts and work our way up or down, depending on the situation.

yeah, a couple of target got hit when I slept so, no trading and nothing yet. target close but not touched, news coming. so far nothing.

Hi guys!
I have had problems to enter the chat for about 20 mins; does anyone has the same problem as me?
Thanks!

decided to stay away from going long on E/J. I guess it is fundamental trend caused by news and when it moves steadily like this it is always bad idea to go against it. it really looks like someone pumping an air.

yeh, not a good day to trade s&r .. dollar on a roll against most currencies although the pound is strangely strong ?

sam.. hope u didnt take too much of a beating on your cad trade , glad i stayed out .. luck more than judgement .

I was looking for GBP/JPY and EUR/JPY to go long.

GBP/JPY 148.18-148.11.
The price did not reach it, but I would not have taken this trade anyway., Price reached 15 pips away and made 50-60 pips retracement. No trade.
E/J I had targets 134.08-134.88. BUt as I saw the kind of price action, I decided to stay away. started looking for next level and came up with 133.36.
But price was moving strongly, I did not take trade again. This actually was a good place to enter long. paid 40 pips. I actually shorted it from that height for 15 pips but on different account where I can trade not only S/R.
I think trading such days is suicide. Better to stay flat. It is what BRW had, experience to know when to trade and when not to trade. It is very important. I lost my Monday gains exactly in same situation like today. thankfully today I stayed away. I did trade but another account. I wonder, where can I learn price action more deeply. I have some basic knowledge but would like to go real deep into this. I have one site from FF by james16 about price action but he uses bars and I do not understand them. i use candlesticks.
Any idea guys?

Yeah, CAD is killing me and USD/CHF was stopped out for a loss. The risk of going big, I suppose

Hello everyone!
shorted EurUsd @ 1.4760 Targetting 1.4670

Nice! But watch out for news..

News got me out, at BE.
thanks for reminding.

Anyone is trading tomorrow?
I am probably going to check on British Nationwide HPI m/m at 3:00 and that it is. I never trade Friday New York especially last day of the month

Here are my today trades. as I am trying to incorporate price action with S/R areas.

<img alt="Forex 1 - hosted by onlineimageupload.com" src="http://onlineimageupload.com/uploads/images/" /><br /><a href="http://onlineimageupload.com/">Online Image Upload</a>

<img alt="Forex 2 - hosted by onlineimageupload.com" src="http://onlineimageupload.com/uploads/images/" /><br /><a href="http://onlineimageupload.com/">Online Image Upload</a>

<img alt="Forex 3 - hosted by onlineimageupload.com" src="http://onlineimageupload.com/uploads/images/" /><br /><a href="http://onlineimageupload.com/">Online Image Upload</a>

<img alt="Forex 4 - hosted by onlineimageupload.com" src="http://onlineimageupload.com/uploads/images/" /><br /><a href="http://onlineimageupload.com/">Online Image Upload</a>

http://onlineimageupload.com/uploads/images/hosted at Online Image Upload

http://onlineimageupload.com/uploads/images/hosted at Online Image Upload

http://onlineimageupload.com/uploads/images/hosted at Online Image Upload

http://onlineimageupload.com/uploads/images/hosted at Online Image Upload

well, image shack is off and other service is not working

You can attach them to your post.

no I cannot. I attach pictures from MT4 where I am looking for S/R areas because they have save picture feature. But I am trading with Oanda and they do not have this feature. i have to save screen shots and their size is too big. This server rejects them.