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Sonic R. System

  • #7,361
  • Nov 5, 2009 1:39am Nov 5, 2009 1:39am
Quoting ag_fx
USDCHF....Long set up...

Comments plz

AG
Just my opinion but, there is a major resistance level that has held strong several times in the past, it is 7 pips above the DPV and at 1.01924.

You may want to watch out for it.
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  • #7,362
  • Nov 5, 2009 1:42am Nov 5, 2009 1:42am
Quoting Rastaman
AG
Just my opinion but, there is a major resistance level that has held strong several times in the past, it is 7 pips above the DPV and at 1.01924.

You may want to watch out for it.
Thanks Rasta...I also observed it,but after my Buy stops were kicked in....I will monitor it closely to reduce the risk. Anyways, I am trading this with micro lots(10 cent pip risk) and not on full account size.

But a good learning trade. Lets wait and watch.

AG
  • #7,363
  • Nov 5, 2009 1:59am Nov 5, 2009 1:59am
Quoting ag_fx
Thanks Rasta...I also observed it,but after my Buy stops were kicked in....I will monitor it closely to reduce the risk. Anyways, I am trading this with micro lots(10 cent pip risk) and not on full account size.

But a good learning trade. Lets wait and watch.

AG

I hear you, hopefully at LO it will have the steam to break out.

EDIT: Typo

I am just wondering how a Lower Low after a Lower High works.

Does it cancel out the setup and the Lower low now become the LOW after which you have a high and we are waiting for the higher Low to come before entry?
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  • #7,364
  • Nov 5, 2009 2:06am Nov 5, 2009 2:06am
Quoting Rastaman
I hear you, hopefully at LO it will have the steam to break out.

EDIT: Typo

I am just wondering how a Lower Low after a Lower High works.

Does it cancel out the setup and the Lower low now become the LOW after which you have a high and we are waiting for the higher Low to come before entry?
This is how I saw it....And thats why stayed in the trade. Perhaps some seniors can throw some light.

AG
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  • #7,365
  • Nov 5, 2009 2:09am Nov 5, 2009 2:09am
Yes, hopefully Sonic will explain this.

I really can not take a long trade when I see a lower high then a lower low.

It is as if the point of reference changes suddenly, at least my perception of that reference point.

As you said it is a good trade to learn from.

I think you are in, there is a Bullish hammer forming right on the red tunnel line.


Good for you.


Edit:

Right on the 38.2 fibo!
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  • #7,366
  • Nov 5, 2009 2:19am Nov 5, 2009 2:19am
Quoting Rastaman
Yes, hopefully Sonic will explain this.

I really can not take a long trade when I see a lower high then a lower low.

It is as if the point of reference changes suddenly, at least my perception of that reference point.

As you said it is a good trade to learn from.

I think you are in, there is a Bullish hammer forming right on the red tunnel line.


Good for you.
Rastaman, this is not necessarily the case all the time, check out GU during yesterday's Asia session - it was consolidating after an upmove then continued to move up again. I believe that u need to keep the trend in mind all the time. In the example provided 89 is sloping up along with the dragon, this gives us the basic idea of where the trend is going, besides that CCi never droped below zero.

Edit: So basically my idea to reference only the most recent H-L-LH or L-H-HL with the trend in mind.
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  • #7,367
  • Nov 5, 2009 2:40am Nov 5, 2009 2:40am
Quoting snusnufreak
Rastaman, this is not necessarily the case all the time, check out GU during yesterday's Asia session - it was consolidating after an upmove then continued to move up again. I believe that u need to keep the trend in mind all the time. In the example provided 89 is sloping up along with the dragon, this gives us the basic idea of where the trend is going, besides that CCi never droped below zero.

Edit: So basically my idea to reference only the most recent H-L-LH or L-H-HL with the trend in mind.

I think perhaps we are saying the same thing here.

This is how I see the GU.
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  • #7,368
  • Nov 5, 2009 2:56am Nov 5, 2009 2:56am
Ok, I will try to explain this with this chart.

Does the Lower High and Lower Low nullify the setup so that now, we should still be waiting for the new Higher Low (which it seems we now have) and then the break of the previous high?

Is this chart with the wave on it not how we should have been looking at this entry?
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  • #7,369
  • Nov 5, 2009 3:06am Nov 5, 2009 3:06am
Quoting Rastaman
Ok, I will try to explain this with this chart.

Does the Lower High and Lower Low nullify the setup so that now, we should still be waiting for the new Higher Low (which it seems we now have) and then the break of the previous high?

Is this chart with the wave on it not how we should have been looking at this entry?
Well, as per my understading they do not nullify the set-up. You allways look at the most current 3-wave formation.
  • #7,370
  • Nov 5, 2009 3:12am Nov 5, 2009 3:12am
Quoting snusnufreak
Well, as per my understanding they do not nullify the set-up. You allways look at the most current 3-wave formation.

Thanks for bearing with me here Snunsnu.

This is what I have to get clear in my head and currently it is certainly less than clear.

It was my understanding, (which may well be incorrect) that a Lower High and Lower Low after a HH & HL was a sign to not take a LONG trade?

DD is going to blow a fuse when he sees this but I am genuinely asking this question out of needing to know.
Starting to see instead of just looking.
  • #7,371
  • Nov 5, 2009 3:27am Nov 5, 2009 3:27am
Here is another way too look at this checkout the pictures:

In case of USDCHF we had an uptrend - a series of HHs and HLs, but then we made a LH and LL which didn't break the previous low, so in order for us to go short we would need to wait for the break which is depicted in the upper part of pic #2. We never had that, instead price put int a higher high, so the whole 3 wave move down could be considered as a complex retrace.

Hope it helps!
Attached Images
  • #7,372
  • Edited 3:49am Nov 5, 2009 3:29am | Edited 3:49am
Here is USDCHF for previous post ref.
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  • #7,373
  • Nov 5, 2009 5:12am Nov 5, 2009 5:12am
Long EU setup EP 1.4860 SL 1.4806 TP 1.4903/1.4917
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  • #7,374
  • Nov 5, 2009 5:18am Nov 5, 2009 5:18am
got 95 pips and enough for today ........and also looking next opportunity
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FxHome
  • #7,375
  • Nov 5, 2009 5:39am Nov 5, 2009 5:39am
Quoting Muhammad989
got 95 pips and enough for today ........and also looking next opportunity
Nice trade, Muhammad! GJ had a similar set-up as well!
  • #7,376
  • Nov 5, 2009 6:27am Nov 5, 2009 6:27am
Quoting snusnufreak
Here is another way too look at this checkout the pictures:

In case of USDCHF we had an uptrend - a series of HHs and HLs, but then we made a LH and LL which didn't break the previous low, so in order for us to go short we would need to wait for the break which is depicted in the upper part of pic #2. We never had that, instead price put int a higher high, so the whole 3 wave move down could be considered as a complex retrace.

Hope it helps!

That is the point, I never said, we should go short, I said the LH &LL makes this an invalid Long trade. So what do we do with a trade such as this?
Just forget it, until it starts showing real signs, that it knows where it wants to go.
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  • #7,377
  • Nov 5, 2009 6:34am Nov 5, 2009 6:34am
Quoting ddaytrader
EJ Sonic Short

EP: 134.59
SL: 134.83
TP1: 134.89
TP2: 133.25
Quoting ddaytrader
TP1 hit for +70, SL on remaining half is at 134.41 (+18), and going to bed. See folks at the NY open.
Came within 9 pips of my +134 TP2 and reversed. Managed to get out with +70 on both lots.
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  • #7,378
  • Nov 5, 2009 9:49am Nov 5, 2009 9:49am
Hello, I set my order on EU long EP 1.4860 SL 1.4806 TP 1.4915

+ 55 pips Thx Sonic !

I went to work and when I returned home TP was hit, but I think my TP was too optimistic. I needed some 10 pips more to have a good benefit/risk (B/R). B/R was equal to one on this trade.
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  • #7,379
  • Nov 5, 2009 9:56am Nov 5, 2009 9:56am
Quoting Muhammad989
got 95 pips and enough for today ........and also looking next opportunity
Quoting pipoca
Hello, I set my order on EU long EP 1.4860 SL 1.4806 TP 1.4915

+ 55 pips Thx Sonic !

I went to work and when I returned home TP was hit ...
Way to go! Great to see both experienced Sonikers like Muhammad and newer Sonikers like Pipoca keeping it simple and pocketing those pips!

Pipoca, the fact that you can see the set up, set your orders, and go to work while letting the market decide means you are right with your eyes and right with your emotions and right with your mind.

Keep up the great work and keep sharing!
  • #7,380
  • Edited 1:55pm Nov 5, 2009 11:08am | Edited 1:55pm
Another EJ Short, though I'd have liked it better had the EP been below the dragon. Also, tomorrow is NFP, so at any moment price can go flat line until tomorrow.

EP 134.40
TP1 133.90
TP2 133.40
SL 134.90

Update: Pulled the plug on this trade at -30. I probably should have pulled it sooner. So two trades today, +70 & -30 for a +40 day. Not too shabby. I will probably stay flat until after NFP tomorrow.

Update II: Pulled the plug none too soon p price spiked through my stop while I was typing the first update. Sometimes you just get lucky.
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