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  • #13,441
  • Nov 9, 2009 11:42am Nov 9, 2009 11:42am
Took +50. Figured London is done and the last move Fib completion (138.2) coincided with the 1.6700 area. I FINALLY get it when BillyRay would say "I didn't like the price action... so I closed it". It feels great to actually know why you're doing what you're doing. I owe it to this thread and BillyRay... BIG TIME! I guess I'm so new here that I don't know any better BUT to follow the rules of the method. I'll keep posting.

Attached Image (click to enlarge)
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  • #13,442
  • Nov 9, 2009 2:27pm Nov 9, 2009 2:27pm
Quoting pipimo88
Here's A/U on 5M... buy limit at .9275 (with trend, so will let it go a bit). Confluence of S/R level and 50 Fib. (GU short from above post just triggered)

Attachment
hey pipimo88..
nice charts... ive been short from 93 since 13.00 uk time .. hardly moved .
didnt quite make your order by the looks of it .. wish it would.. just want to make a few pips and get out of there .. starting to do my head in .
  • #13,443
  • Nov 10, 2009 5:24am Nov 10, 2009 5:24am
Pfffft... Got up for London, expecting a repeat performance from yesterday and they just sat there passing the crack pipe for 3 hours.

Got a good close above my level on E/U (1H). Now long. Targeting the 1.5045 area. But with this lack of action, if I get a close below 1.5000... I'm jumping ship.

Attached Image (click to enlarge)
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  • #13,444
  • Nov 10, 2009 6:59am Nov 10, 2009 6:59am
Must man-up to this one. Got out at (-22). What I was "thinking" is the pattern BillyRay calls "stacking bricks". Price consolidating in one level, then moving up to the next level. What I was NOT clear on was (which means I should not have entered): Do we enter when the bar closes like it did... bullish bar into next level? or Do we wait until it actually breaks into the level... closes another bar confirming old resistance now support... and THEN enter on pullback to the level? Anyone use that strategy?
  • #13,445
  • Nov 10, 2009 7:32am Nov 10, 2009 7:32am
Quoting pipimo88
Must man-up to this one. Got out at (-22). What I was "thinking" is the pattern BillyRay calls "stacking bricks". Price consolidating in one level, then moving up to the next level. What I was NOT clear on was (which means I should not have entered): Do we enter when the bar closes like it did... bullish bar into next level? or Do we wait until it actually breaks into the level... closes another bar confirming old resistance now support... and THEN enter on pullback to the level? Anyone use that strategy?
The significant selling at 15021 yesterday leaving a pin bar (H1) as the daily high was your enemy on this one.

Trading the previous day high/low is usually a high probability set up if there was significant action there last visit.
  • #13,446
  • Nov 10, 2009 8:40am Nov 10, 2009 8:40am
wow... I really like the "over/under" pattern. It's very easy to understand and implement. Yesterday's GU entry was with -1 drawdown and this one just now on EU was with -6. This pattern requires very little interpretation.

Attached Image (click to enlarge)
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  • #13,447
  • Nov 10, 2009 9:40am Nov 10, 2009 9:40am
Quoting pipimo88
wow... I really like the "over/under" pattern. It's very easy to understand and implement. Yesterday's GU entry was with -1 drawdown and this one just now on EU was with -6. This pattern requires very little interpretation.

Attachment
My favourite!

http://www.forexfactory.com/showpost...ostcount=13123
  • #13,448
  • Nov 10, 2009 9:52am Nov 10, 2009 9:52am
Quoting RedCabbage
The significant selling at 15021 yesterday leaving a pin bar (H1) as the daily high was your enemy on this one.

Trading the previous day high/low is usually a high probability set up if there was significant action there last visit.
Here's another example - AU double top off previous daily high at major s/r.
Attached Image (click to enlarge)
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  • #13,449
  • Nov 10, 2009 10:07am Nov 10, 2009 10:07am
Quoting RedCabbage
My favourite!
Quasimoto... eh? Do you scan for it specifically? Like on different timeframes?
  • #13,450
  • Nov 10, 2009 10:15am Nov 10, 2009 10:15am
Quoting pipimo88
Quasimoto... eh? Do you scan for it specifically? Like on different timeframes?
Yes, just like head and shoulders.
  • #13,451
  • Nov 10, 2009 10:32am Nov 10, 2009 10:32am
Double Quasi for me today ... I was so busy zooming in and looking for the next setup and didn't even see the giant Quasimoto right in front of me. Got in a bit late but got it to b/e quickly. Also, might have gotten a bit too ambitious on the t/p but I'll let it run it's course. Sleep time. Getting up for London open is not pleasant.

Attached Image (click to enlarge)
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  • #13,452
  • Nov 10, 2009 10:35am Nov 10, 2009 10:35am
Quoting pipimo88
Double Quasi for me today ... I was so busy zooming in and looking for the next setup and didn't even see the giant Quasimoto right in front of me. Got in a bit late but got it to b/e quickly. Also, might have gotten a bit too ambitious on the t/p but I'll let it run it's course. Sleep time. Getting up for London open is not pleasant.

Attachment
QuasiMODO, he's a man not a motorbike!
  • #13,453
  • Nov 10, 2009 1:54pm Nov 10, 2009 1:54pm
quasi... who!
i just know them as bog standard 76% retracements .. is there something different about a quasi..?

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  • #13,454
  • Nov 10, 2009 4:25pm Nov 10, 2009 4:25pm
Quoting booker66
quasi... who!
i just know them as bog standard 76% retracements .. is there something different about a quasi..?

Attachment
Assuming you are familiar with the head & shoulders pattern, over and under or quasimodo is a mutated head and shoulders. The shoulders should be level but the right hand neckline is lower (or higher when inverted) than the left hand side thus suggesting a new bias.
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  • #13,455
  • Nov 11, 2009 6:51am Nov 11, 2009 6:51am
Quoting RedCabbage
Assuming you are familiar with the head & shoulders pattern, over and under or quasimodo is a mutated head and shoulders. The shoulders should be level but the right hand neckline is lower (or higher when inverted) than the left hand side thus suggesting a new bias.
I see what youre saying ..will have to read up on these patterns .

thanks cabbage .
  • #13,456
  • Nov 11, 2009 10:20am Nov 11, 2009 10:20am
Here's what I'm looking at on EU currently (5M). Has support from the higher timeframe at 1.4961. This coincides nicely with the "lower shoulder" of the QuasiMODO pattern. Expecting a big bounce.

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  • #13,457
  • Edited 10:54am Nov 11, 2009 10:38am | Edited 10:54am
Entered long at 1.4965 (with smaller lots - in case it broke - and with only a 10 pip stop). Drawdown was -5 and now at break even. Target is 1.5005 but will watch to see how it behaves approaching the 1.5000 level (if it gets there).

EDIT: 5M made an inside bar, so I took 10 and ran
  • #13,458
  • Nov 11, 2009 4:14pm Nov 11, 2009 4:14pm
Arriving back at a significant area.
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  • #13,459
  • Nov 12, 2009 8:43am Nov 12, 2009 8:43am
Those who have more experience trading the "over/under" pattern... Would you say that it is reliable enough to trade in and of itself or would you take it only if the entry point is in confluence with a historically reactionary level? I realize that if there is confluence with a level it would increase the probability of the trade working out. Just wondering if you found it reliable enough to trade on its own.
  • #13,460
  • Nov 12, 2009 10:18am Nov 12, 2009 10:18am
Turned out nicely.
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