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  • #13,461
  • Nov 12, 2009 12:20pm Nov 12, 2009 12:20pm
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Hi guys, nice job you doing to keep the thread alive.

I was wondering what BRV or Iron-Man would have done at this point.

I took this buy position being that resistance was broken (forced by employment data from Australia which came out better than expected). So everything being equal I assumed the atmosphere was clear for a buy. BRV, if you read this I would love to know what you would have done. I took this buy after the pull back and when it dropped further, I bought another unit. But got stopped out.

Right now I feel I got caught in a false breakout. If so, how would you have avoided such. Or is it just one of those times you take the loss and shake it off??

Thanks.

P/s: I made it back on USD/CHF though. But that was through regular divergence which is not part of your system.

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  • #13,462
  • Nov 12, 2009 2:00pm Nov 12, 2009 2:00pm
Quoting Interceptor
Turned out nicely.
nice one interceptor ... looked at it .. thought about it .. and.. did f... all

keep em coming .
  • #13,463
  • Nov 12, 2009 2:19pm Nov 12, 2009 2:19pm
[quote=wh1zz0;3229091]Attachment

Hi guys, nice job you doing to keep the thread alive.

I was wondering what BRV or Iron-Man would have done at this point.

I took this buy position being that resistance was broken (forced by employment data from Australia which came out better than expected). So everything being equal I assumed the atmosphere was clear for a buy. BRV, if you read this I would love to know what you would have done. I took this buy after the pull back and when it dropped further, I bought another unit. But got stopped out.

Right now I feel I got caught in a false breakout. If so, how would you have avoided such. Or is it just one of those times you take the loss and shake it off??

Thanks.

hey whizzo..

some u win some u lose .. maybe some one more expert can tell u why .
interesting chart though after it broke your levels and took u out retraced back to both levels... near term support turned resistance for some nice pips .or is it near term resistance turned support resistance support ..any way i was short from .9300 .. only stayed in for 20 pips though .

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  • #13,464
  • Nov 12, 2009 2:32pm Nov 12, 2009 2:32pm
Yeah, maybe.

On that trade of yours you could have gotten more. Always remember price moves from point to point. It's the "sitting" in a trade that makes you money. However, profit is profit. Well done.
  • #13,465
  • Nov 12, 2009 6:30pm Nov 12, 2009 6:30pm
Quoting booker66
nice one interceptor ... looked at it .. thought about it .. and.. did f... all

keep em coming .
interceptor. I am adding this pair to my trading too. I was watching your trade too. Nice set up. Keep them coming
  • #13,466
  • Nov 12, 2009 7:44pm Nov 12, 2009 7:44pm
Took this long on U/Cad after it broke the level then pulled back down to it. Now watching it for a potential Over/under setup

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  • #13,467
  • Nov 12, 2009 8:05pm Nov 12, 2009 8:05pm
@pipimo88: What is your target? 1.06 or higher?

Please guys look at these pending orders and share thoughts. Are they of high probability?

Greetings
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  • #13,468
  • Nov 12, 2009 8:32pm Nov 12, 2009 8:32pm
My target on U/Cad is 1.0580 but I haven't really traded much on Asia session and there doesn't seem to be anyone out there to push it that high. So about 30 more min and I might just close it.

I have similar levels to yours +/- a few pips.
  • #13,469
  • Nov 13, 2009 1:13am Nov 13, 2009 1:13am
Quoting wh1zz0
Attachment

Hi guys, nice job you doing to keep the thread alive.

I was wondering what BRV or Iron-Man would have done at this point.

I took this buy position being that resistance was broken (forced by employment data from Australia which came out better than expected). So everything being equal I assumed the atmosphere was clear for a buy. BRV, if you read this I would love to know what you would have done. I took this buy after the pull back and when it dropped further, I bought another unit. But got stopped out.

Right...
I don't trade break outs.

They are the cheapest way for the big money to get everyone on the wrong side of the trade and fill their orders.
  • #13,470
  • Nov 13, 2009 3:02am Nov 13, 2009 3:02am
Okay.. that indirectly means you trade only bounces.... quite risky too though as you never know if the level will hold by trying to pick the bottom. I trade bounces too though but look for confirmation in form of divergence on lower time frames.
  • #13,471
  • Nov 13, 2009 4:07am Nov 13, 2009 4:07am
Quoting wh1zz0
Okay.. that indirectly means you trade only bounces.... quite risky too though as you never know if the level will hold by trying to pick the bottom. I trade bounces too though but look for confirmation in form of divergence on lower time frames.
I trade reversals and trend dips.
  • #13,472
  • Nov 13, 2009 4:52am Nov 13, 2009 4:52am
Quoting wh1zz0
Okay.. that indirectly means you trade only bounces.... quite risky too ...
Not trying to pick tops/bottoms. Just reactions (not necessarily reversals) off levels which have historically shown repeated reaction to that level.
  • #13,473
  • Nov 13, 2009 4:59am Nov 13, 2009 4:59am
Quoting pipimo88
My target on U/Cad is 1.0580 but I haven't really traded much on Asia session and there doesn't seem to be anyone out there to push it that high. So about 30 more min and I might just close it.

I have similar levels to yours +/- a few pips.
i can see why your target was 1.0580/ 1.06 range .. im looking at it .. s/r and a 50%fibb on the daily , been used a fair bit and off the last daily bar so will it resist again .. also trade balance figures out later .

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  • #13,474
  • Nov 16, 2009 8:35am Nov 16, 2009 8:35am
I took this long on U/Cad and it initially went for about +15 right away but then came back down and I closed it quickly with +2. Had I waited about 5-10 more minutes it turned again and went as expected.

QUESTION: I know that with "S/R levels", BRV says we're looking for price to move away quickly... "within 5 minutes or so". Regrading buckets, though and looking back, price seems to consolidate at "bucket level" a bit longer. Do you still look for a quick bounce/rejection or do you let it linger there a bit longer looking for more a reversal?

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  • #13,475
  • Nov 16, 2009 12:24pm Nov 16, 2009 12:24pm
Quoting pipimo88
QUESTION: I know that with "S/R levels", BRV says we're looking for price to move away quickly... "within 5 minutes or so". Regrading buckets, though and looking back, price seems to consolidate at "bucket level" a bit longer. Do you still look for a quick bounce/rejection or do you let it linger there a bit longer looking for more a reversal?

Attachment
Not an easy answer, Pip. This is a matter of the individual trader's trade management and his understanding of price action, etc. The time of day, the pair and fundemental background (ie; news breaking) may also play into this.

I usually place a reasonable stop to begin with and after a movement such as you had, perhaps bring the stop closer to entry to reduce risk. But I don't think I would have taken the trade off here unless something external happened that i could point a finger at. I would closely watch price action after the entry and look for price to be making a fractal on my side of the entry. As long as it continued to stay in that fractal and not begin to build another one on the wrong side of the entry, I would stay in the trade.

I would also look to take some of the trade out as soon as reasonable, based on locatio of next suppor or resistance level. This might even be as early as 15 pips on some trades. The move stop up close after this action.

I hope this helps a little bit.

SR
  • #13,476
  • Nov 18, 2009 12:37pm Nov 18, 2009 12:37pm
Posting charts helps me keep things tidy, a bit like having visitors round!

Here's a cheeky late trade from today to kick this thread back into action.

Looking for inverted H+S next.
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  • #13,477
  • Nov 18, 2009 2:04pm Nov 18, 2009 2:04pm
Cabbage,
Would you say that audusd is reversing or dipping and if dipping what would you say the best time to get back in long? My thinking is around .90000
Could you tell me if I'm on the right track?
deg
  • #13,478
  • Nov 18, 2009 3:49pm Nov 18, 2009 3:49pm
Quoting questfx
Cabbage,
Would you say that audusd is reversing or dipping and if dipping what would you say the best time to get back in long? My thinking is around .90000
Could you tell me if I'm on the right track?
9000 is well below the lower trend line that forms the rising channel on the daily chart that we have been in all year.

Look for where this TL converges with s/r and other factors for a good place to go long if that is what you want to do.

I went long AU around 9260 on a 4 hr inverted Quasimodo s/r pattern, opportunities are everywhere.
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  • #13,479
  • Nov 19, 2009 1:07am Nov 19, 2009 1:07am
Quoting RedCabbage
Posting charts helps me keep things tidy, a bit like having visitors round!

Here's a cheeky late trade from today to kick this thread back into action.

Looking for inverted H+S next.
The short turned into a nice +100 move.
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  • #13,480
  • Nov 19, 2009 9:03am Nov 19, 2009 9:03am
Currently short on EU (1H) on the text-book 1-2-3 break pattern. Got a VERY nice entry (4 pip draw) short at 1.4890. Now at +35 and at b/e. The only thing I'm conflicted about still is how far to let it go.

On one hand, I have a major level at 1.4810 and once reached will also reach its daily range - telling me to take profit (+80 is a nice trade). On the other, my reason for entry was the "1-2-3 break" meaning I'm looking for a break and a bigger move. AND buying the USD these days is not exactly a comfortable feeling. SO.. It looks like I will be taking my profit at that level and be happy with it.

As I'm writing... I'm answering my own questions. Very therapeutic.. this form

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