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  • #13,501
  • Dec 1, 2009 9:51am Dec 1, 2009 9:51am
looking to short at 1.6630 .


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  • #13,502
  • Dec 1, 2009 2:44pm Dec 1, 2009 2:44pm
Looking at the same thing Booker but didn't even consider the TL...nice!

http://img260.imageshack.us/img260/1728/55023406.th.png
  • #13,503
  • Dec 1, 2009 3:12pm Dec 1, 2009 3:12pm
Quoting sam0182
Looking at the same thing Booker but didn't even consider the TL...nice!
Both are valid but you can't ignore the Gartley. That is compelling. Good luck to all of us.

SR
  • #13,504
  • Edited 8:14am Dec 2, 2009 8:11am | Edited 8:14am
Here is a potential Gartley pattern on the EURGBP daily chart. Close to perfect match to requirements. It must be recognized that this is not nearly complete; it is still in process and is constructing the BC leg at this time. Only after the BC is complete can we begin to seriously stalk it.

SR
Attached Image
  • #13,505
  • Dec 2, 2009 10:05am Dec 2, 2009 10:05am
Quoting sam0182
Looking at the same thing Booker but didn't even consider the TL...nice!

http://img260.imageshack.us/img260/1728/55023406.th.png

well we had a bounce of about 80 pips, but i closed the trade at breakeven towards the end of the day through boredom .

thanks for pointing out the gartley seattle .. never looked at them before will keep an eye out . cheers .
  • #13,506
  • Dec 2, 2009 10:26am Dec 2, 2009 10:26am
Looks to me like an interesting level to look for a short on the Dow. And there is some good divergence too.
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  • #13,507
  • Dec 2, 2009 11:41am Dec 2, 2009 11:41am
On the watch list...

USD/CAD short at 1.0535

Trend (with lower lows), S&R + 38% fib, previous shoulder of H&S (I think, input?)

http://img10.imageshack.us/img10/4523/ucad.th.png
  • #13,508
  • Dec 2, 2009 11:48am Dec 2, 2009 11:48am
Quoting sam0182
On the watch list...

USD/CAD short at 1.0535

Trend (with lower lows), S&R + 38% fib, previous shoulder of H&S (I think, input?)

http://img10.imageshack.us/img10/4523/ucad.th.png
Nice level Sam.

I would call that pattern a failed(it didn't really make the pips it should have) inverted Quasimodo.
  • #13,509
  • Dec 2, 2009 12:02pm Dec 2, 2009 12:02pm
Quoting sam0182
On the watch list...

USD/CAD short at 1.0535

Trend (with lower lows), S&R + 38% fib, previous shoulder of H&S (I think, input?)

http://img10.imageshack.us/img10/4523/ucad.th.png
the twilight zone... just marking a few levels aswell , good level... the 50% retrace is worth a look incase of a break through .

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  • #13,510
  • Dec 2, 2009 12:32pm Dec 2, 2009 12:32pm
Good stuff RC and Booker, thanks for the feedback. I'll keep an eye on that 50% Booker, in case 38% fails.
  • #13,511
  • Dec 2, 2009 4:59pm Dec 2, 2009 4:59pm
Quoting artov
Looks to me like an interesting level to look for a short on the Dow. And there is some good divergence too.
In addition, 1120 is the 50% retracement of the SP500 from the 07 high to the March 09 low, which has proved resilient. And equity markets have been struggling to break new ground for a couple of weeks now. Currency markets are less liquid than normal and gold is making new highs on its own, just like in previous periods of turbulence. Seems like a correction is near.
  • #13,512
  • Dec 3, 2009 10:38pm Dec 3, 2009 10:38pm
Quoting booker66
the twilight zone... just marking a few levels aswell , good level... the 50% retrace is worth a look incase of a break through .

Attachment
Great call, 38% was ignored while 50% offered up some nice points.
  • #13,513
  • Dec 4, 2009 1:01am Dec 4, 2009 1:01am
Quoting sam0182
Great call, 38% was ignored while 50% offered up some nice points.
The approach to the 38% level was just way too fast, shame.
  • #13,514
  • Dec 4, 2009 1:41am Dec 4, 2009 1:41am
Guys, anybody noticed that New York session has higher trade failure rates than say Europe- London open to 5;00-6:00 am.m EST? I managed to cut my losses in half by not trading New York. Those news kinda mess things up.
  • #13,515
  • Dec 4, 2009 4:10am Dec 4, 2009 4:10am
Interesting level not too far away now, at 1.5290.
  • #13,516
  • Dec 4, 2009 6:32am Dec 4, 2009 6:32am
Hi, what do you think guys about that level and the price action?
Because "the final puzzle is always price action" could we possibly try to define kinds of price action? What to look for? I think many people would be very grateful, because it's a must to successfully trade with S/R approach.

Greetings
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  • #13,517
  • Dec 5, 2009 8:38am Dec 5, 2009 8:38am
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I am watching this. Hopefully it will happen during my trading hours. But seriously, with all those messy news coming do not you see that in New York session news time many SR levels go bust. Or, stop loss should be too big.
I find night the best time to trade by far. The problem is that nmot all set ups happen at this time, so, i have to scalp very often.
  • #13,518
  • Dec 5, 2009 12:51pm Dec 5, 2009 12:51pm
@shiko: watching the same levels. What timezone are you in to know what "night" mean? London session?

Posting two more imho important levels, feel free to comment. Question concerning me is if eur/usd is gonna check the level again? Can the question be somehow answered?

Greetings
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  • #13,519
  • Dec 7, 2009 10:25am Dec 7, 2009 10:25am
A nice little trade setting up on the EURJPY this morning near the London close. The 4 Hour chart shows good support level at 132.60 and on the 5 min chart, there is a cute bullish butterfly with a AB=CD in the CD leg. This might complete just at the 132.60 level for entry. We shall see.
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  • #13,520
  • Dec 8, 2009 2:51am Dec 8, 2009 2:51am
Quoting shiko
Guys, anybody noticed that New York session has higher trade failure rates than say Europe- London open to 5;00-6:00 am.m EST? I managed to cut my losses in half by not trading New York. Those news kinda mess things up.
Yes, the difference is very clear. I trade London mornings only. The phenomenon has not so much to do with news as with market structure and equity market correlations. The best hours are 6-8 am London time, when no cash equity markets are open, and the fx action is based on dealers executing orders. This morning, for example, it was a matter of selling at the Frankfurt open in cable and euro, make breakfast, and collect the paycheck later. Notice also how short-term S/R levels are respected in a gentlemanly manner - unlike during the NY session - so one can trade with tight stop and high leverage and have stellar returns for only a few hours of work.
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