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N2FX - 1/5/15 Minute Pattern Trades

  • #221
  • Jan 5, 2010 4:50am Jan 5, 2010 4:50am
Thinking Short from a retest of a break out of this area on the Eur/Usd. Will wait for it to develop.

Already long on Usd/Cad from 1.03826.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_m15_01_05_10.gif Size: 14 KB
Click to Enlarge Name: usdcad_m15_01_05_10.gif Size: 14 KB
  • #222
  • Jan 5, 2010 9:22am Jan 5, 2010 9:22am
Just took a look at my charts for the day, you had the EU area marked, but if you took the short on that last move down, you would be getting in good drawdown.

I really like the thought of the Short there, but I am not sure of the longer term EU for now, my thoughts yesterday had the EU dropping to 1.4375/85 area, but it is having a difficult time breaking down.

If you took the short, could you show me on the chart where to enter, there are a 1,000 15min candles to choose from, or should I look more to the 1 or 4 hour chart?

Thanks.
  • #223
  • Jan 5, 2010 9:42am Jan 5, 2010 9:42am
Price just moved up in a 3 bullish 15 min candle, now giving the first rejection candle.

1.4417 low so far here, has been a key line for some time now.

It could drop more if that line breaks down.

UJ is trying to fight it's way back up, but could be finding some resistance soon.

GU is basically the same as EU for now.

No trades yet.
  • #224
  • Jan 5, 2010 10:04am Jan 5, 2010 10:04am
Price is just ranging here, looking for a move to 4421/4423 area, and thinking of a lower high on the 5 minute for a possible short.

I have lots of things to do today, so I am not really focusing on trading, just pattern watching.
  • #225
  • Jan 5, 2010 10:08am Jan 5, 2010 10:08am
Ahhh computer was running pooper-slow there, sorry. Yeah kinda in a nasty drawdown from taking the Eur trade, was hoping for something like what the Yen did yesterday, nice clean break with a retest then continuation. Oh well.

I marked on the chart the best entry at the bottom of the candle under the arrow, and my entry and SL. Chart reading is an art and not a science huh.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_m15_01_05_10.gif Size: 15 KB
  • #226
  • Jan 5, 2010 10:12am Jan 5, 2010 10:12am
Quoting Skracor247
Ahhh computer was running pooper-slow there, sorry. Yeah kinda in a nasty drawdown from taking the Eur trade, was hoping for something like what the Yen did yesterday, nice clean break with a retest then continuation. Oh well.

I marked on the chart the best entry at the bottom of the candle under the arrow, and my entry and SL. Chart reading is an art and not a science huh.
I see that it was a good entry actually, the timing of 10am EST was what hurt, the news and New York movement trying to run price up.

I am short here at this 1.4421 line, I am thinking of leaving it in for 1.4351 and a stop loss as your chart says above that high area.

Update: I changed my target to 1.4371, after looking at the hourly chart, so the entry at 1.4421 and stop at 1.4451, 40 pips win or 30 pips loss. Smaller lot size on the longer term trade.
  • #227
  • Edited 10:25am Jan 5, 2010 10:20am | Edited 10:25am
The 00 area will be the real test here, hard to not closed this for profits. LOL
Attached Image (click to enlarge)
Click to Enlarge Name: EU Short NY.jpg Size: 60 KB
  • #228
  • Jan 5, 2010 10:21am Jan 5, 2010 10:21am
Ah you are totally right! I didn't even think to check the news releases before I entered!
  • #229
  • Jan 5, 2010 10:27am Jan 5, 2010 10:27am
Quoting Skracor247
Ah you are totally right! I didn't even think to check the news releases before I entered!
After years of trading, I have learned to watch the 10am EST hour, it is usually the one that will run, and it gives great reversals.

The news usually comes out at 8:30 am EST.

1.4400 is supporting here still, I could easily close for 20 pips on the drop again and be real happy.

Update: I am not real comfortable with leaving trades in, LOL, I seen I had over +20 pips, on a very quick trade and took it.
Since I will be out all day, it will not be on my mind, and I can come back in Asia to make more.
  • #230
  • Jan 5, 2010 10:30am Jan 5, 2010 10:30am
Thats a little better on the Euro.

And here's a little pick from GBP/JPY from today. Very nice trend continuation down. All you had to do is sell in the blue zones, and SL's followed nicely.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy_m15_01_05_10.gif Size: 12 KB
  • #231
  • Jan 5, 2010 10:31am Jan 5, 2010 10:31am
Quoting N2FX
After years of trading, I have learned to watch the 10am EST hour, it is usually the one that will run, and it gives great reversals.

The news usually comes out at 8:30 am EST.

1.4400 is supporting here still, I could easily close for 20 pips on the drop again and be real happy.

Update: I am not real comfortable with leaving trades in, LOL, I seen I had over +20 pips, on a very quick trade and took it.
Since I will be out all day, it will not be on my mind, and I can come back in Asia to make more.
Congrats! Awesome trade Bro!
  • #232
  • Jan 5, 2010 10:32am Jan 5, 2010 10:32am
You should be in some profits now?

I wish you many pips, I still think the 4370 will come, would that be nice, or even lower to give you maximum CASHO.

Update: If GU keeps dropping, that will bring EU with it, that is just my simple opinion.
  • #233
  • Jan 5, 2010 10:36am Jan 5, 2010 10:36am
Wow, 1.4386 supp test here, breaks and it will drop deeper.

Heading out, will check back in a few hours.
  • #234
  • Jan 5, 2010 10:37am Jan 5, 2010 10:37am
Quoting N2FX
You should be in some profits now?

I wish you many pips, I still think the 4370 will come, would that be nice, or even lower to give you maximum CASHO.

Update: If GU keeps dropping, that will bring EU with it, that is just my simple opinion.

Hey J, you have daily pivot on EU @ xx380, if she goes that low would be a good place to exit..

Hello SK,
  • #235
  • Jan 5, 2010 10:39am Jan 5, 2010 10:39am
Yes in little bit of profit now moved SL to 1.4435. I think it will go to around that area 1.4350ish but anything can happen right.
  • #236
  • Jan 5, 2010 10:43am Jan 5, 2010 10:43am
A quick scalp trade on the EUR/USD. N2FX I m enjoying your posts and blog very much. I will be following this journal for as long as you are updating. I learn new angles on the markets everytime I read your posts. Your ability to use price action alone makes you leaps and bounds ahead of most traders.



Attached Image (click to enlarge)
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"More important than the quest for certainty is the quest for clarity"
  • #237
  • Jan 5, 2010 10:45am Jan 5, 2010 10:45am
Hello RebelHeart! Keep up the good trades Bro!
  • #238
  • Jan 5, 2010 11:04am Jan 5, 2010 11:04am
Quoting Skracor247
Hello RebelHeart! Keep up the good trades Bro!
Thanks SK, Im only here hopeing that I can pick up some of N2 knowledge..
  • #239
  • Jan 5, 2010 1:36pm Jan 5, 2010 1:36pm
Quoting Skracor247
Yes in little bit of profit now moved SL to 1.4435. I think it will go to around that area 1.4350ish but anything can happen right.
What a beauty SHORT you took, even to the area you had targeted.

I hope you made some CASHO on that trade.

I do not trade the GJ, but I can see what your thinking, wow, keep it up.
  • #240
  • Jan 5, 2010 1:38pm Jan 5, 2010 1:38pm
Quoting rebelheart
Hey J, you have daily pivot on EU @ xx380, if she goes that low would be a good place to exit..

Hello SK,
Hope you got some good rest.

Did you have any trades in NY yet?

I exited the short before I left at 00 area, but I had previously thought 3370, looks like were all thinking alike.

Time for us to make some extra CASHO this week.

I could use more myself.
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