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  • #1,801
  • Jan 11, 2010 7:29am Jan 11, 2010 7:29am
Quoting NightMoves
It just dont want to get in there just yet...

--NM
maybe we got a slightly different feed, but when I look at the hourly chart, price already broke down into the trend and just retracing.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad h1 11.1.2010.gif Size: 58 KB
  • #1,802
  • Jan 11, 2010 7:35am Jan 11, 2010 7:35am
Here is the current trends...however slow they may be going...

--NM
Attached Image
  • #1,803
  • Jan 11, 2010 7:36am Jan 11, 2010 7:36am
NM,

I take it you'll be looking for a BPC on the H1 timeframe for this EURCAD setup?
If this current hourly bar fails to break the last high, will we then be looking to enter just below the 1.49 level?

Thanks
  • #1,804
  • Jan 11, 2010 7:41am Jan 11, 2010 7:41am
Quoting Sutts
NM,

I take it you'll be looking for a BPC on the H1 timeframe for this EURCAD setup?
If this current hourly bar fails to break the last high, will we then be looking to enter just below the 1.49 level?

Thanks
that was the plan, however, as you see it went back up to the highs. So now readjusting the retracement trendline and waiting for a new setup.

EDIT: a frustrating day
  • #1,805
  • Jan 11, 2010 7:41am Jan 11, 2010 7:41am
Quoting Sutts
NM,

I take it you'll be looking for a BPC on the H1 timeframe for this EURCAD setup?
If this current hourly bar fails to break the last high, will we then be looking to enter just below the 1.49 level?

Thanks
Yes the hourly chart will be my trigger chart if it gets there. Yes the 1.49 is magic number right now but that may change of this gets higher. And looks like the last burst just took out what would have been aspect number 1.

--NM
  • #1,806
  • Jan 11, 2010 7:47am Jan 11, 2010 7:47am
Thanks Custos, NM,

I've got that last thrust a fraction of a pip below the last high. If it were to exceed it by only one pip, would the setup be scrapped?
  • #1,807
  • Jan 11, 2010 7:50am Jan 11, 2010 7:50am
Quoting Custos
maybe we got a slightly different feed, but when I look at the hourly chart, price already broke down into the trend and just retracing.
Custos,
at the time I captured the image that is where the price was, but mine is the same yours I just posted it after the fact...

--NM
  • #1,808
  • Jan 11, 2010 7:53am Jan 11, 2010 7:53am
Quoting Sutts
Thanks Custos, NM,

I've got that last thrust a fraction of a pip below the last high. If it were to exceed it by only one pip, would the setup be scrapped?
Personally, if price shoots up near to the highs and not respecting the retracement trendline as resistance from below, I would always start readjusting the retracement trendline, and wait for a new setup to break that new retracement trendline.

In the chart attached you see that price went back up THROUGH the retracement trendline. Thus this retracement trendline is no longer valid, and I would readjust it to incorporate recent price action and wait for a break of that new retracement trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad h1 11.1.2010.gif Size: 58 KB
  • #1,809
  • Jan 11, 2010 7:56am Jan 11, 2010 7:56am
Quoting Sutts
Thanks Custos, NM,

I've got that last thrust a fraction of a pip below the last high. If it were to exceed it by only one pip, would the setup be scrapped?
No the setup is still valid because it did not shoot up that high, however it puts the trendline a little further away, from the last time it touched the trendline we are getting near the 50% Fib.

Just make sure that you take aspect number 1 from the latest high point. and as time goes on the trend line gets further away from PA, I have not moved my TL.

--NM
  • #1,810
  • Jan 11, 2010 7:58am Jan 11, 2010 7:58am
Quoting NightMoves
No the setup is still valid because it did not shoot up that high, however it puts the trendline a little further away, from the last time it touched the trendline we are getting near the 50% Fib.

Just make sure that you take aspect number 1 from the latest high point. and as time goes on the trend line gets further away from PA, I have not moved my TL.

--NM
Let me make a correction, my retracement line I moved, my major trend line I did not...

--NM
  • #1,811
  • Jan 11, 2010 8:01am Jan 11, 2010 8:01am
Here is where I have my new retracement trend line...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: New trend line.png Size: 54 KB
  • #1,812
  • Jan 11, 2010 8:02am Jan 11, 2010 8:02am
For the eurcad I have a 50% retrace at the RN 4950

M backing off from this pair ... just set alarms and let it go.
There's always tommorrow rite -))

Anyone looking at the eurchf H1 ? -))
  • #1,813
  • Jan 11, 2010 8:03am Jan 11, 2010 8:03am
Quoting NightMoves
Here is where I have my new retracement trend line...

--NM
1.49 is still the level...

--NM
  • #1,814
  • Jan 11, 2010 8:04am Jan 11, 2010 8:04am
Thanks for the help. One other question please: if the setup is on an H4 chart, do you ever go lower than H1 to find the BPC? I often find nice looking BPCs on the 15M and 5M when waiting for an H1 BPC. Are these too risky?

Thanks
  • #1,815
  • Jan 11, 2010 8:07am Jan 11, 2010 8:07am
Quoting jonjon
For the eurcad I have a 50% retrace at the RN 4950

M backing off from this pair ... just set alarms and let it go.
There's always tommorrow rite -))

Anyone looking at the eurchf H1 ? -))
Thats where I have the 50% as well..., I looked at the EURCHF that only seems to move about 50 pips a day, today it is at 62 so I am not sure if it is going to make back down the ladder much, but it is forming a nice triangle on the 1 hr TF.

--NM
  • #1,816
  • Jan 11, 2010 8:07am Jan 11, 2010 8:07am
Here's my H1 chart

Plse advise if I made some goof up ... thks
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 39 KB
  • #1,817
  • Jan 11, 2010 8:09am Jan 11, 2010 8:09am
Quoting Sutts
Thanks for the help. One other question please: if the setup is on an H4 chart, do you ever go lower than H1 to find the BPC? I often find nice looking BPCs on the 15M and 5M when waiting for an H1 BPC. Are these too risky?

Thanks
hm, again, that's just me. If I get a setup let's say on the eur/usd H4 chart DURING the london open, then I would also look for bpc's on the M15 chart.
But then I handle it as an London Open Breakout trade, which means I take off half at the next round number and then the 2nd target is the ATR.
  • #1,818
  • Jan 11, 2010 8:09am Jan 11, 2010 8:09am
Quoting Sutts
Thanks for the help. One other question please: if the setup is on an H4 chart, do you ever go lower than H1 to find the BPC? I often find nice looking BPCs on the 15M and 5M when waiting for an H1 BPC. Are these too risky?

Thanks
Yes sometimes I will zoom in a little coser I do not normally use the 5 min as a trigger seems to be pretty noisy, although I have used it I just do not trust those little TF too much.

--NM
  • #1,819
  • Jan 11, 2010 8:11am Jan 11, 2010 8:11am
Quoting jonjon
Here's my H1 chart

Plse advise if I made some goof up ... thks
That looks right to me, that is the way mine looks...

--NM
  • #1,820
  • Jan 11, 2010 8:13am Jan 11, 2010 8:13am
now I know why eurcad didn't work out. on the weekly eurcad chart, price was bouncing right off a support level.
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad w1 11.1.2010.gif Size: 45 KB
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