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  • #13,681
  • Jan 28, 2010 12:57am Jan 28, 2010 12:57am
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Here we are sitting at resistance. have no idea will it hold or not. closwed my short at few pips. market looks like strongly up. so, i would prefer to wait for pull back and enter long at level set on 1H chart. if it gets there. I would hate to go long now.

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E/J has been in big downtrend., but it looks like trend line is being tested. also we have resistance above.
so, i will be waiting. shouold it break under trend line again I would be looking to go short. if trend line holds and oprice bounces I will be looking to take long position.
  • #13,682
  • Jan 28, 2010 7:26am Jan 28, 2010 7:26am
Quoting shiko
I shorted G/U at 1.6270, but closed position. I cannot take this slow market.
also shorted G/J at 147.10 and E/J at 127.00
everything is still. I hate this. closed everything and is flat.

hey shiko .. there was a good 100 pips from around 1.6250 everyday this week ... it looks like a game of tennis !

maybe you closed a bit early ..in hindsight .
  • #13,683
  • Jan 28, 2010 11:13pm Jan 28, 2010 11:13pm
Quoting booker66
hey shiko .. there was a good 100 pips from around 1.6250 everyday this week ... it looks like a game of tennis !

maybe you closed a bit early ..in hindsight .

No, I saw probabilities, but I am kinda short term trader and cannot access my Oanda platform from our office. It won't download Java. Tried to run some trades on take profit stop loss while absent. but trades did not hit take profit by few pips then went into loss. so, I stopped. just pick few pips here and there and leave.
if you chjeck on daily. G/U, G/J and E/J doing same highs and lows daily. I set daily high lows daily and it is almost same for few days.
  • #13,684
  • Jan 29, 2010 11:10am Jan 29, 2010 11:10am
True........
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  • #13,685
  • Jan 29, 2010 2:24pm Jan 29, 2010 2:24pm
Quoting shiko
No, I saw probabilities, but I am kinda short term trader and cannot access my Oanda platform from our office. It won't download Java. Tried to run some trades on take profit stop loss while absent. but trades did not hit take profit by few pips then went into loss. so, I stopped. just pick few pips here and there and leave.
if you chjeck on daily. G/U, G/J and E/J doing same highs and lows daily. I set daily high lows daily and it is almost same for few days.
Yes, I did. It feels bad afterward.
  • #13,686
  • Jan 30, 2010 1:46pm Jan 30, 2010 1:46pm
A lot is happening in the markets at the end of this past week. It was a great week for me. I initiated long dollar and yen positions just about every day last week and they all worked really well.

I thought I would share a few thoughts on the market. They are probably of no interest to anyone since they are not actionable trade ideas. But the process of putting my thoughts to the thread solidifies my thoughts for me.

My thoughts are that the market will move from trending to range markets in the coming week. This means for me to lighten up on dollar longs and think more of some dollar shorts and yen shorts. Again I don't recomend stepping in front of this major trend I think the correct course of action is to prepare strategies to capitalize on a range market.
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  • #13,687
  • Edited 2:07pm Jan 30, 2010 1:48pm | Edited 2:07pm
More charts
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  • #13,688
  • Jan 30, 2010 7:21pm Jan 30, 2010 7:21pm
Excellent post by Steenbarger over at traderfeed. I liked it so much I decided to put a copy of it here.


The Reason I Don't Partner With Your Firm is Because You Are Cheap Whores


* You are a forex brokerage that lures small accounts with enticing promises of huge leverage;

* You are a "prop firm" that requires traders to pay big bucks to join, drastically limit the size that can be traded, charge ridiculous commissions to traders, and toss traders (or ask for more money) when you've milked them dry;

* You are a trading guru that touts your trading prowess (with no evidence of success), but offer nothing more than off-the-shelf technical "setups" that are readily available in the public domain;

* You are a trading coach that promises success without offering substantive trading guidance (and without showing evidence of substantive trading knowledge);

* You are a brokerage house that executes a fixed income trade for me and then busts the trade and offers the same trade now at a much worse price (yes, this happened to me this past week);

* You sell inferior trading software with breathless promises and faulty logic;

* You offer seminars that offer nothing but infomercial sales pitches to attendees;

All of you have solicited my partnership and support in the past month.

Go f*** yourselves.
  • #13,689
  • Jan 31, 2010 1:24am Jan 31, 2010 1:24am
http://img237.imageshack.us/img237/1606/ejfriday.th.jpg

Hello everyone! I'm a big fan of this thread, as it fulfills my idea: take one trade a day for great amount of pips with tight SL and great TP, thus giving us a nice R:R ratio and high probability.

Friday I made this trade on EJ, set up a sell order at 126.6 and added positions on our way down.(TP 125.10) I guess this trade fits to this thread.
EJ nicely trending down, making lower tops, a major confluence occured on my fib.50 and a trendline, and bounced back like we are paying for it! (Basically, the market payed for us )

For the next week, I will be looking to short NZD/USD. On a macro viewpoint, the recent GDP figures will boost the USD (although I'm looking for a medium USD bullish trend here, but for day-trading it's good as it gets). NZD/USD failed to make a new top, and been on her way down from there. I choose NZD over AUD, b/c too much heavy data (a very possible rate hike) for AUD in the coming week.
To the chart: http://img195.imageshack.us/img195/7880/nzdusd.th.jpg

I'm expecting an obvious pullback before a ride down, which should be limited to max. 7.2, however I don't think that it will ever reach that point. We will see, how the price reacts at differenct resistance levels, and I will be looking to short it aggressively under 0.7000 expecting a new low. I hope you can make at least some use of this idea. I will be updating the status of this trade, if you'd like. Have a nice trading week everyone!
  • #13,690
  • Edited 3:14am Jan 31, 2010 2:59am | Edited 3:14am
Hi there, this is my first post here, I really like this thread, many valuable information, and for that I want to thank you all.
Now back to the point. I'm allso looking on the NZD/USD but for a short term buy opportunity.

http://img39.imageshack.us/img39/7880/nzdusd.jpg

I'm posting a 4H chart. You can see, there is a resistance zone between 0,7029 and 0,6970. You can also see a divergence on both the MACD and Bill Williams Awesome Oscillator (lower lows on the chart are not followed by lower lows on the indicators)

We also had a nice down rally which is now heading to the support.

Any comments would be aprreciated
  • #13,691
  • Jan 31, 2010 4:24am Jan 31, 2010 4:24am
Quoting mikeb
Hi there, this is my first post here, I really like this thread, many valuable information, and for that I want to thank you all.
Now back to the point. I'm allso looking on the NZD/USD but for a short term buy opportunity.

http://img39.imageshack.us/img39/7880/nzdusd.jpg

I'm posting a 4H chart. You can see, there is a resistance zone between 0,7029 and 0,6970. You can also see a divergence on both the MACD and Bill Williams Awesome Oscillator (lower lows on the chart are not followed by lower lows on the indicators)

We also...

I was buing NZD/USD at 0.7030 and took 65 pips, this setup was added few pages before here. For me to go short i wanna see decent breakout so price has to stay 1-2 days below the 0.7. To go long it's too late for me, but on the other hand there's great bucket and round level at 0,7.

Regards
  • #13,692
  • Edited 12:52pm Feb 1, 2010 12:05pm | Edited 12:52pm
Short term opportunity +38fib from last weeks high.

~1.4025 would be higher TF SR ~50FIB from last week high
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  • #13,693
  • Feb 3, 2010 1:11am Feb 3, 2010 1:11am
Apologies if someone already has posted this but anyone for round numbers? It doesn't get more obvious than this.

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Gone to a better place
  • #13,694
  • Feb 3, 2010 1:19am Feb 3, 2010 1:19am
Quoting smikester
Apologies if someone already has posted this but anyone for round numbers? It doesn't get more obvious than this.

Attachment
do You want to go long in this area?
  • #13,695
  • Feb 3, 2010 2:15am Feb 3, 2010 2:15am
It's ADP and NFP week, so we have to be careful of whipsaws, don't we?
Gone to a better place
  • #13,696
  • Feb 3, 2010 7:08am Feb 3, 2010 7:08am
Quoting BillyRayValentine
Hi guys, I need to close the other thread...ideally I wanted one thread dedicated to trading and the other more educationally oriented. I barely have the time to update this one, and there is too much valuable info posted here to brush off as just trading stuff.

So here is the original posting of that thread. Thanks,

-------------------------------------------------------------------------------------------------------------------------------

All of the trades posted in the thread by either myself or other members have proved anywhere from...
Thanks for posting. It cleared up much as I am a new trader.
  • #13,697
  • Feb 3, 2010 7:41am Feb 3, 2010 7:41am
Quoting smikester
It's ADP and NFP week, so we have to be careful of whipsaws, don't we?
great call on CHF
  • #13,698
  • Feb 4, 2010 11:16pm Feb 4, 2010 11:16pm
Right! Horizontal S/R is still seen as the most reliable and profitable technical tool.

http://www.forexfactory.com/poll.php...lts&pollid=711


.
  • #13,699
  • Feb 5, 2010 3:27pm Feb 5, 2010 3:27pm
folks
i was wondering if any of u know the link for billy ray's news system.
i remember reading it on a tread somewhere and saving the link, but i just can't find it. i remeber it was very simple....something like placing buy and sell order 20pips below day's highs and lows and wait for price to hit after news releases. i'm pretty sure it was BRV's system. i would appreciate any help.

thanks
may the pip gods be w u
  • #13,700
  • Feb 5, 2010 8:39pm Feb 5, 2010 8:39pm
Well I found that and asked BRV about it. He said he wished it could be deleted because it was not a succesful strategy. However, if you click on his name somewhere in this thread you will go to his profile. If you then choose one of his early threads you will find the information.
Gone to a better place
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