In nzd/jpy.
Also watching usd/cad range looking for breakout to short. Lets see how strong the range is when the news come out. If it holds to the upside and continues down iīll reassess and enter short.
Any opinions or thoughts?
Also pay attention, usd/cad is sitting right at some huge support on the daily
Also on eur/cad the concern is the support below the range around 1.4180 from dailies.
Apart from that, id look for price to break it and then reasses. But out of the 2 options (usd/cad - eur/cad) visually u/c is more appealing since the strong support is very close to the range extremes as it is. So 1.4000 would be a go for me if all ducks fall in line
hm, I tried tsl's but in general I get better results with tp's and just moving stop to b/e after a while.
And it really depends on which formation and which time-frame. if it's intraday, I take off half at the next round number and the rest at ADR.
If it's a range, flat top/bottom triangle, in higher time-frames, then I take the extension of the width of the congestion area.
For normal triangles, I set two targets, 1st: low/high of triangle, 2nd: extension.
hope that helps
Intraday:
tp1 = next RN (i assume a minimum RR 1:1?).
tp2 = adr projection (80% + below RN and strong S/R if any).
Intraweek:
Full projection of price pattern.
IF triangle tp1 = swing low/high. tp2 = projection of pattern.
I think thats clear thanks
With regards to tslīs im thinking its probably best just to use them with swing patterns, since if done properly can allow big moves (300 - 500+ pips).
pip
- #4,072
- Feb 17, 2010 7:35am Feb 17, 2010 7:35am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
Yes thanks makes a lot of sense...
Intraday:
tp1 = next RN (i assume a minimum RR 1:1?).
tp2 = adr projection (80% + below RN and strong S/R if any).
Intraweek:
Full projection of price pattern.
IF triangle tp1 = swing low/high. tp2 = projection of pattern.
I think thats clear thanks
With regards to tslīs im thinking its probably best just to use them with swing patterns, since if done properly can allow big moves (300 - 500+ pips).
pip
yeah, problem is that those big moves don't happen very often, and you never know which one will really move. Also, how do you know what value to use for the tsl? Sometimes we retrace to 50% sometimes to 61.8% sometimes even higher and so on.
That's why I just allocate 10% to 25% of my trade to reach a higher time-frame S/R level, which is in general 300 to 500 pips away. Without moving my stop any further than b/e. Since I already made my money on the normal targets and my stop is at b/e, I don't really care what the rest of the trade is doing and if it reaches my stop, so be it.
But that just works for me, maybe you have better luck with tsl's.
for tp1, yes R:R has to be at least 1:1.
yeah, problem is that those big moves don't happen very often, and you never know which one will really move. Also, how do you know what value to use for the tsl? Sometimes we retrace to 50% sometimes to 61.8% sometimes even higher and so on.
That's why I just allocate 10% to 25% of my trade to reach a higher time-frame S/R level, which is in general 300 to 500 pips away. Without moving my stop any further than b/e. Since I already made my money on the normal targets and my stop is at b/e, I don't really...
Before starting with this thread i always used manual tslīs on every swing trade. The problem here is that i noticed i kept giving sh*t loads of pips back to the markets. And i wasnt a happy bunny lol.
I think that you personally have a good combination there
Thanks again
- #4,075
- Feb 17, 2010 10:07am Feb 17, 2010 10:07am
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
- #4,076
- Feb 17, 2010 10:21am Feb 17, 2010 10:21am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
Did anyone take the EU pair? It finally broke the trend line on the 4 hour TF.
--NM
EDIT: oh, you mean taking it to the downside. Well, it retraced up way above the 61.8 fib, and above the inital 4 hour trendline. So I was actually waiting for continuation bounce to the upside, which obviously didn't happen, since it broke through all S/R levels. Seems you are sitting on profits right now!
- #4,077
- Feb 17, 2010 10:28am Feb 17, 2010 10:28am
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
nope, PA was too fast for me to take that one. Thanks god.
EDIT: oh, you mean taking it to the downside. Well, it retraced up way above the 61.8 fib, and above the inital 4 hour trendline. So I was actually waiting for continuation bounce to the upside, which obviously didn't happen, since it broke through all S/R levels. Seems you are stiting on profits right now!
--NM
- #4,078
- Feb 17, 2010 10:31am Feb 17, 2010 10:31am
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
nope, PA was too fast for me to take that one. Thanks god.
EDIT: oh, you mean taking it to the downside. Well, it retraced up way above the 61.8 fib, and above the inital 4 hour trendline. So I was actually waiting for continuation bounce to the upside, which obviously didn't happen, since it broke through all S/R levels. Seems you are sitting on profits right now!
--NM
- #4,079
- Feb 17, 2010 10:32am Feb 17, 2010 10:32am
- Joined Dec 2006 | Status: Trader | 3,852 Posts
I figured if it breaks below that 1.3700 level with a BPC I am going to jump in, and it did that, and also we were still making lower highs with the last 3 retracements I figured if that 4 hour got broke and we had the BPC at the 1.3700 it should be good to go. So I jumped in, I did take some heat for awhile though.
--NM
- #4,080
- Feb 17, 2010 10:57am Feb 17, 2010 10:57am
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
good decision
--NM