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  • #4,501
  • Feb 23, 2010 3:27pm Feb 23, 2010 3:27pm
very interesting indeed, I have noticed this today as well . as you mentioned it did show a clearer pattern than the hourly chart. I will check the smaller TF more often as a trigger to see if that achieves more accurate entry points..
  • #4,502
  • Edited 3:58pm Feb 23, 2010 3:56pm | Edited 3:58pm
Quoting NightMoves
Looks like a nice bounce right off a confluence of S/R...as long as it holds we are in good shape for a possible another run to the bottom...

--NM
Are we looking for a 1-2-3 for an entry?

This is the H1 chart.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD 2-23-2010 14-51-07.jpg Size: 105 KB
  • #4,503
  • Feb 23, 2010 4:11pm Feb 23, 2010 4:11pm
Quoting PippyD
Are we looking for a 1-2-3 for an entry?

This is the H1 chart.
Yes exactly, this may retrace all the way back up to the trend line and then head down... I see a 2 bar pullback on the hourly right now so far back to the 1.6300 level.

--NM
  • #4,504
  • Feb 23, 2010 4:18pm Feb 23, 2010 4:18pm
Quoting NightMoves
Yes exactly, this may retrace all the way back up to the trend line and then head down... I see a 2 bar pullback on the hourly right now so far back to the 1.6300 level.

--NM
It touched my TL to the pip. Amazing.

So we're looking at a possible entry around 1.6270?

Let's hope it doesn't fall apart after all this anticipation.
  • #4,505
  • Feb 23, 2010 4:22pm Feb 23, 2010 4:22pm
Quoting PippyD
It touched my TL to the pip. Amazing.

So we're looking at a possible entry around 1.6270?

Let's hope it doesn't fall apart after all this anticipation.
Yes but be aware of the time of day we are trading, and if we get the entry signal, we might see a pretty hefty bounce at the 6250 level...

I did not expect this pair to come off the trend line so quick, must have been a lot of sell orders right there...

--NM
  • #4,506
  • Feb 23, 2010 4:30pm Feb 23, 2010 4:30pm
Quoting NightMoves
Yes but be aware of the time of day we are trading, and if we get the entry signal, we might see a pretty hefty bounce at the 6250 level...

I did not expect this pair to come off the trend line so quick, must have been a lot of sell orders right there...

--NM
Good point on the time of day. I keep forgetting to factor that in.

Does the 6250 caution area come from the swing low back in October? That was the only significant element I could find in that range.
  • #4,507
  • Feb 23, 2010 4:35pm Feb 23, 2010 4:35pm
Quoting PippyD
Good point on the time of day. I keep forgetting to factor that in.

Does the 6250 caution area come from the swing low back in October? That was the only significant element I could find in that range.
No, it is because it is a round number, and because trading volumes are usually less during this session there are a lot of profit taking on the shorter moves usually every 25 pips or so.

--NM
  • #4,508
  • Feb 23, 2010 4:48pm Feb 23, 2010 4:48pm
Quoting NightMoves
One thing I am beginning to take note of, is even if you are using the 4 hour setup chart, if you zoom into the micro patterns like say a 15 minute chart, they seem to give you a better entry. I have noticed that lately more and more with change in direction.

Even though I was using the 4 hr time frame as my setup, and would have used the hourly as my trigger, as I zoomed in even closer (down to the 15 TF) there was a perfect 1-2-3 at that turn around level. I noticed this again on the GBPCAD pair. Seems to be pretty consistant.

--NM
Hi NM,
I've been thinking about this (the pace of a BPC) for a day or so.
Custos made reference in his reply to Paulette a few days ago, that he would want to see a green bar (for the P) in a BPC to the downside. I assume he meant in a trigger chart i.e. 1/4 of the set-up chart. Sometimes you don't get a green bar on the trigger chart, but in most cases you will on smaller time frames. But it does vary, so I haven't made a definite rule on this yet. Have you, or anybody else, any thoughts about this?
I'm just back from having 2 pints in the pub so I hope I've read your post correctly.
Kan
Thanks for your help, warmth and straight talking Heather.
  • #4,509
  • Feb 23, 2010 4:49pm Feb 23, 2010 4:49pm
Quoting NightMoves
No, it is because it is a round number, and because trading volumes are usually less during this session there are a lot of profit taking on the shorter moves usually every 25 pips or so.

--NM
Got it. Another rule to remember.

While we're on the topic do you guys look for support and resistance areas that go back many months? I was re-watching some of the Hector swing trading videos last night and he doesn't seem to go back much further than a swing or two.

Interestingly I don't think he covers time of day and factoring that into your trading strategy - except for the LOB.
  • #4,510
  • Feb 23, 2010 4:52pm Feb 23, 2010 4:52pm
Quoting Kanderpro
Hi NM,
I've been thinking about this (the pace of a BPC) for a day or so.
Custos made reference in his reply to Paulette a few days ago, that he would want to see a green bar (for the P) in a BPC to the downside. I assume he meant in a trigger chart i.e. 1/4 of the set-up chart. Sometimes you don't get a green bar on the trigger chart, but in most cases you will on smaller time frames. But it does vary, so I haven't made a definite rule on this yet. Have you, or anybody else, any thoughts about this?
I'm just back from having 2 pints in the pub...
I like to see at least a 2 bar pullback, no more than 5 bars any more than that and it becomes something of a mess. Really what your looking for with the BPC is nothing more than 1-2-3 as a retest of the breakout. Somewhere along the BPC formation it must break the trend line.

--NM
  • #4,511
  • Feb 23, 2010 5:05pm Feb 23, 2010 5:05pm
Quoting PippyD
Got it. Another rule to remember.

While we're on the topic do you guys look for support and resistance areas that go back many months? I was re-watching some of the Hector swing trading videos last night and he doesn't seem to go back much further than a swing or two.

Interestingly I don't think he covers time of day and factoring that into your trading strategy - except for the LOB.
I will go back months at a time if the S/R level is strong enough. But I ususally dont if they are minor S/R levels...so yes I look back a couple of years to find the MAJOR levels...

--NM
  • #4,512
  • Feb 23, 2010 6:27pm Feb 23, 2010 6:27pm
Looks like the GBPCAD is going to turn into a range breakout...

--NM
  • #4,513
  • Feb 23, 2010 6:39pm Feb 23, 2010 6:39pm
Quoting NightMoves
Looks like the GBPCAD is going to turn into a range breakout...

--NM
Yeah, it's just sort of meandering sideways.

I've seen this happen before. And about the same time of day. So what will happen next is I'll get tired of watching it goof off then go to bed. At which point it will collapse 200 pips. Mark my words.
  • #4,514
  • Feb 23, 2010 7:23pm Feb 23, 2010 7:23pm
Quoting PippyD
Yeah, it's just sort of meandering sideways.

I've seen this happen before. And about the same time of day. So what will happen next is I'll get tired of watching it goof off then go to bed. At which point it will collapse 200 pips. Mark my words.
Do like I do set the price alarms and do something else just turn the volume up and then you dont have to watch it, I am sure it is not going anywhere until the London open...

--NM
  • #4,515
  • Feb 23, 2010 7:45pm Feb 23, 2010 7:45pm
Quoting NightMoves
Do like I do set the price alarms and do something else just turn the volume up and then you dont have to watch it, I am sure it is not going anywhere until the London open...

--NM
I've been using alarms a lot more. Otherwise I get pulled into watching these things and miss other opportunities. And it helps when the dog barks because there is this sudden noise. LOL!

The price just wants to "drift" into that trendline doesn't it? Agree that it is probably waiting for London. Guess it's about time to go flip on the Olympics to see if anything interesting is happening there.
  • #4,516
  • Feb 23, 2010 7:47pm Feb 23, 2010 7:47pm
Quoting PippyD
I've been using alarms a lot more. Otherwise I get pulled into watching these things and miss other opportunities. And it helps when the dog barks because there is this sudden noise. LOL!

The price just wants to "drift" into that trendline doesn't it? Agree that it is probably waiting for London. Guess it's about time to go flip on the Olympics to see if anything interesting is happening there.
Yeh I dont think it is going to get too far until the bigger guys come out to play..

--NM
  • #4,517
  • Feb 23, 2010 9:13pm Feb 23, 2010 9:13pm
The GBPCAD is looking better all the time...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCAD 1hr.png Size: 46 KB
  • #4,518
  • Feb 23, 2010 9:30pm Feb 23, 2010 9:30pm
Quoting NightMoves
The GBPCAD is looking better all the time...

--NM
Nice pattern but it sure is glacial in forming. Hopefully this will give folks a chance to hop on if it moves.
  • #4,519
  • Feb 23, 2010 9:32pm Feb 23, 2010 9:32pm
Quoting NightMoves
The GBPCAD is looking better all the time...

--NM
Hi NM,

I wont dare to short this pair.. the price is already break my H4 trendline..

Good luck!
Attached Image (click to enlarge)
Click to Enlarge Name: Yunero_ Feb. 24, 2010__01.gif Size: 19 KB
Trend + S&R + RR =
  • #4,520
  • Feb 23, 2010 9:32pm Feb 23, 2010 9:32pm
Quoting PippyD
Nice pattern but it sure is glacial in forming. Hopefully this will give folks a chance to hop on if it moves.
I think it will just range like this until London jumps on it, then it may go like it means business...such a good setup I hate to see it go to waste...Hahahaha....

--NM
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