Translated into trading terms, there are usually big moves, sometimes explosive moves after this – “the calm before the storm”.
Strat's Long Term Stress Free Trading
- #10,561
- Mar 10, 2010 10:56am Mar 10, 2010 10:56am
- #10,562
- Mar 10, 2010 12:33pm Mar 10, 2010 12:33pm
- | Joined Aug 2009 | Status: Trader | 2,585 Posts
aud/nzd bulls 
Annoying Precision
- #10,565
- Mar 10, 2010 3:35pm Mar 10, 2010 3:35pm
- | Joined Aug 2009 | Status: Trader | 2,585 Posts
Looks as if there is going to be some good trading oppurtunities today 
Annoying Precision
Spinner, I promise I'm not stirring the pot but checkout audnzd on IBFX.
Look at today's and yesterday's candle combined and what the buyers and sellers were doing. Today's candle on the IBFX feed isn't a hanging man. It's a BUOB.
-m
Do you have the conviction of your beliefs to get back in -- right after being burned?
The little people are waiting.
- #10,567
- Mar 10, 2010 5:58pm Mar 10, 2010 5:58pm
The question is now...
Do you have the conviction of your beliefs to get back in -- right after being burned?
The little people are waiting.
- #10,568
- Mar 10, 2010 6:18pm Mar 10, 2010 6:18pm
- | Joined Jul 2009 | Status: Steady as she goes | 294 Posts
The question is now...
Do you have the conviction of your beliefs to get back in -- right after being burned?
The little people are waiting.
Since I have that answer, which was that it needed to be accompanied by a bullish sentiment (BUEB or such). That occured. There was no technical reason not to at that point. At 5pm NY time I set my buy order and it filled so I'm in it again. SL below the low but risk is still 2% even though the pip amount is larger.RR is something like 6:1 so it's still a very safe trade.
If the trade goes against me again, then it will be because the big boys are messing about and not because I looked at it incorrectly. I do expect some difficulty around the 1.3100 area before clear skies though.
-m
- #10,573
- Mar 10, 2010 9:17pm Mar 10, 2010 9:17pm
- | Joined Aug 2009 | Status: Trader | 2,585 Posts
Im all ears, alexandra 
. My positions are in the green. Long eur/nzd, aud/nzd eur/usd usd/cad. My usd/cad is a bit more risky but with a really attractive r/r. Just waiting......
. My positions are in the green. Long eur/nzd, aud/nzd eur/usd usd/cad. My usd/cad is a bit more risky but with a really attractive r/r. Just waiting......How is anyone bored with this going on? And not a word on the thread of late? How does one discuss AUD, NZD or even the movers and shakers without a look at this?
Annoying Precision
- #10,574
- Mar 10, 2010 9:22pm Mar 10, 2010 9:22pm
Im all ears, alexandra
Risky? Hold out your hand for Strat to slap it. Yes, it does have an ejector level, though. You reviewed that monthly chart, did you? You have a lot of faith in those support levels.
ANother chart of relevance.
- #10,575
- Mar 10, 2010 9:26pm Mar 10, 2010 9:26pm
- | Joined Aug 2009 | Status: Trader | 2,585 Posts
I'll let you have the honor after you explain to me my folly 
Risky? Hold out your hand for Strat to slap it. Yes, it does have an ejector level, though.
Annoying Precision
- #10,576
- Edited 9:53pm Mar 10, 2010 9:34pm | Edited 9:53pm
I'll let you have the honor after you explain to me my folly
LOL - It's not total folly (good word!) if you eject at 1.02 based on the theory that the prior monthly lows (from that controlling candle) are being tested you have a chance, but I don't see any Strat-style momentum on your side yet. If you are to tell me that you are taking it on a fundamental basis and dipping in against 1.02, you are gutsy; if you are wrong and take your loss under 1.02 you are a pro; if you are right and the close under 1.03 is disproved, you are an oracle. In any of these scenarios, however, you are Strat's whipping boy.
- #10,577
- Mar 10, 2010 9:53pm Mar 10, 2010 9:53pm
- | Joined Aug 2009 | Status: Trader | 2,585 Posts
Guilty as charged 
, *starts running* lol. I must say though that this is the ONLY position this week that I sorta winged it with. I've also got to say that since I've been studying this thread and applying the principles my trading results have become MUCH more consistent and profitable, I also feel so much more "in control" , exciting.
Thanks,
, *starts running* lol. I must say though that this is the ONLY position this week that I sorta winged it with. I've also got to say that since I've been studying this thread and applying the principles my trading results have become MUCH more consistent and profitable, I also feel so much more "in control" , exciting.Thanks,
LOL - It's not total folly (good word!) if you eject at 1.02 based on the theory that the prior monthly lows are being tested you have a chance, but I don't see any Strat-style momentum on your side yet. If you are to tell me that you are taking it on a fundamental basis and dipping in aganst 1.02, you are gutsy; if you are wrong and take your loss under 1.02 you are a pro; if you are right and the close under 1.03 is disproved, you are an oracle. In any of these scenarios, however, you are Strat's whipping boy.
Annoying Precision
- #10,579
- Mar 10, 2010 10:04pm Mar 10, 2010 10:04pm
Guilty as charged
Thanks,
Honestly, though - that "control" statement is encouraging. That is the secret to risk management. Good for you.
I can't seem to get past my inflationary fears....we'll see what AUD and CAD can show us as their respective levels are tested, against the Continental apathy/pause/re-thought/frustration. At present, I can say that thw weekly Continentals support reversal moreso than Loonie does. That's not enough for our thread though...hence, Strat is waiting patiently for the market to tip it's hand before climbing aboard. I have not abandoned the universal theory that the USD is about to take over from JPY as king of the hill across all the pairs. Hmmm...where is that Dollar Index chart?
- #10,580
- Mar 10, 2010 10:09pm Mar 10, 2010 10:09pm
Hi Alexandra
maybe it's because of strats warning a few days ago to be carefull with USD/CAD. And maybe it's just charts, my charts show support holding, even on monthly.
But my eye is on this.
Frank
Yes, that chart forces one to declare an allegance to closes versus lows. No more waffling comfort zone on that one. The S/R traders are either one way or the other depending on their view there. Personally, I do not like the close under 1.03 for anyone predisposed long. Sometimes, one knows that and takes the trade anyway, like our oracle friend above
. I do agree to some extent with Strat that any new sellers here have overslept. I can, however, string a scenario supported by the close under 1.03 to justify an entry to further test the dramatic support levels. Obviously, the path is congested.