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  • #20,441
  • Mar 30, 2010 7:12am Mar 30, 2010 7:12am
Quoting dongsky
I opened 3 position yesterday at 9050 around 10 am aussie time and i closed 1 position at my first target at 9080, trailed my stops. closed 2nd position at 9130, trailed my sl and let 3rd position run, and closed it just recently at 9200... my eyes are tired now happy trding you all.

this is the classic approach... when you are in the right direction, don't get out with the position not until it makes a Uturn

I posted yesterday that the bias was a long day because the open yesterday was higher than the pivot point.
U turn here means you're expecting the prices to drop? If so, to what levels?

thanks
  • #20,442
  • Mar 30, 2010 7:12am Mar 30, 2010 7:12am
Hi all,

when in doubt, pause and re assess positions, preserve capital, don't hold lossing trades for there's always tomorrow and another opportunity. don't over analyze charts, keep your strategies simple, believe in it and implement. don't let somebody massage your ego and forget HOPE.

just my 2 cents for the day
Success consists of going from failure to failure without loss of enthusiam
  • #20,443
  • Mar 30, 2010 7:16am Mar 30, 2010 7:16am
Quoting puks
U turn here means you're expecting the prices to drop? If so, to what levels?

thanks
Hi P,

we all know that there's no certainty here but with few candle confirmation and sl (very strong @ 9200) i believe it will be retracing very soon... probably during new york open, maybe just 15 minutes after the bell rings... we have of course to observe some jitters (its a norm).

another strong signal is the bearish divergence...

if it does, retrace, then the first stop on my trading plan will be @ 9130

that's a lot of pip

ciao!
Success consists of going from failure to failure without loss of enthusiam
  • #20,444
  • Mar 30, 2010 7:23am Mar 30, 2010 7:23am
don't forget to put your stop loss... i think you can apply a breakout strategy here, you can see it's forming a coil now and in any moment price will just go wild... and it's nice if you can ride the right bus

incase breakout is upwards... target profit is 9260

cheers mate!
Success consists of going from failure to failure without loss of enthusiam
  • #20,445
  • Mar 30, 2010 7:27am Mar 30, 2010 7:27am
Quoting dongsky
don't forget to put your stop loss... i think you can apply a breakout strategy here, you can see it's forming a coil now and in any moment price will just go wild... and it's nice if you can ride the right bus

incase breakout is upwards... target profit is 9260

cheers mate!
You mean, the same special bus that all bears have been riding since yesterday?

Anyway, I agree, the pace of the move has slowed and, one way or another, we shall soon find out whether the bear trend is still valid.

Will be great to have this done and over with in the next trading session.
  • #20,446
  • Mar 30, 2010 7:38am Mar 30, 2010 7:38am
Quoting George C
You mean, the same special bus that all bears have been riding since yesterday?

Anyway, I agree, the pace of the move has slowed and, one way or another, we shall soon find out whether the bear trend is still valid.

Will be great to have this done and over with in the next trading session.
i didn't see any bear strength yesterday i'm always monitoring 4H and 1H time frame... and yes breakout is very possible... set up your breakout strategy, at least you can get on the bus, wether it's headin north or south. be watchful!
Success consists of going from failure to failure without loss of enthusiam
  • #20,447
  • Mar 30, 2010 7:42am Mar 30, 2010 7:42am
Quoting dongsky
i didn't see any bear strength yesterday i'm always monitoring 4H and 1H time frame... and yes breakout is very possible... set up your breakout strategy, at least you can get on the bus, wether it's headin north or south. be watchful!
Hehe, I was referring to all bears who yesterday were still holding their shorts from last week in anticipation of the pair eventually breaking through 0.9000 and taking us all the way south.
  • #20,448
  • Mar 30, 2010 7:44am Mar 30, 2010 7:44am
Quoting George C
Hehe, I was referring to all bears who yesterday were still holding their shorts from last week in anticipation of the pair eventually breaking through 0.9000 and taking us all the way south.
again, don't keep a loosing trade and don't HOPE! sometimes if the market behaves erratic, there lies a reason, the reason we need more to respect her.
Success consists of going from failure to failure without loss of enthusiam
  • #20,449
  • Mar 30, 2010 7:45am Mar 30, 2010 7:45am
i have laid it on the table, dig in
Success consists of going from failure to failure without loss of enthusiam
  • #20,450
  • Mar 30, 2010 8:21am Mar 30, 2010 8:21am
people are playing the wait and see game its okay but sometimes when the bus starts running, you will be left aside, watching it leave
Success consists of going from failure to failure without loss of enthusiam
  • #20,451
  • Mar 30, 2010 8:25am Mar 30, 2010 8:25am
Wow .9200 was taken out next tgt .9250
than its onwards to .9321 and it is anybody's guess...
still sore from the 150 pip lost from yesterday so
I am still sitting this one out.

Lookin at the 4hr rsi I notice it always retrace when the rsi is above 70.00
So I may short this guy again when it is there.
Last year read Kathy and Boris saying this pair
might trade around .9500 (if i remember correctly)

congrats dongsky
enjoy your profit
hope it will be my turn soon

cheers
  • #20,452
  • Mar 30, 2010 8:34am Mar 30, 2010 8:34am
Quoting chinaman
Wow .9200 was taken out next tgt .9250
than its onwards to .9321 and it is anybody's guess...
still sore from the 150 pip lost from yesterday so
I am still sitting this one out.

Lookin at the 4hr rsi I notice it always retrace when the rsi is above 70.00
So I may short this guy again when it is there.
Last year read Kathy and Boris saying this pair
might trade around .9500 (if i remember correctly)

congrats dongsky
enjoy your profit
hope it will be my turn soon

cheers
am happy for you chima! just be watchful may the pips be with you

a piece of my 2 cents for you, there is still a bull force (target @9230 Max!) ahead but for now, try consiedering liquate some of you position... it's bound for retracement but not too deep though.
Success consists of going from failure to failure without loss of enthusiam
  • #20,453
  • Mar 30, 2010 8:44am Mar 30, 2010 8:44am
Averaging and increasing my Shorts on AUD and also GBP/JPY shorting and target 200 pips down on GBPJPY and 100 on AUD

138.18 and 9105 the targets
  • #20,454
  • Mar 30, 2010 8:46am Mar 30, 2010 8:46am
I'm going to rest now friends, it's a good run for bulls and tomorrow is quite interesting day - a news release of retail sales for australia... i'm expecting a surprise factor, a deviation of at lesat 0.6% will stir the market wild, either to the south or north... we see tomorrow. review your breakout strategies for that's the only best tool i'm using on news trading
Success consists of going from failure to failure without loss of enthusiam
  • #20,455
  • Mar 30, 2010 8:48am Mar 30, 2010 8:48am
Quoting kourtney
Averaging and increasing my Shorts on AUD and also GBP/JPY shorting and target 200 pips down on GBPJPY and 100 on AUD

138.18 and 9105 the targets
A reversal now should serve to reinforce the downward trend - IF it reverses at all and heads south, I expect to see a retest of .9030
  • #20,456
  • Mar 30, 2010 9:04am Mar 30, 2010 9:04am
i think rate hike is kinda confirmed.... try and google for the keyword "You say sunrise, I say rate rise"

http://www.news.com.au/rocket-under-...-1225847193515

http://www.heraldsun.com.au/business...-1225847188015
  • #20,457
  • Mar 30, 2010 9:24am Mar 30, 2010 9:24am
Hi guys,

Seems like the train is doing the U-Turn now... Might be going south all the way to 0.9150 to test...
Just my two cents
  • #20,458
  • Mar 30, 2010 9:44am Mar 30, 2010 9:44am
Quoting john123x
i think rate hike is kinda confirmed....
Yeah, there was talks from AUD saying that the current rate is still at the rock bottom, so a rate hike seems a given.

I'm still short btw but may hedge with a small long position going into the rate hike to give my account a little break while I patiently wait for the overall markets to get a correction.
  • #20,459
  • Mar 30, 2010 9:47am Mar 30, 2010 9:47am
Quoting thadakman
Yeah, there was talks from AUD saying that the current rate is still at the rock bottom, so a rate hike seems a given.

I'm still short btw but may hedge with a small long position going into the rate hike to give my account a little break while I patiently wait for the overall markets to get a correction.
If the rate hike is confirmed, there doesn't seem to be much of a reaction yet...
  • #20,460
  • Mar 30, 2010 9:54am Mar 30, 2010 9:54am
Quoting George C
If the rate hike is confirmed, there doesn't seem to be much of a reaction yet...
won't be confirmed until it's official next tuesday
the 200 pips rally was already the priced in reaction

imagine if they don't raise it in the end, lol
on the other hand if they decide to go ahead with the hike, with this week's pricing in, there shouldn't be too huge a movement (but there should still be)

if the rally yesterday was really mainly/solely because of the rate hike, i'd say it's a bit premature and early for it, being 1 week ahead of the action
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