Dislikedyeah this daily would be a continuation play as the BUOB is at a swing high....Ignored
Cheers Mike
J
james16 Chart Thread
- #60,104
- Apr 7, 2010 7:03am Apr 7, 2010 7:03am
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Looks good to me DD, bascially into .7100 then 7150(both rd numbers no surprises here)
Mike
Anyone else taken NZD/USD long? T/P is the BRN at 7100
Anything can happen.
- #60,106
- Edited 9:32am Apr 7, 2010 8:30am | Edited 9:32am
Hey Kai
I don't really know to much about Raczefx stuff, I know sometimes he...
http://www.forexfactory.com/showpost...ostcount=45043
But i hope you will practice the basics first.
.
too bad i was at college and i missed it :/ i bet Rac took it
im learning touch trading and im not yet good at that, but patience, i'll get there some time
... i was touch trading before but sometimes i had luck sometimes i hadnt, the problem was that i didnt know anything about PA :/ luckily i didnt open a live account back then 
edit: forgot to mention that it went exactly where it should go..
Hi Mike and all - thanks for the reply. I decided not to go with this one as there is another pin I saw on the daily NZD/USD which I thought might be move viable after the whole USD/CAD parity thing yesterday
Anyone else taken NZD/USD long? T/P is the BRN at 7100
- #60,108
- Apr 7, 2010 9:15am Apr 7, 2010 9:15am
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
i think NU PB is in traffic......IMHO.....
Is that right?
Anything can happen.
Sorry for the igorance, I've seen the term traffic used a fair amount here and there. Often referring to the left hand side. From that I'm deducing that traffic means recent range bound price movement?
Is that right?
- #60,112
- Apr 7, 2010 10:44am Apr 7, 2010 10:44am
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #60,113
- Apr 7, 2010 10:48am Apr 7, 2010 10:48am
interesting looking at the charts this week..... I have a couple real small live positions open right now (short CHFJPY from 88.24, and long AUDUSD from 92.39).
I'm currently not taking 2% risk trades because I'm looking at a new method of getting the stop to B/E, and attempting to maintain my stupid brain in order to HANG ON TO A TRADE until it really takes off....
Why won't I just do what I tell me to do!?
- #60,114
- Apr 7, 2010 10:54am Apr 7, 2010 10:54am
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Bloody psychology!
Why won't I just do what I tell me to do!?
makes my head want to explode!
I have lost so many great trades because of my inability to stick to one time frame per trade lol.... I don't even.....
Many choose unhappiness over uncertainty.
- #60,116
- Apr 7, 2010 11:15am Apr 7, 2010 11:15am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi
In the chart below Jim has circled a DBLHC in what looks like a downtrend from beginning of April?
Could it also be taken as a 4 bar matching low? Or if we were live at the close of the first bar of the DBLHC , could we take it as a 3BML and expect the downtrend to continue?
Or does it only become a ML if the downtrend continues?
Thanks
I think I know what you are asking but if I missed please re-ask.
That 4bar matching low, or also DBLHC(it could be seen as a multiple bar low higher close) can give us two signals. Both a reversal signal as it did, and then you can even play a sell below all those matching lows as a strong signal for a breakout. So both ways. I might have missed here though
Best
Mike
- #60,118
- Apr 7, 2010 11:25am Apr 7, 2010 11:25am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi, i have a question regarding the PB play. Since the low of the 2nd bar does not penetrate the PB low, how long does one have to wait before concluding that this setup is invalid?
For education purpose, can you please illustrate how you would plan to manage this trade? Attached mine for your kind pointers if i were to be in this trade.
IMHO, this is a great PB setup!
Triple top + BRN 90.00 + Confluence of 50% fib on weekly timeframe + in the direction of major trend... Nice!!!
Technically speaking the bar is valid until the low breaks, or the high breaks. So if that high breaks first then the bar is no invalid, and not technically valid till the low breaks. How long you wait till it breaks is trader dependent. I personally almost always cancel my order if the next bar does not break the low. This is a way I measure momentum in the market. As for your trade plan, I would be more in the camp of taking full profit at that first area. Only since the move up has been pretty strong and overall this pair is pretty choppy as of late, so I like to get out with my profit. But there is NOTHING wrong with that trade plan you laid out. It really comes back to the trader for that.
Hope that helps
Mike
- #60,119
- Apr 7, 2010 11:33am Apr 7, 2010 11:33am
hey man tanx.been reading your posts and others.i hope to be conservative trader like you one day and just be picky.are you as picky when you are finding a girlfriend?? Hahaha
Come to think of it. The charts you eye ball are nothing but an artistic representation of mass psychology. And, in my opinion, a trader's style is largely determined by his inner-being which is a reflection of what kind of person he is and what he is comfortable with. Even though I'm not Mike and can't speak for him.. LOL.. I would assume he is a picky person in reality and this "picky nature" of his could be well affiliated or linked to different facets of his life..
OOppsss
.....Sorry
P.S: I'm sure he would like a chick with a nice pin in the front with lots of space behind
+ confluence of good character. Uhmmmmmm!!!!!
- #60,120
- Apr 7, 2010 11:34am Apr 7, 2010 11:34am
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.