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Nearly Naked (Simple Trades)

  • #581
  • Apr 19, 2010 11:08pm Apr 19, 2010 11:08pm
U/Cad
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  • #582
  • Apr 19, 2010 11:28pm Apr 19, 2010 11:28pm
Quoting wh1zz0
Soon buddy.

Looking at U/J H4.. I'm just waiting for a nice PA setup in it's current zone to load shorts.
It's taking so long, I know PA should be slow right now, but my concern is that it tries to go for fib 38 at ~92.787 before taking the plunge. I wish it would just drop and make my pips back
  • #583
  • Apr 19, 2010 11:46pm Apr 19, 2010 11:46pm
Quoting Saxon
It's taking so long, I know PA should be slow right now, but my concern is that it tries to go for fib 38 at ~92.787 before taking the plunge. I wish it would just drop and make my pips back
Yeah sure you will make it back, I have a strong conviction about U/J going down. What happened to you just now is why I like to have my SL's at the other end of the extensions sometimes as I hate unnecessary stop outs.. That way, I'd just add to positions as peaks or valleys are broken.

Right now I'm long AU from ~0.9258, my TP @ ~1.95, plus I have buy stops along the way.

Sell Limit on GU ~1.5375, my TP ~1.51

U/J.. still watching
  • #584
  • Apr 20, 2010 12:01am Apr 20, 2010 12:01am
I think if AU gets to "00" 93 the might be a bounce, PA has been steep. That is if PA can get there first. If it does though, a small short with a semi-tight stop could get me some of my UJ pips back since UJ is taking its sweet time
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  • #585
  • Apr 20, 2010 12:05am Apr 20, 2010 12:05am
Quoting Saxon
I think if AU gets to "00" 93 the might be a bounce, PA has been steep. That is if PA can get there first. If it does though, a small short with a semi-tight stop could get me some of my UJ pips back since UJ is taking its sweet time

About AU, yeah I quite agree about the steepness, it should retrace soon, shorter term you could be right about a bounce. But my entry was based on the daily so I would be holding it for couple of days.
  • #586
  • Apr 20, 2010 12:05am Apr 20, 2010 12:05am
Quoting Saxon
I think if AU gets to "00" 93 the might be a bounce, PA has been steep. That is if PA can get there first. If it does though, a small short with a semi-tight stop could get me some of my UJ pips back since UJ is taking its sweet time
I don't think so but I did take my 9288 trade and left with 5 pips. Doesn't sound like much I know but I've got 79 more trades to those cocktails!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #587
  • Apr 20, 2010 12:08am Apr 20, 2010 12:08am
Quoting MarcVUM
I don't think so but I did take my 9288 trade and left with 5 pips. Doesn't sound like much I know but I've got 79 more trades to those cocktails!
Haha, cocktails are your motivation. Nice. Good job on the pips though. 5 pips are better than no pips and anything above 0 means you did something right. Good Job
  • #588
  • Apr 20, 2010 12:10am Apr 20, 2010 12:10am
Quoting wh1zz0
About AU, yeah I quite agree about the steepness, it should retrace soon, shorter term you could be right about a bounce. But my entry was based on the daily so I would be holding it for couple of days.
I usually watch H4, H1 for my trade range and M30-15 for my entry. I only hold positions for a few hours or so. I use Daily for my LT direction.

How wide do you set your stops being a LT trader. Mine are rather tight, but my frames are smaller though too.
  • #589
  • Apr 20, 2010 12:17am Apr 20, 2010 12:17am
Here is my chart I just posted on AU thread showing that AU usually tests "00" 93 first before accelerating through. Watch PA around there. I don't have any pending orders and will just pull the trigger when I think PA has lined up.
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  • #590
  • Apr 20, 2010 12:18am Apr 20, 2010 12:18am
Here was my reason for the short at 9288... white ovals.
5 to 10 pips makes me a lot of dough on A/U and I have very little patience especially on a slow moving pair like this. G/U that's a different story.
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #591
  • Apr 20, 2010 12:18am Apr 20, 2010 12:18am
Quoting Saxon
I usually watch H4, H1 for my trade range and M30-15 for my entry. I only hold positions for a few hours or so. I use Daily for my LT direction.

How wide do you set your stops being a LT trader. Mine are rather tight, but my frames are smaller though too.
I usually have 200-300 pips SL for my Long Term/Swing trades

When doing Intra-day scalps/Short Term trades, I set at between 60-100. But basically I like to let the chart tell me where to hide my SL so the figures above are just like an overview.
  • #592
  • Apr 20, 2010 12:32am Apr 20, 2010 12:32am
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  • #593
  • Apr 20, 2010 2:40am Apr 20, 2010 2:40am
Quoting Saxon
It's taking so long, I know PA should be slow right now, but my concern is that it tries to go for fib 38 at ~92.787 before taking the plunge. I wish it would just drop and make my pips back
now it's testing fib
  • #594
  • Edited 4:39am Apr 20, 2010 4:23am | Edited 4:39am
Quoting qunlebada
i trade only with engulfing candlestick setups so i can't really understand your charts with all the indicators and all.but pls what's your take on candlestick trading if you do have opinion?i will very much appreciate it.thanks
Personally, I think trading solely on candle formations is not the best tradig method, but that is just me and my opinion. It might work well for others. I like to trade with S/R lines that can be easily drawn by just looking at PA (Price Action). Also, I trade off of "00"s which are round numbers, or just #s with "00"s after them I also like to use TL (trend lines) which I draw on my charts as well. Every once in a while I will throw on a fib or use MACD. A lot of the traders in this thread use pivots as well.

If you only trade on candle formations, you are, in my opinion, leaving out a HUGE aspect of trading, and that is S/R and TLs. The market remembers these areas and punishes the trader who neglects them. Candle formations are great, and I use them too. I mainly watch 4hr and daily candles but I don't get into smaller frames with them.

If you have any questions on S/R and TLs, then ask away and if I don't answer your question, I am sure someone in this thread will get on it. Also, feel free to post your candle formation analysis, I am sure no one in here will complain as it is a very useful skill.
  • #595
  • Apr 20, 2010 5:22am Apr 20, 2010 5:22am
I'm not a fundamental kind of guy but cad has big news at 9 am est. There is a chance that you can still get in on this trade if it retraces.

Hope you all took it.
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  • #596
  • Apr 20, 2010 5:25am Apr 20, 2010 5:25am
Quoting qunlebada
i trade only with engulfing candlestick setups so i can't really understand your charts with all the indicators and all.but pls what's your take on candlestick trading if you do have opinion?i will very much appreciate it.thanks
Hello,
I trade candlesticks also but I have seen a lot of failures of those signals. A lot of the reason is that you have to take in the whole picture, Trading them at support or resistance increases the chance of a winning trade quite a bit. It also doesn't hurt to draw a fib from time to time.

Mike
  • #597
  • Apr 20, 2010 6:10am Apr 20, 2010 6:10am
I had a request for my market price indi. All credit should go to Jeff. He is one handy guy.
Attached File(s)
File Type: mq4 Bid_Ask BDv8_12_31.mq4   5 KB | 342 downloads
  • #598
  • Apr 20, 2010 6:10am Apr 20, 2010 6:10am
I am long on EUR/USD - the shape of the movement on the daily chart seems posed to take it to 1.3700, while Fibs suggest that yesterday ended a retracement dip to 1.3426. This notion is corroborated by the long candle wicks of yesterday's and today's dailies. TP is set at 1.3588.

Of course, I used the same reasoning on the now-infamous AUD/USD short, and look where that got me There's also the risk of what could well be a failed double bottom pattern.
  • #599
  • Apr 20, 2010 6:23am Apr 20, 2010 6:23am
I would be just a little bit cautious on the longs at the moment, that may have just been the top of the S&P futs for the week. will see how it plays out from here.
  • #600
  • Apr 20, 2010 2:05pm Apr 20, 2010 2:05pm
Wow, I was sweating bullets. I lost my internet connection for the last few hours. Geeze Oh well, back on now and nothing went against me, but wow, that could have been bad. I'm back now though.
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