Nearly Naked (Simple Trades)

At the moment, with all the news surrounding the EURO... I'm short the EURO from 1.3350 and will be adding to my positions as follows

I'm watching closely, If we get a break below ~1.3260 and it holds, next level I'd be looking at will be ~1.3200, then if breaks and holds will be looking at 1.31 then finally 1.28.

Great trades! You got in at a good price.

Thanks!

Good chart, I will be watching S1 too. I am watching UJ really close right now. It is really testing old S/R and if it moves to 93.79-93.73 could have some interesting PA, those should be stong S/R zone

I was about to post this G/U trade here after I posted at my thread that now it seems too late #2111

Daily S1 is about to be hit on A/U right now!!!

Didn't hit Daily S1 this round so I will try to sell more A/U at 21ma (9260).

set a sell limit at daily pivot around .9267-8 imo

The possibility exists that it will retouch the pivot... typically it will use the 21ma on M15 to continue downtrends. With that said, I do have the 35ma on M15 up there as well as the 100ma on the H1. Anything is possible...

Now that is a textbook "00" bounce. Wont be in this position for much longer.
Making my coffee and will be back in an hour or so to do some analysis with you guys.

Good catch Saxon.. what are your targets?

Buy order at 9207... 200ma on H4

A/U

Thanks, I didn't have any targets, I saw PA level and exited right after I posted.

Trade Invalidated. Buy order moved to Daily S2 at 9190.
Also have sell order at Daily S1 (9232) to pickup more shorts.

Hi guys, in this slow PA I thought I would just show you how I look for "good" "00" trades. For me it is all about the angle of attack. This can also be applied directly to any S/R or TL relationship. I am working from 2 terminals so my chart will be my next post. But on the chart your will see numbers 1-6. Each one shows a potential trade with interaction on green "00" lines. I will describe why I would or would not make the trade. So here goes:

Setup 1 -

As you can see on the chart, price had very little angle when coming up to "00". Price was tested and "00" was violated without much deviation. I would also not take this trade do to PAs proximity to MAs (50 Simple). You could view MA as a lower TL wedging price through the "00" and any bounce from "00" would not give much pips as PA would get friction from the MA on the way down. - NO TRADE!

Setup 2 -

As you can see the angle of attack on the "00" is very steep. However, PA did not get close enough to "00" to make a trade. You would have made a nice score with this sell, but you need to stick to rules. I usually set a certain amount of pips that PA has to come within, 2-3 for me, but I am cheap. So, this was a no trade. You can also see there was some distance from the 50 MA which would have caused a large pullback/bounce, which it eventually did. - NO TRADE this time, too bad!

Setup 3 -

Looking at this, you can see we are on track for a good trade. PA is steep and we have distance from 50 MA. As an added bonus, there is a 200 MA right below "00", which will support the bounce as well. This one you can be very confident in. You can see that PA came within our set pips and a trade was booked. TRADE! 89 PIPS

Setup 4 -

We already can tell that this trade is lacking the steepness of attack. It was steep, but leveled before the attack. Our first touch was met with a small bounce. We are at distance from MA, but all our rules were not met. NO TRADE!

Setup 5 -

This is a no-brainer. PA is in and out of "00", so there is no angle of attack. MA came up and joined in the fun so there is no distance from MA. Obvious NO TRADE!

Setup 6 -

Angle of attack is steep. MAs are nowhere to be found. This is also a FIRST test, sometimes the best. TRADE! 37 PIPS

A few disclaimers. Always watch volumes, Always be aware of outside forces (News, Time of Day, Candle Hunters, etc...). This strategy is simple, and that is why it works MOST (not all) of the time. There are situations that PA does decide that it is more confident and goes through, but that is why we never trade without stops. You can have tighter stops on "00"s then on S/R and TL, but the system is the same. Also, use your judgement, if it doesnt feel right, then it probably isnt and making no money is better than losing it. Good luck everyone!

Chart

"00" Method. Cool! How long have you been using this?

I guess in addition, if it tests and bounces but then heads back to test again, you probably missed the boat. Also, if it tests, make sure there is some distance between tests before trusting another bounce. And lastly, a good reset of the "00" is if price hits let's say 9300 and bounces and then goes and bounces to 9400, chances are 9300 has been "reset" and you if your cards line up, it should bounce again

I have been using this forever. "00"s are a standard S/R for me and the first thing I mark up on any new chart. It is good to pull in 1 to 3 postitive trades on a single pair a week, sometimes more, sometimes less. If you are strict with the rules, you will get a few great trades, you will miss a few good trades, but you wont get really many bad. "00"s were always the lazy stops/limit zones. Just go through your charts and you'll see what I mean (you probably are already aware though). I trade this method on about 7 pairs and if it gives me about lets say 2 good trades per pair per week, that is about 14 good trades. Just on that. But to be conservative, lets say I lost 4, I still had 10 good trades, or a net positive of about 6. Also, this is really only for the intraday person and trades don't last for extended periods of time, so not a "set it and forget it" system. Once you book, watch PA and if you have to only take 10 pips, then so be it. But "00"s allow for tighter stops too.

This is just one of the tools I trade. It is really simple and why I like it. All of my trades are really simple though.

Now will we hit 9200 on A/U or the Daily S2 9190?