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Joined Sep 2006
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Status: Trend Trader
|277 Posts
I just went long on USDJPY. The order has been waiting to be filled for a few days and it got hit this morning.
There were a couple of reasons for entering. But this entry formed on the weekly chart. I have never entered a trade based on a signal on the weekly chart.
Before reading this thread I don't think I ever entered a trade on anything higher than the 4hr chart.
I'm interested to see how this develops. There may be a period of 'accumulation', as Pring describes it, before the market really takes off. My goal is to stay in this trade for as long as possible if an uptrend forms.
You can see on my chart that I have labeled a 1 2 3 bottom as defined by Joe Ross. Although Ross and Pring both point out the same types of price patterns in their books, Ross has much more clearly defined patterns. These patterns appeal to me because I always doubt myself when using patterns that rely more on my judgment and interpretation.
I just went long on USDJPY. The order has been waiting to be filled for a few days and it got hit this morning.
There were a couple of reasons for entering. But this entry formed on the weekly chart. I have never entered a trade based on a signal on the weekly chart.
Before reading this thread I don't think I ever entered a trade on anything higher than the 4hr chart.
I'm interested to see how this develops. There may be a period of 'accumulation', as Pring describes it, before the market really takes off. My goal is to stay in this trade...
Ignored
I agree with the idea of "accumulation" being what we are in right now. Notice how we are going sideways, with a slight upward bias. That can be a signal of where it wants to go in my opinion.
I too, am going to try and hang on to this one.
As a side note - I think if we get over 95....then this could get really interesting. I still am thinking 100-101 before it's all over.
I just went long on USDJPY. The order has been waiting to be filled for a few days and it got hit this morning.
There were a couple of reasons for entering. But this entry formed on the weekly chart. I have never entered a trade based on a signal on the weekly chart.
Before reading this thread I don't think I ever entered a trade on anything higher than the 4hr chart.
I'm interested to see how this develops. There may be a period of 'accumulation', as Pring describes it, before the market really takes off. My goal is to stay in this trade...
Ignored
Good chart and a good trade. I'm on it too, 90 pips up.
Position trader - Anything intraweek is just noise...
I'm waiting for a test of the triangle before I get in. It looks like I might get the test today.
Later when I am more comfortable with this method I'll probably be able to pick better entries, but for now I have to play it safe.
Ignored
No, certainly there is nothing wrong with wait in my eyes. I guess I just planned on being in this trade for weeks, if not months, so I wasn't as worried I guess......
What worries me slightly is that there may be a slight conflict between being short eurgbp and short gbpchf. Eur and Chf move very closely together, any thoughts on this? The pa at a significant area with trendline backup looks really strong but... I don't know.
Position trader - Anything intraweek is just noise...
No, certainly there is nothing wrong with wait in my eyes. I guess I just planned on being in this trade for weeks, if not months, so I wasn't as worried I guess......
Ignored
I understand what you are doing, and I am looking forward to the day that I can take such a long term approach to the market.
For now I am sticking with the best setups I can find, and ones where I can justify keeping my stops fairly close. Later I plan on a more position trading approach. I'm finally in with a group of traders that are conducive to that approach.
I see now that the EURGBP is back inside the triangle. I placed my entry below yesterdays bar so it did not get filled.
I also had a short entry below yesterday's bar on the EURUSD and that did not get filled either.
The USDJPY trade went as high as + 53 today, and is now at about + 30. I'm going to let this one ride over the weekend as part of my new 'long term' trade view.
What worries me slightly is that there may be a slight conflict between being short eurgbp and short gbpchf. Eur and Chf move very closely together, any thoughts on this? The pa at a significant area with trendline backup looks really strong but... I don't know.
Ignored
True and I haven't looked closely enough to have any worthwhile thoughts on this. I'll have to look at the S/R lines which I haven't marked out on this pair yet.
In any case I won't be placing any orders until after the markets have reopened Sunday night.
I understand what you are doing, and I am looking forward to the day that I can take such a long term approach to the market.
For now I am sticking with the best setups I can find, and ones where I can justify keeping my stops fairly close. Later I plan on a more position trading approach. I'm finally in with a group of traders that are conducive to that approach.
I see now that the EURGBP is back inside the triangle. I placed my entry below yesterdays bar so it did not get filled.
I also had a short entry below yesterday's bar on the EURUSD...
Ignored
Good for you. I'm working on that mentality myself, place the trade, place the stop, check it a week later...
Position trader - Anything intraweek is just noise...
What worries me slightly is that there may be a slight conflict between being short eurgbp and short gbpchf. Eur and Chf move very closely together, any thoughts on this? The pa at a significant area with trendline backup looks really strong but... I don't know.
Ignored
I would think that the reasoning behind the trades are different. The EUR is clearly on it's back heels at the moment.....so the EUR/GBP trade really has little to do with being long the GBP, and everythi8ng to do with being short the EUR.
I understand what you are doing, and I am looking forward to the day that I can take such a long term approach to the market.
For now I am sticking with the best setups I can find, and ones where I can justify keeping my stops fairly close. Later I plan on a more position trading approach. I'm finally in with a group of traders that are conducive to that approach.
I see now that the EURGBP is back inside the triangle. I placed my entry below yesterdays bar so it did not get filled.
I also had a short entry below yesterday's bar on the EURUSD...
Ignored
One step at a time certainly. I can promise you this though: the first time you get a couple of handles on a trade....it will forever change your view of the markets.
