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  • #11,741
  • Apr 26, 2010 3:44pm Apr 26, 2010 3:44pm
Quoting strat
Hmm, if this HL gets confirmed, we could be looking at a HH around 110ish which could take USDJPY back for a re-test of 91.75 (which would be a good welly filling place!)
Strat would this be a wobble as you have referred to in the past?
  • #11,742
  • Apr 26, 2010 3:45pm Apr 26, 2010 3:45pm
Quoting strat
Thanks for replying negatively

Wrong choice of words and a word I don't like!

I don't want ANYTHING negative on this thread only POSITIVE and CONSTRUCTIVE words and help.

Hi Strat,

Thanks for replying I was just trying to get some comments on my charts that is why used "comment negatively" so that I can learn more but when no one commented I started dreaming that my charts have been commented negatively which was wrong I accept.

I can understand it is not possible to reply all the post especially if it is from a newbie.

I will keep in mind next time.
  • #11,743
  • Apr 26, 2010 4:13pm Apr 26, 2010 4:13pm
Hi all,

A possible ATM trade on EURUSD back to 1.346?
View based on last three candles on Worker as well as triple bottom formation..

Would love to hear your comments.

Rubens
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  • #11,744
  • Apr 26, 2010 5:28pm Apr 26, 2010 5:28pm
AUDUSD has made a very nice inverted hammer after Sunday's IB. As the daily and weekly trend is bullish therefore my stance would be to go up at current price with stop at trendline break of 92 or just below the low of Friday hammer. Ressistance is at 93.60

There are hammers on other pairs as well but I don't know why they will go up when Dollar index is showing bullish signs, but lets' see.

Your help and comments will surely be welcomed.
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  • #11,745
  • Apr 26, 2010 5:45pm Apr 26, 2010 5:45pm
Quoting simpleman
Thanks for replying negatively on my chart in post 11699. I am learning a lot from it and trying to improve my PASR understanding. Here we go with one more chart ready to be commented by you lot but negatively only.

AUDUSD:
On daily TF on Fridays close on my data feed it is showing hammer (as far as I understand) which is a bullish sign but it has come far off from its support and heading towards the resistance near 93.60 therefore just 100pips away. If I had to take this trade then the stop would be below the...
Simpleman,

I see the AUD/USD chart in a broadening wedge pattern, look up the definition @ investopedia, it will help you understand the indecisiveness of the pattern. I didn't like the length of the wick, I thought the R:R was just not there. I personally wouldn't be looking to trade this pair at this time, although a break of upper S/R line might get my attention. I studied the chart yesterday and could see that you were studying the Fri hammer. After looking at the pairs and comparing, I thought the GBP/USD was a better choice. Was that you Lynyrd Skynyrd wrote the song about? Cheers,
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T
  • #11,746
  • Apr 26, 2010 7:27pm Apr 26, 2010 7:27pm
You already should have been long on the first hammer

Quoting simpleman
AUDUSD has made a very nice inverted hammer after Sunday's IB. As the daily and weekly trend is bullish therefore my stance would be to go up at current price with stop at trendline break of 92 or just below the low of Friday hammer. Ressistance is at 93.60

There are hammers on other pairs as well but I don't know why they will go up when Dollar index is showing bullish signs, but lets' see.

Your help and comments will surely be welcomed.
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Annoying Precision
  • #11,747
  • Apr 26, 2010 8:23pm Apr 26, 2010 8:23pm
Quoting erikte279
You already should have been long on the first hammer
Don't you think nearly everyone who took the trade on the first hammer would have been stopped out or got out by the close of the second hammer?
  • #11,748
  • Apr 26, 2010 8:25pm Apr 26, 2010 8:25pm
Quoting Lou
Don't you think nearly everyone who took the trade on the first hammer would have been stopped out or got out by the close of the second hammer?

I am still in from the first hammer!
  • #11,749
  • Apr 26, 2010 8:27pm Apr 26, 2010 8:27pm
Why would they have gotten out?

Quoting Lou
Don't you think nearly everyone who took the trade on the first hammer would have been stopped out or got out by the close of the second hammer?
Annoying Precision
  • #11,750
  • Apr 26, 2010 8:29pm Apr 26, 2010 8:29pm
Quoting CrudeCraig
I am still in from the first hammer!
Why?
  • #11,751
  • Apr 26, 2010 8:32pm Apr 26, 2010 8:32pm
Quoting erikte279
Why would they have gotten out?
Two bar trailing stop comes to mind.

What were you considering that kept you in?
  • #11,752
  • Apr 26, 2010 8:37pm Apr 26, 2010 8:37pm
ohh.... well then, I cant help you. jk lol

Nothing, SL hasnt been hit.
Quoting Lou
Two bar trailing stop comes to mind.

What were you considering that kept you in?
Annoying Precision
  • #11,753
  • Apr 26, 2010 8:50pm Apr 26, 2010 8:50pm
Quoting Lou
Why?
The trend is still up and i have not been proven wrong yet

We have not had a good close below .9235 yet

The worker 50 has shown that there is still demand there
  • #11,754
  • Apr 26, 2010 10:03pm Apr 26, 2010 10:03pm
Quoting CrudeCraig
The trend is still up and i have not been proven wrong yet

We have not had a good close below .9235 yet

The worker 50 has shown that there is still demand there
I appreciate the reasoning you have provided. It helps to see the larger picture.

Another thing to consider is that the second hammer's tail, although looking dangerously like a reversal if it would have been seen intra-day, occurred 'during the day'. Not at the close. Whereas the Close of the hammer is consistent with the uptrend. One of those good reasons not to mess with a trade on shorter time frames.

Thanks CC.
  • #11,755
  • Apr 26, 2010 10:45pm Apr 26, 2010 10:45pm
I see three closes above .9325 on the AUD/USD since Oct 09. I also see 20ish closes below, that looked like it wanted to go above, in the same period. I see this as something to take into consideration. Cheers,
T
  • #11,756
  • Apr 27, 2010 12:10am Apr 27, 2010 12:10am
Quoting Lou
I appreciate the reasoning you have provided. It helps to see the larger picture.

Another thing to consider is that the second hammer's tail, although looking dangerously like a reversal if it would have been seen intra-day, occurred 'during the day'. Not at the close. Whereas the Close of the hammer is consistent with the uptrend. One of those good reasons not to mess with a trade on shorter time frames.

Thanks CC.
I guess Crudecraig and Erikte actually have a plan and are sticking to it.
That on it's own is fantastic.
  • #11,757
  • Apr 27, 2010 12:28am Apr 27, 2010 12:28am
Quoting erikte279
You already should have been long on the first hammer
Don't want to be negative but I really don't understand why anyone would take this trade.

Look at where we are - this is a huge S/R area.

Surely Strats method advocates looking at these areas and SEEing how price reacts.

I'm also watching this pair at the moment but I'm waiting for PA to tell me where to go.

Am I missing something??

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  • #11,758
  • Apr 27, 2010 12:32am Apr 27, 2010 12:32am
We want to only take good setups and let them run many times past our initial risk.

So if we risked 100 pips and made 1200 pips we've made 12 times our risk.

I'f your selective and patient with your entries and position management your going to be profitable.


Quoting Money Magnet
I guess Crudecraig and Erikte actually have a plan and are sticking to it.
That on it's own is fantastic.
Annoying Precision
  • #11,759
  • Apr 27, 2010 12:35am Apr 27, 2010 12:35am
Quoting strat
Looks like a stronger $US with my Mark I eyeball!

Strat,

Can I ask why you include volume on your charts sometimes.

To me they're just another useless indicator.

Am I missing something again?

Look at the spike on your dollar chart and what price did - exactly nothing.

I'm confused and a little surprised that you include them on your charts but I must admit I don't understand vo - yet.
  • #11,760
  • Apr 27, 2010 2:38am Apr 27, 2010 2:38am
Quoting Lou
Don't you think nearly everyone who took the trade on the first hammer would have been stopped out or got out by the close of the second hammer?
I believe it is a matter of trade management, something that is not much discussed around here. Trade management is very personal, as Strat says.

My personal style matches Lou here, I'd aggresively tighten the SL until I reach BE, after reaching it I leave more space for price in the event a large move will occur in my favor.
Trading = a mirror to your human flaws. Fix them or be fixed.
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