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  • #2,381
  • May 27, 2010 9:19am May 27, 2010 9:19am
Here is EU with some of the same targets. Following TL well. I don't know if I will trade EU until it makes a decision on 1.2144
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  • #2,382
  • May 27, 2010 9:23am May 27, 2010 9:23am
AU hung up on weekly piv/84 "00". 38 fib next friction then potentially fib 50 near "00" 86. If down then same target areas.
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  • #2,383
  • May 27, 2010 9:24am May 27, 2010 9:24am
UCAD might test LTL/week piv/SR confluence. If it has enough momentum to break that significant of confluence then should make a large move further. Seems to be testing right now
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  • #2,384
  • May 27, 2010 9:29am May 27, 2010 9:29am
Anyone catch the yen pairs move up?
  • #2,385
  • May 27, 2010 9:30am May 27, 2010 9:30am
A/U... my targets are R levels indicated by blue lines... the red dotted line is the neckline of the double top. Look at this baby go as the bollinger band on H4 suggested along with the 21ema/35sma crossover... H1 showed a nice candle at 8am est. Possibility that we come back to 8344 to test S before continuing higher.
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,386
  • May 27, 2010 10:22am May 27, 2010 10:22am
All these moves based on http://www.reuters.com/article/idUSTRE6341EA20100527
????
  • #2,387
  • May 27, 2010 10:51am May 27, 2010 10:51am
Saxon, does your 30 min indicators show a possible bull flag appearing on A/U?
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,388
  • May 27, 2010 11:32am May 27, 2010 11:32am
Quoting MarcVUM
Saxon, does your 30 min indicators show a possible bull flag appearing on A/U?
Not sure, AU seems to be making smaller and smaller steps. I don't think I will be trading any breaks, just my PA targets. I wanted to trade the UCAD break, but didn't
  • #2,389
  • May 27, 2010 11:40am May 27, 2010 11:40am
Hey Saxon,

What a day huh...?? if only that 1.2144 level was reached yesterday u and I would be in some heavy green pips today! I still managed to hop on board eu today for a nice +50 pips so that was good I also managed to get +30 pips during london for going long on cj... so over all good day! M not gonna get greedy like I used to and go after more trades... i am done for the day! Lookin for more further good oppertunities tomorrow

Have u taken any trades soo far...?? or do you see anything setting up...??

Mahsam
  • #2,390
  • May 27, 2010 11:41am May 27, 2010 11:41am
For EU, here are the only potential targets I will trade, maybe fade

CAD , I wanted to trade the reak but didn't. Moves to Piv I will short
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  • #2,391
  • May 27, 2010 11:50am May 27, 2010 11:50am
Oh ya, here is what I am watching with CHF
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  • #2,392
  • May 27, 2010 12:31pm May 27, 2010 12:31pm
Might take some "00" bounces since all my pairs are nearing them
  • #2,393
  • May 27, 2010 12:48pm May 27, 2010 12:48pm
Alright EU, where you going to turn?
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  • #2,394
  • May 27, 2010 12:49pm May 27, 2010 12:49pm
Quoting mahsam
Hey Saxon,

What a day huh...?? if only that 1.2144 level was reached yesterday u and I would be in some heavy green pips today! I still managed to hop on board eu today for a nice +50 pips so that was good I also managed to get +30 pips during london for going long on cj... so over all good day! M not gonna get greedy like I used to and go after more trades... i am done for the day! Lookin for more further good oppertunities tomorrow

Have u taken any trades soo far...?? or do you see anything setting up...??

Mahsam
We were only a few pips off from retiring last night eh Oh well, been doing pretty well today so far, just waiting for things to settle a bit and the US Eq markets to stop pricing FX markets right now.
  • #2,395
  • May 27, 2010 12:50pm May 27, 2010 12:50pm
Quoting Saxon
Might take some "00" bounces since all my pairs are nearing them
Hi Saxon,

I just wanted to know this strategy that you use of price bouncing from the "00" region...? can u pls explain it to me just briefly how that works..? & how do u determine if price may bounce from "00" or break it..? In other words how do u use that "00" area to decide to go long or short..? It seems you use this strategy quite often and are successful with it too

Would appreciate your help as always


thanks

Mahsam
  • #2,396
  • May 27, 2010 12:52pm May 27, 2010 12:52pm
Quoting Saxon
We were only a few pips off from retiring last night eh Oh well, been doing pretty well today so far, just waiting for things to settle a bit and the US Eq markets to stop pricing FX markets right now.

Well i dont knw abt retiring but sure as hell would have been able to sponsor that honeymoon to paris if I made that +200 pips the market moved from 1.2152 we got left out by just 8 pips... darn...i was planning to go in heavily loaded on that one.. but no probs theres always tmrrow hehe


Mahsam
  • #2,397
  • May 27, 2010 1:05pm May 27, 2010 1:05pm
Quoting mahsam
Hi Saxon,

I just wanted to know this strategy that you use of price bouncing from the "00" region...? can u pls explain it to me just briefly how that works..? & how do u determine if price may bounce from "00" or break it..? In other words how do u use that "00" area to decide to go long or short..? It seems you use this strategy quite often and are successful with it too

Would appreciate your help as always


thanks

Mahsam
Oh, I didn't invent it. It's been around for a LONG time. "00"s or round numbers are areas that the market tends to remember. It's like rounding in your every day life. If your car costs 19 dollars to fill, you would just say 20, or like if something costs 14.75, you would just say 15 bucks. My Barber asked me where GU and EU were the other day, I said 1.44 and 1.23, although they were somewhere in the middle. Since the market is essentially made up of people who usually think this way in regular life, chances are they will in their trading lives. For me, "00"s act as either a brick wall, or a PA accelerator, that is, PA is either going to bounce, or fly right past. The key is, you need to be familiar with PA and the overall market. Like what is moving it right now (news, data, momentum, cross-correlation, etc...). "00"s behave the same way regular S/R do, but are somewhat more predictable; to me. A lot of orders are usually sitting around these #s, and the ratio of L/S determines whether the price will bounce or be accelerated. So like right now, EU is burning up rocket fuel and going to the moon. @ 1.23, you can see that PA was NOT slowing and that candles were filling almost to the end, so you would expect more L orders than S orders, so a PA acceleration, which it did (it did have a mid-candle 15 pips bounce though). Now, PA is slowing near the next "00" 1.24, not much rocket fuel left. So, mid H1 or M30 candle if PA gets there, it might bounce 10-20 pips and stay down, or bounce and then come back. Either way you get roughly 15 pips. HOWEVER, right before this "00" we have a S/R from a previous high 1.2389. Since this is so close to the "00", if PA breaks it, then it might fly through "00" on purely momentum. So I would not trade the "00" on EU right now. If "00" were out by itself, then I probably would take it for a few pips. This is not always the case and as you know, things do not always work out as planned, so use your PA judgment and decided if it would be a good trade. Also, big "00"s are usually even more significant, like the obvious 1.00 or 1.50. There are also 1.25 and 1.75, and lower decimal versions. Watch analysts too, a lot are saying that 1.2 is a BIG "00" for EU, so chances are I am going to have a heavy heavy trade placed there, but I will still be watching PA there, so no pendings.
  • #2,398
  • May 27, 2010 1:28pm May 27, 2010 1:28pm
Quoting Saxon
[color=#211600]Oh, I didn't invent it. It's been around for a LONG time. "00"s or round numbers are areas that the market tends to remember. It's like rounding in your every day life. If your car costs 19 dollars to fill, you would just say 20, or like if something costs 14.75, you would just say 15 bucks. My Barber asked me where GU and EU were the other day, I said 1.44 and 1.23, although they were somewhere in the middle. Since the market is essentially made up of people who usually think this way in regular life, chances are they will in their...
Hi Saxon,

sorry for the late reply, stepped off for a bit. I just wanna say thanks a million for taking time out and explaining this "00" strategy. it makes sense specially with the barber and the gas fill-up descriptions you used, it helped make the picture clear to me! I will definetely test this strategy with mini lots 2 or 3 times to get the feel of it but it is definetely a nice strategy to master! thankyou Saxon appreciate the help! U rock


Mahsam
  • #2,399
  • May 27, 2010 2:54pm May 27, 2010 2:54pm
Current GU position
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  • #2,400
  • May 27, 2010 2:57pm May 27, 2010 2:57pm
Stepping off the desk for a bit, be back for Asia
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