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Nearly Naked (Simple Trades)

  • #2,881
  • Jun 7, 2010 6:23pm Jun 7, 2010 6:23pm
Quoting MarcVUM
There is a heck of a lot of resistance up here in my white oval. I usually play a short off of the pink 150ema. I'll have to watch PA as it approaches but Daily R1 is up there along with a 23 Fib from the last swing high. Plus we have that LTL that was broken!
Looking again maybe another short is worth a try as long as price stays below 8194, that matches with your chart. Shahab is calling a short as well but the stop is too wide for me.
  • #2,882
  • Jun 7, 2010 6:27pm Jun 7, 2010 6:27pm
Quoting amyc
Looking again maybe another short is worth a try as long as price stays below 8194, that matches with your chart. Shahab is calling a short as well but the stop is too wide for me.
Yea, his stop is definitely too wide for me as well. I took the short at 8180 but I don't feel comfortable...jitters. I took 5 pips and call it quits. I'll wait until I see a good candle which may come on the current M15 candle just as I got out!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,883
  • Jun 7, 2010 6:36pm Jun 7, 2010 6:36pm
Quoting MarcVUM
Yea, his stop is definitely too wide for me as well. I took the short at 8180 but I don't feel comfortable...jitters. I took 5 pips and call it quits. I'll wait until I see a good candle which may come on the current M15 candle just as I got out!
No I think you made the right decision. 8250ish looks better to me.
  • #2,884
  • Jun 7, 2010 6:48pm Jun 7, 2010 6:48pm
Quoting amyc
No I think you made the right decision. 8250ish looks better to me.
I confess that I took another short at 8200. Too tempting because of my pink 150ema but I did get out with another 5 pips already. Here's the deal. This is the first time that we have revisited the 150ema since the last swing high so PA will find a spot between the 150ema and 200sma and will continue down. PA has never ever in my experience surpassed the 200sma on the first visit. If it reaches it I will be shorting heavily. btw. 150 is pink and 200 is orange on my chart.
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 159 KB
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,885
  • Jun 7, 2010 6:51pm Jun 7, 2010 6:51pm
Quoting MarcVUM
I confess that I took another short at 8200. Too tempting because of my pink 150ema but I did get out with another 5 pips already. Here's the deal. This is the first time that we have revisited the 150ema since the last swing high so PA will find a spot between the 150ema and 200sma and will continue down. PA has never ever in my experience surpassed the 200sma on the first visit. If it reaches it I will be shorting heavily. btw. 150 is pink and 200 is orange on my chart.
That matches with what I am looking at, 8241 looks like a good place to start shorting to me.
  • #2,886
  • Jun 7, 2010 7:01pm Jun 7, 2010 7:01pm
Quoting amyc
That matches with what I am looking at, 8241 looks like a good place to start shorting to me.
This is hilarious. We just missed out on a 100 pip run up! Then again we are under the 200sma so that would have been a nerve racking trade. Hopefully the 150ema wasn't the end of the run up and we get our good chance!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,887
  • Jun 7, 2010 7:12pm Jun 7, 2010 7:12pm
Just want to say hi to all... Saxon nice thread! lots of good info for newbies like me. I have followed a few posts from you, marcvum, shahab and amyc and it helps me a lot in understanding forex.

I notice a couple of times in the posting that you guys are watching PA to determine what you need to do.

This maybe a dumb question, what are the things that you watch for in PA? If you can refer me to some websites that will be a great help. Thanks again and more pips to you all.
  • #2,888
  • Jun 7, 2010 7:13pm Jun 7, 2010 7:13pm
What's up with fib 23, new super fib or something. Also lines up with "00" 92
Attached Image (click to enlarge)
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  • #2,889
  • Jun 7, 2010 7:13pm Jun 7, 2010 7:13pm
Quoting MarcVUM
This is hilarious. We just missed out on a 100 pip run up! Then again we are under the 200sma so that would have been a nerve racking trade. Hopefully the 150ema wasn't the end of the run up and we get our good chance!
It is ridiculous, sometimes stuff just doesn't go your way, this is one of those days...for me anyway.
  • #2,890
  • Jun 7, 2010 7:15pm Jun 7, 2010 7:15pm
Quoting epeks
This maybe a dumb question, what are the things that you watch for in PA? If you can refer me to some websites that will be a great help. Thanks again and more pips to you all.
epeks, welcome to the thread.

check out these websites:
http://www.babypips.com/
http://www.fxwords.com/j/japanese-candlesticks.html
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,891
  • Jun 7, 2010 7:17pm Jun 7, 2010 7:17pm
Quoting amyc
It is ridiculous, sometimes stuff just doesn't go your way, this is one of those days...for me anyway.
No, the tide is about to turn for you. It's almost a new moon 21% full. This is when trading is the best for me. The first two weeks of each month is our chance to tear this market up! The last two weeks include the full moon of the month and that's when the market tears me up.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,892
  • Jun 7, 2010 7:22pm Jun 7, 2010 7:22pm
Quoting MarcVUM
epeks, welcome to the thread.

check out these websites:
http://www.babypips.com/
http://www.fxwords.com/j/japanese-candlesticks.html

Thanks, Marcvum. ok, so PA is looking at the jap candelstick formation...

Just on AUD/USD,

Is it a double bottom forming on 1H chart? break of .82 means it may go to .83?

It jus looks the same as the double bottom with .8280 neck a couple of weeks back when price touched .81 level... after this it shoot back to .85?
  • #2,893
  • Jun 7, 2010 7:29pm Jun 7, 2010 7:29pm
Quoting Saxon
I am starting this thread for people, and if no one else, me, to post their setups for any pair on any time-frame.
Hi Saxon,

great thread you got here sharing ideas, trade set up and any time frame, im in to it!.

Cheers,
benny
  • #2,894
  • Jun 7, 2010 7:29pm Jun 7, 2010 7:29pm
Quoting epeks
Thanks, Marcvum. ok, so PA is looking at the jap candelstick formation...
Start with a Monthly chart and work your way down to Weekly, Daily, H4, H1 and then M15 when you are ready. Find the S/R's and Trendlines and draw them on your charts. Play around with some Moving averages...I've attached mine in pdf below and just watch the PA (size of candles, wicks on candles, types of candles and so on) until you get comfortable with what you see. Try trading on a demo account for a while and just develop a method that works for you. You'll start adding Fib retracements and indicators as you go.

Don't be afraid to ask questions and to post your charts with your analysis. You might be seeing something that we have all missed.

Make sure you go through that babypips website. Go through the entire school that they have setup on the site. You'll start to learn the importance of pivot points and a lot more!

Right now the A/U is in a downtrend with the S&P 500. So we are really looking for rallies to short. Anywhere that an old support turns into resistance is a possible place to short.

edit: sorry, here are the MA's I use typically on A/U mostly on the M15
5 EMA - RED
10 EMA - BLUE
21 EMA - YELLOW
35 SMA - BLACK
50 EMA - GREEN
50 SMA - LIGHT GREEN
150 EMA - PURPLE
200 SMA - ORANGE
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,895
  • Jun 7, 2010 7:34pm Jun 7, 2010 7:34pm
Quoting epeks
Thanks, Marcvum. ok, so PA is looking at the jap candelstick formation...

Just on AUD/USD,

Is it a double bottom forming on 1H chart? break of .82 means it may go to .83?

It jus looks the same as the double bottom with .8280 neck a couple of weeks back when price touched .81 level... after this it shoot back to .85?
Hi epeks

Don't discount that thought, it is something I have in the back of my mind as well. If we get above 8252 then I will start to look for a retest of 85. At the moment I am still with Marc, shorting rallies with tight stops.
  • #2,896
  • Jun 7, 2010 7:40pm Jun 7, 2010 7:40pm
Quoting epeks
Thanks, Marcvum. ok, so PA is looking at the jap candelstick formation...

Just on AUD/USD,

Is it a double bottom forming on 1H chart? break of .82 means it may go to .83?

It jus looks the same as the double bottom with .8280 neck a couple of weeks back when price touched .81 level... after this it shoot back to .85?
Hey Epeks, Marc said it pretty well. I'll post a few more things in a bit, stepping off the desk for a min, be right back
  • #2,897
  • Jun 7, 2010 7:41pm Jun 7, 2010 7:41pm
Quoting ben10
Hi Saxon,

great thread you got here sharing ideas, trade set up and any time frame, im in to it!.

Cheers,
benny
Hey Benny,
Thanks and Welcome. Look forward to trading with you
  • #2,898
  • Jun 7, 2010 7:52pm Jun 7, 2010 7:52pm
Amy, that 150ema is doing a pretty good job of holding it back. What are you thinking... still waiting for a higher price?
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 161 KB
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #2,899
  • Jun 7, 2010 8:09pm Jun 7, 2010 8:09pm
Quoting MarcVUM
Amy, that 150ema is doing a pretty good job of holding it back. What are you thinking... still waiting for a higher price?
It probably has put in a top for now.
  • #2,900
  • Jun 7, 2010 8:12pm Jun 7, 2010 8:12pm
Quoting MarcVUM
Start with a Monthly chart and work your way down to Weekly, Daily, H4, H1 and then M15 when you are ready. Find the S/R's and Trendlines and draw them on your charts. Play around with some Moving averages...I've attached mine in pdf below and just watch the PA (size of candles, wicks on candles, types of candles and so on) until you get comfortable with what you see.

Thanks, Marc. I have visited babypips when i was introduced to forex and read the school for a month. But still visited it when I don't understand something. I am at the office now and only checks the charts from the fxcm website hehe... I am currently short on GBP/USD and usually enter trades at night here in Aus and review the trades in the morning. My shorts and EU and AU didn't get trigerred, I am trying to be conservative and still searching for my trading strategy, and the trading psychology is one thing I still have to work on!...
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