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  • #1,441
  • Aug 25, 2009 7:27am Aug 25, 2009 7:27am
Got in on the 4 hour bullish action on the eur/jpy and the aud/jpy. I'm targeting the tops for these pairs. 138 and 82 initially.
I dream, therefore I become.
  • #1,442
  • Aug 25, 2009 9:13am Aug 25, 2009 9:13am
hello mike it's again me

here is an recent post of how I was planning to play a IB from the EURUSD chart:
http://www.forexfactory.com/showpost...7&postcount=39

I was forced to take a loss on this oane but don't worry it's on a demo account I'm currently in the learning curve

I know that even perfect setups fail from time to time, but I want to know your thoughts about this oane.

I have scroolled down to 1H chart and I see that after the break she close below. I thought that this is a good sign,and after that I was expected that price tourn around to my entry poiynt(break of the IB) to confirm me that this is a good setup, and this was happening to.

After the price revers to the break point have made a little pause and I was thinking that this is olso good because it's lossing from his momentum.

than the price continue his move up and with a quite good momentum and I was thinking again that this is fine either mayby there are stops order there that will push the price after collecting them down.

and finally price hitted my SL

end of the story

I'm right on my analyzing?

I want to hear what do you think about all off this?

PS: when you have time you can answering my post

Attached Image
  • #1,443
  • Jun 16, 2010 9:55am Jun 16, 2010 9:55am
Don't call it a comeback, I've been here for years. - LL cool J. lol

Anyway, I'm going to be posting in here again from now on as I don't want to dilute other threads with my gibberish.

For the most part, I trade the 4 hour, 1 hour, and 5 minute charts nowadays.

Anybody feel free to join in if you'd like. I'll be posting here with any trades I'll be taking in the future unless I post about the quicker moving 5 minute trades. Those 5 minute trades will be posted on after the trades have closed for the most part unless they turn into a runner.

As of right now, I'm short the usd/cad and long the eur/usd and that's it (shorter term). Let's see how it goes today and for now, I'm logging off to get my ass outside on this b-e-a-utiful day!


P.S. This won't be just for trades either, if anybody wants to talk about anything whatsoever, feel free. I'm not a thread nazi like some o' these swine! jk

I'm also going to post at the beginning of the week everything that I'm grateful for that week. That list WILL be long because I am blessed and I know this. Gratitude is the fastest way to more good things in life.
I dream, therefore I become.
  • #1,444
  • Jun 16, 2010 10:03am Jun 16, 2010 10:03am
Before I get off for the day (That sounded bad), here are my reasons for having gotten long on the euro.

There was a 4 hour bullish continuation setup that printed as a pin bar. Following this was bullish 5 minute price action at the 21 ema. Money in the bank. Now we'll just see if we get a runner and if not, well...oh well. There'll be next time as long as capital is preserved by getting to B/E.

It was the exact same setup, albeit short, for the usdcad just now.

Good day chaps.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro five minute sixsixteen.gif Size: 18 KB
Click to Enlarge Name: euro four hour sixsixteen.gif Size: 24 KB
I dream, therefore I become.
  • #1,445
  • Jun 16, 2010 10:20am Jun 16, 2010 10:20am
Quoting mike w
Before I get off for the day (That sounded bad), here are my reasons for having gotten long on the euro.

There was a 4 hour bullish continuation setup that printed as a pin bar. Following this was bullish 5 minute price action at the 21 ema. Money in the bank. Now we'll just see if we get a runner and if not, well...oh well. There'll be next time as long as capital is preserved by getting to B/E.

It was the exact same setup, albeit short, for the usdcad just now.

Good day chaps.
Looking forward to seeing some more of your trades, I actually got in on that EU trade at the same place you did but for a different reason and I put my stop too close and got stopped out, oh well. I'm really starting to looking at the higher time frames and looking for runners on the shorter time frames. Have fun enjoying the nice weather, unfortunately I have to go work .

trublu
  • #1,446
  • Jun 16, 2010 12:47pm Jun 16, 2010 12:47pm
Quoting trublu
Looking forward to seeing some more of your trades, I actually got in on that EU trade at the same place you did but for a different reason and I put my stop too close and got stopped out, oh well. I'm really starting to looking at the higher time frames and looking for runners on the shorter time frames. Have fun enjoying the nice weather, unfortunately I have to go work .

trublu
Hey Trublu, How's it goin my man? The E/U trade worked out to an extent but I got out at cost plus a pip on it's retracement. Looking to the higher ups and then entry on the lowers is a solid strategy. I've been doing just that for a while now.

The usd/cad turned into a runner and went straight to the take profit at 1.0230 for a gain of 50 pips. (I always set my T/P around 5 pips behind where the exits are located or it would have been 1.0225). That's not bad for a total risk of 15 and then nothing 5 minutes later. The chart below shows exactly why the take profit was at that level. It's simple stuff really. And that's pretty much how I trade anymore. I just wait for the 4 hour setups, entries on the 5 and also on the break and then wait for the take profit or the stop loss to come around. It's the same with the hourlies as well. All roads seem to lead back to Vegas.

Have a good day at work brother! There are always more nice days right around the corner and that's exactly why life is so damn cool.
Attached Image (click to enlarge)
Click to Enlarge Name: exit sixsixteen.gif Size: 24 KB
I dream, therefore I become.
  • #1,447
  • Jun 16, 2010 3:33pm Jun 16, 2010 3:33pm
Quoting mike w
Hey Trublu, How's it goin my man? The E/U trade worked out to an extent but I got out at cost plus a pip on it's retracement. Looking to the higher ups and then entry on the lowers is a solid strategy. I've been doing just that for a while now.

The usd/cad turned into a runner and went straight to the take profit at 1.0230 for a gain of 50 pips. (I always set my T/P around 5 pips behind where the exits are located or it would have been 1.0225). That's not bad for a total risk of 15 and then nothing 5 minutes later. The chart below shows exactly...
Sounds like a solid way to trade, got 3 and a half more hours of work but not that bad since business is slow and I got to watch the world cup and now have plenty of time to read your thread and other forex stuff, while getting paid, could be worse, have a good one.

trublu
  • #1,448
  • Jun 16, 2010 9:18pm Jun 16, 2010 9:18pm
Looking forward to following this thread Mike! You have so many great ideas. Fully agree about the gratitude statement. Not dissimilar to that awesome concept of giving and receiving. You give of your time and experience to traders. Hopefully we are able to give back to you and others also.

Thanks for following my thread and keeping 'tabs' on me Mike.

Josh
  • #1,449
  • Jun 16, 2010 10:00pm Jun 16, 2010 10:00pm
Quoting Jduester
Looking forward to following this thread Mike! You have so many great ideas. Fully agree about the gratitude statement. Not dissimilar to that awesome concept of giving and receiving. You give of your time and experience to traders. Hopefully we are able to give back to you and others also.

Thanks for following my thread and keeping 'tabs' on me Mike.

Josh
My man Josh, you've already given back to me brother, more than you know. I can think of at least 20+ times at random through our talks in PM that I've been smiling ear to ear because of what you've said and even throughout the day I'll think about you and other guys who are going to make it. To me, that's what it's all about. You said about me giving time and experience, and the truth is, you do the exact same thing.

If I can be a part of that, well damn, that's pretty sweet. I came to realize that I haven't really been giving to this community as much as I could be lately which is a big part of the reason I'm writing in here again. If anybody gains at least SOMETHING, no matter how minimal, then I feel good about that. Like my mother and grandmother have always said; If we're not doing something for other people every day, we're wasting our time.

As for gratitude, I finally got it man - took awhile but wow, once it hit home, I never let it go. Throughout my life, there have been periods where I would have the "woe is me" mindset, really believing that I didn't have enough - not realizing to look for the greatness all around me. I know I sound like a broken record with this, but damn! Why would anyone concentrate on what is lacking instead of the abundance that we ALL have in our lives?!?

That always reminds me of a seminar that Tony Robbins held. He had a test where everyone in the room was to look for brown. "Look for brown. Everything you see that is brown. Brown, brown, brown, get your eyes on brown." He had everyone's attention on everything that was brown. Then he belted out in that King Kong voice, "Tell me everything you saw that was RED." Needless to say, everyone that was concentrating on brown didn't notice anything red during that time.

This is symbolic to our lives because what we concentrate on becomes our own realities. If you're concentrating on lack or despair, how could you see the prosperity and joy all around you?! If anyone is filled up with one, the other is totally blocked out and we're blind to it. That goes vice versa too. If we're filled up with abundance, happiness, and everything good in life, there's no way we can even comprehend any thoughts of lack. That's where gratitude comes into play. Really feeling that feeling of thankfulness about EVERYTHING weeds out any negative thoughts we could have. With that, it's simple enough to remember that man becomes what he thinks about.

Sure thing about following the thread too my man. You're one of the few that are going to make it. It's easy to see when someone has that burning desire and I could see that wildfire about 10 miles away lol You've given me a friend with character so I want to thank you for that too Josh, believe me when I say this isn't one sided.

Well, I'm getting some sleep for a while so have a good night ladies and gents! I'll be posting again tomorrow if there are any solid trades lining up and just with some thoughts on the day.
I dream, therefore I become.
  • #1,450
  • Edited 12:00pm Jun 17, 2010 11:34am | Edited 12:00pm
I've set up a long order on the eur/jpy a few minutes ago at 112.20 with an initial take profit at 113.35 and a stop loss of 111.85. My reasoning for this is that we've retraced from the BUOVB straight to a point of support and the last hourly closed as a bullish IB (If there is such a thing, this is one of them).

On another price feed, price on the eur/jpy also closed as a BUOVB with the only difference being that it's already broken high. Now we've gained enough momentum in my opinion to reach a higher high. I'll be more certain after this next 4 hour close.

Other than the eur/jpy trade, I've taken only one 5 minute trade today on the aud/usd which closed as a gain.

EDIT: If this next hourly bar closes as an IB, my stop will be moved to 112.00. I'm not liking the action thus far at all.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: bullish ib sixseventeen.gif Size: 21 KB
Click to Enlarge Name: eurjpy sixseventeen.gif Size: 29 KB
I dream, therefore I become.
  • #1,451
  • Jun 17, 2010 11:44am Jun 17, 2010 11:44am
Before I log off for the day, I wanted to write something down that was pretty cool. It's from Alice in Wonderland.

Alice: Would you tell me, please, which way I ought to go from here?
The Cat: That depends a good deal on where you want to get to
Alice: I don't much care where.
The Cat: Then it doesn't much matter which way you go.
I dream, therefore I become.
  • #1,452
  • Jun 17, 2010 1:00pm Jun 17, 2010 1:00pm
Quoting mike w
I've set up a long order on the eur/jpy a few minutes ago at 112.20 with an initial take profit at 113.35 and a stop loss of 111.85. My reasoning for this is that we've retraced from the BUOVB straight to a point of support and the last hourly closed as a bullish IB (If there is such a thing, this is one of them).

On another price feed, price on the eur/jpy also closed as a BUOVB with the only difference being that it's already broken high. Now we've gained enough momentum in my opinion to reach a higher high. I'll be more certain after this...
Price is riding along nicely now and on this hour's close, I'll be adding a new position on the aud/jpy as a long order with a target of 79.25 initially. I have a hockey game tonight and I'm going to see a few friends for a life session before that so I won't be monitoring these on the five minute charts as I typically do.

Have a good day!
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy sixseventeen.gif Size: 26 KB
I dream, therefore I become.
  • #1,453
  • Jun 17, 2010 10:04pm Jun 17, 2010 10:04pm
Quoting mike w
Before I log off for the day, I wanted to write something down that was pretty cool. It's from Alice in Wonderland.

Alice: Would you tell me, please, which way I ought to go from here?
The Cat: That depends a good deal on where you want to get to
Alice: I don't much care where.
The Cat: Then it doesn't much matter which way you go.

Yes it is strange , That the road to Health, Happiness and Wealth. Is clear to see if we look . But we focus on the bad.

It is funny that the things we complain about the most , Like bad jobs or bad relationships, even bad health. We can solely control on our own.

So as the statement Mike posted above. Where do you really want to go. Better yet see yourself all ready there with a grin and a dance.

Great Living to All , Ken
Good Trading To All ; Ken Lee
  • #1,454
  • Edited 9:27am Jun 18, 2010 9:17am | Edited 9:27am
Quoting mike w
Price is riding along nicely now and on this hour's close, I'll be adding a new position on the aud/jpy as a long order with a target of 79.25 initially. I have a hockey game tonight and I'm going to see a few friends for a life session before that so I won't be monitoring these on the five minute charts as I typically do.

Have a good day!

Well, we got two B/E plus a couple pips from the trades last night on the eur/jpy and aud/jpy. Today I'm seeing nothing worth trading really. Just been doing the dance with the 5 minute charts on the gbp/usd after I saw the bearish pin bar a few hours ago and have had two short trades with it that have both been gains, The first was a gain of 20 and the second was a gain of 12. I can post up the charts for them if anybody would like, but if you look, it's pretty easy to tell where the trades were taken. It really is that simple when you follow the trend.
I dream, therefore I become.
  • #1,455
  • Jun 18, 2010 9:36am Jun 18, 2010 9:36am
Here's one that I didn't have time to get in on but I'll post it here just to see how it pans out. My initial target would have been 1.0200, maybe a little above actually. I like watching these just to note how "on it" I am or not. Sometimes I'm flush and sometimes I'm bust, but when I'm bust, it's usually for breakeven anyways.

You have to realize how important breakeven trades are in this business. You HAVE to. If not, I don't think you'd make it.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad sixeighteen.gif Size: 22 KB
I dream, therefore I become.
  • #1,456
  • Jun 18, 2010 8:46pm Jun 18, 2010 8:46pm
Quoting mike w
My initial target would have been 1.0200, maybe a little above actually. I like watching these just to note how "on it" I am or not.
Low for the day was 1.0205. Yep, I'm on it. lol These happen all the time ladies and gents.

Have a great weekend, ole chaps. I'm out for the night with the "goodfellas". May post some stuff tomorrow just to recap this great week and note a little on trades taken, trades I wish I would have taken, and bad junk to stay away from.
I dream, therefore I become.
  • #1,457
  • Jun 21, 2010 8:44am Jun 21, 2010 8:44am
For five Alec. And then four.

Here's the 4 hour chart of the gbp/jpy showing a bearish pin along with the 5 minute chart of a retracement. I'm already at B/E and waiting to see if this becomes a runner.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: for five alec.gif Size: 19 KB
Click to Enlarge Name: for four alec.gif Size: 24 KB
I dream, therefore I become.
  • #1,458
  • Jun 21, 2010 9:00am Jun 21, 2010 9:00am
Quoting mike w
For five Alec. And then four.

Here's the 4 hour chart of the gbp/jpy showing a bearish pin along with the 5 minute chart of a retracement. I'm already at B/E and waiting to see if this becomes a runner.

Out at cost. lol That one didn't last too long. Now, all there is to do is wait for the next setup. The reason I wouldn't let that gbp/jpy setup ride out is that, even though we saw a nice 4 hour bearish bar, it's against the trend IMO. When they are with the trend, I'll set the stop under/above the range from the past 4 hours and let it ride.
I dream, therefore I become.
  • #1,459
  • Jun 21, 2010 9:40am Jun 21, 2010 9:40am
Quoting mike w
Out at cost. lol That one didn't last too long. Now, all there is to do is wait for the next setup. The reason I wouldn't let that gbp/jpy setup ride out is that, even though we saw a nice 4 hour bearish bar, it's against the trend IMO. When they are with the trend, I'll set the stop under/above the range from the past 4 hours and let it ride.
Same deal again. Entry at 135.45 with the stop loss at breakeven trying to see if it'll ride with that 4 hour setup. I can do this all day for the chance to catch a runner on it.
I dream, therefore I become.
  • #1,460
  • Jun 21, 2010 9:56am Jun 21, 2010 9:56am
My reasoning for realllllyyyy liking this setup is that we've had an I4B on the daily charts. In my experience with these, when price gives off a "head fake" signal and then shows an inclination towards the other side, that's where it's headed.

I've done a lot of testing on these and that happens more often than not. I love to work the I4Bs, but only after we see an initial break to one side and then the reversal setup, exactly like what we've seen today. Those pain in the ass breakevens are worth it when this last trade worked out too.

P.S. If we see a daily BEOVB/BUOVB after an I4B, it's money in the bank. I can post up some charts if anybody wants.
I dream, therefore I become.
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