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Nearly Naked (Simple Trades)

  • #4,481
  • Jun 24, 2010 9:02am Jun 24, 2010 9:02am
Quoting MarcVUM
Good Morning... I too have never traded that pair but give me a few minutes and I will pull up a chart to see if anything sticks out to me.
This is what I see on Gbp/Cad. Major downtrend. The white boxes show the upper and lower ends of each range before the downtrend continues. Looks pretty self-explanatory but feel free to ask if you have any other questions.
Attached Image (click to enlarge)
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,482
  • Jun 24, 2010 9:11am Jun 24, 2010 9:11am
My A/U on H4. It was looking more and more like a nice triangle that would break out to the upside... (20 June to Now). Why did you guys and gals during London have to push it below my nice LTL??

A crossover of the 21ema and 35sma also occurred as well as the crossover of the indicator below. Going forward I have a buy order at the "hot pink" 150ema..about 8600 which also aligns quite well with Daily S2 today.
Attached Image (click to enlarge)
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,483
  • Jun 24, 2010 9:41am Jun 24, 2010 9:41am
hello saxon: often there are two or three fib level sets on your charts, I want to know how do you draw them? base on what? the blue lines on you chart are previous swings high/low that price acted on, which act as S/R levels,right? thanks! sorry if this has been asked long time ago.
  • #4,484
  • Jun 24, 2010 10:04am Jun 24, 2010 10:04am
Choppy today. I have taken several scalps to get some money on the books but I really like taking positions that I can hold for a while.

It's a better day for riding a bike or chuckin rocks at cars. lol
  • #4,485
  • Jun 24, 2010 10:22am Jun 24, 2010 10:22am
Quoting calderone
Choppy today. I have taken several scalps to get some money on the books but I really like taking positions that I can hold for a while.

It's a better day for riding a bike or chuckin rocks at cars. lol
Forget the rocks...just throw firecrackers!
http://smileys.smileycentral.com/cat/12/12_1_204.gif

Have you seen the candle forming on the S&P weekly chart?
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,486
  • Jun 24, 2010 10:32am Jun 24, 2010 10:32am
Quoting MarcVUM
Forget the rocks...just throw firecrackers!
http://smileys.smileycentral.com/cat/12/12_1_204.gif

Have you seen the candle forming on the S&P weekly chart?
No, is it a good one???
  • #4,487
  • Jun 24, 2010 10:33am Jun 24, 2010 10:33am
Marc - I've been meaning to ask: when you are doing your 5-10pip trades are you using stops and if so how far away?
I usually do 10 pip trades but having real problems coming up with an effective stop strategy: I either set it too tight and get stopped or too far away and get screwed.
  • #4,488
  • Jun 24, 2010 10:34am Jun 24, 2010 10:34am
I got stopped out on my Cable short which cost me 200 pips.

But I have entered a short once again at 1.4990 with stop at today's high - 1.5015. entered 2L.

1st Target 1.4880 and second target is at 1.4650.

Currently I am seeing a Head & Shoulder forming on EURUSD 4H chart with neckline at 1.2250. A clean break and close below 1.2250 will see us move back towards 1.2100-1.2050.

charts and levels attached.
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  • #4,489
  • Jun 24, 2010 10:38am Jun 24, 2010 10:38am
Quoting HotChick
Marc - I've been meaning to ask: when you are doing your 5-10pip trades are you using stops and if so how far away?
I usually do 10 pip trades but having real problems coming up with an effective stop strategy: I either set it too tight and get stopped or too far away and get screwed.
I have a trailing ea that I can adjust to move me to break even after it moves x number of pips in my favor. I use it in scalping to protect me from getting stopped in a loss. You just need momentum to get you to that point. You will get stopped a lot but you won't have many losses. I think I had posted it somewhere.

trailing ea link :

http://www.forexfactory.com/showpost.php?p=3580404
  • #4,490
  • Jun 24, 2010 10:39am Jun 24, 2010 10:39am
Quoting calderone
No, is it a good one???
Bearish bearish bearish Oh My!

Bearish Engulfing.
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 175 KB
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,491
  • Jun 24, 2010 10:41am Jun 24, 2010 10:41am
Quoting MarcVUM
Bearish bearish bearish Oh My!

Bearish Engulfing.
Nice!
  • #4,492
  • Jun 24, 2010 10:50am Jun 24, 2010 10:50am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting calderone
Choppy today. I have taken several scalps to get some money on the books but I really like taking positions that I can hold for a while.

It's a better day for riding a bike or chuckin rocks at cars. lol

Hey there..
Yes.. Oh choppy day.
Just got home from work and lookin at the rollercoaster-charts

Cashed in may A/U Short earlier. That .8660 area still seems to be a strong support for now.
Might stand aside for now till the charts make more sense again (to me)
"Blue Horseshoe loves Anacott Steel!"
  • #4,493
  • Jun 24, 2010 10:57am Jun 24, 2010 10:57am
Quoting HotChick
Marc - I've been meaning to ask: when you are doing your 5-10pip trades are you using stops and if so how far away?
I usually do 10 pip trades but having real problems coming up with an effective stop strategy: I either set it too tight and get stopped or too far away and get screwed.
Ok. I know that once I post this I will receive negative reply's but I don't care, it works for me...If someone has something bad to say don't say anything at all...words that your mother should have taught you!

This is what I do when scalping for 5 - 10 pips using the MA's and/or Daily/Weekly pivot points (S/R's)...btw, I wouldn't take a trade unless I am 99% confident that I'm going to get a 5 - 10 pip bounce. Consider it like that Atari game you used to play: Bricks! When I set a pending order it is an OCO order with the stop and target already in place. I always go 10 S/L 10 TP. Once I'm in the trade I'm watching the M15 candle very closely. In 50% of the winning trades you will get the 10 pips within the candle that hit your order. In the other 50% of the winning trades you will see that PA on that M15 candle is too slow and you will manually close at 5 pips.

If the candle closes above the point of order entry I let the next candle form and automatically go for just 5 pips. If the entry candle closes below the point of order entry than I automatically set S/L to B/E. If it doesn't reach B/E and momentum keeps pushing price against you then you can either remove yourself from the trade or let your 10 pip S/L take effect.

If this isn't clear enough just let me know and I'll try to explain it better.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,494
  • Jun 24, 2010 10:57am Jun 24, 2010 10:57am
Quoting Tuner
Hey there..
Yes.. Oh choppy day.
Just got home from work and lookin at the rollercoaster-charts

Cashed in may A/U Short earlier. That .8660 area still seems to be a strong support for now.
Might stand aside for now till the charts make more sense again (to me)
Good plan. I just shorted cad for a few and it reversed on me in no time. Nasty today.


Also I got a pm about my thoughts on gbp/usd and the 5050 level. I have that area marked on my charts but we can see a defended 50 level first. I will be watching price action if/when we break this psych level. My thoughts are that we could rally to the 5050 level and sell off........or not. lol
  • #4,495
  • Jun 24, 2010 10:58am Jun 24, 2010 10:58am
I am shorting Cable at 1.4990.

Stop at 1.5025

Target 1.4885
Attached Image (click to enlarge)
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  • #4,496
  • Jun 24, 2010 11:00am Jun 24, 2010 11:00am
Quoting MarcVUM
Ok. I know that once I post this I will receive negative reply's but I don't care, it works for me...If someone has something bad to say don't say anything at all...words that your mother should have taught you!

This is what I do when scalping for 5 - 10 pips using the MA's and/or Daily/Weekly pivot points (S/R's)...btw, I wouldn't take a trade unless I am 99% confident that I'm going to get a 5 - 10 pip bounce. Consider it like that Atari game you used to play: Bricks! When I set a pending order it is an OCO order with the stop and target already...
My mt4 is cumbersome on adjusting my order, that's why you need a script or ea to move you quickly. Just me......I have the attention span of a knat.
  • #4,497
  • Jun 24, 2010 11:02am Jun 24, 2010 11:02am
Quoting puks
I am shorting Cable at 1.4990.

Stop at 1.5025

Target 1.4885
This could be a really good trade. I just have daily rsi at 61 and an uptrend. Let me post a chart.

1 sec

edit: chart
Attached Image (click to enlarge)
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  • #4,498
  • Jun 24, 2010 11:07am Jun 24, 2010 11:07am
Eud/Aud. We all know where this has been heading...Down! Here is a potential setup that may allow you to get in for the first time or again!
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 118 KB
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,499
  • Jun 24, 2010 11:18am Jun 24, 2010 11:18am
Would y'all please stop shorting the cable, I've been long for weeks.

Help a brother out?
  • #4,500
  • Jun 24, 2010 11:18am Jun 24, 2010 11:18am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting calderone
Good plan. I just shorted cad for a few and it reversed on me in no time. Nasty today.


Also I got a pm about my thoughts on gbp/usd and the 5050 level. I have that area marked on my charts but we can see a defended 50 level first. I will be watching price action if/when we break this psych level. My thoughts are that we could rally to the 5050 level and sell off........or not. lol
I got stopped at BE earlier today on my Long EG from yesterday.
To see it making a new just low before shooting up. I hate that!

My only trade for the moment is actually a Long EUR/CHF.
Beein at historical lows at the moment this could really be a longer term trade.
--> LTL on the daily has been hit yesterday.
--> Bullish div. on the Daily

Could be good for a nice move up.
(Although fundamentally I can't find many reasons why EUR should outperform CHF now )
Lets see.
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"Blue Horseshoe loves Anacott Steel!"
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