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Backing Trades Thru Charts

  • #1,361
  • Edited 8:48am Jun 25, 2010 8:37am | Edited 8:48am
Nice one on cable here.

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Edit- a chance to get in if you missed the first touch.

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DX and ES, beautiful symmetry here.

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Edit- New financial reform bill introduced, biggest since 1930s, huge implications for markets, ES not taking this well. http://www.reuters.com/article/idUSTRE65O1DR20100625
  • #1,362
  • Jun 25, 2010 8:50am Jun 25, 2010 8:50am
Quoting TheLastCoke
Just entered this trade. Great RRR. Lots of patience requiered.

Attachment
Stopped Out - 50
  • #1,363
  • Jun 25, 2010 9:24am Jun 25, 2010 9:24am
Quoting TheLastCoke
Stopped Out - 50
I got out of it as well at -67.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,364
  • Jun 25, 2010 9:28am Jun 25, 2010 9:28am
Just thinking a bit ahead.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,365
  • Jun 25, 2010 9:44am Jun 25, 2010 9:44am
According to mataf.net UC has a daily correlation to EU close to -1, so think of the implications for each of those scenarios. I do..
  • #1,366
  • Jun 25, 2010 9:53am Jun 25, 2010 9:53am
Channel bounce. Targeting the 1.39's on this one. A break would have me targeting the 1.60's.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,367
  • Jun 25, 2010 9:54am Jun 25, 2010 9:54am
Quoting Rush
According to mataf.net UC has a daily correlation to EU close to -1, so think of the implications for each of those scenarios. I do..
Of course.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,368
  • Jun 25, 2010 10:01am Jun 25, 2010 10:01am
Very similar setup in the EURUSD. I like it when I have multiple channel bounces or breaks at the same time across correlated pairs. Tells me something's right...

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,369
  • Jun 25, 2010 10:38am Jun 25, 2010 10:38am
Cable long term TL (purple one) noted earlier gave +100 on a break-bounce, closed out at London close. Also note price bumping its head into long term channel.

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  • #1,370
  • Jun 25, 2010 11:24am Jun 25, 2010 11:24am
If the EURJPY breaks the bottom trendline of the smaller channel (red) I will short it and take profits at the bottom of the larger channel (orange).

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,371
  • Jun 25, 2010 11:31am Jun 25, 2010 11:31am
And a Dow chart for you:

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And the Aussie Yen is playing around at the bottom of this channel with no clear signs of rejection or breaking at the moment. Stay tuned.

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Every time you use 'hopium' in a post, God kills a kitten.
  • #1,372
  • Jun 25, 2010 11:39am Jun 25, 2010 11:39am
I've got this guy for AJ, a tad lower although both look valid to me.

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  • #1,373
  • Jun 25, 2010 11:54am Jun 25, 2010 11:54am
GBY/JPY. Great RRR, SL just above R. To be conservative enter on the way out around the break level.

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  • #1,374
  • Jun 25, 2010 12:04pm Jun 25, 2010 12:04pm
Lovely price action here as price snatches some tasty stops above 5000 and pokes through long term channel top before coming back down and tapping it again. Great shorting opportunity if your style permits holding over the weekend.

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  • #1,375
  • Jun 25, 2010 12:21pm Jun 25, 2010 12:21pm
Interesting intraday pattern re time of day: http://www.zerohedge.com/article/sne...e-eurusd-rally. Just something to be aware of.
  • #1,376
  • Jun 25, 2010 12:37pm Jun 25, 2010 12:37pm
And... there it goes. After repeated attempts to bust this barrier, ES has finally done it, dragging down the dollar. I would hold off on selling any risk pairs this time of day, this intraday cyclical pattern is becoming more and more apparent, especially after the flash crash scare.

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  • #1,377
  • Jun 25, 2010 1:36pm Jun 25, 2010 1:36pm
It's Friday, and I've done very well on these trades. In the interest of keeping some of the money I made.....

After reviewing the original charts I printed upon entry to these trades, I had marked 109.50 as first target (I know I said 108, but my print-outs don't lie) I closed 1/2 of my first position on the swissy at 722 pips. The second position is still on at 586 pips, and both stops were moved to 1.12.

http://i47.tinypic.com/2f0akjm.png

Of the total of 5 equal-size positions on the pound, I closed the 3 newest for 200 pips, 500 pips, and 480 pips respectively. 2 positions remain from the 1.44 area, stops on both were moved to 1.4663, and I will be looking to add longs next week should the opportunity arise.

http://i48.tinypic.com/14buphj.png

As a disclaimer, I have done quite a bit of damage to my account since last November, and have a long way to go to get to account BE, but these exits yielded a 100% account gain.

I am satisfied.

I think these trades have been the ones that completely shift my view on my trading. Something I may elaborate on later.

Have a good weekend everyone.
  • #1,378
  • Jun 25, 2010 1:40pm Jun 25, 2010 1:40pm
Quoting Low
It's Friday, and I've done very well on these trades. In the interest of keeping some of the money I made.....

After reviewing the original charts I printed upon entry to these trades, I had marked 109.50 as first target (I know I said 108, but my print-outs don't lie) I closed 1/2 of my first position on the swissy at 722 pips. The second position is still on at 586 pips, and both stops were moved to 1.12.


Of the total of 5 equal-size positions on the pound, I closed the 3 newest for 200 pips, 500 pips, and 480 pips respectively. 2 positions...
I was with you until this morning. I've closed out ALL GBPUSD and USDCHF positions and reversed cable and waiting on some sort of a bounce on the USDCHF which might not manifest until Monday.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,379
  • Jun 25, 2010 1:44pm Jun 25, 2010 1:44pm
Quoting profxtrader
I was with you until this morning. I've closed out ALL GBPUSD and USDCHF positions and reversed cable and waiting on some sort of a bounce on the USDCHF which might not manifest until Monday.
The swissy may turn around completely, and I might tighten my stops even more, but my first target on the pound is 1.58 (even I don't even believe it), so I'm testing my own resolve, but still wanted to make something if it all goes to s**t.
  • #1,380
  • Jun 25, 2010 2:11pm Jun 25, 2010 2:11pm
Quoting Low
The swissy may turn around completely, and I might tighten my stops even more, but my first target on the pound is 1.58 (even I don't even believe it), so I'm testing my own resolve, but still wanted to make something if it all goes to s**t.
I understand. My targets on Cable were just shy of 1.54, but I saw an opp to go the other way and I took it. Didn't make much sense to let my gains erode in the event that I am right and if I'm wrong, I have an entirely different trade to make. That's why I love trading... if you will just manage rish, you can make a firggin ton of money, even after being wrong.

That said the price action over the past week and a half or 2 weeks, has been excruciatingly slow, which in a correction, a lot of times it is. The overall trend for cable is down though and I think that it's time to resume the downtrend. A trend trade usually happens at a bit faster rate than corrections (sometimes) but add that into the fact that it's a short one and it gets really quick. Good for those of us who like to see profits fast. If I'm right, we should have some goooooood moves in store for next week.

Anyways, I'm rambling. I'm going to go have a steak, a few beers and call this a week!
Every time you use 'hopium' in a post, God kills a kitten.
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