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  • #12,741
  • Jun 25, 2010 8:14am Jun 25, 2010 8:14am
Quoting Scotty2Cues
lookin good. maybe the buyers of gbp are now selling up as its friday and the G meeting at the weekend? What was your SL?
SL is at 1.5013, just above the SS (100 pips). Targeting 1.48 which is a support on my chart.

Following in Strat's footsteps, I ignore all 'funnymentals'. When the price moves according to the fundies, everyone has a smug comment; when they don't "it was already priced in"!

Still I love to follow all the comments on the thread. But trade only pure PASR.

Cheers
  • #12,742
  • Jun 25, 2010 8:26am Jun 25, 2010 8:26am
Quoting igmal
I see that many of you give reasons to short this pair.Personally ,I have some reasons to not short it yet.The 06.21 candle touches TL1 ,rejected and finds S at 20.Buyers push up the price and broke TL1 in 06.23 till RN(1.50),find R at RN and Weekly 20 where the sellers forms SS in 06.24.Today(not closed yet) the price retest TL1 and rejected by TL1 and 50.In my opinion is early to short it,even because Monthly doesn't agree with Weekly,and I will wait to see some PA at 1.52(R+TL2).Thanks.
Hi Igmal,
It does look like there is strong buying support.

Why do you say Monthly doesn't agree with weekly? My monthly chart attached. Does look trending down.

I feel Boss is still down until it forms a HH (1.55?).

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy monthly.gif Size: 23 KB
  • #12,743
  • Jun 25, 2010 9:02am Jun 25, 2010 9:02am
Quoting Raje$h
SL is at 1.5013, just above the SS (100 pips). Targeting 1.48 which is a support on my chart.
Does anyone use smaller SL, say 30 to 50 (I know about it not stopping a blind 80yo man or whatever it was) and then go to BE quickly? The advantages are that we dont need to make as many pips so less likely to get stopped out (esp when moving to BE). Been trying it last couple of months and seems to work well.
  • #12,744
  • Jun 25, 2010 9:06am Jun 25, 2010 9:06am
Quoting Raje$h
Hi Igmal,
It does look like there is strong buying support.

Why do you say Monthly doesn't agree with weekly? My monthly chart attached. Does look trending down.

I feel Boss is still down until it forms a HH (1.55?).

Cheers
Because Monthly is a big beeb,instead Weekly are 6 weeks since the buyers push the price up.
My humble opinion.
  • #12,745
  • Jun 25, 2010 9:15am Jun 25, 2010 9:15am
[quote=Scotty2Cues;3830302]
Does anyone use smaller SL, say 30 to 50 - No one, set up bar is the key here.

The advantages are that we dont need to make as many pips so less likely to get stopped out - It is a disadvantage I want to make as many pips as possible.

Been trying it last couple of months and seems to work well - You are lucky then, I will be stopped out more then I will get the favourable price.
  • #12,746
  • Edited 10:33am Jun 25, 2010 10:05am | Edited 10:33am
Quoting igmal
I see that many of you give reasons to short this pair.Personally ,I have some reasons to not short it yet.The 06.21 candle touches TL1 ,rejected and finds S at 20.Buyers push up the price and broke TL1 in 06.23 till RN(1.50),find R at RN and Weekly 20 where the sellers forms SS in 06.24.Today(not closed yet) the price retest TL1 and rejected by TL1 and 50.In my opinion is early to short it,even because Monthly doesn't agree with Weekly,and I will wait to see some PA at 1.52(R+TL2).Thanks.
I agree with you also Igmal.
Although Big Boss trend is down, June candle is bullish.
Boss also shows bullish PA with no sign of letting up.
Worker making HH and HL, with PA staying above 20 and 50.
I would wait for bearish PA on Boss at the very least, to consider shorting this pair.
Attached Image (click to enlarge)
Click to Enlarge Name: GU.jpg Size: 76 KB
  • #12,747
  • Jun 25, 2010 11:41am Jun 25, 2010 11:41am
Quoting GibsonL6
I agree with you also Igmal.
Although Big Boss trend is down, June candle is bullish.
Boss also shows bullish PA with no sign of letting up.
Worker making HH and HL, with PA staying above 20 and 50.
I would wait for bearish PA on Boss at the very least, to consider shorting this pair.
I agree with you. Strat always says try to see beyond candles, this is the case of it. Worker has it trends too you know. A few posts back I said Gbpusd Boss had tested major support and 78.6% for three weeks. Worker is making HH and HL in stair steps fashion, this alone stops me from shorting. Again anything can happen in market but as Strat says "you are only missing opportunity you don't lose any(something like that)". It is not exact code.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusdw-06-25-10.gif Size: 12 KB
Click to Enlarge Name: gbpusd-06-25-10.gif Size: 13 KB
  • #12,748
  • Jun 25, 2010 12:09pm Jun 25, 2010 12:09pm
Hi All,

Be carefull with Usdchf coming to this level. You, I and millions of traders are looking at the same level. The Big Boys know it too. Will be interesting to see how the Big Boys play.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf-06-25-10.gif Size: 12 KB
  • #12,749
  • Jun 25, 2010 12:16pm Jun 25, 2010 12:16pm
A great reminder patrick. Just because we sit in isolation doesn't mean we are isolated.
  • #12,750
  • Jun 25, 2010 12:28pm Jun 25, 2010 12:28pm
Quoting Lou
A great reminder patrick. Just because we sit in isolation doesn't mean we are isolated.
Yes Lou, because the chart is so clear, clean, and beautiful, even a "blind, deaf and dumb old man with asthma and one leg can SEE"
  • #12,751
  • Jun 25, 2010 12:33pm Jun 25, 2010 12:33pm
Quoting patrick25
Yes Lou, because the chart is so clear, clean, and beautiful, even a "blind, deaf and dumb old man with asthma and one leg can SEE"
"I see" said the blind carpenter, as he took up his hammer and saw.
  • #12,752
  • Jun 25, 2010 3:04pm Jun 25, 2010 3:04pm
I thought it would be good idea if I post DXY charts for those who are bullish USD.
Daily: is below 20 but very close to support and today candle is looking like SS close
Weekly: it went very close to prevous high in Feb 09 and Oct 08. 100 is well below the urrent price and if elastic band theory plays out then there are more losses to come.
Monthly: Month hasn't closed yet but price is above 100ema and so far looking like SS.

I am still dollar bullish and I think there is little bit of more room for dolar weakness. Once GBPUSD(152.50)/EURUSD(126) has completed it's retracement then it will be interesting to watch these pairs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DXY24062010d.gif Size: 20 KB
Click to Enlarge Name: DXY24062010w.gif Size: 26 KB
Click to Enlarge Name: DXY24062010m.gif Size: 17 KB
  • #12,753
  • Jun 25, 2010 3:44pm Jun 25, 2010 3:44pm
Hi Simpleman, thanks for the charts.
You probably already know this, but timingcharts.com gives you additional info regarding the COT on their charts.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: getchart.png Size: 46 KB
  • #12,754
  • Jun 25, 2010 3:48pm Jun 25, 2010 3:48pm
Quoting golfer27
Hi Simpleman, thanks for the charts.
You probably already know this, but timingcharts.com gives you additional info regarding the COT on their charts.

Cheers
Thanks, I know now.
  • #12,755
  • Jun 25, 2010 4:51pm Jun 25, 2010 4:51pm
Quoting Nosa I
i alway trade with a lose i want u to kindly help me with the swing so that i can get an information before trading somebody help me pls
If you go to Strat's post #4483 on page 299 of this thread you will find a great explanation which answers your question.
"Make everything as simple as possible, but not simpler" Albert Einstein
  • #12,756
  • Jun 26, 2010 6:44am Jun 26, 2010 6:44am
[quote=simpleman;3830334]
Quoting Scotty2Cues
The advantages are that we dont need to make as many pips so less likely to get stopped out - It is a disadvantage I want to make as many pips as possible.
Why would you be concerned with making as many pips as possible, arent you more concerned with making the most % return on you account?

Would you rather make 1000 pips and make 5% return
or 500pips and 10% return (risking the same on each trade)

With regards to Raje$h sell on GBP/EUR on the not great ss. He could have used a smaller SL, say 60pips, risking 3% and take profit at 30pips (or more). Using a SL 20 x risk gives 5% return per 100pip profit
  • #12,757
  • Edited 1:59pm Jun 26, 2010 7:57am | Edited 1:59pm
[quote=Scotty2Cues;3831611]
Quoting simpleman

Why would you be concerned with making as many pips as possible, arent you more concerned with making the most % return on you account?

Would you rather make 1000 pips and make 5% return
or 500pips and 10% return (risking the same on each trade)

With regards to Raje$h sell on GBP/EUR on the not great ss. He could have used a smaller SL, say 60pips, risking 3% and take profit at 30pips (or more). Using a SL 20 x risk gives 5% return per 100pip profit
I think you had been or still trading shorter time frames. In End of day time frames it is almost impossible to have 30 or 50 pips stopp loss plus we, on this stree free thread of Strat's, trade end of day and from support to ressistance OR resistance to support with trend following. If SS from high to low is 150 pips then the stop is high of SS or R. With 1:1 (atleast) RR we look for 150 pips gain that will be close to SR. Your strategy might will work on shorter time frames but not on the longer one as it has been tried by several traders.

Another point on as much pips possible is due to keep trailing your stop so that you won't close the trade but market wil stop you out.

I have read this thread more then once and suggest you do the same.
  • #12,758
  • Jun 26, 2010 8:40am Jun 26, 2010 8:40am
Quoting patrick25
I agree with you. Strat always says try to see beyond candles, this is the case of it. Worker has it trends too you know. A few posts back I said Gbpusd Boss had tested major support and 78.6% for three weeks. Worker is making HH and HL in stair steps fashion, this alone stops me from shorting. Again anything can happen in market but as Strat says "you are only missing opportunity you don't lose any(something like that)". It is not exact code.
Hi Patrick! I just want to let you know that I pay attention to your posts because they make sense. It is clear to me, that you are understanding
Strat's teachings. I always enjoy reading what you have to say.
Thanks

TL
  • #12,759
  • Jun 26, 2010 9:41am Jun 26, 2010 9:41am
Quoting golfer27
Hi Simpleman, thanks for the charts.
You probably already know this, but timingcharts.com gives you additional info regarding the COT on their charts.

Cheers
Note how the 50 provides support for the uptrend and how the 20 likes to return to the 50 before being repelled up.
15 YEARS OF PASR ON FOREX FACTORY!
  • #12,760
  • Jun 26, 2010 9:50am Jun 26, 2010 9:50am
Hi I've been trading using D1 sup/res levels as main goals and H1 as my entry/exit leels. I aim for 30-40 points of profit at a time. I use 15 and 30 min bars to determine the mood of the market and 5 and 1 min to pin point exacyly my entries. Thing is, I disregard H4 levels in my trading because it will confuse my charts with too many lines. I've been quite succesful with this method but what do you think about skipping H4. My usual trade lasts 30-60 minutes.
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