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Silent Service Method

  • #9,541
  • Jul 1, 2010 7:50pm Jul 1, 2010 7:50pm
Quoting erdah
Thanks, I appreciate your help and I'm learning a lot.

Back to EUR/NZD, now the 3H chart. There is a nice pin bar on the S/R line. Lucky me I did not enter, I would have been stopped out.

In hindsigh, why not enter at that pin bar? It didn't touch the trend line but that's not always the case, right?


Hey erdah,

You had the right idea...my 2 cents as I'm not a big proponent of touch trading or anything near touch trading.

Nice trend line break on daily/4hr....nice 123 bottom.

Pull back to 50.61.8% area.

Now you just have to wait and see if this goes up or down...if you get a nice reversal pattern then go short with proper m/m. If not then you have to wait for another set up in the future.

Plan your trade and trade your plan.

Very good my friend.


golferfx
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  • #9,542
  • Jul 1, 2010 9:04pm Jul 1, 2010 9:04pm
Just thought I would let you know that I was contacted by FX Trader Magazine (fxtradermagazine.com) today offering to sell me their client's email addresses. If you are looking into this publication, I would advise against using your main email address.

I don't really have any opinion on this magazine, and to be honest, never have heard of it until today. But when you sell your client's info - that really pisses me off.

Chris
  • #9,543
  • Jul 1, 2010 9:06pm Jul 1, 2010 9:06pm
Quoting jharvey407
I am interested to see how this candle looks at the end of the day tomorrow.
Agreed, if you look to the left - it would be a natural place to have a bit of a bounce. I still think 80 and then 72 is in the cards though.
  • #9,544
  • Jul 1, 2010 11:26pm Jul 1, 2010 11:26pm
Quoting clockwork71
No, the damn Kiwi got me. It was a profit, but I got clipped, and am still not happy about it. ;-)

Anyway, the reason I am not 100% sure about this chart, is the following: (It's all the wicks in this shaded area that has me wondering.)
NFP Friday, NO trades.

That chart looks more like a break and retest, maybe a sell order below the low?
Position trader - Anything intraweek is just noise...
  • #9,545
  • Edited 12:28am Jul 2, 2010 12:06am | Edited 12:28am
Bullish Engulfing Outside Bar?

Attached Image


eh...Whatever.


Happy 4th of July everyone! Have a great weekend!
  • #9,546
  • Jul 2, 2010 7:02am Jul 2, 2010 7:02am
Quoting InfinitySL
Bullish Engulfing Outside Bar?

Attachment

eh...Whatever.


Happy 4th of July everyone! Have a great weekend!
Also a 1 2 3 bottom.
  • #9,547
  • Jul 2, 2010 7:30am Jul 2, 2010 7:30am
NFP day! and of course the only trades I have on are USD trades...

hhmmm....
  • #9,548
  • Jul 2, 2010 9:17am Jul 2, 2010 9:17am
Muted reaction today, no big surprise.

Have a good weekend, forget about the markets for a few days.
  • #9,549
  • Jul 2, 2010 11:34am Jul 2, 2010 11:34am
Quoting clockwork71
Muted reaction today, no big surprise.

Have a good weekend, forget about the markets for a few days.
Dollar down, equities down, euro up (a little), pound flat, yen flat, gold flat.

I wish I knew what all that meant. I always get annoyed when correlations break down, because I use them and secondary indicators.
  • #9,550
  • Jul 2, 2010 11:37am Jul 2, 2010 11:37am
Quoting Low
Dollar down, equities down, euro up (a little), pound flat, yen flat, gold flat.

I wish I knew what all that meant. I always get annoyed when correlations break down, because I use them and secondary indicators.
Probably a mix of people knowing that the western world economy is on the brink, but don't know where to put their money along with the dog days of summer along with govt's trying to find ways to fund social re-engineering plans they could never afford.

I passed on the Dailiy AUD pins, due to NFP mixed with the time of year and the fact they were headed right into big round numbers.

I probably should have taken the AUDJPY daily pin to 75, but the R:R wasn't worth it to me.
  • #9,551
  • Jul 2, 2010 1:27pm Jul 2, 2010 1:27pm
Brazil gets beaten by my Dutch. Holland is my favorite team beyond the US of course.

Ever wonder why I chose the name clockwork? It's because I originally had an email clockwork_oranje......in honor of the greatest footballing nation on earth.

Hup Holland!
  • #9,552
  • Jul 2, 2010 3:28pm Jul 2, 2010 3:28pm
I just placed this pending order before the market closed. That little spinning top today interests me. The last time price pinned at 1.26 it shot down to 1.19 just after. There are three possible outcomes here. Firstly the price could just carry on upwards on Monday in which case no loss. Second the price could drop down just enough to trigger my trade and then rocket upwards which is always possible but I don't think too likely. The third is that it moves down and collects my trade on the way.

I can't think of any fundamental reasons why the euro has been moving up so I'm happy to place and leave this trade and see what happens on Monday.

Have a good weekend all.
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Position trader - Anything intraweek is just noise...
  • #9,553
  • Jul 2, 2010 3:48pm Jul 2, 2010 3:48pm
Quoting Arfer Daily
I just placed this pending order before the market closed. That little spinning top today interests me. The last time price pinned at 1.26 it shot down to 1.19 just after. There are three possible outcomes here. Firstly the price could just carry on upwards on Monday in which case no loss. Second the price could drop down just enough to trigger my trade and then rocket upwards which is always possible but I don't think too likely. The third is that it moves down and collects my trade on the way.

I can't think of any fundamental reasons why the...
The reasons for the Euro moving up has been more related to the US not being as strong as people thought. (I never really understood why they thought the USA was doing so well....)

I still think Europe's problems are huge. I don't care what kind of ponsi-scheme/window dressing they do.
  • #9,554
  • Jul 2, 2010 3:51pm Jul 2, 2010 3:51pm
Quoting unlv_tj

I probably should have taken the AUDJPY daily pin to 75, but the R:R wasn't worth it to me.
This is what trading is all about. He decides not to take a trade, and in the end - right or wrong doesn't matter. He wasn't comfortable, and without that - he wouldn't be able to trade well.
  • #9,555
  • Jul 2, 2010 4:05pm Jul 2, 2010 4:05pm
Remember that chart I posted showing how the EUR monthly pin could be a "sucker pin?"

Check out the same chart on the day....
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  • #9,556
  • Jul 2, 2010 4:31pm Jul 2, 2010 4:31pm
Quoting clockwork71

I still think Europe's problems are huge. I don't care what kind of ponsi-scheme/window dressing they do.
My thoughts are that the euro is "doing well" for the same reasons our indexes rallied 60%... because we put a small band-aid on a gaping financial wound.

Now it's the eurozone's turn, they can downgrade nations, nationalize banks and whatever else they think will improve the perception of stability. The large traders will buy the rumor and sell the fact somewhere down the road.

I don't have any fundamental belief's about the strength of the dollar or the euro long-term ( how much lipstick can you really put on the same pig?), but we're traders, and if I get a good entry, with good RR, I'll play along.

Fundamental's and valuations are still so disconnected, that they're almost irrelevant.

Just my 2 pips.
  • #9,557
  • Jul 3, 2010 1:02am Jul 3, 2010 1:02am
Quoting Low
My thoughts are that the euro is "doing well" for the same reasons our indexes rallied 60%... because we put a small band-aid on a gaping financial wound.

Now it's the eurozone's turn, they can downgrade nations, nationalize banks and whatever else they think will improve the perception of stability. The large traders will buy the rumor and sell the fact somewhere down the road.

I don't have any fundamental belief's about the strength of the dollar or the euro long-term ( how much lipstick can you really put on the same pig?), but we're traders,...
Yes my friend.....it is strange times we are in.
  • #9,558
  • Jul 3, 2010 2:41am Jul 3, 2010 2:41am
This is one quote i really struggle with................low......because once i have a bais i tend not to concentrate on the opposing side of that bias................good example is the EURCAD...gave very good PA off BRN and bounced off a solid Daily TL but since EUR is in trouble and the lipstick story i did take the long as shown on at the yellow arrow only to really really regret why i did not take this long esp now that it did over 500Pips.................wow.............any help..............see chart


[quote=Low;3848376]( how much lipstick can you really put on the same pig?), but we're traders, and if I get a good entry, with good RR, I'll play along.
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  • #9,559
  • Jul 3, 2010 2:44am Jul 3, 2010 2:44am
And since i will not be here tomorrow coz of work.................i want to say this.........to all my fellow Traders in the USA

HAPPY INDEPENDENCE DAY...tomorrow.......esp to you Chris and your family, you are truly a blessing.............cheers
  • #9,560
  • Jul 3, 2010 3:05am Jul 3, 2010 3:05am
Quoting Danku
And since i will not be here tomorrow coz of work.................i want to say this.........to all my fellow Traders in the USA

HAPPY INDEPENDENCE DAY...tomorrow.......esp to you Chris and your family, you are truly a blessing.............cheers
HAPPY INDEPENDENCE DAY to all US friends here
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