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Backing Trades Thru Charts

  • #2,241
  • Jul 31, 2010 1:35pm Jul 31, 2010 1:35pm
I think we should see the cable hit 1.48 by the end of next month.
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  • #2,242
  • Jul 31, 2010 2:09pm Jul 31, 2010 2:09pm
Quoting getforex
No replies?
I'm still not happy they won't let me change my username.


Even though I'm still on the road to profitability, of all the ideas I've considered lately, I've thought of the following. I'm starting to think that I can start by using the last low or high as a stop but also with a maximum of 30 pips (yes, I'm aiming for precision with tight stops like that). Second, once I see two 30 minute candlesticks, if I don't get stopped out, then I want to consider either a trendline at 20 degrees (easilly done in Metatrader4) or 340 degree angle trendline as a sort of trailing stop. Then once I see the price start to form new lows and highs then I can consider a proper trendline.

I don't know if this helps or if it's confusing. lol
  • #2,243
  • Aug 1, 2010 8:47am Aug 1, 2010 8:47am
Quoting clambill
I'm still not happy they won't let me change my username.


Even though I'm still on the road to profitability, of all the ideas I've considered lately, I've thought of the following....
Hi Clam,
I was wondering if you've got a clear idea of what your objective is for the trade. Since it sounds like you are trying to capture a swing, moving the stop according to a trendline (arbitrary) may not be the most effective way to stay in the market. Many swing traders will take part of their profits at a first target and then rely on a break even or better stop loss. Perhaps all you need to do is identify the swing clearly by reading highs and lows in the time frame is which you are trading. So for example if price is making higher highs, you can identify where to place a stop based on price action rather than a trendline that is very likely to be tested and thus take you out of a market you may wish to remain in (hopefully after taking a first profit). Those are my thoughts.. hope that is helpful.

By the way, I just wanted to add that this is by far my favorite thread on FF - no offense to any other posters. I think TLC really nails market structure and price action every time. Great work TLC!

Joe
  • #2,244
  • Aug 1, 2010 1:37pm Aug 1, 2010 1:37pm
A buddy of mine posted this on in UJ thread..

http://www.forexfactory.com/showpost...ostcount=17234
  • #2,245
  • Aug 1, 2010 2:04pm Aug 1, 2010 2:04pm
Quoting Huey
I think we should see the cable hit 1.48 by the end of next month.
Have a similar view

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  • #2,246
  • Edited 2:34pm Aug 1, 2010 2:24pm | Edited 2:34pm
Quoting TheLastCoke
Have a similar view

Attachment
Attachment
Then Take care
My long still in Play
http://www.forexfactory.com/showpost...stcount=240108

PS: To b more clear We are near to see correction but i trade long term and i prefer to trade with trend only
  • #2,247
  • Aug 1, 2010 2:41pm Aug 1, 2010 2:41pm
GBP/JPY

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  • #2,248
  • Aug 1, 2010 2:45pm Aug 1, 2010 2:45pm
EUR/CHF

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  • #2,249
  • Aug 1, 2010 2:58pm Aug 1, 2010 2:58pm
Thank god the man is back. Although you seem to be training some of us well TLC, some good facsimiles coming around. But don't EVER leave for any extended period of time.
  • #2,250
  • Aug 1, 2010 3:13pm Aug 1, 2010 3:13pm
If you ever have serious health problems come to me first. Doctors call me. The poor ignorant fools.
  • #2,251
  • Aug 1, 2010 3:54pm Aug 1, 2010 3:54pm
Hey now buddy, some of us here are actually doctors.

Quoting steroidman
If you ever have serious health problems come to me first. Doctors call me. The poor ignorant fools.
Dr. C
  • #2,252
  • Aug 1, 2010 7:58pm Aug 1, 2010 7:58pm
Quoting TheLastCoke
AUD/USD

Attachment
Now at entry point
  • #2,253
  • Aug 1, 2010 8:09pm Aug 1, 2010 8:09pm
Quoting TheLastCoke
Now at entry point
The bearish butterfly on the M15 agrees, but I'm waiting for confirmation
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Doing what you like is Freedom. Liking what you do is Happiness.
  • #2,254
  • Aug 1, 2010 8:09pm Aug 1, 2010 8:09pm
Quoting TheLastCoke
Now at entry point
Nice thread Coke. I want to use this set up as a learning experence...How many pips above your entry do you use as a SL? 10, 20, 30, 50? I always liked shorting near whole numbers as it brings good resistance but when is the trade considered a failure? SL to tight it gets hit too loose you potentially can loose a lot?

Thanks
Former Trader Of the Year of the 95% losing club! Retired
  • #2,255
  • Aug 1, 2010 8:16pm Aug 1, 2010 8:16pm
EURAUD approaching interesting area of confluence coinciding with the AUDUSD hitting resistance as per TLC post above
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  • #2,256
  • Aug 1, 2010 8:18pm Aug 1, 2010 8:18pm
It may be just me. But I only trade something where I think I can get a two or three to one. So I have no problem giving it a SL of what I wager. But I don't most of the time. That is my two cents. The trend doesn't like to surrender that easily most of the time.
  • #2,257
  • Aug 1, 2010 9:39pm Aug 1, 2010 9:39pm
Quoting realjumper
The bearish butterfly on the M15 agrees, but I'm waiting for confirmation
where would you TP be on that butterfly bro?

thanks
"Millionaires don't use astrology, billionaires do"
  • #2,258
  • Aug 1, 2010 9:42pm Aug 1, 2010 9:42pm
Quoting forex_growth
where would you TP be on that butterfly bro?

thanks
90.18, which is the 61.8 fib from the low of 89.65 to the high of 91.05

Edit: Bear in mind that the pivot for today is at 9026, so I would have my finger on the trigger there too.....assuming we get there of course
Doing what you like is Freedom. Liking what you do is Happiness.
  • #2,259
  • Aug 1, 2010 9:49pm Aug 1, 2010 9:49pm
Quoting realjumper
90.18, which is the 61.8 fib from the low of 89.65 to the high of 91.05

Edit: Bear in mind that the pivot for today is at 9026, so I would have my finger on the trigger there too.....assuming we get there of course
yep got you - so you thinking more the 61 than the 50 fib then due to pivot being lower? I had roughly 50 fib but reckon being more cautious...

and trigger in terms closing or waiting for rebound or break through?

thanks
"Millionaires don't use astrology, billionaires do"
  • #2,260
  • Aug 1, 2010 9:52pm Aug 1, 2010 9:52pm
Quoting cvcamper
Hey now buddy, some of us here are actually doctors.


there most certainly are
"Millionaires don't use astrology, billionaires do"
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