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Daily Chart Trading Discussion

  • #41
  • Jul 25, 2010 8:06pm Jul 25, 2010 8:06pm
No resistance on UJ for quite some time, enjoy.
  • #42
  • Jul 27, 2010 5:42pm Jul 27, 2010 5:42pm
Quoting tradpat
Hi

I short U-CAD based on PA (arrows) and RL.
It may bounce up at SL next week?

Gromit & Highlander
Any comment on setting SL &TP? (I am weak on this subject)

Thanks
tpat
Oop! The candle bounced @ SL yesterday. I am out with little profit.
  • #43
  • Jul 27, 2010 5:44pm Jul 27, 2010 5:44pm
Quoting tradpat
Hi Traders

I have a long on A-U based on break.
P.S. As I am a newbie, I welcome comments for improvement.

tpat
I am out, too, as a doji is appeared and bounced from RL. Collected some profit
  • #44
  • Jul 27, 2010 7:20pm Jul 27, 2010 7:20pm
Quote
I will wait for a break above the 87.60 area, a pullback and enter near the demand line or on very strong bullish PA. Just my 2 cents.

Closed half on UJ and moved stop to BE, will let the trade develop now. Looking for higher lows to move the stop along with.


Quote
Hi deepsouth

I appreciate your inputs.
Pls. do drop by often to advise.

What MAs you?
I will try to pick up weekly chart analysis like yours.
You are very good.

tpat

Hi Tradepat, thanks for the kind words, but no not that good, I am just another trader trying to get better.

The MA's I am using are the 20 and 40 SMA's. Nothing magical, I use them to help me stay on the right side of the trend. The above trade is the only CT trade I will take. Take care!

Deep
  • #45
  • Jul 27, 2010 9:52pm Jul 27, 2010 9:52pm
Quoting deepsouth
Closed half on UJ and moved stop to BE, will let the trade develop now. Looking for higher lows to move the stop along with.




Hi Tradepat, thanks for the kind words, but no not that good, I am just another trader trying to get better.

The MA's I am using are the 20 and 40 SMA's. Nothing magical, I use them to help me stay on the right side of the trend. The above trade is the only CT trade I will take. Take care!

Deep
Hi Deep

Good for your UJ.
I also have some profits for UJ and UChf.

You see the EJ... breaking up ?!

Well, I am testing some MAs.
I think I like 8EMA the most.
EMA55 should be in my list.

I am not sure about BB vs. Keltner C.
Still working on them.

I have MACD vs RSX to see divergence.

You see I am trying to reduce the use of indicators, if possible.
Hope one day I can trade naked charts.

Got to go.

tpat
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  • #46
  • Jul 29, 2010 1:32pm Jul 29, 2010 1:32pm
Closed at 1.3100

Not sure where we go from here. Watching this pattern unfold.
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Never underestimate an idiot.
  • #47
  • Jul 31, 2010 4:36am Jul 31, 2010 4:36am
Quoting uncle gromit
Closed at 1.3100

Not sure where we go from here. Watching this pattern unfold.
Hi gromit

You are indeed very good in trading with patterns. Where do you acquire such knowledge?

tpat
  • #48
  • Jul 31, 2010 7:40am Jul 31, 2010 7:40am
Most of what I have learnt can be found with a simple google search for harmonic trading and chart patterns.
Never underestimate an idiot.
  • #49
  • Jul 31, 2010 9:31am Jul 31, 2010 9:31am
Heres a trade im looking at getting in on on sunday night on the gbp/jpy, we could have the beginings of a new trend, maybe. pinbar at a possible swing low.
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  • #50
  • Jul 31, 2010 12:58pm Jul 31, 2010 12:58pm
highlander2

Not sure I like the pinbar. A close nearer the top of the day would have been nicer. Also a bigger range. Just my personal preferences. Hope it goes well for you. Will be watching from the sidelines. Probably kick myself if it zooms upwards.
Never underestimate an idiot.
  • #51
  • Aug 2, 2010 10:04am Aug 2, 2010 10:04am
Hi gromit, highlander & traders

I closed to cut losses: U-J 110 & U-Chf 170
Both pairs are triple bottom, aren't?
They were not "made" (it) for long unfortunately
Any comment how can I avoid / prevent from such losses?

tpat
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  • #52
  • Aug 2, 2010 10:25am Aug 2, 2010 10:25am
Hi tradpat, sorry to hear about the losses, when did you go long usd/jpy? was it the daily pin on 22nd of july? i would have been atleast BE on this one.

The usd/chf, what was your entry trigger? i can say that i took a long on a 4hr pinbar, got stopped

I would consider them both countertrend trades, what i normally do is half my normal position size if i was going counter trend.
  • #53
  • Aug 2, 2010 10:31am Aug 2, 2010 10:31am
Also you are trading towards the moving average which on both pointed downwards. a safer option would be to wait for it to ride on top of the ma's and wait for pull backs to go long. Im saying this but i also went long usd/chf. my best advise is to keep the risk smaller on these trades thats all.

keep working at it, i have also had a frustrating two weeks, i was looking for longs on the gbp/jpy and the nzd/usd last night after 2 daily pin bars, my orders were not hit and they are working well with out me.
  • #54
  • Aug 2, 2010 10:34am Aug 2, 2010 10:34am
Quoting highlander2
Hi tradpat, sorry to hear about the losses, when did you go long usd/jpy? was it the daily pin on 22nd of july? i would have been atleast BE on this one.

The usd/chf, what was your entry trigger? i can say that i took a long on a 4hr pinbar, got stopped

I would consider them both countertrend trades, what i normally do is half my normal position size if i was going counter trend.
highlander

Both were long on 26 July opening.
This demo is on Gomarkets (it is on GMT+2 for the day).
You are right... both were CT.

Like many said... the market is unpredictable!

tpat
  • #55
  • Aug 2, 2010 10:39am Aug 2, 2010 10:39am
Hi highlander

My current "winning" trades are still on for E-U and E-G.

E-U is breaking RL. It is touching the upper band now.

E-G is yo-yo downward for the past 1 week. It is touching the lower band now.

Let see how they go

tpat
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  • #56
  • Aug 2, 2010 10:48am Aug 2, 2010 10:48am
Quoting highlander2
Also you are trading towards the moving average which on both pointed downwards. a safer option would be to wait for it to ride on top of the ma's and wait for pull backs to go long. Im saying this but i also went long usd/chf. my best advise is to keep the risk smaller on these trades thats all.

keep working at it, i have also had a frustrating two weeks, i was looking for longs on the gbp/jpy and the nzd/usd last night after 2 daily pin bars, my orders were not hit and they are working well with out me.
Highlander,

Sorry u missed the gbp/jpy. It was a great call. Looks like a break out pull back on the daily now. Should have taken it myself.

Out of aud/usd at 0.9100 as targeted.

Tradpat,

Avoid CT trades. Higher probability they will fail no matter how good the setup looks. If u do take them move to BE quickly. Gave back 55 on my usd/jpy long. No loss, just my time.
Attached Image
Never underestimate an idiot.
  • #57
  • Aug 2, 2010 11:06am Aug 2, 2010 11:06am
Quoting uncle gromit
Highlander,

Sorry u missed the gbp/jpy. It was a great call. Looks like a break out pull back on the daily now. Should have taken it myself.

Out of aud/usd at 0.9100 as targeted.

Tradpat,

Avoid CT trades. Higher probability they will fail no matter how good the setup looks. If u do take them move to BE quickly. Gave back 55 on my usd/jpy long. No loss, just my time.
Thanks for writing, gromit.

- Nice to hear you profited A-U.

- Noted your comment on CT and move to BE.

- For GJ, I see highly potential uptrend.

On Daily, it is going to break RL. Hope so.
On H4, it may yo-yo as shown by the arrows in stoch before going up.
Let see what happens?

highlander, I am watching it closely (hopefully no distraction from work tomorrow), you? gromit, you coming?

tpat
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  • #58
  • Aug 2, 2010 11:48am Aug 2, 2010 11:48am
Quoting tradpat
Thanks for writing, gromit.

- Nice to hear you profited A-U.

- Noted your comment on CT and move to BE.

- For GJ, I see highly potential uptrend.

On Daily, it is going to break RL. Hope so.
On H4, it may yo-yo as shown by the arrows in stoch before going up.
Let see what happens?

highlander, I am watching it closely (hopefully no distraction from work tomorrow), you? gromit, you coming?

tpat
Think I'll stand aside. Eyeing a couple of other possible low risk trades.
Never underestimate an idiot.
  • #59
  • Aug 2, 2010 12:27pm Aug 2, 2010 12:27pm
Ill wait for a break of resistance and hopefully it will retrace and test it, if it holds as new support i will look to go long.

im looking at eur/cad, nice daily pin at the moment with confluence, only problem is the lower high. will have a look at NY close.
  • #60
  • Aug 2, 2010 2:52pm Aug 2, 2010 2:52pm
im thinking about a long on the eur/cad, nice confluence apart from the lower high of last week, what do you guys think?

highlander2
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