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  • #1,721
  • Aug 3, 2010 5:27pm Aug 3, 2010 5:27pm
Here's the cad/jpy that I'm liking as it is straddling the 21 and moving lower out of that consolidation point.
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I dream, therefore I become.
  • #1,722
  • Aug 3, 2010 5:55pm Aug 3, 2010 5:55pm
Quoting mike w
We saw the breakdown of the double IB on the daily charts for the chf/jpy today. I'll be entering short on this one.
Hey mike if you don't mind my asking, What do all of the arrows represent on your daily chf/jpy chart. Are these all trades you have taken or past setups that have been considered. Just curious. Never know, i might pick up a good chart mapping tip from a pro. Thanks man!
"Luck favors the prepared mind"
  • #1,723
  • Aug 3, 2010 6:39pm Aug 3, 2010 6:39pm
Quoting jpa0827
Hey mike if you don't mind my asking, What do all of the arrows represent on your daily chf/jpy chart. Are these all trades you have taken or past setups that have been considered. Just curious. Never know, i might pick up a good chart mapping tip from a pro. Thanks man!
Nah my man, they are just part of a template that I've been using. I actually like the template a lot for the white charts. They are a lot easier on the eyes than the black and green that I've used for years. If you follow these with the trend, they normally are spot on from what I've seen although I wouldn't trade based off of them regardless of how nice they look. PA shows the way. And you know I don't mind any questions brother! Shoot, I wish I'd hear from ya more often.

How's everything goin over your way?
I dream, therefore I become.
  • #1,724
  • Aug 3, 2010 6:44pm Aug 3, 2010 6:44pm
Quoting mike w
Nah my man, they are just part of a template that I've been using. I actually like the template a lot for the white charts. They are a lot easier on the eyes than the black and green that I've used for years. If you follow these with the trend, they normally are spot on from what I've seen although I wouldn't trade based off of them regardless of how nice they look. PA shows the way. And you know I don't mind any questions brother! Shoot, I wish I'd hear from ya more often.

How's everything goin over your way?
Ok thanks, Things are good here. Can't complain too much. Dreaming the dream and living in reality. Hopefully to one day live the dream lol. ( i think that makes sense). I sent you a PM in reply to your message from this past weekend, not sure if you got it though. Just so you know. You in Myrtle?
"Luck favors the prepared mind"
  • #1,725
  • Aug 3, 2010 6:48pm Aug 3, 2010 6:48pm
Quoting jpa0827
Ok thanks, Things are good here. Can't complain too much. Dreaming the dream and living in reality. Hopefully to one day live the dream lol. ( i think that makes sense). I sent you a PM in reply to your message from this past weekend, not sure if you got it though. Just so you know. You in Myrtle?
Ah shoot, that's my bad brother. I saw it but I was on my way out for something when I did so I didn't have time to write back. I'm on it though. And nope, I'm in PA for a little while longer, one of my best buds is having a bday coming up so I want to be up here for it.

And believe me, it makes sense my man. Be grateful for everything that we do have but be discontent at the same, always pushing yourself for more.
I dream, therefore I become.
  • #1,726
  • Aug 3, 2010 6:58pm Aug 3, 2010 6:58pm
Quoting mike w
Ah shoot, that's my bad brother. I saw it but I was on my way out for something when I did so I didn't have time to write back. I'm on it though. And nope, I'm in PA for a little while longer, one of my best buds is having a bday coming up so I want to be up here for it.

And believe me, it makes sense my man. Be grateful for everything that we do have but be discontent at the same, always pushing yourself for more.
No hurry man. You get to it when you get to it. I already forgot what I wrote to you lol. Thanks for the wisdom. You truely have helped me in my trading directly and indirectly. Also, I agree with the white background. very easy to see!
"Luck favors the prepared mind"
  • #1,727
  • Aug 3, 2010 7:33pm Aug 3, 2010 7:33pm
Quoting mike w
Here's the cad/jpy that I'm liking as it is straddling the 21 and moving lower out of that consolidation point.
Ok, after a little re-arranging, I've entered shorts on the cad/jpy and exited the long on the aud/jpy for a loss of 25 pips. I like the looks of those two a lot more than the latter.
I dream, therefore I become.
  • #1,728
  • Aug 3, 2010 8:23pm Aug 3, 2010 8:23pm
Quoting mike w
Ok, after a little re-arranging, I've entered shorts on the cad/jpy along with the chf/jpy and exited the long on the aud/jpy for a loss of 25 pips. I like the looks of those two a lot more than the latter.
Well I'm glad I got a grip on market direction, even if it did take all day lol

We're currently sitting at 35 pip gains on both positions and I'm planning on holding these for a while longer as the dailies are looking good IMO.
I dream, therefore I become.
  • #1,729
  • Aug 3, 2010 8:31pm Aug 3, 2010 8:31pm
Quoting mike w
Well I'm glad I got a grip on market direction, even if it did take all day lol

We're currently sitting at 35 pip gains on both positions.

Hey mike on the chf/jpy trade, what you looking for as a target. you thinking long term or to about 81.00? If you have reasons why please explain. i'm trying to analyze when to hold positions and when to take the quick buck, because thats a major weakness for me.
"Luck favors the prepared mind"
  • #1,730
  • Aug 3, 2010 8:43pm Aug 3, 2010 8:43pm
Quoting jpa0827
Hey mike on the chf/jpy trade, what you looking for as a target. you thinking long term or to about 81.00? If you have reasons why please explain. i'm trying to analyze when to hold positions and when to take the quick buck, because thats a major weakness for me.
Right now, it completely depends on whether we can break under the PPZ or not (The blue bar all the way across is what I put up to indicate that we are right on it at the moment). I also like how the weekly chart is looking so I'm taking that in as a factor too. If we can break that point, I think we would be seeing 80 again.
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I dream, therefore I become.
  • #1,731
  • Aug 3, 2010 8:48pm Aug 3, 2010 8:48pm
Quoting mike w
Right now, it completely depends on whether we can break under the PPZ or not (The blue bar all the way across is what I put up to indicate that we are right on it at the moment). I also like how the weekly chart is looking so I'm taking that in as a factor too. If we can break that point, I think we would be seeing 80 again.
Thanks! the weekly is what was making me question whether or not this would be one to hold. thanks, I wasn't taking into consideration the PPZ as much as I should have. I was looking more at the 82.00 RN. Good to hear your view.
"Luck favors the prepared mind"
  • #1,732
  • Aug 3, 2010 8:53pm Aug 3, 2010 8:53pm
Quoting jpa0827
Thanks! the weekly is what was making me question whether or not this would be one to hold. thanks, I wasn't taking into consideration the PPZ as much as I should have. I was looking more at the 82.00 RN. Good to hear your view.
82 pretty much is the area of the PPZ. If we don't break it, I doubt this one'll be looking too good tomorrow morning but if price does break it down, then it's going to drop decently IMO.
I dream, therefore I become.
  • #1,733
  • Edited 8:30am Aug 4, 2010 8:16am | Edited 8:30am
That aussie setup finally closed out last night at .9165 for a gain of 35.

Some of these 4 hour setups look interesting but I doubt I'd trade them at the moment. I need a little more clarification first before doing so.

Here's a little update on the other yen setups as well, one's at a gain of 25 and the other's at a loss of 25. So yeah, that's fun lol

Today's been good for 5 minute trading so far. I've been in and out of quite a few already.
I dream, therefore I become.
  • #1,734
  • Aug 4, 2010 9:51am Aug 4, 2010 9:51am
Quoting mike w
That aussie setup finally closed out last night at .9165 for a gain of 35.

Some of these 4 hour setups look interesting but I doubt I'd trade them at the moment. I need a little more clarification first before doing so.

Here's a little update on the other yen setups as well, one's at a gain of 25 and the other's at a loss of 25. So yeah, that's fun lol

Today's been good for 5 minute trading so far. I've been in and out of quite a few already.
Came back to a loss of 55 on the cad/jpy and the chf/jpy is still open. Unreal, these past few days. Even though the market is acting like a bitch, it seems like I've been taking away a gain and a loss every day. They pretty much void each other out at that. Gettin to be a pain really. The 5 minute charts are so much easier for me any more than these higher timeframes.
I dream, therefore I become.
  • #1,735
  • Aug 4, 2010 9:59am Aug 4, 2010 9:59am
Hi Mike,

If you're not too busy, would you mind sharing one or two charts of the M5's you took today? Have been kinda busy with other stuff today, so I didn't have any time to sit behind the screen and watch M5. Still in a few H4's from overnight though.

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It's not about how much you make, it's about how much you don't lose.
  • #1,736
  • Aug 4, 2010 10:10am Aug 4, 2010 10:10am
Quoting Dhb
Hi Mike,

If you're not too busy, would you mind sharing one or two charts of the M5's you took today? Have been kinda busy with other stuff today, so I didn't have any time to sit behind the screen and watch M5. Still in a few H4's from overnight though.

Attachment

Attachment
Sure thing man and nice setups too brother! I've been in and out of the aud/jpy all day long (1 loss and 5 gains). I was in denial about my cad/jpy trade or I would have been in on it as well (Funny how our mind will only perceive what it wants eh? That's why whatever you think of becomes a reality).

I like what you did with the yellow MAs in between the 20 and 10 too BTW. Hmm, I may do the same just to make things more clear. I'll be messing with it for sure.
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I dream, therefore I become.
  • #1,737
  • Aug 4, 2010 10:37am Aug 4, 2010 10:37am
Quoting mike w
Believe me Bogden, you'll be a star my man. I don't doubt that in the least. We have a great community on this site and some of the traders on here are just insanely awesome. I've never met a better group of people than on this site. Next time I see ya, I'll bring my laptop and we'll set up a demo account for you and I'll show you some of the basic setups on the daily timeframes. They are slower to come to fruition although starting out, that's what you'll want. Patience is key and there's no better way to gain patience than on the daily and weekly...
It seems like it. I agree. I need to learn the basics for sure so we need to do that.
  • #1,738
  • Aug 4, 2010 10:52am Aug 4, 2010 10:52am
Nice job scalping that AJ, Mike. Thanks for sharing that chart. Solid uptrend going on. Like stealing candy from a baby eh? Which pairs do you check for m5 setups btw? I've only got the 12 majors on atm, but since you can easily screen with the angle indicator, I guess it would be a waste not to check more pairs.

Did you let today's m5's run, or did you have a predetermined TP for them? I also see you've got 0.5 set as a level on the angle indicator. Is that coincidental, or is it a filter level I haven't yet read about in Phil's thread?

The mini "EMA-rainbow" is just a lil sumthin sumthin I devised to brighten up my charts actually. But it does make the war zone stand out more clearly than would otherwise be the case. A more useful indicator to me is the grid indicator. For M5 I use a 10 pip interval in a color that doesn't stand out too much from the background, so that it doesn't become too distracting. Its greatest value is that you can instantly see if there's sufficient volatility to trade or not. Without a grid of some sorts, you have to look much harder to see the actual size of the candles. Used best in combination with the "show ask level" option checked, so that you can also see the spread.
It's not about how much you make, it's about how much you don't lose.
  • #1,739
  • Aug 4, 2010 11:49am Aug 4, 2010 11:49am
Quoting Dhb
Nice job scalping that AJ, Mike. Thanks for sharing that chart. Solid uptrend going on. Like stealing candy from a baby eh? Which pairs do you check for m5 setups btw? I've only got the 12 majors on atm, but since you can easily screen with the angle indicator, I guess it would be a waste not to check more pairs.

Did you let today's m5's run, or did you have a predetermined TP for them? I also see you've got 0.5 set as a level on the angle indicator. Is that coincidental, or is it a filter level I haven't yet read about in Phil's thread?

The...
12!? Damn man! That's a ton lol I check around 8 at the most on the 5 minute, but only because I can't keep up with more than that. If most pairs are ranging, I'll sometimes pull up another to see how it's rolling along though.

As for letting them run, if I am seeing that price is moving with force, I will. If not, they get cut early for around 10 or so pips. I allowed two trades today to run and ended up getting 30 and 45 pips out of both when price took a leap. Other than those two, I took gains of 8 and up on the rest and a loss of 4 earlier in the day. I wouldn't touch that chart now with a ten foot pole though, it looks exhausted.
I dream, therefore I become.
  • #1,740
  • Aug 4, 2010 11:57am Aug 4, 2010 11:57am
Mike,

I am kicking myself for not getting in the USDJPY Long trade this morning. Had a nice looking 8 and 12 hour pin, and I passed on it due to it being against such a strong trend.

But we are nearing historic lows, and the BOJ will probably intervene soon (maybe not).

Anyway, was USDJPY the pair you traded on the 5 minute? I see a nice set-up on the USDJPY around 9:30 to 10 AM EST.
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