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Daily Chart Trading Discussion

  • #61
  • Aug 2, 2010 6:18pm Aug 2, 2010 6:18pm
Quoting highlander2
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
Based on PA:

A little bullish harami with bouncing from middle band and following the (up) trend. Maybe a next H4 bullish candle could help to determine long. Just my 2 cents.

p.s. Watch out for the star formed 2 weeks ago.

tpat
  • #62
  • Aug 4, 2010 1:29pm Aug 4, 2010 1:29pm
Hi guys, looks like i might get a second chance to go long on the gbp/jpy.
We have a new pinbar which has retested old resistance and it has now held as support. looks good to me, if it holds i will probably go straight in on the close (5pm est)

highlander2
Attached Image (click to enlarge)
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  • #63
  • Aug 4, 2010 4:13pm Aug 4, 2010 4:13pm
have set orders to go long on a 38% retrace of this pin, thats @136.66

have gone long eur/jpy @market (113.54) with my stop below todays low, this is doubling my risk on the yen, so i reduced my trade size acordingly. most currencys pointing to higher prices against the yen, so this was an easy trade for me.

lets see what happens....
  • #64
  • Aug 4, 2010 4:18pm Aug 4, 2010 4:18pm
Quoting highlander2
have set orders to go long on a 38% retrace of this pin, thats @136.66

have gone long eur/jpy @market (113.54) with my stop below todays low, this is doubling my risk on the yen, so i reduced my trade size acordingly. most currencys pointing to higher prices against the yen, so this was an easy trade for me.

lets see what happens....
Where are you looking to t/p on ej?
  • #65
  • Aug 4, 2010 4:31pm Aug 4, 2010 4:31pm
at the moment looking for the 115.60 area. gives me over 2.1:1R. reistance overhead, but i think momentum will push through.

so if you can go buy a few billion euro, it would help me out here.......
  • #66
  • Aug 4, 2010 4:42pm Aug 4, 2010 4:42pm
Quoting highlander2
Hi guys, looks like i might get a second chance to go long on the gbp/jpy.
We have a new pinbar which has retested old resistance and it has now held as support. looks good to me, if it holds i will probably go straight in on the close (5pm est)

highlander2
With you on this one. Got the retrace you spoke about earlier.
Never underestimate an idiot.
  • #67
  • Aug 4, 2010 7:09pm Aug 4, 2010 7:09pm
Quoting uncle gromit
With you on this one. Got the retrace you spoke about earlier.
Hi gromit & highlander

I also took long G-J, based on H4.
Attached Image(s) (click to enlarge)
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  • #68
  • Aug 5, 2010 1:57pm Aug 5, 2010 1:57pm
Potential short?

Looks like a wall developed on the daily.
Attached Image(s) (click to enlarge)
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Never underestimate an idiot.
  • #69
  • Aug 5, 2010 7:14pm Aug 5, 2010 7:14pm
Hi gromit & highlander

My G-J was stopped out at BE (pocketed 50 pips only )
Hope you are doing fine.

I like the set up N-U, gromit.
Let see how NFP "works out" today?

tpat
Attached Image (click to enlarge)
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  • #70
  • Aug 6, 2010 4:24am Aug 6, 2010 4:24am
Quoting tradpat
Hi gromit & highlander

My G-J was stopped out at BE (pocketed 50 pips only )
Hope you are doing fine.

I like the set up N-U, gromit.
Let see how NFP "works out" today?

tpat
Any time u close out 4 a profit is all good.
Never underestimate an idiot.
  • #71
  • Aug 9, 2010 3:15am Aug 9, 2010 3:15am
Hi gromit & highlander

May the pips go to you

How is your NZ-U coming up, gromit?
I think the "break out" is coming soon as it is in a consolidating phase, somehow?

highlander, I got an entry on E-CAD using H4 tf.
I locked in 100 pips and let it runs.

I think this is a common dilemma for newbies.
I have now > 200 pips.
How would you normally react to it?

Take out 200 and take a walk for the day?
Or... pls. comment.

Thanks
tpat
Attached Image(s) (click to enlarge)
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  • #72
  • Aug 9, 2010 3:42am Aug 9, 2010 3:42am
I think its a commom dilemma for everyone, looking at the chart, i can see it has hit resistance @1.3690, clarly alot of people taking profit here.

If i was you (wish i was at the moment) i would maybe take 2/3 of the position off (if your platform allows), and trail the stop on the final 1/3.
Make sure you lock in some profit, as you know watching a good trade turn to very little is not good for ones health.

You may be better to come up with an exit plan, thus removing all or some of this indicision. obviously all trades are different, you will have to go through your trading records see if you can come up with an exit strategy that maximises your profit potential.

john
  • #73
  • Aug 9, 2010 8:55am Aug 9, 2010 8:55am
[quote=tradpat;3931491]Hi gromit & highlander

May the pips go to you

How is your NZ-U coming up, gromit?
I think the "break out" is coming soon as it is in a consolidating phase, somehow?

Sideways to slightly down at the moment. 0.7350 still capping the topside. Looking for a crisp clear directional bias change.
Never underestimate an idiot.
  • #74
  • Edited 5:37am Aug 11, 2010 5:28am | Edited 5:37am
I am long on gold @1199.61, after a daily pin bar, i wont exit the trade unless we close below 1190.00- yesterdays low. will add to the position if we break above 1207.00. profit target, a much as possible, could be a longer term trade if it works out...
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  • #75
  • Aug 11, 2010 11:11pm Aug 11, 2010 11:11pm
Hi John

My understanding from the reading of candlestick by Steve Nison about the pin bar, I think when they appear at the bottom, signifying a potential trend change (to uptrend), or vice versa.

See the picture... pin bars in yellow boxes (to uptrend) vs. arrows (to downtrend).

IMO, the candles might assume the patterns like the green boxes... swing up, then down then up.

Gromit, USD showed good strength yesterday for almost every major pair, except U-J. Stay on with your NZ-U?

tpat
Attached Image (click to enlarge)
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  • #76
  • Aug 12, 2010 2:48am Aug 12, 2010 2:48am
Worked out well eventually.
Closed half. Rest to break even. Hopefully ride out any retrace.
Never underestimate an idiot.
  • #77
  • Aug 13, 2010 12:56pm Aug 13, 2010 12:56pm
Gold comming off to the upside now, it stalled today at resistance @ 1218, will hopefully have some buying pressure at the start of next week to take us through, we may get a retracement beforehand, but i remain bullish on gold an will hold if possible, my SL is at 1199.61 for both positions.

highlander2
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  • #78
  • Aug 13, 2010 12:59pm Aug 13, 2010 12:59pm
Quoting uncle gromit
Worked out well eventually.
Closed half. Rest to break even. Hopefully ride out any retrace.
uncle gromit i PM'd you i hope you got it.....

highlander2
  • #79
  • Aug 13, 2010 1:09pm Aug 13, 2010 1:09pm
Quoting highlander2
Gold comming off to the upside now, it stalled today at resistance @ 1218, will hopefully have some buying pressure at the start of next week to take us through, we may get a retracement beforehand, but i remain bullish on gold an will hold if possible, my SL is at 1199.61 for both positions.

highlander2
John,

Pretty much free trades then.
Out of nzd. Profits booked. Never been comfortable holding over weekend.
Long USD/JPY from weekly lows looks inviting.
Can't see much else.
Thanks for the PM.

Paul
Attached Image (click to enlarge)
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Never underestimate an idiot.
  • #80
  • Aug 13, 2010 1:12pm Aug 13, 2010 1:12pm
Thanks Paul,

Good weekend to you,
good job,

john
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