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Backing Trades Thru Charts

  • #2,361
  • Aug 5, 2010 3:17am Aug 5, 2010 3:17am
Hi TLC (and everyone ofcourse)
What is your take on USDCAD? I have a few buys at the moment. Do you see any upside on this thing? It has been falling like a rock since yesterday.

Thanks for your time.
  • #2,362
  • Aug 5, 2010 3:18am Aug 5, 2010 3:18am
EUR/CAD Mixed signal, Broke the Triangle but just below is the ascending channel LTL. Use Caution.

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  • #2,363
  • Aug 5, 2010 3:22am Aug 5, 2010 3:22am
This market has been consolidating for a good while now - current 'local' range 112.00 - 114.20.

A 4H close above or below marked levels, should show some longer term direction.
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I've got my pips - go get yours!
  • #2,364
  • Aug 5, 2010 3:27am Aug 5, 2010 3:27am
Quoting need-help
Hi TLC (and everyone ofcourse)
What is your take on USDCAD? I have a few buys at the moment. Do you see any upside on this thing? It has been falling like a rock since yesterday.

Thanks for your time.
It is at Support now where many will take profits, It ''should'' bounce but I'm not sure if it is the necessary one to take you out at least BE. If it breaks the level don't expect it to go your way anytime soon #2331

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  • #2,365
  • Aug 5, 2010 3:30am Aug 5, 2010 3:30am
Quoting IdentifyTren
you have a lot of great chart analysis thelastcoke
very clean and meaningful executions... I'm just wondering with all the currency pairs you're trading, how much time you're spending analyzing charts?

keep up the great work
Usually 3 to 5 hours a day but it is gratifying that's for sure.
  • #2,366
  • Aug 5, 2010 3:31am Aug 5, 2010 3:31am
Quoting TheLastCoke
It is at Support now where many will take profits, It ''should'' bounce but I'm not sure if it is the necessary one to take you out at least BE. If it breaks the level don't expect it to go your way anytime soon #2331

Attachment
Hi TLC,
Thank you very much for your time.

Kind regards
  • #2,367
  • Aug 5, 2010 7:00am Aug 5, 2010 7:00am
Quoting trj6911
Wave count 5 on hourly dragon but still above LTL and PPX thou closed under yesterdays high?
Sorry, but what does PPX mean?
  • #2,368
  • Aug 5, 2010 9:19am Aug 5, 2010 9:19am
Hi TLC,
i m a big fan of ur thread, and i learned a lot about charting frm here. i just wanted to learn about the entry on trendlines. Bcoz when we go for retesting a trendline, then its easy to trade with a small stop loss.
But few times when we know a trendline breakout is going to occur, and i traded it few times with small stop loss, everytime i was shaken out, because PA is volatile during breakout, and during retests of trendlines PA moves smoothly.

So can u please share ur experience and teach us how and when to enter at breakouts, and what kind of PA to look for at breakouts???

GTA
  • #2,369
  • Aug 5, 2010 9:56am Aug 5, 2010 9:56am
Quoting gta5555
Hi TLC,
i m a big fan of ur thread, and i learned a lot about charting frm here. i just wanted to learn about the entry on trendlines. Bcoz when we go for retesting a trendline, then its easy to trade with a small stop loss.
But few times when we know a trendline breakout is going to occur, and i traded it few times with small stop loss, everytime i was shaken out, because PA is volatile during breakout, and during retests of trendlines PA moves smoothly.

So can u please share ur experience and teach us how and when to enter at breakouts, and...
Look at all the possible scenarios, I'd say example #1 is the safest but on the other hand look at example #6. It might break and reverse or it just can break and don't do a retest. The most importat issue is your MM not the entry itself.

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  • #2,370
  • Aug 5, 2010 10:57am Aug 5, 2010 10:57am
Hi LastCoke,
Hi GTa5555,

i am a counter trend trader. What I learned is, that the entry is important but more important is to save some pips as soon as possible (e.g. sell 30% after some pips in the green).
This give you some space for re-entry and at all a lower entry. It works often, but I think it's only one "hidden" strategy which you will never read somewhere.
I don't now any book which is talking about that.

Just watch the PA and you can see how real pros are trading. They don't buy and put a stop-loss. They trade on and on until they don't need to trade anymore and their position fits.
It's hard to learn.

If you master it on Level 5 I am now on Level 1 ...

But it pays off.

Greets
  • #2,371
  • Aug 5, 2010 11:49am Aug 5, 2010 11:49am
Quoting TheLastCoke
Look at all the possible scenarios, I'd say example #1 is the safest but on the other hand look at example #6. It might break and reverse or it just can break and don't do a retest. The most importat issue is your MM not the entry itself.

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thanks TLC for explaining. i got your point. But during TL breaks, options 6 occurs most of the time. and in case of option 1, the stop loss gets huge, and i think a stoploss above 30 pips is madness. i m still confused, but i think i will learn it with experience.

And my MM technique is - don't risk more than 3% of equity on a single trade. thats all i know about MM, but i have seen traders using very complex MM techniques but didn't found them handy to use.

and can u please refer some books or articles on trends and chart pattern trading.

GTA
  • #2,372
  • Aug 5, 2010 12:11pm Aug 5, 2010 12:11pm
Quoting gta5555
.... the stop loss gets huge, and i think a stoploss above 30 pips is madness. i m still confused, but i think i will learn it with experience.

And my MM technique is - don't risk more than 3% of equity on a single trade. thats all i know about MM,...
GTA, you should keep a more flexible view of MM and appropriate stops, I know lots of people who use rules similar to what you describe, but I'm more than comfortable with 100-300 pips stops, and still only risk 1%.

If you're risking 3%, a wider stop would give your trade more room to breath.

Not trying to tell you how to trade, since I only play daily's and weeklies, this is just my way.
  • #2,373
  • Aug 5, 2010 4:04pm Aug 5, 2010 4:04pm
Quoting gta5555
... the stop loss gets huge, and i think a stoploss above 30 pips is madness. i m still confused, but i think i will learn it with experience.

And my MM technique is - don't risk more than 3% of equity on a single trade. thats all i know about MM, but i have seen traders using very complex MM techniques but didn't found them handy to use.
GTA...
I absolutely agree with Low. A tight stop loss is just setting up for the trade to fail unless you are absolutely a genius in picking tops and bottoms and can enter at the perfect price level. Trades need some room to breathe. If your analysis and confirmation give you confidence in the trade setup, a wider stop loss would do no harm.

I know most trading teaching materials for newbies all preach for a tight stop loss. But think about it, with that, even if you only risk 3% each time, but multiple times of 3% stop got hit would amount to a much higher percent of equity drop.

I think perhaps a more sensible way is to put in solid analysis, then a wider stop for the trade to play out. Just my 2 cents/pence.
  • #2,374
  • Aug 5, 2010 8:34pm Aug 5, 2010 8:34pm
Quoting perstoman
Yesterday's short worked out fine.
Maybe we are finally seeing a retracement of crazy up movement.
I see a possible top formation(H&S)
Once G/U breaks 1.5865ish level, it will resume its move down.

Nothing is for certain in this market, so I have my SL placed at the top.

Happy pipping to everyone!

*Thanks TLC for Cad/JPY setup last nite!!
Took partial profits when G/U hit the lower trendline.
With today being Friday and all the news/data expected from the US,
I am setting SL to BE on remaining trades and going to go enjoy my weekends!

Good luck to everyone today and stay safe!
  • #2,375
  • Aug 5, 2010 9:01pm Aug 5, 2010 9:01pm
EUR/JPY

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  • #2,376
  • Aug 5, 2010 9:03pm Aug 5, 2010 9:03pm
GBP/NZD

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  • #2,377
  • Aug 5, 2010 10:33pm Aug 5, 2010 10:33pm
GBP/CAD

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  • #2,378
  • Aug 5, 2010 11:17pm Aug 5, 2010 11:17pm
TLC, have uj,gj and gu chart ?
  • #2,379
  • Aug 5, 2010 11:21pm Aug 5, 2010 11:21pm
Quoting special0nefx
TLC, have uj,gj and gu chart ?
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  • #2,380
  • Aug 5, 2010 11:25pm Aug 5, 2010 11:25pm
GBP/JPY

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