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Sonic R. System

  • #14,041
  • Edited 10:36am Aug 6, 2010 10:12am | Edited 10:36am
AU:

Some of the pairs, like CHFUSD AND JPYUSD, did not do much of a "wrong way fake" upon the US release at 8am EST. AU was not one of them. Like EU and GU, AU made a humongous head fake.

Only, the AU head fake came AFTER first a very wide whipsaw!

Yep, WHIPSAW, HUMONGOUS HEAD FAKE, and now the price is right back where it started from!

Conclusion? Heck, who knows? I don't. But, if a lot of professional trading outfits were long, and were looking for an opportunity to sell those longs off and go short, they just had a great opportunity to do that on EU, GU, AU, etc. Of others that were already short with SLs tight in, they got taken out. This enabled the profs to close their longs. Look at volume for any of these pairs and you will find these moves against dollar strength were on huge activity.

.......the FINAL switch over move by the profs?
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  • #14,042
  • Aug 6, 2010 10:25am Aug 6, 2010 10:25am
Opinions of Others......:

Not too long ago when EU was around 1.2400 - 1.2500 (if I remember correctly) , a CNBC talking head was asked about how much higher would EU likely go. He responded that tops would be 1.2600 - 1.2700, maybe to 1.2750!

Since then EU has soared 850+ pips!

This is one reason good traders isolate themselves from the opinions of others.

....probably too, I should stop posting anything but trades. I meean, since before I have been expecting EU to roll over and dive. Even now, PA looks to me like a HUMONGOUS BEAR CHANNEL!
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  • #14,043
  • Aug 6, 2010 10:29am Aug 6, 2010 10:29am
Quoting traderathome
Opinions of Others......:

Not too long ago when EU was around 1.2400 - 1.2500 (if I remember correctly) , a CNBC talking head was asked about how much higher would EU likely go. He responded that tops would be 1.2600 - 1.2700, maybe to 1.2750!

Since then EU has soared 850+ pips!

This is one reason good traders isolate themselves from the opinions of others.

....probably too, I should stop posting anything but trades.
Right. I don't listen to the cnbc people. Its mostly a bunch of nonsense. They're just talking smack. I wonder how many people got burned listening to them.
  • #14,044
  • Aug 6, 2010 11:00am Aug 6, 2010 11:00am
Quoting Wally1953
Attachment



Your examples are not 123s.

Here's another chart with a 123 high and a 123 low as an example. In this example it's used to pick tops and bottoms.

I like to use these when price is retracing on a higher timeframe, and helps me get in early with smaller stoploss when price resumes the trend in original direction (as in the first chart I posted with my actual trade).

This setup has been around a long time, and is still a very good indication of where price may be headed. At times it can be quite helpful when used...
Wally1953, is this the correct application of "123" on the attached M1 chart?
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  • #14,045
  • Aug 6, 2010 11:01am Aug 6, 2010 11:01am
Happy friday everyone. I hope everyone finished the weak positive trading sonic. I had a good week trading sonic, ended profitable.

I didn't get up for the london session last night as I didn't like the time the news was coming out on top of it's start. Glad I didn't because the pairs I like were very whippy, I guess waiting for the US session news.

I got in GU after the 7:30 usd news was over and took +30 on GU. Positive +110 pips for the week overall from 8 trades. Could a made some more but put three of the trades at break even too soon.

With any luck we'll get another repeat monday on GU, where it chooses a direction and keeps going for a good while without retracing much.
  • #14,046
  • Aug 6, 2010 12:27pm Aug 6, 2010 12:27pm
AU:

Well, after all the ups and downs, price is right back at my yesterday's average entry, for entries 2 and 3 (early entry 1 already closed w/profit).

This has been more up, than down. But for some reason, I can't help think all this price movement is nothing more than preparations for a better move down.

Anyway, unless this drops "big tme" before this last session of the week ends, I will keep trade on over the week end.

Now, that will make three trades still active, ......EU, GU, and now AU.
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  • #14,047
  • Aug 6, 2010 1:16pm Aug 6, 2010 1:16pm
EU Watch:

This H4 chart shows a genuine pin bar candle at the top! The current candle pushing back up is just "fluff", late US session profs trying to put on shorts as high as possible now that most have left the table and less resistance to upwards price manipulation exists (i.e., less costly to push up price).

This H4 pin bar is the best "indicator" H4 candle that we have had in many ages! So, I would not be at all surpised to see PA fall next week.

Also, please note the FR study shows that the pin bar pushed price to the FR 127% expansion level area; another indication that price might have been pushed to exhaustion now.

Lets see what next week brings!
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  • #14,048
  • Edited 4:08pm Aug 6, 2010 3:54pm | Edited 4:08pm
Quoting traderathome
Wally1953, is this the correct application of "123" on the attached M1 chart?
Pretty close, except about halfway down between your no. 1 and no. 2 points there is a mini 2 and 3 which would have given a false signal. But if the same area was seen on a 5 minute chart, that probably wouldn't have been visible, and you'd be okay. Of course if your stop was above the no. 1 point you'd have been okay. I usually put my stop above the number 3 point.

Most often I'll use the 5 minute charts for these signals, cause the 1M will give more false signals.
"Be the change that you wish to see in the world." --Gandhi
  • #14,049
  • Aug 6, 2010 4:02pm Aug 6, 2010 4:02pm
Quoting KumoDragon
Happy friday everyone. I hope everyone finished the weak positive trading sonic. I had a good week trading sonic, ended profitable.

I didn't get up for the london session last night as I didn't like the time the news was coming out on top of it's start. Glad I didn't because the pairs I like were very whippy, I guess waiting for the US session news.

I got in GU after the 7:30 usd news was over and took +30 on GU. Positive +110 pips for the week overall from 8 trades. Could a made some more but put three of the trades at break even too soon....
Kumo, I'm glad to hear you had a profitable week. I did too. All we can do is keep chuggin' away, earn while we learn.

I've been getting up at night if I happen to wake up by chance, and caught a couple trades that way this week, by sheer luck. There's so few Sonic setups that I feel I need to put in more screen time to catch them, but must draw the line somewhere or I'll go nuts!

Have a great weekend.
"Be the change that you wish to see in the world." --Gandhi
  • #14,050
  • Aug 6, 2010 4:31pm Aug 6, 2010 4:31pm
Quoting Basber
Hi Wally,

Nice trades

If you're making pips in one session, why bother to not sleep or anything else ? By the way, which session you can handle ? If it's london session and you're making money out of it, I believe it's okay to stick to that one.

Sometimes TAH scalps sleeping

P.S. : It's 3:30 a.m here !!

Regards,
Basber
I live in eastern US, so I can comfortably handle from 7-11 a.m. (the US/London overlap), but I feel there's just not enough Sonic setups during that time, so have been considering trading in two shifts and sleeping in between.

I'll do whatever it takes to make pips, as long as it's legal and doesn't harm small animals and children.
"Be the change that you wish to see in the world." --Gandhi
  • #14,051
  • Aug 9, 2010 2:43am Aug 9, 2010 2:43am
GU:

Domas4 hasn't been here in a while, but if he were here now I think he might have a recommendation on this one.

Three times PA has failed near the upper whole number. This time the initial bounce back down has the tallest bearish candles. PA may pull back upwards and create a "LH", which could be nice to have before entereing a SonicR short trade.

The recommendation I believe Domas4 might make is that you throw a FR study on the chart from last high to last low. If PA pulls back up to between the FR 50% and FR 79% levels, you could consider an early short trade entry somewhere in that area. This would be an early entry off resistance (the upper whole number), but using the FR study to bracket your early entry price. Then, your SL would be higher than the "LH" created, and lower than the FR 100% level (assuming the pull pack upwards does not reach/exceed that previous high.

Make your own decisions on this. I don't recall the Domas4 post presenting this strategy, or I would refer you to it.
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  • #14,052
  • Aug 9, 2010 2:54am Aug 9, 2010 2:54am
EU Watch:

Could go either way, of course, but if it goes down after creating a H-L-LH sequence, it could be a good short trade considering the considerable pump it got Friday.
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  • #14,053
  • Aug 9, 2010 5:14am Aug 9, 2010 5:14am
Quoting traderathome
GU:

Domas4 hasn't been here in a while, but if he were here now I think he might have a recommendation on this one.

Three times PA has failed near the upper whole number. This time the initial bounce back down has the tallest bearish candles. PA may pull back upwards and create a "LH", which could be nice to have before entereing a SonicR short trade.
I entered early on GU because of the round number and S&R and divergence. now added to that position with FR 50% & 61.8% levels. Now my average entry is shown in the picture ...

Let's see what market wants to do in near future ...

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #14,054
  • Aug 9, 2010 5:16am Aug 9, 2010 5:16am
Quoting traderathome
EU Watch:

Could go either way, of course, but if it goes down after creating a H-L-LH sequence, it could be a good short trade considering the considerable pump it got Friday.
I'm waiting for it too ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #14,055
  • Aug 9, 2010 5:20am Aug 9, 2010 5:20am
Quoting Basber
I'm waiting for it too ...

Regards,
Basber
Done !
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Trading methods are designed to put the odds in our favor, not predicting.
  • #14,056
  • Aug 9, 2010 6:14am Aug 9, 2010 6:14am
EJ showing HUGE volume!!

price may pump up?
  • #14,057
  • Aug 9, 2010 8:38am Aug 9, 2010 8:38am
Quoting Basber
Done !
SL @ BE

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #14,058
  • Aug 9, 2010 11:22am Aug 9, 2010 11:22am
EU Watch:

The NVO study on the attached chart shows heavy trading at the highs and first drop in the early eruo session. PA then pulled back up to make a "LH" before proceeding further down.

PA is not even close to using average range. Looks like US traders are consolidating where it stands, instead of trying to pump it first. More run down in late US session?
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  • #14,059
  • Aug 9, 2010 11:28am Aug 9, 2010 11:28am
Quoting Basber
SL @ BE

Regards,
Basber
Closed 80% of the position with +46 pips & SL @ BE. Same goes with GU. Good day for me

Regards,
Basber
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Trading methods are designed to put the odds in our favor, not predicting.
  • #14,060
  • Aug 9, 2010 11:31am Aug 9, 2010 11:31am
Quoting Basber
Closed 80% of the position with +46 pips & SL @ BE. Same goes with GU. Good day for me

Regards,
Basber
Congratulations, Basber!

I am still waiting for my EU and GU trades to come to BE.......! At this rate, maybe in a few more weeks.
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