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Sonic R. System

  • #14,061
  • Aug 9, 2010 11:51am Aug 9, 2010 11:51am
Quoting traderathome
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.
Thanks TAH,

I rather to give some pips than stick to a losing position, because I'll know even if my SL hit, I'll bring them back in future.

BTW, it's very good that you trade with low volume comparing to your balance that even these minus pips don't hurt your account or even burnt it. because I can see even now, you can trade other pairs and even if you're averaging, you average in technical matter. After all, I don't like averaging which make me lose over 3-4% of my balance.

Talking to myself ... : There was some beautiful bullish setups, but the attitude that I had because I believe it will have some retrace, made me miss them. I had to work on this ! Trend is up, all I was looking for in last few weeks was going short !! But today was a good day for me to go short, because of the overbought in GU and EU ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #14,062
  • Aug 9, 2010 12:06pm Aug 9, 2010 12:06pm
Quoting Basber
Thanks TAH,

I rather to give some pips than stick to a losing position, because I'll know even if my SL hit, I'll bring them back in future.

BTW, it's very good that you trade with low volume comparing to your balance that even these minus pips don't hurt your account or even burnt it. because I can see even now, you can trade other pairs and even if you're averaging, you average in technical matter. After all, I don't like averaging which make me lose over 3-4% of my balance.

Talking to myself ... : There was some beautiful bullish setups,...
Yes, the trend is up, or at least has been to this point. Overbought is an understatement! Since there was more than 'respectable' trading activity at the highs today before PA headed south, it makes me wonder if we are seeing the end of the trend up.

PA has not traveled very far, in spite of the high trading activity at the highs today. And so that has me wondering if we are seeing consolidation for a future down trend. Days of tight ranging after whopping runs over many weeks.....well, you see my point. If we have more days of smaller than average ranging, then I am going to start believing the strategy at work is "Close the longs, boys! Open the shorts. We have a fall/winter run down to prepare for."
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  • #14,063
  • Aug 9, 2010 10:01pm Aug 9, 2010 10:01pm
EU Watch:

The asian session has brought with it large moves compared to what we normally see on the various pairs. In the case of EU, more than half the range is gone.

This is a situation in which the London open and US open traders may try a pump for themselves to continue to short at higher prices, and then let it drop back down.

The attached chart shows a confluence of levels that may be important today. I put a FR study from the top to bottom of the drive down thru the Dragon made yesterday early in the euro session. Out of curiosity, I also added the fibo levels from yesterday's total swing. You can see there is an area where FOUR major levels reside close together; the FR 424% level, the fibo 124% level, the 1.3100 whole number, and the lower range line for the average range.

It will be interesting to see what the Frankfurt, London and US profs do about the asian traders drive down. Surely they all have existing new shorts already running. But if the asian session run is just the beginning, it is logical that their greed will likely prompt them to pump and short as much as they can, before things really start to break loose.
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  • #14,064
  • Aug 9, 2010 10:23pm Aug 9, 2010 10:23pm
GU:

We have the same here as with EU (post above). Four key levels are in confluence at the range low mark, and a half number is just below them.

After such a strong, steep run in the asian session, it is going to be interesting to see how the euro/US traders react.
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  • #14,065
  • Aug 10, 2010 3:58am Aug 10, 2010 3:58am
Hi Sonickers,

Happened to come across this thread last week, and after a few days heavy reading, have just completed reading from page 1 through page 938.

For those who are new readers, it would be terrific to read all posts if possible. As there are now huge 938pages, I found more value in first 400 pages, and then from page 800 onwards.

A BIG Thank You for all your sharing to Sonicdeejay, Basber, Domas4, Muhammad989,TraderAtHome, DanPa and ddaytrader.

I am in this thread as I have a need to do a 180 degrees turn on my forex results into consistent profits.
My trades are live trades.

After reading through the posts here, it seem that even though I used some similar sonic dragon and other indicators in my methods, my past trades been missing the Wave L-H formation and S-R understanding.

From my future trade postings here, I want to develop better recognision of wave formation L-H and Support-Resistance structures , with the guidance from the senior traders/posters here.

Recent posts show TraderAtHome and Basber holding down the fort, hope to get further guidance from ddaytrader, Domas, Muhammad, and Sonicdeejay.

Cheers,
FB.
  • #14,066
  • Edited 7:13am Aug 10, 2010 6:36am | Edited 7:13am
Hello Sonikers !

I prepare to short EU, If a new LL is formed and LH still valid. I posted 15m & 4h. Target 1.3100, I believe it can go to 1.3000

Any comments welcome ! :-))

EDIT 1 : I am in
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  • #14,067
  • Aug 10, 2010 7:07am Aug 10, 2010 7:07am
SHORT EU

Quoting pipoca
Hello Sonikers !

I prepare to short EU, If a new LL is formed and LH still valid. I posted 15m & 4h. Target 1.3100, I believe it can go to 1.3000

Any comments welcome ! :-))
I'm with you Pipoca. Nice wave, classic Sonic trade. I don't know what my target is yet, I'll wait to see what kind of momentum there is.

Good luck!

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"Be the change that you wish to see in the world." --Gandhi
  • #14,068
  • Aug 10, 2010 7:29am Aug 10, 2010 7:29am
AU Short Traded Closed:

This one is from last week. Closed, finally, with 85 pips profit.
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  • #14,069
  • Aug 10, 2010 7:45am Aug 10, 2010 7:45am
UJ Long Trade Initiated:

EP, SL and TP per attached chart.
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  • #14,070
  • Edited 9:12am Aug 10, 2010 8:41am | Edited 9:12am
Quoting traderathome
AU Short Traded Closed:

This one is from last week. Closed, finally, with 85 pips profit.
Congrats !!!

Edit : EU short TP reached, closed all 1.3100 +42 pips
  • #14,071
  • Aug 10, 2010 9:12am Aug 10, 2010 9:12am
Quoting pipoca
Congrats !!!

Edit : EU short TP reached, closed all 1.3100
Thanks, pipoca. But sometimes I really goof. I still have open trades on EU and GU, both still down close to 150 pips! Perhaps by weeks end they will be looking better.
  • #14,072
  • Aug 10, 2010 9:29am Aug 10, 2010 9:29am
Hello TAH, I noticed EURO showed some strenght on EURCHF (has made a new high @ 1.3924.)

Right now I am short on EURJPY
  • #14,073
  • Edited 10:23am Aug 10, 2010 9:35am | Edited 10:23am
UJ Long Trade Update:

I entered on pullback from whole number after the Wave L-H-HL set up and PA ran thru EP to the whole number. There was nice 'basing' activity on the run down that started the wave setup, and 'send off' activity after my entry.

But PA has not gone far, now stuck in a range. Considering where the prior activity was, the current range does not represent much of a profit. Therefore, it is very possible the current ranging is consolidation....preparation for the next leg up. In other words, any professional trading outfits stuck with shorts are, during this ranging, trying to farm them off onto someone else and open more long positions for themselves.

WARNING: This is Speculation! Let us see what the market decides.

Edit: Added second chart. The profs are head faking it down.....unloading their shorts onto the unsuspecting. Trading activity on M1 tells the truth here; most of the trades are at the very lows (Buy low, sell high....). If this spike down didn't help them off-load their shorts and replace them with longs (and at very attractive prices), then nothing would! For us, this spoof down to the central pivot has created a new set of confirming L-H-HLs for the long trade. WARNING: Speculation!

Edit: If all this is preparations for the next leg up, then my TP is WAY TOO CLOSE! Preparations like this bode well for a run at least into the next day, if not further. I have cancelled the TP, and will just let the trade progress for a while before setting any new TP.
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  • #14,074
  • Aug 10, 2010 9:54am Aug 10, 2010 9:54am
My trade short EURJPY, very similar to EURUSD (wave analysis)

TP1 & TP2 reached , max 48 pips on this trade, personnally I averaged +40 pips profit

TAH thank you again for giving us RgH & RgL
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  • #14,075
  • Aug 10, 2010 10:05am Aug 10, 2010 10:05am
Another consolidation is occuring and I worried it might have run out of steam.

I added a second position at 3121, so my first position made 55 pips and my second made 30 pips, so quite profitable.

I hope everyone else got a piece of that nice run as well!
"Be the change that you wish to see in the world." --Gandhi
  • #14,076
  • Aug 10, 2010 11:14am Aug 10, 2010 11:14am
EU:
I got to my work PC just when NY session was about to start and I started as well, right in time! .
Trade closed manually when I came home and realized that my PT at 1,3075 was almost reached.
+50pips is very nice for me.

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  • #14,077
  • Aug 10, 2010 11:50am Aug 10, 2010 11:50am
EU Watch:

Two nice runs down....asian session.....euro/US early session. But "High Impact" US releases are coming out in 1.5 hours. This could be why the runs down were halted and PA started to be worked back higher on decreasing trading. They are resetting price as high as profitably possible before the releases.....at which point price will be slammed down again, or price will hold the line while they load up on more shorts and later slam it down (tomorrow?).

WARNING: Speculation!
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  • #14,078
  • Edited 1:53pm Aug 10, 2010 1:01pm | Edited 1:53pm
UJ:

I am already long on this. But the attached chart is a fresh view of PA, the Wave, as brought to us compliments of the profs pre-US release price manipulation.

It may, or may not work out this way.

Let the market decide.

Edit: Added second and third charts. The market decided to quickly whipsaw the price, in a 30-60 whip off the central pivot, ending the price lower for more accumulation of longs, which can be confirmed just by looking at the trading activity vs price.....the most trading being done AFTER the price was torpedoed. The finalizing PA on an M5 chart starting to resemble a BULL CHANNEL....the Bulls waving at the Bears, saying "Come. Short it! (....so we Bulls can increase our long positions!)". I guess the earlier down side spikes today didn't come near enough to help the profs close their shorts and go long....they needed something REAL DRAMATIC to sucker in shorters, like this move! Anyway, I added long near the current bottom. Average is now 85.60, and it may take a day or more to come to fruition. The Daily chart sure looks like a Double Bottom. And on this large scale, maybe the profs realize this is getting to be their last chance at going long at these low prices.

WARNING: Speculation!
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  • #14,079
  • Edited 2:31pm Aug 10, 2010 2:06pm | Edited 2:31pm
Speculation On The Market "Reaction" To The US Releases:

I have no idea what was in the releases. And I don't believe it makes any difference, anyway. Across the board, the market "reaction" was to wipe out all of todays runs. In other words, it is now like today never happened. Gone is the asian session run. Gone is the euro/early US session run! And THAT was the way the market was going to "react" no matter WHAT was released!

Yep! The prices have all been "reset" now so the same moves can be repeated, shedding shorts against the dollar and going long with the dollar.

What do the profs do when they know things are over bought (or over sold) and they don't want the price to change much until after they can reverse ALL THEIR POSITIONS? They keep price in a tight range. If they can't do that, then they let it run while taking advantage of the move, and whip it right back later on the "slightest excuse".

Welcome to the forex market!



Oh, and here is the obligatory chart........
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  • #14,080
  • Aug 10, 2010 2:49pm Aug 10, 2010 2:49pm
Quoting traderathome
Speculation On The Market "Reaction" To The US Releases:

I have no idea what was in the releases. And I don't believe it makes any difference, anyway. Across the board, the market "reaction" was to wipe out all of todays runs. In other words, it is now like today never happened. Gone is the asian session run. Gone is the euro/early US session run! And THAT was the way the market was going to "react" no matter WHAT was released!

Yep! The prices have all been "reset" now so the same moves can be repeated, shedding shorts against the dollar...
I goggle at that, man
I would never think about that situation this way.
THX!
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