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Triple taps

  • #241
  • Sep 23, 2010 10:07pm Sep 23, 2010 10:07pm
Good for you!!!

Quoting driftwood
hello lawgirl, i am out with +50
  • #242
  • Sep 23, 2010 10:08pm Sep 23, 2010 10:08pm
Quoting cugir321
Malcolmb,

Here's a chart with highs and lows....

it almost seems like you can wait until it goes past the previous day high or low and enter as it comes back up or down over the price. For 10-30 pips. I don't think you can just set it and forget it....what is the best time to tack the trade?

The red thumbs are where I'd enter for the trade.....the previous days high or low.
targets and guesses...

1) day on my chart starts London and ends London . Midnight to midnight pst . Many fx traders use 3pm pst to 3pm pst. I do not think it really matters.

2) days range gu and eu typically 120 pips.

There is no hard and fast rule for setting entry. Nearly all my orders are market and as i look at volumes and candle relationship I try and see if there are set ups around the days ranges. Often I even set alerts there to email me when price is 20 pip away from days range limits for counter trend trades.

I am not a take 200 or 300 pip out of the market kind oif trader. I take small bites , 30 here , 40 there , tonight 80 on uj , etc

Odd for me to trade this time of day , BUT felt uj would rip up due to a vsa set up I saw there at US close.

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  • #243
  • Sep 23, 2010 10:21pm Sep 23, 2010 10:21pm
gu potential 4 tap off utl .....watch for frankie fakes out ( will be fast up move then reversal if gu is to continue down)

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  • #244
  • Sep 23, 2010 10:25pm Sep 23, 2010 10:25pm
Thanks Malcolbm,

I actually think what your posting here may be one of the most important parts of trading. Before entering a chart. Know the daily high and low. Then use whatever method but don't fight the high or low. Not necessarily the trend direction even though it's important....knowing if I'm trading at the top or bottom of the range. Actually kind of what the daily TDI does with the blue bollinger bands. When green is outside the top blue band then I know price is definately maxed for the daily. Anything in between is a little more difficult but the outside edges are much more certain to the top and bottom of the range.

You've been a big help in focusing my vision with whats important.


Quoting malcolmb14
targets and guesses...

1) day on my chart starts London and ends London . Midnight to midnight pst . Many fx traders use 3pm pst to 3pm pst. I do not think it really matters.

2) days range gu and eu typically 120 pips.

There is no hard and fast rule for setting entry. Nearly all my orders are market and as i look at volumes and candle relationship I try and see if there are set ups around the days ranges. Often I even set alerts there to email me when price is 20 pip away from days range limits for counter trend trades.

I am not a...
  • #245
  • Sep 23, 2010 10:26pm Sep 23, 2010 10:26pm
eu potential

triple touch utl at 3150 , range is 120 pip , that places target right on 1.3030. that is daily support.

This could be a nice set up for london

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  • #246
  • Sep 23, 2010 10:28pm Sep 23, 2010 10:28pm
you when you were posting this morning going long above 1.5740 gu I was freaking out in case they did an upthrust on you just past days range ( I often look for this move for my counter trend trade)... as I knew we were ta day range high. That is why I posted as soon as I could.

Hate to see another trader lose money.

Quoting cugir321
Thanks Malcolbm,

I actually think what your posting here may be one of the most important...
Blogging daily now at www.volume.zone
  • #247
  • Sep 23, 2010 10:32pm Sep 23, 2010 10:32pm
Quoting malcolmb14
eu potential

triple touch utl at 3150 , range is 120 pip , that places target right on 1.3030. that is daily support.

This could be a nice set up for london

Attachment
long day ... sorry

entry 1.3350 , tp 1.3220
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  • #248
  • Sep 23, 2010 10:43pm Sep 23, 2010 10:43pm
Quoting malcolmb14
long day ... sorry

entry 1.3350 , tp 1.3220
Thanks for the correction malcolm - I was tearing my head to find out how/why (I cant afford to lose any more hair )

Im still waiting for my long at least to break-even (i think i entered too late @ 1.33534)
  • #249
  • Sep 23, 2010 10:44pm Sep 23, 2010 10:44pm
No I didn't just jump in....if it really was going to play out the cup and handle, I wouldn't miss anything by waiting a while to verify. That would be a big rise.

Quoting malcolmb14
you when you were posting this morning going long above 1.5740 gu I was freaking out in case they did an upthrust on you just past days range ( I often look for this move for my counter trend trade)... as I knew we were ta day range high. That is why I posted as soon as I could.

Hate to see another trader lose money.
  • #250
  • Sep 23, 2010 10:46pm Sep 23, 2010 10:46pm
Quoting cugir321
That was a fast down move on G/U....hit bottom of triangle. I'm guessing it will break the bottom of the triangle. I'm guessing, help me....it should break 155.08 in the next few trading days.

gu 30 with all s/r levels on it

seems channel forming 1.5726 to 1.5511

In general US stock markets seem to be topping out this should cause weakness in GU and eu as usd gets stronger. We have to watch the 1120 area in es. Breaks under this then 1050 target.

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  • #251
  • Sep 23, 2010 11:36pm Sep 23, 2010 11:36pm
Quoting malcolmb14
long day ... sorry

entry 1.3350 , tp 1.3220
3350 in play .... hop this is not frankie fake out
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  • #252
  • Sep 23, 2010 11:37pm Sep 23, 2010 11:37pm
Quoting malcolmb14
gu potential 4 tap off utl .....watch for frankie fakes out ( will be fast up move then reversal if gu is to continue down)

Attachment

stop +10 on this one....tp 1.5540
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  • #253
  • Sep 24, 2010 12:13am Sep 24, 2010 12:13am
this is what a frankie fake out looks like

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  • #254
  • Sep 24, 2010 12:53am Sep 24, 2010 12:53am
eu showing london high ( assuming it is) and days potential target

of course this is not set in stone

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  • #255
  • Sep 24, 2010 2:08am Sep 24, 2010 2:08am
Quoting cugir321
Malcolmb,...
cugir321,

I played it like this yesterday:

GU yesterday's low was 1.5615.
I added +120 to it which gave me the target area 1.5735 to go short.
That target area was yesterday's/previous weekly high
20 pips stop and 30 pips take profit.

I played the short game again because it came back up to test that level.

Today...GU is in a range. Range low is: 1.5646 and if it moves up then short area will be 1.5766. I won't blindly go short in that area. I will look for PA, volume and how low can it go.

GU Range high is: 1.5703 and if it moves down then long area will be 1.5583. That is the area I will look for longs to close the day in wicks.

Hope this helps.
  • #256
  • Sep 24, 2010 2:13am Sep 24, 2010 2:13am
Out of EU with +40 pips.
  • #257
  • Sep 24, 2010 2:18am Sep 24, 2010 2:18am
In GU long.
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  • #258
  • Sep 24, 2010 2:56am Sep 24, 2010 2:56am
Quoting lawgirl21
In GU long.
Out with +30 pips.
  • #259
  • Sep 24, 2010 3:02am Sep 24, 2010 3:02am
Quoting lawgirl21
Out with +30 pips.
what kind of stop loss do you use lawgirl?
  • #260
  • Sep 24, 2010 4:40am Sep 24, 2010 4:40am
U/Cad +40....the third bounce took it down. Great week!

I get a kick out of the losses!
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