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Nearly Naked (Simple Trades)

  • #9,101
  • Oct 21, 2010 2:13pm Oct 21, 2010 2:13pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Some other trade got triggered today.

Short EUR/GBP from 0.89.

--> Some longer term UTL (beginning at the highs end of 2008)
--> weekly R2
--> 61.8 fib of a longer term and 76.4 fib of a "shorter" term down-move
--> previous are of S/R

Nice first bounce from here now. Lets see if it will find the way down now.
Initial target will be between previous S/R .8820 and weekly pivot .8760
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"Blue Horseshoe loves Anacott Steel!"
  • #9,102
  • Oct 21, 2010 2:17pm Oct 21, 2010 2:17pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting seifo005
So you don't use limit orders and because of that you miss the breakout ?
For my order; yes I'm protected with the trend line but as you said nothing is for sure.
I do use limit orders but mostly for bounces / reversals.
For a breakout I like to see a candle close (H1 or H4) above.
But often feel uncofortable with it as I'd like to see PA at the level I was looking for. Sometimes price can just shoot through a certain level.

With the volatility in these days I don't really feel sure of any setups I find.
So I reduced my risk (lotsizes) for the moment.
(Ya. you can call me a chicken )
"Blue Horseshoe loves Anacott Steel!"
  • #9,103
  • Oct 21, 2010 2:35pm Oct 21, 2010 2:35pm
It looks like we'll see a pause in the selling as many dollar plays are finding temporary support.

I get my DXY at freestockcharts, and it won't print the daily til after NY close, so I don't get to know yet.

Of interest, gold still has a bit to fall before I'm a buyer, we'll see a test of the rather parabolic TL around 1300 if this current decline continues.

http://i51.tinypic.com/2i9nsbp.png

Also, we have the pound sitting on a nice daily TL, but I won't be a buyer til Asia, and only if we get a downthrust to shake out the weak longs and lure the punters in short. If the TL is broken conclusively, I will look for a retest next week to short.

http://i51.tinypic.com/e0mwzb.png

http://i52.tinypic.com/5x52zs.png
  • #9,104
  • Oct 21, 2010 2:38pm Oct 21, 2010 2:38pm
Quoting Tuner
I do use limit orders but mostly for bounces / reversals.
For a breakout I like to see a candle close (H1 or H4) above.
But often feel uncofortable with it as I'd like to see PA at the level I was looking for. Sometimes price can just shoot through a certain level.

With the volatility in these days I don't really feel sure of any setups I find.
So I reduced my risk (lotsizes) for the moment.
(Ya. you can call me a chicken )
A chicken ? hhhhh
I can't call my friend a chicken, I like you so much Tuner
Regards
  • #9,105
  • Oct 21, 2010 3:21pm Oct 21, 2010 3:21pm
what a day!

Marc - I'm think I'll be joining you in this period of Chasity.
May the pip flow with you
  • #9,106
  • Oct 21, 2010 3:39pm Oct 21, 2010 3:39pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting seifo005
A chicken ? hhhhh
I can't call my friend a chicken, I like you so much Tuner
Regards
Thanks my friend...
Still learning how to handle and understand that business. Keep my risk low whenever I feel unsure where market is heading to...
or when there are mixed signals and opinions
Like these days with the spikes up and down on EU for example...

Just went for a few scalps on U/CAD, E/U and G/U and collected a few pips.
All green pips are welcome.
"Blue Horseshoe loves Anacott Steel!"
  • #9,107
  • Edited 4:01pm Oct 21, 2010 3:44pm | Edited 4:01pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting Flow
what a day!

Marc - I'm think I'll be joining you in this period of Chasity.
Flow, what's up?
Think Marc is away for a few days as he posted.

Trades went bad for you today? What did you trade?
We all know those days. Not all days can end in the green.
Just keep to a reasonable MoneyManagement to make sure such a day doesn't harm your account too much.



An article about " Trading Psychology" I read some time ago that I really liked
Maybe someone is interested in that as well:
http://www.fx360.com/commentary/brad...-drawdown.aspx
"Blue Horseshoe loves Anacott Steel!"
  • #9,108
  • Oct 21, 2010 4:18pm Oct 21, 2010 4:18pm
Quoting Tuner
Flow, what's up?
Think Marc is away for a few days as he posted.

Trades went bad for you today? What did you trade?
We all know those days. Not all days can end in the green.
Just keep to a reasonable MoneyManagement to make sure such a day doesn't harm your account too much.



An article about " Trading Psychology" I read some time ago that I really liked
Maybe someone is interested in that as well:
http://www.fx360.com/commentary/brad...-drawdown.aspx
I had some decent green pips overnight yesterday on pull backs on GU and NU, long AU heading north before Europe came in today. All went well on the first half of the game.

Went Long on GU and NU about London time but got smashed after US opened. Not sure why but its very clear that the market is aware they were in overbought region for way too long and the USD strikes back as you say it. Partly my fault on GU though, was well aware of the similar climate of BOE and the FEDS on QE. Thought I saw a bearish butterfly on GU and bought the final leg. Turns out more like a AB=CD kinda scenario.

Which reminds me of something Saxon said. Harmonic trading or any form of technical system is just a self fulfilling prophecy.

Your eyes show you all the reasons to go into a trade.. LOL

Well, just need to get up every time you fall, I guess.

good thing is money management is fine. still green for the day. but could have been a lot greener if I was a little more risk sensitive..

The show must go on! Happy pipping is the way forward. Nice to have buddies here to share the experience.

Many thx all.

BTW Tuner - Good on you for all your green pips
May the pip flow with you
  • #9,109
  • Oct 21, 2010 4:31pm Oct 21, 2010 4:31pm
Smart idea

I didnt short because of sleep. But had I been awake I wouldnt have placed a short with the bottom half of that candle looking like a batch of piranhas got to it


Quoting Tuner
Had a trailing stop in place while I was at sleep. With the spike it brought me some 55 pips in the end. Lucky... as We seem to break out to the upside now.
Annoying Precision
  • #9,110
  • Oct 21, 2010 4:45pm Oct 21, 2010 4:45pm
Quoting amyc
DX 0.8 range bar chart. Needs to complete the bar down to 77.03 before I will be looking for usd long positions.
DX completes the bar down. I went short eu at 1.4030 and au at 9880. Both pairs are now under the daily pivot point this should open up more downside for Friday.
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  • #9,111
  • Oct 21, 2010 4:50pm Oct 21, 2010 4:50pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting Flow

good thing is money management is fine. still green for the day. but could have been a lot greener if I was a little more risk sensitive..

The show must go on! Happy pipping is the way forward. Nice to have buddies here to share the experience.

Many thx all.

BTW Tuner - Good on you for all your green pips
Well. You had a plan and traded according to the plan.
Lost this time. All about the odds.
In your case now with the day still ending in the greens even after the loss everything is fine.. speaking of your account.

But I experienced the same thing. Sometimes it "hurts" much more If you started with decent profits and then give back the biggest part of it.
Hard lesson to learn to handle this maybe.

That's what I like about the forum and this thread in particular. Sharing experience, thoughts and of course trade ideas.

"Blue Horseshoe loves Anacott Steel!"
  • #9,112
  • Oct 21, 2010 4:53pm Oct 21, 2010 4:53pm
the bears are still out, I'll be looking for intraday shorts.
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Annoying Precision
  • #9,113
  • Oct 21, 2010 4:58pm Oct 21, 2010 4:58pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting amyc
DX completes the bar down. I went short eu at 1.4030 and au at 9880. Both pairs are now under the daily pivot point this should open up more downside for Friday.
Congrats Amy. Beautiful entries!
What do you think about equities? S&P and Dow with new highs today.
Still expect some bigger correction here?
"Blue Horseshoe loves Anacott Steel!"
  • #9,114
  • Oct 21, 2010 5:04pm Oct 21, 2010 5:04pm
Quoting Tuner
Congrats Amy. Beautiful entries!
What do you think about equities? S&P and Dow with new highs today.
Still expect some bigger correction here?
I think we will see some more downside on those as well. The move off the highs last night and the close was bearish.
A downmove is clearer to me in currencies though as Tuesdays move broke some significant supports but in the S&P the move down was not far enough to say for sure, need to wait and see Fridays close.
  • #9,115
  • Oct 21, 2010 5:07pm Oct 21, 2010 5:07pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting erikte279
Smart idea

I didnt short because of sleep. But had I been awake I wouldnt have placed a short with the bottom half of that candle looking like a batch of piranhas got to it
haha. Ya. PA was kind of strange last night.
My trade was closed just on that "piranha" candle
Trailing stop was set to 50 pips. So we are just back to the level where I was stopped
"Blue Horseshoe loves Anacott Steel!"
  • #9,116
  • Oct 21, 2010 5:14pm Oct 21, 2010 5:14pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting amyc
I think we will see some more downside on those as well. The move off the highs last night and the close was bearish.
A downmove is clearer to me in currencies though as Tuesdays move broke some significant supports but in the S&P the move down was not far enough to say for sure, need to wait and see Fridays close.
Thanks Amy,
For S&P I jumped into a first lil short already around 1180 today.
RSI shows a bearish div. here.
Wanna see a clearer breack of the support levels here and considering to add then.
So lets see what Friday will bring us.
"Blue Horseshoe loves Anacott Steel!"
  • #9,117
  • Oct 22, 2010 3:43am Oct 22, 2010 3:43am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting erikte279
the bears are still out, I'll be looking for intraday shorts.
Did you get into some shorts?

Retest of weekly pivot this morning just before Euro-Session opened.
A bit risky to enter a trade at this time of the day. But I went for it.
--> Short from 1.3968 after a first reaction on the weekly pivot.

Nice drop from here despite the good German ifo-Data.
Took some profits and let the rest run at BE now.

(Sorry - I can not post a chart at the moment as I am at my workplace)

Hope you found some short entry as well!
"Blue Horseshoe loves Anacott Steel!"
  • #9,118
  • Oct 22, 2010 4:41am Oct 22, 2010 4:41am
Yep...closed out at pirahna bite . Didnt go long though.....
Quoting Tuner
Did you get into some shorts?

Retest of weekly pivot this morning just before Euro-Session opened.
A bit risky to enter a trade at this time of the day. But I went for it.
--> Short from 1.3968 after a first reaction on the weekly pivot.

Nice drop from here despite the good German ifo-Data.
Took some profits and let the rest run at BE now.

(Sorry - I can not post a chart at the moment as I am at my workplace)

Hope you found some short entry as well!
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Annoying Precision
  • #9,119
  • Oct 22, 2010 4:51am Oct 22, 2010 4:51am
I'll tell you one thing, the more I look the more I see: albeit slowly.
As hayseed said, just keep flingin arrows.
As saxon said, keep it simple
Annoying Precision
  • #9,120
  • Oct 22, 2010 9:38am Oct 22, 2010 9:38am
I'll be long if the USD/CHF closes above the last week's high

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