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  • #2,921
  • Nov 18, 2010 3:04pm Nov 18, 2010 3:04pm
Quoting MCFly
Hi LJ,
atm the EUR is under pressure because of the ireland crisis. To what extend does this kind of bad news affect you when you get for example a E/U long set up.

That's a question of somebody who doesn't look at fundamentals
generally speaking it will make no difference as if the market was bearish you woudn't be getting a bullish technical setup. But when you have something like the Eurozone sveriegn debt crisis this does make me cautious as it will only take some bearish moves for the market to sell off quite hard like we saw at the beginning of the week.

This was why I took profit so early on my longs from yesterday on USD pairs as there was too much uncertainty around for me to want to leave them overnight.
  • #2,922
  • Nov 18, 2010 4:04pm Nov 18, 2010 4:04pm
Nice trades lovejoy.

I had the same with GBP/JPY, but i've closed it at the end of the day.
Nice catch on EUR/GBP.
Per aspera ad astra
  • #2,923
  • Nov 19, 2010 2:16am Nov 19, 2010 2:16am
Hi LJ, curious the way you draw your TL on your last trade on USDCHF. Do you use line chart to draw it?
  • #2,924
  • Nov 19, 2010 3:15am Nov 19, 2010 3:15am
Took touch trade GBPUSD: 2 TL, PPZ, RN, Fibo
Attached Image (click to enlarge)
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  • #2,925
  • Nov 19, 2010 3:17am Nov 19, 2010 3:17am
Quoting esbatu
Hi LJ, curious the way you draw your TL on your last trade on USDCHF. Do you use line chart to draw it?
I use a TL to show me the trend...so for me it's what makes sense to show the direction of the trend...sometimes it might respect all bar lows sometimes (like in this case) it won't.
  • #2,926
  • Nov 19, 2010 3:19am Nov 19, 2010 3:19am
Quoting makron
Took touch trade GBPUSD: 2 TL, PPZ, RN, Fibo
The 1HR BUOB is not ideal, but your chart looks same as mine. EU, GU, AU in particular are at daily resistance areas...I'd be surprised not to see a reaction on these pairs. No real data out today so could be a quiet one.
  • #2,927
  • Nov 19, 2010 4:02am Nov 19, 2010 4:02am
Here is something I'm watching...got to go and grab some sleep (was up late watching my open trades...glad I did so I could close them in time +plus got in some serious Black Ops gameplay!) but I've got an alert set for when price reaches near this area.

I'm also short GU (as per the setup already discussed) and YM.
Attached Image (click to enlarge)
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  • #2,928
  • Nov 19, 2010 6:41am Nov 19, 2010 6:41am
Quoting lovejoy80
Here is something I'm watching...got to go and grab some sleep (was up late watching my open trades...glad I did so I could close them in time +plus got in some serious Black Ops gameplay!) but I've got an alert set for when price reaches near this area.

I'm also short GU (as per the setup already discussed) and YM.
ECAD pending order was hit, GU working out nice as is YM...was pretty sure that we would have a mini sell off at the very least today looking at the technical locations.
  • #2,929
  • Edited 7:24am Nov 19, 2010 7:02am | Edited 7:24am
i'm too shorted eur/cad.
GBP/USD performing nicely, but i've passed it due to 1H BUOB
Per aspera ad astra
  • #2,930
  • Nov 19, 2010 8:49am Nov 19, 2010 8:49am
Quoting lovejoy80
Was pretty busy doing other things today (didn't facy watching price continue to go up and up on the trades I took profit on yesterday either!). Manage to take a few trades though:

1. EG - 1HR BEOB - still in this
2. UCHF touch trade area - still in this
3. EJ - 1HR BUOB - stil in this
4. GJ - 1HR Pin - still in this
Update on yesterdays postions and todays trades:

I stayed up during half of Asia to watch my trades and closed them out as follows:

1. I took profit on EG when it couldnt convincingly break the 0.8500 area @ 0.8505 +1R

2. I decided to just leave this trade until the upriding TL beraks...so I'm at BE with a TP of 1.0050

3. Decided to close @ 113.00 +1R

4. Decided to close @ 134.00 +2.75R

Todays trades:

1. GU - touch trade - already spoken about this one ...took profit @ 1.5965 PPZ +3.57R

2. YM - touch trade - still in this will take propfit before the days out though. SL @ BE

3. ECAD touch trade - posted this earlier, SL @ BE

4. ECHF - 4HR BUOB - just taken this
Attached Image (click to enlarge)
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  • #2,931
  • Edited 9:05am Nov 19, 2010 8:53am | Edited 9:05am
Quoting Ihor
i'm too shorted eur/cad.
GBP/USD performing nicely, but i've passed it due to 1H BUOB
I saw that too, but IMO the level of confluence displayed far outweights the 1HR PA that formed. The location and confluence is more powerful than any opposing PA for me.

The way I look at it is would I be willing to take that 1HR PA...definitely not, why, because of what I'd be trading into...you'd need some very strong momentum to break through there so I completely discarded the PA and took the touch trade short. Location and confluence is far more important than any PA IMO.
  • #2,932
  • Nov 19, 2010 11:37am Nov 19, 2010 11:37am
Quoting lovejoy80
Location and confluence is far more important than any PA IMO.
Agree LoveJoy.

Just closed EUR/CAD. + 2R.
Per aspera ad astra
  • #2,933
  • Nov 19, 2010 11:55am Nov 19, 2010 11:55am
Quoting lovejoy80
Update on yesterdays postions and todays trades:

I stayed up during half of Asia to watch my trades and closed them out as follows:

1. I took profit on EG when it couldnt convincingly break the 0.8500 area @ 0.8505 +1R

2. I decided to just leave this trade until the upriding TL beraks...so I'm at BE with a TP of 1.0050

3. Decided to close @ 113.00 +1R

4. Decided to close @ 134.00 +2.75R

Todays trades:

1. GU...
Will hold onto UCHF over weekend, ECAD will look again later a test of the rising H1/4H TL is what I'm looking for, YM I took profit @ 11.1k +2.83R, ECHF didnt really do what I wanted it to do so got out at BE.

So with only ECAD to come profit for todays and yesterdays trades is +11.15R (I've broken the 100R barrier for the month ).
  • #2,934
  • Nov 19, 2010 12:30pm Nov 19, 2010 12:30pm
Quoting lovejoy80
So with only ECAD to come profit for todays and yesterdays trades is +11.15R (I've broken the 100R barrier for the month ).
Wow! Congratulations! You found a lot of good setups in this months and managed them well. This is the result of dedicated work and discipline ever in such things as maintaining this thread regularly.

Till New Year we expect 200 R from you :-)
Per aspera ad astra
  • #2,935
  • Nov 19, 2010 3:51pm Nov 19, 2010 3:51pm
Quoting lovejoy80
Will hold onto UCHF over weekend, ECAD will look again later a test of the rising H1/4H TL is what I'm looking for, YM I took profit @ 11.1k +2.83R, ECHF didnt really do what I wanted it to do so got out at BE.

So with only ECAD to come profit for todays and yesterdays trades is +11.15R (I've broken the 100R barrier for the month ).
Just took profit on ECAD for +2.83 R, leaving UCHF open.

Total in closed trades for today +13.98R

Stats for week:
20 trades, 19 winners
+28.32R
  • #2,936
  • Nov 20, 2010 5:36am Nov 20, 2010 5:36am
Quoting lovejoy80
Just took profit on ECAD for +2.83 R, leaving UCHF open.

Total in closed trades for today +13.98R

Stats for week:
20 trades, 19 winners
+28.32R
Outstanding result. I think everyone who wants to learn how to trade should bookmark your threat. Greatest respect.

  • #2,937
  • Nov 20, 2010 6:05am Nov 20, 2010 6:05am
Quoting MCFly
Outstanding result. I think everyone who wants to learn how to trade should bookmark your threat. Greatest respect.

Thanks.

All I'm doing is applying methods that are better described in threads elswhere.

If anyone thinks these trading methods are for them (everyone has a different personality and you need to find a trading method that suits your personalilty+time available to trade - some like mechanical systems with low win rate + very high %R, others like discretionary methods with high win rate etc...finding a method that fits in with your personality is very important IMO) then you need to learn about S/R, PA, divergence, intermarket correlations.

Personally the only thread I learned this from was the J16 thread and in particular Jarroo, mbqb11 and Raczekfx posts...you could do far worse than downloading (someone has compiled all posts per person) all their posts, get them printed and bound and read and re-read them over and over again and then go practice by watching charts as much as you can - that's pretty much what I did. It took me about 1 year to learn the methods and become competent at applying them. The other major hurdle is your mind...this is not specific to any trading method it's specific to trading / any type of gambling as a whole and is a whole seperate subject matter.
  • #2,938
  • Nov 20, 2010 6:07am Nov 20, 2010 6:07am
Quoting Ihor
Wow! Congratulations! You found a lot of good setups in this months and managed them well. This is the result of dedicated work and discipline ever in such things as maintaining this thread regularly.

Till New Year we expect 200 R from you :-)
Thanks. Yes, discpline and patience are critical in trading...something that comes with experience IMO. Of course there is no substitute to hard work.

Who knows what I'll make before end of the year...I'll just continue to trade setups that the market present to me
  • #2,939
  • Nov 20, 2010 6:13am Nov 20, 2010 6:13am
Quoting lovejoy80
Just took profit on ECAD for +2.83 R, leaving UCHF open.

Total in closed trades for today +13.98R

Stats for week:
20 trades, 19 winners
+28.32R
good trades，lovejoy80，keep it going......
  • #2,940
  • Nov 20, 2010 10:12am Nov 20, 2010 10:12am
Quoting lovejoy80
Thanks.

All I'm doing is applying methods that are better described in threads elswhere.

If anyone thinks these trading methods are for them (everyone has a different personality and you need to find a trading method that suits your personalilty+time available to trade - some like mechanical systems with low win rate + very high %R, others like discretionary methods with high win rate etc...finding a method that fits in with your personality is very important IMO) then you need to learn about S/R, PA, divergence, intermarket correlations.

Personally...
I know you learned the most from the J16 members but you put it together in a clear and precisely manner. You make trading looking easy.

I tried many trading methods over the years but confluence trading is the only one which make sense for me and fits me.

I think nashir khan posted once a zip file with a collection of all posts from the J16 members. If somebody is interessted I can attach the zip file.

Have a great week end.
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