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Trade What You See - Almost Naked Trading

  • #8,701
  • Jan 6, 2011 6:31am Jan 6, 2011 6:31am
Quoting geula4
Sorry, should have notices that it was 15M already

IMHO, I don't like the PA right now (at time of the chart) because we see the latest candle started green, bullish, and we want to see another convincing red candle that goes beyond 0.9920 support are.

We can see this support area if we zoom out to the 1H TF.

Hope this helps.
Please feel free to agree/disagree/ask whatever u want

yup, thanks for your comment. i stop short of executing it becos RSI not in e same direction. another thing is, i wish to hear your view about the BO strategy, whether it qualifies or not.

when i first post the chart, the tick wasnt green and yet to form. lucky i did not execute e trade, owise i would have jump e gun too early.
  • #8,702
  • Jan 6, 2011 6:37am Jan 6, 2011 6:37am
Quoting kedridder
yup, thanks for your comment. i stop short of executing it becos RSI not in e same direction. another thing is, i wish to hear your view about the BO strategy, whether it qualifies or not...
IMHO, as a rule of thumb, we look for setups only after we get trend confirmation from the RSIs.
  • #8,703
  • Jan 6, 2011 6:38am Jan 6, 2011 6:38am
Quoting redart007
Potential setup on EJ...

3rd tap on 4hr and rsi's are up...
Guys, any thoughts about that?It looks like a terrific setup, bullish trigger is there too...only downside is daily RSI pointing down...
  • #8,704
  • Jan 6, 2011 6:38am Jan 6, 2011 6:38am
Quoting geula4
Sorry, should have notices that it was 15M already

IMHO, I don't like the PA right now (at time of the chart) because we see the latest candle started green, bullish, and we want to see another convincing red candle that goes beyond 0.9920 support are.

We can see this support area if we zoom out to the 1H TF.

Hope this helps.
Please feel free to agree/disagree/ask whatever u want

RSI has saved 1 of my trade for now. phew!
risen to 0.9931 now
Attached Image
  • #8,705
  • Jan 6, 2011 6:39am Jan 6, 2011 6:39am
Quoting geula4
IMHO, as a rule of thumb, we look for setups only after we get trend confirmation from the RSIs.

oops, i placed e horse afterr e carriage.
thanks for pointing that out.
  • #8,706
  • Jan 6, 2011 6:41am Jan 6, 2011 6:41am
What a whipsaw move for GU during the news release earlier. Luckily I'm not interested trading this pair atm.

It already break below my sup tl (see arrow) & daily+weekly rsi confirm the down trend for this pair.

If I am not wrong, we are now looking for the 3rd H4 candle tap of the red TL as per charts below.

How about you guys? Any comment?
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  • #8,707
  • Jan 6, 2011 6:41am Jan 6, 2011 6:41am
Quoting natnimrey
Guys, any thoughts about that?It looks like a terrific setup, bullish trigger is there too...only downside is daily RSI pointing down...

personally if all 3 rsi's arent pointing in the right direction its not a trade.
  • #8,708
  • Jan 6, 2011 6:48am Jan 6, 2011 6:48am
Quoting orangeRANGE
What a whipsaw move for GU during the news release earlier. Luckily I'm not interested trading this pair atm.

It already break below my sup tl (see arrow) & daily+weekly rsi confirm the down trend for this pair.

If I am not wrong, we are now looking for the 3rd H4 candle tap of the red TL as per charts below.

How about you guys? Any comment?
yeah problem is that we wont see a h4 candle touching this tl i guess because we will have NFP data in 25 h and a half.
so gu will drop 10-200 pips and tl runs sidewise.
Hero calls followed by margin calls...
  • #8,709
  • Jan 6, 2011 6:55am Jan 6, 2011 6:55am
These 2 majors still in my favour. Anticipating an BO to the upside later on.
Attached Image(s) (click to enlarge)
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  • #8,710
  • Jan 6, 2011 7:13am Jan 6, 2011 7:13am
Quoting orangeRANGE
These 2 majors still in my favour. Anticipating an BO to the upside later on.
Yep.
Also NZDCHF might be worth a shot as a 3 tap
This pair is at S/R level on H4 -should it break we might get some nice moves.
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  • #8,711
  • Jan 6, 2011 7:24am Jan 6, 2011 7:24am
Quoting AndreasF
Yep.
Also NZDCHF might be worth a shot as a 3 tap
This pair is at S/R level on H4 -should it break we might get some nice moves.
I like this setup IMHO.
It's a 3 Tap plus a potential BO.

IMHO, BO need to clearly go above 0.7360, resistance area.
Also, i'd like to see bigger green candles with a clear PA movement upwards...

What do you think?
Thank you!
  • #8,712
  • Jan 6, 2011 7:24am Jan 6, 2011 7:24am
Major news coming up
  • #8,713
  • Jan 6, 2011 7:27am Jan 6, 2011 7:27am
The daily RSI has been up this week...its down today by virtue of the down move today- so IMO has to viewed in context, The fact that the Weekly is up gives the prospect of it moving long - IMO

Quoting NaughtyPip
personally if all 3 rsi's arent pointing in the right direction its not a trade.
  • #8,714
  • Jan 6, 2011 7:36am Jan 6, 2011 7:36am
Quoting geula4
I like this setup IMHO.
It's a 3 Tap plus a potential BO.

IMHO, BO need to clearly go above 0.7360, resistance area.
Also, i'd like to see bigger green candles with a clear PA movement upwards...

What do you think?
Thank you!
Agree, 0.7360 will be the area to break.

With regards to price action we should be aware that this pair is in a downtrend on the daily -and Fib 50 retracement is at 0.7390 area where price might retrace back.

Cheers
  • #8,715
  • Edited 7:54am Jan 6, 2011 7:42am | Edited 7:54am
Quoting redart007
The daily RSI has been up this week...its down today by virtue of the down move today- so IMO has to viewed in context, The fact that the Weekly is up gives the prospect of it moving long - IMO

Change your 4 hr chart to a daily chart, you now have 3 candles on a tap, you have monthly rsi pointing up, you have weekly rsi pointing up, you are now waiting for your daily rsi to point up so you can trigger the trade. Make sense?

Edit:
What im trying to say here is that we are not looking to trade the bounce (because we dont know the bounce will happen), we are looking to trade the confirmation of the bounce, which is why all 3 rsi's need to be in agreement. Would you trade the daily candle when the rsi isnt pointing up yet? I wouldnt id wait for rsi confirmation. Would you trade the 4 hr 3 tap when it hasnn'y bounced up yet? For me id wait for confirmation of the bounce/ trend by waiting for the 3 rsi's.
  • #8,716
  • Jan 6, 2011 7:43am Jan 6, 2011 7:43am
Quoting redart007
Major news coming up
Nothing happened so far...just the opposite direction from what I hoped earlier...

Unemployment claims is increase...I am expecting NFP will give bad impact for USD tomorrow
  • #8,717
  • Jan 6, 2011 7:43am Jan 6, 2011 7:43am
Euro likely to form bottom around 1.3050-1.3080 with resistance at 1.3130-1.3150.
  • #8,718
  • Jan 6, 2011 7:58am Jan 6, 2011 7:58am
Possible zorro trade setup.
  • #8,719
  • Jan 6, 2011 8:03am Jan 6, 2011 8:03am
Quoting NaughtyPip
Possible zorro trade setup.
Can you please post a chart?
I like discussing and learning the Zorro setup.
Thank you!
  • #8,720
  • Jan 6, 2011 8:10am Jan 6, 2011 8:10am
AUD/JPY looks like a breakout to the downside
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