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BORC - 100% Price Action No Indicator System

  • #281
  • Feb 4, 2011 8:29am Feb 4, 2011 8:29am
Well, NFP was down considerable and much worse than expected, however, employment numbers were better than expected ... Let the market digest this over the next 1/2 hour and we wil look to see if there are any formations we like at the close of the 9:00 am candle. This should take most of the steam out of the news. At 10:00 however, there is high imapct IVEY PMI out of Canada, so be cautious trading this pair at 10:00 candle open as that will likely have an effect on the direction that candle goes (at least initially).

Please look for setups (and post them here if you like) as we wait out the next 30 minutes or so.

I am seeing eurchf going short at top of channel and previous horizontal support/resistance. Also USDCAD going long at bottom of channel, BUT as mentioned above there is news at 10:00 .,. so wait this one out and se if news out of Canada will help the price bounce up.
  • #282
  • Feb 4, 2011 9:16am Feb 4, 2011 9:16am
in USDCAD long at 0.9860
  • #283
  • Feb 4, 2011 9:49am Feb 4, 2011 9:49am
Quoting PurePrice
in USDCAD long at 0.9860

Out 1/2 at even 0.9900 (for +40 pips) as this is also the Pivot Point for the day. Next 1/2 TP is at the upper end of channel
  • #284
  • Feb 4, 2011 9:53am Feb 4, 2011 9:53am
hi pureprice what di you think about my pict below,
maybe ive got entry for next week at red line.
sorry my english so bad.

http://img821.imageshack.us/img821/9592/eusetup.gif
  • #285
  • Feb 4, 2011 10:08am Feb 4, 2011 10:08am
as above .. there is confluence of two lines, the big round figure of 1.3000 and that level is also R1 for the day ... hope it tanks from here
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 31 KB
  • #286
  • Feb 4, 2011 10:40am Feb 4, 2011 10:40am
Quoting iZky
hi pureprice what di you think about my pict below,
maybe ive got entry for next week at red line.
sorry my english so bad.

http://img821.imageshack.us/img821/9592/eusetup.gif

I also have 1.34 as a possible rejection zone for a BORC setup long.
  • #287
  • Feb 4, 2011 10:43am Feb 4, 2011 10:43am
Quoting PurePrice
Out 1/2 at even 0.9900 (for +40 pips) as this is also the Pivot Point for the day. Next 1/2 TP is at the upper end of channel

Can't wait much longer and have exited my second 1/2 around 0.9890 (+30 pips)
  • #288
  • Feb 4, 2011 10:59am Feb 4, 2011 10:59am
Shorted this pair around the top of the 4HR channel.
  • #289
  • Feb 4, 2011 11:08am Feb 4, 2011 11:08am
Hi there Pure Price,
What do you think of AU on H4 timeframe?
Cheers
CanuckCT

Attached Image (click to enlarge)
Click to Enlarge Name: 2011-02-04_1301.png Size: 58 KB
  • #290
  • Feb 4, 2011 11:33am Feb 4, 2011 11:33am
Quoting PurePrice
as above .. there is confluence of two lines, the big round figure of 1.3000 and that level is also R1 for the day ... hope it tanks from here
Hi PP;
how to set your SL? For example here in this pair?

Cheers
Lika
  • #291
  • Feb 4, 2011 11:44am Feb 4, 2011 11:44am
Quoting CanuckCT
Hi there Pure Price,
What do you think of AU on H4 timeframe?
Cheers
CanuckCT

Attachment

Nice setup, however, I do not think there is enough of a breakout above the line to make it worth it. There is just not enough "juice" in this setup to make it worth it on a 4HR frame. On hourly I look for about 50+ pips of a break. On a 4HR, I would look for around 200 (4*50) pips minimum.
  • #292
  • Feb 4, 2011 11:48am Feb 4, 2011 11:48am
Quoting Lika
Hi PP;
how to set your SL? For example here in this pair?

Cheers
Lika

Hi Lika,

Normally, if we wait for a candle formation to confirm reversal, then I would set my SL just (+10/-10 pips or so) above/below the candle. I also look at Fractals to see where the last minor support/resistance is at, and set my SL just above/below the fractal up/down... I then adjust the SL as the trade develops (personal preference).

In this particular example of eurchf, I am setting my SL at 1.3010
  • #293
  • Feb 4, 2011 11:51am Feb 4, 2011 11:51am
Quoting PurePrice
Hi Lika,

Normally, if we wait for a candle formation to confirm reversal, then I would set my SL just (+10/-10 pips or so) above/below the candle. I also look at Fractals to see where the last minor support/resistance is at, and set my SL just above/below the fractal up/down... I then adjust the SL as the trade develops (personal preference).

In this particular example of eurchf, I am setting my SL at 1.3010

I should add that you should also account for the Spread so my spread is 3 pips now, and my SL is set at 1.3013
  • #294
  • Feb 4, 2011 11:56am Feb 4, 2011 11:56am
Quoting PurePrice
I should add that you should also account for the Spread so my spread is 3 pips now, and my SL is set at 1.3013
Depending what you are risking on the trade and if you can digest a bigger draw down and want to stay in teh trade a bit longer to see it develop . Another more distant SL would be at the last swing high, which in this case would be aroun 1.3037 +10 pips, i.e 1.3047+3 for spread. So if you want to be more aggressive and have a wider SL, I would set it at 1.3050. If you cannot stomach the drawdown, I would set it at 1.3013.
  • #295
  • Feb 4, 2011 11:59am Feb 4, 2011 11:59am
Quoting PurePrice
Depending what you are risking on the trade and if you can digest a bigger draw down and want to stay in teh trade a bit longer to see it develop . Another more distant SL would be at the last swing high, which in this case would be aroun 1.3037 +10 pips, i.e 1.3047+3 for spread. So if you want to be more aggressive and have a wider SL, I would set it at 1.3050. If you cannot stomach the drawdown, I would set it at 1.3013.
thank you. Now I end my week of forex. Thank you for your gift, because I learn so much with you. I wish everyone a good weekend, see you on Monday.

Lika

local GMT +1 18:00
  • #296
  • Feb 4, 2011 11:59am Feb 4, 2011 11:59am
this pair is coming up against down trendline and previous support for a nice BORC Short setup (if it sets up before weekend) -- look at the zone around 112.00 112.25
  • #297
  • Feb 4, 2011 12:01pm Feb 4, 2011 12:01pm
Quoting Lika
thank you. Now I end my week of forex. Thank you for your gift, because I learn so much with you. I wish everyone a good weekend, see you on Monday.

Lika

local GMT +1 18:00

you are most welcome ... have a great weekend. Many green pips to you
  • #298
  • Feb 4, 2011 12:04pm Feb 4, 2011 12:04pm
Quoting PurePrice
this pair is coming up against down trendline and previous support for a nice BORC Short setup (if it sets up before weekend) -- look at the zone around 112.00 112.25

Here is the chart ...
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  • #299
  • Feb 4, 2011 1:44pm Feb 4, 2011 1:44pm
USD CAD
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  • #300
  • Feb 4, 2011 1:46pm Feb 4, 2011 1:46pm
EURCHF Short
Attached Image (click to enlarge)
Click to Enlarge Name: mt19.gif Size: 32 KB
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