MY USDCHF Trade
Closed today full position because Price reached the bottom of the sideways market ;-)
I took this too but closed out early
james16 Chart Thread
- #89,963
- Feb 23, 2011 7:24pm Feb 23, 2011 7:24pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
That's fantastic AD ..
You gave it a good chance. You had your S/L above a great, proven PPZ level. Price could have easily started consolidating between the 1.54 and 1.52. That's what markets like to do. And you got out before that possible consolidation could occurr.
The strong move down and strong close below the 1.52 was a good indication that Price was moving down further, but the 1.5200 didn't hold that strong.
Next time when your presented with the same scenario . .I would do the same thing . and this next time . .it will...
Still in on this and looking for 1.5.
g.
I believe . . .
That's fantastic AD ..
You gave it a good chance. You had your S/L above a great, proven PPZ level. Price could have easily started consolidating between the 1.54 and 1.52. That's what markets like to do. And you got out before that possible consolidation could occurr.
The strong move down and strong close below the 1.52 was a good indication that Price was moving down further, but the 1.5200 didn't hold that strong.
Next time when your presented with the same scenario . .I would do the same thing . and this next time ....
- #89,965
- Feb 23, 2011 10:44pm Feb 23, 2011 10:44pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #89,966
- Edited 11:49pm Feb 23, 2011 11:19pm | Edited 11:49pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I decided to not go with a literal stop X pips above 1.52. Wanted to actually see a daily close above 1.52 for a confirmation of support at the level.
Still in on this and looking for 1.5.
g.
I agree, g. I want to see a Weekly close below the 1.5. Maybe this time it will hold and turn into Resistance . . it didn't happen the last couple of times . .three times a charm . .
Indicators show the past. Price Action "Indicates" the future.
- #89,967
- Feb 23, 2011 11:40pm Feb 23, 2011 11:40pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thanks Jarroo for the compliment....still gotta practice a lot with trades..
Keep practising like that and you will see alot of long term trade, my friend.
.You can see the effects of the short term trades at the 1st obvious target which was the 1.52.
One type of trade manageent style is the 1st half postion is a short term trade to the 1st target or FTA. 2nd half postion is a longer term trade position . .meaning moving to break even and letting it ride or moving your stop above (or below) the Close of key levels. ( which you did . .
)Soon you will find a style that fits YOU best .
Great job again, AD.
Jim
Indicators show the past. Price Action "Indicates" the future.
- #89,968
- Edited Feb 24, 2011 12:20am Feb 23, 2011 11:48pm | Edited Feb 24, 2011 12:20am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
EUR/CHF
I would like to see this pullback further and close above the RN.
May be interesting.
Yeah that would be great . . .
. .
Indicators show the past. Price Action "Indicates" the future.
- #89,970
- Feb 24, 2011 12:05am Feb 24, 2011 12:05am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Let me see . .you to see Price pull back down further and then close above the RN . .something like this, Pb?
Yeah that would be great . . .
Exactly........You hit the nail on the head Jarroo. As always.
Funny, while I was doing the single bar analysis, I discovered that a bar chart is much easier for me to see PA on, as opposed to candle charts.
- #89,971
- Feb 24, 2011 12:09am Feb 24, 2011 12:09am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #89,972
- Feb 24, 2011 12:13am Feb 24, 2011 12:13am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #89,973
- Feb 24, 2011 12:20am Feb 24, 2011 12:20am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #89,974
- Feb 24, 2011 12:21am Feb 24, 2011 12:21am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Exactly........You hit the nail on the head Jarroo. As always.
Funny, while I was doing the single bar analysis, I discovered that a bar chart is much easier for me to see PA on, as opposed to candle charts.
That's great Pb . .its all about keeping it easy . .
Indicators show the past. Price Action "Indicates" the future.
- #89,976
- Feb 24, 2011 12:23am Feb 24, 2011 12:23am
- Joined Jun 2010 | Status: Hello,Mr.Market | 1,806 Posts
A chart helps those who can read it.
- #89,978
- Feb 24, 2011 12:30am Feb 24, 2011 12:30am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
That's great Pb . .its all about keeping it easy . .
It is like, how long is a piece of string.
Thanks Jarroo.
- #89,979
- Feb 24, 2011 12:31am Feb 24, 2011 12:31am
Yes, that's right. That is confirmation (proof) that its still acting as Resistance . .no close above.
It has more of a Pinnish look then a dojish look. But I would like to see the Close lower then the Open . . .more bearish strength.
Or see Price close below the 1.6100 PPZ level with some Bearish PA . .or of course, some Bullish PA at this confirmed Support level.
Your quite the gun slinger Jarroo, that was a rather prompt critique.
You've taken away some of my key lines and increased the clarity of my chart. Much appreciated.