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Price is everything

  • #11,361
  • Mar 4, 2011 7:34pm Mar 4, 2011 7:34pm
Quoting redsword11
traders help traders - and everyone here has done just that, we really are a team, not just a word to us, but something much more real


........ there is so much talent here, we will be legendary in FF
its cool boss.happy weekend red and team.
Gold Expedition Return This Year: -16.6%
  • #11,362
  • Mar 5, 2011 3:12am Mar 5, 2011 3:12am
Quoting DanUK
Sold USD/CAD after topping at what I think is previous supply. Targetting lower level.
Took a while but this finally hit the lower target last night. I used Red's 2/3 off at 1:1 and all off at target approach which seems to work out very well. I've not scaled out of trades in the past but this seems a very interesting way to do it.

I then took a quick scalp north for +17 pips (as chart below)...

Quick question for the pros here... do you leave trades open over the weekend? I have in the past but that wasn't intraday stuff. The reason I ask is I can see the USD/CAD trade below going to the upper levels (perhaps 9750 or 9770) before coming back down but because it was late on a Friday I took everything off at 1:1.

Regards,
Dan
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  • #11,363
  • Mar 5, 2011 6:43am Mar 5, 2011 6:43am
Let rock next week
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  • #11,364
  • Mar 5, 2011 7:30am Mar 5, 2011 7:30am
Quoting DanUK
Took a while but this finally hit the lower target last night. I used Red's 2/3 off at 1:1 and all off at target approach which seems to work out very well. I've not scaled out of trades in the past but this seems a very interesting way to do it.

I then took a quick scalp north for +17 pips (as chart below)...

Quick question for the pros here... do you leave trades open over the weekend? I have in the past but that wasn't intraday stuff. The reason I ask is I can see the USD/CAD trade below going to the upper levels (perhaps 9750 or 9770) before...
I have rules in place as to whether I leave trades open over the weekend. Firstly, I trade mainly of the daily charts, so if I am 100+ pips away from my SL on Friday's close and PA shows it is in my favour, I will leave it open. Less than +50 pips and I close the trade by managing it on Friday afternoon/evening on the lower timframes to ensure I can get best profit possible before market close. In between and I have a few other rules that come into play. You need to find your own rules that you feel comfortable with, put it in your trading plan and STICK TO THEM!

I closed my USDCAD longs! If we get a gap down on Sunday open, I will reconsider buying it again.
  • #11,365
  • Mar 5, 2011 8:33am Mar 5, 2011 8:33am
hi guys.pa watch for next week...i expect retracement at demand area.2 cents
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Gold Expedition Return This Year: -16.6%
  • #11,366
  • Mar 5, 2011 9:47am Mar 5, 2011 9:47am
EG H1
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  • #11,367
  • Mar 5, 2011 9:50am Mar 5, 2011 9:50am
Quoting budak baru
hi guys.pa watch for next week...i expect retracement at demand area.2 cents
That does look like a nice profit target, if you get the timing and SL right!
  • #11,368
  • Mar 5, 2011 9:57am Mar 5, 2011 9:57am
Quoting Decimal
EG H1
I am looking more at the 0.8650 for a swing trade on this one! PA will tell me if we turn earlier!

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  • #11,369
  • Mar 5, 2011 10:09am Mar 5, 2011 10:09am
Evening Doji Star on 4H. Possible pullback to supply then long.
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  • #11,370
  • Mar 5, 2011 10:10am Mar 5, 2011 10:10am
Quoting Decimal
Engulfing bull set up gives us a supply zone for a long entry to top of TL channel. Its good RR as SL could go about 25 pips below at a slightly lower supply level, break of this would void entry.
Just a slight error.... they are demand zones, where you would buy, not supply zones, where you would sell.
  • #11,371
  • Mar 5, 2011 10:24am Mar 5, 2011 10:24am
Friday closed with a shooting star on the daily. Lets see what Monday gives us. We can see if we have two strong bear engulfing patterns at the end of last year at current trading prices.
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  • #11,372
  • Edited 10:54am Mar 5, 2011 10:31am | Edited 10:54am
EG 15M

Trade idea would be pullback to demand zone one with long entry and SL just below slightly lower demand area.
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  • #11,373
  • Mar 5, 2011 10:32am Mar 5, 2011 10:32am
Quoting bbakker
Just a slight error.... they are demand zones, where you would buy, not supply zones, where you would sell.
Thanks. Hope I get let off as Im working and not getting paid overtime.
  • #11,374
  • Edited 10:34am Mar 5, 2011 10:33am | Edited 10:34am
Quoting Decimal
Friday closed with a shooting star on the daily. Lets see what Monday gives us. We can see if we have two strong bear engulfing patterns at the end of last year at current trading prices.
great for u.shooting star at my 4h supply.watch demand zone.nice one
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Gold Expedition Return This Year: -16.6%
  • #11,375
  • Mar 5, 2011 10:34am Mar 5, 2011 10:34am
Quoting Decimal
Friday closed with a shooting star on the daily. Lets see what Monday gives us. We can see if we have two strong bear engulfing patterns at the end of last year at current trading prices.
Ate through my daily supply and just broke the weekly supply before retreating to a nice shooting star on the daily. Massive rejection from the extreme of the weekly supply! Keeping an eye on this one next week for a short too!
  • #11,376
  • Mar 5, 2011 10:36am Mar 5, 2011 10:36am
Quoting bbakker
Ate through my daily supply and just broke the weekly supply before retreating to a nice shooting star on the daily. Massive rejection from the extreme of the weekly supply! Keeping an eye on this one next week for a short too!
looking forward to your post.
Gold Expedition Return This Year: -16.6%
  • #11,377
  • Mar 5, 2011 10:36am Mar 5, 2011 10:36am
Quoting Decimal
Thanks. Hope I get let off as Im working and not getting paid overtime.
lol. You're excused... we have all been there when we first started out
  • #11,378
  • Mar 5, 2011 10:40am Mar 5, 2011 10:40am
guys we r in weekly strong supply zone so i think its good to short ..
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  • #11,379
  • Mar 5, 2011 10:44am Mar 5, 2011 10:44am
It was great watching some of you on Friday afternoon takes these scalps off cable on 5M charts playing off the demand level into the two resistance levels. Its something I want to learn how to do.
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  • #11,380
  • Mar 5, 2011 10:49am Mar 5, 2011 10:49am
Quoting budak baru
nice call E.i looking for this wave...
same as this Decimal?lol.see u guys tomorrow.cheers
Gold Expedition Return This Year: -16.6%
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