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Price is everything

  • #15,581
  • Apr 12, 2011 5:27am Apr 12, 2011 5:27am
Quoting emene
Trade after trade, a bit less for those fuckers.

Great job bro
  • #15,582
  • Apr 12, 2011 5:37am Apr 12, 2011 5:37am
Quoting emene
Trade after trade, a bit less for those fuckers.
Picking tops and bottoms is great!

It gives you the biggest risk to reward ratios. You just need to know how to do it and the principles are the same on any timeframe!

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Had my daughter's birthday yesterday and I am preparing for a work trip to Amsterdam for next week... so I am a little busy at the moment to chat to the team. I have another short cooking on AUDNZD. I was long last night on NZDUSD, cashed in 50% of position at 30 pips and put the rest to BE. I got stopped out, but look at it fly now! Looks like my weekly chart is now playing out - http://www.forexfactory.com/showthre...SD#post4531393
  • #15,583
  • Apr 12, 2011 5:48am Apr 12, 2011 5:48am
Quoting adm.kowal
why u want short in uptrend? its more safety buying in demand
True, but you also need to look at the bigger picture. If you bring up the weekly chart of EU, you can see we are also in weekly SUPPLY.

I am itching to short this at 1.4560. I have my order waiting and I now want momentum going into it... nice big extended candles into the extreme of the weekly supply!

Will it work... who knows... only time knows!
  • #15,584
  • Apr 12, 2011 5:49am Apr 12, 2011 5:49am
closing this for about 50 pips. it'll go higher, but the cowboys are coming online and they'll just gonna fu*k it all up before taking it higher (unless the brits just rush it).
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  • #15,585
  • Apr 12, 2011 5:59am Apr 12, 2011 5:59am
Quoting attila
closing this for about 50 pips. it'll go higher, but the cowboys are coming online and they'll just gonna fu*k it all up before taking it higher (unless the brits just rush it).
Attachment
I am joining them. Just saw bearish engulfing on m5. Looking for an aggressive short with tight SL!
  • #15,586
  • Apr 12, 2011 6:01am Apr 12, 2011 6:01am
Quoting bbakker
I am joining them. Just saw bearish engulfing on m5. Looking for an aggressive short with tight SL!
wait for it higher unless you're scalping it. it's gonna be messy for the next hour.
  • #15,587
  • Apr 12, 2011 6:05am Apr 12, 2011 6:05am
uc is at buyers zone.. ? tempted to wait and see if it's going to take out historical low..
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  • #15,588
  • Apr 12, 2011 6:06am Apr 12, 2011 6:06am
i have 4524,4526,4537 for possible short scalps but i'm not taking shorts below 4550....
  • #15,589
  • Apr 12, 2011 6:07am Apr 12, 2011 6:07am
Quoting attila
wait for it higher unless you're scalping it. it's gonna be messy for the next hour.
I am going in with a scalping frame of mind. My long-term short order still stands!
  • #15,590
  • Apr 12, 2011 6:08am Apr 12, 2011 6:08am
Quoting attila
i have 4524,4526,4537 for possible short scalps but i'm not taking shorts below 4550....
I am using commodities as leader and they are dropping as we speak!
  • #15,591
  • Apr 12, 2011 6:08am Apr 12, 2011 6:08am
usdjpy m15
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Signature: Correct me, please.
  • #15,592
  • Apr 12, 2011 6:12am Apr 12, 2011 6:12am
Quoting bbakker
I am using commodities as leader and they are dropping as we speak!
have to learn that one. i heard cooper and 10Y note are good ones.... do you have any pointers? when you have time.....
  • #15,593
  • Apr 12, 2011 6:19am Apr 12, 2011 6:19am
Quoting attila
have to learn that one. i heard cooper and 10Y note are good ones....
Cloggie is the master of intermarket relationships, so it is worth reading his posts on the subject... very informative. Here are a couple of books on the subject worth reading to get a better understanding. Thereafter it is watching all the various instruments (Commodities, ES, TY, Bonds, etc) and analyse their movements.

Intermarket Analysis: Profiting from Global Market Relationships (John J Murphy):
http://www.amazon.co.uk/Intermarket-.../dp/0471023299

Financial Institutions and Markets, International Edition (Jeff Madura):
http://www.amazon.co.uk/Financial-In...1507846&sr=1-4

Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market (Jim Rogers):
http://www.amazon.co.uk/Hot-Commodit...ref=pd_sim_b_1

In the end, it all boils down to supply and demand based on price action and although there are intermarket relationships and correlations, each instrument should be traded based on its own price. Correlations are just another confluence for me!
  • #15,594
  • Apr 12, 2011 6:22am Apr 12, 2011 6:22am
Would you be targeting the first supply zone or second one?

http://i51.tinypic.com/2w3cqxt.gif
  • #15,595
  • Apr 12, 2011 6:29am Apr 12, 2011 6:29am
i know lately correlations behaving strangely... they seemed to be aligning a bit better. it's nice to see uj starting to follow usdx instead of eurx.

if usdx 74.70 taken out, i can only see next level to south 73.23.. if we go there i guess we are looking at eu @1.50 + .. time will show...
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  • #15,596
  • Apr 12, 2011 6:41am Apr 12, 2011 6:41am
EJ.

To sell or not to sell?
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  • #15,597
  • Apr 12, 2011 6:42am Apr 12, 2011 6:42am
Quoting newark18
Would you be targeting the first supply zone or second one?
We have already visited the first supply zone once and had a reaction of it. As we are approaching, it will be the second visit. The more times it visits a zone, the more demand or supply will be consumed.

To become a successful trader, you need to become a consistent trader. Therefore, you need to have some rules in place on how you will take the trade depending on how many times it visits a demand or supply zone. I know some traders will only ever take it once and therefore their rules stipulate to take the second zone. Other traders will take the first zone until it breaks, but on second and subsequent visits, they need to see confirmation of m5 or m15 first before taking the trade. Therefore, you need to formulate your own rules that will suit your style of trading.

Every person is different and YOU need to find out what works for YOU. This can only be done through experience and screen time, two factors I still lack at this point of time, but I am getting better!
  • #15,598
  • Apr 12, 2011 6:44am Apr 12, 2011 6:44am
thank you. i appreciate it.

Quoting bbakker
Cloggie is the master of intermarket relationships, so it is worth reading his posts on the subject... very informative. Here are a couple of books on the subject worth reading to get a better understanding. Thereafter it is watching all the various instruments (Commodities, ES, TY, Bonds, etc) and analyse their movements.

Intermarket Analysis: Profiting from Global Market Relationships (John J Murphy):
http://www.amazon.co.uk/Intermarket-.../dp/0471023299...
  • #15,599
  • Apr 12, 2011 6:45am Apr 12, 2011 6:45am
Quoting bbakker
We have already visited the first supply zone once and had a reaction of it. As we are approaching, it will be the second visit. The more times it visits a zone, the more demand or supply will be consumed.

To become a successful trader, you need to become a consistent trader. Therefore, you need to have some rules in place on how you will take the trade depending on how many times it visits a demand or supply zone. I know some traders will only ever take it once and therefore their rules stipulate to take the second one. Other traders will take...
Understood. I figured the latest reaction to that supply zone was minor compared to the momentum into it. However, I have decided to exit all my trades as I need to get back to my job. Otherwise, I will be watching this thing the whole day.

Thanks for your reply.
  • #15,600
  • Apr 12, 2011 6:45am Apr 12, 2011 6:45am
GU

watching 6345
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