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Trading Major Lines

  • #941
  • May 5, 2011 4:50pm May 5, 2011 4:50pm
Today was a heavy nailing for me.
Not sure what made markets mode like they did, but such a move really distracted my bias and I'm unsure what to do. Nomask, I'll await for your reading on the setups. don't want to get screwed again.

Cheers
  • #942
  • May 6, 2011 3:33am May 6, 2011 3:33am
If prices stay where they are, by the end of today BEE and BEO on both EU and GU weekly are expected to form off major levels coupled with double tops from November 09.

According to the method longs should be closed and wait to establish shorts next week.

Of course nomask's views on these turning point set ups are appreciated.
Regards
  • #943
  • May 6, 2011 7:14am May 6, 2011 7:14am
Quoting cfabian
Today was a heavy nailing for me.
Not sure what made markets mode like they did, but such a move really distracted my bias and I'm unsure what to do. Nomask, I'll await for your reading on the setups. don't want to get screwed again.

Cheers
Stay off the battle..Hardest time for trading is when the main direction is about to change..I'm not saying its changing now but we have an engulfing weekly candle forming on eu which means bears came in the game..
However You never know what happens after the major news release today but if it closes as it is then we'll have a bearish weekly price action with a bullish target (1.5) sitting up that has not been hit yet..
To me this is a confliction.So when there is a confliction between a major target and a weekly price action like now its better to be extra conservative.
I'm watching it how its going to react around 1.45 level which is our intention level of this method.Its important to have an idea about the intention of the market..If it hesitates around that level there is a higher chance that price will continue its up move but if it breaks through determined then it most likely brings further move down.

You can always make small attempts but never ever over trade.

here is another pair attached ,looking better than eu for a setup.
Attached Image (click to enlarge)
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  • #944
  • May 6, 2011 7:35am May 6, 2011 7:35am
Quoting howard
If prices stay where they are, by the end of today BEE and BEO on both EU and GU weekly are expected to form off major levels coupled with double tops from November 09.

According to the method longs should be closed and wait to establish shorts next week.

Of course nomask's views on these turning point set ups are appreciated.
Good plan but It depends on how many positions you have..
If you had two positions now you'd close one upon bearish weekly p.a and start doing small counter trades (down) while your first position is still on in case price continues its up move.
Attached Image (click to enlarge)
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  • #945
  • May 6, 2011 8:00am May 6, 2011 8:00am
Quoting nomask
Good plan but It depends on how many positions you have..
If you had two positions now you'd close one upon bearish weekly p.a and start doing small counter trades (down) while your first position is still on in case price continues its up move.
Thank you very much for your nice Picture Nomask
Have a good weekend
Tania
Just check my signals with your experience then decide, please,
  • #946
  • May 6, 2011 8:11am May 6, 2011 8:11am
This is an interesting day
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  • #947
  • May 6, 2011 9:22am May 6, 2011 9:22am
I had one long entry on the last pinbar and ended with 10 pips loss
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  • #948
  • Edited 1:05pm May 6, 2011 10:21am | Edited 1:05pm
We are also at the 50% retrace of last months big bold up candle. Combined with the median level of 1.45 and prior resistance now becoming support, and a trendline coming into view...I will be looking for bullish PA on 240 min.

Edit: Looks like EURUSD is headed down. EURCAD weekly also looks very good for shorts.
Attached Image (click to enlarge)
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #949
  • May 6, 2011 12:12pm May 6, 2011 12:12pm
Quoting nomask
I had one long entry on the last pinbar and ended with 10 pips loss
Had same trade. This was added to my loses.
  • #950
  • May 6, 2011 1:43pm May 6, 2011 1:43pm
Quoting cfabian
Had same trade. This was added to my loses.
this is all part of the game..no gain without pain
  • #951
  • May 6, 2011 4:14pm May 6, 2011 4:14pm
Quoting cfabian
Not sure what made markets mode like they did, but
It was fundamentals this time. Trichet's comments at the ECB Press Conference on Thursday caused the huge sell-off almost immediately. Most investors expected a rate hike on the Euro in June and his conference did not point to that fact.

Quoting nomask
this is all part of the game..no gain without pain
It's very difficult to deal with positions of 600 pips or more dying on break even. I didn't think it would be that hard to deal with, but it's an emotional battle that I'm definitely dealing with.

Hopefully next week is less painful. This week killed me. I still ended up profitable (barely). At least I can say that in my first month live trading, I didn't lose my shirt. I owe that to you, Mr. Nomask.

So.... are we going long on the dollar next week?
  • #952
  • May 6, 2011 5:03pm May 6, 2011 5:03pm
Quoting nomask
this is all part of the game..no gain without pain
Agree, but his week was truly a mess. As we can see from EU, GU and EJ, all closed with engulfing bearish weekly candle, and some are crossing mid levels (1.45) down. So I wonder what is your point of view? this can point to another bearish week before it pulls back I guess. We are standing at an interesting not easy point.

Thanks a lot
  • #953
  • May 6, 2011 10:43pm May 6, 2011 10:43pm
Quoting nomask
Thank you too msmarple..

So now I already covered long position because of my existing long position if anything bad happens next week this time I'll try to establish short positions without closing my long trade


especially love this strategy with my favorite volatile JPY pairs-- ideal scenario: have positions on both sides and let the market slug it out!
  • #954
  • May 8, 2011 1:11pm May 8, 2011 1:11pm
Last week was a painful one just because some pairs went against our main hindsight.In fact for some pairs I changed my weekly hindsight due to price actions on major lines.
some good looking pairs are attached
Attached Image(s) (click to enlarge)
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  • #955
  • May 8, 2011 1:36pm May 8, 2011 1:36pm
Quoting nomask
Last week was a painful one just because some pairs went against our main hindsight.In fact for some pairs I changed my weekly hindsight due to price actions on major lines.
some good looking pairs are attached
Great charts nomask. I am going to be actively watching those pairs and some more this week to see what happens at the retracement levels (if it gets there).

Always glad to get your insight.

Ardi
  • #956
  • May 8, 2011 2:51pm May 8, 2011 2:51pm
Quoting nomask
Last week was a painful one just because some pairs went against our main hindsight.In fact for some pairs I changed my weekly hindsight due to price actions on major lines.
some good looking pairs are attached

Hi Nomask,

Thanks for the charts. AUD/USD and NZD/USD pairs are in my To-Be-Watched list.
-happyTrading, maaj-
  • #957
  • May 8, 2011 3:48pm May 8, 2011 3:48pm
Quoting nomask
Last week was a painful one just because some pairs went against our main hindsight.In fact for some pairs I changed my weekly hindsight due to price actions on major lines.
some good looking pairs are attached
Hi nomask
Thanks for sharing your chart, I really like the set up from NZD/USD and USD/JP, I will watching them closely
  • #958
  • May 8, 2011 4:47pm May 8, 2011 4:47pm
Nomask, if you could, please show your fibs on the 4 hour charts (especially U/J)

Thanks!!
  • #959
  • May 9, 2011 12:03am May 9, 2011 12:03am
One of the main things I have taken form this excellent thread is the continuous emphasis on avoiding Overtrading. Since reading it I have recognized more clearly the dangers of this and am better off financially and psychologically as a result. Previously I was trading at certain specific times of the day every day and found this was leading me to try to `force` the trade. Now I am much more picky and waiting for much clearer signals as well as spending a lot more time away from the computer -end result= more money.

Thank you for your repeated advice Nomask-- it has finally sunk in!

cheers,
greg
  • #960
  • May 9, 2011 1:22am May 9, 2011 1:22am
Quoting jasonc1213
Nomask, if you could, please show your fibs on the 4 hour charts (especially U/J)

Thanks!!
here are my fibs on 4hr
Attached Image (click to enlarge)
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