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Trading Major Lines

  • #1,241
  • Jun 13, 2011 1:54am Jun 13, 2011 1:54am
Quoting extremerrage
that is really agreat thread for both newbies and pros.. well done nomask
thanks extreme..great to hear that.
  • #1,242
  • Jun 13, 2011 2:02am Jun 13, 2011 2:02am
Quoting euro_dude
Hi nomask:

I'm puzzled by your selection of AUDUSD. It looks like it is testing 1.0500 and I'm sure I have seen you state that such a pair isn't suitable until it breaks thru decisively.

Can you explain?

Regards,
JS
Hi JS.
What if it crashes that median line down?according to the last weekly price action this is what I expect.charts attached
Attached Image (click to enlarge)
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  • #1,243
  • Jun 13, 2011 3:14am Jun 13, 2011 3:14am
Quoting nomask
Hi JS.
What if it crashes that median line down?according to the last weekly price action this is what I expect.charts attached
Hi, nomask! In first i want to say: thank you very much for you lessons and comments. Trading EU at begining (when you start the theme) was very good. I just try to own your method and (of couse) i need help. By the way: the situation for eurjpy looks like audusd isn't it?
Attached Image (click to enlarge)
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  • #1,244
  • Jun 13, 2011 5:01am Jun 13, 2011 5:01am
Quoting Sol72
Hi, nomask! In first i want to say: thank you very much for you lessons and comments. Trading EU at begining (when you start the theme) was very good. I just try to own your method and (of couse) i need help. By the way: the situation for eurjpy looks like audusd isn't it?
thanks sol.
yes it does look similar.except au had also breakout along with the engulfing candle.
  • #1,245
  • Jun 13, 2011 6:14am Jun 13, 2011 6:14am
I don't believe there is any reason to stick with a broker who won't allow hedging. Even if it is a bit of a hassle to change brokers (it can still be done REALLY quickly), it is not possible to trade effectively (certainly not in Graeme or Nomask's way of trading) without being able to go both long and short on the same pair.


Quoting jasonc1213
Man, I'm losing my mind. 400+ pips in long EUR/USD positions dead on BE after the news on Thursday. And it was seemingly bullish news (wtf??). Anyway, I have 2 shorts on USD/JPY still alive at almost 300+ pips. Since I'm a US customer (can't hedge) and I clearly see long on the weekly for USD/JPY, I'm considering taking profits on these shorts. Any advice for me would be welcome by Nomask and others.

After being up a total of 700+ pips this week, I am really having a hard time believing that I wouldn't have been better off closing it all out....
  • #1,246
  • Jun 13, 2011 8:18am Jun 13, 2011 8:18am
my first trade of the week..
went long on uj..lets see how it goes.risking 5-6 pips
Attached Image(s) (click to enlarge)
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  • #1,247
  • Jun 13, 2011 8:21am Jun 13, 2011 8:21am
Well, the bulls came roaring back to knock me out at BE. Might have to join them and see if they run up the hill for a awhile.
  • #1,248
  • Jun 13, 2011 8:23am Jun 13, 2011 8:23am
Hi Nomask!
Does "visual stop" mean that you trade without really placing the stop loss order?
  • #1,249
  • Jun 13, 2011 8:35am Jun 13, 2011 8:35am
Quoting tradista
Hi Nomask!
Does "visual stop" mean that you trade without really placing the stop loss order?
since I use very tight stop ,I don't place stop loss to prevent any possible spike.Instead I close it manually except the times I have to leave the computer.
  • #1,250
  • Jun 13, 2011 8:44am Jun 13, 2011 8:44am
closed my uj trade with 3 pips loss...
I close it with small loss rather than waiting and hoping that it starts going in my direction..
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  • #1,251
  • Jun 13, 2011 9:28am Jun 13, 2011 9:28am
Quoting gssintokyo
I don't believe there is any reason to stick with a broker who won't allow hedging. Even if it is a bit of a hassle to change brokers (it can still be done REALLY quickly), it is not possible to trade effectively (certainly not in Graeme or Nomask's way of trading) without being able to go both long and short on the same pair.
It's not the broker, Gssintokyo, it's the country. No US trader can take a position both ways. It's a bummer. I'm just gonna hope that UJ goes south so my two legs grow, even though it's looking pretty good for longs right now. Until I open a second account, there's not much else I can do.
  • #1,252
  • Jun 13, 2011 9:32am Jun 13, 2011 9:32am
Testing S and R of 80.300 and 80.225 . Has to go past one or the other.
Attached Image (click to enlarge)
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  • #1,253
  • Jun 13, 2011 9:37am Jun 13, 2011 9:37am
Quoting nomask
Hi Jason..
just like you said,eu could've been moved another 500 pips easily if it played as per the fundamentals.But sometimes it doesn't and there is nothing you can do about it.
Hedging is an important part to my trading method because when price makes an opposite price action to my current position then I'd have to take advantage of it by hedging.
I believe that your 400 pip-eu trade was very close to hit 1000 pips level.
about your uj trades I posted some charts before and said that I expect a bullish week for it but If I were you I would try...
Just saw this reply, Nomask. I haven't closed my positions yet, but I think I should have right when the market opened this week. I will keep my fingers crossed. I just can't go long on UJ until I close them, unfortunately. I could say some unpleasant things about the US government right now, but I'll refrain from that.
  • #1,254
  • Jun 13, 2011 9:45am Jun 13, 2011 9:45am
Looks to break 80.225
  • #1,255
  • Jun 13, 2011 9:49am Jun 13, 2011 9:49am
Their thinking about it
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  • #1,256
  • Jun 13, 2011 10:00am Jun 13, 2011 10:00am
Looks like further move down to magic no. 80.000 . Should stop at support levels along the way.
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  • #1,257
  • Jun 13, 2011 10:01am Jun 13, 2011 10:01am
Quoting jasonc1213
Just saw this reply, Nomask. I haven't closed my positions yet, but I think I should have right when the market opened this week. I will keep my fingers crossed. I just can't go long on UJ until I close them, unfortunately. I could say some unpleasant things about the US government right now, but I'll refrain from that.
I would hold it "until" I get an opposite setup and low risk entry..
  • #1,258
  • Jun 13, 2011 10:13am Jun 13, 2011 10:13am
It's going to take time moving to 80.000
Attached Image (click to enlarge)
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  • #1,259
  • Jun 13, 2011 10:31am Jun 13, 2011 10:31am
Looks like retest after pin bar at 80.125 support
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  • #1,260
  • Jun 13, 2011 11:58am Jun 13, 2011 11:58am
Looks like price is going to consolidate a bit between 80.225 and 80.125
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