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USD/CHF

  • #2,301
  • Jul 19, 2011 6:04am Jul 19, 2011 6:04am
sell 8190 sl 8204
Trader from Croatia
  • #2,302
  • Jul 19, 2011 7:29am Jul 19, 2011 7:29am
Quoting Geene
sell 8190 sl 8204
Uh...sl 8204 ( -14 )
Trader from Croatia
  • #2,303
  • Jul 19, 2011 9:05am Jul 19, 2011 9:05am
Well im still out of this market, conditions here are not good for trading, for me anyway, as the current 60 minute swing up is still a corrective swing ie moving against the 4 hour, yes as i pointed out yesterday the break above the .8198 level has seen the current correction extend higher with the old support becomes new resistance being at around the 8267 level but this does not mean we will definately reach that level as the 4 hour down trend might resume at any time with gap away from the 8267 level, have seen this happen many times. I would rather wait for something more positive on my screen to enter this market.


pip
Follow The Markets Structure - Patience and Discipline
  • #2,304
  • Jul 19, 2011 10:23pm Jul 19, 2011 10:23pm
Long at 0.82428, S/L at 0.80718 (D1CTT, counter trend trading)

http://lcchong.files.wordpress.com/2...ng?w=877&h=397
  • #2,305
  • Jul 19, 2011 11:09pm Jul 19, 2011 11:09pm
and tp @?

Quoting clc4x
Long at 0.82428, S/L at 0.80718 (D1CTT, counter trend trading)

http://lcchong.files.wordpress.com/2...ng?w=877&h=397
  • #2,306
  • Jul 20, 2011 12:09am Jul 20, 2011 12:09am
I use trailing stop

Quoting tienphivirgo
and tp @?
  • #2,307
  • Jul 20, 2011 1:18am Jul 20, 2011 1:18am
it has been ranging for nearly 12 hours in 25 pips range!!!
breakout coming, witch way? up! down!
  • #2,308
  • Jul 20, 2011 1:50am Jul 20, 2011 1:50am
Not usd/chf but eur/chf, bought @ 1.16612, tp hit @ 1.16850, not a bad day, got my 20 pips and thats me done for the day.

Have a good day all.
  • #2,309
  • Jul 20, 2011 3:31am Jul 20, 2011 3:31am
Quoting pipfarm
Well im still out of this market, conditions here are not good for trading, for me anyway, as the current 60 minute swing up is still a corrective swing ie moving against the 4 hour, yes as i pointed out yesterday the break above the .8198 level has seen the current correction extend higher with the old support becomes new resistance being at around the 8267 level but this does not mean we will definately reach that level as the 4 hour down trend might resume at any time with gap away from the 8267 level, have seen this happen many times. I would...

bounced straight off that 8267 area i quoted above (i should have put 8274) but i did not check the bar for the exact price.

A break of .82766 would be good for a long now.

pip
Follow The Markets Structure - Patience and Discipline
  • #2,310
  • Jul 20, 2011 4:20am Jul 20, 2011 4:20am
Much of my thoughts for the last couple of days have been devoted to this pair.

I think we will see a short-term rise to maybe 84 or so, I want to be a part of that.

On the other hand I see no end to this downward trend.

I am going to take a Long for a target of around 84 or so then I am getting out.

For now, which is subject to change my entry is @ 0.8207.

Then I will just ride with it and what happens happens.

SL will be a bit above 80.
  • #2,311
  • Jul 20, 2011 5:44am Jul 20, 2011 5:44am
No break yet above the .82766 level which would have taken the current 60m/4hour corrective swing deeper into a higher degree correction.

A lot of strong downside action at the moment which suggests after a bounce of that old support becomes new res level at .82766 that accumulation of all the longs orders maybe over and we maybe heading back into the longer term downtrend.

Its still a waiting game to get in for that high probability trade.


pip
Follow The Markets Structure - Patience and Discipline
  • #2,312
  • Jul 20, 2011 5:58am Jul 20, 2011 5:58am
Quoting Abouelzelouf
it has been ranging for nearly 12 hours in 25 pips range!!!
breakout coming, witch way? up! down!
Looks like it went down. What a surprise. But an opportunity to get into a better price for the short lived up move I am counting on it making, After that, down again.
  • #2,313
  • Jul 20, 2011 6:28am Jul 20, 2011 6:28am
Quoting Astroman
Looks like it went down. What a surprise. But an opportunity to get into a better price for the short lived up move I am counting on it making, After that, down again.
I am not that pessimistic, and I think we will see 0.85 first instead of the new low (if any).
  • #2,314
  • Jul 20, 2011 6:56am Jul 20, 2011 6:56am
Quoting Oodr
I am not that pessimistic, and I think we will see 0.85 first instead of the new low (if any).
I am still inclined that this downward trend will continue for a while and we have in no way seen a bottom ....yet.

But....I see a 200 Pip spike in the next 2-3 weeks.
  • #2,315
  • Jul 20, 2011 7:24am Jul 20, 2011 7:24am
it is moving down slowly, if it continue and break 0.8195 will face 0.8160 then 0.8115.
we never know what will US session do? also down?

it is all about the debt ceiling now if they get a good deal it will fly up up to around 0.84 or 0.85 or even more, if they face trouble and delay in discussions I don't know what will happen but I guess something bad, what will go down what will go up I have no idea.
  • #2,316
  • Jul 20, 2011 10:27am Jul 20, 2011 10:27am
First - read the pipfarmers analysis as its the best in the business(just joking).

Secondly - never trade against the higher timeframe no matter how good it looks (remember even a correction has a trend and thats where the market may make you pay for not understanding how it works)

Thirdly - trade what price is showing you and not what you think or want to happen.


Lastly - to find your position in any market remember - whichever timeframe you look at you will always be looking at the internal structure of the next higher degree swing.


pip
Follow The Markets Structure - Patience and Discipline
  • #2,317
  • Jul 20, 2011 10:54am Jul 20, 2011 10:54am
Quoting Abouelzelouf
it is moving down slowly, if it continue and break 0.8195 will face 0.8160 then 0.8115.
There are actually 2 options right now for USD/CHF:

(1) gradual decline back to test 0.80XX zone [double bottom scenario] and then major rebound to at least 0.87XX or

(2) direct march to 0.85XX after today's indecisive action.

Option 2 is more likely.
  • #2,318
  • Jul 20, 2011 11:01am Jul 20, 2011 11:01am
Quoting Spik
There are actually 2 options right now for USD/CHF:

(1) gradual decline back to test 0.80XX zone [double bottom scenario] and then major rebound to at least 0.87XX or

(2) direct march to 0.85XX after today's indecisive action.

Option 2 is more likely.
Or option .3
lure more buyers at higher level,and then spike into 79 zone with blowing $hitloads of accounts.Also very possible
  • #2,319
  • Jul 20, 2011 11:18am Jul 20, 2011 11:18am
Quoting pinkiaiii
Or option .3
lure more buyers at higher level,and then spike into 79 zone with blowing $hitloads of accounts.Also very possible


If i had to guess ill take option 3.5 which is already sucked all the longs in and about to blow the lid off this thing and head off to a new low below .80777

pip
Follow The Markets Structure - Patience and Discipline
  • #2,320
  • Jul 20, 2011 11:41pm Jul 20, 2011 11:41pm
swissy just gapped up abt 20 pips off the daily pivot... fundie driver or just big banks screwion around?
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