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Thanks Chris, that's great analysis.

By the way, which broker would you recommend opening an account at? I'd like as much currency pairs (and maybe some other products) as it's possible and the one that would let me deposit small amounts of money for learning purposes..?
What about AUD/JPY?

Price seems to be at a support level (74), would you consider it a significant support level? Personally, I would like to see more points it acting as a S/R level.

Attached Image (click to enlarge)
Click to Enlarge Name: audjpy1.jpg Size: 132 KB


Pinbar at 74 is prety georgeos. Would you have taken it? Or is another S/R level (76,5) too close?

Attached Image (click to enlarge)
Click to Enlarge Name: audjpy2.jpg Size: 115 KB
Quoting bangster
Thanks Chris, that's great analysis.

By the way, which broker would you recommend opening an account at? I'd like as much currency pairs (and maybe some other products) as it's possible and the one that would let me deposit small amounts of money for learning purposes..?
http://www.forexfactory.com/showthre...55431&page=870

GFT has a lot of pairs.

As for microscopic account and lot sizes so far I have had a sound experience with Oanda.
Quoting clockwork71
Thanks for posting this chart. This is a great example of a chart that looks good at first, but there are a few things that I don't like about selling it. First, the Swiss National Bank is going to actively work against the appreciation of the Franc. Because of this, even if the pair breaks down, you might find that one moment you are 100 pips up, and then shortly after you are down 500. Just not worth it to me at this point.

The second thing is that there are a few examples of support just below. With support below, and resistance above, I am...
Hello Chris
I was thinking the same for days about E/chf
still not sure yet to sell or not but my chart calling to sell above 1.22
can u spot on this
Quoting Rk33333
http://www.forexfactory.com/showthre...55431&page=870

GFT has a lot of pairs.

As for microscopic account and lot sizes so far I have had a sound experience with Oanda.
Thanks Rk, will try GFT
Quoting egkid
Hello Chris
I was thinking the same for days about E/chf
still not sure yet to sell or not but my chart calling to sell above 1.22
can u spot on this
As far as I am concerned about the EUR/CHF pair - I will not sell it under any circumstance. If the Swiss National Bank was even remotely being truthful about buying "unlimited amounts of foreign currency" to devalue the Franc, they will fight this tooth and nail. There is absolutely nothing keeping the SNB from flooding the world with Francs at this point. For my money, this pair is dead.

The only long-term move than can come about is if the EU gets their collective act together. This would push the pair up.....and probably for a long-term move. Otherwise, I am not interested in this pair at all.

I do understand that the Euro could absolutely meltdown, but if it does - I would rather short it against a currency that isn't being manipulated at the moment, so this eliminates EUR/CHF and EUR/JPY for me currently.
Quoting bangster
Thanks Chris, that's great analysis.

By the way, which broker would you recommend opening an account at? I'd like as much currency pairs (and maybe some other products) as it's possible and the one that would let me deposit small amounts of money for learning purposes..?
For your needs, I would recommend Oanda at this point since you can depost so little with them......most people ahve good things to say about them as well.
Quoting bangster
What about AUD/JPY?

Price seems to be at a support level (74), would you consider it a significant support level? Personally, I would like to see more points it acting as a S/R level.

Attachment 792691

Pinbar at 74 is prety georgeos. Would you have taken it? Or is another S/R level (76,5) too close?

Attachment 792692
I might. And not for the reason you think. Yes, it would be a short-term trade, but there is also a hammer on the AUD/USD if memory serves me correctly. (Don't have charts open at the moment.) This shows a bounce in the AUD could be coming.....I certainly wouldn't want to short a XXX/JPY pair. However, as time goes on, I am trading less and less counter trend set ups......

Chris
Quoting clockwork71
As far as I am concerned about the EUR/CHF pair - I will not sell it under any circumstance. If the Swiss National Bank was even remotely being truthful about buying "unlimited amounts of foreign currency" to devalue the Franc, they will fight this tooth and nail. There is absolutely nothing keeping the SNB from flooding the world with Francs at this point. For my money, this pair is dead.

The only long-term move than can come about is if the EU gets their collective act together. This would push the pair up.....and probably for a long-term...
Thanks for telling your view
I will not b greedy and enjoy playing with e/u and g/u
Any of you with access to the private forum.....

The hosting company that I work with has suffered a major attack today, and the forum will be down for a few more hours. Some status page from "Bangladeshi Hackers" seems to be everywhere today. (Not just my forum.) Oddly, the actual blog was left untouched, which knowing the structure of the site is odd to say the least.......

Anyway, needless to say I was stunned this came from Bangladesh. Hell, I didn't even know they had electricity let alone the Internet.
Quoting clockwork71
Any of you with access to the private forum.....

The hosting company that I work with has suffered a major attack today, and the forum will be down for a few more hours. Some status page from "Bangladeshi Hackers" seems to be everywhere today. (Not just my forum.) Oddly, the actual blog was left untouched, which knowing the structure of the site is odd to say the least.......

Anyway, needless to say I was stunned this came from Bangladesh. Hell, I didn't even know they had electricity let alone the Internet.

Chris, of course they have electricity, check out the photo.
Attached Image
Quoting Peter-FX
Chris, of course they have electricity, check out the photo.

Fair enough.

It is back up anyway.......
  • Post #13,113
  • Quote
  • Edited Sep 27, 2011 5:00am Sep 26, 2011 8:43am | Edited Sep 27, 2011 5:00am
First time posting. Thank you Chris and all who contribute to this fantastic thread. I wanted to share a trade I just took based on much of your criteria.

( I have these posted by my computer )

1) Is this at an 'area'?
.....BRN ( big round number )...also 1.0300 was significant in 7/10, 8/10,
9/10
2) Is there some kind of confirming Price Action?
.....BEOB ( bearish outside bar ) with divergence
3) Any confluence?
....this all happened at yesterdays high ( friday )
4) Trend or Countertrend ?
...countertrend ( but I like to think of it as the beginning of the new
trend )
5) Where do I expect this to go if it works out?
...there were two probabilities...daily pivot ( 75 area ) and yesterdays low ...0230 area
6) When is the trade no longer valid?
...above the BEOB high
7) Am I willing to accept the risk?
...yes....trading is a business of probabilities...and this trade had enough
according to my rules ( Chris, James, Elmer...etc )
http://www.forexfactory.com/attachme...1&d=1317040357
Quoting apo
First time posting. Thank you Chris and all who contribute to this fantastic thread. I wanted to share a trade I just took based on much of your criteria.

( I have these posted by my computer )

1) Is this at an 'area'?
.....BRN ( big round number )...also 1.0300 was significant in 7/10, 8/10,
9/10
2) Is there some kind of confirming Price Action?
.....BEOB ( bearish outside bar ) with divergence
3) Any confluence?
....this all happened at yesterdays high ( friday )
4) Trend or Countertrend ?
...countertrend ( but I like...

I assume you are talking about USD/CAD?
Talk about not giving up......geez......could be a counter trend trade I suppose. I am more interested in selling once the rally would show weakness......or a break of the lows......
Attached Image (click to enlarge)
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My apologies...my first post and I screwed up..lol...yes it was the USD/CAD ( 4 hr )
If we get a close today above $1630, then for the love of God if that isn't a pinbar in Gold on the Daily... If so, I don't think it gets much better than that to go long! Nevertheless I still think we could see another run to as low as $1450 or so in the near future, which is why I'm seriously considering hedging my GLD positions if Gold gets closer to $1700 with ticker DGZ (PowerShares DB Gold Short ETN). Either way I'd lift it if we drop deeper, stay above $1550 and/or close above $1880.

Decapitating fall in Silver last week... "The Devil's Market" at its best.

Took a light bid position with ticker SH (ProShares Short S&P 500) this morning for a ride into the 900s on the S&P 500, since we're approaching the top of its range yet again whilst authorities persist in wishing away the structural problems by avoiding, attacking and/or accomodating one another the world over. The same "pride and honor" EMU authorities boasted to start the year have become mere obstinance. Meanwhile on-the-other-side of the trade there's so much USD in the system that there's not enough available assets for it to buy.
Attached Images (click to enlarge)
Click to Enlarge Name: XAU:USD.jpg Size: 61 KB Click to Enlarge Name: SH_Proshares.png Size: 48 KB Click to Enlarge Name: Proshares_Trade.png Size: 3 KB
Quoting apo
My apologies...my first post and I screwed up..lol...yes it was the USD/CAD ( 4 hr )
Good enough. If you shorted - you did well I think?
Quoting Soca
If we get a close today above $1630, then for the love of God if that isn't a pinbar in Gold on the Daily... If so, I don't think it gets much better than that to go long! Nevertheless I still think we could see another run to as low as $1450 or so in the near future, which is why I'm seriously considering hedging my GLD positions if Gold gets closer to $1700 with ticker DGZ (PowerShares DB Gold Short ETN). Either way I'd lift it if we drop deeper, stay above $1550 and/or close above $1880.

Decapitating fall in Silver last week... "The Devil's...
I am actually away from my desk today.....last I heard gold was running wild again.....
New article on blog front page as well as blog post in blog section.....
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