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High velocity trading

  • #901
  • Oct 4, 2011 6:30am Oct 4, 2011 6:30am
GOLD looking to short sell 54-56 area. QP rejection @ DBL TOP @ H1.
  • #902
  • Oct 4, 2011 6:49am Oct 4, 2011 6:49am
Quoting ruffryders
GOLD looking to short sell 54-56 area. QP rejection @ DBL TOP @ H1.
  • #903
  • Oct 4, 2011 6:51am Oct 4, 2011 6:51am
Guys DOW is melting down.

No idea how that correlates with the current move on gold.
  • #904
  • Oct 4, 2011 7:03am Oct 4, 2011 7:03am
http://www.bloomberg.com/news/2011-1...-for-wien.html

S&P 500 Below 1,100 Puts Bear Market in View
  • #905
  • Oct 4, 2011 7:11am Oct 4, 2011 7:11am
Quoting ruffryders
GOLD looking to short sell 54-56 area. QP rejection @ DBL TOP @ H1.
Initial TP set @ 1613. TP2 @ 1540 now.
  • #906
  • Oct 4, 2011 7:21am Oct 4, 2011 7:21am
Quoting ruffryders
http://img812.imageshack.us/img812/8...3004102011.png

Setup in progress that Im watching on GBPCAD. Looking to short sell. See chart for details.
This trade can be triggered soon
  • #907
  • Oct 4, 2011 7:31am Oct 4, 2011 7:31am
Just for kicks thought I might post our national currency chart - the rouble.
It's currently almost @ 33. It's booty is taken by the dollar bulls hard out.

lost 20% in value since this summer.

Looks like can go to 36-38 to me. Oil is melting down, which won't support the rouble. Yesterday the Central Bank sold 3 Bln USD to intervene .... and the result was basically zero.

Now talk about efficient goverment, the fellas who run the show just don't have a clue.

Overall the RUR is back to 2008-crysis levels already. Nice start guys!

http://img835.imageshack.us/img835/3674/rurw1.png
  • #908
  • Oct 4, 2011 7:37am Oct 4, 2011 7:37am
Just a quick chart I posted when EJ was trading @ 105. It's 101 now. Almost 400 pips lower.

Still the ultimate destination is @ 90 I believe, which is still 1000+ pips away.

Worthy position trade to consider to add if you like swing trade setups.

http://img51.imageshack.us/img51/553...ly14092011.png
  • #909
  • Oct 4, 2011 7:49am Oct 4, 2011 7:49am
heres a possible re-entry on EJ shorts

http://img101.imageshack.us/img101/1...rt04102011.png
  • #910
  • Oct 4, 2011 7:57am Oct 4, 2011 7:57am
Quoting ruffryders
GOLD looking to short sell 54-56 area. QP rejection @ DBL TOP @ H1.
guys it's not too late to jump in SHORT. Soon the chance will fade away.
  • #911
  • Oct 4, 2011 8:05am Oct 4, 2011 8:05am
hy ruffryders,
i wait on ej, to the short entry.How many years you learn on forex? and the price action?
I must learn many hours per day, that i can say to myself, i am a good trader .
  • #912
  • Oct 4, 2011 8:14am Oct 4, 2011 8:14am
Quoting stevebalmmer
hy ruffryders,
i wait on ej, to the short entry.How many years you learn on forex? and the price action?
I must learn many hours per day, that i can say to myself, i am a good trader .
Took me 4 years pretty much full-time and two blown accounts to start to break even. Now I'm at a decade of trading XP and I have tough periods.

No recipe I guess. The sooner you start I guess the sooner you will be able to crack it.
  • #913
  • Oct 4, 2011 8:21am Oct 4, 2011 8:21am
Steve the best framework is to use weekly pivots and S/Rs with channels (the template I posted earlier). Then you use previous days close to gauge price action.

Is price action strong? How do you measure it?

- is price above or below yesterday's close?
- is price above or below weekly pivot?
- is price @ or near strong S/R zone?
- is the price near TL / is TL gonna hold / or gonna break? Why?
- can you identify technical cofluence? (TL break / TL rejection @ WP or 50 fibo?

The rules gotta be easy and tradeable. Once you develop nice and clean set of rules you will be on the way. Then start a small account (5000-10000 euros). Double it up. Then triple it up. Then you can move to 5 digit accounts finally.

That's a pretty good action plan if I come to think about it now.
  • #914
  • Oct 4, 2011 8:22am Oct 4, 2011 8:22am
can you give us all traders informations, that we can learn it?
  • #915
  • Oct 4, 2011 8:33am Oct 4, 2011 8:33am
Quoting stevebalmmer
can you give us all traders informations, that we can learn it?
I already post probably more charts than anyone I know here.

I will try to post a few tutorials how to use pivot/TL/last day close framework.
  • #916
  • Oct 4, 2011 8:42am Oct 4, 2011 8:42am
http://img15.imageshack.us/img15/553...al04102011.png

Steve here's a good tutorial on USDCAD H1. THe setup was yesterday. Remember I tried to go LONG with 20 pips SL? I was stopped out. Well the setup was still good, since the TL held. But I was out of the office. Was a good entry @ 90 and TP + 100 at least or even more.

The logic is simple - above WP and above MP - only LONG. Broke Friday's high + support @ TL = you go LONG with tight SL (20-30 pips at most).

This is a typical HQ setup. Not all setups will be like this. Still the framework is pretty much the same.

You use pivots, S/Rs and tech confluence and yesterday's close to gauge price action for the day and look for direction based on your current layout.
  • #917
  • Oct 4, 2011 8:48am Oct 4, 2011 8:48am
Quoting ruffryders
guys it's not too late to jump in SHORT. Soon the chance will fade away.
Im on this one and in profit.

Cant wait to see it break the 1600's lol

Cheers
  • #918
  • Oct 4, 2011 8:49am Oct 4, 2011 8:49am
Quoting ruffryders
I already post probably more charts than anyone I know here.

I will try to post a few tutorials how to use pivot/TL/last day close framework.
Great!
  • #919
  • Oct 4, 2011 8:53am Oct 4, 2011 8:53am
- is price @ or near strong S/R zone? you mean the weekly s1 zone, and weekly r1 zone?
  • #920
  • Oct 4, 2011 8:54am Oct 4, 2011 8:54am
http://img593.imageshack.us/img593/4...ej04102011.png

Here's a quick one WP rejection on EUR GBP happened yesterday. Green long-wicked candle @ WP = rejection and short sell order. The channel is projected according to the chart comments.

WP rejection frequently happen early into the week (Mon-Wed). That's HQ setups worth taking.

Also TPs. How do you set TP? Easy enough, you use ADR to gauge how much more upside/downside PA has and add in to you entry price.

For instance EUR GBP ADR is 100 points. The low is 8520. You enter LONG @ 8535. Where would you put your TP? It's 8535 + 75 = 8610. That's as simple as that. YES, if you plan to buy and hold / sell and hold, TP can be 2 or three times the ADR. Still most frequently you want to take one ADR on the TP side.
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