DislikedCould we not look at it as BUEOB? I know it's risky taking it as the entry is very close to short term downtrend on a daily.Ignored
james16 Chart Thread
- #102,762
- Oct 7, 2011 2:05am Oct 7, 2011 2:05am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
2 days ago EU was 50/50. Now there are more short positions and we can assume that protecting buy stops are building above the market. On DT threads people are almost sure that EU must drop becouse the trend is down and fundamental bla bla bla. Some of the guys i know are heavily underwater atm (sold the bottom) and in their opinion EU will come down hard today ...oh yeah... they do not use SL becouse they were able to withstand large dd 
..... There are a lot of traders betting big for a weaker euro now.
..... There are a lot of traders betting big for a weaker euro now.
- #102,763
- Oct 7, 2011 2:11am Oct 7, 2011 2:11am
2 days ago EU was 50/50. Now there are more short positions and we can assume that protecting buy stops are building above the market. On DT threads people are almost sure that EU must drop becouse the trend is down and fundamental bla bla bla. Some of the guys i know are heavily underwater atm (sold the bottom) and in their opinion EU will come down hard today ...oh yeah... they do not use SL becouse they were able to withstand large dd
I'll be looking for short setups around that number. Ant sort of strong move above 35, I think we will be sitting into a deeper correction, maybe to the high's of the previous pullback. Only time will tell
- #102,764
- Oct 7, 2011 2:25am Oct 7, 2011 2:25am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
I agree with the general movement being a continued move down, but I feel a correction or pull back is due first. I'm waiting to see what happens at the RN of 35. Recent pull backs in the sell offs have been around 350 pips, and if history repeats itself, then 350 pips into the pullback we're in now should take us to the RN 35.
I'll be looking for short setups around that number. Ant sort of strong move above 35, I think we will be sitting into a deeper correction, maybe to the high's of the previous pullback. Only time will tell
Anybody in USDNOK BEOB?
- #102,765
- Oct 7, 2011 2:49am Oct 7, 2011 2:49am
What do you think about the daily PB on $CHF greenhaze?
Bearish PB, right at the top of a good trend up. Sat near the 365ema on my daily data. Looking at the 4H charts there is the possibility of a 30pip 1st target to get some money in the bank and risk reduced.
Bearish PB, right at the top of a good trend up. Sat near the 365ema on my daily data. Looking at the 4H charts there is the possibility of a 30pip 1st target to get some money in the bank and risk reduced.
- #102,766
- Oct 7, 2011 2:58am Oct 7, 2011 2:58am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #102,767
- Oct 7, 2011 3:44am Oct 7, 2011 3:44am
My thoughts exactly
Anybody in USDNOK BEOB?
And like an idiot, bein' countertrend, I've moved sl to 5.93 - got spoofed by ask being over 5.93
Gave over 1k - or 100 real pips - I know it's stupid to be pissed, but can't bring myself together not to be... And frankly, now, after 1 night sleep, I'm still pissed, which will probably affect today trading too... That and closing u/c at .0435 after it went back over .0444. Man, I'll always be crap at playing countertrends...
That being said, be careful - 61.2 of last down move from june '10 is 5.792 and then it's 5.8 as RN and 5.81 the close after Bernanke said he won't print(and I expect those tops to be supp. now) - 20 real pips till 1st fta(considerin' the bar breaks at 5.82) with 3 as spread(very little room and was already touched).
Oh well, at least I might've sold a top on cable 30 mins ago... that up move smells so hard(but I'll be damn if I'll let it turn against me - I don't understand the action to begin with).
chart wise - pins forming on weekly on the expected suspects(/usd and /jpy pairs) but tails are so long and they're head right into previous supports(and I still have a problem with countertrend, right?)
- #102,770
- Oct 7, 2011 4:33am Oct 7, 2011 4:33am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Second attempt to find the pin. The high of the pin bar isnt above the pervious bar. And the low of the pin bar forms a double bottom.
Good Job
& welcome to the thread.Yeah, as SC kindly pointed out HCR & LCS are terminology of Jarroo's methodology.
Look at where that GU PB bounced, right at the 61.8 & the daily Highest Close of Support above price.
What great stuff and fun we have to learn here, thanks to even greater people.
Good Job
Yeah, as SC kindly pointed out HCR & LCS are terminology of Jarroo's methodology.
Look at where that GU PB bounced, right at the 61.8 & the daily Highest Close of Support above price.
What great stuff and fun we have to learn here, thanks to even greater
people.
good day pin.. this pattern i guess is a dragon pattern ? is dat right ?
looks more like a Giraffe than a dragon to me
u can have a nice confirmation of pa......ciao ciao
- #102,776
- Edited 7:37am Oct 7, 2011 6:16am | Edited 7:37am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
I was riding the AUD/USD sincte the broke of the Pin Bar but took profit at 1.0400 level as got scared it will turn against me.
Would you take partial profit and leave the rest of your position going with a trailing stop loss in this case?
My problem is I never know when we're going to have strong move and I get scared always when I reach my TP1.
How can I overcome this fear without being too greedy at the same time?
I'm only a newbie
Thanks
- #102,780
- Oct 7, 2011 9:14am Oct 7, 2011 9:14am
I was riding the AUD/USD sincte the broke of the Pin Bar but took profit at 1.0400 level as got scared it will turn against me.
Would you take partial profit and leave the rest of your position going with a trailing stop loss in this case?
My problem is I never know when we're going to have strong move and I get scared always when I reach my TP1.
How can I overcome this fear without being too greedy at the same time?
I'm only a newbie
Thanks
when my account reaches a sufficient size, i might open 3 contracts total and leave the last contract to target a further away TP target.
and if you have a broker that allow very flexible contract sizes like oanda you can allow for small contracts to be left open.
i don't think there is such thing as being too greedy. we never know where price will reverse back or continue down/up after an impulse move. i think the only way is to target each contract (whether its micro or mini or standard) at the s/r points one after the other.
Edit: my definition of being too greedy would be to risk half your capital on a trade that you think can work out. even if it is a high probability trade like a pin bar at a PPZ and BRN, we have to take into account of a possible black swan-like event that might stop you out and destroy half your capital.
in the case of USDCAD, since its more like a counter trend trade after a strong impulse move upwards i would expect prices to continue upwards so maybe we can aim up to 61.8 fib retracement as our final target before price flips back up.
the only (and best) way to deal with uncertainty is to participate and not be left out. we never know what we can get out of it. well, i've got to learn how to do that too.