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  • #1,801
  • Dec 7, 2011 12:50pm Dec 7, 2011 12:50pm
Something on the watch list. Opinions?
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  • #1,802
  • Dec 7, 2011 3:26pm Dec 7, 2011 3:26pm
Hi Mr C.

I was watching GbpAud myself on the 1hr for the long. One tip that Will kindly shared with me was that the third return back to the trend line generally offers the best opportunity.

If you look at the chart below, taking the third touch back to the trend line for a long offered a quick 150 pips.

dazz
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  • #1,803
  • Dec 7, 2011 3:45pm Dec 7, 2011 3:45pm
Some other thoughts...

Another tip Will shared with me was that zooming out will give you a much better perspective than zooming in. So if I zoom out, the market structure becomes a little more apparent.

Another tip Will shared with me is that markets have a tendency to find a "natural rhythm" that is hard to detect using an indicator, but quite easy with a trend line. One way to do this is by drawing parallel trend lines. (There are others way - some extremely powerful).

If you do this and find the market is indeed moving in a rhythm, then using a trend line that is congruent with the current rhythm dramatically improves the likely hood of a trend line being valid.

In addition, this natural market rhythm changes over time, and trend lines can be a valuable tool to show you the first indications of this.

>> If you look at some of Bel's charts in his thread, you can see this clearly. When you start seeing this, you can see where price is likely to go, likely to stop. This can be used very effectively for setting stops and targets.

If I look at any chart, I can draw 20 trend lines, but which ones are the important ones?

Taking this into account, I have drawn another chart.

I trust it makes sense.

dazz
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  • #1,804
  • Dec 8, 2011 3:58am Dec 8, 2011 3:58am
cable breakout (or take false break in the opposite direction)
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  • #1,805
  • Dec 8, 2011 3:59am Dec 8, 2011 3:59am
Aud still in range.
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  • #1,806
  • Dec 8, 2011 4:01am Dec 8, 2011 4:01am
kiwi.... real break? or will it be a false break?
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  • #1,807
  • Dec 8, 2011 4:05am Dec 8, 2011 4:05am
Quoting Mr.C
Something on the watch list. Opinions?
In progress.
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  • #1,808
  • Dec 8, 2011 4:09am Dec 8, 2011 4:09am
Quoting dazzdude
Aud still in range.
Dear Dazzdude,
can i borrow the indicator you use to draw that short res &sup lines and the one draw the supply demand zoons shown in your drawing

I know it could be done manually but the above would help specially when you trade many pairs
  • #1,809
  • Dec 8, 2011 4:11am Dec 8, 2011 4:11am
Quoting Mr.C
In progress.
your channel was perfect
  • #1,810
  • Dec 8, 2011 4:13am Dec 8, 2011 4:13am
Quoting Mr.C
In progress.
good entry there, like the EURAUD correlated pair, GBPAUD is approaching lifetime low point, meaning will be huge support but if it breaks it, it will be your trade of the year. I just can't imagine the amount of stops below that level.... could be huge.
  • #1,811
  • Dec 8, 2011 4:20am Dec 8, 2011 4:20am
Follow up on post. Ths is how price reacted to my line.

(Unlike Mr C, I missed it)
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  • #1,812
  • Dec 8, 2011 4:25am Dec 8, 2011 4:25am
cable options
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  • #1,813
  • Dec 8, 2011 5:25am Dec 8, 2011 5:25am
I am looking at USDCAD in the D1 timeframe.

overall is uptrend, looks like it has retraced to strong support at 1.0088.

I entered long with SL just below the lows of recent pins.

Would appreciate any comments on this trade.
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  • #1,814
  • Dec 8, 2011 5:35am Dec 8, 2011 5:35am
Quoting dazzdude
your channel was perfect
Quoting challenger78
good entry there, like the EURAUD correlated pair, GBPAUD is approaching lifetime low point, meaning will be huge support but if it breaks it, it will be your trade of the year. I just can't imagine the amount of stops below that level.... could be huge.
Thanks guys. I saw the AUD pairs. Interesting points there. We'll see how we can make us some cash.
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  • #1,815
  • Dec 8, 2011 5:45am Dec 8, 2011 5:45am
Quoting fuzzy
I am looking at USDCAD in the D1 timeframe.

overall is uptrend, looks like it has retraced to strong support at 1.0088.

I entered long with SL just below the lows of recent pins.

Would appreciate any comments on this trade.
Its sound based on the current price structure. A break below yesterdays low would change my bias.
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  • #1,816
  • Dec 8, 2011 5:51am Dec 8, 2011 5:51am
Quoting fuzzy
I am looking at USDCAD in the D1 timeframe.

overall is uptrend, looks like it has retraced to strong support at 1.0088.

I entered long with SL just below the lows of recent pins.

Would appreciate any comments on this trade.
Your long is supported by good support and below there the parity level 1.0000 will also be good support.

However, we recently had very string GDP data from Canada which support a short trade (although you can argue this has already been priced in), plus the very important eurozone summit starting tonight, which will affect hugely risk sentiment globally, and as such could cause big moves to USDCAD in either direction.

Over all, not a bad trade but I would be very careful today and especially tomorrow.
  • #1,817
  • Dec 8, 2011 6:08am Dec 8, 2011 6:08am
Quoting Mr.C
Thanks guys. I saw the AUD pairs. Interesting points there. We'll see how we can make us some cash.
speaking of aud pairs.... no laughing please....

On a more serious note, the pairs of interest now for me are Aud$ and NZ$.

dazz
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  • #1,818
  • Dec 8, 2011 6:11am Dec 8, 2011 6:11am
Quoting dazzdude
speaking of aud pairs.... no laughing please....

On a more serious note, the pairs of interest now for me are Aud$ and NZ$.

dazz
If the eurozone summit is a success, this move can happen
  • #1,819
  • Dec 8, 2011 6:35am Dec 8, 2011 6:35am
Quoting dazzdude
speaking of aud pairs.... no laughing please....

On a more serious note, the pairs of interest now for me are Aud$ and NZ$.

dazz
No laugh can be generated out of an idea or thought. Only a discussion. Talking about EUR/AUD I can see a wedge like formation on H1. So if you mean the up move now it might be possible but I'll stay aside for a while. Trend and etc. But for me more interesting is the daily view. We're traveling down to the zone (lower TL) and the today's 100% range is almost spot on the line. Will be watching this one.
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  • #1,820
  • Dec 8, 2011 9:24am Dec 8, 2011 9:24am
Dazz, Challenger78,

thanks for taking time to give the feedback.

This trade had me worried for a moment, when the price spiked down then reversed. Was tempted, as usual, to close manually but decided to keep to the trading plan.

Cheers, Fuzzy
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