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  • #2,421
  • Jan 23, 2012 6:24am Jan 23, 2012 6:24am
What do you think of A/U 1.05

Has been respected last time it was there




http://img811.imageshack.us/img811/5024/au4h.gif
  • #2,422
  • Jan 23, 2012 6:39am Jan 23, 2012 6:39am
GPB/CAD H1 I did not take this as I am trying not to trade crosses, however, just looking at the chart I need to ask about confluence. At this level we have 2 inverse touches before the break and retest. With only 2 touches I need 1 instance of confluence. "Daily Bias, ATR, SFP, MACD Div., Fib." Are there any other types of confluence I can look for as none of the above seem to fit this level?

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  • #2,423
  • Jan 23, 2012 6:53am Jan 23, 2012 6:53am
Quoting bullishbias
GPB/CAD H1 I did not take this as I am trying not to trade crosses, however, just looking at the chart I need to ask about confluence. At this level we have 2 inverse touches before the break and retest. With only 2 touches I need 1 instance of confluence. "Daily Bias, ATR, SFP, MACD Div., Fib." Are there any other types of confluence I can look for as none of the above seem to fit this level?

Attachment
If you look further back there was previous support so well spotted, it is a good level. However as you say its one of the crosses so maybe one to stand back and learn from? lets see what happens.
  • #2,424
  • Jan 23, 2012 6:55am Jan 23, 2012 6:55am
U/CHF 0.931 area also nice if we can get away a bit for a rounded retest

http://img194.imageshack.us/img194/1381/uchf.gif
  • #2,425
  • Jan 23, 2012 6:58am Jan 23, 2012 6:58am
Tom
Thank you for accepting me into your webinar last night. It was my 1st one and I'll be there every week if I can. I have made a donation to the British Heart Foundation, and, I look forward with relish to next weeks words of wisdom.
I will be eagerly beavering away, reading through this thread and the ones on T2W.

Thanks again, and all the best

Quinny
  • #2,426
  • Jan 23, 2012 8:13am Jan 23, 2012 8:13am
http://content.screencast.com/users/...SFP-Bronze.png
Greetings, BeLikewater
  • #2,427
  • Jan 23, 2012 9:16am Jan 23, 2012 9:16am
Quoting bullishbias
GPB/CAD H1 I did not take this as I am trying not to trade crosses, however, just looking at the chart I need to ask about confluence. At this level we have 2 inverse touches before the break and retest. With only 2 touches I need 1 instance of confluence. "Daily Bias, ATR, SFP, MACD Div., Fib." Are there any other types of confluence I can look for as none of the above seem to fit this level?

Attachment
I would stay away from the crosses and NEVER, EVER, EVER TRY TO FIND THINGS TO JUSTIFY YOUR SETUP.

Look at what happened to that level you were thinking of buying. The market blew right through it.

It was only two touches from the inverse therefore it wasn't good enough to trade without confluence. You knew this.

The confluence wasn't there so you move on. You don't try desperately to find confluence to make the market tradable.

As you can see from what happened, passing on it was the best result.

Tom
  • #2,428
  • Jan 23, 2012 9:19am Jan 23, 2012 9:19am
Quoting bullishbias
At this level we have 2 inverse touches before the break and retest. With only 2 touches I need 1 instance of confluence. "Daily Bias, ATR, SFP, MACD Div., Fib." Are there any other types of confluence I can look for as none of the above seem to fit this level?
You can't get MACD div or an SFP if the level was the inverse last (which this was) so you can strike those off as criteria for this setup.
  • #2,429
  • Jan 23, 2012 9:39am Jan 23, 2012 9:39am
Hi Everyone,

I would like to share with you A++ setup for break and retest, which is coming up on EURGBP.

No further comment is needed. Beautiful.

Cheers and good luck,

Chris
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Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #2,430
  • Jan 23, 2012 10:13am Jan 23, 2012 10:13am
eur/usd gap was an awesome trade. nearly no drawdown!
  • #2,431
  • Jan 23, 2012 10:20am Jan 23, 2012 10:20am
yes, bidc, nice one - took that and EU so a good day so far.......
  • #2,432
  • Jan 23, 2012 10:25am Jan 23, 2012 10:25am
Great posts, looking forward to this week.

Nice EG chart...in addition, I'm keeping an eye on the 85 level.



Quoting Baniu
Hi Everyone,

I would like to share with you A++ setup for break and retest, which is coming up on EURGBP.

No further comment is needed. Beautiful.

Cheers and good luck,

Chris
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  • #2,433
  • Jan 23, 2012 12:18pm Jan 23, 2012 12:18pm
eur/cad 1.34
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  • #2,434
  • Jan 23, 2012 12:46pm Jan 23, 2012 12:46pm
Quoting biDc
eur/cad 1.34
Had this one marked up for weeks now.......still a bit to go to get back but patience is the name of the game and thats how we are rewarded!
  • #2,435
  • Jan 23, 2012 1:23pm Jan 23, 2012 1:23pm
Evening guys

Nice big D1 BUOB bar forming off a 10 year low on Natural Gas.

Cheers
  • #2,436
  • Jan 23, 2012 1:57pm Jan 23, 2012 1:57pm
Quoting biDc
eur/usd gap was an awesome trade. nearly no drawdown!
You sound surprised.
  • #2,437
  • Jan 23, 2012 2:57pm Jan 23, 2012 2:57pm
Hi Wizard
On twitter today you put out that you had an order placed to sell gold at $1703.

So, I followed suit immediately (I know you could say 'if I jumped off a cliff would you follow me?).

Now that I have got home from work I am looking at the daily and hourly chart trying to work out your magic 1703.

On the daily I can see that 1703 acted as good support end of october. then resistance end of November, then support again before failing mid December.

I also now have it channelling up nicely towards the 1703 level.
Also, I have the 38.2 fib on the 1703 if taken from the 1800ceiling around mid November

Could you tell me if i am somewhere near with my workings please?
I would love to be able to work it out.
Yours
Quinny
  • #2,438
  • Jan 23, 2012 3:46pm Jan 23, 2012 3:46pm
Quoting quinny
Hi Wizard
On twitter today you put out that you had an order placed to sell gold at $1703.

So, I followed suit immediately (I know you could say 'if I jumped off a cliff would you follow me?).

Now that I have got home from work I am looking at the daily and hourly chart trying to work out your magic 1703.

[color=black][font=Verdana]On the daily I can see that 1703 acted as good...

Hi Quinny

Put a line on your charts at 1703 and look at the last 4 touches of it on a daily chart since 29th Nov - nearly 5 touches of which all of them are support last. Price then breaks through it on the 12th Dec and we are now waiting for price to retest this level as it hasnt been back there since. This is a grade A setup - good luck, make sure you know where your stop is and target is, gold has relatively high ATR compared to other markets and also check how your broker calculates ticks.
  • #2,439
  • Jan 23, 2012 4:19pm Jan 23, 2012 4:19pm
Quoting pipz4me
Hi Quinny

Put a line on your charts at 1703 and look at the last 4 touches of it on a daily chart since 29th Nov - nearly 5 touches of which all of them are support last. Price then breaks through it on the 12th Dec and we are now waiting for price to retest this level as it hasnt been back there since. This is a grade A setup - good luck, make sure you know where your stop is and target is, gold has relatively high ATR compared to other markets and also check how your broker calculates ticks.
hi pipz4me - thanks for coming back to me. i have placed this order with ig index. to be totally honest with you i'm not sure where to place my stop loss and exit. at present i have my sl at 1730. i haven't worked out the limit (maybe 1606) could you suggest positions that you would consider if entering this trade please?
thanks
  • #2,440
  • Jan 23, 2012 11:31pm Jan 23, 2012 11:31pm
Hi wizard,

Thank you for the webinar on Sunday. I also got your tweet concerning shorts @1703 on gold so I decided to analyze D1 gold and see if I can understand the reason for the possible short @1703.

My analysis (I want to be corrected)
Looking at the chart below I reasoned that D1 gold is in a Bearish Spider with an SFP @1532 which went pass its first FTA @1613 and is currently at its second FTA @1671 which has confluence with the 38.2 fib (drawn from 1920.80) and the upper trend line.

So I reasoned that if price closes above this confluence, selling gold @1703 wouldn't be much of a good trade.

Thanks.

PS: I stand to be corrected.
Attached Image (click to enlarge)
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SNR with Price Action...
BitCrossNG Return Today: na
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