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Price is everything

  • #26,601
  • Jan 30, 2012 2:01pm Jan 30, 2012 2:01pm
short cable here. low risk entry. buying pressure, may lead to upside move...
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  • #26,602
  • Jan 30, 2012 2:06pm Jan 30, 2012 2:06pm
Quoting Dropped Onion
short cable here. low risk entry. buying pressure, may lead to upside move...
shorter dips each time may suggest sellers are losing steam. buyers > sellers?
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  • #26,603
  • Jan 30, 2012 2:21pm Jan 30, 2012 2:21pm
Quoting Dropped Onion
shorter dips each time may suggest sellers are losing steam. buyers > sellers?
Hi Onion,

Also we had a higher low on the last swing (marked in red)

Attached usd index which got rejected from a Supply level on the 30mins, went down made a doji but it seems it didnt had strength enough.

Os.
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Trade Smart
  • #26,604
  • Jan 30, 2012 2:22pm Jan 30, 2012 2:22pm
Quoting Osman
Hi Onion,

Also we had a higher low on the last swing (marked in red)

Attached usd index which got rejected from a Supply level on the 30mins, went down made a doji but it seems it didnt had strength enough.

Os.
Thanks for the info O.
  • #26,605
  • Jan 30, 2012 2:25pm Jan 30, 2012 2:25pm
Quoting Dropped Onion
M. - looks like congestion with a possible breakout pending. EU headed lower?
HI DO
thought I'l share my pic with you ,gives about same view.

Cheers
aligater
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born to speculate
  • #26,606
  • Jan 30, 2012 2:27pm Jan 30, 2012 2:27pm
Quoting Dropped Onion
Thanks for the info O.
Ure welcome, the level is A++ so im sure we'll get a rejection.

Good luck !!
Trade Smart
  • #26,607
  • Jan 30, 2012 2:29pm Jan 30, 2012 2:29pm
Quoting aligater
HI DO
thought I'l share my pic with you ,gives about same view.

Cheers
aligater
hey A - it may just bounce around for a while before the Asia Open sparks PA.
  • #26,608
  • Jan 30, 2012 2:33pm Jan 30, 2012 2:33pm
Quoting Dropped Onion
hey A - it may just bounce around for a while before the Asia Open sparks PA.
I wouldn't watch it by time ,but I wouldnt like it to close above 1.3129.. then 1.3141.. then 1.3152..

Cheers mate
aligater
born to speculate
  • #26,609
  • Jan 30, 2012 2:39pm Jan 30, 2012 2:39pm
Quoting Dropped Onion
shorter dips each time may suggest sellers are losing steam. buyers > sellers?
rolling over and testing UTL...
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  • #26,610
  • Jan 30, 2012 2:44pm Jan 30, 2012 2:44pm
Quoting Dropped Onion
rolling over and testing UTL...
partial close here
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  • #26,611
  • Jan 30, 2012 2:53pm Jan 30, 2012 2:53pm
Quoting Tyoon
I have drawn up the quasi. Essentially it is an engulfing pattern. It is one of the simplest structures of a reversal.
open an H4 and invert Ty's post. 1.318x might be worth to write down.
  • #26,612
  • Jan 30, 2012 2:55pm Jan 30, 2012 2:55pm
Quoting Dropped Onion
partial close here
the lively cable - we got a quick bounce. rest out just around entry
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  • #26,613
  • Jan 30, 2012 2:59pm Jan 30, 2012 2:59pm
Quoting Dropped Onion
the lively cable - we got a quick bounce. rest out just around entry
We are at a demand level on usd daily index, tomorrow we could have lower prices also GU has had like 10 consecutive up-bars in a row, needs a retracement IMHO.

Os.
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Trade Smart
  • #26,614
  • Jan 30, 2012 4:07pm Jan 30, 2012 4:07pm
Quoting Dropped Onion
short cable here. low risk entry. buying pressure, may lead to upside move...
If you saw a buying pressure with a move up, why is this a low risk short?
There seems to be some contradiction in your assessment/statement.
Please explain.

Thanks

Gabe
Every rule has an exception. Except for this one.
  • #26,615
  • Edited 6:45pm Jan 30, 2012 5:29pm | Edited 6:45pm
Quoting vasmiza
about to close 2 positions, will let upper run
continuing on from yesterday re-added a second position

EDit: stop loss executed on both positions
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  • #26,616
  • Jan 30, 2012 6:45pm Jan 30, 2012 6:45pm
Quoting Gabe2004
If you saw a buying pressure with a move up, why is this a low risk short?
There seems to be some contradiction in your assessment/statement.
Please explain.

Thanks

Gabe
priority is always to first manage risk.

when i assess an opportunity I look for reasons to enter and also reasons why the opposite may occur and take out my position.

the trade in question was a short, at an slower trading time (later NY session). price had approached a well defined S/R level. shorting right into this zone provided a low risk opportunity as i would have quickly cut the position if price kept heading North.

while short this pair - due to price arriving at a possible turning point - i am aware of any info that price is communicating via the chart. e.g. buying pressure is present as prices traded into a rising wedge. Each time price approached the defined s/r level, the drops were weaker, suggesting that the balance between buyers and sellers was shifting in that buyers are gaining power - sellers losing steam to defend level. however, longer term (day trading/scalping) momentum was South - which helped. we got the anticipated drop (and banked profit). This was followed by a swift move up in price which took out the rest of the position around entry. manage risk first.

price @ supply >> short >>> close proximity stop >>>> monitor trade >>>> partial close at first profitable level >>>>> rest out at entry/final target <<

the whole point is that we needed buying (pressure) to push prices to a level high enough where we can short it and provide decent returns on a relatively small drop. if we are stopped we start the next trade with a blank canvass.

often when everyone expect something the opposite happens. trade. profit.
  • #26,617
  • Jan 30, 2012 6:55pm Jan 30, 2012 6:55pm
see how this one goes..
josh
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nollej is power..
  • #26,618
  • Jan 30, 2012 8:54pm Jan 30, 2012 8:54pm
Quoting Dropped Onion
priority is always to first manage risk. ...........
price @ supply >> short >>> close proximity stop >>>> monitor trade >>>> partial close at first profitable level >>>>> rest out at entry/final target <<

the whole point is that we needed buying (pressure) to push prices to a level high enough where we can short it and provide decent returns on a relatively small drop. if we are stopped we start the next trade with a blank canvass.

often when everyone expect something the opposite happens. trade. profit.
Thanks for the explanation.

Can you elaborate on the SLOWER TRADING TIME in the markets?

Gabe
Every rule has an exception. Except for this one.
  • #26,619
  • Jan 30, 2012 9:27pm Jan 30, 2012 9:27pm
Quoting Gabe2004
Thanks for the explanation.

Can you elaborate on the SLOWER TRADING TIME in the markets?

Gabe
trading in and around London/NY/Asia open is active. trading later NY before Asia open and other times is slow. slower times can lead to ranging markets.
  • #26,620
  • Jan 30, 2012 9:28pm Jan 30, 2012 9:28pm
aud/usd - looking for a pull back to base of rally to load up on long positions...
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