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A Trading Journey - S&R, RNs and PA

  • #101
  • Mar 5, 2012 3:59am Mar 5, 2012 3:59am
No trades last week. Had a quick flick over charts this morning but nothing catches my immediate attention. Will keep thread updated.
  • #102
  • Mar 6, 2012 3:56am Mar 6, 2012 3:56am
Placing an order to short GBPAUD at 1.5BRN. Simply support and resistance.

Stop 1.5055, 2%


Also like this crude now bouncing between 105 and 110. Hopefully we'll see it bounce around a bit more then try and get in on a break.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpaudd1.jpg Size: 119 KB
Click to Enlarge Name: crudeh4.jpg Size: 116 KB
  • #103
  • Mar 6, 2012 5:44pm Mar 6, 2012 5:44pm
GBPAUD order still in. Placing another to sell the break of this pin on AUDNZD. Stop at pin high, 2%

BRN, desc TL (although a little dodgy), prev support. Targets are close, will keep my stop tight once/if we get moving.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzdd1.jpg Size: 115 KB
  • #104
  • Mar 6, 2012 6:15pm Mar 6, 2012 6:15pm
GAUD is going to be nice, if we can make it up there
  • #105
  • Mar 7, 2012 2:43am Mar 7, 2012 2:43am
Quoting Sgrb1
GBPAUD order still in. Placing another to sell the break of this pin on AUDNZD. Stop at pin high, 2%

BRN, desc TL (although a little dodgy), prev support. Targets are close, will keep my stop tight once/if we get moving.
Moving stop to 1.2945
  • #106
  • Mar 7, 2012 3:25am Mar 7, 2012 3:25am
Quoting sam0182
GAUD is going to be nice, if we can make it up there
Agreed! It had a great story last time it was in the area. Slammed into the level from above and had two massive daily bounces off it as support almost to the pip. Third time it comes down, backs off within 30 pips, creates a bear flag, then blasts through it.

It almost looks like failed intervention.
  • #107
  • Mar 7, 2012 3:33am Mar 7, 2012 3:33am
Quoting Sgrb1
GBPAUD order still in. Placing another to sell the break of this pin on AUDNZD. Stop at pin high, 2%

BRN, desc TL (although a little dodgy), prev support. Targets are close, will keep my stop tight once/if we get moving.
Im also in this trade but I've set my pendind order 8 pips below yesterdays close.

I have 2 questions if you dont mind:
1. Where do you have your TP level?
2. You've entered some 30% above the close of the pin, how do you determine where to place your pending order?
I've seen people do this quite often and of course they are better of then me with the entry below close. Unless price goes directly down...
Thoughts are things
  • #108
  • Mar 7, 2012 4:47am Mar 7, 2012 4:47am
Quoting Quezoy
Im also in this trade but I've set my pendind order 8 pips below yesterdays close.

I have 2 questions if you dont mind:
1. Where do you have your TP level?
2. You've entered some 30% above the close of the pin, how do you determine where to place your pending order?
I've seen people do this quite often and of course they are better of then me with the entry below close. Unless price goes directly down...
Thanks for your post.

1. I don't really have a TP profit right now. I'll simply follow price with my stop movements. So it'll either just keep going or stop me out.

I've moved my stop very close on this one as we've come into support areas straight away. If we get past support here (being the 1.29RN, 365 and 150 emas), I'll leave a bit more slack on my stop. Once I get towards 1.28 I'll follow the stop VERY closely once again, as it's major support and I don't mind getting out there.

2. I didn't enter above the pin break on this trade? My entry was 1.2956. Although, I do make retracement entries every now and then. It's quite simple really:

If you have a daily pin giving you a short trade, drop down a timeframe (H4/H1) and take a look at support and resistance. If you find a decent level, you can short a blind touch of this level. But I only do this when I have a lot of confidence in the main trade. This AUDNZD is a great example, you can see from the image attached, that H1 pivot was a perfect retracement location to blind touch short from. I considered it myself but wasn't confident in this setup enough, so opted for a daily pin break.

You can also short off a retracement to the daily level you are selling the pin off. Using this AUDNZD as a good example, you could wait and short a retracement to 1.3BRN.

Hope that all makes sense.
Attached Image (click to enlarge)
Click to Enlarge Name: audnzdh1.jpg Size: 91 KB
  • #109
  • Mar 7, 2012 5:03am Mar 7, 2012 5:03am
Quoting Sgrb1

1. I don't really have a TP profit right now. I'll simply follow price with my stop movements. So it'll either just keep going or stop me out.

I've moved my stop very close on this one as we've come into support areas straight away. If we get past support here (being the 1.29RN, 365 and 150 emas), I'll leave a bit more slack on my stop. Once I get towards 1.28 I'll follow the stop VERY closely once again, as it's major support and I don't mind getting out there.
And J16 said it all in far fewer words

http://www.forexfactory.com/showthre...15#post5449815
  • #110
  • Mar 7, 2012 5:37am Mar 7, 2012 5:37am
Tnx for the answer.
I liked especially the part about how to manage the stop loss. Makes sense.

So lets hope we brake 1.29
Thoughts are things
  • #111
  • Mar 7, 2012 1:43pm Mar 7, 2012 1:43pm
Quoting Sgrb1
Moving stop to 1.2945
Moving stop to 1.2930. Hopefully we'll close today below 1.29, retest and follow on southward tomorrow
Attached Image (click to enlarge)
Click to Enlarge Name: audnzdd1.jpg Size: 114 KB
  • #112
  • Mar 7, 2012 3:46pm Mar 7, 2012 3:46pm
Quoting Sgrb1
Moving stop to 1.2930. Hopefully we'll close today below 1.29, retest and follow on southward tomorrow
Stopped. + 0.33R, I'll work out the numbers tomorrow
  • #113
  • Mar 8, 2012 2:01am Mar 8, 2012 2:01am
Quoting Sgrb1
Stopped. + 0.33R, I'll work out the numbers tomorrow
Same here.

SL just at BE till 1.29 gets broken was maybe the better option. Or just TP at 1.29, because besides the RN, there where also the 50 EMA and 365 EMA.
But then again, pips are pips.
Thoughts are things
  • #114
  • Mar 8, 2012 4:42am Mar 8, 2012 4:42am
Quoting Quezoy
Same here.

SL just at BE till 1.29 gets broken was maybe the better option. Or just TP at 1.29, because besides the RN, there where also the 50 EMA and 365 EMA.
But then again, pips are pips.
Funny how the market came back to take out anyone that may have had their stop at breakeven on this daily pin, then crashes on downward!

I think my stop loss management was fine in this scenario. I would not usually expect a trade like this to go that far into profit and then come all the way back to breakeven, without continuing upward. I wouldn't change my strategy next time. Just unfortunate this time round.

Well traded!
  • #115
  • Mar 14, 2012 4:39am Mar 14, 2012 4:39am
Quoting Sgrb1
Placing an order to short GBPAUD at 1.5BRN. Simply support and resistance.

Stop 1.5055, 2%
Order cancelled. My broker didn't fill me for reason and I'd like to see some daily PA here now
  • #116
  • Mar 15, 2012 4:47am Mar 15, 2012 4:47am
Quoting Sgrb1
Order cancelled. My broker didn't fill me for reason and I'd like to see some daily PA here now
Well, it was a good trade for anyone that managed to stay in it. 90 pip winner so far, with only a 20 pip drawdown.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaudh1.jpg Size: 101 KB
  • #117
  • Mar 15, 2012 5:03am Mar 15, 2012 5:03am
hello sgrb,

have you a trade outlook?

steve
  • #118
  • Mar 15, 2012 5:48am Mar 15, 2012 5:48am
Quoting stevebalmmer
hello sgrb,

have you a trade outlook?

steve
Hi Steve, I take it you mean anything I'm looking at right now?

Here's a few charts:

AUDUSD H1 - Looks like I've just missed this one I was lining up, no PA.

EURAUD D1 - Major previous support here at 1.3BRN, a touch trade here

EURNZD D1 - A few scenarios in the attachment. Looking for PA at the highlighted boxes

GBPJPY D1 - Looking for PA here at 130

NZDCAD D1 - Nice range here, looking for a breakout a retest either way

Crude - Just looking at how we compress down here between the 105BRN and the desc trendline. Look for a breakout either way, with PA.

So, nothing immediate apart from GBPJPY and possibly crude.

It's been a quiet few weeks for me as I'm now working a full time job at the same time.

Cheers,
SG
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusdh1.jpg Size: 95 KB
Click to Enlarge Name: euraudd1.jpg Size: 137 KB
Click to Enlarge Name: eurnzdd1.jpg Size: 132 KB
Click to Enlarge Name: gbpjpyd1.jpg Size: 115 KB
Click to Enlarge Name: nzdcad.jpg Size: 139 KB
Click to Enlarge Name: crudeh4.jpg Size: 117 KB
  • #119
  • Mar 15, 2012 7:21am Mar 15, 2012 7:21am
euro-uad go up,and then you make a short trade on the resistance line?
  • #120
  • Mar 15, 2012 7:59am Mar 15, 2012 7:59am
Quoting stevebalmmer
euro-uad go up,and then you make a short trade on the resistance line?
Yes, correct.
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