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  • #1,281
  • Apr 10, 2012 7:04am Apr 10, 2012 7:04am
Quoting Balhana
I wanted to go short at 81.80 (the blue arrow), but was late just like the setup on AU. I placed a buy pending order at 80.90 (the red arrow), but missed it by 2.6 pips.
I would have liked to have shorted UJ from the same location too but wasn't around.
  • #1,282
  • Apr 11, 2012 1:17am Apr 11, 2012 1:17am
A couple of perfect examples of FTB's to S/D zones from this morning.
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  • #1,283
  • Apr 11, 2012 8:50am Apr 11, 2012 8:50am
I managed to take this one myself - exactly same setup as the two in the previous post.

Some profit taken will see what can get out of the remainder.
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  • #1,284
  • Apr 11, 2012 9:17am Apr 11, 2012 9:17am
Took a partial loss on NJ trade.

I was looking at the daily BEOB and taking a retracement trade at the level marked (note I use the BEOB as signal for directional bias and don't trade them outright).

My entry went just below the level marked @ 66.41 with a SL @ 66.71 which to me made sense in that price shouldn't go above to this price area if this level is likely to hold as resistance.

After we got the initial reaction I decided to move my SL down to 66.64 - although it is essentially a 1HR/4HR TF setup I considered (given the reaction so far) that price was unlikely to head much higher again.

The mistake I made was not waiting for the 1HR close (it closed as a pin) before moving my SL and not seeing the 15min S/D zone which is where price did finally react off i.e. where it found the supply needed to move down. It's a mirror image of the S/D zone lower down which price reacted nicely off this morning (as per previous post).

I got stopped out to the pip and suffered a -0.77R result. Not waiting for the 1HR close and not spotting the 15min S/D zone was a clear mistake on my part.
Attached Image(s) (click to enlarge)
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  • #1,285
  • Apr 11, 2012 10:32am Apr 11, 2012 10:32am
Quoting lovejoy80
Took a partial loss on NJ trade.

I was looking at the daily BEOB and taking a retracement trade at the level marked (note I use the BEOB as signal for directional bias and don't trade them outright).

My entry went just below the level marked @ 66.41 with a SL @ 66.71 which to me made sense in that price shouldn't go above to this price area if this level is likely to hold as resistance.

After we got the initial reaction I decided to move my SL down to 66.64 - although it is essentially a 1HR/4HR TF setup I considered (given the reaction...
im in that trade,entry:66.53,SL:67.05.
watching Gchf closely 1.4586-1.46 range potential BO,
also keeping an eye on NCAd 0.82 BO(waiting for a daily close here).
  • #1,286
  • Apr 12, 2012 12:30am Apr 12, 2012 12:30am
Quoting AvanishDemo
im in that trade,entry:66.53,SL:67.05.
watching Gchf closely 1.4586-1.46 range potential BO,
also keeping an eye on NCAd 0.82 BO(waiting for a daily close here).
GCHF is definitely a nice looking range to be watching. NCAD not so much now.

Plenty of other ranges out there at the moment, here are two more I'm watching. Gold is being constrained by the range and TL, it certainly looks like it's getting ready for a move.
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  • #1,287
  • Apr 12, 2012 12:36am Apr 12, 2012 12:36am
Quoting lovejoy80
I managed to take this one myself - exactly same setup as the two in the previous post.

Some profit taken will see what can get out of the remainder.
Out of CJ now, made up for the NJ loss and some profit made too.
Attached Image (click to enlarge)
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  • #1,288
  • Apr 12, 2012 12:45am Apr 12, 2012 12:45am
In this setup at the moment, some profit taken at an FLR and seeing if can get a runner on the remainder - a choppy sideways moving pair and the market has been lacking momentum since yesterday but we do have S&P confluence.
Attached Image(s) (click to enlarge)
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  • #1,289
  • Apr 12, 2012 12:53am Apr 12, 2012 12:53am
Another example of a LTF S/D zone within a HTF S/R zone (note an S/R is not the same as and S/D).
Attached Image(s) (click to enlarge)
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  • #1,290
  • Apr 12, 2012 1:23am Apr 12, 2012 1:23am
I have shorted AU at 1.0400. It retests the daily UTL that was broken, aslo with confluence of the previous daily close (1.0385). SL @ 1.0430, TP1 @ 1.0360 and TP1 @ 1.0330.

Any comments?
Sang
Attached Image (click to enlarge)
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  • #1,291
  • Apr 12, 2012 1:53am Apr 12, 2012 1:53am
Quoting lovejoy80
In this setup at the moment, some profit taken at an FLR and seeing if can get a runner on the remainder - a choppy sideways moving pair and the market has been lacking momentum since yesterday but we do have S&P confluence.
Out of UCAD now and straight into GU looking for a quick return to the bar highs below.
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  • #1,292
  • Apr 12, 2012 2:08am Apr 12, 2012 2:08am
Quoting Balhana
I have shorted AU at 1.0400. It retests the daily UTL that was broken, aslo with confluence of the previous daily close (1.0385). SL @ 1.0430, TP1 @ 1.0360 and TP1 @ 1.0330.

Any comments?
Sang
It's certainly an important daily level for AU. It's not one I would be taking a trade off myself without further confluence because the S/R zone is just not clear enough for me - I prefer precise HTF S/R's that look good on the 1HR or 4HR TF. I'm not a massive user of TL's either and prefer other additional confluence.

Price is certainly doing battle within the zone marked on my chart - this is where the decision was made to break below the daily level you mentioned last time out.
Attached Image (click to enlarge)
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  • #1,293
  • Apr 12, 2012 2:14am Apr 12, 2012 2:14am
Quoting lovejoy80
Out of UCAD now and straight into GU looking for a quick return to the bar highs below.
Nice trade, LJ.

I was watching the same thing, but hesitated to enter because I was not sure where to put my SL. I still think 1.5970-85 level is much stronger than the level where you shorted.

Sang
  • #1,294
  • Apr 12, 2012 2:17am Apr 12, 2012 2:17am
Quoting Balhana
Nice trade, LJ.

I was watching the same thing, but hesitated to enter because I was not sure where to put my SL. I still think 1.5970-85 level is much stronger than the level where you shorted.

Sang
My SL went @ 1.5979.

Why do you think the higher level is stronger?
  • #1,295
  • Apr 12, 2012 2:27am Apr 12, 2012 2:27am
Quoting lovejoy80
It's certainly an important daily level for AU. It's not one I would be taking a trade off myself without further confluence because the S/R zone is just not clear enough for me - I prefer precise HTF S/R's that look good on the 1HR or 4HR TF. I'm not a massive user of TL's either and prefer other additional confluence.

Price is certainly doing battle within the zone marked on my chart - this is where the decision was made to break below the daily level you mentioned last time out.
Thanks a lot for your comments.

I'm not a massive user of trendlines either but am a big fan of daily/weekly closes. Anyway, I agree that there is no strong confluence. I'm just waiting to see who is going to win.
  • #1,296
  • Apr 12, 2012 2:41am Apr 12, 2012 2:41am
Quoting lovejoy80
My SL went @ 1.5979.

Why do you think the higher level is stronger?

Because of the previous daily close (1.5971) on March 26. The point A on my chart is IMHO where the S/D imbalance started. FIB 62% is also at 1.5970ish.

Sang
Attached Image (click to enlarge)
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  • #1,297
  • Apr 12, 2012 4:59am Apr 12, 2012 4:59am
Quoting Balhana
I have shorted AU at 1.0400. It retests the daily UTL that was broken, aslo with confluence of the previous daily close (1.0385). SL @ 1.0430, TP1 @ 1.0360 and TP1 @ 1.0330.

Any comments?
Sang
I closed one lot at 1.0370 (changed TP1 from 1.0360 to 1.0370 based on M15). The SL of the remaining one lot is still at 1.0430. Looks like the whole trade will be BE.
  • #1,298
  • Apr 12, 2012 6:26am Apr 12, 2012 6:26am
Quoting Balhana
Because of the previous daily close (1.5971) on March 26. The point A on my chart is IMHO where the S/D imbalance started. FIB 62% is also at 1.5970ish.

Sang
Yeah the original turning point occurred within the box you marked...but along the way we've had a consolidation and then another leg which was in the 1.3955-1.5972 zone i.e. this was where the decision was made to continue down further and it was also a 1HR S/R zone and FTB.
  • #1,299
  • Apr 12, 2012 6:26am Apr 12, 2012 6:26am
Quoting Balhana
I closed one lot at 1.0370 (changed TP1 from 1.0360 to 1.0370 based on M15). The SL of the remaining one lot is still at 1.0430. Looks like the whole trade will be BE.
Choppy market at the moment, wise to be careful with trade management IMO.
  • #1,300
  • Apr 12, 2012 10:27pm Apr 12, 2012 10:27pm
Quoting lovejoy80
GCHF is definitely a nice looking range to be watching. NCAD not so much now.

Plenty of other ranges out there at the moment, here are two more I'm watching. Gold is being constrained by the range and TL, it certainly looks like it's getting ready for a move.
Gave a false break of the range before going parabolic.
Attached Image (click to enlarge)
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