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  • #1,461
  • Apr 30, 2012 10:17am Apr 30, 2012 10:17am
Quoting lovejoy80
A great example of compression and demand consumption leading into a supply zone...
Another example on GU...still in a GU short with 50% position.
Attached Image (click to enlarge)
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  • #1,462
  • Edited 10:54am Apr 30, 2012 10:42am | Edited 10:54am
Quoting lovejoy80
It might well bounce here, but I'm hoping for a move lower to 79.20
Stopped out at 79.80 (-20 pips X 2 = -40 pips in total).

I usually wait for prices to dip into zone and then watch lower LTFs for entry, when zone is far away like this case. But this time a lot of confluence made me think that prices would slightly touch the zone and take off north....

There is another small demand zone (79.66-79.80). When levels are stacked like these, the market usually keeps me guessing. If prices react to the first zone, that might be a trap just to turn at the lower zone. How often has this happened to me!!
  • #1,463
  • Apr 30, 2012 11:17am Apr 30, 2012 11:17am
Quoting lovejoy80
Another example on GU...still in a GU short with 50% position.

Closed the second lot at 1.6225 (+50 pips). So +90 pips in total. Considered letting it run, but time to go to bed...

Good luck with it, LJ.
Attached Image (click to enlarge)
Click to Enlarge Name: Final Update on GU.png Size: 16 KB
  • #1,464
  • Apr 30, 2012 11:23am Apr 30, 2012 11:23am
Quoting Balhana
Closed the second lot at 1.6225 (+50 pips). So +90 pips in total. Considered letting it run, but time to go to bed...

Good luck with it, LJ.
Unfortunately I got in a bit later than you guys. Entered at the compression into the supply zone after the BEOB on the 15min formed. Have taken some profit off the table and my SL has been moved down to lock in some more.

Attached Image (click to enlarge)
Click to Enlarge Name: 2012-04-30_1720_GBPUSD_15min_Compression.jpg Size: 71 KB
  • #1,465
  • Apr 30, 2012 11:37am Apr 30, 2012 11:37am
Took 2 shorts on Gold today at supply zones .... both would have been winners depending on how you played them. Managed the 1st trade badly and took a loss, 2nd one was a winner for me after taking 3/4 profits off at the FLS.

Attached Image (click to enlarge)
Click to Enlarge Name: 2012-04-30_1711_GOLD.jpg Size: 118 KB
  • #1,466
  • Apr 30, 2012 11:41am Apr 30, 2012 11:41am
Quoting MinceMeat
Unfortunately I got in a bit later than you guys. Entered at the compression into the supply zone after the BEOB on the 15min formed. Have taken some profit off the table and my SL has been moved down to lock in some more.

Attachment
Good job! Sleepy.... really go to bed.
  • #1,467
  • Apr 30, 2012 11:44am Apr 30, 2012 11:44am
Quoting Balhana
Good job! Sleepy.... really go to bed.
Cheers mate .... seen some good trading from you! Keep the charts coming.

Time for me to take a break too ... get some rest and we'll see you tomorrow
  • #1,468
  • May 1, 2012 4:32am May 1, 2012 4:32am
Shorted EU at 1.3265 for a scalp. Will post the chart later....

The two trendlines and the supply zone on 4H look still valid, but I'm not so sure....
  • #1,469
  • May 1, 2012 4:37am May 1, 2012 4:37am
Quoting Balhana
Shorted EU at 1.3265 for a scalp. Will post the chart later....

The two trendlines and the supply zone on 4H look still valid, but I'm not so sure....


I was trying to get in short EU myself ..... had a limit order at 1.3281 which was perhaps a tad bit too conservative.
  • #1,470
  • May 1, 2012 4:53am May 1, 2012 4:53am
Moved SL to BE+0.5 (the red line on the chart) and set my target at 1.3245 (the lower blue line).

Don't have enough time to post a chart when scalping.

Hit my target while writing this post... (+20 pips)
Attached Image (click to enlarge)
Click to Enlarge Name: EU 15M Scalp 0501.png Size: 8 KB
  • #1,471
  • May 1, 2012 5:21am May 1, 2012 5:21am
Waiting for price to come to the zone and show me some reaction....

Any comments?

EDIT: My concern is that AU (the best friend of NU) is nosediving after the interest rate.....
Attached Image (click to enlarge)
Click to Enlarge Name: NU 1H DZ.png Size: 108 KB
  • #1,472
  • May 1, 2012 5:33am May 1, 2012 5:33am
Quoting Balhana
Waiting for price to come to the zone and show me some reaction....

Any comments?

EDIT: My concern is that AU (the best friend of NU) is nosediving after the interest rate.....
We were just discussing this one in the Trading Room.

I would view 0.8120 a a 15min FTB (which I don't tend to trade on these lower TF's) with the source of the move in that whole zone you marked originating off the 0.8105 HTF area. But this area is (a) bit of a mess (technical term!), (b) is not fresh demand and (c) as you pointed out the move out of the area was not overly strong - the demand imbalance was not strong enough to warrant taking a pure touch of this area IMO and it's best to watch price action.
  • #1,473
  • May 1, 2012 7:36am May 1, 2012 7:36am
Long UCAD at 0.9870. SL @ 9855.
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  • #1,474
  • May 1, 2012 7:56am May 1, 2012 7:56am
Quoting Balhana
Long UCAD at 0.9870. SL @ 9855.
Closed 1/2 at 0.9885 (+15 pips) and moved SL to BE+1.
  • #1,475
  • May 1, 2012 8:26am May 1, 2012 8:26am
Looks like it is forming a bullish H&S on 15M. watching this pair closely....

I'm still in a UC long with 50% position, so I cannot long this pair for now.
Attached Image (click to enlarge)
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  • #1,476
  • May 1, 2012 8:54am May 1, 2012 8:54am
Quoting Balhana
Long UCAD at 0.9870. SL @ 9855.
Slightly moved SL up to 0.9875 and set my second target at 0.9915.
Attached Image (click to enlarge)
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  • #1,477
  • May 1, 2012 9:09am May 1, 2012 9:09am
Quoting Balhana
Slightly moved SL up to 0.9875 and set my second target at 0.9915.
Suddenly stopped out at 0.9875 (+5 pips). +20 pips in total. Damn news!!
  • #1,478
  • May 1, 2012 9:13am May 1, 2012 9:13am
Quoting MinceMeat


I was trying to get in short EU myself ..... had a limit order at 1.3281 which was perhaps a tad bit too conservative.
MinceMeat, I hope your limit order was still there at 1.3281....
  • #1,479
  • May 1, 2012 9:45am May 1, 2012 9:45am
News-driven rally vs. News-driven drop

Some bounce at the gap which we can catch? I'm not sure...
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  • #1,480
  • May 1, 2012 12:30pm May 1, 2012 12:30pm
Quoting Balhana
MinceMeat, I hope your limit order was still there at 1.3281....
Sadly not and I had that area marked up for quite some time now so very frustrating!

Didn't expect such severe moves off the back of today's news, but I guess the thin markets given European holiday today would have exacerbated the moves.

Attached Image (click to enlarge)
Click to Enlarge Name: 2012-05-01_EURUSD.png Size: 60 KB
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