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  • #1,961
  • Jun 6, 2012 2:26am Jun 6, 2012 2:26am
...Some areas, setups on the USD and JPY majors.
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  • #1,962
  • Jun 6, 2012 2:28am Jun 6, 2012 2:28am
Classic stitch up on Bund this morning...
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  • #1,963
  • Jun 6, 2012 2:58am Jun 6, 2012 2:58am
Quoting Balhana
If I were not in the EA trade, I would short either EU or AU at QM.
I shorted EU at QM, but not a great trade. Closed 1/2 for +15pips then got stopped out.

Wonder why it didn't work out better?

Balhana, LJ, any comments?
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  • #1,964
  • Jun 6, 2012 3:05am Jun 6, 2012 3:05am
Quoting lovejoy80
I was just about to post to say the compression and bear flag worked out very well.

I'll be waiting to potentially short where your long TP is.
LJ,
Where would u have placed your targets? I would think 1st TP is start of CP. What abt 2nd one?
  • #1,965
  • Jun 6, 2012 3:43am Jun 6, 2012 3:43am
Quoting Fx7877
LJ,
Where would u have placed your targets? I would think 1st TP is start of CP. What abt 2nd one?
Yes price should move to the source of the CP since the CP is clearing the demand for price to move lower etc.

Depends whether you were willing to hold the trade through AUD GDP, as you can see price fell to the double bottom area which would have made for a sensible second TP.
  • #1,966
  • Jun 6, 2012 3:47am Jun 6, 2012 3:47am
Quoting Fx7877
I shorted EU at QM, but not a great trade. Closed 1/2 for +15pips then got stopped out.

Wonder why it didn't work out better?

Balhana, LJ, any comments?
I would have been cautious due to the time...the setup occurred just as London was coming online and after a 2 day absence there was bound to be some erratic flows this morning which is what we essentially saw first thing IMO - I stayed on the sidelines until things settled down.

Price fell from where you'd expect it too but just couldn't break the demand that near the LL.

Be careful with ECB conference later, bound to cause some whipsaws.
  • #1,967
  • Jun 6, 2012 3:49am Jun 6, 2012 3:49am
Quoting Fx7877
I shorted EU at QM, but not a great trade. Closed 1/2 for +15pips then got stopped out.

Wonder why it didn't work out better?

Balhana, LJ, any comments?
If your SL was just above QM, it was probably less than 10 pips. You got 15 pips at TP1 and moved SL to BE. Not bad, wasn't it?

Why not TP2 and TP3? I don't know.... It is 15min small QM. Don't expect too much. Always take a partial profit at your TP1 and then trail your SL if price goes further in your favor.
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  • #1,968
  • Jun 6, 2012 3:58am Jun 6, 2012 3:58am
Quoting lovejoy80
I would have been cautious due to the time...the setup occurred just as London was coming online and after a 2 day absence there was bound to be some erratic flows this morning which is what we essentially saw first thing IMO - I stayed on the sidelines until things settled down.

Price fell from where you'd expect it too but just couldn't break the demand that near the LL.

Be careful with ECB conference later, bound to cause some whipsaws.
Quoting Balhana
If your SL was just above QM, it was probably less than 10 pips. You got 15 pips at TP1 and moved SL to BE. Not bad, wasn't it?

Why not TP2 and TP3? I don't know.... It is 15min small QM. Don't expect too much. Always take a partial profit at your TP1 and then trail your SL if price goes further in your favor.
Thanks guys. Yea, noted the ECB conf and also knew that GBP PMI coming out, which may swing the EU, so was quite wary too.

On stop placement for QM (to short), do u guys place it just above LH (as indicated in Balhana chart, which is also where i placed it) or shld it be above HH?
  • #1,969
  • Jun 6, 2012 4:05am Jun 6, 2012 4:05am
Just missed this UJ setup.
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  • #1,970
  • Jun 6, 2012 4:07am Jun 6, 2012 4:07am
Quoting Fx7877
Thanks guys. Yea, noted the ECB conf and also knew that GBP PMI coming out, which may swing the EU, so was quite wary too.

On stop placement for QM (to short), do u guys place it just above LH (as indicated in Balhana chart, which is also where i placed it) or shld it be above HH?
It depends, the conservative SL would be above the HH, but for me it all depends on how strong the supply / demand is at the entry area as to where I place my SL.

I'm not an expert on trading QM's though, mostly because I'm rubbish at spotting them!
  • #1,971
  • Jun 6, 2012 4:12am Jun 6, 2012 4:12am
Quoting Fx7877
Thanks guys. Yea, noted the ECB conf and also knew that GBP PMI coming out, which may swing the EU, so was quite wary too.

On stop placement for QM (to short), do u guys place it just above LH (as indicated in Balhana chart, which is also where i placed it) or shld it be above HH?
Look at the blue circle on the chart. That's why SL is placed above LH.

I always find some cluster to hide SL. So sometimes I place it above HH or even higher if I think supply above QM is strong.
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  • #1,972
  • Jun 6, 2012 6:53am Jun 6, 2012 6:53am
Quoting Balhana
As expected, the small clusters on the left are obstructing my way....
Stopped out at 1.2665 for -27 pips....
  • #1,973
  • Jun 6, 2012 7:13am Jun 6, 2012 7:13am
Sold CAD/JPY at 76.69, SL @ 76.90.
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  • #1,974
  • Jun 6, 2012 7:29am Jun 6, 2012 7:29am
Quoting Balhana
Sold CAD/JPY at 76.69, SL @ 76.90.
Closed 1/2 at 76.45 for +24 pips and SL to BE+1. Big news is coming soon.
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  • #1,975
  • Jun 6, 2012 7:44am Jun 6, 2012 7:44am
Quoting Balhana
Closed 1/2 at 76.45 for +24 pips and SL to BE+1. Big news is coming soon.
Closed the remainder at 76.23 for +46 pips (+70 pips in total). Looks like I closed it too early.
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  • #1,976
  • Jun 6, 2012 8:30am Jun 6, 2012 8:30am
First trade of the day for me, shorted UCAD (the actual setup was shared earlier). Because of the ongoing ECB conference I didn't want to short right at the zone I wanted to wait for some price action - the M15,M5 buyers trap was the sign to short. Entry at bar close and SL just above previous spikes i.e. where I'm most likely to be wrong.

Taken some off @ FLS (1.0342) and watching the remainder with an open target.
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  • #1,977
  • Jun 6, 2012 8:33am Jun 6, 2012 8:33am
A potential FTB setup on AUD/JPY.

1) Consolidation than strong breakout of the zone
2) Clear support & resistance zone
3) Could also be treated at FTB to broken daily resistance
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The purpose of knowledge is action, not knowledge
  • #1,978
  • Jun 6, 2012 8:39am Jun 6, 2012 8:39am
Quoting lovejoy80
First trade of the day for me, shorted UCAD (the actual setup was shared earlier). Because of the ongoing ECB conference I didn't want to short right at the zone I wanted to wait for some price action - the M15,M5 buyers trap was the sign to short. Entry at bar close and SL just above previous spikes i.e. where I'm most likely to be wrong.

Taken some off @ FLS (1.0342) and watching the remainder with an open target.
Rest of at 2nd target, I don't have a bias so just banking the sure pips here.
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  • #1,979
  • Jun 6, 2012 8:41am Jun 6, 2012 8:41am
Quoting alifari
A potential FTB setup on AUD/JPY.

1) Consolidation than strong breakout of the zone
2) Clear support & resistance zone
3) Could also be treated at FTB to broken daily resistance
Yep, I've got a price alert set for this one.
  • #1,980
  • Jun 6, 2012 8:51am Jun 6, 2012 8:51am
Quoting lovejoy80
Rest of at 2nd target, I don't have a bias so just banking the sure pips here.
Nice trade!!
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