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Fail Better

  • #3,781
  • Jun 18, 2012 7:52am Jun 18, 2012 7:52am
Quoting adam777
Chart 1 (Daily eurusd) - The Daily chart shows a possible bounce south.

Chart 2 (Hourly eurusd) - This daily level, the green line plotted on the hourly chart shows that the hourly bars have consolidated bellow this daily level, broken through and now are bouncing at this level.

My question: Is it wise to trade long on the hourly chart when the daily chart is showing a long term shorting opportunity (a possible bounce south at this level)?

... or ...

Should I wait for a possible short opportunity on the hourly chart?

Yes this is for educational...
I use daily levels to give me direction as they are stronger levels. So an H1 support level very close to Daily resistance is a big no. I would wait until an H1 support is either further away from Daily resistance before buying, or sell H1 resistance levels all the way down to the next Daily support level but not too close to it (i.e don't sell into larger time frame support until it has broken).
  • #3,782
  • Jun 18, 2012 8:19am Jun 18, 2012 8:19am
Good work to all the gap traders...I didn't think we could have two insane Sundays in a row...but we did

batata - nice charts.

gbp/usd on deck.

Cheers.
  • #3,783
  • Jun 18, 2012 4:42pm Jun 18, 2012 4:42pm
Big BEOB EURUSD D1
  • #3,784
  • Jun 19, 2012 12:41am Jun 19, 2012 12:41am
What I'm watching tonight...more of the same with a couple new charts.
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  • #3,785
  • Jun 19, 2012 2:32am Jun 19, 2012 2:32am
@ sam, yes these are intersting levels.

but why you change the time frame sometimes?

1hr and 4hr ??

regards
  • #3,786
  • Jun 19, 2012 2:40am Jun 19, 2012 2:40am
Quoting astock
@ sam, yes these are intersting levels.

but why you change the time frame sometimes?

1hr and 4hr ??

regards
All the same to me really...sometimes the 1hr shows the level more clearly. Other times the 4hr shows it more clearly.
  • #3,787
  • Jun 19, 2012 5:02am Jun 19, 2012 5:02am
Sterling not giving up easily.

Attached Image (click to enlarge)
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  • #3,788
  • Jun 19, 2012 12:11pm Jun 19, 2012 12:11pm
Nice set-up but no trade. On to the next.

http://i1084.photobucket.com/albums/...D190620122.jpg
  • #3,789
  • Jun 19, 2012 1:05pm Jun 19, 2012 1:05pm
Quoting Quidsey
If anyone is looking to quickly get up to speed on how this thread is trading, go here and download the PDF:

http://www.forexfactory.com/showthre...72#post5625972
tnks for sharing this Quidsey, really appreciated: unfortunately the video on the atr stop is offline; there is an updated link ?
Sometime the horizon disappear. Twitter: @_whiteout
  • #3,790
  • Jun 19, 2012 1:10pm Jun 19, 2012 1:10pm
no sorry, I'll have to delete that, it's disappeared nothing I can do.
  • #3,791
  • Jun 19, 2012 2:17pm Jun 19, 2012 2:17pm
What are thoughts on USDCAD 1H.
Have my sell at 1.01970. This may have been a little high with the lows nearby. Looks like the Outside bar may have gotten close. Is this close enough to now cancel my order according to the basic rules of the method? My discretionary thought is that bar could break up hit the resistance and come back down but, wondering what others were thinking on this one.
Sorry I can't post the chart at work and they frown on these things.



Thanks!
  • #3,792
  • Jun 19, 2012 3:02pm Jun 19, 2012 3:02pm
rounded retest on ozzy
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Simplicity is the key to success
  • #3,793
  • Jun 19, 2012 4:33pm Jun 19, 2012 4:33pm
Quoting Caesar
What are thoughts on USDCAD 1H.
Have my sell at 1.01970. This may have been a little high with the lows nearby. Looks like the Outside bar may have gotten close. Is this close enough to now cancel my order according to the basic rules of the method? My discretionary thought is that bar could break up hit the resistance and come back down but, wondering what others were thinking on this one.
Sorry I can't post the chart at work and they frown on these things.



Thanks!
I still have my order in - I know that bar got close but I think it is a really strong level, around 5 touches so another reaction is possible if it retests. My order is a little higher though, just above 1.0200.
  • #3,794
  • Jun 19, 2012 5:07pm Jun 19, 2012 5:07pm
Quoting squeezy
rounded retest on ozzy
I have the same line as you, but on the Daily chart.

I came here to see if anyone else sees it. I have the level at 1.0253.

I saw that Sam is looking at a buy on the H4, so Sam: if you're reading this, would appreciate your thoughts. Same goes for everyone else.
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  • #3,795
  • Jun 19, 2012 6:18pm Jun 19, 2012 6:18pm
Is it a coincidence that Australia has three economic events coming up tomorrow as A/U rallies into a former S?

I will probably wait to see how the market trades into the level. I see a minor buy level below the current daily and H4 bars. If it goes into that buy level first, I will take my sell order off and wait to see if A/U D1 bar can close below the level. But if it goes for the sell level first, I will leave the sell order in.
  • #3,796
  • Jun 19, 2012 7:04pm Jun 19, 2012 7:04pm
Quoting Amart83
Sam: if you're reading this, would appreciate your thoughts. Same goes for everyone else.
I may have missed something or I'm posting too many charts and forgetting my calls...I was looking for a buy at 1.014 earlier. The 1.025ish level you have marked-up looks okay for an SFP sell or a first time back trade if it breaks it and continues the upward move. I'll take a closer look at that one later, thanks for posting.
  • #3,797
  • Jun 20, 2012 1:25am Jun 20, 2012 1:25am
What is on the watch lists tonight?

I have nothing new...staring at the Aussie charts from earlier, seeing if I can make something work.
  • #3,798
  • Jun 20, 2012 2:06am Jun 20, 2012 2:06am
Tom on twitter:

Trader_Dante: I'm offered 1.0238 in the $AUDUSD

hope that helps anyone trading Aussie today.
  • #3,799
  • Jun 20, 2012 2:29am Jun 20, 2012 2:29am
4h chart - Short usdcad @ 1.0200 - pending limit order at daily support
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WARNING: Don't follow me as I'm just learning
  • #3,800
  • Jun 20, 2012 4:05am Jun 20, 2012 4:05am
Quoting Amart83
I have the same line as you, but on the Daily chart.

I came here to see if anyone else sees it. I have the level at 1.0253.

I saw that Sam is looking at a buy on the H4, so Sam: if you're reading this, would appreciate your thoughts. Same goes for everyone else.
1.014 wld be my FTA and not really where i wld be looking to buy.
that initial stall has made me to move my order a bit higher around 260 expecting a breach of the 250ish zone...
patiently watching pa around this zone, shld have orders sitting @ this level.
same thing with kiwi
let's see how it develops
Simplicity is the key to success
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