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  • #3,181
  • Jun 27, 2012 9:13am Jun 27, 2012 9:13am
could work.. so far so good, although I got in a little bit late, 2-3 pips...
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  • #3,182
  • Jun 27, 2012 9:28am Jun 27, 2012 9:28am
didnt got the triger for the long so watching the s&P rising without me.
will look at pa at supply level to decide further action.
if someone does find a set up that could have used to take a long i would love to see.
thx!!
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  • #3,183
  • Jun 27, 2012 9:40am Jun 27, 2012 9:40am
a beatiful trade I missed on gold

EDIT: I see the picture misses my "BASE" word... But I guess everyone around got it
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  • #3,184
  • Edited 9:55am Jun 27, 2012 9:43am | Edited 9:55am
so tyoon what do u think on recent euro action?
i took a long after brk of the high of what i thought is a rejection wicks.it only required a stop of 7 pips.
as price progressed i took +12(looking to the left explain why) and trailed the SL= BE+.
what i want to see to support my remaing long is price breaking recent high .
if not i guess more downside action will be in the cards(thats why i moved sl=be ,no need to risk my capital).
agree or disagree?

edit:sl=be on remining position got hit.
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  • #3,185
  • Jun 27, 2012 9:43am Jun 27, 2012 9:43am
Quoting Slurpee
could work.. so far so good, although I got in a little bit late, 2-3 pips...
my SL hit @ +4 pips...
Live it or leave it!
  • #3,186
  • Jun 27, 2012 9:57am Jun 27, 2012 9:57am
Quoting elliotrader
so tyoon what do u think on recent euro action?
Watching how this new range playing out. The demand levels and the support (now resistance) were thrashing it out. It was being a bit difficult from my end.

Edit - there is some buy configuration now.
  • #3,187
  • Edited 10:05am Jun 27, 2012 10:02am | Edited 10:05am
Just giving a shot...My target 1 is at 79.65 ...Running Free trade for now...Monitoring the PA on area of conflicts...A possible HNS in M5..Let see how it goes..
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  • #3,188
  • Jun 27, 2012 10:27am Jun 27, 2012 10:27am
Anyone watching the Aussie H4? Aside from this being a complete chop zone... it seems like 1.0062 is protected all out. It's currently working on the 7th bar rejection. Oi. Let her go one way or the other... I hate these standoff's.
  • #3,189
  • Jun 27, 2012 10:38am Jun 27, 2012 10:38am
tyoon i hope im not bothering you with this euro discussion.
im trying to understand what price has in mind.
its hard for me to take a short from this level since for me we are still in demand till its broken.
now spotting all this candles with wicks im wondering if they are indicating sellers pressure that will lead for this demand zone to break or are they consuming supply therfor once price find the buyers the path up is clear?
i know there is no answer besides watching price but would like any comments on my thought process.
am i someway reading it right or am i totally off?
thx again!!!

edit:would love to hear other traders thoughts as well i didnt mean to bother tyoon only.
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  • #3,190
  • Jun 27, 2012 10:49am Jun 27, 2012 10:49am
Quoting elliotrader
tyoon i hope im not bothering you with this euro discussion.
im trying to understand what price has in mind.
its hard for me to take a short from this level since for me we are still in demand till its broken.
now spotting all this candles with wicks im wondering if they are indicating sellers pressure that will lead for this demand zone to break or are they consuming supply therfor once price find the buyers the path up is clear?
i know there is no answer besides watching price but would like any comments on my thought process.
am i someway reading...

Looks to me like those candles are clearing a path back to 1.2495. Could be classic compression into a demand zone. between 40-50 is the demand zone.

Your chart seems to be 5-10 pips higher than mine so id be looking for at least 1.25 with your and demand zone is obv 5-10 pips higher
  • #3,191
  • Jun 27, 2012 10:57am Jun 27, 2012 10:57am
i hope im not being stobern about this long.
would hate to give back the market my earned pips.sl below recent low.
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  • #3,192
  • Jun 27, 2012 11:37am Jun 27, 2012 11:37am
Quoting elliotrader
tyoon i hope im not bothering you with this euro discussion.
No bother at all. Discussion is only a good thing.

My thoughts on NY. It seemed their protocol was; clear the demands to fill the one at the bottom.

As for the CP and pressure.. I really could not tell at the time.

..
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  • #3,193
  • Jun 27, 2012 11:56am Jun 27, 2012 11:56am
Quoting Tyoon
No bother at all. Discussion is only a good thing.
As for the CP and pressure.. I really could not tell at the time.

..
no one can tell but price.
but i do remember one of red's post that says that price thinks ahead of time so once i spotted those wicks and price being in demand zone i was leaning torwards compression.
since it didnt require a big sl i decided to take the long.
watching closely as i want to see the supportive pa to stay in this long at least to the beginning of cp and round number 1.2500.
since news are about to come out soon i will trail my stop as im scared from random spikes .(not the subject of the news necessarily but the fact that Markel is speaking).
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  • #3,194
  • Jun 27, 2012 12:09pm Jun 27, 2012 12:09pm
Quoting Venice
Anyone watching the Aussie H4? Aside from this being a complete chop zone... it seems like 1.0062 is protected all out. It's currently working on the 7th bar rejection. Oi. Let her go one way or the other... I hate these standoff's.
Ahaha. Every single dip is being bought with vengeance. I'm starting to lean towards this being supply consumption'ish. Man Oh man... this thing is just relentless. Still feels like it's not going anywhere.
  • #3,195
  • Jun 27, 2012 12:41pm Jun 27, 2012 12:41pm
Quoting Venice
Ahaha. Every single dip is being bought with vengeance. I'm starting to lean towards this being supply consumption'ish. Man Oh man... this thing is just relentless. Still feels like it's not going anywhere.
here are my aud charts and my thoughts.
basically the Q is are those lower wicks represent compression or buying pressure?
there is a valid reason to assume its buying pressure since each visit in the zone is deeper than the previous one and each drop is weaker than the one before,forming HL.
BUT i would like to see more decisive breakout (especially since its hovering around BRN 1.0000) to take a long.
u cant rule out the possibility that price might compressing up to find sellers and than drop price sharply down to the untested demand.(sharply bc all demand is consumed).
no action at the moment for me as i would need more pa to decide what is in the cards.
for discussion purposes,venice if u can pls post ur chart since i trade futures and its slightly different than yours.
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  • #3,196
  • Jun 27, 2012 12:54pm Jun 27, 2012 12:54pm
Quoting elliotrader
here are my aud charts and my thoughts.
basically the Q is are those lower wicks represent compression or buying pressure?
there is a valid reason to assume its buying pressure since each visit in the zone is deeper than the previous one and each drop is weaker than the one before,forming HL.
BUT i would like to see more decisive breakout (especially since its hovering around BRN 1.0000) to take a long.
u cant rule out the possibility that price might compressing up to find sellers and than drop price sharply down to the untested demand.(sharply...
Same here elliot. You are looking at it about the same way as I am right now.

We are seeing weaker supply on each iteration (a mess, I know, but it's there) in that each push down is creating HL's. But, for a long, it *has* to break north, then we buy on the retest of supply turned demand.

So, in reality, the risk favored play is shorts atm. To much chop for me to really take any action though.
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  • #3,197
  • Jun 27, 2012 1:05pm Jun 27, 2012 1:05pm
price couldnt make HH and formed LH .
i took the short since again it required a small sl.
would like to see price forming LL to support my trade.
i really suck with correlation but i cant stop wondering if a short on aud meand euro will drop as well so im trailing my position on euro to lock profit.
lets see.
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  • #3,198
  • Jun 27, 2012 1:07pm Jun 27, 2012 1:07pm
i didnt see ur post before my above one.
happy to see we think the same.
i did take the short tho as sl was not too big.
  • #3,199
  • Jun 27, 2012 1:28pm Jun 27, 2012 1:28pm
Quoting elliotrader
i didnt see ur post before my above one.
happy to see we think the same.
i did take the short tho as sl was not too big.
Hey man, risk is what it is all about. I don't care if you make a play completely against the trend, with the trend, or just completely bonkers. As long as your risk is in check, it's all good.
  • #3,200
  • Jun 27, 2012 1:34pm Jun 27, 2012 1:34pm
Interesting discussion guys. Going to stick my neck in and share my thoughts on AU in the bigger picture.

Looks to me price will fill the current range at least to near the top.

..
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