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Price Action and Trading Discussion

  • #1,741
  • Jul 3, 2012 9:39am Jul 3, 2012 9:39am
Quoting dboy365
gbpcad sell stop triggered
eu buy limit @.2560 support triggered too. SL of 15pips. Up R:R 2.5 already. SL moved to BE. Hope to add to position around .2618
  • #1,742
  • Jul 3, 2012 10:21am Jul 3, 2012 10:21am
Quoting dboy365
gbpcad sell stop triggered

i am of the opposite position: that confluence area is good for a short bounce...gbp/cad buy. i know that the fundamental of cad beats that of gbp...gbp/cad has been consolidating for ever...

reasons stated on chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-07-03_11-18_OANDA.jpg Size: 81 KB
" It may mean something. It may mean nothing at all "
  • #1,743
  • Jul 3, 2012 10:31am Jul 3, 2012 10:31am
Quoting Skynet
i am of the opposite position: that confluence area is good for a short bounce...gbp/cad buy. i know that the fundamental of cad beats that of gbp...gbp/cad has been consolidating for ever...

reasons stated on chart.
Hmmmm.........Nice confluence of TL and S aroung .**51 but I'm not expecting much bounce, not with Canadian fundamentals and technical RS in favor of sell plus gold and other commodities are hitting the roof but you may still be right though.
Lets watch and see.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gcad.jpg Size: 146 KB
Click to Enlarge Name: gold.jpg Size: 123 KB
  • #1,744
  • Jul 3, 2012 10:55am Jul 3, 2012 10:55am
Quoting dboy365
Hmmmm.........Nice confluence of TL and S aroung .**51 but I'm not expecting much bounce, not with Canadian fundamentals and technical RS in favor of sell plus gold and other commodities are hitting the roof but you may still be right though.
Lets watch and see.

i see your fundamental reasoning...however, i dont feel comfortable initiating a shot until break of those lines (chart below). Besides, the weekly chart of GBP/CAD showed a massive consolidation.
Attached Image (click to enlarge)
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" It may mean something. It may mean nothing at all "
  • #1,745
  • Jul 3, 2012 11:02am Jul 3, 2012 11:02am
Quoting Skynet
i see your fundamental reasoning...however, i dont feel comfortable initiating a shot until break of those lines (chart below). Besides, the weekly chart of GBP/CAD showed a massive consolidation.
thats very correct. My SL is at BE. So If I get stopped out, BE means my $$$ still remains in my account lol plus I have Sell stop when those confluence TL and S/R breaks...
I enjoy your insight alot, so keep them coming. If you dont mind, I'd like to get your email so we can rub minds together on some more pairs we may be looking at. My dummy email is da.ghost63 at yahoo dot com.
  • #1,746
  • Jul 3, 2012 5:27pm Jul 3, 2012 5:27pm
Quoting Verto
Just to clarify, the turtles opened new positions at 1/2(n) where N is the 20 day average true range of the daily bars. A flat 'open at 50 pips' across all currency pairs would be a bit extreme generalization with no notion of volatility among different pairs. (http://www.dailystocks.com/turtlerules.pdf on Page 13)

You need to encode a good Risk/Reward into your system when using supply and demand. I don't mean to speak for Darkwolf, but if you are going to pyramid positions I'd personally recommend finding the overall trend then building...
Have you read The complete Turtle trader , by Michael Covel? In there it says that the turtles added units every 1N. Any thoughts?
  • #1,747
  • Jul 3, 2012 9:56pm Jul 3, 2012 9:56pm
I was going to target the base trend line on this one but decided to close it out and bank the pips with price stalling on the previous lows as support.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD Daily TP 04-07.jpg Size: 89 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,748
  • Jul 3, 2012 10:02pm Jul 3, 2012 10:02pm
Quoting TheGreatMilenko
Have you read The complete Turtle trader , by Michael Covel? In there it says that the turtles added units every 1N. Any thoughts?
Hi Milenko,

I have read a couple of books about the Turtles. One them being "Way of the Turtle"

This one also states their rules, as Verto has shown that positions were added at 1/2N and that they could keep adding up to a maximum of 4 units.

This particular book was written by Curtis M. Faith who was one of the Turtles and apparently the most successful Turtle earning around 31.5 million dollars.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,749
  • Jul 4, 2012 1:46am Jul 4, 2012 1:46am
Quoting DarkWolF
I was going to target the base trend line on this one but decided to close it out and bank the pips with price stalling on the previous lows as support.
good decission.
Thoughts are things
  • #1,750
  • Jul 4, 2012 1:50am Jul 4, 2012 1:50am
GBP/AUD broke support. Wanna see a ret. for a short entry.
Same story on G/N where BRN broke, but I like G/A better, for there is less traffic to the downside.

p.s. for a video, about the concept of Traffic vs. Space check mbqb's video in this link.
Was an eyeopener for me.
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Thoughts are things
  • #1,751
  • Jul 4, 2012 3:05am Jul 4, 2012 3:05am
CAD/CHF short from supply level - 2nd return.
Went for it with a small SL (19 pips)
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Thoughts are things
  • #1,752
  • Jul 4, 2012 3:57am Jul 4, 2012 3:57am
I think major central banks will not let EURUSD drop below 1.25 in the coming weeks to maintain orderly markets.
  • #1,753
  • Jul 4, 2012 4:50am Jul 4, 2012 4:50am
Well its certainly been rather quiet the last couple of days, not much movement going on.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,754
  • Jul 4, 2012 5:15am Jul 4, 2012 5:15am
Quoting BennyB
I think major central banks will not let EURUSD drop below 1.25 in the coming weeks to maintain orderly markets.
Well its certainly going to be interesting to see how it all plays out.

Just sit and wait and watch the PA
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,755
  • Jul 4, 2012 5:18am Jul 4, 2012 5:18am
Quoting Quezoy
CAD/CHF short from supply level - 2nd return.
Went for it with a small SL (19 pips)
Busted.
And some analysis on the chart.

Now Ill monitor EUR/CAD, cause there we had a break down. So pullback + short is the plan.
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Thoughts are things
  • #1,756
  • Jul 4, 2012 5:23am Jul 4, 2012 5:23am
Quoting Quezoy
Busted.
And some analysis on the chart.

Now Ill monitor EUR/CAD, cause there we had a break down. So pullback + short is the plan.
There was still a good chance that the level may have held though.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #1,757
  • Jul 4, 2012 9:01am Jul 4, 2012 9:01am
Quoting dboy365
gbpcad sell stop triggered
up by 122pips on my 1st gcad sell, another sell stop lot triggered on break of 1.5851 support (up 43pips). 1st SL at BE moved to bank some profit on first lot and 2nd SL moved to near BE of second lot to reduce risk.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gcad daily with more sell stop positions.gif Size: 24 KB
  • #1,758
  • Jul 4, 2012 9:09am Jul 4, 2012 9:09am
Quoting dboy365
up by 122pips on my 1st gcad sell, another sell stop lot triggered on break of 1.5851 support (up 43pips). 1st SL at BE moved to bank some profit on first lot and 2nd SL moved to near BE of second lot to reduce risk.
I think I'd put this as best trade of the slow week so far for sure.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad.jpg Size: 89 KB
  • #1,759
  • Jul 4, 2012 10:14am Jul 4, 2012 10:14am
Quoting Verto
I think I'd put this as best trade of the slow week so far for sure.
Thanks.
A third sell stop triggered, up 145pips on 1st, 72pips on 2nd. SL of 1st and 2nd moved to BE of 2nd Sell entry.
Lets see how it goes.
Attached Image (click to enlarge)
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  • #1,760
  • Jul 4, 2012 4:28pm Jul 4, 2012 4:28pm
Quoting dboy365
up by 122pips on my 1st gcad sell, another sell stop lot triggered on break of 1.5851 support (up 43pips). 1st SL at BE moved to bank some profit on first lot and 2nd SL moved to near BE of second lot to reduce risk.
Some nice pips for you there dboy, good work.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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