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  • #5,341
  • Aug 10, 2012 11:46pm Aug 10, 2012 11:46pm
Quoting DaddyBear
Are you talking about scalping? The risk is high at this level. You may get 1 penny and lose one hundred.
My point is that scalping is not a easy job unless you can pick the top and the bottom all the time.
daddybearforex. com
  • #5,342
  • Aug 10, 2012 11:49pm Aug 10, 2012 11:49pm
Quoting Davit
Here is my view.
2 possibilities to look for. Either retrace to 53.75 (fib 61.8) and continue down or
retrace 55(fib 38.2) then continue up
This is based upon Fib 1-2-3 pattern
My fib is drawn from recent low to Fr close.Feel free to comment if I made an error
There are some events may cause the bulls go crazy Sunday night. China may cut rate this weekend. Also, Europe may drop another "good" news to excite the market Sunday.
daddybearforex. com
  • #5,343
  • Aug 10, 2012 11:49pm Aug 10, 2012 11:49pm
The key with trend lines, is to go long when it "closes" ABOVE the trend line, and to go short, when it "closes" BELOW the trend line. It helps with capital preservation.
Time turns trend. - W.D. Gann
  • #5,344
  • Aug 10, 2012 11:52pm Aug 10, 2012 11:52pm
Quoting DaddyBear
My point is that scalping is not a easy job unless you can pick the top and the bottom all the time.
Good point. And that's one of the first areas that I dabbled with when I first entered this market. Picking tops and bottoms. I've made a killing in the past. And I got killed in the past. The key is "knowing" when it has bottomed out, etc.... If not, look out..........for margin call.
Time turns trend. - W.D. Gann
  • #5,345
  • Aug 10, 2012 11:53pm Aug 10, 2012 11:53pm
Quoting DaddyBear
There are some events may cause the bulls go crazy Sunday night. China may cut rate this weekend. Also, Europe may drop another "good" news to excite the market Sunday.
The risk is on this weekend. It is this reason I would say the Aussie may gap above 1.06 Sunday night. Whether or not it is sustainable will be remained to be seen. IMHO
daddybearforex. com
  • #5,346
  • Aug 10, 2012 11:55pm Aug 10, 2012 11:55pm
Quoting DaddyBear
The risk is on this weekend. It is this reason I would say the Aussie may gap above 1.06 Sunday night. Whether or not it is sustainable will be remained to be seen. IMHO
1.0695 is my target before the next turn of events. That is, with also watching for 1.0536, in regards to bearish.
Time turns trend. - W.D. Gann
  • #5,347
  • Aug 10, 2012 11:58pm Aug 10, 2012 11:58pm
Quoting DaddyBear
The risk is on this weekend. It is this reason I would say the Aussie may gap above 1.06 Sunday night. Whether or not it is sustainable will be remained to be seen. IMHO
Thank you I didn't take account fundamental news related data effecting the market.
I did place limit sale at 60. I wouldn't mind if it hits.
In trading, you have to be defensive and aggressive at the same time
  • #5,348
  • Aug 11, 2012 12:00am Aug 11, 2012 12:00am
Quoting ForExtraPips
1.0695 is my target before the next turn of events. That is, with also watching for 1.0536, in regards to bearish.
Are you going to long Sunday night regardless of what happens?
daddybearforex. com
  • #5,349
  • Aug 11, 2012 12:02am Aug 11, 2012 12:02am
Quoting DaddyBear
Are you going to long Sunday night regardless of what happens?
Since the H4 candle closed above it, yes.
Time turns trend. - W.D. Gann
  • #5,350
  • Aug 11, 2012 12:05am Aug 11, 2012 12:05am
Quoting Davit
Thank you I didn't take account fundamental news related data effecting the market.
I did place limit sale at 60. I wouldn't mind if it hits.
As mentioned before, I'd wait until market open and place a dynamic entry instead of a static one like a limit order. The Forex market can overshoot beyond your limit order and make your account in deep red in less than one second.
daddybearforex. com
  • #5,351
  • Aug 11, 2012 12:06am Aug 11, 2012 12:06am
Quoting ForExtraPips
Since the H4 candle closed above it, yes.
Above which level?
daddybearforex. com
  • #5,352
  • Aug 11, 2012 12:09am Aug 11, 2012 12:09am
Quoting DaddyBear
As mentioned before, I'd wait until market open and place a dynamic entry instead of a static one like a limit order. The Forex market can overshoot beyond your limit order and make your account in deep red in less than one second.
Thank you DB
I agree with you but I am not worried since my lot size is .50C with 1:50 standard leverage.
In trading, you have to be defensive and aggressive at the same time
  • #5,353
  • Aug 11, 2012 12:12am Aug 11, 2012 12:12am
Quoting ForExtraPips
A picture is worth a 1,000 words, let alone, 100 pips.
Based on your chart I don't see how you got 69.5.
In trading, you have to be defensive and aggressive at the same time
  • #5,354
  • Aug 11, 2012 12:17am Aug 11, 2012 12:17am
Quoting DaddyBear
Above which level?
See where the previous H4 closed above the white trend line? The next H4 is going up. Then I'll be watching what price does when it reaches the blue trend line.
Attached Image (click to enlarge)
Click to Enlarge Name: righthere.jpg Size: 95 KB
Time turns trend. - W.D. Gann
  • #5,355
  • Aug 11, 2012 12:19am Aug 11, 2012 12:19am
Quoting Davit
Based on your chart I don't see how you got 69.5.
Look at the next horizontal line above where price is at, right now. That's my next bull target.
Attached Image (click to enlarge)
Click to Enlarge Name: lookabove.jpg Size: 224 KB
Time turns trend. - W.D. Gann
  • #5,356
  • Aug 11, 2012 12:29am Aug 11, 2012 12:29am
Quoting ForExtraPips
Look at the next horizontal line above where price is at, right now. That's my next bull target.
No offense to you but I am sorry I can't read or understand your chart with so many lines.
Looks like a very messy kitchen and trying to find a fork almost impossuible.
You must like chaos theory.
In trading, you have to be defensive and aggressive at the same time
  • #5,357
  • Aug 11, 2012 12:32am Aug 11, 2012 12:32am
Another thing to keep in mind, before i go to bed, look at how price is reacting to the 45 degree angle, with the chart I posted above. Since it bottomed out on 6-01-12, look at how many times price has hit that line. It just recently pierced it for the third time. Buyers beware, long term. Good night.
Time turns trend. - W.D. Gann
  • #5,358
  • Aug 11, 2012 12:35am Aug 11, 2012 12:35am
Quoting Davit
No offense to you but I am sorry I can't read or understand your chart with so many lines.
Looks like a very messy kitchen and trying to find a fork almost impossuible.
You must like chaos theory.
No offense taken. Once you understand that price travels at different angles (degrees), then you'll be able to eat without a fork.
Time turns trend. - W.D. Gann
  • #5,359
  • Aug 11, 2012 12:47am Aug 11, 2012 12:47am
Quoting Davit
No offense to you but I am sorry I can't read or understand your chart with so many lines.
Looks like a very messy kitchen and trying to find a fork almost impossuible.
You must like chaos theory.
Actually, there are only a few lines relevant to current PA.
daddybearforex. com
  • #5,360
  • Aug 11, 2012 1:48am Aug 11, 2012 1:48am
Not sure how the market will open, but looking at the H1 we have a possible downtrend channel (3 spots on the bottom line), supported by possible H1 MACD hidden divergence marked with the purple lines.

The market could just open way above my line and blow my idea out of the water, but I will watch and see what happens.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd h1 hidden divergence.jpg Size: 149 KB
Some people say I'm lucky, but the more I practice the luckier I get
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