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  • #2,721
  • Aug 15, 2012 5:21am Aug 15, 2012 5:21am
Quoting lovejoy80
Reasoning for my short as per charts below.

I'm also short GAUD (from 1.4978), but looking to bail out soon as this is not going to plan.
ENZD now approaching my first main TP area (it is the first demand area out of those marked that has not been tested).
Attached Image (click to enlarge)
Click to Enlarge Name: enzd3.gif Size: 25 KB
  • #2,722
  • Aug 15, 2012 5:36am Aug 15, 2012 5:36am
My GAUD short was similar to ENZD - stacked supply zones with a compression wedge. I was looking for a bull trap off the higher supply and went short when we had the initial rejection - I needed to use a wider than usual SL because of the upcoming GBP data and potential for spread widening (which is routine at news time on Oanda) and a liquidity spike.

We got the good initial rejection but the data release caused a spike back up - I was looking for this to get quickly rejected again...it didn't and then we get a rejection M5 bar so I just decided that price wasn't doing as I expected off it (unlike ENZD) and to just bail out. Took a small loss as my SL was just above 1.5.

Ignore the long order this is a different trade setup.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gaud1.jpg Size: 80 KB
Click to Enlarge Name: gaud2.gif Size: 21 KB
  • #2,723
  • Aug 15, 2012 5:43am Aug 15, 2012 5:43am
Quoting Balhana
I also added one more short at 1.5320 for the same reason.
Closed 2/3 (the lower entry) at 1.5250 for +120 pips for peace of mind.
Attached Image (click to enlarge)
Click to Enlarge Name: en 03.jpg Size: 92 KB
  • #2,724
  • Aug 15, 2012 6:00am Aug 15, 2012 6:00am
Quoting Balhana
Closed 2/3 (the lower entry) at 1.5250 for +120 pips for peace of mind.
I've pretty much done the same, 50% off at the first planned TP area.
Attached Image (click to enlarge)
Click to Enlarge Name: enzd4.gif Size: 21 KB
  • #2,725
  • Aug 15, 2012 6:15am Aug 15, 2012 6:15am
Quoting lovejoy80
I've pretty much done the same, 50% off at the first planned TP area.
Where is your SL now? Mine is 1.5300, which is a few pips above the high of the long 1H candle, but may close it depending on PA before price gets there.
  • #2,726
  • Aug 15, 2012 6:20am Aug 15, 2012 6:20am
Quoting Balhana
Where is your SL now? Mine is 1.5300, which is a few pips above the high of the long 1H candle, but may close it depending on PA before price gets there.
You can see it in previous chart - the blue dashed line @ 1.5280 - just hid it above the former demand marked as a safety measure against a strong reversal - but am watching price action more than anything else.

Back in a GAUD short - M15 rejection following the bullish bar which then formed a H1 BEOB.
  • #2,727
  • Aug 15, 2012 7:49am Aug 15, 2012 7:49am
Quoting lovejoy80
You can see it in previous chart - the blue dashed line @ 1.5280 - just hid it above the former demand marked as a safety measure against a strong reversal - but am watching price action more than anything else.

Back in a GAUD short - M15 rejection following the bullish bar which then formed a H1 BEOB.
chart update
Attached Image (click to enlarge)
Click to Enlarge Name: gaud3.gif Size: 20 KB
  • #2,728
  • Aug 15, 2012 7:52am Aug 15, 2012 7:52am
Hello Lj , I have just sent you a PM ... Please see em ...
Human
  • #2,729
  • Edited 8:15am Aug 15, 2012 7:55am | Edited 8:15am
Sold CAD/JPY at 79.45

EDIT: One short only at the moment because both UJ and UCAD are right at support.
Attached Image (click to enlarge)
Click to Enlarge Name: cadj 01.jpg Size: 95 KB
  • #2,730
  • Aug 15, 2012 8:24am Aug 15, 2012 8:24am
Quoting lovejoy80
I've pretty much done the same, 50% off at the first planned TP area.
Maybe a bit premature but second position closed at 2nd planned TP area +4.9R for the trade.
Attached Image (click to enlarge)
Click to Enlarge Name: enzd5.gif Size: 20 KB
  • #2,731
  • Aug 15, 2012 8:28am Aug 15, 2012 8:28am
Quoting lovejoy80
chart update
Got sucked into taking 1/3 off for a loss which wasn't overly clever. Second 1/3 taken off at demand and now targeting price to break lower after the successful retest of the upper former demand turned supply.
Attached Image (click to enlarge)
Click to Enlarge Name: gaud4.gif Size: 20 KB
  • #2,732
  • Aug 15, 2012 8:32am Aug 15, 2012 8:32am
Quoting Chanya
Hello Lj , I have just sent you a PM ... Please see em ...
Can you PM me your email address or just send me an email to [email protected] and I'l respond later, thanks.

(Commercial members responding to PM's is forbidden - despite being common practice)
  • #2,733
  • Aug 15, 2012 8:39am Aug 15, 2012 8:39am
Quoting lovejoy80
Can you PM me your email address or just send me an email to [email protected] and I'l respond later, thanks.

(Commercial members responding to PM's is forbidden - despite being common practice)
Okay ... Will send you an email ...
Human
  • #2,734
  • Aug 15, 2012 9:46am Aug 15, 2012 9:46am
Quoting Balhana
Closed 2/3 (the lower entry) at 1.5250 for +120 pips for peace of mind.
Closed the remainder at 1.5220 for +100 pips (+220 pips in total).
Attached Image (click to enlarge)
Click to Enlarge Name: en 04.jpg Size: 100 KB
  • #2,735
  • Aug 15, 2012 9:46am Aug 15, 2012 9:46am
Quoting lovejoy80
Got sucked into taking 1/3 off for a loss which wasn't overly clever. Second 1/3 taken off at demand and now targeting price to break lower after the successful retest of the upper former demand turned supply.
Final 1/3 taken off for a net +1R (including the earlier loss).
Attached Image (click to enlarge)
Click to Enlarge Name: gaud5.gif Size: 21 KB
  • #2,736
  • Aug 15, 2012 9:50am Aug 15, 2012 9:50am
Quoting Balhana
Sold CAD/JPY at 79.45

EDIT: One short only at the moment because both UJ and UCAD are right at support.
Got stopped out at 79.65 for -20 pips.
  • #2,737
  • Aug 15, 2012 9:53am Aug 15, 2012 9:53am
Quoting lovejoy80
Got sucked into taking 1/3 off for a loss which wasn't overly clever. Second 1/3 taken off at demand and now targeting price to break lower after the successful retest of the upper former demand turned supply.

What is that buy limit based on ??? And if its based on some demand level , why did you ignore all the demand levels in between ???
Human
  • #2,738
  • Aug 15, 2012 9:55am Aug 15, 2012 9:55am
Quoting lovejoy80
Reasoning for my short as per charts below...
"The people that give the strength of the trend / upmove as a main reason as to not take a trade don't understand price action and are part of the novice crowd".

I don't claim to be a professional, but stepping infront of this train brought some healthy pips
Attached Image (click to enlarge)
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  • #2,739
  • Aug 15, 2012 9:59am Aug 15, 2012 9:59am
Quoting 5.25
"The people that give the strength of the trend / upmove as a main reason as to not take a trade don't understand price action and are part of the novice crowd".

I don't claim to be an professional, but stepping infront of this train brought some healthy pips
I was just about to post a chart of UJ as a setup I missed whilst managing the GAUD, ENZD trades...

A perfect example of why you shouldn't be scared of going against a strong move and even a BEOB...price action produces patterns not the other way round i.e. patterns are secondary.

Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 32 KB
  • #2,740
  • Aug 15, 2012 10:03am Aug 15, 2012 10:03am
Quoting Chanya
What is that buy limit based on ??? And if its based on some demand level , why did you ignore all the demand levels in between ???
It's based on an SR + demand zone FTB - there is not other FTB above this level that I would be interested in as a TT.

I generally stick to clear obvious FTB setups on crosses.

My shorts this morning were based on price action at supply i.e. compression followed by rejection signs.
Attached Image (click to enlarge)
Click to Enlarge Name: gaud6.jpg Size: 102 KB
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