Nearly Naked (Simple Trades)

Quoting Saxon

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You can see from my EU chart that I got targets North and South. Since you're interested in my trading method I though I would share something that I have learned over my time with FX. It may seem odd, but I never try to make any predictions on where PA (Price Action) will go or why. I just try to be prepared either way. A lot of money can be lost trying to predict where price is going to go next. It is similar to trying to predict the weather. You can try to predict it and only bring an umbrella when you think it's going to rain and sometimes you'll...

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Quoting Saxon

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You can see from my EU chart that I got targets North and South. Since you're interested in my trading method I though I would share something that I have learned over my time with FX. It may seem odd, but I never try to make any predictions on where PA (Price Action) will go or why. I just try to be prepared either way. A lot of money can be lost trying to predict where price is going to go next. It is similar to trying to predict the weather. You can try to predict it and only bring an umbrella when you think it's going to rain and sometimes you'll...

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Quoting Forexgogo

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I very much appreciate your explanation. I agree 100% with your philosophy -- we should always prepare for both directions.

As for the chart, I have questions:
(1) Why is the weekly R2 so significant (where you have sell limits)? In other words, what is the confluence you see?
(2) how do you figure out weekly S/R? (MT4 indy? or figures from online?)
(3) Have you ever had a problem with limit orders? (spikes or any unseen events)? I've never used limit orders, but it's interesting.
(4) My take for EU is this: A: it going down along with the immediate...

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Quoting Saxon

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(1) Weekly R2 isn't very significant on its own, but when it is paired with other friction points, it strengthens. it's paired with an old swing. This PPZ will only last till tomorrow though.

(2) For S/R I just look at old Price Action and see where it reacted/stopped/turned, etc... If by SR you mean Pivots, then I just use an indicator that draws them for me. Check your brokers time though because if they are off, it will mess up your pivots.

(3) I really only use Limit orders. Sometimes I will shoot from the hip, but rarely. Never really had...

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Quoting Forexgogo

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I'm going short when the last 4h bar closes below 61.8.
SL82.5 TP81.5 & 82.5

Divergence on daily 4h

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Quoting Saxon

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(3) I really only use Limit orders. Sometimes I will shoot from the hip, but rarely. Never really had any problems with it. Limits take the emotion out of trading, which is a traders biggest enemy.

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Quoting calderone

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I echo what Saxon says about limits. I only use limit orders at areas I've identified. No emotions involved. I usually set stacks of orders and only sometimes will I throw a market order in the mix if one of my limits was missed.

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Quoting Forexgogo

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It's going... TP82 SL=BE

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Quoting tradoholic

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Scary for all those who work with longer time frame Div.
This is DJ Weekly..

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Quoting roro53

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closed all equity shorts late last night...think the risk is for a bounce and prices are pretty much just below sept 6 Draghi rally so major psy level imo (with exception of FTSE100 which is holding above)

also getting a bounce for the french CAC and noticed the drop on european open was shallow imo except for IBEX which was probably affected by the 25% Spain unemployment number

may be wrong but probably mostly sitting in cash today

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Quoting roro53

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closed all equity shorts late last night...think the risk is for a bounce and prices are pretty much just below sept 6 Draghi rally so major psy level imo (with exception of FTSE100 which is holding above)

also getting a bounce for the french CAC and noticed the drop on european open was shallow imo except for IBEX which was probably affected by the 25% Spain unemployment number

may be wrong but probably mostly sitting in cash today

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Quoting tradoholic

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Hi Roro,
Thanks for the post.
25% still a very high number even though it was better than expected. FTSE has been the slowest of the indecies in gaining weight this year, and will be possibly slowest in shedding it as well. DAX has been the top performer so far, thanks to lower value Euro.
Looking at the charts, all major indecies have either broken the TL downwards or are showing a Neg Div. A retrace up to TL can be expected but will not last long. I have taken a series of shorts in AU, GU and NU, waiting for market sell off which IMO is not...

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Quoting tradoholic

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Hi Roro,
Thanks for the post.
25% still a very high number even though it was better than expected. FTSE has been the slowest of the indecies in gaining weight this year, and will be possibly slowest in shedding it as well. DAX has been the top performer so far, thanks to lower value Euro.
Looking at the charts, all major indecies have either broken the TL downwards or are showing a Neg Div. A retrace up to TL can be expected but will not last long. I have taken a series of shorts in AU, GU and NU, waiting for market sell off which IMO is not...

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Quoting roro53

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IBEX up 140 pts off low already...getting close to request for a bailout maybe?

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