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Backing Trades Thru Charts

  • #6,521
  • Nov 2, 2012 4:09pm Nov 2, 2012 4:09pm
This was a very good day so far where three of our setups posted here few days ago got triggered and are developing nicely. Here is the recap:

EUR/AUD Before:

http://www.forexfactory.com/showthre...63#post6144963

EUR/AUD After: Currently +50

http://www.forexfactory.com/showthre...92#post6158892

GBP/NZD Before:

http://www.forexfactory.com/showthre...08#post6154608

GBP/NZD After: Currently +50

http://www.forexfactory.com/showthre...46#post6158046

NZD/JPY Before:

http://www.forexfactory.com/showthre...65#post6133465

NZD/JPY After: Currently +35

http://www.forexfactory.com/showthre...74#post6158474

We are very proud to post before the fact!
  • #6,522
  • Nov 3, 2012 7:29am Nov 3, 2012 7:29am
CAD/JPY If there is an upward break, next stop could be 78% Fib that is in confluence with Resistance

Attached Image (click to enlarge)
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  • #6,523
  • Nov 4, 2012 6:07pm Nov 4, 2012 6:07pm
Quoting TheLastCoke
GBP/NZD Before:

http://www.forexfactory.com/showthre...08#post6154608

GBP/NZD After: Currently +50

http://www.forexfactory.com/showthre...46#post6158046
GBP/NZD SL update and TP info for those who took it as posted. Currently +70

Attached Image (click to enlarge)
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  • #6,524
  • Nov 5, 2012 6:53am Nov 5, 2012 6:53am
Quoting TheLastCoke
NZD/JPY Before:

http://www.forexfactory.com/showthre...65#post6133465

NZD/JPY After: Currently +35

http://www.forexfactory.com/showthre...74#post6158474
NZD/JPY Going our way, Currently +70

Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy 3.gif Size: 23 KB
  • #6,525
  • Nov 5, 2012 7:14am Nov 5, 2012 7:14am
Quoting TheLastCoke
EUR/USD If level gets broken, this may be the next stop.

Attachment
EUR/USD Approaching to the station, let's see if it is a round trip or one way journey.

Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 21 KB
  • #6,526
  • Nov 5, 2012 7:47am Nov 5, 2012 7:47am
Quoting TheLastCoke
EUR/USD Approaching to the station, let's see if it is a round trip or one way journey.

Attachment
EUR/USD Here is the chart template in case you are watching this level too. Just paste it into the MT4 folder>Experts>Templates

Attached File(s)
File Type: tpl eurusd template.tpl   3 KB | 223 downloads
  • #6,527
  • Nov 6, 2012 7:29am Nov 6, 2012 7:29am
Quoting TheLastCoke
EUR/USD Approaching to the station, let's see if it is a round trip or one way journey.

Attachment
EUR/USD Setup is cancelled

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 21 KB
  • #6,528
  • Nov 6, 2012 8:34am Nov 6, 2012 8:34am
Hi LC can I ask why this set up is cancelled ? only the daily is not closed is it ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #6,529
  • Nov 6, 2012 8:47am Nov 6, 2012 8:47am
Quoting Bones
Hi LC can I ask why this set up is cancelled ? only the daily is not closed is it ?
Hello Bones,

I usually cancel the setups if there is a significant retracement or if there is a consolidation around/before entry

When there is a retracement before the entry level two things tend to occur:

a. Next attempt will go beyond the entry, in this case a LL will put us below our entry level

b. Momentum is gain and it is too late to join the trade

IMHO this EUR/USD level may get broken if there is another test.
  • #6,530
  • Nov 6, 2012 9:00am Nov 6, 2012 9:00am
Right thanks thats very intresting,I agree if we go back im watching daily close wouldnt hold short with a hammer here at all

,do you always enter with resting orders ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #6,531
  • Nov 6, 2012 9:17am Nov 6, 2012 9:17am
Quoting Bones
Right thanks thats very intresting,I agree if we go back im watching daily close wouldnt hold short with a hammer here at all

,do you always enter with resting orders ?
My entry is usually at touch without pending orders but the scenario has to meet all my criteria (no retracements, no consolidations, no ranging, etc), I like to watch PA, this EUR/USD is a clear example why I dont like pending orders. Look for example NZD/JPY setup posted above, that is the PA i like after reaching my entry level (rejection, pin bars) If my level is reached but there is a poor rejection, the setup is usually cancelled aswell. I know this may sound risky for some (trading without confirmation) but I use a very conservative MM as you can see in my setups (usually a 0.5% risk) so, first thing it comes to my mind is what I am risking and if I am comfortable by losing that % then I trust my setup....you can say my entry confirmation is the amout of confluence there is at the level.
  • #6,532
  • Nov 6, 2012 9:25am Nov 6, 2012 9:25am
The Red Line in the setups represents entry, Dotted Red Line the SL, Dotted Green Line is the TP and the Blue little are is the BE level (once triggered, the trade should be place at BE when this level is met)
  • #6,533
  • Nov 6, 2012 9:27am Nov 6, 2012 9:27am
No I like it ,seems very proffesional to me ,thanks LC

I think we will see strong JPY ,eur jpy rising tl (d1) to go
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #6,534
  • Nov 6, 2012 9:45am Nov 6, 2012 9:45am
Quoting TheLastCoke
GBP/AUD

Attachment
GBP/AUD I am happy with this PA for example, it went just 2 pips below entry and it is showing some rejection, nothing is written in stone regarding trading and I want to point out the amount of pips in reference to the risk %. It may look like a wide SL when in reality it isn't.

Attached Image (click to enlarge)
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  • #6,535
  • Nov 6, 2012 6:22pm Nov 6, 2012 6:22pm
Quoting TheLastCoke
GBP/AUD I am happy with this PA for example, it went just 2 pips below entry and it is showing some rejection, nothing is written in stone regarding trading and I want to point out the amount of pips in reference to the risk %. It may look like a wide SL when in reality it isn't.

Attachment
GBP/AUD SL Update

Attached Image (click to enlarge)
Click to Enlarge Name: gbpaud d.gif Size: 21 KB
  • #6,536
  • Nov 6, 2012 6:34pm Nov 6, 2012 6:34pm
are you long ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #6,537
  • Nov 6, 2012 6:38pm Nov 6, 2012 6:38pm
Quoting Bones
are you long ?
GBP/AUD you mean? Opened at 1.5312
  • #6,538
  • Nov 6, 2012 6:49pm Nov 6, 2012 6:49pm
yea gbp aud ,right are you not concered at the look of daily ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #6,539
  • Nov 6, 2012 7:00pm Nov 6, 2012 7:00pm
Quoting Bones
yea gbp aud ,right are you not concered at the look of daily ?
The rejection wasn't strong enough, I was waiting for a nice pin bar, anyhow the original risk was 0.5% right now has been reduced almost to half. I try to keep it really simple Bones, buy at Support + confluence, sell at Resistance + confluence with a very conservative MM. If my entry survive current daily candle, it will be place at BE.
  • #6,540
  • Nov 7, 2012 8:02am Nov 7, 2012 8:02am
Quoting TheLastCoke
We are having Obama for another period
IMHO it doesn't make any difference.
Other parties are arrested when trying to debate, there is no real choice.

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Maybe you like to lough about it..

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