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Simple Money Making Method

  • #1,921
  • Nov 8, 2012 9:18am Nov 8, 2012 9:18am
In my view it is still valid but very high risk. The supply level has been touched a 5 times now which would suggest there isn't much sell orders left if any. I would personally not trade this pair unless it breaks one or the other direction and then trade the pullback.

I'm quite new to Sam's method of trading so correct me if I'm wrong here more advanced traders please.

Quoting balle1973
Just in... Is this entry correct ?

Thanks
  • #1,922
  • Nov 8, 2012 9:27am Nov 8, 2012 9:27am
Quoting balle1973
Just in... Is this entry correct ?

Thanks
Why hurry... Wait for the price to get out of this range....
Attached Image
  • #1,923
  • Nov 8, 2012 9:32am Nov 8, 2012 9:32am
Quoting bolo
In my view it is still valid but very high risk. The supply level has been touched after the break of this range, than ita 5 times now which would suggest there isn't much sell orders left if any. I would personally not trade this pair unless it breaks one or the other direction and then trade the pullback.

I'm quite new to Sam's method of trading so correct me if I'm wrong here more advanced traders please.
Exactly right....

If you trade the break of this range then it is called Breakout Trade...

We are trend traders... so have to wait for the pull back after the break, this fruit is not Ripe yet.....

Cheers,
FX-Pro
  • #1,924
  • Nov 8, 2012 9:41am Nov 8, 2012 9:41am
Quoting balle1973
Just in... Is this entry correct ?

Thanks
Yep, I took this trade, but in hind sight it wasn't a good one. Like FX_Pro says, "staying out is also a trade", and this setup is 'messy' (No clear retracement from the larger trend), so we should have stayed out IMHO.

The US economic data was just about 'better than expected', probably due to Sandy, so with the strong support at 1.0400 we should probably expect any downside move to be limited to that RN level, but we can't say much more than that looking at the PA.

http://www.bloomberg.com/news/2012-1...fect-data.html
Most people have the will to win, few have the will to prepare to win
  • #1,925
  • Nov 8, 2012 9:49am Nov 8, 2012 9:49am
I see a potential set up in USDCAD 1H.
Anyone agrees? Looks inside a range though...

If it closes above the PAC, I'm in.
  • #1,926
  • Nov 8, 2012 9:53am Nov 8, 2012 9:53am
Quoting Trucomallica
I see a potential set up in USDCAD 1H.
Anyone agrees? Looks inside a range though...
I like this one - Bounces from the 200 and 72 EMAs and intersects the 12 EMA.
Most people have the will to win, few have the will to prepare to win
  • #1,927
  • Nov 8, 2012 9:53am Nov 8, 2012 9:53am
Quoting Trucomallica
I see a potential set up in USDCAD 1H.
Anyone agrees? Looks inside a range though...

If it closes above the PAC, I'm in.
Yes.. looks good Engulfing the complete range, lets see
  • #1,928
  • Nov 8, 2012 10:01am Nov 8, 2012 10:01am
Ok, I'm in.

1.00 is an obvious zone to see heavy sellers, so I'll catch some profits there and turn to break even.
  • #1,929
  • Nov 8, 2012 10:04am Nov 8, 2012 10:04am
Quoting Trucomallica
Ok, I'm in.

1.00 is an obvious zone to see heavy sellers, so I'll catch some profits there and turn to break even.
I'm in too, but looking for 1.0040
Most people have the will to win, few have the will to prepare to win
  • #1,930
  • Nov 8, 2012 10:08am Nov 8, 2012 10:08am
Quoting Trucomallica
Ok, I'm in.

1.00 is an obvious zone to see heavy sellers, so I'll catch some profits there and turn to break even.
Yes... better not to expect much from this trade... just Grab quickly & Jump off.....

Cheers,
FX-Pro
  • #1,931
  • Nov 8, 2012 10:09am Nov 8, 2012 10:09am
Just realised I was long the Loonie and the Aussie. School boy error! They have a correlation of -0.8 according to http://fxtrade.oanda.co.uk/analysis/...cy-correlation

FFS!!!
Most people have the will to win, few have the will to prepare to win
  • #1,932
  • Nov 8, 2012 10:24am Nov 8, 2012 10:24am
I don't think you should expose to much to a single currency. 3 trades in the dollar just adds risk but 2 in the same direction is ok, at least for me.
  • #1,933
  • Nov 8, 2012 10:39am Nov 8, 2012 10:39am
Quoting Trucomallica
I don't think you should expose to much to a single currency. 3 trades in the dollar just adds risk but 2 in the same direction is ok, at least for me.
Yeah I would agree, but being long AUD/USD and long USD/CAD is essentially being long and short the USD at the same time, which makes no sense at all. Still, I learnd my lesson and closed the AUD/USD for a scratch.

Still in the USD/CAD anyone?

FX_Pro, would you say that's it's likely that this move will break last week's high (1.0012)? Since strong bounces from the 200 EMA such as this one are usually followed by strong trends?
Most people have the will to win, few have the will to prepare to win
  • #1,934
  • Nov 8, 2012 11:07am Nov 8, 2012 11:07am
Quoting burnzmeister
FX_Pro, would you say that's it's likely that this move will break last week's high (1.0012)? Since strong bounces from the 200 EMA such as this one are usually followed by strong trends?
I'm not good at forecast lol... It may or May not breach the last week high... however, Last couple of bars on weekly shows indecision & we are left with another day for this week... this may also end up the same way IMO...
  • #1,935
  • Nov 8, 2012 11:12am Nov 8, 2012 11:12am
Yeah, my predictions are pretty terrible as well haha!

Looks like the Loonie will consolidate for the next hour before we get some volatility: BOC Gov Carney Speaks 1810 GMT
Most people have the will to win, few have the will to prepare to win
  • #1,936
  • Nov 8, 2012 1:26pm Nov 8, 2012 1:26pm
Quoting FX-Pro
Why hurry... Wait for the price to get out of this range....
Thanks everybody for trying to make me a better trader.
Make money Not pips
  • #1,937
  • Nov 9, 2012 1:06am Nov 9, 2012 1:06am
Folks,

Expecting the obvious.... on E/U - 1H

Cheers,
FX-Pro
Attached Image
  • #1,938
  • Nov 9, 2012 2:09am Nov 9, 2012 2:09am
Quoting FX-Pro
Folks,

Expecting the obvious.... on E/U - 1H

Cheers,
FX-Pro
Thanks FX-Pro.

Looks like we got the obvious.

Cheers

Sunny C
  • #1,939
  • Nov 9, 2012 2:12am Nov 9, 2012 2:12am
Thanks for being on the lookout!
Was so busy didn't check.

BUT, now I'm in!
  • #1,940
  • Nov 9, 2012 2:19am Nov 9, 2012 2:19am
simple is better
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