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Nearly Naked (Simple Trades)

  • #11,321
  • Nov 10, 2012 10:35am Nov 10, 2012 10:35am
Quoting shahab8b
You're getting there.
Thank you thank you thank you master!
I just wanted to try a sell limit with a tight SL, which failed miserably. But I'm thinking re-entry using fibo on lower TF next week.
  • #11,322
  • Nov 10, 2012 1:08pm Nov 10, 2012 1:08pm
Taking the first portion of a loan.
Some Shorts SMI @ 6717
& set some POs Short @ 6800, @6900, @7000

Swi20Dec12, Monthly, 2012 November 10
Swi20Dec12, Daily, 2012 November 10
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  • #11,323
  • Nov 10, 2012 1:24pm Nov 10, 2012 1:24pm
Quoting Skynet
.....
my take on EU:....

ANATOMY OF A SETUP: BEFORE AND AFTER

BEFORE:
http://www.forexfactory.com/attachme...0&d=1352075400

AFTER #1:
http://www.forexfactory.com/attachme...2&d=1352295379
AFTER #2:
http://www.forexfactory.com/attachme...0&d=1352491316
" It may mean something. It may mean nothing at all "
  • #11,324
  • Nov 10, 2012 3:28pm Nov 10, 2012 3:28pm
EURAUD long? --- fib 50, S/R, divergence on daily

If this is valid, how can I make an entry?
(1) It's already late -- can enter any time.
(2) A break of UTL on 1h
(3) Draw a fibo on 1h and wait for a good timing
or
(4) something else?

Thank you very much!l
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  • #11,325
  • Nov 10, 2012 11:04pm Nov 10, 2012 11:04pm
Quoting shahab8b
I usually choose my SL based on either Standard Deviation of the trading TF or above/below certain S/R levels.
Standard Deviation of the trading TF?

No idea what's that.

Either way, thank you for sharing.
Know Your Trading Edge and Trade It
  • #11,326
  • Nov 10, 2012 11:12pm Nov 10, 2012 11:12pm
Quoting Forexgogo
EURAUD long? --- fib 50, S/R, divergence on daily

If this is valid, how can I make an entry?
(1) It's already late -- can enter any time.
(2) A break of UTL on 1h
(3) Draw a fibo on 1h and wait for a good timing
or
(4) something else?

Thank you very much!l
I'd definitely like a long. Having said that, I'd like a lower high at the top of my channel (ard the purple box) - attached.

Let me know your thoughts.
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD 11 Nov.jpg Size: 68 KB
Know Your Trading Edge and Trade It
  • #11,327
  • Nov 10, 2012 11:15pm Nov 10, 2012 11:15pm
http://www.tradeyouredge.com/wp-cont...Nov-GBPJPY.png

GBPJPY – Weekly chart attached. This set up is pretty similar to the EURJPY commentary on the 28th Oct. Price is currently at the bottom of a short-term upward trendline/channel (red). I would like a good short entry if price breaks below and re-test the trendline – making this a classic support turn resistance trendline.
Just to note, I do have a slight concern for this pair. On the larger timeframe, price actually made a higher lower – as shown where the purple box is. Hence, I’ll take the trade (if valid) with precaution.
Know Your Trading Edge and Trade It
  • #11,328
  • Nov 11, 2012 2:41pm Nov 11, 2012 2:41pm
Quoting TradeYourEdg
http://www.tradeyouredge.com/wp-cont...Nov-GBPJPY.png

GBPJPY – Weekly chart attached. This set up is pretty similar to the EURJPY commentary on the 28th Oct. Price is currently at the bottom of a short-term upward trendline/channel (red). I would like a good short entry if price breaks below and re-test the trendline – making this a classic support turn resistance trendline.
Just to note, I do have a slight concern for this pair. On the larger timeframe, price actually made a higher lower – as shown where the purple...
Just my two cents...
I would stay away from GY for a while unless I get a strong sign (like a divergence)... It is too congested -- I believe this is what Saxon calls no trade zone... (actually I'm watching the PA for long...)
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  • #11,329
  • Nov 11, 2012 3:40pm Nov 11, 2012 3:40pm
Quoting Forexgogo
confluence, confluence, confluence...
I thought it was a good entry point, but now I see the PA heading down to much more significant points in GU as well as EU. I think I will wait until the PAs reach there.
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  • #11,330
  • Nov 11, 2012 6:56pm Nov 11, 2012 6:56pm
Quoting Forexgogo
Just my two cents...
I would stay away from GY for a while unless I get a strong sign (like a divergence)... It is too congested -- I believe this is what Saxon calls no trade zone... (actually I'm watching the PA for long...)
Hi Forexgogo,

Thanks for the feedback.

Yes, there was divergence (RSI 6) but the trade was during the double top around 2 Nov. You're absolutely right about the congestion zone, which is why I'll need PA to break below the zone/triangle before going short (red). If not, I would want a strong break above the triangle before going long (blue).

As always, price can go either way, so will wait for PA before taking the trade. If neither happens, there's always another pair to trade

Anyway, let me know your thoughts.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY 12Nov.jpg Size: 120 KB
Know Your Trading Edge and Trade It
  • #11,331
  • Nov 12, 2012 4:48am Nov 12, 2012 4:48am
Quoting TradeYourEdg
Hi Forexgogo,

Thanks for the feedback.

Yes, there was divergence (RSI 6) but the trade was during the double top around 2 Nov. You're absolutely right about the congestion zone, which is why I'll need PA to break below the zone/triangle before going short (red). If not, I would want a strong break above the triangle before going long (blue).

As always, price can go either way, so will wait for PA before taking the trade. If neither happens, there's always another pair to trade

Anyway, let me know your thoughts.
I don't take a position in GY now simply because I don't know which way it's going. Probably I will wait until it hits 125.00 and turns to north (the red line on your chart)
Attached Image (click to enlarge)
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  • #11,332
  • Nov 12, 2012 10:35am Nov 12, 2012 10:35am
Running out the door, but GU is on my radar right now. Also, AN, ACAD and GCHF
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  • #11,333
  • Nov 12, 2012 12:47pm Nov 12, 2012 12:47pm
A short-term friction area to keep an eye on for GCHF
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  • #11,334
  • Nov 12, 2012 12:52pm Nov 12, 2012 12:52pm
ST friction areas for UCHF. To the south
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  • #11,335
  • Nov 12, 2012 1:44pm Nov 12, 2012 1:44pm
Quoting TradeYourEdg
Standard Deviation of the trading TF?

No idea what's that.

Either way, thank you for sharing.
Standard Deviation (SD) is a measure of variability or in the case of price ,volatility. You need to adjust your SL and position size based on volatility of the market in order to have the same % of risk for every trade and at the same time not being stopped out for minor price fluctuation. MT4 has an indicator for SD which works just fine, go to> insert>indicator>trend>standard deviation. The number changes for each TF which makes sense as each TF has its own SD, and it can be used to calculate SL.
  • #11,336
  • Nov 12, 2012 1:47pm Nov 12, 2012 1:47pm
EU: long setup, wait for the PA confirmation though
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  • #11,337
  • Edited 5:41pm Nov 12, 2012 2:23pm | Edited 5:41pm
Quoting shahab8b
EU: long setup, wait for the PA confirmation though

... & could be drive with the daily Range of the DAX in Tandem, but weekly could go further down.
Attached Image (click to enlarge)
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  • #11,338
  • Nov 12, 2012 7:51pm Nov 12, 2012 7:51pm
Quoting Forexgogo
I don't take a position in GY now simply because I don't know which way it's going. Probably I will wait until it hits 125.00 and turns to north (the red line on your chart)
Fair play. As they say, if unclear, stay away
Know Your Trading Edge and Trade It
  • #11,339
  • Nov 12, 2012 7:53pm Nov 12, 2012 7:53pm
Quoting shahab8b
Standard Deviation (SD) is a measure of variability or in the case of price ,volatility. You need to adjust your SL and position size based on volatility of the market in order to have the same % of risk for every trade and at the same time not being stopped out for minor price fluctuation. MT4 has an indicator for SD which works just fine, go to> insert>indicator>trend>standard deviation. The number changes for each TF which makes sense as each TF has its own SD, and it can be used to calculate SL.
Thanks for the tip. I'll check it out

Know Your Trading Edge and Trade It
  • #11,340
  • Nov 13, 2012 6:02am Nov 13, 2012 6:02am
Got in EU long.
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