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  • #14,321
  • Nov 18, 2012 5:56pm Nov 18, 2012 5:56pm
Quoting DaddyBear
My toughest task now is holding myself back from shorting the Aussie.
so you are a long term bull but you trade short term?
  • #14,322
  • Nov 18, 2012 5:59pm Nov 18, 2012 5:59pm
Those who were stopped out at daily low Friday may try to short this baby now.


http://www.forexfactory.com/attachme...1&d=1353174583
daddybearforex. com
  • #14,323
  • Nov 18, 2012 6:03pm Nov 18, 2012 6:03pm
Quoting HelloOz
so you are a long term bull but you trade short term?
You may look at my posts replying to Ken this morning to understand my views in different context. Basically, I try to return to cash positions if possible but I am not a scalper. When I see the wave ends or is going to end, I would unload positions.
daddybearforex. com
  • #14,324
  • Nov 18, 2012 6:06pm Nov 18, 2012 6:06pm
I said earlier that I'd fade the initial move. Thus, I'm fading this rally to the upside - with a stop at 1.0405

The rationale is simple - this is the 2nd wave (retraction) and we'll see a bigger move down, below 1.03 from here on out.

I also want to see a hammer as today's closing candle.
  • #14,325
  • Nov 18, 2012 6:08pm Nov 18, 2012 6:08pm
Quoting DaddyBear
This is my understanding. A retracement is in the cards based on H4 reading.
In fact, this pending retracemenrt was built in on Friday. This was one main reason I unloaded all longs.
daddybearforex. com
  • #14,326
  • Nov 18, 2012 6:08pm Nov 18, 2012 6:08pm
Quoting DaddyBear
You may look at my posts replying to Ken this morning to understand my views in different context. Basically, I try to return to cash positions if possible but I am not a scalper. When I see the wave ends or is going to end, I would unload positions.
are you talking about Elliot Wave?
can you recommend me a good book to read ?
  • #14,327
  • Nov 18, 2012 6:10pm Nov 18, 2012 6:10pm
Quoting DaddyBear
Those who were stopped out at daily low Friday may try to short this baby now.


http://www.forexfactory.com/attachme...1&d=1353174583

They may not know this is going to be a bear trap. IMO
daddybearforex. com
  • #14,328
  • Nov 18, 2012 6:12pm Nov 18, 2012 6:12pm
Quoting HelloOz
are you talking about Elliot Wave?
can you recommend me a good book to read ?
Robert R. Prechter, Jr.'s EWP
daddybearforex. com
  • #14,329
  • Nov 18, 2012 6:13pm Nov 18, 2012 6:13pm
Quoting DaddyBear
Robert R. Prechter, Jr.'s EWP
Thanks db,

M15 is not looking good,
closing my buy..
  • #14,330
  • Nov 18, 2012 6:18pm Nov 18, 2012 6:18pm
Quoting DaddyBear
Robert R. Prechter, Jr.'s EWP
It may take a few years after reading the book to be able to look at the market in real time EWC. Before that time, you may experiencing money losses and frustrations due to incorrect EWC.

It could be one's Holy Grail or a poison pill. IMO
daddybearforex. com
  • #14,331
  • Nov 18, 2012 6:22pm Nov 18, 2012 6:22pm
Quoting DaddyBear
It may take a few years after reading the book to be able to look at the market in real time EWC. Before that time, you may experiencing money losses and frustrations due to incorrect EWC.

It could be one's Holy Grail or a poison pill. IMO
When you understand EWP fully, you won't have to wait for a breakout to enter a trade.
daddybearforex. com
  • #14,332
  • Nov 18, 2012 6:26pm Nov 18, 2012 6:26pm
Quoting kenfen69
In White...under the "One To Watch" category...inspired by DB... ... ...Could This Be the Birth of a Channel?

Attachment


If it stars Lindsey Lohan...I'm out!!!
Hey Ken!
Nice charts! Cool you posted something here. Something I can reply too, instead of just lurking your thread.
Yes indeed I totally agree "NOBODY knows where a bottom...or turn is...for certain...no matter how many counts they've done."
That's why I didn't joined in to the vote. I have no real bias in this pair, also because I am not a long term trader, so it would only get in to the way. I just go number/level by number/level. Like how Cloggie played the eurusd.
And together with placing pendings on both sides, I can get some pips. Though not all pendings work out fine or I am late closing a profitable run.

I actually should thank you Ken, or maybe I did already a long time ago in a PM (not sure..) Since I followed your thread and see you work with pendings on Gold etc. I started doing them too. Using historical data to get my lvl's.
Though I am not nearly 1% at the skillset you are playing.

All the best to you Kenfen69 and just hope you next batch of cookies is a winner
  • #14,333
  • Nov 18, 2012 6:27pm Nov 18, 2012 6:27pm
Quoting DaddyBear
When you understand EWP fully, you won't have to wait for a breakout to enter a trade.
IMO, breakout strategy is not something I would use. First it has built-in flaws. Second everybody sees what you see. It is too visible to gain an edge in the market.

http://www.forexfactory.com/attachme...2&d=1353174997
daddybearforex. com
  • #14,334
  • Nov 18, 2012 6:35pm Nov 18, 2012 6:35pm
Quoting DaddyBear
IMO, breakout strategy is not something I would use. First it has built-in flaws. Second everybody sees what you see. It is too visible to gain an edge in the market.

http://www.forexfactory.com/attachme...2&d=1353174997
I still hold my longs papa
  • #14,335
  • Nov 18, 2012 6:38pm Nov 18, 2012 6:38pm
Quoting Daytrader74
I still hold my longs papa
Good luck to you!
daddybearforex. com
  • #14,336
  • Nov 18, 2012 6:39pm Nov 18, 2012 6:39pm
Quoting Daytrader74
I still hold my longs papa
closed all 15lots ..
  • #14,337
  • Nov 18, 2012 6:40pm Nov 18, 2012 6:40pm
Quoting HelloOz
closed all 15lots ..
I still holding 5 full lots long...pray for me
  • #14,338
  • Nov 18, 2012 6:43pm Nov 18, 2012 6:43pm
Quoting Daytrader74
I still holding 5 full lots long...pray for me

  • #14,339
  • Nov 18, 2012 6:53pm Nov 18, 2012 6:53pm
Quoting HelloOz
closed all 15lots ..
Standard lots?
daddybearforex. com
  • #14,340
  • Nov 18, 2012 6:55pm Nov 18, 2012 6:55pm
Lvl's for now to watch (same as friday)

It failed to close above 0359 the last hour. A next H1 close above 0359 could mean it will test the next lvl that I have. 0371-0373. It's an if then play you should watch. One H1 or M30 close is not always enough, so wait for confirmation.
But a close below 0359 will give 0355 as a next decider. So if that can't hold it's the next # from the line.

Upside:
0359
0371-73
0382
0386
0396-0400-0405


Downside:
0359
0355
0343
0338
0329
0324
0309

I am flat as of now. No reason to jump in here. Since I feel it's still in some midway position. Could go up, could go down. I rather wait for confirmation if it follows the short-term trend. Or take positions from the ends of the spectrum. So that's mostly seen as Counter trading, so for scalping a few, or even a good retracement. But as for now I am going to bed. GL all of you.
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