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  • #3,001
  • Jan 25, 2013 5:08am Jan 25, 2013 5:08am
Quoting Crassius
Looks like I missed the target by a few pips.... No worries.... I have canceled that order, and will target higher ...
New EURUSD target 3480
  • #3,002
  • Jan 25, 2013 5:54am Jan 25, 2013 5:54am
Despite getting wiped out on teh GDP data spike, I just took another GBPUSD long at 5780....

I dont have a clear count after the spike that says this is the spot to buy..... We may well see another low near 5720...

But...

The feel of the price action is that of an ending diagonal... an explosive pattern... where prices struggle to make a new extreme..... the moves out are a rocket ship that gets you clear of your stop loss fast, once it breaks... the long downtrend has primed the mother of all short squeezes... etc etc...

So, since I see only the possibility of 5720, and then the 5700 figure a firm support below even that... and since the low for GBPUSD may have been put in already on the new GDP data spike low, setting up a forming ending diagonal...

I am long with a stop for now tucked under 5700.... May be premature, or may be a great entry...

Its the feel of the price action more than anything else that gets me long again...

This is what the last bits of a long trend feel like.
  • #3,003
  • Jan 25, 2013 5:56am Jan 25, 2013 5:56am
Quoting halkins
Good green morning traders....

Hmmm...
Could anybody help me?
What does this chart pattern remind you? Reversed head and hands, or legs, hmmmm...



Attachment
morning Sir
Yep been watching this unfolding for some time now, if 3550 (50fibo) won't hold and there is nothing negative on the fundie side we will have another leg up, I have already changed my targets from 1,35 to 1,40/1,41 but I want to see reaction on 3500 area first.
swing it!
  • #3,004
  • Jan 25, 2013 5:57am Jan 25, 2013 5:57am
Quoting Crassius
Despite getting wiped out on teh GDP data spike, I just took another GBPUSD long at 5780....

I dont have a clear count after the spike that says this is the spot to buy..... We may well see another low near 5720...

But...

The feel of the price action is that of an ending diagonal... an explosive pattern... where prices struggle to make a new extreme..... the moves out are a rocket ship that gets you clear of your stop loss fast, once it breaks... the long downtrend has primed the mother of all short squeezes... etc etc...

So,...
Hi...
I took long on Aussie, but my trade was killed by spike.
Now waiting for another opportunity.
Might this helps in GBPUSD...

Inserted Video
Read Charts - Not Papers
  • #3,005
  • Jan 25, 2013 6:10am Jan 25, 2013 6:10am
Chart update:

The option barrier at 1.3500 will be very heavily defended.... These are usually held by Central banks and deep pocket macro funds... the longer the time period from when the Do Not Touch price last traded, the heavier the defense will be.

Add to that the fact that 123.30 in EURJPY completes a huge fractal, and calls for a like sized pull back... so the fuel under EURUSD... EURJPY will go away for its pull back....

My target is just below the yearly high, which is also just below the zone where the Do Not Touch option players will begin trying to turn back price to protect their option interest....

Sending EURUSD back to the triangle area we just left for consolidation, before its next leg up....
Attached Image (click to enlarge)
Click to Enlarge Name: count.png Size: 14 KB
  • #3,006
  • Jan 25, 2013 6:34am Jan 25, 2013 6:34am
Your sterling doing great me thinks
I am 50 pips and three months of holding from my 1st target, kind of proud of myself probably first time since I started doing this.
swing it!
  • #3,007
  • Jan 25, 2013 6:35am Jan 25, 2013 6:35am
My gift to you:

I am already long at 5780.... order to add at 5825...

The recommended way to trade an ending diagonal is to wait for the break out above (iv).... I am so confident I am long already...

We may need to put in one more low near 5720.... So if you go in before the breakout... be prepared for a big stop loss below 5700... a print below invalidates the pattern.

I'll also add lower if PA forms in a clear way... for now I am long and will add on the breakout....
Attached Image (click to enlarge)
Click to Enlarge Name: count.png Size: 18 KB
  • #3,008
  • Jan 25, 2013 6:38am Jan 25, 2013 6:38am
Here's the pattern:
Attached Image
  • #3,009
  • Jan 25, 2013 6:41am Jan 25, 2013 6:41am
And here is why they are my favorite pattern to trade:
Attached Image
  • #3,010
  • Jan 25, 2013 6:43am Jan 25, 2013 6:43am
How to trade an ending diagonal:
Attached Image
  • #3,011
  • Jan 25, 2013 6:49am Jan 25, 2013 6:49am
Quoting halkins
Hi...
I took long on Aussie,
This is a good trade idea....

I took two shorts in AUDUSD last night... loaded at 0470ish and dumped at 0440ish for 25 pips each... I had a thirs order to short at 0470, but just missed the fill....

My target on the last fill would have been 0420.... and from there I would have expected a pullback to 0470 area again....

GL
  • #3,012
  • Jan 25, 2013 6:50am Jan 25, 2013 6:50am
Quoting tomspin
Your sterling doing great me thinks
I am 50 pips and three months of holding from my 1st target, kind of proud of myself probably first time since I started doing this.
Hey tomspin...
I noticed you're "long term" trader, too...
So how often you have to look on your charts? Once a day? Once per hour? When you pull the trigger?
I can't remember what I bought or sold last month, let alone 3 months back...
Maybe I could hire you for forex option trading, where positions are opened for 12-15 weeks...
I don't have patience....
Read Charts - Not Papers
  • #3,013
  • Jan 25, 2013 6:58am Jan 25, 2013 6:58am
Quoting Crassius
New EURUSD target 3480

Just booked half position profits at 3460 + 107 pips....

Still think this only top of wave 3... but if it is its the 2.618 extension of wave 1, and the likely limit of wave 3....

Other half stays in play trying for 3480
  • #3,014
  • Jan 25, 2013 7:00am Jan 25, 2013 7:00am
go to my profile and see explorer it is not public because I don't need bs from haters,
ones a day is enough but when I have free time I like to look at charts like an intraday trader.
basically I found my own style and I believe 95% of forex traders fail because they don't trade like banks and big funds which is buy a lot and hold untill the trend is finished, I also believe that main moves happend around round psychological numbers.
All last four trades were triggered as limits before I went to work today I did it because I knew that ones we are out of that death box we are going for my 1.35 target, seems like it is working well eh?
All I am trying to do is to feel how market moves and when smart money does the magic,
I know nothing about options besides that they are less risky than the spot market.
Thank you for the kind words.


http://s1.postimage.org/o92xrta33/euro.gif
photo uploader
swing it!
  • #3,015
  • Jan 25, 2013 7:02am Jan 25, 2013 7:02am
Forgot to say
I trade weekly and monthly pivot points and initiate position above or below them with help from the candles and current fundie pushers.
swing it!
  • #3,016
  • Jan 25, 2013 7:07am Jan 25, 2013 7:07am
Quoting tomspin
.....and I believe 95% of forex traders fail because they don't trade like banks and big funds which is buy a lot and hold untill the trend is finished, I also believe that main moves happend around round psychological numbers.
....
what I meant was Draghi around 1.20 and we are in a bull swing near 1,35 atm know what I mean? why try harder?
swing it!
  • #3,017
  • Jan 25, 2013 7:07am Jan 25, 2013 7:07am
Quoting Crassius

Far from ideal entry, I am long both USDJPY and EURJPY... on the break above the now clear (b) wave..... ..

Target set on EURJPY longs at 122.92... 123.30 is the target everyone is trying hit... there may be a stall at 123.00, and its Friday...

Stop moved to 120.60 just below entry swing...
  • #3,018
  • Jan 25, 2013 7:12am Jan 25, 2013 7:12am
Quoting tomspin
Forgot to say
I trade weekly and monthly pivot points and initiate position above or below them with help from the candles and current fundie pushers.
Very good that you found your style...
Yes, fx option trading is great for someone with your trading style.
I have developed my own unique software for trading options, really great, though not using this as I do prefer intraday... :-(
Think I need to do some dusting on it and take it out again.
Read Charts - Not Papers
  • #3,019
  • Jan 25, 2013 7:16am Jan 25, 2013 7:16am
Quoting tomspin
what I meant was Draghi around 1.20 and we are in a bull swing near 1,35 atm know what I mean? why try harder?
hehehe... with leverage I use if I kept open position from 1.20 to 1.35 I would be fcking millionaire

Attached Image
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  • #3,020
  • Jan 25, 2013 8:08am Jan 25, 2013 8:08am
Quoting Crassius
My gift to you:

I am already long at 5780.... order to add at 5825...
The recommended way to trade an ending diagonal is to wait for the break out above (iv).... I am so confident I am long already...
We may need to put in one more low near 5720.... So if you go in before the breakout... be prepared for a big stop loss below 5700... a print below invalidates the pattern.
I'll also add lower if PA forms in a clear way... for now I am long and will add on the breakout....
Here's a quick up-to-date on GBP and EURO
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