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Slow and steady

  • #81
  • Jun 8, 2006 3:41am Jun 8, 2006 3:41am
EURAUD 15 min...


would want MA's to cross back up...
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  • #82
  • Jun 8, 2006 3:56am Jun 8, 2006 3:56am
Very nice setup on EURAUD, congrats! It's a nice pair, it has been good to me too, although it has a larger spread.
-soso
  • #83
  • Jun 8, 2006 4:06am Jun 8, 2006 4:06am
If I was going for a quick 10 pips then spread would matter, but with small risk and big potential gains - 50-100 + pips...I don't get too bothered by spread...


I used to be obsessed about it, but that was when I was trigger happy and losing like a mad man...
  • #84
  • Jun 8, 2006 4:07am Jun 8, 2006 4:07am
EURJPY I like this pair

Daily shows previous high being reached...
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  • #85
  • Jun 8, 2006 4:08am Jun 8, 2006 4:08am
EURJPY 4 hr

a break below the blue trend line (and then possibly retrace up to bounce down off pink and blue line (support changed to resistance) would be an ideal short entry...
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  • #86
  • Jun 8, 2006 4:21am Jun 8, 2006 4:21am
AUDUSD daily looking promising
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  • #87
  • Jun 8, 2006 4:22am Jun 8, 2006 4:22am
AUDUSD 4 hourly
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  • #88
  • Jun 8, 2006 4:54am Jun 8, 2006 4:54am
One piece of advice: during summer months, dont expect solidly trending markets. Volatility multiplies and the charts get all choppy, rangy and rather chaotic. It's not a bad idea to stay out all together during August, and to reduze lot size to half during July. Reduce your profit targets, and be extra conservative.

Summer stinks for trading. And so does Christmas. Only trade off perfect set ups with strong confluece of support/resistance, stay out of the rest.
  • #89
  • Jun 8, 2006 5:01am Jun 8, 2006 5:01am
Quoting WTB
One piece of advice: during summer months, dont expect solidly trending markets. Volatility multiplies and the charts get all choppy, rangy and rather chaotic. It's not a bad idea to stay out all together during August, and to reduze lot size to half during July. Reduce your profit targets, and be extra conservative.

Summer stinks for trading. And so does Christmas. Only trade off perfect set ups with strong confluece of support/resistance, stay out of the rest.
Hi there,

Thanks for that. I'm in the middle winter right now !!! Southern Hemisphere and all that, but of course I get your message. Its interesting, I have had discussions with a great guy who trades full time and uses fibs from the UK, and he also mentioned that last year he made a loss in August and that he should have known better as its always the worst month to trade !! So August is a no go for sure...

Cheers
John
  • #90
  • Jun 8, 2006 5:14am Jun 8, 2006 5:14am
came back again to trendline....will it bounce ?
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  • #91
  • Jun 8, 2006 5:23am Jun 8, 2006 5:23am
Quoting WTB
One piece of advice: during summer months, dont expect solidly trending markets. Volatility multiplies and the charts get all choppy, rangy and rather chaotic. It's not a bad idea to stay out all together during August, and to reduze lot size to half during July. Reduce your profit targets, and be extra conservative.

Summer stinks for trading. And so does Christmas. Only trade off perfect set ups with strong confluece of support/resistance, stay out of the rest.
This is really good to know. Why is that? Is it somewhat do to weather? Travel?
JOHN 3:16
  • #92
  • Jun 8, 2006 5:24am Jun 8, 2006 5:24am
Mosaic,

Sorry for just jumping in and asking that question. I needed to jump back in and tell you how nice those trend lines are looking. I look at each new post on this thread.
JOHN 3:16
  • #93
  • Jun 8, 2006 5:24am Jun 8, 2006 5:24am
Quoting renasdad
This is really good to know. Why is that? Is it somewhat do to weather? Travel?
I think it has to do with holidays, and the big players taking a break over this period ? Not sure...WTB ?
  • #94
  • Jun 8, 2006 5:28am Jun 8, 2006 5:28am
GBPAUD closeup of shorter time frame - refer earlier graph
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  • #95
  • Jun 8, 2006 5:48am Jun 8, 2006 5:48am
Quoting renasdad
Mosaic,

Sorry for just jumping in and asking that question. I needed to jump back in and tell you how nice those trend lines are looking. I look at each new post on this thread.
Thanks renasdad...so nice that its being looked at.

Now just to connect the planning and the execution !!
  • #96
  • Jun 8, 2006 7:05am Jun 8, 2006 7:05am
Didn't take this, but look at the excellent bounce off the horizontal support...

4 hour chart....100 pip bounce AUDCAD
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  • #97
  • Jun 8, 2006 7:10am Jun 8, 2006 7:10am
AUDCHF 4hour


Nice one to watch.

Bounce off rectangle at downward TL or better yet, a drop and retrace back up to circle...area of confluence - TL, countertrend and fib. If it turns around there...it would be an awesome short trade.
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  • #98
  • Jun 8, 2006 2:59pm Jun 8, 2006 2:59pm
Hi...here are some updates.....

UPDATE USDCHF

Broke through pink line..didn't bounce - no trade
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  • #99
  • Jun 8, 2006 3:04pm Jun 8, 2006 3:04pm
EURAUD update

also crashed through the horizontal line...

nice bounce off the 61% fib though

still...no trade
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  • #100
  • Jun 9, 2006 2:44am Jun 9, 2006 2:44am
TL and fib

Best trade is what WTB has mentioned above -

Quote
"Same tech in different time frames. Search the confluences of support/resistance (trendlines, fibs, counter trendlines, whatever) on the longer time frames, see if it holds and you get a rejection. If so, WAIT for the shorter time frame tech indicators to curl around in the direction of the trade (meaning MAs crossing each other, trendlines to start breaking, MACD crosses, etc). And when the shorter time frame indicators point to the direction desired, wait for a pullback to a short time trendline and enter around there.

So the key thing is to wait for both time frames to point to one direction, otherwise you are anticipating a move that has yet to be confirmed."

I am trying a higher risk, lower lot size trade as well - will come up more often, but have more losses. Good trend established. Bounce off trendline AND clear fib - preferably 61%, but also 50%. Will trade on touch, with wide stop and long limit. Lot size small, and move to b/e quickly. First one below...
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