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Ramblings of a Forex Junkie

  • #3,221
  • May 8, 2013 8:31am May 8, 2013 8:31am
Quoting kk007
Hi SP, What do you think a short at yesterday high for EU at 10:00 GMT 1.3131?
I think it stopped out but if you read my post to Hollow head you will see my thinking and trade management for EU today if I traded it.
  • #3,222
  • May 8, 2013 8:33am May 8, 2013 8:33am
EU has nothing saying short, if we spiked that weekly high and still closed up over weekly s/r then it ain't short yet..

edit.. bigger chart needed....
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tradewith60
  • #3,223
  • May 8, 2013 8:34am May 8, 2013 8:34am
Quoting Seneca pilot
{quote} I don't trade the London open as a price level so I can't really help you there. The first trade of the day for EU was a retest of the daily open. Since I would have taken the daily open trade I would have either taken profit at the Tuesday high and waited for a break and retest or I would have moved to BE at the level and tried to get the break while holding. If the first trade of the day is a long trade I think long until something happens to change my outlook. If you are going to trade it is critical in my opinion to be there for the...

Ok - I missed the EU daily open trade as I had limited time (I have to do the school run at that time) I set pending orders take sell the EJ daily open (not london open as I mistakenly said) which got stopped out.
  • #3,224
  • May 8, 2013 8:38am May 8, 2013 8:38am
Quoting hollowhead
{quote} Ok - I missed the EU daily open trade as I had limited time (I have to do the school run at that time) I set pending orders take sell the EJ daily open (not london open as I mistakenly said) which got stopped out.
I just realized your first chart was EJ, gotcha. Well first trade there was the London close test. Selling the daily open got you thirty plus pips in profit so maybe not enough to take profits or get to BE. An understandable loss if you didn't get the long off London open as your first trade.
  • #3,225
  • May 8, 2013 8:39am May 8, 2013 8:39am
Quoting 60minuteman
EU has nothing saying short, if we spiked that weekly high and still closed up over weekly s/r then it ain't short yet.. edit.. bigger chart needed.... {image}
Not sure anyone said anything about going short EU right here.
  • #3,226
  • May 8, 2013 8:41am May 8, 2013 8:41am
Quoting Seneca pilot
{quote} Not sure anyone said anything about going short EU right here.
good, not sure i said anyone had either...
tradewith60
  • #3,227
  • May 8, 2013 8:42am May 8, 2013 8:42am
Quoting TantumVerum
{quote} E/U 3170 appears to be the play for 10 SP
Watching, going to be interesting to see what happens with the stops after the battle.
  • #3,228
  • May 8, 2013 8:46am May 8, 2013 8:46am
Quoting Seneca pilot
{quote} I just realized your first chart was EJ, gotcha. Well first trade there was the London close test. Selling the daily open got you thirty plus pips in profit so maybe not enough to take profits or get to BE. An understandable loss if you didn't get the long off London open as your first trade.
Funny enough I did think about coming out at 1:1 - but I was on my way to work and couldn't really see on my smartphone enough of what was happening. I'm a tiny bit down today, so no harm done really - just wish I'd set the pending buy for the EU on the daily open.
  • #3,229
  • May 8, 2013 8:58am May 8, 2013 8:58am
I took a small short at the weekly open on EJ and another small one with GU I will explain later right now I am managing. EJ has a very short leash here as after the 10 am cut it could go up hard.
  • #3,230
  • May 8, 2013 9:04am May 8, 2013 9:04am
UJ had a very nice test of PLOD for a long...
  • #3,231
  • May 8, 2013 9:20am May 8, 2013 9:20am
Quoting Seneca pilot
I took a small short at the weekly open on EJ and another small one with GU I will explain later right now I am managing. EJ has a very short leash here as after the 10 am cut it could go up hard.
Weekly open trade needs no further explanation. It might work and it might not.

GU was trading in an area between three price points. It was at the mid point from last week, just above the Monday low, and just below the Tuesday high. I took half a position at the middle of these three prices. I will get a full position if the Tuesday high is tested but I don't really think we will get there. I don't have targets for these trades yet I will just manage them as we go along.
  • #3,232
  • May 8, 2013 9:22am May 8, 2013 9:22am
Quoting sniperfxtrdr
UJ had a very nice test of PLOD for a long...
Just saw that, I don't trade UJ too much.
  • #3,233
  • May 8, 2013 9:47am May 8, 2013 9:47am
Quoting Seneca pilot
{quote} Weekly open trade needs no further explanation. It might work and it might not. GU was trading in an area between three price points. It was at the mid point from last week, just above the Monday low, and just below the Tuesday high. I took half a position at the middle of these three prices. I will get a full position if the Tuesday high is tested but I don't really think we will get there. I don't have targets for these trades yet I will just manage them as we go along.
Out of everything. waiting and watching.
  • #3,234
  • May 8, 2013 11:48am May 8, 2013 11:48am
G/J daily low

Regret a little bit on not taking the retest of it again
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  • #3,235
  • May 8, 2013 1:13pm May 8, 2013 1:13pm
Quoting biDc
G/J daily low Regret a little bit on not taking the retest of it again {image}
SP wouldn't consider that a test of the daily low since he marks his highs and lows at midnight est. Most of the time it doesn't matter since it's rare for Asia/Australia to put in a new high or low, but it's been happening lately.
  • #3,236
  • May 8, 2013 2:06pm May 8, 2013 2:06pm
Quoting threei
{quote} SP wouldn't consider that a test of the daily low since he marks his highs and lows at midnight est. Most of the time it doesn't matter since it's rare for Asia/Australia to put in a new high or low, but it's been happening lately.
Correct.
  • #3,237
  • May 8, 2013 2:11pm May 8, 2013 2:11pm
Entries in the wicks.

There is more in this but I don't want to sit out a retracement. I made more on the winners than the losers so net gain for GU today. That is better than I can say for my normal GU performance. I generally hate GU, it either moves like lightening or grinds in a thirty pip range for days. The lesson learned today (I have had this lesson about five hundred times but my head is thick) wait a bit longer for the price to hit the far outside price level when it is moving quickly.
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  • #3,238
  • May 8, 2013 2:18pm May 8, 2013 2:18pm
Quoting Seneca pilot
Entries in the wicks. There is more in this but I don't want to sit out a retracement. I made more on the winners than the losers so net gain for GU today. That is better than I can say for my normal GU performance. I generally hate GU, it either moves like lightening or grinds in a thirty pip range for days. The lesson learned today (I have had this lesson about five hundred times but my head is thick) wait a bit longer for the price to hit the far outside price level when it is moving quickly. {image}
Why did you short at 1.55692 instead of 1.55485?
  • #3,239
  • May 8, 2013 2:21pm May 8, 2013 2:21pm
Quoting kk007
{quote} Why did you short at 1.55692 instead of 1.55485?
I did short at 55485. I took a small loss there and got back in at the week close and week open. You will see the losers in my trade history.
  • #3,240
  • May 8, 2013 3:14pm May 8, 2013 3:14pm
Quoting biDc
G/J daily low Regret a little bit on not taking the retest of it again {image}
It sure looked like a reverse head-and-shoulders pattern, if the bias was to play long. I don't have the yellow and blue lines that you have at the point of entry. What are those?
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