In trading, you have to be defensive and aggressive at the same time
- #303
- Aug 13, 2013 10:35am Aug 13, 2013 10:35am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #304
- Aug 13, 2013 12:02pm Aug 13, 2013 12:02pm
Closing my shorts on GU was a mistake by principle.I should of moved my stops to BE and let them run. Although I would of been stopped out on huge spike this morning..... {image}
mmm...well, to me it seemed quite rational why you did close those trade, to lock in decent profit before a risk event?...those Pound CPI numbers, though they ended up not really moving the market much. I thought that release would do more...
thank you,
Bryan
- #305
- Aug 13, 2013 1:28pm Aug 13, 2013 1:28pm
- Joined Oct 2008 | Status: CANCELLED MEMBERSHIP | 3,116 Posts
- #306
- Aug 13, 2013 1:30pm Aug 13, 2013 1:30pm
I haven't posted in a while (nor have I done much trading since March despite this being my occupation) but I thought I should get back to posting as it forces me to concentrate on my trades.
Back in March I'd made a note to buy EUR/AUD just before I had to devote my time to dealing with my father's estate, and I see I missed quite an opportunity; however, I think this is an opportune time to re-enter long with this pair.
On the daily chart, after pulling back to the 23.6% Fibonacci, EUR/AUD extended to the -27.2% then back to support at the July high which was also rising green channel support. RSI has bounced at 50 which corresponds to the 23.6% pull back and prior intersection with the rising green channel support.
Zooming in to the 2-hour chart, RSI broke above descending resistance yesterday after retesting the rising green support line. Trade today has been rangebound between the descending purple resistance line and yesterday's close. I would go long from a pull back to S1 or a break above the descending purple resistance line with a stop just below the ascending green channel support line.
You have to zoom out to the monthly chart to see why I believe there is more upside to this pair. You can see strong resistance at the 23.6% was broken through in June and restested as support in July. If the rising green support channel from the daily chart fails to hold, I would target the 23.6% to be restested first before rising again, else I expect this pair to continue to rise. The 38.2% to poses minor resistance with the real upper target being prior strong support at 1.55 from 2005-2008 which I believe is where this pair is ultimately headed.
Back in March I'd made a note to buy EUR/AUD just before I had to devote my time to dealing with my father's estate, and I see I missed quite an opportunity; however, I think this is an opportune time to re-enter long with this pair.
On the daily chart, after pulling back to the 23.6% Fibonacci, EUR/AUD extended to the -27.2% then back to support at the July high which was also rising green channel support. RSI has bounced at 50 which corresponds to the 23.6% pull back and prior intersection with the rising green channel support.
Zooming in to the 2-hour chart, RSI broke above descending resistance yesterday after retesting the rising green support line. Trade today has been rangebound between the descending purple resistance line and yesterday's close. I would go long from a pull back to S1 or a break above the descending purple resistance line with a stop just below the ascending green channel support line.
You have to zoom out to the monthly chart to see why I believe there is more upside to this pair. You can see strong resistance at the 23.6% was broken through in June and restested as support in July. If the rising green support channel from the daily chart fails to hold, I would target the 23.6% to be restested first before rising again, else I expect this pair to continue to rise. The 38.2% to poses minor resistance with the real upper target being prior strong support at 1.55 from 2005-2008 which I believe is where this pair is ultimately headed.
You can always make money tomorrow provided you don't lose it today.
- #307
- Aug 13, 2013 1:30pm Aug 13, 2013 1:30pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
@Davit: http://www.forexfactory.com/showthre...96#post6889996 Just wanted to say bye my friend.
Its too bad HDA
I enjoyed your inputs and our trading styles are similar.
Drop a PM if you will posting in another forum in the future or web site.I like to be in touch.
REgards
In trading, you have to be defensive and aggressive at the same time
- #308
- Aug 13, 2013 1:37pm Aug 13, 2013 1:37pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #309
- Aug 13, 2013 2:25pm Aug 13, 2013 2:25pm
- | Joined Dec 2011 | Status: Rags to riches | 1,316 Posts
Money never sleeps...
- #311
- Edited 3:03pm Aug 13, 2013 2:56pm | Edited 3:03pm
{quote} Hi KADC Great to see you post again.Love your inputs.I specifically skip pairs that are in a trend instead I look for pairs that are stuck in a price channel range. To me fundamentally Aussie has been severely oversold. I only look to buy at lower numbers on AU. Looks good your reasoning however fundamentally to me its not a high probability trade. Regards
[edit: (I hit "save" instead of "preview" before I was done)] AUD/USD-wise I agree there should be more upside to this pair mid-term as the bear monthly channel it's in has proven to be supportive, but monthly RSI pivot was broken to the downside with a decades-long support line looking like a clear target which has me wanting to go short when one of the noted resistance levels on my chart fails to be overcome, including what has so-far been the monthly high (realising it's only one week in) of 0.925.
You can always make money tomorrow provided you don't lose it today.
- #312
- Edited 3:17pm Aug 13, 2013 3:15pm | Edited 3:17pm
I must be tired ...I forgot to include the daily chart I'm working with and what I wrote before isn't very clear. I need to see the 23.6% 0.925-0.930 range cleared for me to go long with AUD/USD even though the bear channel it was trading in has been broken to the upside because RSI is descending towards the support line of the RSI bull channel so I think a retest of 0.895-0.890 is likely.
You can always make money tomorrow provided you don't lose it today.
- #314
- Edited 11:07pm Aug 13, 2013 10:45pm | Edited 11:07pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #315
- Aug 13, 2013 11:10pm Aug 13, 2013 11:10pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #316
- Aug 14, 2013 12:21pm Aug 14, 2013 12:21pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
I am live now -yeahhhhhhhh
Ok 4 shorts were triggered on GBP/CAD
3in profit 1 small red.
Ok 4 shorts were triggered on GBP/CAD
3in profit 1 small red.
In trading, you have to be defensive and aggressive at the same time
- #317
- Aug 15, 2013 11:16pm Aug 15, 2013 11:16pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
I have no idea why I can't edit my journal anymore
Fully engaged with GC
I prefer not revealing all my positions because I rather not feel responsible for others copying my orders.
I will post the results.
Fully engaged with GC
I prefer not revealing all my positions because I rather not feel responsible for others copying my orders.
I will post the results.
In trading, you have to be defensive and aggressive at the same time
I have no idea why I can't edit my journal anymore
Hey Davit...Is it a technical problem? I mean, that you cannot edit your journal?
You know...I never copy anyone's trades, I just don't do that. Because, I have lost trades that way...and I only want myself to blame. But, I have been following your trades and setting them up just to attempt to see the markets like you do. I am actually up for the week on my trades...basically with your style, the median grid, and what I know about trading limits at s/r and supply/demand levels. I am fairly deep in pips but only took about 50% of the profit potential...
so I am embarrassed to give out the numbers...haha, I pull profits too early...but I am getting better and better.I am following the GC trade you are in...I think It can definitely crash at 1.62? are you looking for that ?
- #319
- Aug 16, 2013 10:00am Aug 16, 2013 10:00am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #320
- Aug 16, 2013 10:10am Aug 16, 2013 10:10am
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time