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AUD/USD

  • #68,661
  • Oct 29, 2013 9:41am Oct 29, 2013 9:41am
Quoting Pip Anon
{quote} Lol fun in the sun
Yep... There is nothing batter than a nice game of nude beach volleyball
Attached Image
Those who say it cannot be done should not interrupt those who are doing it
  • #68,662
  • Oct 29, 2013 9:43am Oct 29, 2013 9:43am
Quoting PipTrapper
{quote} Yep... There is nothing batter than a nice game of nude beach volleyball {image}
When the facts change I change my mind, what do you do sir
  • #68,663
  • Oct 29, 2013 9:49am Oct 29, 2013 9:49am
Quoting Pip Anon
{quote}
Oops.. My mistake. Apparently there is something better than nude beach volleyball... Nude beach rugby... boys vs girls
Those who say it cannot be done should not interrupt those who are doing it
  • #68,664
  • Oct 29, 2013 10:35am Oct 29, 2013 10:35am
Good area to reload audnzd... H1 is the lowest time frame I use for long term entries. I'm holding a big position but I added on some very small trades down here. 200 ma support
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  • #68,665
  • Oct 29, 2013 10:39am Oct 29, 2013 10:39am
Quoting BobGnarly
Good area to reload audnzd... H1 is the lowest time frame I use for long term entries. I'm holding a big position but I added on some very small trades down here. 200 ma support {image}
Agreed. I got in a bit early (as I normally do... gotta stop doing that) at 1.1515, but it's all good.
I have very strong hidden bullish divergence and oversold RSX(5) on my side on the H4 chart.
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Those who say it cannot be done should not interrupt those who are doing it
  • #68,666
  • Oct 29, 2013 10:45am Oct 29, 2013 10:45am
Quoting PipTrapper
{quote} Agreed. I got in a bit early (as I normally do... gotta stop doing that) at 1.1515, but it's all good. I have very strong hidden bullish divergence and oversold RSX(5) on my side on the H4 chart. {image}

Only traders with a crystal ball can enter at an exact top or bottom lol. I tested a strategy a few weeks ago.

I would scope out long term trades(weekly, monthly , quarterly) I would enter at exact bottoms or tops of the H4 charts combined with exact bottoms on the 1 minute chart. I think I may have a very successful carry trade method. But no lie, I got stopped at BE 15 times.
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  • #68,667
  • Oct 29, 2013 11:03am Oct 29, 2013 11:03am
Look at your daily chart for next logical area of support. Then look for this currency to test it. It doesn't matter what wave or something it is. Look at basic support and resistance. It's not harder then that.
  • #68,668
  • Oct 29, 2013 11:33am Oct 29, 2013 11:33am
Quoting BobGnarly
{quote} Only traders with a crystal ball can enter at an exact top or bottom lol. I tested a strategy a few weeks ago. I would scope out long term trades(weekly, monthly , quarterly) I would enter at exact bottoms or tops of the H4 charts combined with exact bottoms on the 1 minute chart. I think I may have a very successful carry trade method. But no lie, I got stopped at BE 15 times.
Well at least it was B/E so no losses. Good going.

As for crystal balls, I don't have any. I only have two made from human flesh and blood. Some tell me they are made of steel, but I know better (and so does my wife)
Those who say it cannot be done should not interrupt those who are doing it
  • #68,669
  • Oct 29, 2013 11:36am Oct 29, 2013 11:36am
Quoting lonewolf1
Look at your daily chart for next logical area of support. Then look for this currency to test it. It doesn't matter what wave or something it is. Look at basic support and resistance. It's not harder then that.
You are absolutely right if you are trading with a tight SL and have your eyes glued to PA.

For me that doesn't work. I take longer term position and swing trades, so I like to set the trade and leave it. Most times I use no SL because I have a hedge on some other pair that limits any potential losses, or I use a very wide SL to give it breathing room... obviously with low leverage. Never more than 10:1 and usually below 5:1 total for the account.
Those who say it cannot be done should not interrupt those who are doing it
  • #68,670
  • Oct 29, 2013 11:44am Oct 29, 2013 11:44am
Quoting PipTrapper
{quote} You are absolutely right if you are trading with a tight SL and have your eyes glued to PA. For me that doesn't work. I take longer term position and swing trades, so I like to set the trade and leave it. Most times I use no SL because I have a hedge on some other pair that limits any potential losses, or I use a very wide SL to give it breathing room... obviously with low leverage. Never more than 10:1 and usually below 5:1 total for the account.

Very good strategy. I also use super wide sl's. I control my gambling emotions with $100 or $200 accounts every now and then and up the leverage to 200:1, that is always a fun time
Want the lifestyle of the top traders in the world? TAKE RISK.
  • #68,671
  • Oct 29, 2013 11:49am Oct 29, 2013 11:49am
Quoting PipTrapper
{quote} You are absolutely right if you are trading with a tight SL and have your eyes glued to PA. For me that doesn't work. I take longer term position and swing trades, so I like to set the trade and leave it. Most times I use no SL because I have a hedge on some other pair that limits any potential losses, or I use a very wide SL to give it breathing room... obviously with low leverage. Never more than 10:1 and usually below 5:1 total for the account.
I trade off the daily and four hour charts. My stops are usually 80-100 pips, but i don't have to sit in front of my computer all day. Most of the planning is done before i enter trade. After entering the trade i like to walk away so i don't watch every little move.
  • #68,672
  • Oct 29, 2013 12:03pm Oct 29, 2013 12:03pm
Quoting lonewolf1
{quote} I trade off the daily and four hour charts. My stops are usually 80-100 pips, but i don't have to sit in front of my computer all day. Most of the planning is done before i enter trade. After entering the trade i like to walk away so i don't watch every little move.
First of all, if it works for you (and others who trade similarly) that's a good thing and I would never point at it and say "it's wrong". However, I do have a question. If you do not use any strategy to forecast where price is likely to go (Such as Elliot or non-Elliott wave counting), how do you determine your profit target? I know you're going to say "The next level of support or Resistance", so I'll rebut that before you even type it. Support and resistance levels are not magnets to price. In fact, even if price is 3 or 4 pips away from a significant level, there is no guarantee that it will kiss it. So... besides that, anything else? I'm always looking for ways to improve my trading profits, so if you would like to share, I'm all ears. Thanks in advance.
Those who say it cannot be done should not interrupt those who are doing it
  • #68,673
  • Oct 29, 2013 12:10pm Oct 29, 2013 12:10pm
Quoting PipTrapper
{quote} First of all, if it works for you (and others who trade similarly) that's a good thing and I would never point at it and say \"it's wrong\". However, I do have a question. If you do not use any strategy to forecast where price is likely to go (Such as Elliot or non-Elliott wave counting), how do you determine your profit target? I know you're going to say \"The next level of support or Resistance\", so I'll rebut that before you even type it. [b]Support and resistance levels are not magnets to price. In fact, even if price is 3 or 4 pips...
Is any system or target 100 percent? I have seen some of the most used analysis types like EW and Fibs be in the ballpark or highly inaccurate. It's the nature of the beast.

I have had tremendous success with historical S/R (you can notice on my charts). We all love when targets are hit, but why would anyone beat themselves up because PA fell short 3-4 pips. I mean 3-4 pips? Lol that is such a small percentage.

Because in all reality if your target was .9200 from .9300, getting to .9204 is the same as .9196 but you'd never ever question the move that overshot your target lol.
When the facts change I change my mind, what do you do sir
  • #68,674
  • Oct 29, 2013 12:17pm Oct 29, 2013 12:17pm
Quoting Pip Anon
{quote} Is any system or target 100 percent? I have seen some of the most used analysis types like EW and Fibs be in the ballpark or highly inaccurate. It's the nature of the beast. I have had tremendous success with historical S/R (you can notice on my charts). We all love when targets are hit, but why would anyone beat themselves up because PA fell short 3-4 pips. I mean 3-4 pips? Lol that is such a small percentage. Because in all reality if your target was .9200 from .9300, getting to .9204 is the same as .9196 but you'd never ever question...
Yes of course I fully agree. I think I worded my question wrong.

The key scope of what I am after is that just because you are at support, it doesn't mean that price is going to make a play for the next resistance. You need some guidance to suggest you're going to get more than just a dead cat bounce.
Those who say it cannot be done should not interrupt those who are doing it
  • #68,675
  • Oct 29, 2013 12:51pm Oct 29, 2013 12:51pm
Quoting PipTrapper
{quote} Agreed. I got in a bit early (as I normally do... gotta stop doing that) at 1.1515, but it's all good. I have very strong hidden bullish divergence and oversold RSX(5) on my side on the H4 chart. {image}

One more test of 1.1480 and we're away, a mon avis. That's just what i'd like to see may not necessarily occur,obviously
  • #68,676
  • Oct 29, 2013 1:03pm Oct 29, 2013 1:03pm
Quoting RodMca
{quote} One more test of 1.1480 and we're away, a mon avis. That's just what i'd like to see may not necessarily occur,obviously
Yep. That Kiwi is one resilient SOB. Almost as strong as the Euro.
Theoretically since it rose faster than the Aussie, it should also fall faster.
Mind you it has fallen faster till today.
Anyway, regardless, we did expect a correction... and here it is.
Those who say it cannot be done should not interrupt those who are doing it
  • #68,677
  • Oct 29, 2013 1:12pm Oct 29, 2013 1:12pm
Quoting PipTrapper
{quote} Yep. That Kiwi is one resilient SOB. Almost as strong as the Euro. Theoretically since it rose faster than the Aussie, it should also fall faster. Mind you it has fallen faster till today. Anyway, regardless, we did expect a correction... and here it is.
So Long as we bottom out around here and don't drop all the way to 1.14. That way all mine will be topped out with a small profit
  • #68,678
  • Oct 29, 2013 1:20pm Oct 29, 2013 1:20pm
Quoting PipTrapper
{quote} First of all, if it works for you (and others who trade similarly) that's a good thing and I would never point at it and say \"it's wrong\". However, I do have a question. If you do not use any strategy to forecast where price is likely to go (Such as Elliot or non-Elliott wave counting), how do you determine your profit target? I know you're going to say \"The next level of support or Resistance\", so I'll rebut that before you even type it. Support and resistance levels are not magnets to price. In fact, even if price is 3 or 4 pips away...

Still good questions. I always target 50 pips as my first level when trading higher time frames. After that i always take a bit of profit and move my stops. After that it's a no stress trade.

I then look for longer term targets, but again after the first 50 pips i just don't pay as much attention to it.
  • #68,679
  • Oct 29, 2013 1:21pm Oct 29, 2013 1:21pm
Quoting RodMca
{quote} So Long as we bottom out around here and don't drop all the way to 1.14. That way all mine will be topped out with a small profit
Looks like it needed to complete a technical move in thin trading to the daily S1 pivot at 1.1467
The next level below is a nice demand zone at 1.1455
Those who say it cannot be done should not interrupt those who are doing it
  • #68,680
  • Oct 29, 2013 1:24pm Oct 29, 2013 1:24pm
I've got my next TP at .9408
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