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Davit's Confluence Trading

  • #1,241
  • Jun 10, 2014 2:06pm Jun 10, 2014 2:06pm
Quoting Davit
{quote} How is your GU shorts going.

Hi Davit

It went well thanks, closed now at 1.6750

Waiting to see what EU will bring soon
  • #1,242
  • Jun 10, 2014 4:20pm Jun 10, 2014 4:20pm
Quoting albchr
{quote} And if it comes in good?
Flat or stopped out.
Fix up, trade sharp ...
  • #1,243
  • Jun 10, 2014 5:27pm Jun 10, 2014 5:27pm
Quoting Hickson
{quote} Flat or stopped out.
Yeah.. lol ... I suppose. I have absolutely nothing but my gut to base this on (well the index charts hint at it) but, I just get this feeling the GBP news will be good to really good and we'll see the GBP start running up again. I'm not 100% convinced the GU bull run is over. At least I haven't seen it on my charts yet. It could be of course but...guess we'll see in coming weeks.

Not that I care really. The way I trade overall trend doesn't matter "too" much. Just a topic of general conversation.
Ghost Rider - WWTBMD?
  • #1,244
  • Jun 10, 2014 6:36pm Jun 10, 2014 6:36pm
Quoting Davit
{quote} "Bird Watching in Lion Country" https://www.google.com/search?q=%22B...x-a&channel=sb PDF 2nd entry Took the SL concept from him and compounding trades.
Davit
Thanks a lot!! It's an interesting read. I like it!
  • #1,245
  • Jun 10, 2014 7:40pm Jun 10, 2014 7:40pm
Quoting ProsteJa
I have shorted Aussie. {image}
According to your chart (mine as well) AUD/USD has broken above a descending trend line dating back to February 2012 and retested it from above which is the worst place to short from using a trend line strategy which I have to assume you're using given the chart you posted. I'm not saying you're wrong to short it, false breakouts do occur after all, but if you're using trend lines you should respect them and either wait for a break back below (breakout strategy) or short from the next target up which would be 0.94 according to the lines on your chart.
You can always make money tomorrow provided you don't lose it today.
  • #1,246
  • Edited 11:53pm Jun 10, 2014 11:03pm | Edited 11:53pm
NU short 2x 8549

Despite of overzealous projections NZ can't afford currency above 85 fundamentally, specially that dairy prices are low.
It may spike up but you can be sure almost 100% it wont stay there long.
Even with .25 increase (I doubt) I suspect its already priced in like last time.
In trading, you have to be defensive and aggressive at the same time
  • #1,247
  • Jun 11, 2014 1:52am Jun 11, 2014 1:52am
I get lots of PM about educational material.
Everyone is different but these are the books that helped me the most.
These books are gold nuggets that once absorbed it will improve your trading.
I am surprised more aspiring traders not putting more effort in education.I read 1 hour every night before sleeping.
Here is a tip
Buy Kindle paperwhite (best e-reader out there) and use Caliber free app to convert PDF into mobi file and upload to your Kindle.
This way you can read in the dark without tiring your eyes or disturbing your loved ones sleeping
Kindle Paperwhite has new unique back lighting unlike others.. and holds charge for days and weeks

Here are the books I recommend reading


Trading books

1.All Market Wizards books by JACK D. SCHWAGER (This is to open your eyes what is possible in Trading)
2.REMINISCENCES OF A STOCK OPERATOR (Read it twice 2nd time got lot more out of it)
3.Harmonic Trader by Scott Carney (anything by him)
4.Bird watching in Lion Country by Dirk du Toit (implemented lots of ideas from him)
5.Trading in the Zone (classic on psychology of trading)
6.Van Tharp - Super Trader (Even if you absorb 20% of the book you’ll improve by huge margin)
In trading, you have to be defensive and aggressive at the same time
  • #1,248
  • Jun 11, 2014 2:03am Jun 11, 2014 2:03am
Quoting Davit
I get lots of PM about educational material. Everyone is different but these are the books that helped me the most. These books are gold nuggets that once absorbed it will improve your trading. I am surprised more aspiring traders not putting more effort in education.I read 1 hour every night before sleeping. Here is a tip Buy Kindle paperwhite (best e-reader out there) and use Caliber free app to convert PDF into mobi file and upload to your Kindle. This way you can read in the dark without tiring your eyes or disturbing your loved ones sleeping...
Good morning Davit,
Very good list. I've read all except No.4 which I began last night thanks to you and No.6 which I shall acquire. No.5 is a bit of traders bible. I understand Mark Douglas is a big fan of trading abcd's.

btw AU charted a butterfly on smaller tf's so that may hold it. But, as you know, it may not.
It's all about bucks, kid. The rest is conversation.
  • #1,249
  • Jun 11, 2014 2:14am Jun 11, 2014 2:14am
Quoting Lalu
{quote} Good morning Davit, Very good list. I've read all except No.4 which I began last night thanks to you and No.6 which I shall acquire. No.5 is a bit of traders bible. I understand Mark Douglas is a big fan of trading abcd's. btw AU charted a butterfly on smaller tf's so that may hold it. But, as you know, it may not.
Lalu
Once I commit to position I hold until my SL is hit. If not then trade is valid unless I see something dramatically different.
AU and NU are getting money from Euro depreciation.They are perceived as "safe" haven but like all things what is safe today is liability in few days.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #1,250
  • Jun 11, 2014 2:28am Jun 11, 2014 2:28am
Quoting Davit
I get lots of PM about educational material. Everyone is different but these are the books that helped me the most. These books are gold nuggets that once absorbed it will improve your trading. I am surprised more aspiring traders not putting more effort in education.I read 1 hour every night before sleeping. Here is a tip Buy Kindle paperwhite (best e-reader out there) and use Caliber free app to convert PDF into mobi file and upload to your Kindle. This way you can read in the dark without tiring your eyes or disturbing your loved ones sleeping...
Thanks for this Davit. Especially the Kindle tip. I was not aware of that.
Ghost Rider - WWTBMD?
  • #1,251
  • Jun 11, 2014 2:36am Jun 11, 2014 2:36am
AUD/CHF is going beserk. 4 bullish day candles in a row, 0.8470 and I have to go out.
Fix up, trade sharp ...
  • #1,252
  • Jun 11, 2014 2:39am Jun 11, 2014 2:39am
Quoting albchr
{quote} Thanks for this Davit. Especially the Kindle tip. I was not aware of that.
You welcome
9390 is still holding
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #1,253
  • Jun 11, 2014 2:42am Jun 11, 2014 2:42am
Quoting Hickson
AUD/CHF is going beserk. 4 bullish day candles in a row, 0.8470 and I have to go out.
Yes I am not happy with results so far but holding out for unemployment data on Weds and rate decision on Aussie
In trading, you have to be defensive and aggressive at the same time
  • #1,254
  • Jun 11, 2014 2:44am Jun 11, 2014 2:44am
Quoting Davit
{quote} Lalu Once I commit to position I hold until my SL is hit. If not then trade is valid unless I see something dramatically different. AU and NU are getting money from Euro depreciation.They are perceived as "safe" haven but like all things what is safe today is liability in few days. Regards
So true. One of the things I love about this game is the way sentiment turns on a sixpence. A great example was the unconstrained festival atmosphere of the 1.70 cable party. It was a given. No? That sort of attitude get's punished more often than not I'd say and punished it most certainly has been. Now everyone is calling the death of the bull run. Well we'll see. I don't claim to know even though that happens to be how my mind is set at the moment. Expect the unexpected but you still gotta have a plan. And since cable is an uber hormonal harpy who will most likely have a sting in her tail. My 'plan' is to profit as she drags effervescent bulls and the converted to their doom. But what's new there? She'll slaughter the bears too soon enough.

Attached Image (click to enlarge)
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It's all about bucks, kid. The rest is conversation.
  • #1,255
  • Jun 11, 2014 2:50am Jun 11, 2014 2:50am
Quoting Davit
{quote} You welcome 9390 is still holding {image}
I have her on a tight leash. My line in the sand is close now at 85045
Ghost Rider - WWTBMD?
  • #1,256
  • Jun 11, 2014 2:55am Jun 11, 2014 2:55am
Quoting Lalu
{quote} So true. One of the things I love about this game is the way sentiment turns on a sixpence. A great example was the unconstrained festival atmosphere of the 1.70 cable party. It was a given. No? That sort of attitude get's punished more often than not I'd say and punished it most certainly has been. Now everyone is calling the death of the bull run. Well we'll see. I don't claim to know even though that happens to be how my mind is set at the moment. Expect the unexpected but you still gotta have a plan. And since cable is an uber hormonal...
Good morning Lalu Your GU D at 6883 would be the completion of what I've seen for over two weeks now. Hope it gets there for a nice potential short entry. Todays news in a little should be interesting.
Ghost Rider - WWTBMD?
  • #1,257
  • Jun 11, 2014 2:58am Jun 11, 2014 2:58am
Quoting albchr
{quote} I have her on a tight leash. My line in the sand is close now at 85045
AUD/CHF possibilities on my chart

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 129 KB
It's all about bucks, kid. The rest is conversation.
  • #1,258
  • Jun 11, 2014 3:04am Jun 11, 2014 3:04am
Quoting albchr
{quote} Good morning Lalu Your GU D at 6883 would be the completion of what I've seen for over two weeks now. Hope it gets there for a nice potential short entry. Todays news in a little should be interesting.

Hi Chris,
If you don't mind me asking, are you gonna look for an entry to take that potential ride up if it doesn't hit your 30 level or stand aside and wait for the sell?
It's all about bucks, kid. The rest is conversation.
  • #1,259
  • Jun 11, 2014 3:05am Jun 11, 2014 3:05am
Quoting Lalu
{quote} AUD/CHF possibilities on my chart {image}
I could live with that as a top for now.
Ghost Rider - WWTBMD?
  • #1,260
  • Jun 11, 2014 3:13am Jun 11, 2014 3:13am
Quoting Lalu
{quote} Hi Chris, If you don't mind me asking, are you gonna look for an entry to take that potential ride up if it doesn't hit your 30 level or stand aside and wait for the sell?
To be honest Lalu I would rather it hit 30 but as I slept it got close at 37. I'm long now with one small position at 6764. Should it still reach 30 I may add depending on the PA that leads there. For cable I've noticed over time that "most" turns/bounces occur close to the xx30 and xx70. Prior to the news though I'm watching closely with a tight leash.
Ghost Rider - WWTBMD?
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