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  • #321
  • Nov 20, 2014 11:25pm Nov 20, 2014 11:25pm
Quoting ken911
{quote} Hi gs. Many thanks for the clarification. If I may take this a bit further. That same question has been the weak point in my trading for years. The "blind entry" question has always bothered me, but I have never found a solution. It is quite rare for a signal bar to show on the Daily chart just in the right place, so many times, it is either a blind entry, or no trade at all. If I can refer to the current USDCAD trade that I believe we are both currently in, I have attached 4hr and 1hr charts that show the extremes of the retracement as...
This is what I see on the 4hr.

Attached Image (click to enlarge)
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  • #322
  • Nov 21, 2014 5:18am Nov 21, 2014 5:18am
I have a target area of 1.1222 for price to achieve. It is currently resting on the support above and failure down to the 1.1222 area will for me denote a change in order flow and a greater likelihood of the upper TL breaking.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD 4h 21 11 2014.png Size: 14 KB
  • #323
  • Nov 21, 2014 5:55am Nov 21, 2014 5:55am
Hmm. well soon after posting the alert pinged and Loonie had shot down on the news alowing me a buy entry at 1.1219 after finding support just below to bounce off. As I write this is currently under water to the tune of spread plus a couple. we'll see if it works its way back up the scale.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD Long 21 11 2014.png Size: 13 KB
  • #324
  • Nov 21, 2014 4:17pm Nov 21, 2014 4:17pm
new to this thread. GS keep up the great work.
Keeping trading simple and patiently waiting for strong entry points has kept me 'in the game' for many years.

Here is my 2c on the USD/CAD opened Tuesday, almost taken out today on the china news. Phew.

Entry long at 1.1275
T/P 1.1433
Stop 1.1175

Attached Image (click to enlarge)
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piphunt11
  • #325
  • Nov 21, 2014 10:43pm Nov 21, 2014 10:43pm
Hi, anybody knows what happened yesterday to comdolls?
Strong move against USD got me out of long trade
  • #326
  • Nov 22, 2014 12:00am Nov 22, 2014 12:00am
Quoting Sacaric
Hi, anybody knows what happened yesterday to comdolls? Strong move against USD got me out of long trade
Well there was a surprise interest rate cut by China which is Aussie positive, and later on CAD got a push from better than expected CPI figures.

Speculative net $ longs highest since 2008 - CFTC.
  • #327
  • Nov 22, 2014 12:14am Nov 22, 2014 12:14am
Thanks Quid. Missed CAD news.
However news from China was really surprise. Where did you read about China?
  • #328
  • Nov 22, 2014 1:04am Nov 22, 2014 1:04am
Quoting Quidsey
{quote} Well there was a surprise interest rate cut by China which is Aussie positive, and later on CAD got a push from better than expected CPI figures. Speculative net $ longs highest since 2008 - CFTC.
Seemed to benefit all the commodity currencies albeit temporarily. Makes sense tho with China's incredible growth rate slowing a little...
  • #329
  • Nov 22, 2014 1:12am Nov 22, 2014 1:12am
Quoting Sacaric
Thanks Quid. Missed CAD news. However news from China was really surprise. Where did you read about China?
If you want to avoid surprises, or at least be aware of fundy type events you should have a newsfeed and a squawk box.

If you haven't you're really trading without a seatbelt.

Have a search with google for 'forex squawk' I'm sure you'll find something.
  • #330
  • Nov 22, 2014 1:42am Nov 22, 2014 1:42am
Nice bounce in UC off this key level.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD 22112014.png Size: 22 KB


Also, just wondering why no one is attacking UJ long? I thought we were buying dips in an uptrend
  • #331
  • Edited 7:08am Nov 22, 2014 2:05am | Edited 7:08am
Fully loaded and enjoying the ride (UJ). Also from yesterday...

"Japan finmin Aso: The speed of yen weakening has been too fast"

"Japanese PM Abe says excessively strong JPY has been corrected"


Code for "enough movement that way for now and we'll intervene if market doesn't play!"

I'm actually looking at profit taking on this very extended run and scaling back.
  • #332
  • Nov 22, 2014 11:19pm Nov 22, 2014 11:19pm
Many thanks for the replies. Appreciate your time.

Now pending USCAD long on break of 2 4hr IBs
  • #333
  • Nov 23, 2014 4:29pm Nov 23, 2014 4:29pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting Quidsey
Also, just wondering why no one is attacking UJ long? I thought we were buying dips in an uptrend
  • #334
  • Nov 23, 2014 6:07pm Nov 23, 2014 6:07pm
Quoting eggs
{quote}
UJ will scale in from 116.85 target 119
piphunt11
  • #335
  • Nov 23, 2014 6:28pm Nov 23, 2014 6:28pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting piphunt11
{quote} UJ will scale in from 116.85 target 119
I like it. Lots of confluence there from multiple data points including old Double Top & FIB Extensions. I pulled 3 different FIB labeled A,B & C from the highs working my way down. There were 3 razor sharp lineups with the 116.90 area lining up well with last weeks double top. I'll probably make several entries on this one all with scaled sizing limits.

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  • #336
  • Nov 23, 2014 6:40pm Nov 23, 2014 6:40pm
Quoting eggs
{quote} I like it. Lots of confluence there from multiple data points including old Double Top & FIB Extensions. I pulled 3 different FIB labeled A,B & C from the highs working my way down. There were 3 razor sharp lineups with the 116.90 area lining up well with last weeks double top. I'll probably make several entries on this one all with scaled sizing limits. {image} {image} {image}
I am interested in learning from you eggs. Can you explain more about the Fib A,B,C as I am not familiar with the technique.

Meanwhile see my s/d zones where I base my long scale-in from

Attached Image (click to enlarge)
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piphunt11
  • #337
  • Nov 23, 2014 7:13pm Nov 23, 2014 7:13pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Sure. Notice the red line from the FIB tool. It's essentially the only thing that changes on A,B, &C. They're 3 separate impulse moves as price began the correction from last weeks record highs. It's in a correction phase right now.

FIBs are very effective when measuring impulsive moves. An impulse move for lack of a more technical & drawn out explanation.... It's when you see a bunch of red candles going down / or a gaggle of green candles going up ....lol But that's an impulse move... They're easy to spot.

I've also noticed the default levels on the mt4 plat are usually only the 161 & 261 but with 'short stroke' impulse moves like those highlighted the 127 & 141 are also helpful.

Here's how to hook it up on your FIB tool parameters.
Attached Image


If you still don't see the difference in the 3 FIB pulls hollar back & I'll try & clear it up.
  • #338
  • Nov 23, 2014 7:57pm Nov 23, 2014 7:57pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Picking up the UCAD. The UCAD has been laying down a very consistent ebb & flow on the 4HR. It's almost a heartbeat of sorts or rhythm or PATTERN. I look for patterns more than anything. & Since patterns are price action in the simplest form I thought it appropriate for the thread.

It's pretty simple & speaks for itself but there is a clear unbroken pattern dating back to the beginning of the month. It consists of QUICK impulse moves to the downside followed by slow steady corrections. There are only 2 or so bear candles followed by 10 or so bullish candles.... over & over & over &.....

The beauty is buy orders after the move down are in line with the broader bullish momentum & trend on the longer TF's
Attached Image (click to enlarge)
Click to Enlarge Name: 1123uc.png Size: 69 KB
  • #339
  • Nov 23, 2014 7:58pm Nov 23, 2014 7:58pm
Quoting eggs
Picking up the UCAD. The UCAD has been laying down a very consistent ebb & flow on the 4HR. It's almost a heartbeat of sorts or rhythm or PATTERN. I look for patterns more than anything. & Since patterns are price action in the simplest form I thought it appropriate for the thread. It's pretty simple & speaks for itself but there is a clear unbroken pattern dating back to the beginning of the month. It consists of QUICK impulse moves to the downside followed by slow steady corrections. There are only 2 or so bear candles followed by 10 or so bullish...
Id personally wait till after news on Tuesday Retail sales could push this down a little more before good US data can start dragging it back up.
Sticking to that 4 hour channel ive been watching but don't want to pull the trigger too soon.
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  • #340
  • Nov 23, 2014 8:10pm Nov 23, 2014 8:10pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting thegmann
{quote} Id personally wait till after news on Tuesday Retail sales .....
Gotcha.. It wasn't so much of a trade call as it was an illustration of Price Action & the opportunities you have to enter the market following patterns. I pretty much keep my nose out of the news. I only have an ear to the ground when central bank figures speak... Maybe NFP's but not really. Thanks for the heads up though I know many traders build their strats around news events.
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