Nice start to the week so far. My UCAD is about to hit my profit target. The prevalent pattern persisted & I won't be greedy here. I'll reload longs on the next higher low.
Simple Uncomplicated (obvious) trading
- #345
- Nov 27, 2014 8:23am Nov 27, 2014 8:23am
I'm beginning to see some cobwebs develop on the thread here. I wanted to post a pure price action trade I was filled on yesterday.
It's the GBPUSD aka sterling aka cable. Anyhows... A major support was broken a few weeks ago indicated by the red line. This is one of those where I set a pending order & walked away with no stops or anything. I had a really good feeling price would bounce at least a bit here & so far it has.
Just your classic role reversal trade setup. Nothing fancy. It's why I love Price Action trading. Hope everyone is well & to all who celebrate... Happy Thanksgiving to you & yours.
It's the GBPUSD aka sterling aka cable. Anyhows... A major support was broken a few weeks ago indicated by the red line. This is one of those where I set a pending order & walked away with no stops or anything. I had a really good feeling price would bounce at least a bit here & so far it has.
Just your classic role reversal trade setup. Nothing fancy. It's why I love Price Action trading. Hope everyone is well & to all who celebrate... Happy Thanksgiving to you & yours.
- #346
- Nov 27, 2014 11:11am Nov 27, 2014 11:11am
I know many here have been buying the dips on the UCAD. Hope you guys stuck with it. We got some unexpected news from OPEC regarding crude production this morning, really driving the pair north. I've already taken some profits on this one & will allow the remainder to run a little bit but not too much more. Don't wanna get greedy....
- #348
- Nov 27, 2014 7:38pm Nov 27, 2014 7:38pm
Hello all & a happy Thanksgiving... If that's your thing... If not it should be. Food & Football... Real football.
Anyhows... I cant remember if I mentioned the 3 DRIVE price pattern on yesterdays EU. I know I posted it in the EU thread but anyways you can see it below.
Each 'LEG' is almost EXACTLY to the PIP 85 points.... Very one sided price movement followed by a period of shallow retrace & continuation & stopping at the exact same range as the previous leg... They're pretty cool actually.
Here's yesterdays 3 DRIVE ON EU
Now tonight on the UJ it appears as though we may have a similar formation. The 1st 2 'Legs' are matching ranges of 64 Pips.. give or take less than 1 PIP so.... Please no ball busters here on my analysis. In other words I don't need someone to point out... "actually... The 1st leg is only 63.8 pips & the 2nd one is only like 64.1 pips"
1 & 2 LEGS of UJ 3 DRIVE
Not to mention a pretty SEXY 'Kiss' off the 161 FIB Extension.
Anyhows... I cant remember if I mentioned the 3 DRIVE price pattern on yesterdays EU. I know I posted it in the EU thread but anyways you can see it below.
Each 'LEG' is almost EXACTLY to the PIP 85 points.... Very one sided price movement followed by a period of shallow retrace & continuation & stopping at the exact same range as the previous leg... They're pretty cool actually.
Here's yesterdays 3 DRIVE ON EU
Now tonight on the UJ it appears as though we may have a similar formation. The 1st 2 'Legs' are matching ranges of 64 Pips.. give or take less than 1 PIP so.... Please no ball busters here on my analysis. In other words I don't need someone to point out... "actually... The 1st leg is only 63.8 pips & the 2nd one is only like 64.1 pips"
1 & 2 LEGS of UJ 3 DRIVE
Not to mention a pretty SEXY 'Kiss' off the 161 FIB Extension.
- #349
- Nov 28, 2014 9:34am Nov 28, 2014 9:34am
I wanted to post a follow up to the Price Action setup I took on GU earlier this week. It's well into profit now. SL has been moved to +80 pips & TP looks as though it might be filled before the weeks end.
Overall this was a fairly straight forward setup with previous support turned resistance.
UCAD also finished up nicely with over 200 pips profit on the trade. Hope everyone has a nice weekend & Don't forget the SNB's vote on Sunday evening. It 'could' be significant... Or not??
Overall this was a fairly straight forward setup with previous support turned resistance.
UCAD also finished up nicely with over 200 pips profit on the trade. Hope everyone has a nice weekend & Don't forget the SNB's vote on Sunday evening. It 'could' be significant... Or not??
- #351
- Nov 28, 2014 1:52pm Nov 28, 2014 1:52pm
- | Commercial User | Joined Jan 2007 | 1,063 Posts
Hello all...sorry for the departure of late. As I mentioned earlier, I am with my parents and helping them with some personal issues that take time away from the screens. I lost internet for a few days as well...have it established again...For any of you who have been watching the account on this thread, you will notice a USD/JPY short that just stopped out. I entered that trade as a test on the internet check to see if my outgoing was being received by the servers...better to do it on a demo than live. So that trade was NOT part of the method.
To catch you up...I was stopped out on my USD/CAD long but I reentered long again the following day and the first of those positions just limited out for 175.6 pips. I am break even on the remaining portion of this trade currently positive at 210 pips. I am also currently holding short on XAU/USD on three positions...again, one of those positions (the middle one you see below) was an error in operating the equipment and trading platform...would that all my error would turn positive.
I will be concentrating on mostly weekly charts for the foreseeable future, that will allow me to devote my attention to my parents and still observe, trade the market during "calmer" hours.
My thanks to all of you whom have kept the conversation alive. I'm seeing some very good trades here and it appears to me that most who post here have grasped the concept of "obvious" trading well and have applied it to the time frames you are comfortable with...my congratulations to all of you.
To catch you up...I was stopped out on my USD/CAD long but I reentered long again the following day and the first of those positions just limited out for 175.6 pips. I am break even on the remaining portion of this trade currently positive at 210 pips. I am also currently holding short on XAU/USD on three positions...again, one of those positions (the middle one you see below) was an error in operating the equipment and trading platform...would that all my error would turn positive.
I will be concentrating on mostly weekly charts for the foreseeable future, that will allow me to devote my attention to my parents and still observe, trade the market during "calmer" hours.
My thanks to all of you whom have kept the conversation alive. I'm seeing some very good trades here and it appears to me that most who post here have grasped the concept of "obvious" trading well and have applied it to the time frames you are comfortable with...my congratulations to all of you.
- #352
- Nov 28, 2014 3:20pm Nov 28, 2014 3:20pm
Hello GS good to hear from you & glad your trades have been doing well.
If you read my previous post about 3 DRIVES you'll see today's PA on the UJ has completed the pattern pretty nicely.
The 1st leg was 65 pips & the last two were equally 70 pips to the tee. Not quite as perfect lol as the EU on Wednesday where all three legs were exactly the same length nearly to the pip... But it gave me a very nice entry last night that hit my Profit Target this afternoon.
If you read my previous post about 3 DRIVES you'll see today's PA on the UJ has completed the pattern pretty nicely.
The 1st leg was 65 pips & the last two were equally 70 pips to the tee. Not quite as perfect lol as the EU on Wednesday where all three legs were exactly the same length nearly to the pip... But it gave me a very nice entry last night that hit my Profit Target this afternoon.
Recently someone wrote me a private message asking for my definition of an "exhaustion" candle. As this person did not wish to have his views public (for obvious reasons) I thought I would answer here. It is a legitimate question as I have mentioned it in my trades a couple of times. First off let me say, as far as I know there is no generally accepted "definition" of an exhaustion candle. for me it is more a concept than a specific pattern that requires definition or criteria. I'll explain it to you this way: As we all know price movement is the...
Excellent Explanation! You are a Good Teacher! My Complements! Looking forward to read many more trades here from you.Thank you.
- #355
- Nov 28, 2014 8:37pm Nov 28, 2014 8:37pm
- | Commercial User | Joined Jan 2007 | 1,063 Posts
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