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  • #381
  • Dec 16, 2014 10:47pm Dec 16, 2014 10:47pm
Looking for a break up on U/Cad
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  • #382
  • Dec 17, 2014 2:30pm Dec 17, 2014 2:30pm
Update on USD/JPY:

For better or for worse the fed's announcement has helped out the yen trade here. Not the cleanest of entries but doing well so far. I have the first Take Profit set at 120 and will hold the 2nd position for as long as I can...may be a short trade if a double top forms...but we'll cross that bridge when we come to it.
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  • #383
  • Dec 17, 2014 2:34pm Dec 17, 2014 2:34pm
Quoting gspajon
Update on USD/JPY: For better or for worse the fed's announcement has helped out the yen trade here. Not the cleanest of entries but doing well so far. I have the first Take Profit set at 120 and will hold the 2nd position for as long as I can...may be a short trade if a double top forms...but we'll cross that bridge when we come to it. {image}
Hey Pal.
My suggestion for 1 position would be 123 target and hold the other without tp.
If this daily candle closes bull engulfing (day almost done depend on your broker) and weekly closes as bull pinbar,then the market is in your favour.
Just my view
  • #384
  • Dec 17, 2014 2:45pm Dec 17, 2014 2:45pm
Quoting timos
{quote} Hey Pal. My suggestion for 1 position would be 123 target and hold the other without tp. If this daily candle closes bull engulfing (day almost done depend on your broker) and weekly closes as bull pinbar,then the market is in your favour. Just my view
I am in total agreement. I have the take profit seen here as only 1 of two positions and the other has no take profit...will try to trend ride. With price at (or near) the highs of the year and this being the end of the year, one has to wonder how much farther it will go before profit taking at year end will pull things down into a deeper retrace.
  • #385
  • Dec 17, 2014 3:14pm Dec 17, 2014 3:14pm
Quoting gspajon
{quote} I am in total agreement. I have the take profit seen here as only 1 of two positions and the other has no take profit...will try to trend ride. With price at (or near) the highs of the year and this being the end of the year, one has to wonder how much farther it will go before profit taking at year end will pull things down into a deeper retrace.
The same view here.
See my post here http://www.forexfactory.com/attachme...8&d=1417698636
I profited during the uptrend but still hold those positions at 107.To be honest at that time,i had 5,3 with tp and 2 without,i let the market judge and it paid well.Most of the time,will close at be but when it runs in your direction,it pays well.
  • #386
  • Dec 17, 2014 3:26pm Dec 17, 2014 3:26pm
Not your typical entry. This is a higher risk trade (trade taken with no price action signal)

EUR/USD: Long

Trend: Price as moved up from the lows of the year to form a new higher high and is now retracing hard in a single candle back down into the lows of the year. I anticipate that a new bullish trend may be forming here and have entered a position with a very small size between the 61.8% and 78.6% fibo levels. These areas also correspond nicely with a bottom that was set and then tested in November. Although broken, the break was not sustained and this eventually lead to a higher high.

Retrace: As can be clearly seen a single candle is causing the retrace and a small range is forming on the 30 min chart.

Entry: I entered this trade as soon as I saw the range forming on this retrace...may be been a bit too soon, but the level corresponded with the lows as mentioned above. As this trade is taken without waiting for the entry signal I consider this a higher risk entry...we'll see if my "instincts" prove accurate.
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  • #387
  • Dec 19, 2014 8:25am Dec 19, 2014 8:25am
Update on USD/JPY:

Price has move to 70% of first target, therefore I have moved the stop up to break even on this trade. These last couple of days have been kind of "mousey" in this market, and I suspect the "FU-stop" may be coming. So I want to try and keep the risk low.
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  • #388
  • Dec 22, 2014 2:08pm Dec 22, 2014 2:08pm
Update on USD/JPY:

Price has taken my first target for a gain of 262 pips. Remaining position is still running with a small profit locked in and not limit this time...
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  • #389
  • Dec 24, 2014 10:09am Dec 24, 2014 10:09am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Hey GS. It looks like your UJ trade is playing out nicely. As traders we need these every once in a while right?? lol...

Anyways I wanted to wish everyone here a merry Christmas & a safe & happy holiday season whatever your pleasure is. Holiday trading is always kinda lean but the rules of Price Action are still the same.

Given the solid fundis backing US Dollar strength & just the opposite regarding the Eurozone I'll be looking for opportunities to short the Euro in the coming months. I have a short right now that's about 25 points in profit & we'll see how it plays out.

I've mentioned this setup quite often here as they tend to be reliable, as well as simple & uncomplicated. It's a 'Role Reversal' setup where previous support is broken & turns into resistance. You can see the support highlighted in the chart below. As price re-tested the area it became resistance offering a nice sell setup. A new trader could trade this setup alone & be profitable with it.

The fact that we're selling into the already record lows as well as lean holiday market conditions may keep this trade from really following through. We'll see & simply take what the market gives us.

Good luck to all in the new year....
  • #390
  • Dec 24, 2014 3:21pm Dec 24, 2014 3:21pm
Thank you Eggs...and a very Merry Christmas to you and your family.
  • #391
  • Dec 27, 2014 6:18am Dec 27, 2014 6:18am
Hi GSPajon,

Great work you are doing by explaining the simple rules of trading . I read your thread and it is really interesting. I have just shifted my trading or you can trying to improve via simple learning of How candlesticks shows you price action and How price starts showing you signs of exhaustion and bull and bears are ready to take off.

As somebody mentioned in the thread , you are doing something probably one way or the other hidden from other forms or you pay some money to learn and you learn BS [ Mostly if not all ]. I have been trading on and off from past 6 years I think, Failed in the beginning , learned hard way and tried mostly everything on earth if not all. Started trading with PA and still learning before get in to it full time [ Hopefully some day as everybody wants to ] ...

You are doing excellent job and I will post as I see charts weekly , daily , 4 hourly from my point of view and seeking suggestions/comments from you and others.

Merry Christmas and Happy New Year to all.

Hope to see this thread growing in coming year.....

Cheers
JJ
  • #392
  • Dec 27, 2014 11:05am Dec 27, 2014 11:05am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting eggs
You can see the support highlighted in the chart below. As price re-tested the area it became resistance offering a nice sell setup.
Here's the chart related to the post above that I neglected to attach...
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  • #393
  • Dec 27, 2014 1:11pm Dec 27, 2014 1:11pm
Quoting JumanJi
Hi GSPajon, Great work you are doing by explaining the simple rules of trading . I read your thread and it is really interesting. I have just shifted my trading or you can trying to improve via simple learning of How candlesticks shows you price action and How price starts showing you signs of exhaustion and bull and bears are ready to take off. As somebody mentioned in the thread , you are doing something probably one way or the other hidden from other forms or you pay some money to learn and you learn BS [ Mostly if not all ]. I have been trading...
Hello JJ and thank you for your kind words. I think we can all relate to having tried everything including watching the water in the kitchen sink. We all look forward to anything you wish to contribute and perhaps some of the wisdom you've gained (even if it is "negative wisdom"...ie don't do that) will help some or all of us.

I started this thread just to show what a little patience and discipline will do while trading a simple yet effective method. And as always, with many contributors like eggs...and ken911...just to name a few, I have expanded my simple method of entry to include using levels, which I never really gave much attention to. So while we start these things hoping to pass on something of value, I think the real value is what other contribute who may think along similar lines but also have a slightly different approach that fits nicely within your own.

Welcome! I hope you find something of value.
  • #394
  • Dec 27, 2014 8:00pm Dec 27, 2014 8:00pm
Quoting eggs
{quote} Here's the chart related to the post above that I neglected to attach... {image}
Hi eggs, sorry to go off topic in this thread, but I have a question for you. How do you get that scaling on your chart? I have been trying to figure out how to do that to no avail.

Thanks eggs
  • #395
  • Dec 29, 2014 10:34am Dec 29, 2014 10:34am
Looking for Buy Signal GBP/AUD on pull back
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  • #396
  • Dec 29, 2014 12:26pm Dec 29, 2014 12:26pm
Quoting JumanJi
Looking for Buy Signal GBP/AUD on pull back {image}
Hello JJ...your screen shot is a good one, unfortunately my provider (FXDD) does not provide this pair. So I will have to watch from the sidelines on this one. But it looks to me at first glance that a retest of your lower blue line at the 1.8650 are would be a good place to watch and start stalking. Good luck.
  • #397
  • Dec 30, 2014 8:01am Dec 30, 2014 8:01am
Update on Gold Long:

I'm trying to be patient with this trade. The market has triggered all three of my positions now but hasn't yet broken the range its formed this month. We are approaching that all important psych level of 1200 again. If I get a nice "strong" close today, I will pull my stop up to the latest swing low seen here.
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  • #398
  • Dec 30, 2014 9:32am Dec 30, 2014 9:32am
Looks like the market wizards have heard my pleas of anguish and despair...

I have reduced the risk in this trade to the swing low seen here. We'll see what happens from here...we are still not out of the woods yet
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  • #399
  • Dec 31, 2014 12:40am Dec 31, 2014 12:40am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting dnkhoward2
{quote} Hi eggs, sorry to go off topic in this thread, but I have a question for you. How do you get that scaling on your chart? I have been trying to figure out how to do that to no avail. Thanks eggs
Sorry for the late reply... I guess I'm not sure what scaling your referring to. Would you mind posting a picture of the chart or scale you're speaking of? I'm sure it's something simple.
  • #400
  • Dec 31, 2014 9:45am Dec 31, 2014 9:45am
Quoting eggs
{quote} Sorry for the late reply... I guess I'm not sure what scaling your referring to. Would you mind posting a picture of the chart or scale you're speaking of? I'm sure it's something simple.
Hi eggs. Thanks for the reply. It was the chart you posted on post 392. There just seems to be more candles appearing on your chart. The prices in the margin and the dates are smaller too. I thought this might be some special setting I couldn't figure out.

Maybe it's the monitor. I have a 20" HP Widescreen.

Thanks for any help and have a great New Year!
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