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Forex Made Millionaire Thread for Blog Swing Trades

  • #741
  • Feb 16, 2016 10:35am Feb 16, 2016 10:35am
a similar set up on USDCAD...
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  • #742
  • Feb 16, 2016 10:42am Feb 16, 2016 10:42am
Quoting sclipp
{quote} Hi Geppy, Just wondering, to get the wave 4 retracement of wave 3, am I doing this correctly, to put fib on the wave 3...? The .382 retrace is 163.25, which is close to your 163.30 Then the 1.272 extension to wave 5 gives us 161.87, which is conservative.....Thanks {image}
I don't know what you're referring to in terms of waves. All that I know "waves" refer to are Elliott Waves and I have a visceral reaction to that voodoo stuff.
check out my blog: forexmademillionaire dot com
  • #743
  • Feb 16, 2016 10:42am Feb 16, 2016 10:42am
You want to draw your fibs to where 100 is at the start of the wave and 0 at the end. An easy way to think about it is that if it gets back to that point it has retraced 100% of it.

Edit: now I see you probably drew it that way for an extension but there is a separate tool for that.
  • #744
  • Feb 16, 2016 10:43am Feb 16, 2016 10:43am
Quoting sclipp
a similar set up on USDCAD... {image}
I'm short USD/CAD as outlined in the weekly update. Order was triggered today.
check out my blog: forexmademillionaire dot com
  • #745
  • Feb 16, 2016 11:01am Feb 16, 2016 11:01am
Quoting fundmyvaca
Hi broomar, I've been following this thread for a week or so/first time posting. Thank you for the analysis, I made 100 pips off the initial movement but closed my position and have regretted it ever since. I've been wondering if I should jump back in or not. I've only been trading forex since November so seeing where and how you calculated the retracement point is really helpful!
hI Fundmyvaca.

Attached is my analysis. 2 views one is from TF5M and the other is from 1h.

I'm not sure it works or not,but u can refer Geppy analysis. Hope it helpful.
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  • #746
  • Feb 16, 2016 11:11am Feb 16, 2016 11:11am
Quoting Rurozan
You want to draw your fibs to where 100 is at the start of the wave and 0 at the end. An easy way to think about it is that if it gets back to that point it has retraced 100% of it. Edit: now I see you probably drew it that way for an extension but there is a separate tool for that.
Had trouble using the extension tool that's why I do it this way
  • #747
  • Feb 16, 2016 11:19am Feb 16, 2016 11:19am
+289 pips gpy/jpy
  • #748
  • Feb 16, 2016 11:20am Feb 16, 2016 11:20am
Quoting FSUtrader
+289 pips gpy/jpy
Atta boy! I hope you're still holding.

I've only got 218 pips in profit, but I was pyramiding like a mofo

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check out my blog: forexmademillionaire dot com
  • #749
  • Feb 16, 2016 11:29am Feb 16, 2016 11:29am
Quoting Geppy
{quote} Atta boy! I hope you're still holding. I've only got 218 pips in profit, but I was pyramiding like a mofo {image}
Yup, Defintely still on the board. Its bittersweet since I'm just playing micro-lots, but I'm still smiling.
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  • #750
  • Edited 11:48am Feb 16, 2016 11:30am | Edited 11:48am
Lotta Gj talk, lets talk about the UCad!

This morning i took a short from 1.3891. I will take on positions at weekly opens and closes for the current and prior week (if they look like they're being respected) as well as round numbers (100, 200, etc) so this is one of them. I also like to take entries against what looks like to me a rapid over extension.

In this trade i'm looking to add positions and tp around the 1.37 ish area. I may take it lower depending on how things play out. I used to be heavy into fundies and sentiment and all that hoopla but now a days i keep it light, i wasn't getting the return on time investment i thought i should have. Here's my semi fundamental analysis. Oil went down, Aud went down, Pound dropped 200 pips is this the cause of usd strength? Whatever did that (Cad manufacturing report??) doesn't seem like a game changer. I feel good about a short. If i'm right +1k or more pips with addon positions, if i'm wrong -180 max over multiple re-entry attempts.

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Edit: lol i thought i woulda been the 1st to start up a Ucad talk so i post and see i'm 50 minutes behind.
  • #751
  • Feb 16, 2016 11:33am Feb 16, 2016 11:33am
Quoting FSUtrader
{quote} Yup, Defintely still on the board. Its bittersweet since I'm just playing micro-lots, but I'm still smiling. {image}
You're up $2,900 playing micro lots?!
check out my blog: forexmademillionaire dot com
  • #752
  • Feb 16, 2016 11:36am Feb 16, 2016 11:36am
Quoting Geppy
{quote} You're up $2,900 playing micro lots?!
LOL haha Gepp thats just the pip count! Divide that by 10 and thats my pips for GPY. If i had $2900 extra id be throwing a kegger at the frat house. I still made enough for some lunch money for a few days though
  • #753
  • Feb 16, 2016 11:40am Feb 16, 2016 11:40am
Quoting Good Lookin
Lotta Gj talk, lets talk about the UCad! This morning i took a short from 1.3891. I will take on positions at weekly opens and closes for the current and prior week (if they look like they're being respected) as well as round numbers (100, 200, etc) so this is one of them. I also like to take entries against what looks like to me a rapid over extension. In this trade i'm looking to add positions and tp around the 1.37 ish area. I may take it lower depending on how things play out. I used to be heavy into fundies and sentiment and all that hoopla...
Good time to mention USD/CAD, GL. As you can see from my screenshot above, I'm lightly short. I outlined the trade on Sunday in my weekly update saying that I'd like to get short again on a re-test of the broken wedge support tested as resistance:

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In my mind, we got close enough this morning and I like seeing that it's stalling here on another attempt at the highs we saw this morning. The 4-hour chart is behaving well with all MA's purely aligned:

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That being said, I'm not as confident as you are in 1,000+ pips to the downside. We'd have to take out the daily trend line support first. If that happens, sure... I'm on bored for a big trade, but I feel like we'd need to see a steady recovery in oil for that to happen and I'm not convinced that will pan out. I'm thinking the 50% fib retracement near 1.3550 would be a better target, and it's still 300+ pips!

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check out my blog: forexmademillionaire dot com
  • #754
  • Feb 16, 2016 11:42am Feb 16, 2016 11:42am
Quoting FSUtrader
{quote} LOL haha Gepp thats just the pip count! Divide that by 10 and thats my pips for GPY. If i had $2900 extra id be throwing a kegger at the frat house. I still made enough for some lunch money for a few days though
Ahh that makes sense. Hey man, keep it up and you'll be pulling down $2,900 trades in no time!

When you do though, I'm coming to that kegger!
check out my blog: forexmademillionaire dot com
  • #755
  • Feb 16, 2016 11:43am Feb 16, 2016 11:43am
Quoting Geppy
{quote} Atta boy! I hope you're still holding. I've only got 218 pips in profit, but I was pyramiding like a mofo {image}
Hey Geppy whats ur stop loss for U/Cad short �� I Put mine around 1.39200 just want to get some insights, i am going to hold this one for the week ��
  • #756
  • Feb 16, 2016 11:46am Feb 16, 2016 11:46am
[quote=Geppy;8757791]{quote} Ahh that makes sense. Hey man, keep it up and you'll be pulling down $2,900 trades in no time! When you do though, I'm coming to that kegger! [/quote

Sounds like a plan
  • #757
  • Feb 16, 2016 11:49am Feb 16, 2016 11:49am
Quoting Pixie666
{quote} Hey Geppy whats ur stop loss for U/Cad short �� I Put mine around 1.39200 just want to get some insights, i am going to hold this one for the week ��
Stop is at 1.4010 which is a bit larger than I'd like but that's also why my starting position is smaller. I'll ratchet it down quickly should we get below 1.3800 and then start building a larger position too.
check out my blog: forexmademillionaire dot com
  • #758
  • Feb 16, 2016 11:53am Feb 16, 2016 11:53am
I see you talking about selling USDCAD. Is now the time or should I whait/Is it to late?
  • #759
  • Feb 16, 2016 11:58am Feb 16, 2016 11:58am
Quoting Geppy
{quote} Stop is at 1.4010 which is a bit larger than I'd like but that's also why my starting position is smaller. I'll ratchet it down quickly should we get below 1.3800 and then start building a larger position too.
👍 Sound like a good trade plan, thanks for the insight n thanks for this awesome thread
  • #760
  • Feb 16, 2016 11:59am Feb 16, 2016 11:59am
Quoting swetrader
I see you talking about selling USDCAD. Is now the time or should I whait/Is it to late?
The pair has been discussed at length and in the weekly outlook. If you aren't committed to doing at least a little leg-work and reading on your own, I'm not going to keep regurgitating it for you.
check out my blog: forexmademillionaire dot com
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