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Forex Made Millionaire Thread for Blog Swing Trades

  • #1,581
  • Feb 25, 2016 11:08am Feb 25, 2016 11:08am
Quoting sylbolid
Geppy and other traders I would like to ask you why you don't use horizontal support and resistance in your analysis? Thanks, Syl
I do.

Also i think we both lost that CAD trade the other day lol
  • #1,582
  • Feb 25, 2016 11:18am Feb 25, 2016 11:18am
Quoting Geppy
{quote} What makes you think that we don't? I definitely do.
Ok, sorry! So i was wrong, because i saw your very accurate analisys based mostly on the trendline!

Syl
  • #1,583
  • Feb 25, 2016 11:19am Feb 25, 2016 11:19am
Quoting Good Lookin
{quote} I do. Also i think we both lost that CAD trade the other day lol
Yes, not big deal for both of us!
  • #1,584
  • Feb 25, 2016 11:25am Feb 25, 2016 11:25am
Quoting Geppy
{quote} HA! We avoid it like the plague, that place.
chowdah, oysters and anchor steam sounds like a lovely lovey day to me
  • #1,585
  • Feb 25, 2016 11:49am Feb 25, 2016 11:49am
Quoting Good Lookin
{quote} I do. Also I think we both lost that CAD trade the other day lol
Hi Good Lookin; I wish that you stuck to your plan of CAD we discussed earlier as you were long and told me you will short below 1.3660. I am still keeping of shorts although my target of 1.3560 was reached. It just broke below the daily TL and seems it going a long way down. What you think?
  • #1,586
  • Feb 25, 2016 12:03pm Feb 25, 2016 12:03pm
I had good week with usdjpy and gbpjpy, I didn't add position, but I had a good risk reward on both! I am happy, thank Geppy!
  • #1,587
  • Feb 25, 2016 12:16pm Feb 25, 2016 12:16pm
For USD/JPY I am about ready to add. I see this rising wedge and support above not being broken. First stop will be at 113.36.

For GBP/JPY, price action is in an upward channel with the 200MA resistance about to be tested. I am not sure how to play this one so I am staying on the sidelines. How does everyone else feel about the Dragon?
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  • #1,588
  • Feb 25, 2016 12:34pm Feb 25, 2016 12:34pm
Quoting sylbolid
I had good week with usdjpy and gbpjpy, I didn't add position, but I had a good risk reward on both! I am happy, thank Geppy!
Congrats. I hope we all think positive and discuss trading opportunities even if some of us had a bad day.I myself made a fortune on CAD and OIL today although I had these positions from days ago.I have liquidated some and keeping some in pursue of higher returns.
Of course , thanks to Geppy who initiated this thread and he is a talented trader, and he is doing a lot of appreciated hard work but my words are for new traders, Geppy is not a hindsight trader and he also have losing trades as all of us. I noticed that some traders take his analysis for granted and over trade on these analysis and get badly hurt. Definitely it is not Geppy's mistake as he himself knows how to take small losses when he is wrong.
My advice for all of you as a trader for over ten years now with a lot of disappointments at the start of my trading life, is to learn money management . I would summarize it by three steps:
• preserve your capital
• make sustained profits
• pursue higher returns

Good luck for all...
  • #1,589
  • Edited 1:25pm Feb 25, 2016 12:57pm | Edited 1:25pm
Quoting sylbolid
Geppy and other traders I would like to ask you why you don't use horizontal support and resistance in your analysis? Thanks, Syl
To me, the horizontal support and resistances are holier than Fibo. I use the support / res lines to validate the Fibo levels.
I am sure there are guys/gals here who would swear by the Fibo. I guess whatever takes to get the job done.
Live life king size !
  • #1,590
  • Feb 25, 2016 1:37pm Feb 25, 2016 1:37pm
fully out of usd/cad shorts now rest rolled off at 13545. + 170 on most of them.

all flat right now. time to look over charts for new positions
  • #1,591
  • Feb 25, 2016 2:33pm Feb 25, 2016 2:33pm
Guys !! Wake up , let us discuss some trading ideas for Friday.
  • #1,592
  • Feb 25, 2016 2:42pm Feb 25, 2016 2:42pm
Quoting Forex147
{quote} Congrats. I hope we all think positive and discuss trading opportunities even if some of us had a bad day.I myself made a fortune on CAD and OIL today although I had these positions from days ago.I have liquidated some and keeping some in pursue of higher returns. Of course , thanks to Geppy who initiated this thread and he is a talented trader, and he is doing a lot of appreciated hard work but my words are for new traders, Geppy is not a hindsight trader and he also have losing trades as all of us. I noticed that some traders take his...
Yes, and i can say something from my little experience, don't overtrade!
  • #1,593
  • Feb 25, 2016 2:43pm Feb 25, 2016 2:43pm
Quoting foxtrader16
{quote} To me, the horizontal support and resistances are holier than Fibo. I use the support / res lines to validate the Fibo levels. I am sure there are guys/gals here who would swear by the Fibo. I guess whatever takes to get the job done.
Definetly a confluence of support/resistance and Fibo make the level more trustable!
  • #1,594
  • Feb 25, 2016 2:57pm Feb 25, 2016 2:57pm
Quoting Forex147
{quote} I admire your chart and analysis but with all do respect , I think that this is a very short term trend that to my experience will not stop the correction up move. Shorting at these levels means fishing for a very modest movement .
It seems that is what happened F147, good call. As i went to bed last night i was aggressive with my first short SL, just in case it reversed north because i could see it was having major trouble breaking south of 155.8. Well yeah it reversed and i was stopped out for an averaged small profit.

So my take on this pair today:
If you look at the close on all the 30min, 1h and 4h bars, price has closed above the resistance, now support, line (orange). That (usually)means bullish. Although i'm late with my entry, about 40 pips late (asleep), i am long and if it can break through the 158.0 barrier then i will add more. I think it's headed for 159.5 - 160.0 before a major stall/stop (grey area) and then further PA assessment is required from there to determine its next move.
Remember, i'm still a novice, still learning so i would love comments, good bad and the ugly
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  • #1,595
  • Feb 25, 2016 3:19pm Feb 25, 2016 3:19pm
looking add more long positions to GY from yesterday, no other trades
  • #1,596
  • Feb 25, 2016 3:22pm Feb 25, 2016 3:22pm
Quoting Bill618
{quote} It seems that is what happened F147, good call. As i went to bed last night i was aggressive with my first short SL, just in case it reversed north because i could see it was having major trouble breaking south of 155.8. Well yeah it reversed and i was stopped out for an averaged small profit. So my take on this pair today: If you look at the close on all the 30min, 1h and 4h bars, price has closed above the resistance, now support, line (orange). That (usually)means bullish. Although i'm late with my entry, about 40 pips late (asleep),...
if anything this move up is just a retracement of the lonnnggg move down we have had over that last couple weeks. I believe this is "fishing" for pips because the pairs strength still lies within the yen. I personally will be watching the reaction to the 100ma and if it breaks through there maybe touching the 200ma looking for a short then.
  • #1,597
  • Edited 4:02pm Feb 25, 2016 3:30pm | Edited 4:02pm
Quoting Bill618
{quote} It seems that is what happened F147, good call. As i went to bed last night i was aggressive with my first short SL, just in case it reversed north because i could see it was having major trouble breaking south of 155.8. Well yeah it reversed and i was stopped out for an averaged small profit. So my take on this pair today: If you look at the close on all the 30min, 1h and 4h bars, price has closed above the resistance, now support, line (orange). That (usually)means bullish. Although i'm late with my entry, about 40 pips late (asleep),...
Well Bill618, I have 3 things I want to mention on your trade.
First of all this resistance line doesn't have that much strength to rely on to intiate a trade, and a proof of that , prices did penetrate that line several times( strong resistance / support lines) usually when broken, either they will be tested on the outside or never see them again for a while, such as one of my trades today on CAD , once it broke the support of 1.3655, it never looked back again.
Your risk reward ratio is about 1:2 which is somewhat low , always look for rewards minimum 3 to 4 times.
You got long as prices capped by moving averages such as the 20 th MA on the 4H or 100 MA on the hourly.

Note: all that being said, I do believe GJ will still trade higher b4 another major down move.
  • #1,598
  • Feb 25, 2016 4:01pm Feb 25, 2016 4:01pm
Quoting Pip-Miner
looking add more long positions to GY from yesterday, no other trades
I'm with ya, brother!
check out my blog: forexmademillionaire dot com
  • #1,599
  • Feb 25, 2016 4:06pm Feb 25, 2016 4:06pm
Quoting Geppy
{quote} I'm with ya, brother!
added
  • #1,600
  • Feb 25, 2016 4:12pm Feb 25, 2016 4:12pm
I went long U/J at 112.97, I think S &P going to be strong next few days which will keep U/J and G/J flying high
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