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The sacred edge 2.0

  • #621
  • May 9, 2016 7:23am May 9, 2016 7:23am
Quoting tradeur
{quote} very well put and said, now i am convinced that you're a skillful person. awhile ago i entered long with aussie and GBP pairs, maybe you can give me your honest view on my charts. {image} apologies for any discomfort this may bring you
AUD based on fundamentals is very weak compared to the USD. AUDUSD is very bearish and is likely to sustain the bearish trend. Counter trend trading is risky and needs great skill. your AUDUSD long could hit target but i see that happening only if it decides to do a corrective move. I wouldn't feel comfortable going long AUDUSD with the current price action
  • #622
  • May 9, 2016 7:27am May 9, 2016 7:27am
Quoting tradeur
{quote} very well put and said, now i am convinced that you're a skillful person. awhile ago i entered long with aussie and GBP pairs, maybe you can give me your honest view on my charts. {image} apologies for any discomfort this may bring you
GBPUSD is a better case than AUDUSD but still bearish looking at the charts. The brexit scare has weighed heavily on the GBP and is still doing so. I wouldn't be comfortable going long either except on some counter trend strategy that indicates GBPUSD want to do a corrective move. Trading is all about taking risks and probability. just use a stop loss. if the trade works good for you. if it fails try to see how you could have done it better
  • #623
  • May 9, 2016 7:32am May 9, 2016 7:32am
Mis-pricing on 1minute chart. the up move will not be sustainable. if it rallies some more we will have to revisit 1.1393 before anything else
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1..png Size: 65 KB
  • #624
  • May 9, 2016 7:37am May 9, 2016 7:37am
Quoting ephisi
{quote} AUD based on fundamentals is very weak compared to the USD. AUDUSD is very bearish and is likely to sustain the bearish trend. Counter trend trading is risky and needs great skill. your AUDUSD long could hit target but i see that happening only if it decides to do a corrective move. I wouldn't feel comfortable going long AUDUSD with the current price action
so true. your views of the market is very valid. i was actually anticipating a quick retracement with aussie earlier... but now price has just taken previous swing low so i believe best is to start looking for good level to exit.
  • #625
  • May 9, 2016 7:46am May 9, 2016 7:46am
Ok, thats a good idea, if you feel the trade is invalid. But anything can happen in this market
  • #626
  • May 9, 2016 7:48am May 9, 2016 7:48am
Quoting tradeur
{quote} so true. your views of the market is very valid. i was actually anticipating a quick retracement with aussie earlier... but now price has just taken previous swing low so i believe best is to start looking for good level to exit.
Do you prefer trading counter trend trades? i used to trade that way until i realised its easier and more profitable to flow with the trend
  • #627
  • May 9, 2016 7:51am May 9, 2016 7:51am
Quoting ephisi
{quote} Do you prefer trading counter trend trades? i used to trade that way until i realised its easier and more profitable to flow with the trend
nope. i catched a good bear run last week - got lucky. but this morning i was anticipating a little bounce and just wanted to do something and thought, might as well catch a retrace...

my views on those pairs are still bullish but touching or nearing key support areas made me think a bounce could happen... again i might be wrong.
  • #628
  • May 9, 2016 7:52am May 9, 2016 7:52am
Quoting stt
{quote} Yes no direction day so far.. on such days either look at other currencies that may be showing trends or go higher time frame, bigger stop loss and smaller lots.Also for the improvement in taking profits, bave a mental trailing stop loss at next support resistence but let the trend run. Also try to kbserve intraday seasonality. U will do much better.
Buddy, another direction less day?
  • #629
  • May 9, 2016 7:52am May 9, 2016 7:52am
USD index is the key for EURUSD lets see what it does on NY market open
  • #630
  • May 9, 2016 7:54am May 9, 2016 7:54am
Quoting ephisi
{quote} Do you prefer trading counter trend trades? i used to trade that way until i realised its easier and more profitable to flow with the trend

" ... to flow with the trend" i like that... it is more easy to go to a direction where less resistance... thanks!
  • #631
  • May 9, 2016 7:56am May 9, 2016 7:56am
Quoting tradeur
{quote} " ... to flow with the trend" i like that... it is more easy to go to a direction where less resistance... thanks!
You got it. trade in the direction of path of least resistance, better still on a good pull back entry
  • #632
  • May 9, 2016 8:22am May 9, 2016 8:22am
Quoting ephisi
Mis-pricing on 1minute chart. the up move will not be sustainable. if it rallies some more we will have to revisit 1.1393 before anything else {image}
mis-pricing resolved. 1.1393 gap filled
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1 gap filled.png Size: 68 KB
  • #633
  • May 9, 2016 9:03am May 9, 2016 9:03am
Nothing to do or analyse. Just waiting to see if my trade will give good pips. stick around
  • #634
  • May 9, 2016 9:51am May 9, 2016 9:51am
pending order short @ 1.1409 triggered
  • #635
  • May 9, 2016 11:57am May 9, 2016 11:57am
closed both trades +12 pips average of +6 pips. Thats it for today. see you guys london tomorrow.
  • #636
  • May 9, 2016 12:00pm May 9, 2016 12:00pm
Today i planned my trade according to strategy and also executed according to plan. i also stay within my daily loss limit. Thats a good day for me. Have to keep repeating until it becomes a habit
  • #637
  • May 9, 2016 12:13pm May 9, 2016 12:13pm
just for the fun of it, nothing to trade. EURUSD mis-pricing on 1minute chart. we need to revisit 1.1396 soon to correct mis-pricing
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1 for.png Size: 70 KB
  • #638
  • May 9, 2016 12:24pm May 9, 2016 12:24pm
I'm out. Surely we will see 1.1396
  • #639
  • May 9, 2016 1:35pm May 9, 2016 1:35pm
Quoting ephisi
{quote} Buddy, another direction less day?
Yes for eu it is a direction less day. However bias is negative currently as you can see even with no strong nfp it went down last friday. But very good directional day for usdjpy... thats why i do think it helps to look at other pairs.. no crosses just look at other majors.
Think : Trade : Live Life
  • #640
  • May 9, 2016 4:00pm May 9, 2016 4:00pm
Ok. Thanks. But how does one know before the fact which major will move. Kind of hard to select which pair to trade on a given day
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