Go Up
Attached Image (click to enlarge)
{quote}38S would be nice. Cad is undervalued considering crude price and positive data on CAD lately.Correction could go 61S 1.3058 I am also long term short on AC and NC costing me swap daily but I think it would be worth it for me.
Figured the daily BEOB from yesterday might provide some continuation down.
Approaching S38 where we might bounce. Currently only 62% of daily ADR so room for more downward progress.
Go Up {image}
Couple of observations;
1. EA price action clearly downward. Wait for a 1hr or 4hr rejection / reversal bar - e.g a pin bar off the R78 or R100 level.
2. See if TDI also confirms your entry - in this case on 1hr chart it doesn't - and it's the same picture on the 4hr chart.
3. ADR is overstretched at 157% - but that also tells you there has been strength in the down move.
4. Pull up the daily chart and draw in some S/R zones. There is one pretty major one at circa current price region of 1.4400 - 1.4425.If price rejects then could see a bounce back higher.
- #4,125
- Oct 14, 2016 7:05am Oct 14, 2016 7:05am
- Joined Mar 2016 | Status: Full Trader | 1,378 Posts
[Quote = mch1970; 9198302] {quote} Hola Fibo38 - sólo tenga cuidado con su puesta a punto. Tienes que ver la acción del precio en los pares que se mueven rápidamente como EA, de lo contrario se puede tomar DD innecesaria. Un par de observaciones; 1. EA acción del precio claramente a la baja. Esperar una 1 hora o 4 horas barra de rechazo / retroceso - por ejemplo, un pasador de barra del nivel de R78 o R100. 2. A ver si TDI también confirma su entrada - en este caso, en el gráfico de 1 hora, no parece - y es la misma imagen en un gráfico de 4 horas. 3. ADR está desbordada en el 157% - sino que también se dice que ha habido fuerza en el movimiento hacia abajo. 4. Tire hacia arriba el gráfico diario y dibujar en algunas zonas de S / R. Hay uno muy importante en la región del precio actual de alrededor de 1,4400 - 1.4425.If precio rechaza entonces podría ver un rebote más alto. {Image} [/ quote]
If I have gone wrong.
You are right.
Thanks for your tips
If I have gone wrong.
You are right.
Thanks for your tips
- #4,133
- Oct 14, 2016 8:32pm Oct 14, 2016 8:32pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
In trading, you have to be defensive and aggressive at the same time
- #4,135
- Oct 14, 2016 9:04pm Oct 14, 2016 9:04pm
- Joined Dec 2012 | Status: Trader | 8,124 Posts
The world you desire can be won. It exists.. it is real.. it is possible..
- #4,136
- Oct 14, 2016 9:07pm Oct 14, 2016 9:07pm
- Joined Feb 2012 | Status: Trader | 21,377 Posts
{quote} Life happens Davit. No big deal. Assess and take the loss if you must. Which highway?
93 South Boston.I had a real ordeal among other things that was not pleasant day at all.Need a drink now
In trading, you have to be defensive and aggressive at the same time
- #4,137
- Oct 14, 2016 9:16pm Oct 14, 2016 9:16pm
- Joined Dec 2012 | Status: Trader | 8,124 Posts
{quote} Thanks Scott
and enjoy the weekend. Just so you know I was on 93 South today but not near Boston so wasn't me. 
The world you desire can be won. It exists.. it is real.. it is possible..
- #4,139
- Edited 5:53am Oct 15, 2016 5:01am | Edited 5:53am
Hi,
I just wanted to update the EU trade I'm in.
I have only 6 pips left before i will get stopped out, probably with a gap down next week and I'm out.
But I will now show you how i manage this, when price get down to area 78 i get ready and enter if PA is in my favour, but this is important I only enter with a small amount of lot.
What I do is this, let's say I have an account with $5.0000
I will calculate my risk with 2% of my $5.000 and I have a 100 pips stop loss and 5 entries, that means each entry will be:
5000/2%= 100/100pips=1/5 entries =0,2 lot
And this is on a $5.000 account, what if you only have $1.000 account? Then it will be only 0,04 lot
This is why I dont get emotional about my trade, so if I get stopped out it's just another loosing trade and I will jump on the next one because we have an edge that will give us profit in the end
green pips to everyone
By the way I set my stoploss 100 pips from my highest entries in this example
I just wanted to update the EU trade I'm in.
I have only 6 pips left before i will get stopped out, probably with a gap down next week and I'm out.
But I will now show you how i manage this, when price get down to area 78 i get ready and enter if PA is in my favour, but this is important I only enter with a small amount of lot.
What I do is this, let's say I have an account with $5.0000
I will calculate my risk with 2% of my $5.000 and I have a 100 pips stop loss and 5 entries, that means each entry will be:
5000/2%= 100/100pips=1/5 entries =0,2 lot
And this is on a $5.000 account, what if you only have $1.000 account? Then it will be only 0,04 lot
This is why I dont get emotional about my trade, so if I get stopped out it's just another loosing trade and I will jump on the next one because we have an edge that will give us profit in the end
green pips to everyoneBy the way I set my stoploss 100 pips from my highest entries in this example
- #4,140
- Edited 5:27am Oct 15, 2016 5:11am | Edited 5:27am
EURGBP. My set up using Daily and 240M TF. Any comments welcome , as it will definitely help to improve my trading skills. Entered one 0.05 lot with 60 pips SL. ( No refund) Thank you in advance. Sincerely Arjun {image} {image}
Just a few thoughts on EG. At the moment this pair is almost impossible to predict direction wise. Another piece of bad news re UK Brexit and sterling could retest lows against USD and this could send EG higher. Added to this, the Euro is almost schizophrenic in its reaction to good and bad fundamental data, and with volatility on red alert when either Carney or Super Mario speak, then who knows what to expect.
I exited my EG shorts last week for -900 pips. In the end not hard to do, because the trade wasn't working out. I was spending more time analysing where EG might move, than focusing on the abundance of other opportunities to trade. I had no idea, based on price action, where the next move would be so I exited. Unless you're already in the trade, I wouldn't recommend trading this pair at the present time.
In terms of your trade, and assessing in line with probabilities, there is no edge to entering at the current level and your stop of 60 pips could be taken out with a relatively small move in price, given current volatility.
I've included the attached chart, purely because I've found this technique really helps me establish where the next move may come from, or provide the reason to stay away from certain pairs.
The Black Swan day created a massive daily candle, which has subsequently become a 'Master Candle'. Master candles are often created by exceptional price moves and can result in a period of trading activity where price ranges inside that covered by the master candle.
Hence with the events around the 7th October, there have subsequently been 5 daily inside bars, with price action within the price range of the Master candle. From a purely technical perspective, the argument for the next wave up, or down, will only come when price breaks the range and closes above, or below the master candle. Daily candles cut out the white noise and help me massively in my trading of pivots. If you notice Davit almost entirely trades based on his knowledge of the fundamentals,often reflected in selling pull-backs or buying dips, with price action to support the trades. These trends will almost always show in the daily charts and then going down to 30 min, 1hr or 4 hr charts, simply helps to finesse entry in and around the key pivot levels.
Hope this helps. Just looking out for you making those green pips. Cheers