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This is a discussion on TDs Journal within the Trading Journals forums, part of the Reception category; I had a feeling that the Dollar/Canadian cross was going to break down today. The weekly TF is showing several ...

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Old Sep 19, 2008, 9:45pm   #61
 
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trader_dante started this thread I had a feeling that the Dollar/Canadian cross was going to break down today. The weekly TF is showing several consecutive pin bars.

There was considerable support at around 1.0575 and as always what I wanted to do was get in well above this so that I could put some distance between my entry and any bounce that may occur.

I followed the price up for most of the day, waiting for the optimum entry, before seeing the failed break of the descending hourly TL and the rejection of an s/r pivot, resulting in an inside bar.

When I saw this, I put my order into sell £3 at point 1.

Price then went straight down, holding only briefly at support.

I had several targets on the way down based on the daily TF (the red lines on the chart). I decided to take £1 out at point 2 which was the first target. This was a significant pivot on the daily and I know this pair can be very choppy so as soon as I had one unit out and I noticed the price stalling, I covered another £1 too.

I then rode the final third down to point 3, where I exited with a limit order.

Total profit on the trade was £319.
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usd_cad_hourly.gif   account_summary.jpg  
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Last edited by trader_dante; Sep 20, 2008 at 9:51am.
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Old Sep 19, 2008, 9:50pm   #62
 
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wow! at this rate TD, very soon we will be looking at a 1M GBP account balance


Quote:
Originally Posted by trader_dante View Post
I had a feeling that the Dollar/Canadian cross was going to break down today. The weekly TF is showing several consecutive pin bars.

There was considerable support at 1.0575 and as always what I wanted to do was get in well above this so that I could put some distance between my entry and any bounce that may occur.

I followed the price up for most of the day, waiting for the optimum entry, before seeing the failed break of the descending hourly TL and the rejection of an s/r pivot, resulting in an inside bar.

When I saw this, I put my order into sell £3 at point 1.

Price then went straight down, holding only briefly at support.

I had several targets on the way down based on the daily TF (the red lines on the chart). I decided to take £1 out at point 2 which was the first target. This was a significant pivot on the daily and I know this pair can be very choppy so as soon as I had one unit out and I noticed the price stalling, I covered another £1 too.

I then rode the final third down to point 3, where I exited with a limit order.

Total profit on the trade was £319.
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Old Sep 19, 2008, 10:03pm   #63
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Originally Posted by trader_dante View Post
Hi MrGecko, thanks for reading my journal.

Rather than take a view, I try and follow the price and stay open to all eventualities.

However, I can say that price has held above the confluence of a rising TL and a previous major swing low so there is support. While we are above support and a strong one such as this, I am looking to be a buyer.

Interestingly, price has hit what was my first target in the trade I took, head on (see chart attached) and found some resistance...

At each resistance level on the way up, I will be looking for shorts into the downwards trend that started in June...


Hi mate. Just looking at the beans, it's quite difficult at times to buy a selling market, less clarity for the buy side as opposed to finding a decent sell price. Are you selling the 150 area now. Good trading mate.
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Old Sep 19, 2008, 10:13pm   #64
 
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Originally Posted by Paul71 View Post
Hi mate. Just looking at the beans, it's quite difficult at times to buy a selling market, less clarity for the buy side as opposed to finding a decent sell price. Are you selling the 150 area now. Good trading mate.
I am not currently considering a position in this market but I will continue to watch it.

The best way to describe what I will do in the future is:

i) Keep an eye on the path of least resistance.

ii) look to cover longs or go short at resistance.

iii) look to cover shorts or go long at support.
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Old Sep 19, 2008, 10:16pm   #65
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Originally Posted by trader_dante View Post
I am not currently considering a position in this market but I will continue to watch it.

The best way to describe what I will do in the future is:

i) Keep an eye on the path of least resistance.

ii) look to cover longs or go short at resistance.

iii) look to cover shorts or go long at support.


Nice journal, TD.
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Old Sep 21, 2008, 12:08pm   #66
 
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TD
Excellent CAD trade! Just goes to show how strong the signal can be on the inside bar combined with TLs and significant SR.
Good trading,
Grim
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Old Sep 22, 2008, 5:24pm   #67
 
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trader_dante started this thread There was a good level on the Cable which the market seemed unable to break to the upside. (see chart 1)

The market was clearly rangebound but the level was a good one so I decided to sell it at point 1 (chart 2).

Having sold £2 per tick, I was actually aiming to get half out at the first support (point 2) and leave half to run but I was in the process of moving the computer screens at my desk around when it broke rather sharply and wasn't concentrating on it.

Having seen it hit the support and just as quickly retrace, I moved my stop to breakeven and came out for a scratch.
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Old Sep 23, 2008, 4:51pm   #68
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Originally Posted by trader_dante View Post
I am not currently considering a position in this market but I will continue to watch it.

The best way to describe what I will do in the future is:

i) Keep an eye on the path of least resistance.

ii) look to cover longs or go short at resistance.

iii) look to cover shorts or go long at support.

See the beans went through 150, did you get on it?
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Old Sep 23, 2008, 5:11pm   #69
 
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See the beans went through 150, did you get on it?
No.
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Old Sep 23, 2008, 5:17pm   #70
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No.

Neither did i.
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