FX Trading Week July 30 - Aug 3

[trendie]

I seem to miss them "just". soon I will catch them!

 

[Offshore Trader]

Long overnight EUR/JPY and limit just missed by 3 points but still long and additional long been triggered by breakout method at 16311

 

[Offshore Trader]

Long overnight EUR/JPY and limit just missed by 3 points but still long and additional long been triggered by breakout method at 16311

Out of the overnight at 6319, still in intraday breakout trade

 

[oiltanker]

hi trendie

i draw the lines on the daily then go down into the 15 or 1h. then wait for a break- re test and continuation. target next res/sup line.

although one guy i know just jumps in on the break with stop just below the line [5pts-ish] and then trails the stop tightly so that if it is a fake out he just gets knocked out for a pip or two either way. he doesn't use any other indicators than res -sup lines.

i use mas to decide trend and trade in the direction of the trend. i use two lots. the first lot is to the next pivot if it is less than the next res/sup line and the next lot to a higher res/sup target [ideally trying to get in on a long term trade which if you are in the direction of the trend rather than retracement has a chance].

don't know how this will work in august as the other guy never trades august because of holiday markets.

 

[trendie]

hi trendie

i draw the lines on the daily then go down into the 15 or 1h. then wait for a break- re test and continuation. target next res/sup line.

although one guy i know just jumps in on the break with stop just below the line [5pts-ish] and then trails the stop tightly so that if it is a fake out he just gets knocked out for a pip or two either way. he doesn't use any other indicators than res -sup lines.

i use mas to decide trend and trade in the direction of the trend. i use two lots. the first lot is to the next pivot if it is less than the next res/sup line and the next lot to a higher res/sup target [ideally trying to get in on a long term trade which if you are in the direction of the trend rather than retracement has a chance].

don't know how this will work in august as the other guy never trades august because of holiday markets.

I have been reading the "bubble" thread over on forex-tsd (have I mentioned this before? )
it is a revelation! I can follow the logic, and the trades. it makes sense to me.
I may finally get to lose the indicators!
I tend to jump in as well, as I fear missing out on a good trade, rather wait for re-tests.
but thats my problem, not the sup/res concept.
all this peak/trough stuff... great!

 

[oiltanker]

peak/trough stuff.?

hows that work?
thanks

update
its ok i went to see the thread.

 

[jacinto]

I have been reading the "bubble" thread over on forex-tsd (have I mentioned this before? )
it is a revelation! I can follow the logic, and the trades. it makes sense to me.
I may finally get to lose the indicators!
I tend to jump in as well, as I fear missing out on a good trade, rather wait for re-tests.
but thats my problem, not the sup/res concept.
all this peak/trough stuff... great!

nice trendie.

just mind euryen ATM. IMO, given market conditions either trade 4hr charts (look at the pullbacks ) or stick with really shorter time frames and go for 30-60 pip scalps

 

[trendie]

nice trendie.

just mind euryen ATM. IMO, given market conditions either trade 4hr charts (look at the pullbacks ) or stick with really shorter time frames and go for 30-60 pip scalps

oh no! that means I gotta think again?!

 

[oiltanker]

i think r/s lines method are flexible enough to trade however one likes? with the trend, counter trend, short term, long term, jump in or wait for retest. they give the confidence to pull the trigger and then manage it from there.

i like using daily r/s lines in the shorter time frames [i don't draw lesser timeframe r/s] because i know if they are broken its a strong signal and then trading only [usually] in the direction of the higher time frame trend but then that suits me. i might miss of lot of trades on lower time frame r/s lines but then i don't watch the screens all day.

 

[Offshore Trader]

Still long EUR/JPY at 6311 and cable at 311 on breakouts. Stops at b/e

 

[trendie]

on EURJPY, price appears to have bounced off 163.63. (Res)
the thing that still is unclear is knowing whether it will bounce or breach the sup/res.

you could argue this was the first test.
so, do you wait for a second try before making decisions?
ie; if it reached 162.75 and bounces, its going back up 163.63?
or, if it retests 162.75 and breaks, then its a downmove.
but only if it goes beyond 162.75, and comes back to test the newly formed res?
does this make sense?

EDIT: I had made a vow to reduce my postings!!

 

[jacinto]

on EURJPY, price appears to have bounced off 163.63. (Res)
the thing that still is unclear is knowing whether it will bounce or breach the sup/res.

you could argue this was the first test.
so, do you wait for a second try before making decisions?
ie; if it reached 162.75 and bounces, its going back up 163.63?
or, if it retests 162.75 and breaks, then its a downmove.
but only if it goes beyond 162.75, and comes back to test the newly formed res?
does this make sense?

EDIT: I had made a vow to reduce my postings!!

inverted head and shoulders on 4hr charts euryen. move up piped through neckline. this pullback tested the open of the current 4hr bar. im long from 17, with a stop at 63.00 (below open price).

 

[JTrader]

on EURJPY, price appears to have bounced off 163.63. (Res)
the thing that still is unclear is knowing whether it will bounce or breach the sup/res.

you could argue this was the first test.
so, do you wait for a second try before making decisions?
ie; if it reached 162.75 and bounces, its going back up 163.63?
or, if it retests 162.75 and breaks, then its a downmove.
but only if it goes beyond 162.75, and comes back to test the newly formed res?
does this make sense?

EDIT: I had made a vow to reduce my postings!!

Hi T

reading DBP's posts about S/R here may help -

http://www.trade2win.com/boards/showthread.php?t=25891

 

[trendie]

inverted head and shoulders on 4hr charts euryen. move up piped through neckline. this pullback tested the open of the current 4hr bar. im long from 17, with a stop at 63.00 (below open price).

I only see an inverted H&S on 30-mins, covering this morning.
also, I see a double-top for this morning at 163.63!
over-analysis!

( I did take a LONG at 163.05, but wussed out at 163.22 for +17, entirely on sup/res.
(no indicators) - scary )

 

[jacinto]

I only see an inverted H&S on 30-mins, covering this morning.
also, I see a double-top for this morning at 163.63!
over-analysis!

( I did take a LONG at 163.05, but wussed out at 163.22 for +17, entirely on sup/res.
(no indicators) - scary )

well done trendie.....

also saw that one on 30 mins.

have a look at the 4hr one. I am moving my stop to BE. cant trade with a 4year old asking to play. took a long 6301, as you, bailed out at 25 for the same reason.
so if im still in in a couple of mins, good for me, otherwise, its playing barbies

edit: off to play barbies.

 

[oiltanker]

i know this will put me in the dog house but ...

support is when she says 'you know you were saying you'd like to go to australia for a holiday? i've got some brochures...

resistance is when you mention something and she says nothing...

a beginning of a new trend is when a new topic comes up like 'these carpets are getting old...'

 

[oiltanker]

long cable but not convinced and because i missed good entry at 303 [b/o and retest of 290 line] so moved stop up to b/e at 315

target 1 is R2 at 345
target 2 is 395

update

bumped out.
it looked a bit dodgy when we didn't make a new high.
if i had got a better entry i would still be happy long.
so it looks like there is a double top on 1h chart about the 325 level?
daily still says up trend intact so i'll still be looking for longs.

 

[Offshore Trader]

Still long EUR/JPY at 6311 and cable at 311 on breakouts. Stops at b/e

Out of EUR/JPY and it once again makes me question moving stops. In my experience whilst it is physcologically better, statistically the p&l is better leaving it where it was.

The cable level was a typo and I was long from 301 so still long there.

 

[MSP Trader]

Hi all,

hope todays being good to you all?, cable seems to be playing well for me at the mo, went short @ 2.0322 looking for a good short again lol (time will tell)

I will let you know what it pulls for me.........

 

[MSP Trader]

well that will teach me to watch my trade went out in profit and faith...... returned with loss (and a little less faith)

well back to the drawing board by the looks of it..............