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pipMonster

Week 4

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Morning guys,

Back from a couple of days off, seems like you have all been hunting down the good opps out there, nice to see plenty of trades being posted.

I have just taken a short on the swissy. Price has been rejected again off the 2525 area, which has been a strong resistance area of late.

This area was a watch area for me after the break of the asymmetrical triangle that Torero highlighted the other day.

Had a nice 2B pattern on the 30 min chart with inverted hammer bar off resistance, an inside bar print on the 15 and also a nice 1-2-3 on the 5 min chart, all lining up nicely for a short.

Hourly looks like it is going to print a nice inverted hammer spike.

Looking for 2430 -50 area for first level scale out.

Charts to follow to highlight trade.

 

 

Watch out it's not a pull back

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It's at apex and just below 78.6 level and major resistance. But the other conflicting signal I see if the higher high/low. So I'm neutral for now until prices break one way or the other.

 

NEWBIE-TRADER-USDCHF-240MIN-AT-APEX-NEAR-RESISTANCE.gif

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Yeah, i agree Torero, the higher low print on the 240 was a little concerning and probably should have kept me out of that trade.

Things have gone very sour at the moment, complete loss of momentum. Durable goods figures out later and new home sales so i will be looking to pull this trade if we don't see a move in my direction before then. Its not looking good at the moment.

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Here's my next trading plan, wait for it move up between 35 and 75 (between 2 resistance levels) and watch how it does in 15min. If I see lower high/low patterns, I may take the short. The other possibility that this might not happen is because it's Friday. If the short moves nicely I may take it, if it hovers after lower high/low, I may sit out. We'll see.

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Ditto that, nice trades there Hok.

I saw the first trade develop off the asian high but didn't take it as the bear flag pattern had not been broken but that was a great trade. Plenty of R/R down to the fib, well done.

I think i was a bit premature on the swissy, turned out to be a nice standard asian breakout and pullback entry, as you said, on the ball there mate!

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the GBPUSD asian high developed after the fact right? I saw it was at the 50% retracement from recent top to recent bottom. I guess I'm not following you too well here.

 

FOREXPLANE-GBPUSD-5MIN-50-RETRACEMENT.gif

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Yes torero today's session.

 

I saw there was no intention to break that level and price in all other time

frames was pointing South.

 

I waited for that small p/b on the 5 min, check it it's a 786, and entered the

trade.

 

Hope this is clear.

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I see what you are getting at Torero. Yes the Asian high could only be certain after the 07:55 bar had finished printing but i am assuming that Hok was pre-empting that 9680 would indeed be the asian high from the 1-2-3 reversal pattern on the 5 min chart that was developing.

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I haven't traded this pair today, but I can sure see the logic of where you're coming from.........

 

the pivots are also strategically positioned at the the resulting trigger levels into this mornings activity + the S1 is hugging this lower round number (c1.96), & the 50% Fibo nudging the weeks low area......

 

attachment.php?attachmentid=571&stc=1&d=1169813797

tech46.gif.d94f7bf92dd6f368f4da10110fb81b98.gif

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hokshila,

 

what was the 17.00 est NY closing price you used to configer those 35 & 50% s&r levels from as a matter of interest........they look ok, just wanted to check the calc numbers!

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try this calc..............

 

9634 (x1.0035) = 9668 (R1)

9634 (X1.0050) = 9682 (R2)

 

9634 (X.9965) = 9600 (S1)

9634 (X.9950) = 9586 (S2)

 

hope it helps ;)

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Glad to see you're finding those percentage levels helpful hokshila. They're pretty good fade markers when the Euro & Cable are thrashing around within their avg range barriers.

 

Obviously, as prices eventually struggle clear & attempt to go on a run, they become impotent. On those occasions, they can act as pullback or thrust markers to engage in the direction of the break (alongside complimentary price assistors of course), when price advances thru them.

 

Buk & a couple of the others like to play their price observations via the traditional pivot calcs, whereas I prefer to keep tabs on the range % levels. But then we adopt slightly differing strats/views on the pairs & execute accordingly - each to their own I guess.

 

Anyway, just be aware they're only helpful whilst price bounces around inside their respective avg daily range parameters.

 

They come into their own after the pairs have printed big outside days & also as prices begin to unwind off the back of a well supported (mini) trend hike.

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Let me just put it in one word: love'em!

 

I've gone through all your and Buk's posts quite a few times already and let's

put it this way, I found the missing link I was looking for, at least for my

trading style, which I think is very similar to what you do (that's what I'm trying to achieve).

 

I was missing structure and that's what I have now. Now I'll go and re-read your

stuff a few more times until I know it upside down.

 

I want to thank you both once again for your fine teachings, I really appreciate it. Makes things much easier.

 

And of course, many thanks to everybody on the thread for sharing their knowledge too.

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I've gone through all your and Buk's posts quite a few times already and let's put it this way, I found the missing link I was looking for, at least for my trading style.

 

I was missing structure and that's what I have now.

 

That's good to hear, & thank you for your kind comments!

 

If you're able to utilize this or any other information from other traders on here & wrap it around your own style & psychological comfort zones, then all good & well.

 

After all, each trader approaches & executes a given scenario/level from very different angles. Even 2 traders striking from a similar strat with close references will manage the execution & trade differently.

 

That mostly comes down to psychological persuasion, the tools they employ in certain circumstances & attitude to risk.

 

Doesn't really matter what those tools are at the end of the day, as long as they fit your profile & you can find a way to exploit their positive advantages.

 

This game is all about stacking the odds in your favor as often as possible.

 

A good tip is to always try utilize any info you soak up from outside sources & see if it integrates or compliments your basic/generic style (as you alluded to in your above comments). The tips & hints you stumble across may work handsomely for the person extoling it's virtues, but when it comes to integrating it into anothers style, it falls flat.

 

Trial & error, that's what it's about :)

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hok, you're very perceptive and extremely quick on picking things up. Bravo! I hope they serve you well. I'm actually quite interested more now that hok has managed to so easily integrated this strategy into his own. Surprisingly it seemed easy to adapt. So I guess it's my turn to learn the rest of the stuff I didn't pick up from Tex and Buk.

 

Good luck and we're looking forward to your progress!

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