Mid-day rally for the JPY And Euro etc...Majors.I just dont understand fundamentally the USD/JPY is bullish and the other three majors are bearish. Any explaination ? or theories welcome ?
Ahh so it did breakout, i though it might, i need more conviction though, still relatively new to this, there was a lot of pressure at resistance, was only a matter of time, like with anything.
What chart is that, 30min? I see that you have a trend line drawn (the big thick one, excuse the simplicity of that description, lol), wat timescale did you draw that one on.
What else do you trade, im looking at AUD/JPY, though this is turning into my nemesis pair!!
Bertie
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I use Weekly , daily to get overall pic, Then usually base my trades off a 60m 15m, time frames. when im in a trade I look at 15m to predict when to close trade.I usually close half of my lot trades that are between 70-80 pip move.Than I move my remaining lot stop to open price so that i will get a free trade. AND HOPE TO HIT MY 2ND LIMIT.BUt I do also use fib lines .500 .318 .618 also for confirmation and placement.I really believe in fibs.
I believe those recent charts were 15m pics
What charts do you use and what software?
I like e-signal but way out of my league for what I trade. (mini) !
Quote:
Originally Posted by Bertie Stemp
Ahh so it did breakout, i though it might, i need more conviction though, still relatively new to this, there was a lot of pressure at resistance, was only a matter of time, like with anything.
What chart is that, 30min? I see that you have a trend line drawn (the big thick one, excuse the simplicity of that description, lol), wat timescale did you draw that one on.
What else do you trade, im looking at AUD/JPY, though this is turning into my nemesis pair!!
I use 5min chart to determine my entry points and usually use a 4 hour chart to see the overall trend.
I actually use the FXCM tradestation charting, i really like the customisation options it has, but i have also got esignal.
Why is it out of your league beacuse you are using a mini account? As long as youre not paying for their services, surely its best to get the best information possible, whatever lost sizes you use?
Have you tried trading the gbp recently?
Bertie
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The price for E-signal that i have found to be $175/ Month.
With the i am trading plus the capitol im working would not cover the cost for esignal. I use fxcm market scope, I like it cause it is free. but once you trade on esignal , its like driving a ford pinto vs. a cadilac !
I hav not put a trade in for pound lately but am looking at this setup to brak out.
How many trades do you do in a month .
I only do about 5-20 with the four majors
I use 5min chart to determine my entry points and usually use a 4 hour chart to see the overall trend.
I actually use the FXCM tradestation charting, i really like the customisation options it has, but i have also got esignal.
Why is it out of your league beacuse you are using a mini account? As long as youre not paying for their services, surely its best to get the best information possible, whatever lost sizes you use?
Are you expecting to trade this in a range? IT looks like it will break out before to long, though everything is so volatile, and there are such monumental swings at the moment.
In terms of esignal, have you noticed an increse in your trade success as opposed to when you use tradestation? Surely if this vital statistic is the same, then youd be better off saving $100.
In terms of the chart you have posted, it looks like another breakout?
Do you ever straddle trade this sort of set up?
Bertie
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Ya i do trade within channels, not to much in triangle and penants, although i wish i have missed a lot of grat opportunitys.
I do like e-signal for its siplicity and over all tools, but your right I have not noticed trading any better with it, so i am better off with these sort of charts,
Happy trading.
Did anybody get suckered in to sell ing pound/ dollar from break out of bottom trend line ?
If so where would or did put your stops and limits ???
Thanks for any feed back
I LIKE WEDGES BECAUSE YOU KNOW YOU WILL HAVE A TRENDLINE BREAK. THIS CHART IS 4H. THE EURO IS LOOKING THE SAME. THIS MORNING I THOUGHT A TOPSIDE BREAK WAS GOING O HAPPEN. BUT REMEMBER THAT MOST WEDGES BREAK IN THE DIRECTION OF THE TREND (ARE CONTINUATION PATTERNS). ONLY TIME WILL TELL, BUT BEWARE OF THE BEAR TRAP LIKE THE BULL TRAP ON THE JPY THE OTHER DAY.
AS LONG AS YOU HAD AN APPROPRIATE STOP FOR GBP, YOU ARE IN FOR MORE THAN 400 PTS. WHAT I DO IS MAKE THE STOP FOR 50% OF THE WEDGE SIZE. IN THIS CASE, 120 PTS. I WAS WITHIN 22 PTS OF THE STOP.
I PUT ON FIBO JUST TO SHOW THE 50% OF WEDGE.
WAS I SWEATING? YES, BUT YOU HAVE TO REMEMBER TO PLAN THE TRADE AND TRADE THE PLAN.
In the FOREX manual from tradinglogic.co.uk it shows how to draw real trend lines. When i draw them as shown in the manual, i go in according to the rules my trades are successful 90% of the time! I've never had this much success at FOREX trading - ill be trading trendlines for life!
Good luck trading guys! Check out the site if you want to learn to draw true trendlines!
This is a neat one with at least 3 lines intersecting, and except for the bear trap, only one breaking, the 4H uptrend line.
What is interesting is that the retrace on the original S breakout was within 12 pts of the 99.59 line where it hit 2 trend lines and bounced back down to where it is now.
Remember the big trend is down. Think of it as someone big pushing down on your shoulders. You can resist and maybe push up for a while, but the pressure is too much and you will eventually fatigue before he does. Fight all you want, the weight will always win (until you tun into the Incredible Hulk that is).
AT THAT POINT, the fundamentals change. But that is another lesson.
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Ahh
audusd canal
