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08-27-2009, 11:57 AM
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Quote:
Originally Posted by Sean Hyman
Million$Man, Good catch. I see it even easier on the 1 hour chart. Here's the flagpole. The eventual (minimum) target is at least 1.08 to 1.0850ish.
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What is a flagpole?
What does it mean? Bullish? Bearish?
At the moment, I've got away with my short position; I'm still in there with it. I'm glad that I had to go out, just after the news came in. I may have hit the exit button.
Regards,
Lee. |
08-27-2009, 12:05 PM
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DailyFX Power Course Instructor
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Quote:
Originally Posted by Lee Saunders
What is a flagpole?
What does it mean? Bullish? Bearish?
At the moment, I've got away with my short position; I'm still in there with it. I'm glad that I had to go out, just after the news came in. I may have hit the exit button.
Regards,
Lee.
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It's the long black line on the chart. It's a bullish pattern that should break to the top if I'm right on the pattern (have been wrong before, hehe!).
So I'm long, part near the top of the flag and another order bought at the bottom of the flag. We'll see how it goes from here. If it breaks out to the upside we could see 1.08 or more very easily.
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08-27-2009, 12:10 PM
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Quote:
Originally Posted by Sean Hyman
It's the long black line on the chart. It's a bullish pattern that should break to the top if I'm right on the pattern (have been wrong before, hehe!).
So I'm long, part near the top of the flag and another order bought at the bottom of the flag. We'll see how it goes from here. If it breaks out to the upside we could see 1.08 or more very easily.
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Intersting Sean, I'm waiting for the break of the flag as I wasnt sure how to trade the flag..Can i ask where your placing your stop on these, just below the flag?
M$M
Last edited by Million$Man; 08-27-2009 at 12:11 PM..
Reason: Spelling
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08-27-2009, 12:15 PM
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DailyFX Power Course Instructor
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Quote:
Originally Posted by Sean Hyman
It's the long black line on the chart. It's a bullish pattern that should break to the top if I'm right on the pattern (have been wrong before, hehe!).
So I'm long, part near the top of the flag and another order bought at the bottom of the flag. We'll see how it goes from here. If it breaks out to the upside we could see 1.08 or more very easily.
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The best way is to place your buy order once a candle closes above the flag pattern and place your stop well within the flag pattern.
I may be getting too greedy here and jumping the gun. I have stops at around 1.0630 right now. My average buy is in the middle of the flag with one purchase at the top and one at the bottom.
If the pattern should break down...then I could always reverse the position too.
__________________
The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com
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08-27-2009, 12:19 PM
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Quote:
Originally Posted by Sean Hyman
The best way is to place your buy order once a candle closes above the flag pattern and place your stop well within the flag pattern.
I may be getting too greedy here and jumping the gun. I have stops at around 1.0630 right now. My average buy is in the middle of the flag with one purchase at the top and one at the bottom.
If the pattern should break down...then I could always reverse the position too.
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Understood, thanks for the prompt and simple answer as always 
Oh and by the way, theres nothing with being greedy, its what makes the world go round!!
M$M |
08-27-2009, 12:38 PM
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Thanks Sean,
USD/CHF
I've been working off the information provideded mainlnly by MACD and SMA 10/20 on a 2 hour chart.
On the 1/2 hour chart SMA 10,20 and 50 are all bending together to the downside, supported by a steepening MACD line from its signal line.
Is this pattern one of those to chuck away the indicators and go with experience, which of course I don't have?
Regards,
Lee.
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08-27-2009, 12:40 PM
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Quote:
Originally Posted by Million$Man
Understood, thanks for the prompt and simple answer as always
Oh and by the way, theres nothing with being greedy, its what makes the world go round!!
M$M |
Million$Man, well normally I do take the more conservative approach. Good news is that my risk management is in place.
So if I lose..it won't be any big deal % wise to my account. However, if I win...it could be a big lift to the account.
Good risk management is always the key, no matter what the system is for one's trading.
__________________
The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
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08-27-2009, 12:46 PM
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Quote:
Originally Posted by Lee Saunders
Thanks Sean,
USD/CHF
I've been working off the information provideded mainlnly by MACD and SMA 10/20 on a 2 hour chart.
On the 1/2 hour chart SMA 10,20 and 50 are all bending together to the downside, supported by a steepening MACD line from its signal line.
Is this pattern one of those to chuck away the indicators and go with experience, which of course I don't have?
Regards,
Lee.
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Lee, Here's the 2 hour chart with your indicators on it. The crossovers last produced a buy cross. So you'd still be long, not short at this point based off of them.
The MACD lines are still above the zero line so that's still somewhat bullish although they'll be more bullish upon the breakout when the MACD lines curl back upward while staying above the zero line.
Moving averages work best when the pair is trending...especially when using crossover strategies. Right now we're in a tight consolidation.
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The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
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08-27-2009, 12:49 PM
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Ah,
Thank you for pointing out the error of my ways.
OK, so I MUST remember the zero line on MACD. and think more about MVAs.
Thanks.
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08-27-2009, 01:05 PM
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Quote:
Originally Posted by Lee Saunders
Ah,
Thank you for pointing out the error of my ways.
OK, so I MUST remember the zero line on MACD. and think more about MVAs.
Thanks.
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Lee Saunders, hey we're all learning. None of us knows it all (and that would include me too).
You're doing great.
So glad you're with us.
__________________
The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
Sean Hyman - DailyFX Forum Moderator - shyman@dailyfx.com
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08-27-2009, 01:50 PM
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USD/CHF. I've just realised that FX signals is with me showing a 'breakout2' short position at 1.06656.
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08-27-2009, 02:24 PM
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Quote:
Originally Posted by Lee Saunders
USD/CHF. I've just realised that FX signals is with me showing a 'breakout2' short position at 1.06656.
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Some "rapid" CHF buying took my stops out as USD/CHF and EUR/CHF tanked on CHF buying across the board.
__________________
The DailyFX Forums have over 75,000 members, and many discussions going on at once. If you aren’t sure where to get started, email me with your questions and I’ll introduce you to the community and point you in the right direction. I look forward to hearing from you.
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08-27-2009, 02:30 PM
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Wow.... some much movement suddenly... so what now? uptrend after this sudden fall? or we will see continual drop?
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08-27-2009, 02:30 PM
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Quote:
Originally Posted by Sean Hyman
Some "rapid" CHF buying took my stops out as USD/CHF and EUR/CHF tanked on CHF buying across the board.
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I wonder if Swiss central bank is up to something? I was long eurusd and it worked out nicely. Maybe the USD is going down the toilet, LOL. |
08-27-2009, 02:32 PM
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Looks like I was right
Possibly look to buy on confirmation ?
Last edited by Lee Saunders; 08-27-2009 at 02:38 PM..
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