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[Lord Flasheart]

I guess my question should have been :- how do you come to draw your reversal line from the origin that you use (see attached chart) ???

I appreciate that you are busy and may not have time to explain, in which case....no problem.

Its hard to explain exactly why I chose a particular line or where from.Experience and hours of screen time is probably behind it. The main importance is that they offer good r/r if they are right or even partially right.In your example that line holding up the euro further back was very solid and symmetrical, The smoother the symmetry the better chance there is of a big reaction from that level. If the pullback is also a fib level,even better. They or I seem to spot the selling levels better,the vast majority of my trades are shorts

 

[mvtrader2000]

Its hard to explain exactly why I chose a particular line or where from.Experience and hours of screen time is probably behind it. The main importance is that they offer good r/r if they are right or even partially right.In your example that line holding up the euro further back was very solid and symmetrical, The smoother the symmetry the better chance there is of a big reaction from that level. If the pullback is also a fib level,even better. They or I seem to spot the selling levels better,the vast majority of my trades are shorts

Your explanation is very much appreciated and gives me a really good idea of what I should be looking more closely at when trading purely with PA.

 

[Lord Flasheart]

short cad/jpy at 82.12 sl 82.35

1/2 off at +10,rest to -10. free trade and can re enter if needed

 

[forexkunta]

Very interesting screen shot! We are about to break something.

 

[wackypete2]

Love a good squeeze!

 

[wackypete2]

FYI:
I'm reading the t2w mailer and I see this thread is listed in the "Featured Threads" section.



Peter

 

[forexkunta]

Any bets on which way it breaks? My bet is down! Sound off and lets see where everyone stands.

 

[be-positive]

better take down hope you had a laugh

 

[wackypete2]

Any bets on which way it breaks? My bet is down! Sound off and lets see where everyone stands.

Agreed. Going down.

Peter

 

[wackypete2]

Aud, cad, gold getting kicked to the curb today after running up past 2 days. Big money moves the markets and when they can't decide if they are supposed to be risk on or risk off this is what happens.
Of course, Bernanke speaks, market tanks. Imagine that.

Peter

 

[wackypete2]

I'm going to have a swing trade on audusd coming up later, after today's US session close.

Peter

 

[wackypete2]

better take down hope you had a laugh

wimp!

Peter

 

[mvtrader2000]

That's me out for a 30 pip loss........Arrrhhhhhh.

Next:clap:

 

[forexkunta]

That's me out for a 30 pip loss........Arrrhhhhhh.

Next:clap:

 

[forexkunta]

Short Cable 1.59046 s/l 55pips, Short G/J 129.26 s/l 44 pips

 

[wackypete2]

That's me out for a 30 pip loss........Arrrhhhhhh.

Next:clap:

I see you've been trading for a while. (longer than me!)

Don't get discouraged from posting here because you have a loss. Most of us aren't judgemental. Keep on truckin'!

Peter

 

[Lord Flasheart]

better take down hope you had a laugh

whatever it was put it back,i was watching us get stuffed by holland

For what its worth, i think euro up from here as other charts cad and chf indicate that to me,still hanging in with cad/jpy trade

MV as wacky says,never worry about calling losers,but do worry about calling to the thread,it can cost you cash,trade to your methods.

 

[Lord Flasheart]

moved stop on cad/jpy to b/e. Want to at least get something from it

 

[wackypete2]

AUDUSD swing trade - 1/4 position

Set-Up:
Daily chart shows nice trend up from December followed by an entire month of consolidation in February. Today's action popped the high of the trend and quickly reversed about 140 pips forming an outside bearish hammer (pin bar) and will close near yesterday's low.

My Trade:
The stop loss in any case should be above today's high but I don't want a 140 pip stop. I'm going to wait for the 38 fib retrace of today's candle which is just about at today's open and will give me about a 95 pip stop. Naturally, there's a chance I won't get filled and miss out altogether but several factors suggest a retrace before the next move to the low end of the range.

Sell Limit 1.0764
stop1.0859
Target 1.0625
1/4 position

If not filled trade will expire at the close of the UK session.

Peter

 

[Lord Flasheart]

moved stop on cad/jpy to b/e. Want to at least get something from it

stopped at b/e on cad/jpy for 2nd 1/2,still think it will come down,but wont trade it again tonight