Best Thread My Journal at a Prop house

[brettus]

Cheers for levels today lads. Worked out well.

Just to a throw a bit of light in the whole idea of false break out method and why it works. I found a link on youtube about market manipulation in this case it is looking at a stock called RIMM, which by analysis breaks the low triggering a sell signal for many retail clients, which the smart money buyers love, which i have said in the past being the bankers and even more so the hedge fund managers.

I think because of the break and manipulation it is very unlikely that price action will continue to be bullish, and eventually will drop below the line, so any break gives me a sell signal eventually.

http://www.youtube.com/user/TradeGuider#p/u/43/RXYdSyulSGU

My example below:

firstly showing the trend lines.

 

[pozzyp]

Morning Guys,

GBPJPY looking interesting this morning. Price caught between it previous swing high and low and range bound on the 4HR which I have marked off with the thick black lines. However there is a little range within a range which I have also highlighted in yellow and marked of with dotted lines. There was another range from yesterday’s lows to high that was a very narrow band of trading but didn’t get a chance to post the break out this morning in time but there is still opportunity in this set.

 

[pocrel]

morning guys just lookin this morning i have eur/gbp on my radar its seems to be range bound, i know you dont like this one pozzy but let me know what you think, also eur/usd has broken a trendline you might like this one brettus

 

[pocrel]

just shorted that eur/usd on the pullback, i fibbed the brakout bars and decided that a 50% level retrace was a good op to short then it fell off a cliff

that was kinda using your fib idea and i think bruttus is emplyoing this aswell, perhaps you tell me if that was correct or was i just lucky?

eur hit my target line

 

[pocrel]

just to get back to what you are say Brettus,

we should be looking for a brake of the trend line, price to pull backin far enough to stop people out, then sell the next brakeout,

or should we wait for the second brakout followed by a pullback then for price to go again

hope you get my drift?

thanks

pat

 

[pocrel]

sorry Brettus, i have just re read your post and it makes more sense to me now maybe i miss read it this morning or was still asleep but your so right buddy

cheers for that

pat

 

[brettus]

sorry Brettus, i have just re read your post and it makes more sense to me now maybe i miss read it this morning or was still asleep but your so right buddy

cheers for that

pat

To be honest Pat, i havent figured out the best way to trade it. I only trade when it goes below the false breakout in the case. Unfortunately this works best when you can see volume going through, but if you have balls, volume isnt too weak, and you know for sure its a great trend line (at least 3 points touching the trendline), buy below the line with a close stop, use fibonacci for your limits and swing lows. Break of swing low at least after 38% retracement go short and add to short as it breaks through false breakout. Let me know how it goes. Lol! I'll make a post later tonight showing exactly how i think it should be traded for maximum profitability. Let me know what you think!

 

[pocrel]

Sounds very easy my friend willl give you some of my comission for that
The only things is volume is very unrelaible in forex, do you use it in forex? i really dont trade anything else

 

[brettus]

Sounds very easy my friend willl give you some of my comission for that
The only things is volume is very unrelaible in forex, do you use it in forex? i really dont trade anything else

You're right. There's little to go by. Volatility and average daily range?

Actually if you look at this 1.4820 becomes a very good support line with price action not managing to break it, without the break of this trendline it becomes very difficult to trade. I think the only way to trade it in this case is play the false breakout method with the support like being at 1.4820. Not to sell the break of it if it has managed to bounce off it a number of times. So harry would be long from 1.4830 with stop originally at 1.4815 as swing lows go up eventually stopped at 1.4861 which signals the double reversal which sends you short from 1.4861 and i guess i may have taken a few pips only on this trade. Still very hard to trade. Maybe a good idea to close half of the trade short from 1.4861 at 1.4820 in case it bounces and add that half back in if breaks 1.4820. Maybe it will costs you a few ticks but worth it.

One of the guys at work picked this EURJPY one out at work which is interesting. It hits around the 50% fibo retracement, the same as the GBPUSD trade. Will look out for this in future as it could be a good potential level for a limit order not reversal as such though, i still think its risky to short without any sort of signal.

 

[pozzyp]

Morning Guys,


Great range again on 4Hr GbpJpy also the days high low range so good potential on a breakout to either side. So waiting for breakout and pullback on a lower time frame to give entry.

Thanks

Pozzy

 

[brettus]

Mate. Not sure theres gonna be a false break out. but sticking to the game plan.. Good level. I have a sell below 82 now.. Bit of stupid trading today, but managed to nick a few ticks on that one. Had a perfect 50% retracement on that trade, so i took a gamble selling smalls at the 50% retracement only to stupid buy it back and scratch it. Sold the break stole a few ticks. GBPUSD price action was terrible and its given alot away over the week.

 

[pocrel]

short gbp/jpy on a pozzyp trade 134.77 fingers crossed,

also looking at eur/usd (but its right on its extreme)

 

[pocrel]

 

[pocrel]

i am now short eur/usd too

 

[pocrel]

tp 1 hit on gbp/jpy and eur/usd

 

[pocrel]

stoppped out of gbp/jpy for small loss on half remaining , euro not lookin so hot now either

 

[pozzyp]

Morning Guys,

Cable with a nice trading opportunity.

There was a big sell off over night and I have taken a fib from the days high to the low and we are have pulled make this morning right to the 61.8% retracement level.

This level is also of interest as I mentioned in a previous post with a longer standing 4Hr trend line. Price broke through the 4Hr support and now has retested it as resistance and coinciding with the 61.8% retracement so just waiting to see if price turns around here.

 

[pozzyp]

cable short on and rocking at 1.4410 S/L 1.4445 ad first scale out at 1.4391.

 

[pozzyp]

wooop T1 hit very pain free and the risk is off the table.

 

[pozzyp]

Cable stopped out for a very small gain and now looking for a re entry.