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Rsi Breakout

Sep 29, 2009 at 16:18
12,533 Zobrazení
163 Replies
Členom od Aug 06, 2009   397 príspevkov
Nov 11, 2009 at 13:05
has anyone trades the usdcad? it's playing out just as i've expected:

<a href= target='_blank'><img src= /></a>

the red line was drawn on a previous post several days ago.

Prílohy:

Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 11, 2009 at 18:07
looks like i've had an excellent exit on the gbpusd pair.

<a href= target='_blank'><img src= /></a>

i'm keeping an eye on this pair as there should be an entry in the next couple of days. as seen from the image, the price might go up or down, once it decides on a direction, i'll wait for a channel to form and enter with the channel's direction.

is anyone trading like this? i would love to hear some suggestions or your experiences.

Prílohy:

Sleep is for the weak.
Členom od Sep 10, 2009   6 príspevkov
Nov 16, 2009 at 12:40 (upravené Nov 16, 2009 at 12:42)
What's the best way to post a chart on here? I wanted to check my understanding of your system.

Thanks

Prílohy:

Členom od Jul 31, 2009   1444 príspevkov
Nov 16, 2009 at 12:51

jenks posted:
    What's the best way to post a chart on here? I wanted to check my understanding of your system.

Thanks

Jenks, when uploading an image, press on the 'Insert' button in order to insert it into the post, or else it will just show up as an attachment.
Členom od Sep 10, 2009   6 príspevkov
Nov 16, 2009 at 14:36
Sorry, i must be doing something wrong here. So i've got the chart on my screen, do i just hit 'print screen' and then log in here and press the 'insert' button?

Thanks
Členom od Jul 31, 2009   1444 príspevkov
Nov 16, 2009 at 14:43

jenks posted:
    Sorry, i must be doing something wrong here. So i've got the chart on my screen, do i just hit 'print screen' and then log in here and press the 'insert' button?

Thanks

1. After hitting print screen, save it to a file (You can do that with Paint).
2. Click on the attachment icon and upload the file using the 'Browse' button.
3. After the file is uploaded, click on the 'Insert' button to insert it into the post.
Členom od Sep 10, 2009   6 príspevkov
Nov 16, 2009 at 15:10
Biz, i opened this trade earlier is this kind of the idea you've been explaining. I wasn't sure where to put my stop though, would be good to get some feedback. Thanks


<a href=https://www.myfxbook.com/files/jenks/Chart.bmp target='_blank'><img src=https://www.myfxbook.com/files/jenks/Chart.bmp /></a>
Členom od Aug 06, 2009   397 príspevkov
Nov 16, 2009 at 15:30 (upravené Nov 16, 2009 at 15:31)
jenks, i prefer to not trade on lower time-frames than 4 hours, but i will try to explain it with your example.

i look for channels of price, so you have to have 2 parallel trend lines, one support and one resistance. in your case you're forming a kind of triangle. so in the 1 hour time frame it would looke like this:

<a href= target='_blank'><img src= /></a>

the stop is usually behind the previous price when it touched the trendline (support in case of a long, resistance in case of a short). the stop is actually only a safe-guard. once you recognize a new channel, you should close the trades in the wrong direction.

currently, i don't think there's a reliable channel as the price stick to the resistance. it should spread equally throughout the whole channel.

Prílohy:

Sleep is for the weak.
Členom od Sep 10, 2009   6 príspevkov
Nov 17, 2009 at 10:18
Many thanks for that Biz, i'll keep working on it.
Členom od Aug 06, 2009   397 príspevkov
Nov 17, 2009 at 12:53 (upravené Nov 17, 2009 at 12:53)
jenks posted:
    Many thanks for that Biz, i'll keep working on it.

great.

moving to my next trade - looks like an excellent setup in the 4h, eurusd :

<a href= target='_blank'><img src= /></a>

as you can see, the entry point now lies on a double support - the support of the primary channel, and the support of the broken secondary channel (resistance becomes support and vice versa) - which increases the probability of this trade.

take profit is the resistance of the the channel on the daily, and sl is about the the same distance as the take profit, so i would say this is a 1:1 risk:reward, although the levels can change as the price develops.

Prílohy:

Sleep is for the weak.
Členom od Sep 10, 2009   6 príspevkov
Nov 18, 2009 at 12:07
Biz i'm a bit confused as to your target, as on my chart the resistance on the channel on the daily is much higher. It seems to be developing into a nice trade for you anyway but just thought i would ask you to clarify for me.

Many thanks

Jenks
Členom od Aug 06, 2009   397 príspevkov
Nov 18, 2009 at 14:01 (upravené Nov 18, 2009 at 14:02)
jenks posted:
    Biz i'm a bit confused as to your target, as on my chart the resistance on the channel on the daily is much higher. It seems to be developing into a nice trade for you anyway but just thought i would ask you to clarify for me.

Many thanks

Jenks

Jenks, this is a correct observation.

whenever i have a wide channel, there is a natural support/resistance going right through the middle of the channel:

<a href= target='_blank'><img src= /></a>

my theory is that price only moves straight when there are no support or resistance blocking it, or else it will just move to the next support/resistance area.

so that's why i will exit at the nearest major resistance (if we get there).

Prílohy:

Sleep is for the weak.
Členom od Sep 10, 2009   6 príspevkov
Nov 18, 2009 at 15:00
I see, its starting to sink in... slowly :-)

Thanks Biz
Členom od Aug 06, 2009   397 príspevkov
Nov 19, 2009 at 08:07
just exited the eurusd at breakeven, too bad as it was developing nicely.

the price failed to brake resistance, and now looks like it's heading down.

will wait for another entry.

<a href= target='_blank'><img src= /></a>

Prílohy:

Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 19, 2009 at 14:08 (upravené Nov 19, 2009 at 14:08)
trying a long position in the gbp/usd.

here's a 4h chart:

<a href= target='_blank'><img src= /></a>

looks like it's going to continue the uptrend and break upside.

stop-loss and target are not set yet, will see how it develops.

Prílohy:

Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 19, 2009 at 17:57
trying a quick short on the eur/usd, aiming for the support:

<a href= target='_blank'><img src= /></a>

Prílohy:

Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 20, 2009 at 12:09
closed the eurusd position for +80 pips.

the gbpusd is going down currently, but i'll try another long at the next support(original trade still open).
Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 24, 2009 at 10:56
biz0101 posted:
the gbpusd is going down currently, but i'll try another long at the next support(original trade still open).

missed the entry several times, but got in with another long near support levels.

<a href= target='_blank'><img src= /></a>

Prílohy:

Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 24, 2009 at 11:32
looks like the eurusd is ready to resume it's uptrend.

take a look at the previous candle, like before, it signals a possible up movement, so trying here a long with a stop just below the previous candle's low, and the target is the resistance of the channel.

(4h chart)

<a href= target='_blank'><img src= /></a>

Prílohy:

Sleep is for the weak.
Členom od Aug 06, 2009   397 príspevkov
Nov 24, 2009 at 20:08 (upravené Nov 24, 2009 at 20:09)
the market practically didn't move today - i hate it!

i guess everybody's waiting for tomorrows jobless claims.

in the mean time i'm just looking for trade setups..
Sleep is for the weak.
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