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Rsi Breakout
Jan 28, 2010 at 09:58
(edited Jan 28, 2010 at 09:58)
selling the gbpusd, stop is above the previous high, which is at about 1.645. 1d chart:
it looks to me that the usd is gaining against all pairs, which supports my decisions.
it looks to me that the usd is gaining against all pairs, which supports my decisions.
Attachments:
Sleep is for the weak.
Feb 01, 2010 at 08:14
a quick update on my positions:
the gbp/usd position played out well. the position was opened using the 1d timeframe, but on the 4h timeframe, i've discovered a new channel, and it appears the price hit support for the moment, so i've exited for +315 pips:
the usdjpy wasn't progressing as expected and since it's correlated with the gbpusd (dollar wise) i've decided to close it for +39 pips.
from my experience, when price is stalling, it is best to exit and wait for a better entry - the more it stalls, the lower the chance of knowing the direction of the breakout.
the gbp/usd position played out well. the position was opened using the 1d timeframe, but on the 4h timeframe, i've discovered a new channel, and it appears the price hit support for the moment, so i've exited for +315 pips:
the usdjpy wasn't progressing as expected and since it's correlated with the gbpusd (dollar wise) i've decided to close it for +39 pips.
from my experience, when price is stalling, it is best to exit and wait for a better entry - the more it stalls, the lower the chance of knowing the direction of the breakout.
Attachments:
Sleep is for the weak.
Member Since Jan 05, 2010
88 posts
Feb 01, 2010 at 12:06
Well done biz!
I think the downtrend of the GBPUSD has just started so I think you can get a lot more pips from this move.
I think the downtrend of the GBPUSD has just started so I think you can get a lot more pips from this move.
Patience is a virtue.
Feb 01, 2010 at 13:49
(edited Feb 01, 2010 at 13:50)
yep i agree. i'm just waiting to re-enter at a better price. the price can't move in a straight line, it must retrace, which i believe should happen soon.
i prefer taking my profits and waiting for another opportunity rather then seeing my profits fade away.
i prefer taking my profits and waiting for another opportunity rather then seeing my profits fade away.
Sleep is for the weak.
Feb 02, 2010 at 16:00
all of the pairs are retracing currently, so i did make the right decision exiting 😄
looking to short gbp/usd, eur/usd and long usd/jpy - not sure i will open 3 positions as they're all usd correlated, but will see the setup and then decide. from my experience, there's no point entering positions on correlated pairs - it's just increases risk.
looking to short gbp/usd, eur/usd and long usd/jpy - not sure i will open 3 positions as they're all usd correlated, but will see the setup and then decide. from my experience, there's no point entering positions on correlated pairs - it's just increases risk.
Sleep is for the weak.
forex_trader_7
Member Since Aug 01, 2009
895 posts
Feb 02, 2010 at 16:04
Or diversifies it....
Feb 04, 2010 at 18:09
biz0101 posted:
ok, here's a good setup in the usdjpy - this is a pair i didn't trade for a long time, so i'm interested to see how it plays out:
starting to buy at the first point, will continue to buy at the second point.
as you can see in the chart, the daily channel was broken, and now the resistance becomes support - the prices "rests" on the channel, just before continuing its new uptrend.
entered a long usdjpy position at the second buy area.
The usd is gaining across all of the pairs except this one, so i think some big player is repositioning himself to be long the usdjpy. let's see if i'm right..
Sleep is for the weak.
Feb 09, 2010 at 10:12
starting to see some activity here..
look at my chart:
the red arrows were drawn before the price got there (see my previous posts), so it's really great to see the market is following my price theory 😄.
once the gbpusd and the eurusd will break their recent lows, i believe the usdjpy will shoot up in no-time.
look at my chart:
the red arrows were drawn before the price got there (see my previous posts), so it's really great to see the market is following my price theory 😄.
once the gbpusd and the eurusd will break their recent lows, i believe the usdjpy will shoot up in no-time.
Attachments:
Sleep is for the weak.
Feb 10, 2010 at 15:57
spoke too soon yesterday, the price is still holding in a tight range.
waiting for the gbpusd to break the 1.5540 levels and the eurusd the 1.3580 levels, then usdjpy should definitely follow and continue it's way up.
waiting for the gbpusd to break the 1.5540 levels and the eurusd the 1.3580 levels, then usdjpy should definitely follow and continue it's way up.
Sleep is for the weak.
Feb 15, 2010 at 13:23
i've noticed a very interesting setup and i believe it has a very high probability:
:
as you can see in the daily usdcad chart, there are 3 reasons to go long at the red dot:
- the daily channel (point 1) was broken, and when the price comes back, support becomes resistance.
- a parallel support of the channel in point 2 is created.
- a new uptrend channel is forming in point 3.
as you can notice, all of the above reasons point to a very strong buy area (red dot) in the 1.045 area.
will open a long position once the price reaches it.
:as you can see in the daily usdcad chart, there are 3 reasons to go long at the red dot:
- the daily channel (point 1) was broken, and when the price comes back, support becomes resistance.
- a parallel support of the channel in point 2 is created.
- a new uptrend channel is forming in point 3.
as you can notice, all of the above reasons point to a very strong buy area (red dot) in the 1.045 area.
will open a long position once the price reaches it.
Attachments:
Sleep is for the weak.
Feb 16, 2010 at 13:06
biz0101 posted:
ok, just entered a long usdcad position - don't want to miss it because of 10 pips..
price is slowly slipping away.. 😐 i wonder if it continues down? in anyway, i have a stop loss in place at the 1.04 area just in case i'm wrong on this one..
Sleep is for the weak.
