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- FXreds replied Jul 7, 2011
Yep, totally agree Duffy, I have found discipline to be the biggest challenge at times but also the greatest benefit. I know we are focusing on forex here, but I also take some action in the equity indices also. Just thought I would pop this chart ...
- FXreds replied Jul 7, 2011
FH, Thanks for the response. You are perfectly correct in relation to my comment regarding the larger artifact, this was an incorrect assumption on my part. You have clearly stated the purpose earlier, but hopefully this will avoid any others making ...
- FXreds replied Jul 6, 2011
Strong consolidation ? — Looks like decent consolidation now building, 20 bars so far.
- FXreds replied Jul 6, 2011
Missed Trade — Hi FH, Thought I would respond if thats ok, as I was the main party looking for a long earlier. The one point I would make is that I did not have an expectation that price would break long, but was only looking to trade it if ...
- FXreds replied Jul 6, 2011
Dead Right — Duffy, absolutely correct. One thing I would say however is that I was not trying to 'predetermine' a long trade, have been at this long enough to know that the market does not give a toss about my opinion, only expressed my ...
- FXreds replied Jul 6, 2011
Looks like the short off the box earlier is working out ok
- FXreds replied Jul 6, 2011
Long Order — Not sure how others will handle this (in particular FH) but I intend leaving my long order intact at the top of the box at 1.6030 despite the fact the lower level has been breached.
- FXreds replied Jul 6, 2011
Hi Duffy, I dont think (and hope) that the thread is going to self destruct, most participating are using nothing but the charts used by FH. I agree that the method has been laid out not to question if the market is going up /down, but in relation ...
- FXreds replied Jul 6, 2011
Cheers Squalou — Thanks Squalou, much appreciated
- FXreds replied Jul 6, 2011
Standing aside and not taking the short for previous mentioned reasons, will watch with interest though.
- FXreds replied Jul 6, 2011
Good point and this is why I am only considering a potential long at this point, in addition to the fact I dont want to sell into a big level such as 1.6000 and the bottom of the box represents a 100 pip or so down move on the day.
- FXreds replied Jul 6, 2011
Waiting — Price has now rejected the top of the box 4 times at this point. The box is starting to fill out, now on bar 13 of the CZ. The longer it continues, the better the potential breakout, we shall see.
- FXreds replied Jul 6, 2011
Depends on CZ — Hey Sidefx, will determine by the size of the CZ and the force of any break. We are currently only on bar 10 of the new zone, so if it breaks shortly and without much momentum would possibly look to exit quickly or else move ...
- FXreds replied Jul 6, 2011
Pending Order — Setting pending long order on cable at 1.6030.
- FXreds replied Jul 6, 2011
Also worth noting that cable took a very large bounce off the 1.5990 level yesterday up to the 1.6125 area.
- FXreds replied Jul 6, 2011
I agree Songo that we are not there yet, however have the box drawn leaving some room to the right to see if it will fill out and confirm a CZ. If not, fine, just move on and wait for the next opportunity. The fact that we are at a big psych level ...
- FXreds replied Jul 6, 2011
Possible CZ in the making on cable, will continue to monitor for the moment.
- FXreds replied Jul 5, 2011
Closed short — Out of the short for +37.
- FXreds replied Jul 5, 2011
Fair point FXH and duly noted. In terms of my reference to the box above it was more a reference to what had happened with PA in terms of the pullback from the swing down. I am still holding the short from earlier and will close if PA takes out the ...
- FXreds replied Jul 5, 2011
Not sure if I would be taking the long off this box, not much room up to the previous box low which may act as resistance again. Still holding earlier short but will close above 6070 if we get back there.