If you take a look at my fist thread, I post screenshots of my P/L. I doubt I'd ever post an account statement though.. How much is in the piggy bank is probably not anybody's business but mine. And NOBODY should be posting their piggy bank amounts..
Hello Norm, Aud/usd did jump right on up. Same here on the eur/jpy. I'm going to test out some pairs buy placing 2 orders on the ranging markets and see what happens and using the best S&R lines i can find top and bottom.The eur/usd is a good example today.Right now this method is a good 80% which is allright with me John you have any suggestions please let us know.
I think counter trend trades may have to be watched closely at breakout, least thats what I'm going to do. If I find the price meandering around the breakout point i'll close the trade for a lack of momentum. Just placing stop orders on all breakout has to fail...it can't be that simple. I read in one of
Soultrader's posts where he says that breakouts only work 30-40% of the time regardless of method used. Not sure I agree with that, but caution is advised.
Appreciate the info Norm. I have been monitoring most of my trades but won't be able to tonight so we'll see what happens. The usd/chf looks like it may make a turn around.So i have a buy stop at 1.1077.
Good trading Norm .Neither of mine triggered. I was looking for a reversal. I see the gpb/jpy dropped below the 213.45 line that has been around for decades .
I'm in Gbp/Jpy at 213.20 a break of the trendline. Keep watching for setups, be careful on counter trend trades. Multiple hits and London opening
are the best for them.
Hey Norm ,On jan 7th and 8th i 2 reversal touches at 1.4737 and around the 1.4742 line.I'm looking at my 30 minute charts. What do you see on eur/usd ?
On your gpb/jpy your going by only your trendline on your 30 min chart correct ? Because it has allready broke down below the 213.50 area then moved back up some and broke below the 213.30 on the 30 minute chart using trendlines.I haven't been using trend line just S&R lines.Let me know what you come up with. Also i would like to know what your next strong line is on the gpg/jpy.This pair could drop on down a good ways.
Ok Norm, What do you see on the gpb/usd? I see a good entry below the 9540 area if it goes down.I'm looking at my 30 min charts.I see a reversal(1/10 7:30gmt) there and trendline drawn from 1/10 12:00 gmt downward. Let me know what you think. I'm using mt4 charting and nothing else. Educate me Norm
Ok, I see your hit area on eur/usd, that was a good play.
On Gbp/Usd and Gbp/Jpy there's no play at the moment. The plays on both were early friday morning. On G/U I like to see 2 hits before drawing a trend line, then a break at the 3rd hit.
Gbp/Jpy will follow the Dow. If the Dow makes a new closing low, it will drag G/J with it, possibly breaking the 212.00 area. Gotta be careful with this pair, big money loves to play games with the price. The price projection of the head and shoulders puts the price in the 187.00 area, about 2600 pips lower. Price needs to go thru several setup area's on the way down.
