10.2a Oct. 2012 Edition

[cmeade2]

Interesting day today. Virtually nothing on 10.2a but lots of profitable opportunities with H1 and H4 variants of 10.2.

[hilavoku]

Yepp. Only have some pending orders (AUDCAD short; EURGBP long; GBPCHF short).

[wBear]

Here's a quick post (from my morning Breakfast time): Short AUDJPY

[gustav213]

10-9-2012 8-22-45 PM.png

Where are you shorting it? I would do it at the next Weekly Support around 79.38

[wBear]

Where are you shorting it? I would do it at the next Weekly Support around 79.38

Hi Gustav213,
As WP is below MP, DP is below WP -- I'd short it about 10~15 pips below DP, TP around WS1 or H4 Support. There were quite a number of times I took a short (referring to other pairs) slightly below WS1 (or Long slightly above WR1), PA (price action) then reverses forcefully. I either end up having to hedge (get hedge wrong & basket becomes worse) or do recovery trades to close entire basket as I didn't want losing positions to eat up my margin as my account is a rather small one.

I'll watch for signs e.g. economic events for the day & currency slope strength to see where this goes. Great if price action follows through from DP to WS1 to WS2. But, I'm taking a chance with a small lot size to see where this goes

[gustav213]

Where are you shorting it? I would do it at the next Weekly Support around 79.38

Hi Gustav213,
As WP is below MP, DP is below WP -- I'd short it about 10~15 pips below DP, TP around WS1 or H4 Support. There were quite a number of times I took a short (referring to other pairs) slightly below WS1 (or Long slightly above WR1), PA (price action) then reverses forcefully. I either end up having to hedge (get hedge wrong & basket becomes worse) or do recovery trades to close entire basket as I didn't want losing positions to eat up my margin as my account is a rather small one.

I'll watch for signs e.g. economic events for the day & currency slope strength to see where this goes. Great if price action follows through from DP to WS1 to WS2. But, I'm taking a chance with a small lot size to see where this goes

Will you be waiting for the candle to close? Or will you enter now? I'm just trying to see what other traders look is on a trade. I do understand your point about WS1 that is why I was curious. Right now the TMA shows a good sign it might hit the next support line and that will bring in a nice 30 plus pips.

[wBear]

Will you be waiting for the candle to close? Or will you enter now? I'm just trying to see what other traders look is on a trade. I do understand your point about WS1 that is why I was curious. Right now the TMA shows a good sign it might hit the next support line and that will bring in a nice 30 plus pips.

When PA retraced to DP area with a show of bear candle (at H1 chart) just now, I already took the trade. So now, I'm sitting on profit

Edit: P.S. By the way, AUDUSD seems to be doing quite the same thing

[gustav213]

Will you be waiting for the candle to close? Or will you enter now? I'm just trying to see what other traders look is on a trade. I do understand your point about WS1 that is why I was curious. Right now the TMA shows a good sign it might hit the next support line and that will bring in a nice 30 plus pips.

When PA retraced to DP area with a show of bear candle (at H1 chart) just now, I already took the trade. So now, I'm sitting on profit

Edit: P.S. By the way, AUDUSD seems to be doing quite the same thing

What time frame are you trading off?

[wBear]

Will you be waiting for the candle to close? Or will you enter now? I'm just trying to see what other traders look is on a trade. I do understand your point about WS1 that is why I was curious. Right now the TMA shows a good sign it might hit the next support line and that will bring in a nice 30 plus pips.

When PA retraced to DP area with a show of bear candle (at H1 chart) just now, I already took the trade. So now, I'm sitting on profit

Edit: P.S. By the way, AUDUSD seems to be doing quite the same thing

What time frame are you trading off?

Generally, H4 for initial trend reading. I use H1 for more precise entry & exit timing.

[gustav213]

Will you be waiting for the candle to close? Or will you enter now? I'm just trying to see what other traders look is on a trade. I do understand your point about WS1 that is why I was curious. Right now the TMA shows a good sign it might hit the next support line and that will bring in a nice 30 plus pips.

When PA retraced to DP area with a show of bear candle (at H1 chart) just now, I already took the trade. So now, I'm sitting on profit

Edit: P.S. By the way, AUDUSD seems to be doing quite the same thing

What time frame are you trading off?[/quote]
Generally, H4 for initial trend reading. I use H1 for more precise entry & exit timing.[/quote]

Ohhhh ok, I was so confused when you said bear candle and I was looking at the 4H. Makes a lot more sense now. I will need to start confirming with 1H time frames for a try.