EurAud

[Raj]

When this pair reaches 1.6935 area, I will turn to a 5min chart and look for a CF for a long scalp opportunity.

:)

Happy Pipping

[Raj]

Well beautiful long from the support appointed in last post - banked some nice pips really quickly...good night.

:)

Happy Pipping

[Rob123]

Hi Raj,That was quick lol That was 78.6 of the daily up move correct ? Rob

[Raj]

Rob I can only get some monthly data below this price on meta, but I was just looking at the daily bars to the left - we supported here for 5days b4, so bounce was emminent.

:)

Happy Pipping

[Raj]

1.7065ish is the level I'm looking at for possible entry of bears, as there is daily 618 resistance, which converges with the current fib extension of the 60min upmove. But the market is battling the trendline at the moment, so I'm patiently waiting.

:)

Happy Pipping

[Raj]

Still a possible gartley setup...waiting for 618 or as7 to be hit

:)

[Rob123]

Thanks Raj,I'll be watching like a hawk :)

[supra]

Hi Rob,

I have just shorted EURAUD at 1.65 based on 60' bearish engulfing CF resisting at 61.8 fib & we have long-term S/R levels around 1.6500-1.6515.

Cheers.

[Rob123]

Good going Supra -looks like your in the money. Rob

[supra]

Hi Rob,

Yes, it's a winner. I have banked 50% at 1.6360 and moved rest to break-even.

Cheers.

[Raj]

Watching this pair at the 382 fib res!!

:)

[Raj]

Managed about 150 pips, and decided to bank some lots at the 618 supp...have locked a few pips in on the remaining.

:)
Happy Pipping

[Raj]

I have cashed in all short lots because of the tweezer bottom CF, and subsequently went long...perhaps we will go back up to test the daily res again.

:)

HAppy Pipping

[Rob123]

Awesome Raj !

[Raj]

Thanks buddy. I have banked some lots at the trendline from the tweezer bottom long, nd I'm hoping the 382 fib will hold for the remainder of my long position.

:)
Happy pipping

[supra]

Hi Raj,

Amazing indeed! Especially how price obeys your support & resistance levels. Hopefully Rob & I would catch up to your "level" soon.

If I may, could you please advise where you had your initial stop loss for both the short & long trades.

Thank you.

[Raj]

Thanks Supra....inital short from daily 382 res stop loss was 15 pips above the 382 fib....for the tweezer bottom long was 15 pips below the low of the first tweezer candle.

:)

[supra]

Hi Raj,

Thank you for your reply.

So far I've been placing my initial stops behind the 86 fib for 38 & 50 fib entries, and beyond the AB boundary for 61.8, 78.6 & 86 fib entries. I would appreciate if you could enlighten me on how to determine when you should place a loose conservative stop and a tight 15 pips stop.

Thank you.

[Raj]

Supra, its always best to place stops outside the last high/low, or outside the 86 fib, but when you get a CF, then a 15 pip stop above below the formation is ok. As far as that daily short, there was no way to risk so much placing the stop so far away, but we did get 15min ES, so entry and stop was aggressive, but doing this stuff for a while, sometimes you get a feeling for whats going to happen based on what the candles are doing...can't really explain it, but, you were following good stop rules...just keep Equity management in check when choosing stops.

:)

[supra]

Hi Raj,

Thank you for your explanation.

Just to be sure, when you place a tight stop loss, do you normally manage your trade differently? Like moving your stop loss to break-even once the trade starts to move in your favor, etc.?

Thank you.

[Raj]

Yes you can do this, but keep in mind what we discussed before - there is always the danger of being limited out if the market retests the supp/res.

Sometimes, I'll exit a position at the end of a session, then re-enter if I get another CF during the next session, and there again stop being placed 15 above/below the formation.


:)

[supra]

Hi Raj,

Thank you for your further inputs.

Cheers.

[Raj]

Eur aud still in an overall downtrend, and I'm seeing some convergence for a short...we have a 240 bear candle at the 86fib of the downswing, as well as 127 res on the upswing, along with a down trendline. I have shorted the test of the bear candle at 6457. Fingers crossed.

:)

Happy Pipping

[Raj]

hmmmm...hate it when the market ignores a perfectly good CF, anyhow such is life...there is some res at 6540 area.

:)

[Raj]

240 chart decided it wanted the 162% d extension, so from there there has been some really nice trading from the 5min chart...2 swings hit their d extensions to the pip, and I'm short on the latest 618...will see if it hits 162% also.

I've attatched gbp aud chart as well...just to show same strategy.

:)

Happy Pipping

[Raj]

Bingo!!!!!!!!!!!!!!!!

Have a great weekend guys

:)

[Raj]

I've taken a long at the 786 fib to snag a few pips. Hoping for 50.

:)

[Raj]

We're at the 382 res this morning, happens to be SK on the 60 chart

:)

[Raj]

Chart is at some res right now. Watching it.

:)

[liadex]

Raj-- looking at the E/A 240 and 60 do you think it is forming a bull crown? They both have a RT correct??

Would you wait until the 240 breaks the outer down TL would you look for longs??

Thanks
Liz :)

[Raj]

Hi Liz, this baby's been in a mega downtrend - 240 chart has bearish swing with ES at the 618....but you're right, technically the 60min is in a bull crown ...4945 area would be good for RT as we have 618 support there, and also LT at the same general price - be careful if you're taking it - keep your 240 fib to check for resistances

:)

[Raj]

Liz, you need to watch the 1.5000 level as we have some res here both on the 240 and 60min charts.

Maybe you can scalp something on the lower TF's if you get some CF

But we really need this level to break for longs

:)

[Raj]

Liz, short convergence at 5053 look for Cf

:)

[liadex]

Raj-- thanks for your insight. It is invaluable. Passed on the info to Burks also who is long E/A from the daily bar set up that Dan uses

Liz

[Raj]

No prob Liz. And thank-you. I wasn't watching this one earlier, but I did get in on the short for 50 pips.

:)

[liadex]

Raj-- Congrats
I did my usual and looked at it LOL

Liz

[Raj]

We're approaching the horse lattitudes from our short from a few days ago, so caution. Im moving my stop to 4850.

:)

[Raj]

Some resistance with TL to watch here. Looking for some cf on the 60.


:)

[Raj]

The bears were taking a vacation day today...there is some Sk res coming up, so we'll see how that plays out next week. We're probably going to finish the day with quite the bullish CF on the daily, and the 60min chart has already set up for a possible bull crown. The sk level may act as a short for the "C", but may also be a "B" high. If there is any Cf for the short there, watch for possible RT support at an upfib level on the smaller TF's.

Hope this made sense.
:)

[liadex]

Raj-- yes it does make sense in a blond sort of way. Have a great weekend Raj- enjoy spring

Liz:)

[Raj]

Thanks Liz, I hope you caught the move. We had a nice ES at the Sk, and some sweet profits after that. Im watching my position as we're coming up on the 618 support

:)

[Raj]

Last week I took a long as we reached the D ext of the latest swing...have subsequently cashed out at the 382 res this morning. We have our new swing now and should keep an eye on the resistances.

:)

[Raj]

Let's see if we get any CF here at the SK

:)

[Raj]

res didn't hold, now we've done the 1-2...let's see if we get a RT

:)

[Raj]

Will be watching this one at the resistance

:)

[Raj]

For education purposes...example of a gartley. We sell big C because its 618 resistance of the down move, which converges with point d of the up move which equals the 162 target for bulls.

:)