Dollar LONG stance but hold trigger till ...

Status
Not open for further replies.
Quote from deadbroke:

Then I'd better get this in quick before anybody loses money -

I've just started out with realmoney trading - only 3 trades under my belt; study and demo completed. I'm going to keep trading sizes under 1 Lot pref. building from 1 mini-Lot & scaling in if correct.

Personal preference is 4H and daily. Want to catch the wave and ride it for months if I can get the direction correct.

deadbroke is my first name, Novice my last.
More...


Wait a second.........is that you increasenow?
 
Quote from makloda:

Wait for DX to base and breakout to the upside. This can take months or years. Once it happens it can develop into a very powerful move that will give plenty of opportunity to enter.

I have 77.815 as a stop on DX short. So let's breach that FIRST before even considering a long entry.

Why suffer trying to pick a bottom?
More...


IMO bottom was in 2008 - and the bottoming pattern, a double-bottom. Now all we got is a correction of the big first wave up. A move past 76.7 has good odds of being the real thing.
 
I was expecting GBPUSD to tank at 200 m.a. on 4H so I could short there, but it looks strong. On daily its right up against the H&S neckline. Also its at 50% retr. of recent 4H downwave.

What do you guys think?



 
GBPUSD 4H rally too strong = suicidal to short = me be patient because not interested in Long. Downtrend since 2007 still intact IMHO. Next downwave will dwarf previous.

New jinx possibility - if top channel line is taken out, the H&S reversal pattern is toast, a dud. If horiz. thick black line gets taken out topside, then Aug 5 top will likely be taken out too = Jan'09 rally still ongoing.

So, no short entry possible yet.


 
Quote from deadbroke:

GBPUSD short 1 L pend 1.5694 stop 1.5847 TP=1.5046 = minm. H&S target.

also will add to short @ 200-pd m.a. on 4H = daily H&S neckline @ 1.6200 if we get there.
More...

------------------------------------------


Is it safe? :D


we got to and slightly past the 200 ma on 4H and a wee wee bit past the neckline on daily and now smack into the top channel line - daily chart posted earlier still valid.

pend Short above is canceled.

New Short 1 mL pend 1.6212 stop 1.6408 TP 1.5046 plugged few mins. ago.
 
Quote from deadbroke:

Dollar Index 240-min. close > 76.7

pump it > 77.1 & then 77.3

A daily close > 77.55 = daily trendline + penultimate sub-wave breakout topside.

pick your own vehicle, Euro$, Sterling/$ or others for the short.

Lead horse could still be Sterling, but Euro/Sterling showing signs of correction, so engine could be Euro$ short.
More...

--------------------------


thread title says ... stance Long but hold trigger.

Adding this now ... high alert for actually pulling Long $ progressive triggers in near future WHEN + ONLY IF these events occur ......

60-min. close > 75.93 and then staying > 200 ma will be sign #1 .... (initiate Long $ pos)

4H close > 77.0 & 77.6 will be sign #2. (add more)

Daily close > 78.2 with good support at 77.42

If script works out and train speeds off north, place entire position STOP 1% under DX=77.42. Then, much later raise STOP to 1% below 200-day ma.

That's for DX, the foundation. Repeat same concept for your vehicle - mine is GBPUSD shorty.

trend following is the aim 1000++? pips - if emotion boots one off, climb back on board asap.

Anal-ysis + chart follows in next post.
 
Same daily chart with updated prices. Only thing added is the wave numbers, 1-9.

caveat:

Wavecounters before me died ingnominiously. The surviving counters became high salaried anal-ysts. When I die I would prefer to just go straight to Hell and totally skip the "Analyst = worse than death itself" step

--------------------------------

A 5-wave downmove from March 2009 top with the 5th wave subdividing into 5 internal waves = 9 in total.

I'm willing to take a shot with this type of setup.

But unlike my dead friends, I demand other evidence - hence the outline in prev. post.


 
You obviously can't trade.

Buy gold while it's still cheap, hold it to 2000. Get a real job ( if you can ), learn the markets on the side.
 
Quote from deadbroke:

GBPUSD pend Short modified to .....

1 mL pend short @ 1.6312 SL 1.6497 TP=1.5046
More...

------------------


canceled.

Reason:

on manual & pend order too close to 1H 200 ma.
 
Status
Not open for further replies.
Back
Top