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Four Brothers Set Up


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  #81 (permalink)
 
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 BenG 
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looks like eurusd is going down some more.

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  #82 (permalink)
 pdhuey2000 
Atlanta, GA
 
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I would take a lighter trade short if the swissy broke short. maybe 1/2 or quarter. but would really be waiting fro the long at 97.50 area. however as time goes on conditions can change.

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  #83 (permalink)
 
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 BenG 
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you know when you look at the FB or a specific congested area, when considering the +1 pip for up or the -2 pip for down, is that form where the end of the tail is, and not the body? i'm probs answering my own question here as it would make sense it would be from the tail as that is either the highest or lowest point.

so just to clearify, when trading FB's you would still take into account the general trend? would you consider just the daily, or also weekly etc? or are you just focused on s/r levels?

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  #84 (permalink)
 
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 BenG 
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so considering the eurusd, that would now be a short trade? and the usdchf an up?

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  #85 (permalink)
 pdhuey2000 
Atlanta, GA
 
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entry at 9790 stop 77

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  #86 (permalink)
 
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 BenG 
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still very slow movements, hope it goes somewhere

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  #87 (permalink)
 pdhuey2000 
Atlanta, GA
 
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Hey,

On a small range chart like the 8r, i will usually take the tail as the hightes/lowest point for the congestion area/ FB pattern.

I will on a minute based chart use the bodies on longer time frames like 4hr or 1hr maybe even 15min.

As far as what to trade and the direction, i use my entry size to dictate how I am feeling about direction.

IF i have an opinion about a direction I will usually chop my order in half if the range breaks the other direction, does that make sense? I am ignoring the euro short right now because of the close of London is coming and as you say the market is sleepy. IF it were pre London right now I would be going short heavy right now. Hope that helps.

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  #88 (permalink)
 pdhuey2000 
Atlanta, GA
 
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Okay so the swissy got me, but i used proper MM and followed rules. thats what goes. Im still green on the week.

cheers.

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  #89 (permalink)
 pdhuey2000 
Atlanta, GA
 
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i am leaving the order on for euro pound and will have my stop at 44. I am going to take about 3/4 of a position here and I am leaving the desk. The set up is still strong so I will give it some room and hopefully when I check back it will have made a move.

though the market is still sleepy. I will take 10 pips and then secondary target will be 7800

thanks

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  #90 (permalink)
 
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 BenG 
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ya I saw that happen, its unfortunate but thats trading, you win some you loose some. Do you use any other indicator to determine whether its the optimal entry point? or just trade about that specific area once it passes that point?

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Last Updated on July 3, 2013


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