Friday, May 21, 2010
Thursday, May 20, 2010
Wednesday, May 19, 2010
How i read the price action of the rainbow, this is from todays NY afternoon session...
This is using NT, gain feed & tic chart.
I like to look at the rainbow like stairs so in this example
-the white dots show the price stepping down and stepping up stepping up
-the arrows indicate entries
-and the red diamonds would be the stop loss. so a break of the area where the red diamond is located and I would exit. I hope this helps someone a little bit.
8-took the short off the recent high at 28 it went against me i added a position at 43( I do not recommend this unless you have the account the withstand the drawdown and your money management is in check) which was my support off my 5min chat and then held this bad boy for +48 pips.
Tuesday, May 18, 2010
16 & 17- i could not resist leaving money sitting on the table so i waited as this was pushing down to the daily pivot at 43 on my 5m charts, i knew a bounce would come there and bam got yellow, the price sling shoted down to it i bought +4 fast. Many times i get asked why i like the contrarian trade instead of if i flel it is going to test the 43 then why not short into the down move and then exit and buy at 43. Well my issue is i just do not know for sure when it will test the 43 but i do KNOW that IF it does buyers are there waiting so to me that is a MUCH higher prob. trade. and as you see in the chart the price flew up 20 pips off the bounce. I got yellow and shorted +4 more. Hope this makes sense...
14-again looking to enter a short went against me a bit but again felt the drop was coming +5
15-again tested 54 and sling shot down hard, got yellow bought off the retest of the low +5
15-same exact trade,+5 to end the session as london will close in a half hour.
7-trend is down price sling shot up hard, on the stall i entered, went a couple against me but i felt the move back down was eminent +10
8-again shorted into the move +4
9-same trade, price pushed up and I jumped in a sell +6
10-priced pushed down further got Yellow..Hello +4
1-overall trend was up but rangy, so a tough read, i saw support at 08 took the buy exited +3
2-price dropped nice, right through the 00 so i jumped in at 96 again went a little against me then came back exited 00 +4
3-pushed a little higher but now the trend seems down so i took the short exited again 00 +4
4-pushed down hard right to the 50sma on the 15min chart, i bought there exited 91 +8
5-and sold it went against me -4
6-sold again off 00 +4
Monday, May 17, 2010
11- the trend is down now so i took a nice short +5
12-this was my SURAJ trade, the break out plus i saw support from 3 hours previous the lows were around 26, so a short to test the past lows was pretty obvious trade +4
13-took the buy off the support +3
14-again the price has moved down i waited for it to pull back up get under the tma and took the short +7
This is half hour before the london close so i try and stay out...
again i took a bunch of trades today around 25 or so, in and outs, all positive pips so it was a solid session.
5-market is now reversing down, i got green/yellow to buy but my head said this will go down further so I was looking for quick strikes +2
6-same trade +2
7-same trade +3
8-i had support at 69 took another buy at 65 and i felt it would swing back up, i missed the first exit. the trade got a bit dicey as we are in a down move so when it pushed higher i exited +8
9- then i shorted into the move +5
10-again i pushed down hard and stalled i jumped in thinking i would get 2 instead it jumped up and got +4
1-at this time the trend is up but i got yellow and took a quick short +4
2-then i bought into the trend +4
3-i had resistance at 52 on my 5min chart, got yellow and shorted again +9
4-then market pushed up higher as the over trend at this time is UP, i did not take the buy because the news was coming out at 8am. So i waited for the news to pass and the price pushed higher exhausted itself and I took the short once it went under the TMA +5