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Oh...I didn't know you had gotten out. Didn't mean to rub it in. LOL
NICE trade. Looks like the yen is starting to move our way as well.
WHP03- You said:
I don't think the VC would have touched RIM without appropriate evidence they had something worth investing in in the 1st place.
That's probably what Brad knew at the time.
Well....maybe not.
Dr. Glance...it looks like the yen is headed in our direction. LOOK OUT BELOW!
Is that good or bad for our trade? Fundamentals are my weak point.
Just tightened the stop to break even at 114.77
It ought to drop like a rock when it gets below 70-75 or so.
I think the Kiwi will head down when the hourly correction is finished. I'm still in it.
Not that I'm aware of...did you?
Looks like the Yen finally broke out of it's range. Let's see what happens.
Do you trade for a living?
I'm not taking it blindly. On the daily chart, we're at a resistance level...decreasing positive momentum...macd line pretty much neutral...divergence on the CCI...and as a bonus...we have a stoch crossover from overbought. Looks like a compelling, high probability trade. I've been scanning the 4 hour charts tonight...not the dailies. Nice find...
That looks like a nice play. I believe I just may go ahead and take a few on that one myself.
I set my stop at 155.50...above the recent high with a target of 200 pips for the gain. It comes out to about a 2.7 to 1 profit to loss ratio. Not stellar...but I believe there's at least a 50% chance it'll work out.
LOL
Shorting the USD/JPY. Potential bear flag, decreasing positive momentum, macd line below zero, stochastics cross from overbought. Used a 4 hour chart for this trade. Targeting a MINIMUM of 50 pips (previous support). Short at 114.77
I guess some things are better left unsaid? lol
I hope this is the final nail in the coffin on the uptrend from the past 15 months. This could become a cashcow for us all for the coming years.
My opinion....the dollar is DOOMED for the long term. And I do mean DOOMED. LOL. But seriously...as time passes...the thread that keeps the dollar hanging on tears just a little more. In my opinion...at some point in the future, we'll need a wheelbarrow of cash to buy a gallon of milk. This, of course, is just my opinion.
As for the short term, it's all a big game. My feeling is that fundamentals don't have as much of an effect in the short term. I use mainly technicals to make those types of decisions. What do you think about this Bro. Glance?
Thank you Brother Glance. I really appreciate your kind words. While I did receive an education...you and I both know that only goes so far. What I lack is actual experience. THAT is what I'm looking forward to getting from you, Brother Despot, and others. I'm just a good ol' Texas boy trying to build a little wealth. Are cat like trading abilities transferable and teachable? lol. Glad to be here.
I can see trading without a stop if I'm there to watch the action. In fact...on short term trades...you may not always have time to set a stop. However, when I set my trade and leave...I'll set a stop for sure. I sometimes set a trade and look at it once a day at most.
By the way...do you own this stock...or do you ever plan on buying it? Or do you just go around looking for reasons to have a negative outlook about things? jjz...it looks like you have yourself a fan club here. LOL
Hey gregs. I'm one of the biggest bashers this board has ever seen. However, jjz was kind enough to honor my request by sending the meeting notes to me. He and I don't necessarily agree on everything. However, he's a pretty good guy in my book.
Hey transat. I never ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever ever trade without a stop order. Also, before I ever get into a trade, I know my target price where I'm going to sell. Here are a few of my own personal rules that I was taught by an expert trader.
1. NEVER trade against the trend. The trend is your friend.
2. Always buy at support, and sell at resistance. NEVER buy at resistance or sell at support. ----(by doing this, you can set a stop loss and not have it taken out on a regular basis. When you buy or sell in no mans lane ((inbetween support and resistance)), you're just asking for trouble).
Also, once you've decided your risk vs. reward, set your stop loss and then forget about it. If you can consistently trade with a 3 to 1 or more profit to loss ratio and you're right about 40% to 50% of the time, you'll have a lot more money when December 31st rolls around than you did on January 1st. The WORST thing you can do is let your losers get out of hand while cutting your winners short. The sad thing is, most novice traders do that very thing by moving their stop loss when it's reached.
Hope this helps.
Transat...you place the trade the same as any other trade. The only way to get out of paying interest is to be on the right side of the trade with a 2% brokerage account. Hope this helps.
Mostly long term. I go for hundreds of pips mostly. I sometimes trade short term when I have the time.
I agree. I think the dollar will weaken against the yen for a couple of years to come. I'm just waiting for the day that it'll break the trend from that chart. I just don't know that it'll be this time. However, it is a definite possibility.
Oh...lol. I thought for a moment that you were talking about the eur/jpy.
It could be a short play. I'm ever so slightly leaning more towards a long though unless Japan comes out with some sort of economic data that causes it to break through that long term support.
what chart timeframe? 15 minute?
Hey Brother Glance...nice trade on the eur/jpy last night.
Here's a potential play...500 pips. This is a trade that's still setting up. It's not quite ready just yet. I'm looking at a triangle pattern on the USD/JPY that's been setting up for a little while now and is ripening as we speak. (Daily Chart)
Here's how I play patterns. First of all...this pair has been in a channel for about 15 months now. See bottom picture in this post. Secondly...in my opinion...there's no economic data out there right now that's strong enough to push this pair below what I consider a VERY strong support level which is the bottom of the channel.
There's two ways to play this.
1. Play it off of the bottom support and target the 500 pip width of the channel which could possibly be taken whenever your indicators tell you to get in.
2. The more conservative way to play it (and the way I do it) is to wait for the price to breakout of the pattern. a) If it breaks below support...wait for the price to come back and retest previous support as a new resistance level without breaking back up above. OR...b) If it breaks above resistance...wait for the price to come back down and retest previous resistance as a new support level without breaking back below. Either of these situations explained in a) or b) would serve as confirmation that the pattern has completed. You can then either go long or short.
You would target the upper part of the channel on a long or target the channel width going short. In either case...it will make for a very nice gain....apprix. 450 to 500 pips).
Here's the triangle pattern...
Here's the long term channel. I love playing channels.
If I'm hearing you correctly, you're wanting to learn to trade. Here's who I used. http://investools.com A little pricey...but the training definitely pays for itself.
Just be warned....after you learn to trade the forex...you'll have a hard time staying in bed at night. lol
So instead of learning cat like trading...I guess it's just something that a person is just born with if they're lucky? lol
I have my trades set for the night. My other philosophy is to set it and forget it. I'll either be right or wrong. Have a good evening.
Cat like trading. Is that an actual system with rules? Or is it one of those trading systems that has those flexible type trading rules that can change from second to second? lol
The bollinger bands are what caused me to pretty well say to heck with confirmation. My philosophy is normally that I'd rather miss a good trade than take a bad one. However, sometimes you just have to say to hell with philosophy. lol
I'll usually wait for it to breakout of the triangle and then retest previous resistance as support before making a play. However, I have an itchy trigger finger tonight. I'm only right about half the time when I jump the gun like this. Here's to hoping it dips before it shoots straight up...just for you. lol
Looks like a 25 pipper long play on eur/jpy. Ascending triangle...increasing momentum...macd line above zero...bollinger band squeeze...also notice potential positive divergence on the cci. Keep in mind that I'm only right about 50 to 60% of the time. 25 pip target with an 8 pip stop loss. 3 to 1 risk to reward ratio.
It seems like Brad pretty much threw down the gauntlet on himself. He put out some definite timelines that cannot be disputed. Let's wait for the 8k to discuss things further.
All I can say is Brad pretty well put it out on the line. I just don't see any possible way for him to avoid jail time if a few things don't come to pass here really soon.
I'll say this officially...there may actually be a ray of hope here. And the impression I get is that ray of hope may turn into full blown sunshine here pretty quick. Let's watch and see what happens.