Four Brothers Set Up

August 15th, 2012, 09:15 AM

pdhuey2000

I just made that name up right now, but doesn't it look like a dinasour?

Anyway, i guess the texts would call that a flag pattern. If we break down i will go heavy long at 97.50. If we break to the upside i will put a normal trade size on.

thanks beng, wouldn't have looked at the swissy without your contribution.

much appreciated, i hope you make some pips today.

it does a little now you're mentioning it. you're welcome, I generally look at most majors, I'm not to fussed which is going to move and when as long as I can take some pips out of it.

This is business, we need to make pips. pips equal profit.

August 15th, 2012, 09:17 AM

the 97.50 is that based upon the daily pivot point?

August 15th, 2012, 09:19 AM

where would you take the eurgbp? at 0.7823

August 15th, 2012, 09:21 AM

beng referencing good support area, i agree with him. we could see sharp buying here as well if the pattern breaks to the downside - look out for a quick bite back, so good stops and no worries, light a candle and enjoy the day.

cheers.

August 15th, 2012, 09:24 AM

order in at 22 on eurgpb

August 15th, 2012, 09:26 AM

pdhuey2000

order in at 22 on eurgpb

so when trading the FB, you wouldnt trade straight off the bottom of the lowest point, but you'll give it a few more to make sure it breaks through that area properly??

August 15th, 2012, 09:33 AM

i try to give two pips from the bottom of the pattern, but you'll see me enter somtimes in the pattern as well but that's only occasionally.

If I were writing rules, which I guess I am, I would say the best way to trade is to give two on the bottom and 1 + spread on the top.

I'll try to do a better job of explaining my entries as we go on. thanks for the question its an important one.

August 15th, 2012, 09:37 AM

pdhuey2000

i try to give two pips from the bottom of the pattern, but you'll see me enter somtimes in the pattern as well but that's only occasionally.

If I were writing rules, which I guess I am, I would say the best way to trade is to give two on the bottom and 1 + spread on the top.

I'll try to do a better job of explaining my entries as we go on. thanks for the question its an important one.

thanks for the info. I'm sure that will be of help when trading.

it seems very quiet this afternoon, probs all them traders that are on holiday. since US session started it's been sitting still which is very unusual for forex

August 15th, 2012, 09:48 AM

the 97.50 is that based upon the daily pivot point?

97.50 is on top of the breakout of the previous extended range on the swissy. And we have the green dottedn line which is the prior day's high. Also I like the support underneath consisting of the red and yellow dotted lines which are prior days open and close. the 50 level is a strong psychological level that tends to hold alot of orders. In this case im watching at as support for the longs.

August 15th, 2012, 09:53 AM

So you wouldnt trade that congestion short till 97.50, you would wait for that point to reach and then go long. or just go long it it breaks about the congestion.

Four Brothers Set Up

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Four Brothers Set Up