Hey Guys,
I won’t bother with the video analysis as we only have one new line and honestly it’s Sunday….. I want to relax.
Do not take any of these trades unless you have downloaded and read the NEW 2010 edition free e-Book explaining my method.
These are all scalp lines therefore the target and stop for all of them is 50 pips.
1. Long @ 155.70 – average line
This line formed last week. Rather, this line sort of formed. It is not a proper scalp as it has no retrace. However, it is a yearly high so I will be trading.
I will trade this one with caution though as it has no retrace, therefore if the scalp line had not formed as a yearly high, I would not have intended to trade it.
2. Short @ 142.95 – strong line
This line formed the week before last, on the failed line break of the 143.30 and it is a pretty good line.
The price has moved quite a decent distance away from it so it has gained quite a bit of strength, in my eyes. Watch out though this area has proven to be very tough to break through. I will exercise extreme caution with this trade.
3. Short @ 139.00 – strong line
This is a very good line that formed a few weeks ago.
4. Other lines
Last week’s shorts are all still active but they are so far away, I will not include them in the analysis this week. If the price heads back down to that area please refer to last weeks analysis for those lines.
As usual, other lines are likely to form during the week, so keep an eye out. I will update the analysis if any new lines form.
{ 15 comments… read them below or add one }
hi please I want to know what do you mean by yearly high ?
is it 2009 high ? or 2008 high ?
Hey Nick, would you say the 153.4′ish area is of any significance? there’s been some strong moves down toward and then away from it over the passed few days after the break.. i ask this because it seems that the top of the upward channel is almost reached, so we should be in for a downturn for a bit? I’m still really new, would greatly appreciate ur opinion :)
Top start to the week! Did everyone else get the break of 155.70? Hope you all did
Luvverly – 50 pips in no time flat. Thanks for the analysis Nick.
BTW, I use parent/contingent orders and to calculate them I just add 5 pips as a cushion to the scalp, then subtract 56 for my stop (the spread is 6 pips) and add 56 pips to the scalp + spread. Is this right?
Nick this trade 155.70L is my first trade with NickB, Just superb,I am on a demo but still feels just amazing.
Thank you
Damien
I took 50 pips on this one thanks nick. Set it before bed. Set tp +50 and an, “o crap,” SL of -70, since I couldn’t watch and don’t have a cell for alarms yet.
Had I not set a TP, when I got up this morning it would have been +117 pips. O well, 50 is great too. Pigs get slaughtered, right.?
I wanted to ask what you think about the 153.44 area as well. I’ve got 4 bounces on it, before this recent scalp line. Is that significant? Can it be used for a line trade now?
thanks nick………..the analysis was worth it..ure still the best
thanks Nick, took 50 pips in 9 mins on the break of the 155.70 line. Could of easily taken more but wasn’t around to manually trade it, still happy, Will.
god damn it, i missed the break.
@Alp:
What happend? Didn’t you have SMS price alarms set up?
@willj:
It was a quick one, good work man!
@chijindu:
Of course I am, I am so cool!
@ThePhoenix:
You could alyways split positions. One closes at 50 pips the other at 100 pips. However, you will find that scalps often turn after 50 pips so I do not do that. Int he logn run the greedy guys end up blowing their accounts.
153.44 is not a scalp but there is definitely some support in the area.
Grahhhhhhhh! Man I’m having that, “I missed out feeling,” price went 314 pips from my entry, and I set TP at +50. Didn’t jump back in as I didn’t want to mess up a good day, with a hasty entry.
Anybody catch that whole break?
I’m trying to figure out what time the break was, in central time? It broke when I was in bed.
Nick i use Oanda, far as i know they don’t have any alarms :\ do u use GFT? do they have demo accounts available, i should probably switch over to them.. i’m in australia and a couple of my friends use oanda so i figured i’d go along with them