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Using WM/Reuters Benchmark Rates in trading

  • #81
  • Feb 12, 2015 6:16am Feb 12, 2015 6:16am
Looks like big money flipping bids and offers to me.
A seller gets broken, you'd have to go bid. A buyer gets broken, you'd have to go offer.
A price worked this session, could be worked again in tomorrows session.
Throw in some pocket fills and handle trades(00/50) and you have low risk entries.

But i'm not overly convinced on the Fibos.
Whatever floats your boat seems to work best at the factory though hahaha
If it pays you, well, ride that dream.

Quote
Why do you think most banks have 100s of research people doing fundamental analysis while may be 1 or 2 guys publishing some technical research (which also has fundamental things in background).
This makes sense though. Yes, sir!

Regards.
  • #82
  • Edited Feb 13, 2015 12:23am Feb 12, 2015 7:15am | Edited Feb 13, 2015 12:23am
Hello friends,m new to forexfactory but m not new to forex trading. I have been trading since 5 years and i think trading is never ending game,learning can not be stopped. m just sharing with you what i have learned from pro traders. Majority of pro trades follows following rules in successful trading.

1) Pro traders (bank trades,hedge fund managers,pro retail traders) use price as their main indicator.

They don't use any lagging or leading indicators, they use tools like trendlines,channels,support and resistant lines,fibs,price patterns etc.
They don't use any complicated theories or holy grail expert advisers. They concentrate on price movements based on tools.

2) They keep eye on high impact economical news. If they think news gonna be favorable for their current position then they probably don't close their current position but for unfavorable news they get out of the market before news/don't trade before news. They wait for news results to come out and let the market shows price direction on the chart.

3) Pro trades are disciplined traders.They trade only when they find golden opportunity to trade or price indicates confident direction.They never trade indiscriminately.

4) Pro traders are swing and long term traders,they never scalp.

5) Pro traders watch market correlation and market sentiment.

6) pro traders are always well capitalized and never take risk more than 2-5% per trade.

pro traders are those who also suffered from loss in trading,watched chart and analyzed market million times,learned from thousands mistakes and strive to learn the market until their end (efforts never dies).They never ever give up,they try try try try and try,they trade with the full application and determination,they know that big things need big time,big efforts and big will powder,thats why they become a pro trader.

"your all dreams can come true if you have courage to pursue them" abrahim lincon
  • #83
  • Feb 12, 2015 7:16am Feb 12, 2015 7:16am
Hi GN A thread I hang out in has a diverse range of characters who pull pips from the market and convert to income. We all have varying ways to achieve that same objective. We each respect the way each other competes with the market. Some of the guys there use very similar approach to you in fact, however they do tend to commit to a price in the future where they intend to deal at rather than sitting on the fence. The difference being they are "Professional" enough to know there are other ways to skin the cat and respect that fact and do not make a statement like "THIS IS HOW PROFESSIONAL TRADERS TRADE". Maybe a more suitable introduction for your thread would be "This Is How SOME Professional Traders Trade" ? Here is a nice chart 4hr UJ ( Guys in The Corner will attest that these levels don't appear after the fact ). This is to clearly illustrate to you that perhaps there are other ways that can be "Professional" also ?

Attached Image (click to enlarge)
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Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #84
  • Feb 12, 2015 7:24am Feb 12, 2015 7:24am
The best thing about trading forex is that anyone can be a professional trader until all the money runs out.
  • #85
  • Feb 12, 2015 7:35am Feb 12, 2015 7:35am
Quoting Mingary
The best thing about trading forex is that anyone can be a professional trader until all the money runs out.
Hi Ming, As in any business being professional is not just execution and hope for the best. Professional to me is much more than that and top of the list is early recognition of something not right within the business which could impact the bottom line. Never let a business bleed to death, imperative to know when to call it a day on any activity which is not running in line with its' intended purpose.
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #86
  • Feb 12, 2015 8:07am Feb 12, 2015 8:07am
Quoting GreatNorth
{quote} There is a tab on that spreadsheet labelled "WM Reuters Spots." Those are the START dates of when the benchmark started. For the actual Benchmarks you have to pay hundreds of dollars for Thomson Reuters. None of us can afford that. Most Universities have the Thomson Reuters Datastream database and you can access it if you are a student. I had a friend get them for me. These are the same Benchmarks that made worldwide headines last year because they were being manipulated. These Benchmarks are VERY VERY important otherwise why would they...
Hi GreatNorth

So what good are these levels if they aren't accessible to the common trader?
  • #87
  • Feb 12, 2015 8:12am Feb 12, 2015 8:12am
Quoting ozziedave
{quote} Hi GreatNorth So what good are these levels if they aren't accessible to the common trader?
Exactly! We don't have them--unless you can afford to pay hundreds of dollars for the feed.

Most universities have the database where you can get them if you are a student. I had a friend get them for me from university. Even then you have to learn the software.

I've provided them for the major pairs, so you can use them on your charts.
  • #88
  • Feb 12, 2015 8:17am Feb 12, 2015 8:17am
Quoting foram
Thx very much GreatNorth, this is AMAZING. Tried it on my favourite pairs, and woooowwww!!! One question please = You provided benchmarks for certain pairs etc. Until when are those bencharks valid? Will you be around to provide updates if/when appropriate? Once more big thx!!!
The Benchmarks for the Fibs I've provided have been valid for more than a decade. They are the ones that you construct your fibs with. They haven't changed since then and so you won't need me to provide updates. You already have the information!
  • #89
  • Feb 12, 2015 8:20am Feb 12, 2015 8:20am
Quoting Mingary
The best thing about trading forex is that anyone can be a professional trader until all the money runs out.
lol TOO TRUE (thread spam)
All posts are my personal opinion
  • #90
  • Feb 12, 2015 8:24am Feb 12, 2015 8:24am
Quoting mattkirby
{quote} Very intersting thread GreatNorth, thanks for that inside view. So for me this means that your shown "fib tablet" for EUR/USD is valid as Long as Price is in that area?! Am I right with this? this morning eur/usd found nice Support at 38.2 Level at 1.3110 and found 2 times resistance at 85.4 Level at 1.1348.... Go on posting........
Yes, that's right. You just play the bounces. Fibs within Fibs are minors. The main ones are the ones that come from 1.115/1.348

Here is the updated chart---you can see how it behaved at the 61.8 and 38.2 Levels. At times it overshot the levels only by 3 pips!

As you can see, 85.4/14.6 and 61.8/38.2 Are good bounce levels. 76.4 not so much.
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  • #91
  • Feb 12, 2015 8:25am Feb 12, 2015 8:25am
Quoting GreatNorth
{quote} Exactly! We don't have them--unless you can afford to pay hundreds of dollars for the feed. Most universities have the database where you can get them if you are a student. I had a friend get them for me from university. Even then you have to learn the software. I've provided them for the major pairs, so you can use them on your charts.
So I take it these levels won't change for years? I guess what I'm getting at it seems a bit short sighted to follow the thread if the levels will change with any regularity as we will be dependent on you to provide the levels. Not trying to be negative so please don't take my post in the wrong way.
  • #92
  • Feb 12, 2015 8:26am Feb 12, 2015 8:26am
Quoting mattkirby
One more from me.... If I understand that "concept" right, there is one big area where to draw the fibs. For eur/usd this area is 1.115 to 1.3480 Then we draw fibs inside that fib areas to see the smaller timeframe moves......... I did this and draw the fib inside the original 0 - 14.4 fib (1.1150 - 1.1491) for the 4H Chart. The result is this........ {image}
That is exactly how I would draw them and trade them!
  • #93
  • Feb 12, 2015 8:27am Feb 12, 2015 8:27am
Trade smart, not hard
Trade smart, not hard
  • #94
  • Feb 12, 2015 8:28am Feb 12, 2015 8:28am
Here is the EUR/JPY Chart from the last few hours.

It reversed at 61.8 at 136.624 and then found support at 134.926. The same Fib what provided resistance earlier.
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  • #95
  • Feb 12, 2015 8:35am Feb 12, 2015 8:35am
Here is the USDCAD 15M Chart.

One blank and one with the fibs. Just so you can see how having the WM/R Benchmarks makes it clear.
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  • #96
  • Feb 12, 2015 8:37am Feb 12, 2015 8:37am
Quoting ozziedave
{quote} So I take it these levels won't change for years? I guess what I'm getting at it seems a bit short sighted to follow the thread if the levels will change with any regularity as we will be dependent on you to provide the levels. Not trying to be negative so please don't take my post in the wrong way.

For EURUSD they haven't changed since 1995.

For GBPUSD, even earlier.

For USDCAD, before the 90s.

For the other Euro Pairs, since 2000.
  • #97
  • Feb 12, 2015 8:42am Feb 12, 2015 8:42am
Quoting GreatNorth
{quote} For EURUSD they haven't changed since 1995. For GBPUSD, even earlier. For USDCAD, before the 90s. For the other Euro Pairs, since 2000.
Thanks GN.
  • #98
  • Feb 12, 2015 8:42am Feb 12, 2015 8:42am
Here is AUDUSD. A 5 Minute Chart!

It's just clear how it respects the WM/Reuthers Benchmark Fibs.

You can see how .76481 provided Major Support and from which is bounced to where we are now.
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  • #99
  • Feb 12, 2015 8:49am Feb 12, 2015 8:49am
USDJPY a 5 Minute chart and a 1 Hour Chart.

Obviously with the 5 M chart there is more noise. The 1Hour chart looks, in my opinion, to be following the Benchmark Fibs very accurately.

It's all in the charts, don't take my word for it. It works for all Currency Pairs with their own Benchmarks.
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  • #100
  • Feb 12, 2015 9:09am Feb 12, 2015 9:09am
USDCAD 15 min fibs drawn from closing prices (not high to low):
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