DislikedI'm actually still holding onto a piece of this from the trade posted. I'm targeting .9580 (which also looks like the next obvious place to sell).Ignored
No brainer fundamental trades 55 replies
This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies
The Koala System (No brainer) 127 replies
EUR/GBP SHORT for No Brainer 67 replies
Selling USD and YEN is a no brainer. 12 replies
DislikedHi BRV,
So, since we are in a down trend on te NZD daily chart you would be looking for price to push below the most recent low to the next lower level. Is that what you are looking for?
The other question I have is since the NZD is in a downtrend why are you not looking for resistance above the current price level so you can take the rejection of that area and go short with the trend? That seems like it would be a more likely trade rather than the counter trend trade from the 7400 level.Ignored
DislikedHi manistra (and in response to BANDA as well),
Yes, it does look like a good area in general and a reaction could very well be seen from it. I generally go smaller position size on cross pairs like this though, due to the general volatility. I find the majors are much easier to guage in terms of exact reversal points. I assume a little lower probability on these crosses, but thats just me. This is only because the majors are the ones really running the show.Ignored
DislikedUSDCHF has shown support around the 1.0345 area in June and recently showing resistance. What about a short here?
Visual OneIgnored
DislikedI commonly refer to price in trending environments as stacking bricks, because you will notice over and over again that price forms “blocks” and stacks diagonally, one on top of the other. Below we have a chart of USD/CAD. You’ll see that on 3 different occasions during this uptrend, a level of resistance turned into a level of support, a bullish sign indicating further price movement upwards.
http://www.tradetenor.com/cad2.gif
In regards to intraday trading, using this technique and using these levels will provide high probability setups over and over again on heavily trending days. When an area finally becomes broken, it is typically a sign that the uptrend is over and either reversal or consolidation is on the way.
Additionally, you will notice from the chart that the diagonal trendline was forfeited for the horizontal support and resistance. Playing a bounce off of a diagonal trendline would not have given you nearly as good of an entry as the horizontal lines, or you would have missed entry altogether, depending on how you were to draw the line. It is why we always require horizontal support and resistance be present before entering any trades.Ignored
DislikedI've got another set of questions for you guys, I'm almost done reading
how is the 90% success rate calculated?
what is the average time period each trade is held for?
how many trades usually come up each week?
thanks again!Ignored
DislikedA conversation I had with someone earlier tonight sparked some ideas in my head, and I thought I would write them down here for some of you to take a look at.
There are things I’ve picked up over the years, as well as learned from other people, through looking at portfolio managers of all shapes and sizes, from beginning retail traders to multi-million dollar equity and fixed income strategists. There are a lot of good books on the topic as well. Some might sound cliche or rehashed information, but here you go:
They are experienced – Probably the most horrifying and worst myth shot out to anyone considering trading for a living is that you will compound millions in an extremely short amount of time when starting off. The only true way to make every day profitable comes through experience, and countless hours learning is crucial to longevity of success.
They know the damage they are capable of – Notice I didn’t say potential or profits here. The best traders I know of understand their limits, and seem to focus more on what can go wrong than what can go right. They are not easily convinced of lucrative outcomes, and have a very high sense of self-awareness.
They trade to make money, not to be right – They understand the strengths and possible pitfalls of what it is they do for a living, and use that knowledge to curb their emotional output.
They have an edge and know how to use it – They understand that without it they wouldn’t last long
They have a gameplan, and follow it explicitly – Each trade is planned and opportunities are scouted for before any trading takes place. They steer away from the killers of all killers: overtrading.
They manage risk – Regardless of how much conviction they have on a trade, they will still do what they can to avoid the potential of any losses and understand rule #1 about trading: anything can happen.
They work obsessively – They follow each turn, each piece of info that comes out in regards to their trade, and follow any underlying information relevant to failure or success.
They access the best information – Information rules in trading, and having some of the best translates to money. Using the WRONG information leads to failure.
They think about the trade, not the money behind it - Focusing on money can destroy your means to objectively assess the trade itself.
They are constantly learning - Just when you think you know it all about trading, a new curveball gets thrown your way, not to mention there are continued means and methods to be learned about making money. Even the most highly successful trader I ever knew, a multi-billion dollar portfolio manager, has a team of fundamentalists and technicians come in to train and retrain himself and his traders.
They are active – Activity sparks creativity, a very crucial part of trading.
They have patience – They understand that the money will come, but everything needs to be in place, first.Ignored
DislikedThese are very valuable trading facts. One of those texts when you read it, you know it is true, but sometimes it takes huge amount of effort to truly accept it and start to use it in your daily life. If anyone sticks to it I believe success in trading will be far more achievable.
BRV, can you tell us a bit about your expirience how and when you accepted S&R as
major factor in trading ?
I can say for myself than during many years i found out than S&R is simply ONLY thing that does not stopped working over years, in ALL market conditions. Market can be ranging, it will react on S&R. Market can be trending, it will react on major S&R. Market can be quiet, it will show reacton on S&R. Market can be very volatile, but it will react on major &R. Of course question remains how exactly it will react, when it will bounce an when it will breakout but thats one of the reasons why this trading method is not and never will me mechanical EA type trading method. * which i believe every serious trader must avoid.Ignored
DislikedQuite honestly when I started seeing how general bank order flow worked, and through the experience of others I worked with at my last hedge fund. Once I started using these I never went back to anything else because I never had the success like I did using these levels. I've been down the same road as a lot of other people, reading millions of books about trading systems, etc, only to find most of them fail on me (ironically enough most of them fail because most dont take these levels into account). I've used some of the most complicated methods you could probably imagine, and it figures at the end of the day I end up drawing horizontal lines for a living . But like Ive said knowing when to get in has only been part of the game; trade management and things like on the list above have been the largest hurdles (but it makes it a lot easier when you can nail the entries on the head).Ignored
DislikedHi BRV,
Like many others I struggle with choosing which S&R lines are significant. I was drawing S&R today on a 4 hr chart and ended up with so many S&R lines that I couldn't really see the price action on the chart. All of the S&R lines that I drew had at least 2 or more touches. This is the point where drawing S&R gets confusing for me. How do you determine what S&R lines are significant in your analysis?Ignored