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General Trading Chat / Ideas

  • #5,281
  • Aug 18, 2019 3:51pm Aug 18, 2019 3:51pm
Quoting Oc6oph
{quote} Where do you plan to short
Friday I went long at last month's low and rode it up to the daily average (medium blue line on my charts) where I got short, but closed them out before the weekend. Once we get rolling here in about an hour I'll watch the Asian session and see what happens... but I'll be shorting from what you have seen on our charts posted here, daily/weekly/monthly average price, previous highs, prior resistance, etc.

Wouldn't be surprised to see a pullback to the weekly average or prior resistance, maybe even farther.. but at the moment the charts are not saying that we should expect that any time soon. The H8 stochastics still have a lot of room to grow the bottom of the chart, until they flip the overall direction is down.

I should mention that I trade 6e futures, not FX, so our charts and levels can be a little different , but the overarching concepts are the same.
  • #5,282
  • Aug 18, 2019 4:01pm Aug 18, 2019 4:01pm
Quoting Rrrracer
{quote} Friday I went long at last month's low and rode it up to the daily average (medium blue line on my charts) where I got short, but closed them out before the weekend. Once we get rolling here in about an hour I'll watch the Asian session and see what happens... but I'll be shorting from what you have seen on our charts posted here, daily/weekly/monthly average price, previous highs, prior resistance, etc. Wouldn't be surprised to see a pullback to the weekly average or prior resistance, maybe even farther.. but at the moment the charts are...
Why futures instead of fx
ex nihilo
  • #5,283
  • Aug 18, 2019 4:02pm Aug 18, 2019 4:02pm
News on NZD in about 1.5 hours hopefully it so I can get out been holding for 11 days
ex nihilo
  • #5,284
  • Aug 18, 2019 4:15pm Aug 18, 2019 4:15pm
Quoting Oc6oph
{quote} Why futures instead of fx
A variety of reasons lol, but mostly because futures is where I started and spent years learning the particular charting package I use (Sierracharts.) US FX brokers generally suck, I don't like the idea of my broker being able to see my stops or trading against me, the futures markets are regulated and all data passes through a centralized exchange so what I see on my screen is exactly what every other futures trader sees, including accurate volume which I rely upon heavily.

The downside is not having fine-grained control over my position sizing (we can only trade a minimum of one futures contract vs being able to trade micro lots, etc.) and the aforementioned discrepancy in charting vs FX (levels, etc.) since futures currency markets follow FX.

Of course I'm still learning every day. Applying Digs' techniques has been a tremendous help and my confidence has grown significantly because what he teaches is how to map out/frame up the market, how to set expectations on where price is headed, and how to gauge whether our expectations will be fulfilled or if something has changed and it's time to reassess the situation.
  • #5,285
  • Aug 18, 2019 4:28pm Aug 18, 2019 4:28pm
Quoting Rrrracer
{quote} A variety of reasons lol, but mostly because futures is where I started and spent years learning the particular charting package I use (Sierracharts.) US FX brokers generally suck, I don't like the idea of my broker being able to see my stops or trading against me, the futures markets are regulated and all data passes through a centralized exchange so what I see on my screen is exactly what every other futures trader sees, including accurate volume which I rely upon heavily. The downside is not having fine-grained control over my position...
Is there 50:1 leverage and is a contract 100k USD $10 per pip
ex nihilo
  • #5,286
  • Edited 4:46pm Aug 18, 2019 4:34pm | Edited 4:46pm
One full sized 6E futures contract is worth $125K Euro.

Leverage depends on your broker; my broker's day trade margin is $500/contract, and maintenance margin (the amount to hold overnight) is $2000/contract. So yes, they are heavily leveraged.

Each tick is worth $6.25, and the ticks move in 0.00005 increments.

Edit: I should add that, in addition to the full size contract, there is also a mini contract (7E) that trades at half the value and a micro contract (M6E) that trades at 1/5th the value, with relatively lower margins and commissions, so in a way we can use these to tailor our position sizes... but even with the micro, that's $1.25/tick so if one is just starting out and learning, it's still not ideal compared to FX where you can basically trade pennies live. I trade the micro.
  • #5,287
  • Aug 18, 2019 4:41pm Aug 18, 2019 4:41pm
Quoting Oc6oph
{quote} I haven’t looked at this enough but what seems to happen a lot of the time is price goes opposite of majority slightly then goes the direction of the majority in a big move
i know a trader that uses it he gave me his system to try out it didnt work for me i kind of expect minipulation when theres 90% but thats probably me being paranoid
Turn your wounds into wisdom
  • #5,288
  • Aug 18, 2019 4:45pm Aug 18, 2019 4:45pm
87% long on eu they are picking bottoms possibly hedging i would think a drive down take the stops next
Turn your wounds into wisdom
  • #5,289
  • Aug 18, 2019 5:30pm Aug 18, 2019 5:30pm
Quoting Bk55
87% long on eu they are picking bottoms possibly hedging i would think a drive down take the stops next
I’m going to try to buy at 1060 may not get there we’ll see
ex nihilo
  • #5,290
  • Aug 18, 2019 5:38pm Aug 18, 2019 5:38pm
Quoting Oc6oph
{quote} I haven’t looked at this enough but what seems to happen a lot of the time is price goes opposite of majority slightly then goes the direction of the majority in a big move
I agree. Stop hunting. So when price goes opposite they hunt stops, and than when it turns the other way, it starts stop hunting again because trader start to chase the market and they get stopped out twice. That is what I noticed too.
  • #5,291
  • Edited 6:12pm Aug 18, 2019 5:42pm | Edited 6:12pm
Quoting Techanalyst
{quote} I agree. Stop hunting. So when price goes opposite they hunt stops, and than when it turns the other way, it starts stop hunting again because trader start to chase the market and they get stopped out twice. That is what I noticed too.
Yes seems this happens the majority of the time. Maybe breaking the Friday candles low will take out enough stops
ex nihilo
  • #5,292
  • Aug 18, 2019 6:50pm Aug 18, 2019 6:50pm
Quoting Rrrracer
And then there's this... If 90% of retail traders lose money, I def don't want to be rolling with these guys lol... {image} {image}
You got it buddy! Every time im confused analyzing directions. I sometimes applying purely Trading Psychology. And one way of trading psychology is knowing where 90% are going and do the opposite. It works most of the time for my scalping.
Only an idiot knows with certainty to where the market is going.
  • #5,293
  • Aug 18, 2019 7:56pm Aug 18, 2019 7:56pm
Quoting Oc6oph
{quote} Yes seems this happens the majority of the time. Maybe breaking the Friday candles low will take out enough stops
Maybe so, but the monthly low would be a lot more attractive from that perspective.
  • #5,294
  • Aug 18, 2019 8:07pm Aug 18, 2019 8:07pm
Quoting Rrrracer
{quote} Maybe so, but the monthly low would be a lot more attractive from that perspective.
Can you trade NZDUSD and AUDUSD futures
ex nihilo
  • #5,295
  • Aug 18, 2019 8:27pm Aug 18, 2019 8:27pm
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ex nihilo
  • #5,296
  • Aug 18, 2019 8:35pm Aug 18, 2019 8:35pm
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ex nihilo
  • #5,297
  • Aug 19, 2019 7:07am Aug 19, 2019 7:07am
Morning pro's
Turn your wounds into wisdom
  • #5,298
  • Aug 19, 2019 7:09am Aug 19, 2019 7:09am
Quoting Bk55
Morning pro's
Good morning legendary pro
ex nihilo
  • #5,299
  • Aug 19, 2019 7:10am Aug 19, 2019 7:10am
Quoting Oc6oph
{quote} Good morning legendary pro
hey buddy
Turn your wounds into wisdom
  • #5,300
  • Aug 19, 2019 7:11am Aug 19, 2019 7:11am
Quoting Bk55
{quote} hey buddy
Took my loss on NZDUSD don’t feel like sitting in it while it ranges went long EURUSD
ex nihilo
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