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Basket Knights - A Basket Trading Round Table

  • #401
  • Sep 26, 2019 4:28am Sep 26, 2019 4:28am
Quoting Tiivaa
{image}
As always, thanks Tiivaa for your kindness (I'm sure you are more informed now about how this Basketting works?).

Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #402
  • Sep 26, 2019 4:38am Sep 26, 2019 4:38am
Banked the trades on H4 @+1700 pips

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I will let H1 trades run till opposite signal

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  • #403
  • Sep 26, 2019 5:01am Sep 26, 2019 5:01am
Quoting bishopdotun
Banked the trades on H4 @+1700 pips {image}...{image}
Too much money to leave lying around eh?

Well done!

Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #404
  • Sep 26, 2019 5:13am Sep 26, 2019 5:13am
Quoting TyLamai
{quote} Too much money to leave lying around eh? Well done! Regards and Stay fluid, Ty
I am telling you. Better to have it banked.
  • #405
  • Sep 26, 2019 5:19am Sep 26, 2019 5:19am
@ Bishopdotun

  • #406
  • Sep 26, 2019 5:21am Sep 26, 2019 5:21am
Quoting bishopdotun
{quote} I am telling you. Better to have it banked.
+814 pips floating with +151 pips banked. (H4 Sell basket still valid)

Flying semi-blind on this basket that's all I can muster at the moment. I envy you!

Regards and Stay fluid,

Ty
Attached Image
My job: I speculate and manage risk.
  • #407
  • Sep 26, 2019 5:50am Sep 26, 2019 5:50am
Fundies: Truths and Rumours.

"Dollar Bid, Pound Offered as Markets Await Central Bank Speak
Its been a generally quiet night of trade characterized primarily by dollar strength and pound weakness as the markets appeared to have found relief in the latest impeachment revelations while in the UK PM Johnson barreled straight for a no-deal Brexit sending cable towards the 1.2300 figure.

Yesterday's release of the summary of the conversation between President Trump and Ukraine's President Zelenisky showed no clear quid pro quo demands from Trump but it did confirm that he directly asked the President of Ukraine to investigate his election rival and turn over any evidence to his personal lawyer Rudy Giuliani.

The initial move by the market was one of relief as there was no clear criminal evidence in the transcript and the dollar rallied strongly in North American trade. So far that strength has more or less held up especially against the European currencies which are suffering their own woes.

In the UK PM Johnson appeared unrepentant after suffering defeat in the Supreme Court and continued to barrel towards a no-deal Brexit. The unapologetic stance has soured market sentiment and cable was inching towards breaking key support at the 1.2300 level. The market continues to believe that some sort of Brexit deal will get done - or at very least another extension will be granted, but unless Mr. Johnson is compelled to ask for an extension UK may well crash out of EU with no deal. For now, the risks of such a scenario still look small but today's trading action in the pound shows that part of the market is becoming increasingly alarmed.

The euro too was sliding into oblivion for most of the night as it approached recent multi-year lows at 1.0925. With no news on the docket, the move was more technical than fundamental as shorts looked ready to run the 1.0900 barrier in the absence of any action by the Germans take up fiscal stimulus.

The day ahead is full of central bank speak with Draghi, Carney, Clarida, and Bullard all scheduled to speak. Given their stances, there is little in the rhetoric that would surprise the market, but if the US monetary policy officials sound a dovish note, some of the dollar rally could reverse as the day proceeds." - Boris Schlossberg


Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #408
  • Sep 26, 2019 6:24am Sep 26, 2019 6:24am
Quoting TyLamai
{quote} +814 pips floating with +151 pips banked. (H4 Sell basket still valid) Flying semi-blind on this basket that's all I can muster at the moment. I envy you! Regards and Stay fluid, Ty {image}
Is there a support now?

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The short is still valid and I will hold till the opposite signal.
  • #409
  • Sep 26, 2019 9:35am Sep 26, 2019 9:35am
Quoting bishopdotun
{quote} Is there a support now? {image} The short is still valid and I will hold till the opposite signal.
Usually I don't take trade SRs or SDs. But price definitely bounced off of that area. The present DC is not yet deep enough (for me) - except for maybe EG and NU (from what I can see via mobile).

The Sell basket is still valid though - both on the H4 and the H1.

Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #410
  • Sep 26, 2019 10:59am Sep 26, 2019 10:59am
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  • #411
  • Sep 26, 2019 3:38pm Sep 26, 2019 3:38pm
Quoting Tiivaa
{image}
Hi Tiivaa. Thanks for ALL your assistance while I was trading BLIND!

I am yet to get my Trading station back up and running but I was able to unearth one of my ancient laptops (gasp!) and rig it up to show me the offline charts. So - I can now free you from all this stress without too much fear on my part.

Thanks once again.

Regards and Stay fluid,

Ty
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My job: I speculate and manage risk.
  • #412
  • Sep 26, 2019 3:46pm Sep 26, 2019 3:46pm
Fundies: Truths and Rumours.

"Euro Hits 2 Year Lows, is 1.08 Next?
The biggest story in the world right now is the whistle blower's complaint on President Trump but the biggest story in the forex market is the persistent decline in the euro. Most of the major currencies traded higher against the greenback today with the euro being one of the few exceptions. The decline began shortly after the US equity market open and accelerated into the London close. Comments from ECB Chief Economist Lane added to the pain - he said this month's massive stimulus package "wasn't that big," "they won't reach QE limits for a longer period of time and the ECB has scope for further rate cuts if needed." The euro is falling despite this week's better than expected German IFO report and today's increase in Germany's GfK consumer confidence index. Bund yields are also falling at a slower pace than Treasury yields which is normally positive for the EUR/USD. Yet the pair is down 4 out of the last 5 trading days because investors are worried that between the US and UK's troubles, Eurozone policy makers will need to step in with more action and the longer the Germans wait to announce fiscal stimulus, the more likely EUR/USD will hit 1.08.

The persistent decline in Treasury yields, downward revision to US GDP personal consumption and the sell-off in stocks should be negative for the dollar and yet the greenback is rising because the market still thinks President Trump will be safe from impeachment and they don't see political uncertainty having a significantly negative impact on the economy. Whether that's true or not remains to be seen but the latest communication confirms our view that the White House will distract impeachment with trade. Yesterday, President Trump said a deal with China could be closer than expected. Today White House Economic Advisor Kudlow said China moves have been positive and the US will not impose auto tariffs as long as goodwill progresses. We believe the deeper the impeachment inquiry, the more market friendly comments we'll hear from Trump. Personal income, spending, durable goods orders and revisions to the University of Michigan Consumer sentiment index are scheduled for release tomorrow. These reports should not have a significant impact on the dollar.

The best performing currency today was the New Zealand dollar...

Sterling also ended the day unchanged against the greenback..." - Kathy Lien


Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #413
  • Sep 26, 2019 5:40pm Sep 26, 2019 5:40pm
Still holding my H1 shorts...

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  • #414
  • Sep 26, 2019 5:45pm Sep 26, 2019 5:45pm
Quoting bishopdotun
Still holding my H1 shorts... {image}
Nice chart bishop. May i know what is this indicator you are using?
  • #415
  • Sep 26, 2019 7:47pm Sep 26, 2019 7:47pm
Quoting volumeprice
{quote} Nice chart bishop. May i know what is this indicator you are using?
Same like everyone. Tidane.
  • #416
  • Sep 26, 2019 8:00pm Sep 26, 2019 8:00pm
C7: JPY Basket (Almost a copy of C14)

H1
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H4
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  • #417
  • Sep 26, 2019 11:51pm Sep 26, 2019 11:51pm
Quoting bishopdotun
Still holding my H1 shorts... {image}
Seems like that support is giving way...

Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #418
  • Sep 26, 2019 11:58pm Sep 26, 2019 11:58pm
Quoting bishopdotun
C7: JPY Basket (Almost a copy of C14) H1 {image} H4 {image}
Yes, that's because they have the same drivers.

Like I've mentioned before almost all baskets can be traded off of the Core5 offline chart - those are the MAIN pairs that drive basket trading. (I know you know this already, I'm just seizing the opportunity to educate those who don't.)

Regards and Stay fluid,

Ty
My job: I speculate and manage risk.
  • #419
  • Sep 27, 2019 5:05am Sep 27, 2019 5:05am
Lets assume that, like me, the EG is part of your Sell basket...

*I may be killing myself for a trade which may be showing the beginnings of a Buy basket...BUT, I choose to take my chances with trading in the direction of the H4 Sell basket which is still valid.

Regards and Stay fluid,

Ty
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My job: I speculate and manage risk.
  • #420
  • Sep 27, 2019 5:50am Sep 27, 2019 5:50am
Quoting TyLamai
Lets assume that, like me, the EG is part of your Sell basket... *I may be killing myself for a trade which may be showing the beginnings of a Buy basket...BUT, I choose to take my chances with trading in the direction of the H4 Sell basket which is still valid. Regards and Stay fluid, Ty {image}
Trading Nuggets!

Here's ANOTHER way to look at the above EG chart/trade...

We know that a Sell basket like the one we are in at the moment = Risk Off.

So AUD, CHF, EUR, GBP, and NZD should (IDEALLY) be weaker than USD and JPY...ideally.

Now, what if while that is happening EUR is (at the same time) STRONGER than GBP?...which would explain why the above chart is heading up. EG is not a USD or JPY cross. If EUR is currently stronger than GBP then it simply means that I am trading COUNTER to the prevailing EG trend (although the H4 basket = a Sell).

So what do I do now?

I BORROW a leaf from @Davit's Pivot trading system/method (a great trader whom I've learnt a BOAT LOAD of stuff from). I consider his method the to-go-to method for counter-trend trading.

So I adapt the EG to this method and get the following visuals below.

I hope someone gets this...

Regards and Stay fluid,

Ty
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My job: I speculate and manage risk.
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