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  • #3,301
  • Nov 6, 2007 10:19am Nov 6, 2007 10:19am
Quoting Stan
I guess a thank you would be in order.
Thank you.
Hi Stan!
I thought that I saw you running down the street
with a Pot-Full-Of-Pips (say fast 3X)!
  • #3,302
  • Nov 6, 2007 10:50am Nov 6, 2007 10:50am
Quoting ltklev
Hello Leon,

SPIKES ARE EVIL.
Quoting bluebuddha
A few things I'd like to add:

... and oh yeah... spikes *are* evil!

Nice posts guys! Thanks for the warning! LOL
Spikes are wannabe rainbows. Don't hate them.
We don't curse at them when they double our
pips in a few seconds, right?


P.S. About everything that we trade here is just a
spike to most others! LOL
  • #3,303
  • Nov 6, 2007 11:50am Nov 6, 2007 11:50am
Quoting FXSurfer
P.S. About everything that we trade here is just a
spike to most others! LOL
That's a really good point actually. haha
I came, I saw, I conquered [your pips]. -- Julius Caesar
  • #3,304
  • Nov 6, 2007 1:26pm Nov 6, 2007 1:26pm
Quoting justbully7
Actually it depends on the currency your account is in. For EUR/USD it's $0.65 each way for a mini.
This is true, which is a reason to consider trading EURUSD esp for short term trades. And then consider on Oanda often the spread is less than 1 pip... however the currency moves half as much as EURJPY or less, so if you are going for 6+ pips you are probably better off with EURJPY.

Btw the $.50 commission is per USD traded, when trading 10,000 units of EURJPY for example the actual commission is more like $0.73 each way (and going up every day thanks to our wonderful US economy or almost $1.50 round trip, which at $0.87 a pip equates to about 1.66 pips in pure commission... only way to make that cheaper than Oanda as I see it is to only trade when spreads are around 1 pip... which for me makes trading on Efx much more difficult (when I want to enter a trade, I want to enter it now, not chase the price waiting for a smaller spread) so I am still using Oanda for now.


Ps hi everyone, been a lurker on this thread for a long time now, picked up LT's book and still trying to get the hang of this magical style
  • #3,305
  • Nov 6, 2007 1:35pm Nov 6, 2007 1:35pm
Quoting bluebuddha
-- If longer trend is sideways, especially pay attention to those S/R levels... even mark them with horizontal trend lines on the shorter term chart. I've had a few days where I can easily scalp 5-10 pip moves all day from the bounces. In those situations, using TPs is not a bad idea.
LOL I'm glad I am not the only person who does that on occasion, it is a habit from an old trading style for me... unfortunately for me this usually occurs after a string of bad fake out trades where I realize "hey, maybe I should be paying more attention to the range its in instead of expecting it to break out every time" and I will begin range trading to keep the day from being a total loss. Sometimes though I get an image of a rainbow troll looking over my shoulder and shaking his head in disappointment as he seems to discourage using the rainbow in this way
  • #3,306
  • Nov 6, 2007 2:44pm Nov 6, 2007 2:44pm
Quoting galactic
Sometimes though I get an image of a rainbow troll looking over my shoulder and shaking his head in disappointment as he seems to discourage using the rainbow in this way
I don't see why he wouldn't. While the spine is sideways on the longer term chart, you will see some nice sloping spines in the shorter term chart.
  • #3,307
  • Nov 6, 2007 2:46pm Nov 6, 2007 2:46pm
Quoting galactic
Sometimes though I get an image of a rainbow troll looking over my shoulder and shaking his head in disappointment as he seems to discourage using the rainbow in this way
I glad to know that it's not just my imagination.
Attached Image
  • #3,308
  • Nov 6, 2007 3:12pm Nov 6, 2007 3:12pm
_167.00_________166.90
___http://www.forexfactory.com/images/icons/euro.gifhttp://www.forexfactory.com/images/icons/yen.gif
  • #3,309
  • Nov 6, 2007 3:56pm Nov 6, 2007 3:56pm
Quoting FlashCall
_167.00_________166.90
___http://www.forexfactory.com/images/icons/euro.gifhttp://www.forexfactory.com/images/icons/yen.gif
No kidding. It just flat out refused to break through that 167.00 level all day.
  • #3,310
  • Nov 6, 2007 3:57pm Nov 6, 2007 3:57pm
I love how the sessions aways have these cliffhanger endings, as if daring you to come back for more. It's interesting watching the spread on ECN, the price breaks the 00 level and tries to push up, but then the spread widens, I assume this is because there are no takers at the levels above 00, though in the time it's take to write this it's probably shot off 100pips in some random direction
The breaking of a wave cannot explain the whole sea.
  • #3,311
  • Nov 6, 2007 6:35pm Nov 6, 2007 6:35pm
Quoting bisar_x
Hi, newpip, I can see that your scalping style is very simple. How are your results?
I'm doing about 0.5-1% everyday. Some days are flat and some are a little negative. Overall it's pretty good.
  • #3,312
  • Nov 6, 2007 8:43pm Nov 6, 2007 8:43pm
Does anyone know what caused that spike of 60 pips ten minutes ago @ 9:30?

EUR/JPY
  • #3,313
  • Nov 6, 2007 8:47pm Nov 6, 2007 8:47pm
Quoting DeeNY
Does anyone know what caused that spike of 60 pips ten minutes ago @ 9:30?

EUR/JPY
yea big take profit, did you get some
  • #3,314
  • Nov 6, 2007 8:52pm Nov 6, 2007 8:52pm
after getting kick all day , a few ones..
Attached Image (click to enlarge)
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  • #3,315
  • Nov 6, 2007 8:59pm Nov 6, 2007 8:59pm
Quoting DeeNY
Does anyone know what caused that spike of 60 pips ten minutes ago @ 9:30?

EUR/JPY
Looks like it finally punched through that 167.00 level that it has been bouncing around all day.

The EUR/USD shot up about 100 pips around the same time. Maybe Soros decided to put in his order to switch USD for EUR.
  • #3,316
  • Nov 6, 2007 11:04pm Nov 6, 2007 11:04pm
Quoting bluebuddha
. Maybe Soros decided to put in his order to switch USD for EUR.
He must be following the big money! LOL
http://seattletimes.nwsource.com/htm...ydollar06.html
  • #3,317
  • Nov 7, 2007 1:52am Nov 7, 2007 1:52am
anyone catch this move?
Attached Image (click to enlarge)
Click to Enlarge Name: share.PNG Size: 41 KB
  • #3,318
  • Nov 7, 2007 2:09am Nov 7, 2007 2:09am
Quoting amenlo9
anyone catch this move?
yup!
too bad I was an idiot and tanked half of it on the move up.
  • #3,319
  • Nov 7, 2007 2:25am Nov 7, 2007 2:25am
Quoting dracozny
yup!
too bad I was an idiot and tanked half of it on the move up.
You just made positive pips out of a move that was "just noise" (LOL)
using a method (scalping) that "doesn't work" (LOL again).

IMO as beginning rainbow scalpers we should wait a few years to
start beating up on ourselves. By then we'll be good enough that
our self-criticism will be more objective and helpful.

Until then - Great Job!

  • #3,320
  • Nov 7, 2007 4:26am Nov 7, 2007 4:26am
Hello guys,

First a thanks to all of you for this great thread. I have bougth the book and ready to start but i do have few questions:

1) I am using TRADESTATION which does not have any 5, 10 or 30 seconds time frame, instead they are using ticks.
Any idea for ticks set up for the 5, 10 and 30 seconds time frame.

2) Being a TS user, i was wondering if any of you are trading Futures instead of Spot. Market is regulated and the spread/cost is defintly thigther. The downside of it is of course that you need to put a minimum of $5000 into your account .

My plan is to demo and master it on both Futures forex and indices.
Sick and tired of all this so call holy-grail indicators, been there, done that, simplicity is the best.
Thank you in advance for your answer.

Larry
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