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No Brainer Trades

  • #1,841
  • Edited 6:54pm Jul 30, 2008 6:23pm | Edited 6:54pm
Quoting The Fxorce
Greenhaze I noticed the same thing a few minutes ago and I'm trying to get long EURUSD at 69. I just want to be sure to get in the trade. I see this working for about a week.
The usdchf short should also play out. I'm already in that one. My only reservation there is weak gold propping up usdchf. Regardless I like your trades and I think both will play out.

Ok question for all in the thread. Is it my perception that is simply way off or have I missed a key post (as I thought I have read every one at least 3 times, 6 if they were written by Billy) When I look at Eur/USD I entered and see a short starting @ 1.5630 (a chance to pick it back up will present itself shortly or one could enter at 1.554). . . .I see this short headed all the way to 1.5303

Am I drunk? Or am I as bad at reading forex signals as I am my wifes?

Any explanation or insight would be grateful

+Lemming
  • #1,842
  • Jul 30, 2008 7:23pm Jul 30, 2008 7:23pm
Lemming, I guess no one knows. If they did they would own the world in about 2 years.
Here is why I have a position long EURUSD right now. I see the Daily down trend you are talking about but I'm looking to capitalize on the 4hr reversal building up to the long side and I'm guesstimating it could last a week. I'm also watching EURCHF because it could be reversing to the downside soon. I just need to see a convincing hourly close below a TL support to break the current uptrend. If EURCHF breaks short I'll focus more on short USDCHF than long EURUSD as a falling EURCHF will weigh on both pairs.

Regarding the 4hr and 1hr compressions; I am looking for that move to 1.5626 you mention and will reassess there. I think it will stall there but continue through as momentum builds.

My guess is tonight we'll see a drop down to 1.5546 then move up all day tomorrow to around 1.5640.

This post is mainly off topic. I don't have any no brainer levels. Sorry.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD Daily down trend.png Size: 55 KB
Click to Enlarge Name: EURUSD 4hr reversal.png Size: 59 KB
Click to Enlarge Name: EURUSD 1hr TL.png Size: 50 KB
It really is that easy.
  • #1,843
  • Jul 30, 2008 7:26pm Jul 30, 2008 7:26pm
Quoting lemmingboiv2
Am I drunk? Or am I as bad at reading forex signals as I am my wifes?
Ha, ha!

I am sorry to have to inform you that you are the only man in the world/universe who has this problem
Darkness lies one inch ahead..
  • #1,844
  • Jul 30, 2008 9:50pm Jul 30, 2008 9:50pm
Thanks to all the contributors to this great thread for making it what it is!

I have a question...

What hours of the session do most of you find are the best for the no brainer trades. Initially I suppose you could say any time due to the fact that certain support, resistance levels etc.. need to be met so in that sense time is not a factor. Still, it makes sense to think it could be the first 9-10 hours of the session (12:00am cst - 9-10:00am cst) since that is arguably when the money trades, especially in Europe's case. Whichever way it is I only typed Forex into google just over a month ago now so I am still learning to say the least. Thank you for any insight!

Regards,
Kyle
The way is narrow
  • #1,845
  • Edited 10:31pm Jul 30, 2008 10:20pm | Edited 10:31pm
Quoting lemmingboiv2
Ok question for all in the thread. Is it my perception that is simply way off or have I missed a key post (as I thought I have read every one at least 3 times, 6 if they were written by Billy) When I look at Eur/USD I entered and see a short starting @ 1.5630 (a chance to pick it back up will present itself shortly or one could enter at 1.554). . . .I see this short headed all the way to 1.5303

Am I drunk? Or am I as bad at reading forex signals as I am my wifes?

Any explanation or insight would be grateful

+Lemming
Just curious why you would say that because its a pretty typical resistance level; it looks good.....dont be so hard on yourself ....on the last pullback eur used the 1.5610 area instead for the pullback which was created on Jul 7. When you have multiple possible turning points like this and they're so close together sometimes it pays off just to get in at the lower level. That was about at 90 pip move there with today's price action; not bad. But yes, 30 looks good as well.
  • #1,846
  • Jul 30, 2008 10:26pm Jul 30, 2008 10:26pm
Quoting pastork
what do we do to those that give wrong forecast, i think they should be penalised and not allowed to put post for a while because a lot of people would make judgements based on their post, unless in the casde where a fundamental unexpected news takes out all s/r lines, also is everyone subject to the 40pip drawdown, then any post should have a point of highest probability,finally considering the usd/chf trade i have a problem agreeing,cos i believe the 1.0480 area was a good resistance area that might turned into a support,lets watch n see,i agree with your other post
Yeah I dunno...........we just need the name of the person that posted it in the performance and over time youll be able to see whos calling it and whos not. I dont like the idea of penalizing anyone or cutting anyone out. People get better over time. Cutting others out defeats one of my main goals of the thread to keep people moving forward.

When people have a lot of conviction and post it to the world its going to help them become a better trader. I dont want to go against that.

Anyway too much talk about this....lets just keep it simple; just like our trading, and observer will take care of the rest.

thanks again,
  • #1,847
  • Jul 30, 2008 10:30pm Jul 30, 2008 10:30pm
Quoting len979
I've been lurking here for the last few days and I have to say this is one of the best threads i've read here on FF.
First off, I would like to thank Billy ray and all the regular contributors to this thread. Great work guys!!
I usually trade daily and weekly charts on up to 13 different pairs and my trading style is slightly similar to yours although I include some moving averages and fibs.

I know you are busy Billy Ray, but I hope you can answer a few questions:

1. What website/sofware do you use to set price alerts on the different pairs you are watching? Do you receive the alerts on your cellphone? I find it can get a bit overwhelming to set alerts especially when following different pairs on shorter timeframes (< daily charts in my case)

2. Who's your broker and what software do you use?

3. Which trading sessions do you trade?

BRV, thanks again for this excellent thread!

Lenny

Hi Lenny - I just use a metatrader demo for alerts and things like that, I pay for a reuters platform for other forms of analytics, and I use oanda; they've never steered me wrong. I trade mainly during the london and us sessions, thats the norm. I dont have anything sent to my cell phone, but I can monitor live quotes from it (I use an iphone) for open trades. If Im not there to get in I might consider setting a limit order based on conditions.
  • #1,848
  • Jul 30, 2008 10:33pm Jul 30, 2008 10:33pm
Quoting Sainz4Pips
Thanks to all the contributors to this great thread for making it what it is!

I have a question...

What hours of the session do most of you find are the best for the no brainer trades. Initially I suppose you could say any time due to the fact that certain support, resistance levels etc.. need to be met so in that sense time is not a factor. Still, it makes sense to think it could be the first 9-10 hours of the session (12:00am cst - 9-10:00am cst) since that is arguably when the money trades, especially in Europe's case. Whichever way it is I only typed Forex into google just over a month ago now so I am still learning to say the least. Thank you for any insight!

Regards,
Kyle
Hi Kyle, Trades can hit any time of the day, so I set alerts just in case Im not watching a lot. But overall the bulk come from the London to New York session. Sometimes during Asia, but not nearly as much.
  • #1,849
  • Jul 30, 2008 10:41pm Jul 30, 2008 10:41pm
SmokeyMcPip did us a massive favor here....he compiled some of the posts he found to be the most relevant and put it into a .pdf format to make it easier to read. It looks great; some of you might be interested. I've also attached it on the first post of this thread.

So anyone that uses it can thank him.......he did a great job on it.

I'll be the first: Thank you Smokey!

ps....any recommendations or anything like that please send him a pm and try not to clutter the thread - thank you!!
Attached File(s)
File Type: pdf BRV_S+R_Trading.pdf   652 KB | 1,540 downloads
  • #1,850
  • Jul 30, 2008 10:48pm Jul 30, 2008 10:48pm
BRV and All,,

Please use URL from my signature to review what we have so far and provide your recommendations,
  • #1,851
  • Jul 30, 2008 11:03pm Jul 30, 2008 11:03pm
Quoting observer2000
BRV and All,,

Please use URL from my signature to review what we have so far and provide your recommendations,

Thanks again observer this looks great...one last thing and we'll move ahead here. If only one price is mentioned, I use a benchmark of 5 pips above it and 5 pips below it for entry (why I say the word "area" alot). So for instance Greehaze's trades would be live now and up about +20 pips or so from 1.5565. And thats pretty much it. As for my trades, I mean I already keep track of them so I dont think you need to worry - you've done enough - everything on the first page, but I'm going to remove Dukeman's trade there and replace it with this link; we'll start from scratch. But looks fantastic and thank you again.
  • #1,852
  • Jul 30, 2008 11:43pm Jul 30, 2008 11:43pm
BRV,

May I also include your future calls into the same table? If you could also mark them as Track in the subject then I can automate consolidation process.

Thanks a lot
  • #1,853
  • Jul 31, 2008 12:03am Jul 31, 2008 12:03am
Thanks for your efforts observer2000 and smokeymcpip!
  • #1,854
  • Edited 12:43am Jul 31, 2008 12:32am | Edited 12:43am
Buy EUR/USD 1.5468-1.5458

I'm looking in the lower portion of this range for reversal, at 1.5463 to be exact, but it could stretch......Either way its a pretty important level. Watch out for the news this Friday just in case.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 20 KB
  • #1,855
  • Jul 31, 2008 12:35am Jul 31, 2008 12:35am
I know which way gbp/usd is going to go. Who wants to know?
"Timing Is Everything. Really I Swear It Is"
  • #1,856
  • Jul 31, 2008 12:41am Jul 31, 2008 12:41am
Quoting TexasforEX
I know which way gbp/usd is going to go. Who wants to know?
I do! tell us quick so we can bag some green pips
  • #1,857
  • Jul 31, 2008 12:43am Jul 31, 2008 12:43am
Quoting rogerdoger
I do! tell us quick so we can bag some green pips
I'll give you a freebie. It just finished a five wave continuation wedge. All signs point to the ground baby.

note/ price is at 19799 when posting
"Timing Is Everything. Really I Swear It Is"
  • #1,858
  • Jul 31, 2008 12:45am Jul 31, 2008 12:45am
Quoting observer2000
BRV,

May I also include your future calls into the same table? If you could also mark them as Track in the subject then I can automate consolidation process.

Thanks a lot
Sure...no prob. Do you accept PM's by the way? Can you try to unlock that? Just want to keep the thread clean. Many thanks again,
  • #1,859
  • Jul 31, 2008 2:02am Jul 31, 2008 2:02am
Quoting observer2000
BRV,

May I also include your future calls into the same table? If you could also mark them as Track in the subject then I can automate consolidation process.

Thanks a lot

Hi observer2000,

Thanks for your contribution, its greatly appreciated and I am surely not the only one who thinks that this will greatly improve the thread.

MP
Be like a post stamp! Stick to it until you get there!
  • #1,860
  • Edited 2:25am Jul 31, 2008 2:03am | Edited 2:25am
Short eur/usd 1.5654-1.5670
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 27 KB
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