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  • #5,641
  • Sep 4, 2008 2:03am Sep 4, 2008 2:03am
Hey,
What can i expect cable closes above the intraday long,are we to take out our losses?
  • #5,642
  • Sep 4, 2008 2:12am Sep 4, 2008 2:12am
Quoting hiswords
Is anyone trading cable this morning,who is with me.Am already short on it,it seems to retrace after breaking the short.Sherm!! it seems you ar avoiding cable this days,any reason behind that?
Bo!! am i right with the short on cable?

No perticular reason....I simply did not like what I saw on it on to trade it with the intraday....

I am long in the aud/usd

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  • #5,643
  • Sep 4, 2008 2:19am Sep 4, 2008 2:19am
hey shermenator what your analysis on the gu
  • #5,644
  • Sep 4, 2008 2:47am Sep 4, 2008 2:47am
I recently asked this question on another thread and this is the reply I got from someone. Anyone care to comment? I'm not sure what to make of it and what is a non ecn broker and how do I know if the one I have ( I use forex.com ) is one. I thought the forex was too big to be manipulated by the market makers, but I've been wrong and naive before. Bo, is this one reason you really don't use stop losses unless you are away, so the market makers can't push orders to trigger your stop out on your position? I guess if someone wanted to push you out they could if they new how far to push the market to trigger your stop loss. Thanks everyone

uote (Originally by kpt1956)---
I don't understand how brokers lose out when people scalp in forex. They make the difference on bid and ask, right? As long as there is a spread they make money. Isn't there a spread no matter how fast people can trade?



LONG LIVE THE SCALPER - Caesar of Forex
---End Quote---

Normally its ok to scalp with any broker, but what non ECN brokers don't like is a quick market (a spike) movement that everyone jumps onto for the ride. This is because the market moves so fast, they can't cover themselves with opposit positions, therefore leaving them open to big losses.

Don't forget that yes, they make their money on a "spread" , but they almost always are either matching your position against another trader or they hedge their bets by trading against you. That why some people fear stop losses because in theory (and practice so I've read) an dishonest broker could put a little spike in the market just to hit your SL and therefore make money with no risk at all.

I was very disheartened when I first found out about these practices, but now I understand what to look for and how to pick a good broker. As for scalping, it depends on the platform you use and/or how fast the market is moveing. If you use MT4, sometimes you will notice the interface freeze up. Well, other than normal internet connection issues, thats what they are doing, preventing people from jumping on the band wagon.

Hope this helps.


Sincerely,
FF
  • #5,645
  • Sep 4, 2008 2:52am Sep 4, 2008 2:52am
Quoting xscamx
hey shermenator what your analysis on the gu

All I see is a head and shoulderss...we had also had already a deep retracement into te levels yesterday showing weakness in direction....
Also price was well consolidated...and slo look at the daily formation showing a possibel pause can come today....
This is what I see

All you are left is taking the break of the intraday long and fallowing it with a horizontal line....treat long like scalps dont forget...

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  • #5,646
  • Sep 4, 2008 3:10am Sep 4, 2008 3:10am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
This one is countertrend to the general USD strengthening, but I like the candle action on the daily so I took it and I'm planning on holding this for as long as possible - weeks if price goes my way (positive swap) or a lot less if price doesn't cooperate. No set targets really - ideally I'd like 1.0584, but I'll wait for price to tell me when to reverse.

I took the trade based on daily candle at Downtrend Short, with stops above the high of the candle.

I plan on monitoring the trade using the 4 hr support levels that I want to see broken (and a pesky TL testing right now). Once I start seeing them broken, I'll flip to a resistance fib and look for them hold.

On daily, I'll switch the fibs that I show currently in my chart. My retracement fib will be moved to an Uptrend Fib, and then I'll pull a retracement move to follow price on the decline to the uptrend fib levels. Looking for these to hold as resistance (same as pulling the 4 hr resistance fib) and as long as these levels hold, so will I. Essentially, this is like when we scalp back to our inner fib levels on an intraday basis on 60 min.

Best of luck to me.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: september 4th 4 hr.jpg Size: 151 KB
"Wishful thinking dies hard." Igor T.
  • #5,647
  • Sep 4, 2008 3:21am Sep 4, 2008 3:21am
Quoting FxChi
This one is countertrend to the general USD strengthening, but I like the candle action on the daily so I took it and I'm planning on holding this for as long as possible - weeks if price goes my way (positive swap) or a lot less if price doesn't cooperate. No set targets really - ideally I'd like 1.0584, but I'll wait for price to tell me when to reverse.

I took the trade based on daily candle at Downtrend Short, with stops above the high of the candle.

I plan on monitoring the trade using the 4 hr support levels that I want to see broken (and a pesky TL testing right now). Once I start seeing them broken, I'll flip to a resistance fib and look for them hold.

On daily, I'll switch the fibs that I show currently in my chart. My retracement fib will be moved to an Uptrend Fib, and then I'll pull a retracement move to follow price on the decline to the uptrend fib levels. Looking for these to hold as resistance (same as pulling the 4 hr resistance fib) and as long as these levels hold, so will I. Essentially, this is like when we scalp back to our inner fib levels on an intraday basis on 60 min.

Best of luck to me.
I like the setup Bud....Once In profit I would fallow it with the waves highs...to protect profit as well as to leave room to breath...

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  • #5,648
  • Sep 4, 2008 3:22am Sep 4, 2008 3:22am
As I now limit my morning screen time to 4 hours around the Frankfurt and London Opens, I'm staying with the 5 min chart for my trading.

Here there was a higher low in the Asian session and then price got held under todays DP level. This was broken by the wide range candle just before FO - a clear BUY.

Price then stalled just above the 800 level after a 50 pip rally and pulled back to the super confluence of the 38% fib, 34 ema and the Todays Open level for another buy.

Price then stalled at Yesterdays High after a 76 pip rally.....I got nice pips out of both moves and easily made my daily target http://www.forexfactory.com/images/icons/icon7.gif
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Trading Levels with WRBs
  • #5,649
  • Sep 4, 2008 3:28am Sep 4, 2008 3:28am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting Shermenator
I like the setup Bud....Once In profit I would fallow it with the waves highs...to protect profit as well as to leave room to breath...

Attachment
Thanks. I took break of intraday lows, but wil add to my position if I get a bearish candle formation on right tip/right shoulder of crown/H&S and intraday levels holding.
"Wishful thinking dies hard." Igor T.
  • #5,650
  • Sep 4, 2008 3:34am Sep 4, 2008 3:34am
Quoting FxChi
This one is countertrend to the general USD strengthening, but I like the candle action on the daily so I took it and I'm planning on holding this for as long as possible - weeks if price goes my way (positive swap) or a lot less if price doesn't cooperate. No set targets really - ideally I'd like 1.0584, but I'll wait for price to tell me when to reverse.

I took the trade based on daily candle at Downtrend Short, with stops above the high of the candle.

I plan on monitoring the trade using the 4 hr support levels that I want to see broken (and a pesky TL testing right now). Once I start seeing them broken, I'll flip to a resistance fib and look for them hold.

On daily, I'll switch the fibs that I show currently in my chart. My retracement fib will be moved to an Uptrend Fib, and then I'll pull a retracement move to follow price on the decline to the uptrend fib levels. Looking for these to hold as resistance (same as pulling the 4 hr resistance fib) and as long as these levels hold, so will I. Essentially, this is like when we scalp back to our inner fib levels on an intraday basis on 60 min.

Best of luck to me.
Hi FXChi - nice charts - and good luck with your short.

I too monitor the Swissy - and yes, I do have longer term charts, but for my trading I'm looking at the 15m and 5m.

This morning Swissy dropped right before FO and confirmed my long in cable. It got stopped at its S1 level and has now retraced 61.8% of that drop - that bounce confirmed my decision to exit my long in cable....
Trading Levels with WRBs
  • #5,651
  • Sep 4, 2008 3:52am Sep 4, 2008 3:52am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Nifty trading again ; but couple questions please:
Quoting Islander
As I now limit my morning screen time to 4 hours around the Frankfurt and London Opens, I'm staying with the 5 min chart for my trading.

Here there was a higher low in the Asian session (which one were you looking at - I see several) and then price got held under todays DP level (mind sharing the PP indie please). This was broken by the wide range candle just before FO - a clear BUY (was entry the large bull candle closing above DP?).

Price then stalled just above the 800 level after a 50 pip rally and pulled back to the super confluence of the 38% fib, 34 ema and the Todays Open level for another buy (where was the exit, indecision candle?).

Price then stalled at Yesterdays High after a 76 pip rally.....I got nice pips out of both moves (the initial breakout at beginning on FO and the retracement to 34 EMA and 38.2, right?) and easily made my daily target http://www.forexfactory.com/images/icons/icon7.gif
Lastly, did you have a fib set-up before the breakout? The price action is so choppy to me. How does one go about setting up the fibs properly, or is it not used until a breakout and then we follow along price?

If you're too busy trading now, just reply whenever you get a sec (I'm very interested in attempting to trade these breakouts b/c I see them very often on when FO/London opens). Thanks!
"Wishful thinking dies hard." Igor T.
  • #5,652
  • Sep 4, 2008 4:20am Sep 4, 2008 4:20am
Cable try to break the intraday high twice today,news data are also favoring pounds.Hun!!!!!!! this might take me out of the market today sooner than i expect.
Too choppy.
  • #5,653
  • Edited 8:46am Sep 4, 2008 7:42am | Edited 8:46am
Quoting FxChi
Nifty trading again ; but couple questions please:


Lastly, did you have a fib set-up before the breakout? The price action is so choppy to me. How does one go about setting up the fibs properly, or is it not used until a breakout and then we follow along price?

If you're too busy trading now, just reply whenever you get a sec (I'm very interested in attempting to trade these breakouts b/c I see them very often on when FO/London opens). Thanks!
Briefly, in the order of your queries:

Agreed, specifically the last one at 03:55 & down to 707 on my chart.

PP indie attached - you'll need to customise it for your TZ etc - PM me if you have any probs.

Yes - also the break of the gold dotted line - todays open line.

I took profit before yesterdays high as I was in other mkts and prefered to be less aggressive.

Yes the fib retracement was the reason for posting the chart here on Bo's thread.

No I wasnt working off any other fibs - although I had noticed that the low was close to the 76.4% retrace on my hourly chart.

I dont like trading break-outs as such - i.e. a fib 0 or 100 level. Here its more about catching the start of European trading - and really off topic for this thread.

However, IMO, the fib I posted was a great one for short term trading at this time of day and entries at this time of the day can often catch most of the days move.
Attached File(s)
File Type: mq4 SDX-TzPivots.mq4   23 KB | 646 downloads
File Type: mq4 SDX-SweetSpots.mq4   3 KB | 667 downloads
Trading Levels with WRBs
  • #5,654
  • Sep 4, 2008 8:40am Sep 4, 2008 8:40am
I am closing my long in aud usd at plus 10 pips...crappy trade but better then coming out negative..

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  • #5,655
  • Sep 4, 2008 8:57am Sep 4, 2008 8:57am
+10 beats the crap out of -1


I remember when my entire focus was to get 10 pips a day
  • #5,656
  • Sep 4, 2008 10:27am Sep 4, 2008 10:27am
I was able to close about 60 pips, on a short on GU. I have been spending a lot less time looking at charts and being a bit more successful, so the patient simple approach is the best....

Thanx a lot.
TheLegace.
"If voting changed anything, they'd make it illegal" - Emma Goldman
  • #5,657
  • Sep 4, 2008 10:28am Sep 4, 2008 10:28am
Quoting mr.leahy
+10 beats the crap out of -1


I remember when my entire focus was to get 10 pips a day
Exactly all that matters is being positive at the end of the week or month, nothing else. Your doing just what you wanted, becoming a trader, if you see something you dont like take the money and run, and not every day is going to be a winning day. Some days its a big win some a small win some a big loss some a small loss, its all about keeping you balance up and protecting it when you see your on the wrong side. Sometimes breakeven is a win after a rough week. Remember during that last little workshop thing we did, the part about learning to reduce your risk would be one of the key factors in becoming profitable.
  • #5,658
  • Sep 4, 2008 10:48am Sep 4, 2008 10:48am
Quoting big_pipin
Once price penetrates and closes below my 66 and 68.2%

retracements, should I stop trying to play this long? or can i still try and

take advantage of a retrace before it goes lower?
bump. sorry im new at all this.
  • #5,659
  • Sep 4, 2008 11:16am Sep 4, 2008 11:16am
Quoting big_pipin
bump. sorry im new at all this.
Do you have your fib levels set to 66 and 68% instead of a 61.8%. If so Im not sure I can help you with that one since I dont look for those retracement levels. That sounds like someones custom settings they use personnally and Im not sure I could tell someone legitimately what to do with those levels since I dont use them. Thats more of a question for the orignator of those levels.
  • #5,660
  • Sep 4, 2008 11:37am Sep 4, 2008 11:37am
Short 7763, 7728 and 7705, closed at 7708, 7705 and 7691 respectively.

Net pips 92.
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