Attachments: No Brainer Trades

No Brainer Trades

#3,801
Edited 5:53am Sep 28, 2008 5:35am | Edited 5:53am

spekitox
| Joined Sep 2008 | Status: Lucky Man | 2,267 Posts

Are we talking about the same thing?

The bottom of the bucket is simply the bottom of it. It's of course on the top of the picture if the bucket is upside down.

In my simple thinking, there were more sellers than buyers around the red line so the right side of the bucket formed. So we're going short at the arrow because we believe prices will turn back from the red line once more.

No lips here... or did you mean the bigger, spiky something in the middle of the picture would be the upside-down bucket?

Quoting Forex007

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It depends on what you call a "bottom". The pattern is an UPSIDE DOWN cup/bucket (the way I view them).

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forget about tomorrow, just steal away into the night

#3,802
Sep 28, 2008 7:59am Sep 28, 2008 7:59am

lumesh
Joined Apr 2007 | Status: Trader | 1,522 Posts

BRV what's your take on the USD/JPY regarding the bailout ? Is it going through the roof ? i remember you said the carry pairs are heading lower unless some miraculous news are coming out...is this the news we had today and therefore carry pairs are starting to head north ?

thanks

#3,803
Sep 28, 2008 10:40am Sep 28, 2008 10:40am

Willowgal
| Joined Sep 2008 | Status: Trader | 630 Posts

Quoting spekitox

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Kinda hard to miss the PDF on the first page of the thread.
Btw the search box on the left is like the 8th wonder of the world

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Thanks

#3,804
Edited 11:08am Sep 28, 2008 10:47am | Edited 11:08am

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Quoting spekitox

Disliked

Are we talking about the same thing?

The bottom of the bucket is simply the bottom of it. It's of course on the top of the picture if the bucket is upside down.

In my simple thinking, there were more sellers than buyers around the red line so the right side of the bucket formed. So we're going short at the arrow because we believe prices will turn back from the red line once more.

No lips here... or did you mean the bigger, spiky something in the middle of the picture would be the upside-down bucket?

Ignored

Nice picture.

I understood "bucket" trades differently - will need to re-read the relevant posts again. I thought we go Long after the backet's been formed.

P.S. Just re-read the BRV's 1st post on buckets. I've never seen "buckets" mentioned anywhere before as a pattern. However, there is a well-known "cup and handle" pattern (which is traded differently). I think BRV's logic is as follows: once a "cup" ("bucket" in his version) has been formed, handle (BRV's target trade) is likely to be formed. That's where I indicated Long entries (red one being the safest).

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One Chart is Worth Ten Thousand Words.

#3,805
Sep 28, 2008 10:54am Sep 28, 2008 10:54am

Willowgal
| Joined Sep 2008 | Status: Trader | 630 Posts

Quoting spekitox

Disliked

Are we talking about the same thing?

The bottom of the bucket is simply the bottom of it. It's of course on the top of the picture if the bucket is upside down.

In my simple thinking, there were more sellers than buyers around the red line so the right side of the bucket formed. So we're going short at the arrow because we believe prices will turn back from the red line once more.

No lips here... or did you mean the bigger, spiky something in the middle of the picture would be the upside-down bucket?

Ignored

I suppose the last few quotes about 'buckets' in a way clarify my own confusion about what to look for. For once in this thread I am still a little confused ?@!@>?

I looked at the initial thread and the link to the page where BRV pointed out the buckets on a couple of charts, YET I seem to be having a 'visual mental block' about this phenomena... I do appologise if I am being really stupid but the more I look at it, the more I am unclear what to look for as far as a trade - so if anyone can provide an idiot's guide then this particular idiot will be delighted to read it !!!

Thanks guys !!!!!!!!!11

#3,806
Sep 28, 2008 11:10am Sep 28, 2008 11:10am

spekitox
| Joined Sep 2008 | Status: Lucky Man | 2,267 Posts

I was asking, I wasn't telling.
Let's wait for someone more experienced to clarify this.
However the PDF says...

the bottom inside of the cup acts as a potential turning point for price (page 31)

Ps. I think this has nothing to do with cup & handle formation.

By the way, this buckets stuff was the only part in the PDF I found a bit hard to understand... not criticism of course... long live BRV

forget about tomorrow, just steal away into the night

#3,807
Sep 28, 2008 11:19am Sep 28, 2008 11:19am

spekitox
| Joined Sep 2008 | Status: Lucky Man | 2,267 Posts

Quoting Willowgal

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I suppose the last few quotes about 'buckets' in a way clarify my own confusion about what to look for. For once in this thread I am still a little confused ?@!@>?

Ignored

Imagine how delighted you'd be if you spent some hours analyzing charts and found the answer yourself. No offense, was just joking.

forget about tomorrow, just steal away into the night

#3,808
Sep 28, 2008 11:24am Sep 28, 2008 11:24am

stewrigh
| Membership Revoked | Joined Feb 2008 | 9,794 Posts

Quoting Willowgal

Disliked

I suppose the last few quotes about 'buckets' in a way clarify my own confusion about what to look for. For once in this thread I am still a little confused ?@!@>?

I looked at the initial thread and the link to the page where BRV pointed out the buckets on a couple of charts, YET I seem to be having a 'visual mental block' about this phenomena... I do appologise if I am being really stupid but the more I look at it, the more I am unclear what to look for as far as a trade - so if anyone can provide an idiot's guide then this particular idiot will be delighted to read it !!!

Thanks guys !!!!!!!!!11

Ignored

I think that if you try to ignore the mental picture of a bucket it helps,
At least it did me - just stick to the basics and look for S/R levels.
Rgds
Stew

#3,809
Sep 28, 2008 11:28am Sep 28, 2008 11:28am

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Bucket: in this post (http://www.forexfactory.com/showpost...postcount=3781) BRV said he was already 25-30pips in the trade. The price did not reach the top part (i.e. "bottom") of the bucket, so there was no reversal at that point to talk about.

So, BRV was long. I think he entered at a level which the price was sticking to in the past - have a look at the left part of the chart - i.e. around 1.4620. That's equivalent o f the red dot on the chart I posted above.

One Chart is Worth Ten Thousand Words.

#3,810
Sep 28, 2008 11:49am Sep 28, 2008 11:49am

spekitox
| Joined Sep 2008 | Status: Lucky Man | 2,267 Posts

I tell you why I'm still not 100 % convinced. The PDF talks about the bottom inside of the bucket and it was hit on the picture. The red line marks the bottom inside.

Ok, suppose you're right. Why did BRV draw that red line there?

Here's a GU hourly chart from some weeks or months ago. Easy to find, just scroll back if you like. The same stuff here - a range, then prices leave the range quickly (fall), then some time later a quick rally towards the range and prices turn back (fall again) No cup, no handle.

I think we both explained our thinking, I absolutely thank you for your ideas - I can only get better if I try to understand your opinion. I suggest let's wait for BRV with the answer

Quoting Forex007

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Bucket: in this post (http://www.forexfactory.com/showpost...postcount=3781) BRV said he was already 25-30pips in the trade. The price did not reach the top part (i.e. "bottom") of the bucket, so there was no reversal at that point to talk about.

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forget about tomorrow, just steal away into the night

#3,811
Sep 28, 2008 3:20pm Sep 28, 2008 3:20pm

Forex007
| Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts

Here's another example from BRV. He called "bottom" what we would call the "top". But anyway, you can see how the bucket is traded on that example.

http://www.forexfactory.com/showpost...postcount=3581

One Chart is Worth Ten Thousand Words.

#3,812
Edited 4:02pm Sep 28, 2008 3:33pm | Edited 4:02pm

spekitox
| Joined Sep 2008 | Status: Lucky Man | 2,267 Posts

I might make a fool out of myself, but I'm still not on the same bus as you are.
Just scroll back a bit on the chart to find the real bucket. And if it is the bucket, then BRV does call "bottom" what I'd call "bottom", too. And prices turn back at the "bottom inside". A chart is a chart, and a bottom is a bottom.

I don't care if I'm right or wrong, I feel I'm gonna learn this bucket thing today..

BRV, were you short or long on that last EU m15 chart of yours?? Please don't let me die stupid

Forex007 don't take it personal, I appreciate your time.

Quoting Forex007

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Here's another example from BRV. He called "bottom" what we would call the "top". But anyway, you can see how the bucket is traded on that example.

http://www.forexfactory.com/showpost...postcount=3581

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#3,813
Sep 28, 2008 9:34pm Sep 28, 2008 9:34pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting Forex007

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BRV, thank you for good examples. Are "buckets" reliable on any TF or just short ones such as M15? How do you time the entry and exit with buckets?

Have a nice weekend.

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Generally on any timeframe but they're of course more frequent on smaller timframes.

#3,814
Sep 28, 2008 9:34pm Sep 28, 2008 9:34pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting lumesh

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Any TF, usually the bigger the better (1H for example)

5M and 15M buckets just occur more often

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ditto - thanks lumesh!

#3,815
Sep 28, 2008 9:39pm Sep 28, 2008 9:39pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting spekitox

Disliked

Are we talking about the same thing?

The bottom of the bucket is simply the bottom of it. It's of course on the top of the picture if the bucket is upside down.

In my simple thinking, there were more sellers than buyers around the red line so the right side of the bucket formed. So we're going short at the arrow because we believe prices will turn back from the red line once more.

No lips here... or did you mean the bigger, spiky something in the middle of the picture would be the upside-down bucket?

Ignored

Ok first thing is first - this picture = awesome!

Yeah you pretty much have it - I went short at the inside "base" here, right where I drew that red line. At the time of my post, the trade was in profit by about 25 pips, but the picture I posted I think caught it right after I was already in it, so I should have waited to post the chart maybe.

The "bottom" of the bucket there is right where I drew that red line - you can also see some resistance there from the bars poking down on the chart.

I read these posts and am trying to think of a better way to explain it but your picture there pretty much says it I think. If I come across any more examples I'll keep on posting them but if Im still unclear please ask away and I'll do my best to speak what I mean here.

#3,816
Sep 28, 2008 9:41pm Sep 28, 2008 9:41pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting spekitox

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Hey! I thought when prices touch the bottom of the bucket they turn back quickly. Not towards the bottom but from the bottom. Have I missed something??

Ignored

Yeah its not the "lip" of the bucket, its the inside, bottom. Again if I can post more examples I will - in my own head Im being cystal clear but sorry if I'm not communicating it too well. But spekitox seemed to get it right though.

#3,817
Sep 28, 2008 9:43pm Sep 28, 2008 9:43pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting Forex007

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Bucket: in this post (http://www.forexfactory.com/showpost...postcount=3781) BRV said he was already 25-30pips in the trade. The price did not reach the top part (i.e. "bottom") of the bucket, so there was no reversal at that point to talk about.

So, BRV was long. I think he entered at a level which the price was sticking to in the past - have a look at the left part of the chart - i.e. around 1.4620. That's equivalent o f the red dot on the chart I posted above.

Ignored

Actually no sorry I was short from 1.4652. Hope my other posts clear it up but again if you need more clarification please feel free to ask away and I'll try to explain a little better.

#3,818
Sep 28, 2008 9:52pm Sep 28, 2008 9:52pm