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  • #1,141
  • Feb 22, 2007 11:28am Feb 22, 2007 11:28am
DRT,

Thank you very much again for your continuous assistance and help

Quoting DownRiverTrader
For short term trading, I use the Daily River Charts to determine entry areas and exit areas. Once I make the decision, I use the hourly charts for the actual entry or exit. I will often look for a pullback to a level on the hourly.

I guess I do not understand then why you would use 15 and 5 minutes charts. Can you show a simple example of multi time frame setup approach? It appears based on the quote above you are only using 2 timeframes for intraday trading. Perhaps, you can define your intra day trading activities such as how many trades you take intra day? Do you classify them as scalps or you do not put any time boundaries for those trades to develop?


Quoting DownRiverTrader
No. I do not use indicators of any kind. Even trendlines. I like to play around with the fib stuff, but for trading I do not use these types of things. Volume is not part of my algorithm because it does not exist in the decentralized forex market. I am an active futures trader also. I trade the Globex on the CME for each of the pairs listed. It makes up 90% of my trading. I watch the market depth on this constantly and use Tradestation's matrix trader which graphically shows the volume on horizontal bars just like price distribution. Invaluable. I can almost always tell when CB's are lurking by watching the market depth on the futures.
So Forex is just part time activity or it works in concert with other 90%? I do know very little about futures. But it appears that you are getting some really valuable information to support your Forex activities. Yes, Forex has issues with Volume but that is why I am having problems seeing how pure Price Action players can trade just based on the Price Patterns. Without Volume it represent just a fraction of the story. Can you possibly explain how you utilize your futures knowledge to trade Forex. Is there any way one could get the volumes for Forex to make it more valuable for trading activities?

Quoting DownRiverTrader
I am doing this to try and help others. I am glad you are asking me questions. I like helping if possible. It makes me feel good.
You are definitely have been helping a lot. Thank you again.
  • #1,142
  • Feb 22, 2007 4:32pm Feb 22, 2007 4:32pm
Quote


I guess I do not understand then why you would use 15 and 5 minutes charts. Can you show a simple example of multi time frame setup approach? It appears based on the quote above you are only using 2 timeframes for intraday trading. Perhaps, you can define your intra day trading activities such as how many trades you take intra day? Do you classify them as scalps or you do not put any time boundaries for those trades to develop?

I know it is easy to get confused. I DO NOT trade using the shorter time frame charts. I was just making a comment that my method works across mulitple time frames. I am not a scalper. Most of the trades I am in now have been held for several days. Just depends. But rarely are my targets hit on an intraday basis.

Quote
So Forex is just part time activity or it works in concert with other 90%? I do know very little about futures. But it appears that you are getting some really valuable information to support your Forex activities. Yes, Forex has issues with Volume but that is why I am having problems seeing how pure Price Action players can trade just based on the Price Patterns. Without Volume it represent just a fraction of the story. Can you possibly explain how you utilize your futures knowledge to trade Forex. Is there any way one could get the volumes for Forex to make it more valuable for trading activities?

I am a full-time trader. I am a currency trader. I also trade Gold and Bonds. To me the currency market can include the cash market, futures and options. I like the futures market for a variety of reasons that I will not elaborate on. Most though, low cost, ability to see market depth, volume and NO DEALERS. There is NO VOLUME AVAILABLE for Forex. You should do some reading on the interbank market to understand how it works. There is no centralized exchange to keep track of everything. I HOPE THERE IS SOME DAY!!!!!!!!!!!!!! It will happen.

I do not trade any price patterns either. I'm not sure if you were referring to me or not. My trading style is explain in my journal.
  • #1,143
  • Feb 22, 2007 4:43pm Feb 22, 2007 4:43pm
Quoting DownRiverTrader
[color=black]
I am a full-time trader. I am a currency trader. I also trade Gold and Bonds. To me the currency market can include the cash market, futures and options. I like the futures market for a variety of reasons that I will not elaborate on. Most though, low cost, ability to see market depth, volume and NO DEALERS. There is NO VOLUME AVAILABLE for Forex. You should do some reading on the interbank market to understand how it works. There is no centralized exchange to keep track of everything. I HOPE THERE IS SOME DAY!!!!!!!!!!!!!! It will happen.

I do not trade any price patterns either. I'm not sure if you were referring to me or not. My trading style is explain in my journal.
No, I was not referring to you. Just a general observation of many traders who trade price patterns without volume.

I do understand how Forex works and that we do not have Volume. My question was whether futures view is helping you with trading Forex since it does provide Volume,

Thank you for clarifying Time Frame question. I am beginnig to understand how you approach trading
  • #1,144
  • Feb 22, 2007 4:46pm Feb 22, 2007 4:46pm
HEADS UP!!!!!!!!!!!!!!!!!!!!!

I spent some time this afternoon looking at some price levels and I am sensing a big change coming in the EURUSD. I do not know when, but my instincts are telling me soon. Break up or down, who knows. The message is just not to become to complacent, stay on your toes and be nimble.

Good luck
  • #1,145
  • Feb 22, 2007 5:01pm Feb 22, 2007 5:01pm
I thought i share my own view on Eurusd.

Enjoy !
Attached Image
  • #1,146
  • Feb 22, 2007 6:46pm Feb 22, 2007 6:46pm
Levels for 2-23


http://home.comcast.net/~downrivertr..._2-23-2007.PNG

  • #1,147
  • Feb 23, 2007 8:14am Feb 23, 2007 8:14am
Here is the 60M River chart as of 9:00 AM. If price were to continue up, this is a possible scenario.

On the downside, cover on a close below 3063 as we have been discussing.

http://home.comcast.net/~downrivertr...2-23-2007a.PNG
  • #1,148
  • Feb 23, 2007 8:42am Feb 23, 2007 8:42am
We have reached the 3161 level. We will likely get some stalling here. Be nimble if you are not in it for the longer haul.

I know it obvious but a move above this 3162/70 level is very bullish if it holds. There should be some fresh buying come in. Likewise, a failure could send us back to 3080.

Quoting DownRiverTrader
Here is the 60M River chart as of 9:00 AM. If price were to continue up, this is a possible scenario.

On the downside, cover on a close below 3063 as we have been discussing.

http://home.comcast.net/~downrivertr...2-23-2007a.PNG
  • #1,149
  • Feb 23, 2007 9:03am Feb 23, 2007 9:03am
Here how I like to think at this level.

Alot of the big boys are probably taking the other side of this trade right now. In other words, they are selling up at this level. Maybe getting out of profitable positions. Maybe setting new shorts at these higher levels expecting the EUR to range back down without a catalyst. Who is doing the fresh buying right now. Maybe the latecomers, not us right now though. We are in a good position to attack or watch.

What we need to happen is enough new buyers to come in and make those old timers who are getting short right now wrong. Thery will begin to cover, new buying will also emerge and up we go.

In any case, you are in a good position to make a good decision and not buying just under this level.
  • #1,150
  • Feb 23, 2007 9:07am Feb 23, 2007 9:07am
Downriver,

It's has been great following this thread and it's a cool website you have there.

But one thing that come a cross to me is that how can we know the retracement level using this price distribution? May be you can help me here.

regards,
Shah For every action there is an equal and opposite reaction.....
  • #1,151
  • Feb 23, 2007 9:53am Feb 23, 2007 9:53am
You need to go to the journal thread and look for the post about studying Market Profile. I do not use this directly in my trading, only to learn how markets auction and thus provide us with clues. I think I put a couple links in there.

There are no short cuts. I can not tell you because you have to understand it yourself and make your own judgements. If you are not willing to learn price distribution, auction market theory or market profile....then you should continue with your current method if it is successful for you.

You will not understand it if I just tell you, even if it was possible. You can do it. Anybody can.


Let me make another comment. All you have to do is look at the EURUSD daily chart. You do not need me to tell you. Look at it. All that happened was that the EURUSD pulled back to a former resistance (turned support) level. No magic in this. Just good old fashioned perception of a daily chart could have told you to start getting long in front of this level. The weekly and monthly chart is certainly in an uptrend. We all make trading so hard. Just have faith in this and give yourself some room for the trade to work out. You know for sure if it goes much below this level then you should cover. SIMPLE YET NOT EASY MENTALLY. Which is entirely my point.


Quoting Panjan
Downriver,

It's has been great following this thread and it's a cool website you have there.

But one thing that come a cross to me is that how can we know the retracement level using this price distribution? May be you can help me here.

regards,
  • #1,152
  • Feb 23, 2007 9:56am Feb 23, 2007 9:56am
Guys,

Any second opinion for retracement and good place to short this Eur. According to mouteki, TP is at 1.3193 and not reach yet. Just thinking shall place my short with a very tight SL.
Shah For every action there is an equal and opposite reaction.....
  • #1,153
  • Feb 25, 2007 10:04am Feb 25, 2007 10:04am
Ummmm, interesting. Do you really thing buying short would be a good thing right now? Yes, there was a pretty good run up on Friday of last week. Are you sure the "run up" is done or, over with? Will be interesting to see come Sun.
  • #1,154
  • Feb 25, 2007 11:27am Feb 25, 2007 11:27am
Here are the River Levels for 2-26-2007.

Hope everyone had a good weekend and spent some time forumlating a plan for this week. We are certainly at some key inflection points in many currencies including the EURUSD. You can see we closed right at our key level on Friday.

The Euro moved into our short term buy zone at River on Thursday. I hope some of you were able to get long out of this level as we had been discussing. The expected strong move up out of this level occurred and our first target of 3162 was hit on Friday. Some of you may have taken partial or full profit here. That is fine. I remain long.

Obviously we are at a critical level. The start of week will be key to see if we have the power to move up. Lots of option defense ahead of 3200 level is keeping a lid on things. As I mentioned last week, my studies indicate that we are getting ready to move hard out of this area. Up or down is the question. Be nimble.

If we move up, I would look to take all or partial profit on a move through the 3262 level. I would look to re-establish longs on a move out of this area. We will discuss this if it happens.

If we move down from this level, then I would look for 3089, 3063 near term. I would get long at these levels again. Only a move and settle below 3063 would turn my view bearish. If this occurs we will likely test 2950 area.

Don't forget to check the website for an update on the longer term price distribution later today. You should check this to get a feel for where you are in flow. Don't drift around in the Ocean without a plan, sharks might eat you.

Good luck this week



http://home.comcast.net/~downrivertr..._2-26-2007.PNG
  • #1,155
  • Feb 25, 2007 5:58pm Feb 25, 2007 5:58pm
I also has a bullish setup on euro, and I am almost sure that euro will reach 3200. But further advancement is not clear. Personally I closed my euro long and swissy short on Friday, and waiting for a new setup. I have two reasons to have doubts in longs this week. The first reason was mentioned by DRT: 3200 is a strong option level, it's also a first weekly resistance in my system. And the second reason is Dollar Index (_DXY). It's also near the strong support in my system it's 83.88, I believe DRT also mentioned this level on his site.
So my plan for this week is wait till euro breaks above 3200 and DXY below 83.88 and reestablish longs. Or shorting later.

Wookey
Wookey
  • #1,156
  • Feb 27, 2007 6:41am Feb 27, 2007 6:41am
Any thoughts about today's durable goods orders and home sales?

EUR/USD floats around .1320 at the moment, so if we get some negative information from USD should estabilishing a long position on EUR/USD would be a right move?
  • #1,157
  • Feb 27, 2007 7:26am Feb 27, 2007 7:26am
That's an awesome site. It's coming along very nicely. I am looking forward to realtime 60min charts
It will be much easier to check new daily levels and comments rather than searching the forum.

Good job.
  • #1,158
  • Feb 27, 2007 7:45am Feb 27, 2007 7:45am
I'm not sure if you were directing your question to me or not but I just posted a comment on how I approach "news" in the journal thread. Click on the link for "The View DownRiver" in the signature section below.

Quoting Dexis
Any thoughts about today's durable goods orders and home sales?

EUR/USD floats around .1320 at the moment, so if we get some negative information from USD should estabilishing a long position on EUR/USD would be a right move?
  • #1,159
  • Feb 27, 2007 7:47am Feb 27, 2007 7:47am
Thanks irusoh. I am having some fun with it. Keeping me occupied. Send me an email from the site if you have any more suggestions.


Quoting irusoh
That's an awesome site. It's coming along very nicely. I am looking forward to realtime 60min charts
It will be much easier to check new daily levels and comments rather than searching the forum.

Good job.
  • #1,160
  • Feb 27, 2007 8:00am Feb 27, 2007 8:00am
The EURUSD is certainly holding up well under the intense EURJPY selling. This is a good sign. I think:surprised
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