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  • #4,181
  • Oct 9, 2008 6:51am Oct 9, 2008 6:51am
Quoting Barak's pip
ok ! , I am now going over that pdf file again .

regarding yesterday's levels , so what you're saying is that we are no longer using them ?

thank you.
right everyday new story.
  • #4,182
  • Oct 9, 2008 7:16am Oct 9, 2008 7:16am
Quoting BillyRayValentine
Here it is in action across multiple timeframes....but you:
1. Have to get used it; it takes time and
2. Realize its not the reason you're taking trades, its JUST a tool

its just an overbought/oversold indicator....a combination of both stochastics and the rsi; nothing fancy.
To use it when it hits zero on either side price will reverse, thats the concept. Please play around with it though for a while it takes some getting used to.

I dont recommend using anything else (or rsi alone or stochastic alone....they FAIL and your win rate will sink down the crapper)

Remember: levels are what pay for everything we write about here. I'll say it again:

Its JUST a tool
Its JUST a tool
Its JUST a tool
Its JUST a tool
Its JUST a tool
Its JUST a tool

We're not basing trades off of this junky thing here - 90-100% accuracy is the goal and this thing doesnt do it alone by any means.

Ok thanks.

I only have Metatrader at present but I take in what you are saying.

Thanks
  • #4,183
  • Oct 9, 2008 7:31am Oct 9, 2008 7:31am
Quoting BillyRayValentine
1.3661 looks the best here right now
That was one hell of a call. Bounce took off 1.3659. Not sure where you got that level other than the price action before the rise circled in the chart and the 61.8 Fib ret. Still studying the pdf.

Looking good Billy Ray!
lol
Jason
Attached Image (click to enlarge)
Click to Enlarge Name: brv.gif Size: 33 KB
May the fish in your stream of life always bite.
  • #4,184
  • Oct 9, 2008 8:24am Oct 9, 2008 8:24am
Quoting aSandman
That was one hell of a call. Bounce took off 1.3659. Not sure where you got that level other than the price action before the rise circled in the chart and the 61.8 Fib ret. Still studying the pdf.

Looking good Billy Ray!
lol
Jason

"Bottom of the Bucket" pattern again....they're out there more than some might think .

Thanks!!
  • #4,185
  • Oct 9, 2008 8:29am Oct 9, 2008 8:29am
Hi there.

This is my first post. I have read the pdf and dont understand the bottom of th bucket pattern is it possible you could explain it again as we have just had one on the eur. Thank you very much!
  • #4,186
  • Oct 9, 2008 8:36am Oct 9, 2008 8:36am
Quoting vikki
Hi there.

This is my first post. I have read the pdf and dont understand the bottom of th bucket pattern is it possible you could explain it again as we have just had one on the eur. Thank you very much!
Welcome Vikki .... I am sure BRV will help you !!

PS .... I don't get it either - I have some sort of mental block with it :-)
  • #4,187
  • Oct 9, 2008 9:05am Oct 9, 2008 9:05am
Hello all,
Please see BRV blog, he goes into detail there

http://nobrainertrades.blogspot.com/...of-bucket.html

Maybe this will help a little bit,
good trading all


Jason
May the fish in your stream of life always bite.
  • #4,188
  • Oct 9, 2008 9:33am Oct 9, 2008 9:33am
Quoting Willowgal
Welcome Vikki .... I am sure BRV will help you !!

PS .... I don't get it either - I have some sort of mental block with it :-)
Haha I really think I need to come up with a better name for it!
  • #4,189
  • Oct 9, 2008 9:34am Oct 9, 2008 9:34am
Quoting aSandman
Hello all,
Please see BRV blog, he goes into detail there

http://nobrainertrades.blogspot.com/...of-bucket.html

Maybe this will help a little bit,
good trading all


Jason
My thinking on the subject (abstract way of thinking about it) is that it is the top of the area where buyers and sellers fought it out at a previous pivot, that is, the other side of the pivot inside the bucket. We normally think of support and resistance existing at the outer area of the bucket, at the extreme high or the low, and these areas have significance because there will be bunches of limit orders where buyers want to get in when they missed out earlier, and sellers who got it wrong will want to dump their positions at break even. But it appears that the area inside the bucket (inside the high or low) also has significance, as this area marked where the sellers in the market were exhausted, and where buyers who weren't able to got in at the bottom would deem to be good value and would have set orders. Observe how often price does this - it will appear to make an impulsive move after consolidation, late comers will join the party when the initial thrust is almost over. The market movers are sometimes early in the move or dead on, but they are never late. People playing the support and resistance (like us) will take cues from the price action around these prospective support and resistance areas and get in just as the initial thrust is occurring, allowing us to catch a decent portion of the move if we're early enough and we get our analysis right. Latecomers (who consistently lose and feed everyone else) see the move, get all emotional and jump in, only for price to retreat back to retest the top of the prior consolidation area and collect the orders that are placed there, sellers are able to get out cheaply and buyers get in cheaply (all paid for by the latecomers), and then price advances upwards if it is so inclined.

For a long time I struggled with why I was getting stopped out at break even so often after getting into the initial thrust spot on time - I was setting my break even stop right at the point that price was most likely to come back and retest. Thinking of it in terms of what was actually going on behind the candles made me realise my evil broker wasn't manipulating the market to take it in my measly orders, I was just falling into the same trap that the majority of traders do. The market is almost designed to relieve amateurs of their money. I still contend the best way to make money in forex is to kidnap a noob and fade every trade they make, although the legality of this method is somewhat contentious.
  • #4,190
  • Oct 9, 2008 9:46am Oct 9, 2008 9:46am
Hey friends,

have a look at this chart. It's M1 - however the principles that BRV teaches are there. Resistance becomes support and vice versa. Could have drawn some diagonal lines too or even fibs and maybe my lines are 1-2 pips away. But the basics are there. Amazing to see BRV's ideas are true regardless of TF. Thankx BRV
Attached Image (click to enlarge)
Click to Enlarge Name: chart1009eum1.jpg Size: 70 KB
forget about tomorrow, just steal away into the night
  • #4,191
  • Oct 9, 2008 9:58am Oct 9, 2008 9:58am
hi,

why would you say, stochrsi coded for metatrader wouldn't work ? isn't this the same one ? Coders here are quite good

anyway i have this one...could you check it out, if it's like the one your using or not...also, what parameters you use for that ? thanks.
Attached File(s)
File Type: mq4 stochRSI.mq4   3 KB | 476 downloads
  • #4,192
  • Oct 9, 2008 10:01am Oct 9, 2008 10:01am
Just wanted to say thank you for taking the time to give us the info BRV ... I hope your profitabilty has multiplied since you started sharing information.

Aside from that ... this is the best thread ever ....

Mad Props !!!
  • #4,193
  • Oct 9, 2008 10:12am Oct 9, 2008 10:12am
Thanks so much everyone for answering me......I shall read it thoroughly later when I get chance.
  • #4,194
  • Oct 9, 2008 10:16am Oct 9, 2008 10:16am
@birdt
If you need a noob to have an indicator of what NOT to do, just take me Though I'm determined to learn about price action, so hopefully soon I will be useless for you...
  • #4,195
  • Oct 9, 2008 10:36am Oct 9, 2008 10:36am
[quote=birdt;2270331]My thinking on the subject (abstract way of thinking about it) is that it is the top of the area where buyers and sellers fought it out at a previous pivot, that is, the other side of the pivot inside the bucket. We normally think of support and resistance existing at the outer area of the bucket, at the extreme high or the low, and these areas have significance because there will be bunches of limit orders where buyers want to get in when they missed out earlier, and sellers who got it wrong will want to dump their positions at break even. But it appears that the area inside the bucket (inside the high or low) also has significance, as this area marked where the sellers in the market were exhausted, and where buyers who weren't able to got in at the bottom would deem to be good value and would have set orders. Observe how often price does this - it will appear to make an impulsive move after consolidation, late comers will join the party when the initial thrust is almost over. The market movers are sometimes early in the move or dead on, but they are never late. People playing the support and resistance (like us) will take cues from the price action around these prospective support and resistance areas and get in just as the initial thrust is occurring, allowing us to catch a decent portion of the move if we're early enough and we get our analysis right. Latecomers (who consistently lose and feed everyone else) see the move, get all emotional and jump in, only for price to retreat back to retest the top of the prior consolidation area and collect the orders that are placed there, sellers are able to get out cheaply and buyers get in cheaply (all paid for by the latecomers), and then price advances upwards if it is so inclined.

just let me see if I got it right , you get in for long \ short where the red arrows are ?

but how do you know when to get in ? it can sometimes look like a false signal - yellow arrows , what kind of stop I need to use ?
and what is a good take profit for this kind of trade?
Attached Image(s) (click to enlarge)
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  • #4,196
  • Oct 9, 2008 10:46am Oct 9, 2008 10:46am
BRV,

Regarding the StochRSI indicator you use, what settings do you use for the RSI component of it and for the Stochastic? ... Looking at your charts, it appears that you are using 14 for the RSI. No info on your Stoch settings, though.

Thanks and regards.

Quoting BillyRayValentine
Here it is in action across multiple timeframes....but you:
1. Have to get used it; it takes time and
2. Realize its not the reason you're taking trades, its JUST a tool

its just an overbought/oversold indicator....a combination of both stochastics and the rsi; nothing fancy.
To use it when it hits zero on either side price will reverse, thats the concept. Please play around with it though for a while it takes some getting used to.

I dont recommend using anything else (or rsi alone or stochastic alone....they FAIL and your win rate will sink down the crapper)


  • #4,197
  • Oct 9, 2008 11:09am Oct 9, 2008 11:09am
Quoting BillyRayValentine
Haha I really think I need to come up with a better name for it!

Sorry for jumping in here, but I have an uptrendline bounce, a 618 retracement, and past support on the 60 min EU chart. Do you see that, and would you take a long trade on it?

I'm in at 1.3627
  • #4,198
  • Oct 9, 2008 11:26am Oct 9, 2008 11:26am
Quoting linalm
BRV,

Regarding the StochRSI indicator you use, what settings do you use for the RSI component of it and for the Stochastic? ... Looking at your charts, it appears that you are using 14 for the RSI. No info on your Stoch settings, though.

Thanks and regards.

BRV, what time frame do you recommend using this indicator? 1H? 5 mins?
  • #4,199
  • Oct 9, 2008 11:50am Oct 9, 2008 11:50am
Quoting PipGal
BRV, what time frame do you recommend using this indicator? 1H? 5 mins?
INDICATORS............DON'T JUST GET IT???

PLEASE DON'T MAKE ME LOG OUT OF THIS THREAD....Is it becos market is in zzzzzzzz'zig zag' position, that why we have to node our heads for another options.....please nothing in this business tends to be smooth lets just move on,,,,PLEASE!
Respect a man, and he will do all the more.
  • #4,200
  • Oct 9, 2008 11:50am Oct 9, 2008 11:50am
Quoting forexef
Sorry for jumping in here, but I have an uptrendline bounce, a 618 retracement, and past support on the 60 min EU chart. Do you see that, and would you take a long trade on it?

I'm in at 1.3627
I did note on your website that you say a buy at 1.3637, so I assume that you would indeed take a long trade here. Please correct me if I am wrong.
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