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  • #4,201
  • Oct 9, 2008 11:54am Oct 9, 2008 11:54am
Quoting forexef
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.
There is a stalemate here for time of day and FOMC speech. I'm out with +25 pips, but I'd like to hear your feedback for potentially re-entering.
  • #4,202
  • Oct 9, 2008 12:03pm Oct 9, 2008 12:03pm
Quoting urchman
INDICATORS............DON'T JUST GET IT???

PLEASE DON'T MAKE ME LOG OUT OF THIS THREAD

TOTALLY AGREE WITH YOU !!!!!
HELP !
Please leave this great system, like it is.
For larger timeframes. Here´s more and more intraday stuff, but this is not the original system !!!!

BACK TO THE ROOTS.

Correct me if i´m wrong.
Don´t live for working, but work for living.
  • #4,203
  • Oct 9, 2008 12:03pm Oct 9, 2008 12:03pm
Quoting BillyRayValentine
"Bottom of the Bucket" pattern again....they're out there more than some might think .

Thanks!!
Please dear BRV, show us the bucket and even the bottom )
Thanks
  • #4,204
  • Oct 9, 2008 1:34pm Oct 9, 2008 1:34pm
BRV was talking about correlations between commodities, equities and the foreign exchange markets the other day. Here is an excellent daily newsletter from BlackSwanTrading.com, which gives the daily lowdown and a few thoughts from the pros about the markets. Todays one gave a really good overview and some great charts on how these correlations have held up recently and what the future may hold.

http://www.blackswantrading.com/file...sccc100908.pdf


You can sign up to receive these free daily newsletters (Currency Currents) from the website.
  • #4,205
  • Oct 9, 2008 2:05pm Oct 9, 2008 2:05pm
Quoting matsf
TOTALLY AGREE WITH YOU !!!!!
HELP !
Please leave this great system, like it is.
For larger timeframes. Here´s more and more intraday stuff, but this is not the original system !!!!

BACK TO THE ROOTS.

Correct me if i´m wrong.
BRV is the system. If you don't like the system making intraday calls then trade Longer time frames. If you don't like the system using an indicator then don't use an indicator. I don't see why you guys are upset? I'm just glad I stumbled onto this thread lol

Jason
May the fish in your stream of life always bite.
  • #4,206
  • Oct 9, 2008 2:10pm Oct 9, 2008 2:10pm
Quoting birdt
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.
lol I have thought about paying loosing traders to make one call a day and build an index out of them. I think that is the premise behind a sentiment index , not sure though.
May the fish in your stream of life always bite.
  • #4,207
  • Oct 9, 2008 2:11pm Oct 9, 2008 2:11pm
Quote
Originally Posted by urchman http://www.forexfactory.com/images/buttons/viewpost.gif
INDICATORS............DON'T JUST GET IT???

PLEASE DON'T MAKE ME LOG OUT OF THIS THREAD
Quoting matsf
TOTALLY AGREE WITH YOU !!!!!
HELP !
Please leave this great system, like it is.
For larger timeframes. Here´s more and more intraday stuff, but this is not the original system !!!!

BACK TO THE ROOTS.

Correct me if i´m wrong.


ahhh, i just wrote a hell of a long reply and it got erased




I'm just gonna put the last sentences of my lost text:

While this thread was originally about plain S/R analisys, i am very grateful that BRV's main aim has become more on progress and constant learning.

Guys, pure techincal levels are just half the story what moves the markets and the more you trade only the levels the more you feel that you want to learn further.

This indicator was, again, something new and interesting. We can all plot the obvious S/R lines but how can you tell which is gonna hold and which not and so on.

Have you noticed that BRV has recently put more emphasize on "other than technical levels" factors ?

anyway, guys, have you heard a saying: the only constant is change ?


btw i love the intraday stuff...if you only stuck with S/R levels and larger timeframes you should've logged out a loooooong time ago cause you just ain't got anything else to learn (no offence intended)


take care.
  • #4,208
  • Oct 9, 2008 2:26pm Oct 9, 2008 2:26pm
about "keep it simple" stuff

while this is very true, professional trading is very far from being simple to us, newbies because there are a hell of a lot fundamentals that the great traders follow and we hate and this can become simplier only by experience and constant learning.

i recently started using MACD for catching mometum...if i only follow S/R lines i at least have something on my side and therefore have a better feel for those upcoming lines.
  • #4,209
  • Oct 9, 2008 3:21pm Oct 9, 2008 3:21pm
Quoting lumesh
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.

No need to answer that, just checked it and they really are different
  • #4,210
  • Oct 9, 2008 3:29pm Oct 9, 2008 3:29pm
For the maths behind StochRSI take a look at http://fxtrade.oanda.com/learn/graph...stic_rsi.shtml . Should be easy to reprogram for MT
  • #4,211
  • Oct 9, 2008 3:30pm Oct 9, 2008 3:30pm
Well, I don't use indicators, I don't watch the news (that frequently), I don't watch for correlations, yet, I'm still profitable and happy. Oh, and I only trade EUR/USD.

This system is great and if a S&R level will hold depends on the current market conditions and price action. Nevertheless, sometimes these levels will fail no matter what, but until your profits are greater than losses and you are at least 50% of the time correct, you have nothing to worry about.

Remember, if you have a $20.000 account and you risk 1,5% per trade (with a 40 pip SL) and you manage to get "only" 120 pips per week, thats 3.600 USD per month!

I don't know about you guys, but that's more than enough for me. It really is.

Quoting lumesh
ahhh, i just wrote a hell of a long reply and it got erased




I'm just gonna put the last sentences of my lost text:

While this thread was originally about plain S/R analisys, i am very grateful that BRV's main aim has become more on progress and constant learning.

Guys, pure techincal levels are just half the story what moves the markets and the more you trade only the levels the more you feel that you want to learn further.

This indicator was, again, something new and interesting. We can all plot the obvious S/R lines but how can you tell which is gonna hold and which not and so on.

Have you noticed that BRV has recently put more emphasize on "other than technical levels" factors ?

anyway, guys, have you heard a saying: the only constant is change ?


btw i love the intraday stuff...if you only stuck with S/R levels and larger timeframes you should've logged out a loooooong time ago cause you just ain't got anything else to learn (no offence intended)


take care.
  • #4,212
  • Oct 9, 2008 3:40pm Oct 9, 2008 3:40pm
Quoting aSandman
lol I have thought about paying loosing traders to make one call a day and build an index out of them. I think that is the premise behind a sentiment index , not sure though.
I was reading one of these forums not long ago and there was a newb who was frantically trying to figure out what was going wrong with his trading, desperately asking questions. He admitted (and it must have taken some courage to do so) that out of his last 20 trades, he had lost 19 of them. See where this is going? There ain't no ban on short selling in currencies.

The Commitment of Traders report groups the long and short positions (commitments) of market participants (traders) and groups them as non-commercial or commercial. The moral of the story is to follow the big boys and fade the little fish. As I said earlier, the professionals who move the market are either early or dead on time, but never late. If they appear to have arrived late, it's because they're moving the market the other way. There's a lot of wisdom in that. We can't emulate them in every way but there are things we can learn, and when one of them jumps ship from the 'other side' like BRV and throws out a few nuggets (and some), we catch a glimpse of what trading profitably and consistently is really about. I very much doubt the big boys are looking at MACD's, unless they're looking to fade the newbs when they're getting the entry signals. In fact, I know of at least one top trader who does exactly that.
  • #4,213
  • Oct 9, 2008 3:54pm Oct 9, 2008 3:54pm
Quoting hendrix
Well, I don't use indicators, I don't watch the news (that frequently), I don't watch for correlations, yet, I'm still profitable and happy. Oh, and I only trade EUR/USD.

This system is great and if a S&R level will hold depends on the current market conditions and price action. Nevertheless, sometimes these levels will fail no matter what, but until your profits are greater than losses and you are at least 50% of the time correct, you have nothing to worry about.

Remember, if you have a $20.000 account and you risk 1,5% per trade (with a 40 pip SL) and you manage to get "only" 120 pips per week, thats 3.600 USD per month!

I don't know about you guys, but that's more than enough for me. It really is.


true, i totally agree

it varies among humans i guess. I myself don't really watch the news 24/7, probably focus more on options i guess. but i get more often than not a feeling that i am missing something and when i see a pair suddenly moving viciously a given direction i wanna now what's behind it.

Again, it totally depends on what people really want...i love daytrading more than longer timeframes and therefore need to focus on other things as well, i just don't know yet how to use fundamentals to my advantage, what to look for and what traders expect. Knowing a bias before hand is a huge advantage especially when daytrading, cause trends change all the time on a daily basis.
  • #4,214
  • Oct 9, 2008 4:05pm Oct 9, 2008 4:05pm
Quoting birdt
I very much doubt the big boys are looking at MACD's, unless they're looking to fade the newbs when they're getting the entry signals. In fact, I know of at least one top trader who does exactly that.

They don't use it because they usually know the bias for the day or a given moment ...therefore they really don't need it... These people are not technical traders at all if i may say like that.

It's all about bargain price...
  • #4,215
  • Oct 9, 2008 4:26pm Oct 9, 2008 4:26pm
Quoting birdt
I was reading one of these forums not long ago and there was a newb who was frantically trying to figure out what was going wrong with his trading, desperately asking questions. He admitted (and it must have taken some courage to do so) that out of his last 20 trades, he had lost 19 of them. See where this is going? There ain't no ban on short selling in currencies.

The Commitment of Traders report groups the long and short positions (commitments) of market participants (traders) and groups them as non-commercial or commercial. The moral of the story is to follow the big boys and fade the little fish. As I said earlier, the professionals who move the market are either early or dead on time, but never late. If they appear to have arrived late, it's because they're moving the market the other way. There's a lot of wisdom in that. We can't emulate them in every way but there are things we can learn, and when one of them jumps ship from the 'other side' like BRV and throws out a few nuggets (and some), we catch a glimpse of what trading profitably and consistently is really about. I very much doubt the big boys are looking at MACD's, unless they're looking to fade the newbs when they're getting the entry signals. In fact, I know of at least one top trader who does exactly that.
My first day of trading live was on the 5 min charts in a very fast semiconductor stock in 2001. I bought the high almost to a tick and sold the low almost to a tick. That was a very painful education lol. It also proved to myself unequivocally the fact emotion plays a big part in moves.
I love that BRV tells us what the big boys use. I have wondered about that for years.
May the fish in your stream of life always bite.
  • #4,216
  • Oct 9, 2008 4:31pm Oct 9, 2008 4:31pm
Quoting aSandman
My first day of trading live was on the 5 min charts in a very fast semiconductor stock in 2001. I bought the high almost to a tick and sold the low almost to a tick.
i know that feeling


i know it's not funny actually...
  • #4,217
  • Oct 9, 2008 6:43pm Oct 9, 2008 6:43pm
Quoting birdt
BRV was talking about correlations between commodities, equities and the foreign exchange markets the other day. Here is an excellent daily newsletter from BlackSwanTrading.com, which gives the daily lowdown and a few thoughts from the pros about the markets. Todays one gave a really good overview and some great charts on how these correlations have held up recently and what the future may hold.

http://www.blackswantrading.com/file...sccc100908.pdf


You can sign up to receive these free daily newsletters (Currency Currents) from the website.
hi ,

I've asked about the bucket at page 280 maybe you've missed that , there was also some charts , I'll appriciate it if you can take a look as it seems you really understood how it works , any way the qeustion was :

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?

thanks
  • #4,218
  • Oct 9, 2008 7:37pm Oct 9, 2008 7:37pm
Quoting Barak's pip
hi ,

I've asked about the bucket at page 280 maybe you've missed that , there was also some charts , I'll appriciate it if you can take a look as it seems you really understood how it works , any way the qeustion was :

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?

thanks
Barak, I did see your post but to be honest I didn't want to say too much as this is BRV's thread and he knows exactly what he means (and if he doesn't then we're being led by a lunatic, run), I just offered a slightly different way of thinking about it. The examples and explanation that he has given appear to be quite clear from my point of view - it is similar to the 'near-term' support/resistance retest method that he talks about in the pdf, just with a slightly unconventional way of identifying the support and resistance; using the inside of the bucket as opposed to the outside of the bucket.

Look at a pair that is in a slight trend but chopping a bit (as in the EURUSD example which was in a slight uptrend until the last few hours, so you might just look for support bucket plays), look at the areas where prices turned, mark off that level and then look to the left and see if it correlates with any 'traffic' and what was going on within that traffic. It doesn't happen all the time but enough that you should be able to see it. This price action occurs (or can occur) within wedges, within cup and handle formations, within head and shoulders formations, within flags, within trends, within ranges. Sometimes it'll undershoot, sometimes it'll overshoot but it is hard to ignore the existence of orders in these areas.

About stop losses and profit targeting each situation is different, each currency is different, each day has different volatility and each personality is different. For instance, you could have a higher time frame bias to the long side and want to use 'the bucket' to get in as it would offer excellent R:R and the success% you feel is good because the method you have tested the higher time frame bias upon is tested or based on firm fundamental theory, you approach the potential support offered by the inside of the bucket and you see something you like so you take the trade. In this situation you might be more willing to withstand a bit more of a stoploss because not only does the lower time frame price action (reduction in momentum, 5m doji, 15m abandoned baby, whatever) have context with the probability of support existing there because you have seen these inside bucket formations hold time and time again, but you also have the higher time frame bias. So if it did break down you could sit on it a while longer, it may be an overshoot or there is more support below where buyers may kick in. Were you just hoping to scalp out a few pips then once the area was surpassed you could close out the trade as soon as you felt the trade idea was no longer valid. This is a personal thing, I like hiding my stops behind market structure, but I know others will exit if it goes against them 20 pips as they hate seeing red of any sort in their account. Whatever works for you. As for profit targets, doesn't that depend on so many factors too? I know some traders do very well using a set number of pips SL and TP, the same across every pair but I can't live with that. Support and resistance is the name of the game so I plan to place my entries on S/R, my SL beyond S/R and my TP before S/R. It is entirely down to the individual and the situation. BRV can't tell you how to trade, that is up to you to figure out for yourself.

Hope this helps,

PS. think of areas of consolidation being retested, there is a reason for this - the market heads to where the orders are. Price moves when there are no transactions taking place between buyers and sellers. So if price is falling it will keep falling into buyers come into the market and this will occur at a point where they believe value exists in the market. Their orders, and their perception of value, are very often found at past points of congestion.
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  • #4,219
  • Oct 10, 2008 2:57am Oct 10, 2008 2:57am
I really appreciate your reply ,

I guess that I have more to learn , anyway, I understand that getting into position after a bucket can only be made on the handle ? or is there some other way - and another thing , from a small back test I made I saw that the handle is usually forms on a fib retr. level which can give a good entry point - about good exit point I still don't have an Idea.

Birdt , what do you mean by finding s\r levels by locate them on the inside of the bucket ? is it like I did at the chart attached ?

thanks .
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  • #4,220
  • Oct 10, 2008 4:02am Oct 10, 2008 4:02am
BRV, can you answer http://www.forexfactory.com/showpost...postcount=4111
my q about stocks-base currency correlation? When you ll have spare time ofc
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