No Brainer Trades | Page 218 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD, USD/CHF, USD/JPY

Similar Threads

No brainer fundamental trades 55 replies

This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies

The Koala System (No brainer) 127 replies

EUR/GBP SHORT for No Brainer 67 replies

Selling USD and YEN is a no brainer. 12 replies

Attachments: No Brainer Trades
Exit Attachments

No Brainer Trades

  • #4,341
  • Oct 15, 2008 3:55am Oct 15, 2008 3:55am
Thanks a lot BRV (yes 76.4 not 76.2!)
Also:
- when you talk about SPX, you mean S&P or the options on S&P?

- it is now 4:55 am in NY. How do you manage it?
I have always been wondering if there is a "best" time when to analyze the charts. And when to take a break.
Can you tell us, in NY time, what u usually do in terms of your daily (nightly?) time-schedule?
Thanks a lot and greetings from rainy London
Max
  • #4,342
  • Oct 15, 2008 4:59am Oct 15, 2008 4:59am
Quoting BillyRayValentine
Ok I did it.....you can actually SEE them now, thanks to viddler.com.

Just use the full screen button in the lower right and youre good. Thanks for the recommendation. http://nobrainertrades.blogspot.com/search/label/Videos
A million times better now on full screen mode
  • #4,343
  • Oct 15, 2008 5:36am Oct 15, 2008 5:36am
Quoting aSandman
I have taken a few BRV style trades now... It is scary to me as I have always traded of bar patterns before. When I see it work it amazes me! Thanks for the great thread and blog brv. Nice new videos on the blog .

One trade on GJ took off like a rocket, 50 pips in less than 5 minuets. Do you find that most of your winners take off really fast? Or do they wonder sideways for a while before taking off? Thanks!

Best Regards,

Jason
Me too Sandman. Been trading FX for awhile now but didnt believe it could be quite so simple. Placed 5 trades yesterday all of them winners. (Well one closed out at BE)

On another note I have been watching the five minute chart on the FTSE for the last couple of days this has mirrored the GBPUSD (Or the FX is mirroring the FTSE) five minute charts pretty closely in the opening hour or so.
Boxing clever since 76.
  • #4,344
  • Edited 6:53am Oct 15, 2008 6:13am | Edited 6:53am
Quoting BillyRayValentine
This was a good +80 pip trade again.....these suckers are everywhere just have to spot them .
BRV, I still don't get it - you showed an example of a bucket being formed. And then you mentioned that quick 80-pip trade. Don't we wait for the price to bounce of the bucket's bottom before trading a bucket?.. It seems to be you traded that bucket as it was forming (or has just formed)?.. Could you please clarify that trade? MANY THANKS!
One Chart is Worth Ten Thousand Words.
  • #4,345
  • Oct 15, 2008 6:36am Oct 15, 2008 6:36am
Dear BRV,

Recently i've visited your blog and what to say ....awesome,wonderful, really a great job!!!

Thank a million times for your dedications and commitments to help strugling traders like me
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #4,346
  • Oct 15, 2008 8:24am Oct 15, 2008 8:24am
Hi BRV,

The new "viddler" videos are very clear and like the rest of your posts and the blog most informative.

Thankyou for offering your time and expertise. It is appreciated daily.

Bondvaga
  • #4,347
  • Oct 15, 2008 9:38am Oct 15, 2008 9:38am
Quoting BillyRayValentine
Awesome Jason....nice work....feel free to post anything you might have. We're pretty good at feeding off of one another around here .
BRV
I learned a lot from you. I am basically a currency options trader and buy/sell no-brains positions at the same time with small investment in the trade by entering at a time when the currency rates are extreme. Example, I bought EU put at 1.60 and sold EU call at 1.65 and put in a small investment from my side.

I was alwaysput off by so many indicators, systems and chart reading methods that I avoided spot fx until I read your methodology. You took me into the real world of forex trading.

I have seen not so literate forex dealers so well handling billions at the job for last 15-20 years experience and I kept wondering if they can do so smoothly, why can't I do. I attempted fx trading and then I realised they were putting others money on the line while I am putting my money on the line. Fear and Greed were the demons I could not measure up to and decided on another method.

Luckily the opportunity came around and I decided if I hit the option in a big way helf of it I will use for fx trading with care-free attitude so that I can do without fear and greed. The option hit in a quite huge way - much beyond my expectations - and luck opened the gates for me.

After reading your posts I used the money to do scalping by following tick chart only.

I draw channels, pips range, and use 5 m chart to do trading. I learn about pending options trades from IFR and see how I can place myself going with them. It has been fun following the options players fighting so fiercely.

I follow IFR strategy but in opposite directions. Since their strategy is public knowledge I know they will be on FX operators radar.

In thin markets those stop loss are invariably clicked in. So I wait for the operators to kill those stops and head backwards. I take a ride on their return journey. It is so precise that as if they had travelled all the way only to kill that position.

It doesn't happen all the time. mostly in thin trading only. I think if anyone just follows the strategy of IFR for education, the person will be an astute trader. I learnt a lot from their methods and trade planning.

I do it intutively without fear and greed with the comfort that I am putting the table money at stake.What a change I find now in myself with having fear and greed under control. It is so exhilarating.

That's why I am able to observe how fx operators set the tone of the markets. Now I know how they ensure the indicators trigger positions. So why rely on indicators when those can work in operators favour whenever they chose to do so - particularly in thin trading.

If scalping would not have worked for me I would have certainly tried to spot the kind of trades you do.Because such trades again can be found with not much effort.

I want to thank you for sharing with all of us here your knowledge of how the real world of forex operates .

May God bless you.
  • #4,348
  • Oct 15, 2008 9:53am Oct 15, 2008 9:53am
BRV,

I am not sure if anyone has asked yet, but are there any expenses for maintaining the blog website? I am asking because it would be a shame if we do not even contribute to that. I know that even if you are incurring a fee it would not be alot, but at least I deem it curteous of us to cover any expenses, given the vast and tremendous knowledge and ...oh lets not forget the trade signals which we all know by now have a 90% deadly accuracy.

I think we can do at least this much to show our appreciation to your dedication.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #4,349
  • Oct 15, 2008 10:03am Oct 15, 2008 10:03am
Quoting pj9100
BRV
I learned a lot from you. I am basically a currency options trader and buy/sell no-brains positions at the same time with small investment in the trade by entering at a time when the currency rates are extreme. Example, I bought EU put at 1.60 and sold EU call at 1.65 and put in a small investment from my side.

I was alwaysput off by so many indicators, systems and chart reading methods that I avoided spot fx until I read your methodology. You took me into the real world of forex trading.

I have seen not so literate forex dealers so well handling billions at the job for last 15-20 years experience and I kept wondering if they can do so smoothly, why can't I do. I attempted fx trading and then I realised they were putting others money on the line while I am putting my money on the line. Fear and Greed were the demons I could not measure up to and decided on another method.

Luckily the opportunity came around and I decided if I hit the option in a big way helf of it I will use for fx trading with care-free attitude so that I can do without fear and greed. The option hit in a quite huge way - much beyond my expectations - and luck opened the gates for me.

After reading your posts I used the money to do scalping by following tick chart only.

I draw channels, pips range, and use 5 m chart to do trading. I learn about pending options trades from IFR and see how I can place myself going with them. It has been fun following the options players fighting so fiercely.

I follow IFR strategy but in opposite directions. Since their strategy is public knowledge I know they will be on FX operators radar.

In thin markets those stop loss are invariably clicked in. So I wait for the operators to kill those stops and head backwards. I take a ride on their return journey. It is so precise that as if they had travelled all the way only to kill that position.

It doesn't happen all the time. mostly in thin trading only. I think if anyone just follows the strategy of IFR for education, the person will be an astute trader. I learnt a lot from their methods and trade planning.

I do it intutively without fear and greed with the comfort that I am putting the table money at stake.What a change I find now in myself with having fear and greed under control. It is so exhilarating.

That's why I am able to observe how fx operators set the tone of the markets. Now I know how they ensure the indicators trigger positions. So why rely on indicators when those can work in operators favour whenever they chose to do so - particularly in thin trading.

If scalping would not have worked for me I would have certainly tried to spot the kind of trades you do.Because such trades again can be found with not much effort.

I want to thank you for sharing with all of us here your knowledge of how the real world of forex operates .

May God bless you.
Hi, can you please tell me about IFR? What is it? Thanks and good luck Max
  • #4,350
  • Oct 15, 2008 11:19am Oct 15, 2008 11:19am
Hi guys,

I have found this page useful as it allows you to view 4 charts on your screen at once just to keep on eye on what's going on with some other pairs - especially useful if you use two monitors.

http://www.fxstreet.com/rates-charts/currency-charts/
Attached Image
  • #4,351
  • Oct 15, 2008 12:10pm Oct 15, 2008 12:10pm
A prime example of the power of S/R.

GU M15

Price ranged between two S/R levels (this is M15 chart, on H1 that looked like Inside Bar, Outside Bar, Inside Bar). I placed a short stop order below the round number (1.7500).

Price raced to "sticky" point 1 - H1 TL and (!) Fibo 23. (BTW, that green candle after TL breakout was a mini-retracement - which formed a "quasi" 1-2-3 pattern).

The price then dipped to the next S/R level, and then (surely enough) to the last one (where there was a confluence with Fibo 38!).

Almost 100 pips in 2hrs with a 15-pip initial SL.

I partially exited my position at TL BO point (because of Fibo confluence).

The bulk of my position was exited at TP3 (ignore the logic of the S/R labels ), the rest at TP2. I should have done the other way around as TP2+Fibo 38 was a strong "magnet".

Thank you, BVR!!
Attached Image (click to enlarge)
Click to Enlarge Name: gu ppz.gif Size: 27 KB
One Chart is Worth Ten Thousand Words.
  • #4,352
  • Oct 15, 2008 1:03pm Oct 15, 2008 1:03pm
Hello, BRV you said it was ok to post stuff so I hope this is ok
Possible bounce on GBPJPY if we get there at 173.70. We have a good 1hr horizontal line that has acted as support and resistance as marked on the chart. Also this area lines up with 50 % ret of main up swing and 62% ret of secondary up swing. So several things lined up.

Best wishes,

Jason
Attached Image (click to enlarge)
Click to Enlarge Name: bgpjpy 1hr bounce.gif Size: 26 KB
May the fish in your stream of life always bite.
  • #4,353
  • Oct 15, 2008 1:34pm Oct 15, 2008 1:34pm
Quoting aSandman
Hello, BRV you said it was ok to post stuff so I hope this is ok
Possible bounce on GBPJPY if we get there at 173.70. We have a good 1hr horizontal line that has acted as support and resistance as marked on the chart. Also this area lines up with 50 % ret of main up swing and 62% ret of secondary up swing. So several things lined up.

Best wishes,

Jason
Hi Jason,

Any change of posting the indicator (if that is what made the lines) that lines up the Swing Hi/Lows and Range Hi/Lows ?

It looks quite useful.

Thanks
  • #4,354
  • Oct 15, 2008 2:17pm Oct 15, 2008 2:17pm
Quoting Willowgal
Hi Jason,

Any change of posting the indicator (if that is what made the lines) that lines up the Swing Hi/Lows and Range Hi/Lows ?

It looks quite useful.

Thanks
Hi Willowgal,

I would love to help you but...I just drew that stuff in so you could see where I got the level from. Swing hi/low is just a fib chart. In meta trader you can rename them, ie you will notice the 76.4 ret I renamed Billy Ray lol. I have draw swing charts for so many years I just do it in my head. A good way to practice is use a 2 bar swing chart. Ie two consecutive lows starts a down swing/ 2 consecutive highs starts an up swing. Mark the peaks and valleys. look back over your right shoulder and and line up the peaks and valleys. The thing I really like about what Billy Ray teaches is that you can get in before a bar pattern. ie say I take a hammer long that is 70 pips. Billy ray is already in the same trade with a 40 pip risk. Now say its a winner and it goes 1:1 of the hammer. That's 1:1 risk reward for me and a 140/40 for Billy ray. ie 3.5 to 1 for Billy RaY. Doesn't take a PHD to figure out who has the better expectancy. If you want help with swing charts PM me please, as I don't want to disrupt the thread. Would be happy to throw up some examples.

ps the moving average is there just because I think they look cool.

Best Wishes,
Jason
May the fish in your stream of life always bite.
  • #4,355
  • Oct 15, 2008 2:30pm Oct 15, 2008 2:30pm
Quoting dorellino
Hi, can you please tell me about IFR? What is it? Thanks and good luck Max
You will find here how to access IFR's research.
  • #4,356
  • Oct 15, 2008 2:39pm Oct 15, 2008 2:39pm
BRV mentioned that it's important to scan the charts to identify good S/R levels.

Have a look at the example below: GU stopped "in the middle of nowhere". But a specific level was hit repeatedly to be random. Scroll back and what we see - the very same level (to the PIP!) was "sticky" before, following a gap opening of the week.

I drew my S/Rs using H1 (in LINE chart mode). Perhaps for each day it makes sense to switch to M15 and go 1-2 weeks back...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: point 1.gif Size: 25 KB
Click to Enlarge Name: point 2.gif Size: 18 KB
One Chart is Worth Ten Thousand Words.
  • #4,357
  • Oct 15, 2008 2:54pm Oct 15, 2008 2:54pm
Hi everyone,

BRV, let me start by saying "Thank You" . Your effort into teaching others what to look for to be "on the right side of the trades" is very much appreciated here, day after day since I discovered this thread a few weeks ago. And to those who have asked questions, thank you too for your contributions as they have allowed us to learn more details of this great strategy when BRV answers them.

Despite all the information I've read, I am not yet that clear on how to trade the S and R levels we identify. BRV:

  1. After identifying your S & R areas, do you start your day with a bias for the movement of the currency pairs you trade and only look for opportunities to go with that bias (meaning, going long only or short only)?
  2. Could you share with us what analysis you do when price is approaching a level that you have identified as S or R and how you determine that you are going to place a trade at that level?
  3. What percentage of your trades would you say are placed as entry orders?
  4. How much confirmation from correlated currency pairs do you look for before placing a trade at an S / R Level?
  5. After placing a trade, what do you evaluate before closing a losing trade and what time frame do you work on to manage those?

Thank you in advance for your feedback. Regards.

  • #4,358
  • Oct 15, 2008 4:27pm Oct 15, 2008 4:27pm
Quoting djambazov84
BRV,

I am not sure if anyone has asked yet, but are there any expenses for maintaining the blog website? I am asking because it would be a shame if we do not even contribute to that. I know that even if you are incurring a fee it would not be alot, but at least I deem it curteous of us to cover any expenses, given the vast and tremendous knowledge and ...oh lets not forget the trade signals which we all know by now have a 90% deadly accuracy.

I think we can do at least this much to show our appreciation to your dedication.
Blogger is free and so is everything that comes with it but thank you for the concern!
  • #4,359
  • Oct 15, 2008 4:39pm Oct 15, 2008 4:39pm
EUR/USD 1.3458 bounce!

30 pips now



Quoting Willowgal
Hi guys,

I have found this page useful as it allows you to view 4 charts on your screen at once just to keep on eye on what's going on with some other pairs - especially useful if you use two monitors.

http://www.fxstreet.com/rates-charts/currency-charts/
thx 4 that!
  • #4,360
  • Oct 15, 2008 8:24pm Oct 15, 2008 8:24pm
Firstly. I have been a long time lurker on the FF forums. A few posts here and there.
I have looked at numerous trading strategies, EA's, indicators and 'gurus', none of which had suited my emerging trading style.
Repeatedly I heard the advice to watch price action and S/R levels. This sounded like good advice, until my complete novice status could not work out what was a significant S/R or why my price action analysis ended up with yet another losing trade. But my eagerness to trade (mostly demo and unfortunately some live) meant I was always throwing a trade in with the hope of making a HUGE gain. Doing all the wrong things, chasing losing trades, trying to win back losses, over trading, being impatient.
That is, until now.
After reading through the posts in this thread a light has been turned on and I can see more clearly. Trades where I used to buy at the top have become sells at the top. Not simply going for a flip a coin type method, but with some understanding of why that top is the top. I have managed to pick several turning points in the pairs I watch, this week alone. It has made trading change from a pipe dream into a near term reality.
To bring a long post to a quick end.

THANKS BRV and Ironman!!

You guys rock!

Keep up the good work.

p.s. for everyone else that has participated in this forum, more posts please! They help all of us to understand.
3 traders viewing now