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No Brainer Trades

  • #4,501
  • Oct 20, 2008 10:30pm Oct 20, 2008 10:30pm
Quoting jokoko
Here's a live trade I took from last night.

Normally I would have waited for price to reach the R line at 1.7600 (it was one that BRV posted as well) but the bucket concept finally sunk in and I was able to see the 'bottom' of the inverted bucket and was looking at 1.7510. I set a price alert to tell me when price approached the level.

After price bounced off the first time I placed a sell order at 1.7510 that was filled the second time price retested the level.

The lesson I learnt from this trade was patience. I had to wait 5 days for this set up to happen which was excruciatingly painful. All the time price was moving up to this level I was kicking myself as to why I wasn't long in the currency because with my 101% successful hindsight I could see the long trades.

Only now I understand the beauty of waiting for the setup. It truly is a beautiful thing.

All I have to say is....dude......nice! Keep them coming.
  • #4,502
  • Oct 21, 2008 12:26am Oct 21, 2008 12:26am
Hi BRV!

Do you calculate all your positions sizes based on a 40 pip SL (and a certain risk percentage) or do you ever change that figure to a smaller one?

I always calculate my position size based on a 40 pip SL, but I won't let a trade go against me by more than 30 pips. If it goes, I close the trade manually, without exception. If it goes around 20 pips or so against me, I'll watch closely what is happening and if the price doesn't want to recover, I close the trade at the moment of comfort.

I'm sorry for bothering you with this but I find it quite important and I would not like to make mistakes on such a fundamental level. Thanks!
  • #4,503
  • Oct 21, 2008 1:10am Oct 21, 2008 1:10am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
AU does look to be finding support... but if it doesn't... there's a very nice bucket with a number of other confluencing factors... See charts below...


Magnus
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  • #4,504
  • Oct 21, 2008 2:11am Oct 21, 2008 2:11am
Hi BRV.. would like a comment on this trade that i have just taken..

http://www.forexindo.com/forum/image...d80359f8d4.gif

Is it a valid No brainer setup?

Thankss..

Alex
  • #4,505
  • Oct 21, 2008 2:21am Oct 21, 2008 2:21am
Quoting navin44
Hey BillyRayV,

If you don't mind, can you please explain what you mean by fade?

Alot of my support and resistance, I tend to see them well but cant see where would be the best potential to put the stop. Practicing today, so far small losses but hopefully I can catch on quick.

You should get a trading room BillyRay,

- N
Hi there - fade just means to go against - eg price is going higher, you want to fade it, (sell)
  • #4,506
  • Oct 21, 2008 2:23am Oct 21, 2008 2:23am
Quoting Forex007
BillyRay, is it safer to take just those M5-M15 (and even H1) trades which are in line with the prevailing (say H1 or H4) trend?

As for \"live\" experience, you are 100% correct - no demo will ever replace the feeling of losing real money, no matter how small.

Guys, those of you who are still on demo, open an a/c with MB Trading, it's a good reputable ECN broker. You can open a $400 a/c and trade 0.1 lots ($0.10 per pip) - all the thrill of real trading without breaking your bank a/c.
I think its always generally afer just to go with the trend - the basics hold true - lots of chances to do so on all levels if conditions are right.
  • #4,507
  • Oct 21, 2008 2:25am Oct 21, 2008 2:25am
Quoting kmouneer
Dear BRV,

I would like to thank you very much for this valuable thread, actually words can't express my interest and happiness with such a thread helping novice traders and raising their self-confidence.
I have been watching silently the thread since i first came across it last week, i have read the pdf and currently i am reading the thread, thank you for devoting ur time in writting and helping us.
I just have a question which i would be grateful if u dont mind answering me.
Today on the blog i have found that u mentioned the level 1.3300 on the EUR is a buying level and it took me too much time trying to figure out how do u picked it, plz BRV can u clarify this point.

sorry for being long
happy trading
Thnank u

youre welcome! and yeah I was thinking I would get asked about that one. I was basically looking for a potential "middle point" between two bigger levels. Double zeros are usually pretty reliable when they havent been hit in a while; also it lined up with a low several days back.
  • #4,508
  • Oct 21, 2008 2:27am Oct 21, 2008 2:27am
Quoting hendrix
Hi BRV!

Do you calculate all your positions sizes based on a 40 pip SL (and a certain risk percentage) or do you ever change that figure to a smaller one?

I always calculate my position size based on a 40 pip SL, but I won't let a trade go against me by more than 30 pips. If it goes, I close the trade manually, without exception. If it goes around 20 pips or so against me, I'll watch closely what is happening and if the price doesn't want to recover, I close the trade at the moment of comfort.

I'm sorry for bothering you with this but I find it quite important and I would not like to make mistakes on such a fundamental level. Thanks!
Hi there, It depends what I'm going for; again risk:reward. I always go for atleast 2:1 - eg if I only want 50 pips it'll go in at 25, etc. Ideally I look for 3:1
  • #4,509
  • Oct 21, 2008 2:31am Oct 21, 2008 2:31am
Quoting alex2412
Hi BRV.. would like a comment on this trade that i have just taken..



Is it a valid No brainer setup?

Thankss..

Alex
Its a good area in general; yes. In a case like this I think I would be more inclined to look a little lower though around the 133.30 area, though, and down to the lows, only because of the recent consolidation history. Local lows usually work vetter in intraday situations like this. Also given current conditions out there I'm not too sure how well it will hold up; EUR is taking heat tonight based on a number of other fundamental factors.
  • #4,510
  • Oct 21, 2008 3:00am Oct 21, 2008 3:00am
Just sayng Hello from Russia BillyRayValentine

I just started reading and seems your techniq is simple and nice. Ive been in the game for nearly 2 years and still havent made my first blown account back. Im a big fan of Igrok method and everything thats simple and understandable if you know what i mean.

Can i ask you how many years it took for you to start making constant profit day in and day out if i can say so?

Keep up the good work with the thread and blog

Cheers
  • #4,511
  • Oct 21, 2008 3:30am Oct 21, 2008 3:30am
BRV - daily thank you for daily levels.
forget about tomorrow, just steal away into the night
  • #4,512
  • Oct 21, 2008 4:02am Oct 21, 2008 4:02am
Quoting belekas
Just sayng Hello from Russia BillyRayValentine

I just started reading and seems your techniq is simple and nice. Ive been in the game for nearly 2 years and still havent made my first blown account back. Im a big fan of Igrok method and everything thats simple and understandable if you know what i mean.

Can i ask you how many years it took for you to start making constant profit day in and day out if i can say so?

Keep up the good work with the thread and blog

Cheers
Hello from New York! Thanks belekas, very glad to hear - took about 2 years in and out (not full time) I think before things really started to turn around for me. We talk alot here about how there "are no shortcuts", but I think with basic tools you have here you stand a much better chance of moving faster than others. I went through gazillion strategies before I stuck with this, which worked, but I wish I knew more about it right from the very beginning to be honest. But thanks! Hope to hear from you,
  • #4,513
  • Oct 21, 2008 4:04am Oct 21, 2008 4:04am
Quoting spekitox
BRV - daily thank you for daily levels.
you're welcome you're welcome. by the way Im getting hammered with emails on how I actually trade these things. I'm putting together more stuff to (I hope) help. most of you that follow know they're not all tradeable under certain circumstances but there for guides, but I'll do my best to help clear things up. also not to mention some days if none of them hit Im still trading based on newly created price action throughout the session. Im going to try to dig through the thread and collect some of the better examples and plop them all together.

tons of good people posting tons of good stuff here....
  • #4,514
  • Oct 21, 2008 4:09am Oct 21, 2008 4:09am
bouncing off highs again here - theyr'e going to (or expected to) cut by 50bps today.
Attached Image (click to enlarge)
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  • #4,515
  • Oct 21, 2008 4:14am Oct 21, 2008 4:14am
Quoting BillyRayValentine
Hello from New York! Thanks belekas, very glad to hear - took about 2 years in and out (not full time) I think before things really started to turn around for me. We talk alot here about how there \"are no shortcuts\", but I think with basic tools you have here you stand a much better chance of moving faster than others. I went through gazillion strategies before I stuck with this, which worked, but I wish I knew more about it right from the very beginning to be honest. But thanks! Hope to hear from you,
Word up NYC!

I think we are the worst enemies in the trading field if you know what i mean brother. Ive tried everything as well untill one day got introduced to simple oldschool TA stuff like JJ.Murphies and T.Bulkowski price patterns. Yes S&R is the key. I think you are famylier with price patterns like diamonds, wedges, triangles, channels etc and etc. Igrok is very good actually a master when it comes to trading. So i was lost nearly 1 full year, trying this and that and ended up loosing my whole account and confidence in me. Now its like 3 months and i know i am on the right path and i believe in my lines. But as this crysis started we get less patterns and less of everything nice that we have in TA books. I dont know if thats possible but im feeling it.

I see people scalping Geppy or GBPAUD/EURAUD and making mad pips using indicators and that makes me wonder how they do it, as i dont like indicators but im still strugglin, makes my head explode LOL

As for me when i miss the original entry from the bigger tf like a bounce or a break of some significant level then im having problems to jump in at the already going train...

Anyway i hope sooner or later we all be able to live from trading as im not giving up

Cheers bro and once again thanks for teaching as newbies
  • #4,516
  • Oct 21, 2008 4:26am Oct 21, 2008 4:26am
Quoting BillyRayValentine
Hello from New York!
Hello from United Nations! Billy Ray i trade using Median lines(Pitchforks) exclusively. However, I still wanted to thank you for your endeavours at helping others.
  • #4,517
  • Oct 21, 2008 4:47am Oct 21, 2008 4:47am
Quoting belekas
Word up NYC!

I think we are the worst enemies in the trading field if you know what i mean brother. Ive tried everything as well untill one day got introduced to simple oldschool TA stuff like JJ.Murphies and T.Bulkowski price patterns. Yes S&R is the key. I think you are famylier with price patterns like diamonds, wedges, triangles, channels etc and etc. Igrok is very good actually a master when it comes to trading. So i was lost nearly 1 full year, trying this and that and ended up loosing my whole account and confidence in me. Now its like 3 months and i know i am on the right path and i believe in my lines. But as this crysis started we get less patterns and less of everything nice that we have in TA books. I dont know if thats possible but im feeling it.

I see people scalping Geppy or GBPAUD/EURAUD and making mad pips using indicators and that makes me wonder how they do it, as i dont like indicators but im still strugglin, makes my head explode LOL

As for me when i miss the original entry from the bigger tf like a bounce or a break of some significant level then im having problems to jump in at the already going train...

Anyway i hope sooner or later we all be able to live from trading as im not giving up

Cheers bro and once again thanks for teaching as newbies
When I think of trading and Russia I think of advanced neural networks and genius programmers black boxing the market for millions. When I think of New York I think of a bunch of fatass overpaid investment bankers pushing around millions because they feel they have the right to. But that's just me! (and I was born here)

I understand your issue by the way and its not uncommon; I struggled with that alot.

I chat during the day with other traders and we all agree you just have to go for it sometimes, if not most of the time. Its really the only way you can consistently perform and beat out other methods we feel, because most of the time you're right as opposed to wrong.....

just do a basic analysis of trades you "should have" taken and work out the math in terms of if it would have been more profitable at the end of the day.
  • #4,518
  • Oct 21, 2008 4:48am Oct 21, 2008 4:48am
Quoting Jami
Hello from United Nations! Billy Ray i trade using Median lines(Pitchforks) exclusively. However, I still wanted to thank you for your endeavours at helping others.
no problemo
  • #4,519
  • Oct 21, 2008 4:51am Oct 21, 2008 4:51am
Quoting sivaji
BRV very good explainations , thanks

I'm active in trading USDJPY... altough i'm doing quite well now... i still need some guidance... can you explain more about this currency and what are informations/strategies you'll look for before trading this currency...

Thanks
Any info??? thanks
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #4,520
  • Oct 21, 2008 4:55am Oct 21, 2008 4:55am
Yes, thats the way tru trail and error as in every path. Lets try and make some dough today mate and i will try to post some charts alright

Quoting BillyRayValentine
When I think of trading and Russia I think of advanced neural networks and genius programmers black boxing the market for millions. When I think of New York I think of a bunch of fatass overpaid investment bankers pushing around millions because they feel they have the right to. But that's just me! (and I was born here)

I understand your issue by the way and its not uncommon; I struggled with that alot.

I chat during the day with other traders and we all agree you just have to go for it sometimes, if not most of the time. Its really the only way you can consistently perform and beat out other methods we feel, because most of the time you're right as opposed to wrong.....

just do a basic analysis of trades you \"should have\" taken and work out the math in terms of if it would have been more profitable at the end of the day.
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