I get hit alot with questions sivaji sorry and my time in the forum is usually spent in spurts rather than consistent
here's a post that should help you out:
http://www.forexfactory.com/showpost...postcount=4107
- #4,523
- Edited 5:19am Oct 21, 2008 5:08am | Edited 5:19am
- Joined Apr 2006 | Status: Trader | 1,459 Posts
- #4,525
- Oct 21, 2008 5:13am Oct 21, 2008 5:13am
- Joined Sep 2007 | Status: gone fishing | 5,782 Posts
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- #4,529
- Oct 21, 2008 5:51am Oct 21, 2008 5:51am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #4,530
- Oct 21, 2008 6:03am Oct 21, 2008 6:03am
- Joined Apr 2006 | Status: Trader | 1,459 Posts
Dear BRV,
Regarding that GBP/USD trade, I took what I believe was the same trade, but instead I took the 1.3260 level on EUR/USD. Do you ever look at the other majors to see if relevant levels exist on them, thus giving more weight to the levels you're looking at on other pairs?
Yep - I sure do - alot of times they will all hit levels at once thats not uncommon at all.
And as EUR/USD has been tracking USD/CHF, I'm looking at that 1.1600 level as giving weight to further selling pressure on EUR/USD. It looks like an attractive level.
Regarding wave structure, I don't wish to get into an Elliott Wave discussion, but seeing as price does not move in a straight line, do you ever wait for a correction before moving your stop to break even? Using the recent GBP/USD trade, will you wait for a correction before moving your stop, maybe placing the stop above the correction?
Yeah I do - otherwise you'll get stopped out 75% of the time. I need to rewrite some things in regards to that, because if you dont let the trades float, and give them time, you'll have a hard time satying in trades.
On a final note regarding wave structure, do you pay much attention to the wave counts, or do you not believe in them at all? Did the bank or hedge fund you worked at have an Elliott analyst?
Never really looked at them so I cant unfortunately say so - the technicians at our fund used mainly proprietary methods, and others just used basic fibonacci retracements, support/resistance, and thats it (and some basic exponential indicators for overbought/oversold). That's it really. Not kidding. Most of this other stuff you see published out there few of them are looking at. And the ones that do are usually losing. Not kidding there either.
Thanks.
no prob.
Regarding that GBP/USD trade, I took what I believe was the same trade, but instead I took the 1.3260 level on EUR/USD. Do you ever look at the other majors to see if relevant levels exist on them, thus giving more weight to the levels you're looking at on other pairs?
Yep - I sure do - alot of times they will all hit levels at once thats not uncommon at all.
And as EUR/USD has been tracking USD/CHF, I'm looking at that 1.1600 level as giving weight to further selling pressure on EUR/USD. It looks like an attractive level.
Regarding wave structure, I don't wish to get into an Elliott Wave discussion, but seeing as price does not move in a straight line, do you ever wait for a correction before moving your stop to break even? Using the recent GBP/USD trade, will you wait for a correction before moving your stop, maybe placing the stop above the correction?
Yeah I do - otherwise you'll get stopped out 75% of the time. I need to rewrite some things in regards to that, because if you dont let the trades float, and give them time, you'll have a hard time satying in trades.
On a final note regarding wave structure, do you pay much attention to the wave counts, or do you not believe in them at all? Did the bank or hedge fund you worked at have an Elliott analyst?
Never really looked at them so I cant unfortunately say so - the technicians at our fund used mainly proprietary methods, and others just used basic fibonacci retracements, support/resistance, and thats it (and some basic exponential indicators for overbought/oversold). That's it really. Not kidding. Most of this other stuff you see published out there few of them are looking at. And the ones that do are usually losing. Not kidding there either.
Thanks.
no prob.
- #4,531
- Oct 21, 2008 6:20am Oct 21, 2008 6:20am
- Joined Sep 2007 | Status: gone fishing | 5,782 Posts
BRV, as ive read you work in a trading company so let me ask you something Do you guys trade price patterns like diamonds, wedges, triangles, channels etc?
Do you guys trade price patterns like diamonds, wedges, triangles, channels etc?
- #4,535
- Edited 7:38am Oct 21, 2008 7:22am | Edited 7:38am
- Joined Apr 2006 | Status: Trader | 1,459 Posts
