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  • #4,721
  • Edited 2:27am Oct 24, 2008 2:12am | Edited 2:27am
EJ is going into 61.8% fibo monthly 119.92.
I have taken 75 pips this morning out of this pair. I wounder what it will do next?
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  • #4,722
  • Oct 24, 2008 2:20am Oct 24, 2008 2:20am
Hi BRV, and thanks in advance!

I'm wondering what kind of rules you adhere to when you buy/sell a breakout past a level, rather than a bounce off support/resistance. I find that I sometimes get caught thinking that a level has broken but instead it has just gone by it a ways, only to reverse and complete the support/resistance trade.

I usually watch the 5 minute chart and if there is a close beyond the support level then I will play the breakout, but I find this isn't always reliable.
Any tips?

Thanks again.
  • #4,723
  • Oct 24, 2008 2:33am Oct 24, 2008 2:33am
Quoting BillyRayValentine
.
BRV, you rock! And thanks for the encouraging blog, you seem to keep up especially for me

The first trade in you graph is crytal clear, even for me, but before I play breakouts, I guess I have to get a lot more experience...
  • #4,724
  • Oct 24, 2008 2:38am Oct 24, 2008 2:38am
This looks good so far ... possible target 1.2132 (50% retr. of upwave since 2000) + 60 pips so far
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  • #4,725
  • Oct 24, 2008 2:38am Oct 24, 2008 2:38am
Hello BRV

EUR/USD broke support @ 1.27364 Had a sell limit placed in case of the pullback, but German Flash Manufacturing PMI gave a push down and price is trading nearly 100 pips below previous support now possible resistance. BRV, does the sell limit on this level still makes sense as the price has escalated downwards, or the odd are less on this one?

Lovely YEN shorts that was you caught them.
  • #4,726
  • Oct 24, 2008 2:59am Oct 24, 2008 2:59am
hi BRV ,

thank you for this post , I do have question concerning planning and what to expect from the market -

yesterday we saw the pairs reversing , which was expected due to OPEC oil production cuts , the closing of wall st. indices (which looks like a possible correction) - but in the last few hours we saw them returning to theire original route for the last weeks - so , it will be wise to look for tge reversal - but on the other hand the trend is so strong that there is no reason to look for something else but looking for trend continuation ...

like you can see I'm a little confused here about what to expect and how to plan , since there are talking (bloomberg ) about reversal \ correction all the time - I will love to see an example for how you planning your trading day - and how you decide from all the news and information out there which will give the direction and which are just hopes.

thanks,
Barak
  • #4,727
  • Oct 24, 2008 3:00am Oct 24, 2008 3:00am
Quoting smittens4212
Hey Barak,

I hope BRV doesn't mind me answering these since they were addressed to him, but in the interest of helping the thread and keeping questions not related to action to a limit, I'll answer.

From reading the thread and his blog, he's mentioned that he does not take every trade listed. Price action and confluence is the key in whether or not a trade will be taken-- for example, let's say we've identified a support level on the USDJPY. If the equities markets are falling strong, you don't want to be anywhere near a buy on the JPY as it's tendency lately has been to strongly mimic the markets (today's mid-day sell off and then immediate reversal is a great example), and it's likely that the support would not hold. Experience and screen time are the keys to knowing whether or not to take a trade.

Levels and charts should be updated every day as circumstances and situations change. Obviously not every level will change, but you need to adapt. Personally, the first thing I do when I get home and start my work on the charts is to re-evaluate everything that's gone on, identify new price patterns and action, and formulate a plan for whatever levels I've marked up. It's not uncommon at all for me to clean sweep my charts anew and then reidentify S&R, and often times I'll come up with the same obvious ones, but without the clutter of old lines, will come up with new ones adapted to current circumstances.

I don't think he trades the Asian session, but I don't want to speak for him in that. I do trade the Asian session every night, usually doing research and drawing up my charts from around 7-8, watch the markets for a bit to get an idea of what the day may bring, and then start looking for and adapting to new trade opportunities.

Hope that helps.
thank you very much , I appreciate it.
  • #4,728
  • Oct 24, 2008 3:24am Oct 24, 2008 3:24am
Hi friends could anybody tell me what is the definition for macroeconomics???


Thanks
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #4,729
  • Oct 24, 2008 3:25am Oct 24, 2008 3:25am
Quoting ady27
EJ is going into 61.8% fibo monthly 119.92.
I have taken 75 pips this morning out of this pair. I wounder what it will do next?

It broke 8 minutes ago.... 274 pips in 7 minutes . crazy. The whole world was waiting there...
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 21 KB
  • #4,730
  • Oct 24, 2008 3:30am Oct 24, 2008 3:30am
Quoting sivaji
Hi friends could anybody tell me what is the definition for macroeconomics???


Thanks
The field of economics that studies the behavior of the aggregate economy. Macroeconomics examines economy-wide phenomena such as changes in unemployment, national income, rate of growth, gross domestic product, inflation and price levels.
http://i.investopedia.com/inv/dictionary/2.gif Macroeconomics is focused on the movement and trends in the economy as a whole, while in microeconomics the focus is placed on factors that affect the decisions made by firms and individuals. The factors that are studied by macro and micro will often influence each other, such as the current level of unemployment in the economy as a whole will affect the supply of workers which an oil company can hire from, for example.
Go to BRV's site and there is a link to Investopdeia .... it is http://www.investopedia.com/features/forex.aspx
  • #4,731
  • Oct 24, 2008 3:36am Oct 24, 2008 3:36am
Quoting ady27
It broke 8 minutes ago.... 274 pips in 7 minutes . crazy. The whole world was waiting there...
Been there as well, YES! My first >200 Pip trade on Live Account (but since I'm still learning I trade with very very small positions, so this resulted in just a small win)

http://img519.imageshack.us/img519/3...081024ava4.png
  • #4,732
  • Oct 24, 2008 3:41am Oct 24, 2008 3:41am
Hi BRV,

A great post to wake up to this morning.

1. Trader sits down at the computer, turns it on, opens up market news and research
2. Digs through data, research, opinions on macro economic conditions affecting the pairs planned to trade for the day, as well as other markets that will affect those pairs
3. Makes conclusive decisions (forecasts) of the pairs planned on being traded based on intermarket cash flows, current trends, market hype fads and potential deviations from any of these
4. Write down these conclusions with references as to why they will occur

It would be valuable if you could provide an example of how you lay this out on paper to come to your conclusions for the day.

A scanned example would be an enormous help

Thanks again.
  • #4,733
  • Oct 24, 2008 3:45am Oct 24, 2008 3:45am
Thanks a lot Willowgal !!!
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #4,734
  • Oct 24, 2008 4:15am Oct 24, 2008 4:15am
jus wondering if anyone have tried to do forex trading using E71?
  • #4,735
  • Oct 24, 2008 4:39am Oct 24, 2008 4:39am
Hi everybody,

just wondering: how do you get data about "intermarket cash flows"?

Thanks in adavance

Quoting Willowgal
Hi BRV,

A great post to wake up to this morning.

1. Trader sits down at the computer, turns it on, opens up market news and research
2. Digs through data, research, opinions on macro economic conditions affecting the pairs planned to trade for the day, as well as other markets that will affect those pairs
3. Makes conclusive decisions (forecasts) of the pairs planned on being traded based on intermarket cash flows, current trends, market hype fads and potential deviations from any of these
4. Write down these conclusions with references as to why they will occur
1st step stop loss in the green 2nd step play with the free money
  • #4,736
  • Oct 24, 2008 4:48am Oct 24, 2008 4:48am
hey BRV, I just made 290pips from AUD/USD!! thank you for everything you do, you give happiness and knowledge to many people.

One question though. If a currency is in free fall (like the AUD) do we still take 250 pips or do we say put a stop at 200pips and wait and see if it moves further? Basically I'm wondering why 250 and not 200 or 300?
  • #4,737
  • Oct 24, 2008 5:43am Oct 24, 2008 5:43am
Again a nice bounce of double 0 and former S, now becomming resistance
http://img258.imageshack.us/img258/8...081024bqg5.png

It's been a profitable day, maybe I should stop now.
  • #4,738
  • Oct 24, 2008 8:27am Oct 24, 2008 8:27am
Quoting Wonko
Been there as well, YES! My first >200 Pip trade on Live Account (but since I'm still learning I trade with very very small positions, so this resulted in just a small win)

http://img519.imageshack.us/img519/3...081024ava4.png

profits a profit
  • #4,739
  • Oct 24, 2008 8:34am Oct 24, 2008 8:34am
Just some thoughts which some of you may find useful. Went through a book on Fibo analysis (http://www.amazon.co.uk/Fibonacci-An...4854653&sr=8-1 - half of it is devoted to history of Fibo, where we see it in nature and other stuff with zero practical value; but other book by the same author were selected by the US Market Technicians Association as part of their course, so the author is a pro).

One of the interesting concepts in that book: drawing several Fibos on the same big move, i.e. one Fibo for the whole move, and then several for each distinct wave (from the same starting point). Overlapping Fibo lines create strong confluence zones.

I did quick backtesting, the results were interesting: when I drew lines through thouse Fibo confluence zones, and then looked back on D1 and W1, those were strong S/R levels in the past.

Which confirms what BRV was saying - strong SR levels work well as all can see them. Have a look at the level which UCDCAD bounced off today - Low dated December 2003... TO THE PIP.
One Chart is Worth Ten Thousand Words.
  • #4,740
  • Oct 24, 2008 9:42am Oct 24, 2008 9:42am
Hi all, need some comments on my trade below... jus changed to metatrader 4 and think it is awesome! so much better than forex platform... anyway, i took 136 pips profit but jus wondering if i took the level right.. pls comment~
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