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  • #4,841
  • Oct 28, 2008 3:55am Oct 28, 2008 3:55am
Quoting BillyRayValentine
....find me another thread that does this j/k
...and considering these recent market conditions.

All the more impressive and convincing!
  • #4,842
  • Oct 28, 2008 3:56am Oct 28, 2008 3:56am
Quoting Wonko
BRV stated in his PDF that he moves SL to BE, when he reaches 20 Pips AND closes half of his position. Sounds reasonable...
This "rule", I have to say, in hindsight, Im not the proudest of writing, because I have had alot of trades go in favor by 40 pips and go in the red just a hair before coming back and turning out to be very profitable.

I was looking more or less for a "no nonsense" way, but the truth is if many times, if you dont allow them to breathe, they'll never turn out to be what you hoped. Risk/reward and a good solid, disciplined method for trade entry is the bottom line and a solid system for defining good entry points.
  • #4,843
  • Oct 28, 2008 3:57am Oct 28, 2008 3:57am
Quoting belekas
Good morning mate and congrats with this perfect trade. I had these levels marked up but was asleep and so this nice opp is in the past Would you put pending ordes @ the potentiall turning point like here on USD/JPY if you werent able to watch the trade?

Cheers

If I'm extremely confident then yes, but that's very rare....most of the time I just like to be there.
  • #4,844
  • Oct 28, 2008 4:04am Oct 28, 2008 4:04am
Quoting BillyRayValentine
If I'm extremely confident then yes, but that's very rare....most of the time I just like to be there.
Well yes i agree as well. If the defined level has potential technical significance and we have enough clues about we should use pending orders i guess, because its been many many times when im watching the market all day long and waiting for a precious setup to pop up, nothing happens. As soon as i go out to take care of some bussines or to sleep at night, baam the setup just pops right in. Though all the levels were marked but at the present where to far away and was looking quote impossible to get to in the meantime. So in this case the pending orders looks quite good i guess.

Could you post your GBP/JPY chart if you have it analysed. Thank you ;-)

Cheers
  • #4,845
  • Oct 28, 2008 4:37am Oct 28, 2008 4:37am
Hi BRV

Thanks so much for setting up this thread and continuing to teach us all. And thanks to all the contributors too. I'm learning so much from all the discussion.

I'd like to ask about the levels you've posted for the eur/usd on today's blog ("Picking up the Pieces"). I think a mistake it's easy for people like me to make is to assume that because a system is simple it's therefore easy. As you've shown, we need to do our fundamentals homework and continue getting chart time.

My question is: where did some of your levels come from?

You have sells at: 1.2500/10, 1.2586, 1.2635, 1.2687/700 and 1.2750
You have a buy at: 1.2335

I drew my levels earlier and got sells at: 1.2586, 1.2734 and 1.3006
I got a buy at: 1.2329

Our buys are pretty close, but if working to the exact pip I could miss a trade here.

As for the sells I thought the 1.2500 level looked too sloshed around on the 4hr chart; I got 1.2586 the same as you; I can't see where the 1.2635 has come from; and my last two levels are also very different from yours.

I'd really appreciate if you could show how you decided these particular numbers. Like you say, we're looking for levels that everyone should be able to see - so I'm concerned I'm not seeing them the same.

Thanks again for a brilliant thread.
  • #4,846
  • Oct 28, 2008 4:39am Oct 28, 2008 4:39am
Look similar ... any thoughts here anyone ?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpusd-2.gif Size: 16 KB
  • #4,847
  • Oct 28, 2008 5:16am Oct 28, 2008 5:16am
Just dropped in to say thankx for the chart collection. Long live BRV.
No need for explanations - who puts in some effort, will understand. And who doesn't? Well read this
forget about tomorrow, just steal away into the night
  • #4,848
  • Oct 28, 2008 5:23am Oct 28, 2008 5:23am
Quoting Willowgal
Look similar ... any thoughts here anyone ?
I already placed my limit order there . Also a sell on EJ @ 123.00
  • #4,849
  • Oct 28, 2008 5:42am Oct 28, 2008 5:42am
How important is volume in your trading, where do you find it and which one is reliable ? thanks.
  • #4,850
  • Oct 28, 2008 6:01am Oct 28, 2008 6:01am
Every forex broker has it's own volume,I think.....
  • #4,851
  • Oct 28, 2008 6:03am Oct 28, 2008 6:03am
I have a question.....How important is the current day's Open when considering price action relative to the support and resistance lines that are drawn. It has always been important to me because of how the market tends to react to it.
"Amat Victoria Curam" Victory Loves Preparation
  • #4,852
  • Oct 28, 2008 6:16am Oct 28, 2008 6:16am
Quoting lumesh
How important is volume in your trading, where do you find it and which one is reliable ? thanks.
Correct me if I am wrong ... BRV has never once mentioned volume over the last few months about this trading method in the thread, blog or PDF.

So the answer must be one of these two :

EITHER

A) Volume is not anything to do with this trading method

OR

B) It is the most important part of the method, but BRV is keeping that bit all to himself.

What do you think ?

I know which answer I go for.

  • #4,853
  • Oct 28, 2008 6:33am Oct 28, 2008 6:33am
If i remember correctly BRV did show us how he interpret volume in futures market. He use volume in option contracts aswell.

I can't help you with futures volume but check this out:

http://www.phlx.com/market/WorldCurrencyOptions.asp
  • #4,854
  • Oct 28, 2008 6:36am Oct 28, 2008 6:36am
Well maybe there is a "C"?

Tick volume, that is, number of price changes is (don't know how) related to volume. And reading the tape is a very very important part of this method - putting in dumb buy / sell orders and waiting to see what happens will not make anyone millionaire

Correct me if I'm wrong!

Quoting Willowgal
Correct me if I am wrong ... BRV has never once mentioned volume over the last few months about this trading method in the thread, blog or PDF.

So the answer must be one of these two :

EITHER

A) Volume is not anything to do with this trading method

OR

B) It is the most important part of the method, but BRV is keeping that bit all to himself.

What do you think ?

I know which answer I go for.

forget about tomorrow, just steal away into the night
  • #4,855
  • Oct 28, 2008 6:43am Oct 28, 2008 6:43am
Quoting spekitox
Well maybe there is a \"C\"?

Tick volume, that is, number of price changes is (don't know how) related to volume. And reading the tape is a very very important part of this method - putting in dumb buy / sell orders and waiting to see what happens will not make anyone millionaire

Correct me if I'm wrong!
ok fair point but if we don't know how, then is that any good to us ?
  • #4,856
  • Oct 28, 2008 6:48am Oct 28, 2008 6:48am
No, no, I cannot explicity formulate the correlation between frequency of price changes and the probability of a price turn at specific levels, but those who have a lot of screen time and experience behind them, will know, they have a "feel" for it, that's sure. That's "reading the tape" I reckon.

Quoting Willowgal
ok fair point but if we don't know how, then is that any good to us ?
forget about tomorrow, just steal away into the night
  • #4,857
  • Oct 28, 2008 6:53am Oct 28, 2008 6:53am
Quoting generalz
I saw your trade at work today. this is purely second guessing after the fact .
Did you see, if you would of take the bucket bottoms at 1.2581 you would of been spot on...

good luck
Hello general,
My mistake,I was just looking at the lows prior to that.I should have seen the buckets.THEY WERE RIGHT IN FRONT OF ME!!Well learn from your mistakes and move on.Good trading to you
  • #4,858
  • Oct 28, 2008 7:02am Oct 28, 2008 7:02am
Quoting spekitox
No, no, I cannot explicity formulate the correlation between frequency of price changes and the probability of a price turn at specific levels, but those who have a lot of screen time and experience behind them, will know, they have a \\\"feel\\\" for it, that's sure. That's \\\"reading the tape\\\" I reckon.
This is about the most useful tick indicator I have found.... it's quite handy to watch at the S/R levels.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-ticks.gif Size: 19 KB
Attached File(s)
File Type: mq4 TickSmoother_v1.1.mq4   7 KB | 486 downloads
  • #4,859
  • Oct 28, 2008 7:14am Oct 28, 2008 7:14am
Thankx a lot, I will have a gander at it.
Another useful indi will be our eye, hopefully, after we spend couple of months or years staring at those numbers on the screen

Quoting Willowgal
This is about the most useful tick indicator I have
found.... it's quite handy to watch at the S/R levels.
forget about tomorrow, just steal away into the night
  • #4,860
  • Oct 28, 2008 7:16am Oct 28, 2008 7:16am
Possible short?
Decending trendline,bucket.
Attached Image (click to enlarge)
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