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  • #5,201
  • Nov 4, 2008 1:50pm Nov 4, 2008 1:50pm
Quoting linalm
Thank you for the info. I'll check those out. My broker only provides currency charts.

Any of you who use Alpari and Metatrader know how you can get the Dollar Index, DOW and other indexes on the platform? I think I saw in someone else's snapshot that those indexes are available from that broker. Unfortunately, after downloading their platform from their UK and US sites I could not find a way to display those charts.

Thank you very much for your help. Kind regards.
Try going into the market-watch window, right-click and select show all.
  • #5,202
  • Nov 4, 2008 2:07pm Nov 4, 2008 2:07pm
probably good to sell usd/jpy now
  • #5,203
  • Nov 4, 2008 2:08pm Nov 4, 2008 2:08pm
Quoting BANDA
How are you buddy? If I may ask I have a question.... I today tried to short EU/USD got burnt .........I still want to short either GBP/USD or EU/USD.......what you deem I should look for before shorting .......is it better to wait till london session tommorow?

Thank you in advance
Best regards
I'm good!
'Yeah this post might help clear it up:
http://www.forexfactory.com/showpost...postcount=5183

Also I threw up a few red flags in regards to the potential upside today in the commentary due to the equity movements.......I did actually receve a couple emails about this so I encourage everyone to read everything because I stick a lot of sidenotes in there sometimes that are pretty important.

but yeah overall coming up with an exact time of day when these things occur is going to be the hardest part of me writing the commentaries. Its always going to be open like that there's really no way for me to change that.....
  • #5,204
  • Nov 4, 2008 2:11pm Nov 4, 2008 2:11pm
Quoting BillyRayValentine
I'm good!
'Yeah this post might help clear it up:
http://www.forexfactory.com/showpost...postcount=5183

Also I threw up a few red flags in regards to the potential upside today in the commentary due to the equity movements.......I did actually receve a couple emails about this so I encourage everyone to read everything because I stick a lot of sidenotes in there sometimes that are pretty important.

but yeah overall coming up with an exact time of day when these things occur is going to be the hardest part of me writing the commentaries. Its always going to be open like that there's really no way for me to change that.....

For example: "Again this equity rally could have us selling the dollar temporarily but hopefully only into more attractive levels for buys. I suspect we will get a good sized correction tonight (USD selling) into tomorrow if equities stay strong, but still feeling safer buying later on today and into tomorrow. "
  • #5,205
  • Nov 4, 2008 2:13pm Nov 4, 2008 2:13pm
Quoting BillyRayValentine
For example: \"Again this equity rally could have us selling the dollar temporarily but hopefully only into more attractive levels for buys. I suspect we will get a good sized correction tonight (USD selling) into tomorrow if equities stay strong, but still feeling safer buying later on today and into tomorrow. \"

And Banda sorry I dont mean to sound to be "on the attack" I'm very glad you asked......clarity is something we like around here!
  • #5,206
  • Nov 4, 2008 2:16pm Nov 4, 2008 2:16pm
Quoting linalm
Thank you for the info. I'll check those out. My broker only provides currency charts.

Any of you who use Alpari and Metatrader know how you can get the Dollar Index, DOW and other indexes on the platform? I think I saw in someone else's snapshot that those indexes are available from that broker. Unfortunately, after downloading their platform from their UK and US sites I could not find a way to display those charts.

Thank you very much for your help. Kind regards.
http://www.odlsecurities.com/
has it all, apart from the dollar index. they have the danish cruzero and the sierra leone gold too..just kidding!!!
A part from my jokes, they have indexes, gold, oil, stocks
regards
Max
  • #5,207
  • Nov 4, 2008 2:16pm Nov 4, 2008 2:16pm
Quoting lumesh
probably good to sell usd/jpy now

of course would like a little upside movement on that support were having right now....just to get a better price...
  • #5,208
  • Nov 4, 2008 2:56pm Nov 4, 2008 2:56pm
Quoting BillyRayValentine
Hi there, I think as you get more comfortable you can let positions run a little longer in general withough the need to scapl for profits early on, and in fact I would recommend trying to wean your way into doing that after a little while....
Thanks a lot for providing your opinion on that. Will take care that I slowly adjust towards letting the winners run longer. One last question regarding risk management - what level of maximum % loss of the account per trade are you using? I know this is depending very much on personality - but I would be very much interested of how traders like you feel about this risk level.

BTW... 1.30 area might be a very good opportunity to short EURUSD... this is the high on Oct. 23th... and in addition a fib level of the last swing down from 1.3295 to 1.2525. If we break this level a retest of 1.3295 might come...
  • #5,209
  • Nov 4, 2008 3:04pm Nov 4, 2008 3:04pm
Thank you very much. Sorry I asked that. Yes I have judge what to do. Sorry if I have sounded .........

Quoting dorellino
Well Banda, I'm trying to answer on behalf of Steve, and please understand that I'm not him.
Today Steve called short at every top. That was the plan.
Steve also said, many times, that the only crystal ball he owns is on the fridge;-).
Today was a typical day showing that Steve doesn't have the ball for real and that we, me, you, the trader itself, has to be the last lonely judge of his trades and of the market sentiment.
Sentiment that was, up to now, opposite to the plan that today Steve gave to us.
This is also what Steve is here for, to teach us to become responsible, thinking, smart, fast and reactive traders.
Hope I wrote it right, and please Steve correct me if u don't agree.
Good luck...
BANDA333
  • #5,210
  • Nov 4, 2008 3:08pm Nov 4, 2008 3:08pm
Billy thank you. I learnt a lot from you. I commend your altruistic gestures, Sorry I asked that rather childish question. Thank-you buddy.


Quoting BillyRayValentine
And Banda sorry I dont mean to sound to be \"on the attack\" I'm very glad you asked......clarity is something we like around here!
BANDA333
  • #5,211
  • Nov 4, 2008 5:06pm Nov 4, 2008 5:06pm
hi BRV \ guys,

I have 2 questions :

1- when you trading breaks , how do you determine where to put your stop loss , since a lot of times price pulling back to retest the resistance point that was break out ?

2-I read here about 123 pattern or something and a thread of a Ross guy , can I get a link to that thread?

thanks
  • #5,212
  • Nov 4, 2008 5:45pm Nov 4, 2008 5:45pm
Quoting Barak's pip
hi BRV \ guys,

I have 2 questions :

1- when you trading breaks , how do you determine where to put your stop loss , since a lot of times price pulling back to retest the resistance point that was break out ?

2-I read here about 123 pattern or something and a thread of a Ross guy , can I get a link to that thread?

thanks
I probably shouldn't post a link here, but just do a google search on Joe Ross, you can find everything you need on the trading-naked website (third link down). There is also a fairly large amount of literature available if you know where to look for it. I may be able to help you if you are struggling to find it but PM me as it is slightly off-topic.

In response to your breakout stop-loss position question - if the 'break' of the level you are looking at does not result in a fast and impulsive move, then either your theory that the existence of a cluster of orders would drive price on was flawed, OR you have been sucked into the old 'wash and rinse' where price was manipulated to take the orders (perhaps when a big player wants to get a whole lot of orders on at a better price, they force price up cheaply to the area where they know stop orders are going to be found, and then dump their big order down in the opposite direction). In either case, if the market has not done exactly as you expected it to, then it's probably time to get out. If you are looking for a breakout to the upside, price peaks above your level, taking your order but has no commitment and retraces back down and then takes out the previous swing low - then that is when I definitely want out, because it will have made a double top formation, and the clusters of orders will be placed below the lowest point of the 'V' between the two peaks. As a general rule if price makes lower lows, I do not want to be long, and if it makes higher highs I do not want to be short. So it follows that these places are logical levels to place your emergency stop loss orders, with a bit of wiggle room. However, I am inclined to take trades out before my stop losses get hit if the trade does not look or feel right. I hate taking losses, but I prefer small ones.


Someone was asking earlier about getting datafeeds for equities and commodities at Alpari, unfortunately they are not currently available with their UK or US downloads, only with the Russian one.

WHC might help with equities and commodity futures, not sure about Dollar index:

http://www.metaquotes.net/files/whc/whc4setup.exe
  • #5,213
  • Nov 4, 2008 6:30pm Nov 4, 2008 6:30pm
The best broker to I found to use for the indices, futures, stocks, and currencies is from WHC, but now they're broco. I noticed that BRV uses WHC also.

Happy Pippin'
KC


Quoting linalm
Thank you for the info. I'll check those out. My broker only provides currency charts.

Any of you who use Alpari and Metatrader know how you can get the Dollar Index, DOW and other indexes on the platform? I think I saw in someone else's snapshot that those indexes are available from that broker. Unfortunately, after downloading their platform from their UK and US sites I could not find a way to display those charts.

Thank you very much for your help. Kind regards.
  • #5,214
  • Nov 4, 2008 7:34pm Nov 4, 2008 7:34pm
Keeping an eye on 1.2900 right now
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  • #5,215
  • Edited 7:51pm Nov 4, 2008 7:38pm | Edited 7:51pm
Quoting smittens4212
Keeping an eye on 1.2900 right now
looking to fade or a breakout? Would now be a good time to enter even though we're not in London or NY session?

Seems to be hitting resistance about 11 pips above 1.2900
  • #5,216
  • Nov 4, 2008 8:03pm Nov 4, 2008 8:03pm
Heads-up...
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  • #5,217
  • Nov 4, 2008 8:03pm Nov 4, 2008 8:03pm
Hi BRV,

I posted the following statement on your blog:

"Thanks for the feedback, Steve. I'll certainly try to study the charts in the examples section. However, upon cursory review of the charts in that section, it seems VERY difficult to "predict" a fade or break-out at a support/resistance level. I think that I understand your point about multiple (3 or more) bounces off a support or resistance level being a good indication of a pending break-out. The big challenge is that there are so many break-out that occur during the 1st or 2nd encounter with a s&r level.

I wish there was a more reliable way of determining fade or break-out at a s&r level.

BTW, along the lines of a break-out strategy, is there any merit to continuing with the direction (trend) of a price movement and get-out or trail stop at the s&r levels?"

Also, do you trade s&r break-outs more than s&r fades, or is there a better opportunity to follow the trend to the s&r levels?

thanks,

Walt
  • #5,218
  • Nov 4, 2008 8:09pm Nov 4, 2008 8:09pm
Letting this (1.29) level go most likely. Would like to go short, but equities are still up so I think I'm going to wait to see what happens. If it does break short, the next price I'm watching is 1.2800. If it bounces, will wait for a good price/resistance to short.
  • #5,219
  • Nov 4, 2008 8:49pm Nov 4, 2008 8:49pm
Hello everyone,

Just an interesting thing I`m beginning to notice and I am CERTAINLY not calling it a fundamental USD reversal, but if you look at the eur/usd and gpb/usd daily charts, there is a big W trend reversal formation in the works. Of course such a pattern could become valid should eur/usd close above 1.33 and gbp/usd close above 1.6670. If you take a look at your charts, W patterns are often associated with the beginning of bullish trends... just take a look at your usd/chf daily charts you will notice the low @ 0.9634 and then a subsequent higher low @ 1.001 started this intermediate usd/chf bull run.

Just something to be aware of, as I said I am not calling any bottoms and reversals but will definitely keep an eye over these key price levels. I am welcoming any constructive criticism, since I am in the same boat with you guys.

good luck to all !
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #5,220
  • Nov 4, 2008 10:19pm Nov 4, 2008 10:19pm
I went short on that trade. Everything was pointing towards at least a correction of earlier gains. I got pretty terrible execution from my broker, almost 12 pips away from where I placed the market order, around 1.2900. Hopefully it's just a drop in the bucket...

EURJPY had a very similar setup and is breaking down right now too.
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