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  • #5,221
  • Nov 4, 2008 11:42pm Nov 4, 2008 11:42pm
Quoting smittens4212
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.
Nice trade, I missed it. Seems like it took a dive right when they announced obama won.
  • #5,222
  • Nov 5, 2008 1:09am Nov 5, 2008 1:09am
Quoting birdt
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...
Birdt ,

thank you very very much my friend.
  • #5,223
  • Nov 5, 2008 2:06am Nov 5, 2008 2:06am
I just got to my trading desk. Looks like it was a great Asian session for this methodlogy. Was any one short Eur-usd from the 1.2970 level or 1.2915 level. I wish I was awake for that session.
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  • #5,224
  • Nov 5, 2008 3:26am Nov 5, 2008 3:26am
Smittens
How are you? How do you explain today the disconnect between equities going up today but FX pairs going down? I expected that they usually mirror each other ie short trem fundamental picture ! Appreciate your opinion.

Regards Gerard
  • #5,225
  • Nov 5, 2008 5:01am Nov 5, 2008 5:01am
I was wondering if anyone had an opinion on a buy trade for usdcad at 1.1482. I feel this would be a good level if it comes down that far, but it has been down there earlier. do you think that negates a decent trade. I dont wish to take it if it goes through that area south as I think it has more potential for up. I would appreciate comments
  • #5,226
  • Nov 5, 2008 5:10am Nov 5, 2008 5:10am
Quoting Guerrillawar
Dear, BRV

A kind of off topic question. If I understand correctly you are based in the U.S. Do you trade the full London session? If so how does it effect your sleep life outside trading. I ask because I will be moving back to Chicago at the end of April. And I don't see how its possible to miss the London session if one is trading currencies.
I have a really weird schedule.......I work from usually 11pm throughout the night, try to get into bed by around 8 or 9 am. Sleep a few hours, then get up around 3pm or so. Not for the faint heart.
  • #5,227
  • Nov 5, 2008 5:16am Nov 5, 2008 5:16am
Quoting ernesto
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...
I'll cut it off at 1-2% if it gets that far but usually if a trade is not working out as planned I'm out before then.

Alot of traders feel the need to "marry" themselves to a fixed stop loss, when most of the time they can tell that price isn't going to go their way well before it gets hit.

If I see an obvious sign going counter to what it was I was attempting to do (eg I take a short at 1.5000, then price goes above it, uses it as support) I'm out of the trade. No need to wait for it to come back when I can clearly see a signal to go long. Or wait another 40 or whatever pips for my stop loss to get hit.

The market isnt "thinking" like you do, in terms of static anything. You're on its turf, its not on yours.
  • #5,228
  • Nov 5, 2008 5:17am Nov 5, 2008 5:17am
Quoting BANDA
Thank you very much. Sorry I asked that. Yes I have judge what to do. Sorry if I have sounded .........

No need for sorrys here everyone working together .....now if you made fun of my mother that's another story.
  • #5,229
  • Nov 5, 2008 5:20am Nov 5, 2008 5:20am
Quoting birdt
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...
couldn't have said it any better myself....good to have you around birdt.

also I checked whc trader does carry the dollar index....
  • #5,230
  • Nov 5, 2008 5:22am Nov 5, 2008 5:22am
Quoting djambazov84
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...
yeah its a pretty common pattern....look for a breakout of the 4hr diagonal trendline for any further upside....its deciding what to do right now in this consolidation phase here
  • #5,231
  • Nov 5, 2008 5:23am Nov 5, 2008 5:23am
Quoting Guerrillawar
I just got to my trading desk. Looks like it was a great Asian session for this methodlogy. Was any one short Eur-usd from the 1.2970 level or 1.2915 level. I wish I was awake for that session.
I had my charts up and for some reason right after the announcement I glanced over and went for it. Think I got lucky because I def. wasn't thinking about trading at the time!
  • #5,232
  • Nov 5, 2008 5:25am Nov 5, 2008 5:25am
Quoting Tori
I was wondering if anyone had an opinion on a buy trade for usdcad at 1.1482. I feel this would be a good level if it comes down that far, but it has been down there earlier. do you think that negates a decent trade. I dont wish to take it if it goes through that area south as I think it has more potential for up. I would appreciate comments

thats a longer term level (1.1505 area) .382 retracement of this last major wave.....looks like it was able to muster up some buyers there.

1.1038 is the 50% mark.
  • #5,233
  • Nov 5, 2008 5:34am Nov 5, 2008 5:34am
Hi BRV I have only just found your daily comments. I thank you for such professional assistance. I have a lot to learn and you write concisely. I find it very quiet today and expect that markets are still thin due to election, and now unsure because of same. Would you refrain from entering a trade, even if it were to break a line, in such a quiet market, or do you take the trade, put in stop, and let it go anyway. I find when it is slow it just goes up and down within the candle going nowhere, and of course that is when I find myself sitting and watching for hours.
  • #5,234
  • Nov 5, 2008 6:31am Nov 5, 2008 6:31am
Quoting Tori
Hi BRV I have only just found your daily comments. I thank you for such professional assistance. I have a lot to learn and you write concisely. I find it very quiet today and expect that markets are still thin due to election, and now unsure because of same. Would you refrain from entering a trade, even if it were to break a line, in such a quiet market, or do you take the trade, put in stop, and let it go anyway. I find when it is slow it just goes up and down within the candle going nowhere, and of course that is when I find myself sitting and watching for hours.
If something comes around then sure....I took 3 trades so far today: a short EUR, short GBP and recently a long GBP on this move up here. So far so good. The first two ran pretty well and the last one went for a good amount too........the last one I was in and out....that spike didnt take too long!
  • #5,235
  • Nov 5, 2008 7:09am Nov 5, 2008 7:09am
Ty Billy..... I will never make fun of you or your loved ones........ I only make fun of myself for stupid things I do ......


Quoting BillyRayValentine
No need for sorrys here everyone working together .....now if you made fun of my mother that's another story.
BANDA333
  • #5,236
  • Nov 5, 2008 7:40am Nov 5, 2008 7:40am
Seems like AUD/USD is breaking out.. a potential for the price to go up?
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  • #5,237
  • Nov 5, 2008 8:31am Nov 5, 2008 8:31am
My opinion of how this methodology deals with chop.

Long Eurusd at 1.2885

Target 1.2965

1. Pivot through minor support
2. Pivot other way through now minor resis
3. Consolidate with bullish bias
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  • #5,238
  • Nov 5, 2008 8:33am Nov 5, 2008 8:33am
Maybe a second bounce?
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  • #5,239
  • Nov 5, 2008 9:08am Nov 5, 2008 9:08am
Probably a good idea to square up that long eur/usd trade. It spiked on news that normally would have caused a eur sell-off.
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  • #5,240
  • Nov 5, 2008 9:33am Nov 5, 2008 9:33am
I think i lost the long in eur/jpy, maybe i could re-enter that long just in case the price returns to the 128.90 area in the next hour. Do you think that could happen.
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