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  • #5,301
  • Nov 6, 2008 9:48am Nov 6, 2008 9:48am
Quoting BillyRayValentine
Hi Max,
I took a long on EU early on in the day when I saw it bouncing from minor support, and then shorted on 15 min resistance. The levels I mark are just the bigger ones, easier to use and for bigger trades.

Alot of the intraday stuff you really need to observe price action as it occurs. Its hard for to just post intraday levels and explain exactly whats going to happen when they hit because surrounding price action, which happens throughout the session will dictate if price has maxed out or not in most cases, or if price is ready for a breakout.

Like if there is a level posted, and price is spiking on heavy momentum right into it, Im probably not going to look to fade it there. But...
I know Im going a little off path here but I know one of the biggest questions I get, and why I set the poll up on the site, is when to enter safely.

Its been hard for me to piece something simple and solid together because its there's just so much to it. I get asked all the time and if you were to watch me trade I mean its like second nature to me because I think the best answer to the question is simply screentime and observation.

There are tons of familiar price patters I see regularly that I'm very comfortable with, and I use alot of them to my advantage. Still working on it though; keep you posted.
  • #5,302
  • Nov 6, 2008 9:55am Nov 6, 2008 9:55am
Watching 1.2770 on EURUSD

Stocks down, trend down, but waiting to see what happens. Very choppy and if I take any trade it will be low-risk.
  • #5,303
  • Nov 6, 2008 10:00am Nov 6, 2008 10:00am
Hi BRV,

I'm sure that with your guidance and plenty of screen time and observation we'll get there ... some day. The thing is, what are the things we should note, observe and look for when we are doing the screen time? ... That is probably the key to unlock that second nature skill you have developed.

Thanks once again for all the effort and dedication you put into teaching others less experienced and successful than you. Will definitely be looking forward to your posts and future videos addressing the topic of entries when price hits levels we mark on the charts.

Kind regards.

Quoting BillyRayValentine
I know Im going a little off path here but I know one of the biggest questions I get, and why I set the poll up on the site, is when to enter safely.

Its been hard for me to piece something simple and solid together because its there's just so much to it. I get asked all the time and if you were to watch me trade I mean its like second nature to me because I think the best answer to the question is simply screentime and observation.

There are tons of familiar price patters I see regularly that I'm very comfortable with, and I use alot of them to my advantage. Still working on it though; keep you posted.
  • #5,304
  • Nov 6, 2008 10:01am Nov 6, 2008 10:01am
Quoting BillyRayValentine
I know Im going a little off path here but I know one of the biggest questions I get, and why I set the poll up on the site, is when to enter safely.

Its been hard for me to piece something simple and solid together because its there's just so much to it. I get asked all the time and if you were to watch me trade I mean its like second nature to me because I think the best answer to the question is simply screentime and observation.

There are tons of familiar price patters I see regularly that I'm very comfortable with, and I use alot of them to my advantage. Still working on it though; keep you posted.

Its my opinion that people who ask the question how to enter safely must rethink the question altogether. If you ask this question you should read Mark Douglas' books. The truth is that a trade that looks safe may turn into a instant stop out. The trade that looks ify may turn on out to be a instant winner. "Again there is no way to avoid a losing trade" What you must do is clearly define your edge. Then execute your edge every time with consistency. You will eventually come out positive if don't make any serious errors and respect the fundamental laws regarding risk management and position sizing.
  • #5,305
  • Nov 6, 2008 10:03am Nov 6, 2008 10:03am
There is a good probability for a bounce in this area if price will go there.
In the case if price stall there and break it then pullback to the lower trendline would be nice.
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  • #5,306
  • Nov 6, 2008 10:10am Nov 6, 2008 10:10am
Quoting linalm
Hi BRV,

I'm sure that with your guidance and plenty of screen time and observation we'll get there ... some day. The thing is, what are the things we should note, observe and look for when we are doing the screen time? ... That is probably the key to unlock that second nature skill you have developed.

Thanks once again for all the effort and dedication you put into teaching others less experienced and successful than you. Will definitely be looking forward to your posts and future videos addressing the topic of entries when price hits levels we mark on the charts.

Kind regards.
Exactly....those little things I'm trying to piece together. But have faith I'm good for it . All these little nuances that happen throughout the session....there's a will to explain so theres a way .

In the meantime its a matter of just keeping it simple. If you take a look at the bigger trades you can see where most of these solid reactions come from. I would suggest (to anyone, not just you liinalm sorry dont mean to put you on the spot) just sort of fishing around through all of the written materials as well there's quite a bit covered. Many of the questions I get are answered in these posts at the beginning fo the thread.
  • #5,307
  • Nov 6, 2008 10:17am Nov 6, 2008 10:17am
equities hard off to new lows....gbp to have a crazy rate cut...when the hell is G/U going down already ???

i'm all in at 1.5900 i guess it will be one of my last trades at currency market....index futures just seems more reasonable

i might be wrong of course.
  • #5,308
  • Nov 6, 2008 10:21am Nov 6, 2008 10:21am
Quoting smittens4212
Watching 1.2770 on EURUSD

Stocks down, trend down, but waiting to see what happens. Very choppy and if I take any trade it will be low-risk.
Went short at 1.2765 with one (mini) lot. Currently +40, moved stop to BE. Target is that 1.2665 resistance/fib/trendline.
  • #5,309
  • Nov 6, 2008 10:22am Nov 6, 2008 10:22am
154.15 breakout soon on gbpjpy, will post chart later.
  • #5,310
  • Nov 6, 2008 10:27am Nov 6, 2008 10:27am
Quoting smittens4212
Went short at 1.2765 with one (mini) lot. Currently +40, moved stop to BE. Target is that 1.2665 resistance/fib/trendline.
I'm with you... In @ 1.2659 up over +100. About to close it and call it a day.

Mike G
  • #5,311
  • Nov 6, 2008 10:40am Nov 6, 2008 10:40am
smittens, I was watching that level on the EUR/USD too and had my TP level identified to the PIP with yours at 1.2665. What did you see in the price action that gave you the confidence to play that short? And, did you do it with a market order? ... I didn't and I'm now sitting on the sidelines seeing what would have been a good trade.

I'll appreciate your comments and thank you in advance.

Quoting smittens4212
Watching 1.2770 on EURUSD

Stocks down, trend down, but waiting to see what happens. Very choppy and if I take any trade it will be low-risk.
Quoting smittens4212
Went short at 1.2765 with one (mini) lot. Currently +40, moved stop to BE. Target is that 1.2665 resistance/fib/trendline.
  • #5,312
  • Nov 6, 2008 10:56am Nov 6, 2008 10:56am
Here's a trick from the floor I learned that happens to line up with BRV's methodology. I was long eur/usd 1.2720 took profit most likely to soon at 1.2760

The trick was this. A multiday low just got taken out. This is where all the stops are for many of the passive type funds and instituitions. It was enhanced because London was closing within a 1/2 hour. Meaning even more people a rushing to exit their losing trades. This is where the floor loves to buy from these suckers. Now to enhance this trade it lined up with key support. Which BRV advocates
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  • #5,313
  • Nov 6, 2008 11:13am Nov 6, 2008 11:13am
Dear BRV,

I was wondering how much weighting do you put on the Dollar Index and the Euro currency index? Today it nailed everything just about perfectly. And also do you use a NYBOT-ICE feed? The metatrader feed for these instruments I think is unaccpetable the data is simply not robust enough. Plus the spot is better than the future in my opinion.
  • #5,314
  • Nov 6, 2008 11:28am Nov 6, 2008 11:28am
Quoting linalm
smittens, I was watching that level on the EUR/USD too and had my TP level identified to the PIP with yours at 1.2665. What did you see in the price action that gave you the confidence to play that short? And, did you do it with a market order? ... I didn't and I'm now sitting on the sidelines seeing what would have been a good trade.

I'll appreciate your comments and thank you in advance.
Hi linalm,

I was basing my trade off the fact that the DOW was taking off downwards, while the EURUSD was still sitting above that level lagging which was a previous technical level and the previous low of the H1 bar. I used a stop market order, basically because there was at least a few minute delay between stocks taking off and the EURUSD where it was. Watched the prices as they moved very quickly to take out that level so it confirmed to me that it was a decent entry.

It's very choppy right now and I exited my trade already (I'm at work so I can only monitor it so much, and I'm alright with scalping a few pips instead of going for the whole move if it's not quick enough).
  • #5,315
  • Nov 6, 2008 11:41am Nov 6, 2008 11:41am
Heres a recomendation if any one here still takes those. I would by gbp/usd at 1.5762. I'm going to pass on that trade since I traded really well today and don't want do take on any more risk today.
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  • #5,316
  • Nov 6, 2008 11:51am Nov 6, 2008 11:51am
Quoting Guerrillawar
Dear BRV,

I was wondering how much weighting do you put on the Dollar Index and the Euro currency index? Today it nailed everything just about perfectly. And also do you use a NYBOT-ICE feed? The metatrader feed for these instruments I think is unaccpetable the data is simply not robust enough. Plus the spot is better than the future in my opinion.
Hi - I look at the dollar index quite a bit but in terms of my actual decision making I dont rely on it too heavily; equities are usually my biggest concern - with the dollar index I'm looking at the same things I look at with everything else, just key levels and major support/resistance. Its just the default feed through bloomberg, and I have one feed for metatrader which you'll see me post charts of. But honestly anything I get from the metatrader platform is no different than anything I see on BBG usually. I was using Reuters a while back but I ended up ditching it.....never got into it. I dont really pay much attention to the EUR index......spot has always worked more than fine for me. What are you looking for in terms of more data? Just curious.
  • #5,317
  • Nov 6, 2008 11:51am Nov 6, 2008 11:51am
Quoting Guerrillawar
Heres a recomendation if any one here still takes those. I would by gbp/usd at 1.5762. I'm going to pass on that trade since I traded really well today and don't want do take on any more risk today.
Good call - I actually just pointed this out to a buddy of mine on the phone a few minutes ago. This pattern happens a lot.

A low, a lower low, and then a bounce off of the first low. Same in reverse.
  • #5,318
  • Nov 6, 2008 11:59am Nov 6, 2008 11:59am
Hi BRV,

I was looking at the attached support at 1.5750.
How could have I known that it would bounce a good 60 pips and not breakout?

It is frustrating not being able to spot them apart...

Thank you for helping us simple people that do not have the feeling for the market.... yet
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  • #5,319
  • Nov 6, 2008 12:11pm Nov 6, 2008 12:11pm
Quoting BillyRayValentine
Hi - I look at the dollar index quite a bit but in terms of my actual decision making I dont rely on it too heavily; equities are usually my biggest concern - with the dollar index I'm looking at the same things I look at with everything else, just key levels and major support/resistance. Its just the default feed through bloomberg, and I have one feed for metatrader which you'll see me post charts of. But honestly anything I get from the metatrader platform is no different than anything I see on BBG usually. I was using Reuters a while back but I ended up ditching it.....never got into it....
i probably could of asked the question more clearly. there is the dollar index future. then there is the dollar index spot (cash). these are two seperate instruments based on one underlying. most data feeds give only the future. the problem with the future is it doesn't trade to frequently. on the other hand the spot chart is much more clean very similar to a normal pair with very few gaps just nice clean data. does your bloomberg give you a feed to both? what do you think of CQG with an ice feed?
  • #5,320
  • Nov 6, 2008 12:17pm Nov 6, 2008 12:17pm
Quoting ady27
Hi BRV,

I was looking at the attached support at 1.5750.
How could have I known that it would bounce a good 60 pips and not breakout?

It is frustrating not being able to spot them apart...

Thank you for helping us simple people that do not have the feeling for the market.... yet
that is the problem with trading. you never know which is good for 50 pips or 250 pips. the closest thing i have ever seen anyone get in this realm is cycles. but cycle work can get really complicated and confusing. best bet put positions on in 1/3 or 1/4 and take pofit every 50 pips on a portion.
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