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Daily Cable Analysis

  • #7,501
  • Mar 2, 2007 1:07pm Mar 2, 2007 1:07pm
Quoting zawodowiec
Ok I think I understand. But in that case you need to be prepared to handle drawdawn of >1000 pips at times, and it may take a very long time for you to recover this. For example if you had a short position opened in october or november 2006, you'd still be deep in the minus. Or am I still missing something?
yes u miss something, i dunno to say , if i only had 1 short at october maybe u right, say short at 8700 , but i say i am locking ( long at 8800 ) , so what u think ? at the journey from oct to now price is up and down. sometimes i add short or long, and closed with profit. 8700 only become final target. just example.

is friday , chatters time.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,502
  • Mar 2, 2007 1:13pm Mar 2, 2007 1:13pm
Quoting zazafamily
do you use this strategy before news? after news?
do you look at any chart? time frame?
SURE, everyday i am trade, in and out , if wrong then i lock not cut loss, i take other position if wrong again i lock again. there must be one position profit, when to closed ? i lokk at the chart, fibo, etc, when i feel enough then i closed.

i love locking....... make me feel confidence about profit... just about time and patience.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,503
  • Mar 2, 2007 1:21pm Mar 2, 2007 1:21pm
Quoting Traex
What would you do in the case of current GBP/JPY fall? Let's say at the beginning you long-ed at 236.00 but then it moved at opposite direction. Short. And after closing that short, it still moved down. Then what?
Anyway, it's end of week, enjoy weekend everyone!
i dont trade gbp/jpy, but what i will do ?

short again with double lot.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,504
  • Mar 2, 2007 1:28pm Mar 2, 2007 1:28pm
Notme32

what broker do you use?
Whatever you do, just keep doing it in a dicipline manner.
  • #7,505
  • Mar 2, 2007 1:28pm Mar 2, 2007 1:28pm
Quoting 59fender
wow page 500 for this thread! way ta go monarch!
Yes indeed - 500 pages since the 1st of January. Wow, it has been fun!

Thanks for making the thread an enjoyable place to relax while making bank.

February was a great month of profits.

Just in the past two weeks I made 23 trades with only 1 loss + 349 pips,
most of the profits came from a 5 to 10 pip scalping strategy.

Just add up the lots and count the cash.

March is here, lets make it happen again.

Ken
  • #7,506
  • Mar 2, 2007 1:29pm Mar 2, 2007 1:29pm
Quoting zazafamily
ohhh for how long have you been using this strategy???

and what broker do you use???
-i personally use forex and they dont let me be short and long at the same time in a pair

by the way your method sounds owesome,, again for how long have you used it? and what is ur pip average per week or month??

nice info!!!!!
i have experience locking 6 month ago and left that habit a while (cause i try other method) and i start locking again 2 or 3 month ago, i dont remember. and i just start thinking i will never loose with this ( dont care about interest).

i trade with interactive broker mostly( few).

locking is normal , its allowed as long u can afford the interest and handle the account, margin etc.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,507
  • Mar 2, 2007 1:34pm Mar 2, 2007 1:34pm
Quoting monarch
Yes indeed - 500 pages since the 1st of January. Wow, it has been fun!

Thanks for making the thread an enjoyable place to relax while making bank.

February was a great month of profits.

Just in the past two weeks I made 23 trades with only 1 loss + 349 pips,
most of the profits came from a 5 to 10 pip scalping strategy.

Just add up the lots and count the cash.

March is here, lets make it happen again.

Ken
Good thread here Monarch,

BTW i am sorry for some chat post from me , it was friday sindrom.

Go go go.......short or long , just profit i watch.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,508
  • Mar 2, 2007 1:34pm Mar 2, 2007 1:34pm
Monarch

When you trade scalping, do you do it with the news?

lets say the news are forescast to be pound positive, is it a good idea to sell pound two minutes before the news and go for 5 to 10 pips?
Whatever you do, just keep doing it in a dicipline manner.
  • #7,509
  • Mar 2, 2007 1:38pm Mar 2, 2007 1:38pm
Quoting cesarnc
Interesting... you go on trading despite the loosing trade, that will reduce drawdown. In this quite 400-500 pips ranging market since December, no reason why the looser will not become a winner eventually...

If a fat reversal comes, pull the plug, be happy.
u have explain everithing, thankie.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #7,510
  • Mar 2, 2007 1:49pm Mar 2, 2007 1:49pm
great weekend to all!
thanx for the info NOTME32
Whatever you do, just keep doing it in a dicipline manner.
  • #7,511
  • Mar 2, 2007 1:57pm Mar 2, 2007 1:57pm
close out all trades
  • #7,512
  • Mar 2, 2007 4:08pm Mar 2, 2007 4:08pm
Quoting zazafamily
Monarch

When you trade scalping, do you do it with the news?

lets say the news are forescast to be pound positive, is it a good idea to sell pound two minutes before the news and go for 5 to 10 pips?
Sorry, I didn't see your post until now.

I am subscribed with a news system that automatically enters a trade on certain news releases, but I have yet to enter a position using it. The purpose for this subscription is to keep me informed of what impact the news will have on that currency.

I actually will trade a few news items during the initial spike, but I am usually real careful about those times for scalping.

I will usually scalp when the market has made big moves like the one that came down to 1.9408, then it hit a support I had on my charts. From there we seen a retracement upwards for about 60 pips or so, it was in this timeframe I used 1M, 5M, and 15M candles to magnify the 38.2% retracement that happened at the end of market for a Friday.

It was a simple candle scalp, no indicators, only Fibo for a reference.
I had 3 positions in a 1 1/2 hour time span which easily cleared +12, +7, +6.
One thing of importance was the small drawdown 2 pips max in each position, and the exit was in the middle of a move, I never look to ride a move to the extreme, this enables a quick move against you when it reaches the end of that particular move.

You can PM me when you get a chance for more information.

Ken
  • #7,513
  • Mar 2, 2007 7:15pm Mar 2, 2007 7:15pm
I felt like sharing this here.

To all those EW fans.

Lets do the WAVE. GBP/JPY


It may just be a G7 wave. LOL

It just seems like after the G7 group had a little discussion on the Yen, it cranked out this 1500 pip move.

Is it possible that maybe, just maybe, there is something more behind this colossal move for "YEN".

We may need to start calling "When" will it stop?

I am counting the "bye-bye Wave"

Have a great weekend all.
  • #7,514
  • Mar 3, 2007 10:13am Mar 3, 2007 10:13am
Quoting monarch
Sorry, I didn't see your post until now.

I am subscribed with a news system that automatically enters a trade on certain news releases, but I have yet to enter a position using it. The purpose for this subscription is to keep me informed of what impact the news will have on that currency.

I actually will trade a few news items during the initial spike, but I am usually real careful about those times for scalping.

I will usually scalp when the market has made big moves like the one that came down to 1.9408, then it hit a support I had on my charts. From there we seen a retracement upwards for about 60 pips or so, it was in this timeframe I used 1M, 5M, and 15M candles to magnify the 38.2% retracement that happened at the end of market for a Friday.

It was a simple candle scalp, no indicators, only Fibo for a reference.
I had 3 positions in a 1 1/2 hour time span which easily cleared +12, +7, +6.
One thing of importance was the small drawdown 2 pips max in each position, and the exit was in the middle of a move, I never look to ride a move to the extreme, this enables a quick move against you when it reaches the end of that particular move.

You can PM me when you get a chance for more information.

Ken

Can I know which News System do u subscribe................Thanks in advance
"Trade for sake of trading & not for winning or Lossing"
  • #7,515
  • Mar 3, 2007 10:27am Mar 3, 2007 10:27am
Quoting 59fender
well now that I cut my losses you can expect 50 to 100 pip retrace
did I say 50 to 100 retrace? I meant 200 pip breakout ouch!
  • #7,516
  • Mar 3, 2007 11:09am Mar 3, 2007 11:09am
Thank you for takin the time to respond.
>I am not subscribed to any news system.

Would you give me some tips on that?

£

Quoting HonaForex
Can I know which News System do u subscribe................Thanks in advance
Whatever you do, just keep doing it in a dicipline manner.
  • #7,517
  • Mar 3, 2007 2:49pm Mar 3, 2007 2:49pm
As of now I have several free services I am subscribed to. They keep me up to date with a pre-release numbers to watch.

I also pay for a news service that gives the numbers in record speeds, usually seconds before the spike, but with my slower satelite internet service provider, I do not use an automatic entry.

These services provide a nice addition to those who use News trading strategies, I use a specific strategy about 3-5 times per month, but I usually wait until the news is finished, and knowing the results of the news, allows me a more precise area of scalping.

I am not at liberty to post my subscriptions, but there are many available, you can read about them on the web, and there is some info on the threads about several that are available.

I will talk to you later.
  • #7,518
  • Mar 3, 2007 3:27pm Mar 3, 2007 3:27pm
I've just added this little story to another topic, I hope you don't mind if I quote here a few lines too from that long post.

What is price action?
I always enjoy imagining the chart as a warzone. The United Army of Bulls are trying to fight the Paramilitary Organization of the Grizzly Bear Warriors in this neverending battle. Imagine it like a real war: with weapons (news, events) with supplies (support & resistance), trenches (fibonacci & pivot lines), etc.
When the bearish organization is attacking you have to act as a general, so go on and open up the map of the warzone for god's sake! Have a quick look, because people are dying out there. Okay, what do we have on the map (chart)? Until now the bulls were progressing but they are tired now and couldn't breach the next critical defend line of the bears (means price is bouncing off a resistance line). What will happen now? Bulls will reorganize and try to attack once or twice more (testing the resistance line). If the defense line is strong, they won't be able to get through, that critical line remains intact. The bear warriors immediately notice the weakening in the bulls army, they're planning a counter-attack. This is the time when nothing happens in the warzone, but everybody knows sooner or later something's gonna blow. You quickly make use of the time to see what's going to happen. You immediately draw the previously tested critical line to your map, and count on that bear counter-attack. How strong will they get? This puts up the question: how far could they possibly fight-back?
On the map you have to draw now the bull trenches. Daily, weekly Pivot, Fibonacci lines, etc, what you consider important. After you set up everything you contemplate a bit on from where do you consider the counter-attack active? Depending on the timeframe this could mean 20-30pips (let's say yards in this fantasy-world) from the critical, unbreached resistance line. When the battle continues you watch how things evolve and shout a hurray and a 'Go bears, go!' every time when the bears can take another important trench. When they find stout resistance (this is called support in forex if it's a downtrend... funny) (you know this from a Doji candlestick for example) you take a closer look, and move your S/L (stoploss) to the very next already-conquered trench which you just left behind. Then wait until something happens.
The bulls gather some reinforcements and shoot the bears in their hams and everything starts from the beginning...

I hope this little story of mine could help some of you out there who don't know what the heck is 'price action' yet.
Have a great weekend everyone! Mark
  • #7,519
  • Mar 3, 2007 8:02pm Mar 3, 2007 8:02pm
I have just beem doing the same strategy.
But especially on 5m chart. I mean its even much more agressive. And also with no indicators. Only levels of that currency. Base principe is, it is transiting from south to north etc. When I open trade in the middle, say I will be loosing first one. Then I buy again in same direction (2 trades open). If there is another spike against me, i will sell in direction of the move. When it turnes back, I will loose the last one also.-) But joke is, that I have 2 trades still open and becouse of timing, on the way back in the middle I will make much bigger gain, I can ever loose in downtrend (I will simply open large position, so what I lost on 30 pip down move I will gain in 10 pip up move, every pips above is above b/e).
It sound too crazy, I mean. And you can loose whole account if yo dont know what you are doing (e.g. margins are above 1/2 of your account; losses are funny aginst that number).
It simply makes me point what it is doing (currency) so I can do that.
But you can't be one eyed blind man. If you are, your account is by the end of the day diminished (or you cannot stand even margin during the day).
Sounds crazy I know, but if you know what currency is doing... you can be doing...
Thanks & Nice day!
  • #7,520
  • Mar 3, 2007 8:10pm Mar 3, 2007 8:10pm
Quoting MarkGavalda
I've just added this little story to another topic, I hope you don't mind if I quote here a few lines too from that long post.

What is price action?
I always enjoy imagining the chart as a warzone. The United Army of Bulls are trying to fight the Paramilitary Organization of the Grizzly Bear Warriors in this neverending battle.
this is a very good analogy. i haven't read the rest yet but will when i find time.
BAM BAM BOOM! -bravado
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