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  • #5,701
  • Nov 13, 2008 5:26am Nov 13, 2008 5:26am
Quoting libb
You thinking a breakout or fade?
Had been thinking of bounce.. with strangle SL..
If this spike up comes back hard ..may reasscess..LoL
Looking at GLD S&PFut and volitility..for validation..
  • #5,702
  • Nov 13, 2008 5:29am Nov 13, 2008 5:29am
My thought process was nothing fancy for that trade just two variables gave me cause. First was weekly resistance and second was cci. I know indicators aren't looked upon nicely over here. However, I keep an eye on cci, it gives some useful information that goes missing on a price chart. Again, price was at weekly reistance that was the main reason.
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  • #5,703
  • Nov 13, 2008 5:29am Nov 13, 2008 5:29am
GW Can I also ask, do you automatically put a stop in on every trade when you enter it. I ask this because when I was scalping on quick stuff I never did this rightly or wrongly, and it, together with not planning trades, was big issue. Do you think it wise to do on all trades every time.
  • #5,704
  • Nov 13, 2008 5:36am Nov 13, 2008 5:36am
Quoting Guerrillawar
I was trading full time since 2002. I became profitable mid 2005. I was technically trading since 1996. But it was casual and just stock options.
Thanks for the reply GW.This is off subject a bit,but It really helps hearing things like this.I have only been trading for about 14 months.I get quite discouraged with myself at times.I tend to try to rush my success in this career.Reading posts from successful traders telling how long it took them to become consistently profitable,slows me down and puts me back in my place!Thanks again.Good trading to all of you today
  • #5,705
  • Nov 13, 2008 5:43am Nov 13, 2008 5:43am
Quoting Tori
GW Can I also ask, do you automatically put a stop in on every trade when you enter it. I ask this because when I was scalping on quick stuff I never did this rightly or wrongly, and it, together with not planning trades, was big issue. Do you think it wise to do on all trades every time.
Tori, GW sorry for intervening on this conversation BUT...IMHO I never put on any trade without a simultaneous "disaster SL"..You only need to be burned once (and I was) to make this rule for yourself..in scalping with big lots most of all...

its like not putting on your seatbelt until you're a mile down the road...
  • #5,706
  • Nov 13, 2008 5:44am Nov 13, 2008 5:44am
Quoting cliffedwards
Had been thinking of bounce.. with strangle SL..
If this spike up comes back hard ..may reasscess..LoL
Looking at GLD S&PFut and volitility..for validation..
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At the risk of talking too much tonight, can I make comment from what I see on aussie. It helps me to learn asking questions and commenting so hope no one minds. I see aussie has gone sideways for nearly 20 hours. I would not be excited about planning for a big move up unless it went over .6480, or a down under.6333. either way it is in the middle going nowhere. I wouldn;t waste a lot of time on that one tonight.
  • #5,707
  • Nov 13, 2008 5:45am Nov 13, 2008 5:45am
Quoting Tori
GW Can I also ask, do you automatically put a stop in on every trade when you enter it. I ask this because when I was scalping on quick stuff I never did this rightly or wrongly, and it, together with not planning trades, was big issue. Do you think it wise to do on all trades every time.
I would put the stop in every time. I'm not a fan of mental stops. The moment of truth comes then you may want to let it breathe a little more. And before you know it your losing an additional 30 pips from your original s.l. If your broker is reputable you should not have a problem. However, for example yesterday on my eur/chf trade the spread went nuts and widened to 10 pips for like thirty minutes. If I tried to get fancy with my stops that could of caused a problem. That is really the only thing you have to look out for the widening of the spread that would cause you to lose on a good position.
  • #5,708
  • Nov 13, 2008 5:47am Nov 13, 2008 5:47am
Quoting cliffedwards
Tori, GW sorry for intervening on this conversation BUT...IMHO I never put on any trade without a simultaneous "disaster SL"..You only need to be burned once (and I was) to make this rule for yourself..in scalping with big lots most of all...

its like not putting on your seatbelt until you're a mile down the road...
Heck, please give comments, I give my fair share. That is what this is about isnt it. learning from each other because we all have knowledge that others do not. I value your opinion and am happy to take on board everyones info. I am a sponge for information and joined this blog for that reason. If people dont butt in to give that info, then how do we all learn.
  • #5,709
  • Nov 13, 2008 5:51am Nov 13, 2008 5:51am
yesterday brv was talking about some quantitative Demark work. Like if S&P closes three consecutive down days. The odds favor an up day. I think for today thats what's going to happen (just a guess). Every thing looks set to rally. Eur/usd, Eur/jpy, Eur/chf, Aud/usd, and Usd/jpy
  • #5,710
  • Nov 13, 2008 5:58am Nov 13, 2008 5:58am
Quoting Tori
Attachment
At the risk of talking too much tonight, can I make comment from what I see on aussie. It helps me to learn asking questions and commenting so hope no one minds. I see aussie has gone sideways for nearly 20 hours. I would not be excited about planning for a big move up unless it went over .6480, or a down under.6333. either way it is in the middle going nowhere. I wouldn;t waste a lot of time on that one tonight.

Probably a good call Tori. The first bounce off 6340 was a pretty good trade. But it just seems to be ranging now.
  • #5,711
  • Nov 13, 2008 6:13am Nov 13, 2008 6:13am
I would typically attempt to nibble on cable here 1.4870 but will pass on this today. Take a look at eu/gbp its where the action is today. Gbp/usd will probably nutty due to eur/gbp. What's your guys take on eur/gbp is it new support down there? Or is this a climax top nullifying that support? Its going to be tricky.
  • #5,712
  • Nov 13, 2008 6:25am Nov 13, 2008 6:25am
GW, what levels you looking at on E/G .8450?
  • #5,713
  • Nov 13, 2008 6:26am Nov 13, 2008 6:26am
any of you fib guys get this trade on cad?
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  • #5,714
  • Nov 13, 2008 6:27am Nov 13, 2008 6:27am
Quoting libb
GW, what levels you looking at on E/G .8450?
8382 or so
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  • #5,715
  • Nov 13, 2008 6:47am Nov 13, 2008 6:47am
am i on the right track to draw the below line for a short?
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  • #5,716
  • Nov 13, 2008 6:50am Nov 13, 2008 6:50am
feels like that usd/jpy initail resistance is going to give. nice target for long at 97.02
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  • #5,717
  • Nov 13, 2008 6:52am Nov 13, 2008 6:52am
I also thought of shorting USD/CHF but afraid to do so, having burnt couple of time during recent times. Insight in this regard will be highly appreciated.

Quoting Knightz
am i on the right track to draw the below line for a short?
BANDA333
  • #5,718
  • Nov 13, 2008 7:01am Nov 13, 2008 7:01am
Quoting BANDA
I also thought of shorting USD/CHF but afraid to do so, having burnt couple of time during recent times. Insight in this regard will be highly appreciated.
Its a safe short you may need to take on tad more risk than your willing. Here's how cci can be valuable especially for this rangy instrument. What just happened is a 0 line reject. It may test the highs again or go a tad higher. But in the next day or today the cci cycle will hit -190 give ot take +-5. This should be a nice payout. I had mentioned this before about cycle work for exits. Its absolutely a worthy cause just can get kind of confusing.
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  • #5,719
  • Nov 13, 2008 7:02am Nov 13, 2008 7:02am
Quoting Tori
Attachment
At the risk of talking too much tonight, can I make comment from what I see on aussie. It helps me to learn asking questions and commenting so hope no one minds. I see aussie has gone sideways for nearly 20 hours. I would not be excited about planning for a big move up unless it went over .6480, or a down under.6333. either way it is in the middle going nowhere. I wouldn;t waste a lot of time on that one tonight.

Tori I think your your comments are right on here..
however.. in the last 2 days weve seen intraday consolidation, like today..followed by a breakout down in the US session...
Now I think GW has a point on the TD view... of an UP Day ..Im a fan of TD because many Market Movers still seem to use his theorys..so your upside break/bounce is of course entirely valid.

But I would also say that ones trading style plays a big part in whats "useful" and not. Yesterday while you guys were sitting back making your 100+ off single trades on the the big moves I was working my ass off with 20 trades..to net my 100+ pips.
I guess I havent progressed to the 12 Dan of a BRV black belt LoL..
Horses for courses...
Finally .. and then Im done..promise...LoL..

Libb...thanks for your great comments..
but Range trading makes me and a lot of traders a LOT of pips.....I get stung when (1)I range trade after a big move and it keeps going...and ..(2) when after a prolonged consolidation, I m expecting a breakout and its just a look-down/up by the big boys to teach us retail traders a lesson.....EG over the last 3 months, and now this week was a great example..LoL

Rant over.. back to the cave...
  • #5,720
  • Nov 13, 2008 7:05am Nov 13, 2008 7:05am
Quoting BANDA
I also thought of shorting USD/CHF but afraid to do so, having burnt couple of time during recent times. Insight in this regard will be highly appreciated.
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I would ask, if you are feeling afraid to short this trade then think what you are looking at because if you afraid then you may miss things, or see the wrong thing. I would look at all these candles under the line, and not feel confident unless it definately came under the line for definate. Perhaps there is no real trade here at all. Perhaps you are afraid because you really dont see a viable trade at all. I would suggest you consider why you think it is a good trade.
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