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  • #5,981
  • Nov 17, 2008 10:25am Nov 17, 2008 10:25am
Quoting smittens4212
Of course, but realistically that's not a viable option for many of us. The only way I'd be able to build contacts is through grad school, which I am looking at for the near future, but I don't personally know anyone who trades other than a former professor. All my information and learning comes from what I can glean from reading books, the internet (mostly this thread), and watching the markets and charts in real time day-in and day-out. Even in the short period I've been trading S&R with a fundamental outlook, I've noticed how much I've improved...
i agree with you again smittens. Even with all the information traders still bungle the job. the best thing is to stick yourself in front of a screen and make observations and try to anticipate what price will do next. maybe get one of those little pocket note books. and write all kinds of jibberish in there that only has meaning to you.
  • #5,982
  • Edited 11:10am Nov 17, 2008 10:35am | Edited 11:10am
[quote=jlmac27;2355621]I hear what your saying,This is not public radio I take it?I get all chicago stations from where I live.djambazov84,I think this is about all we have isn't it.I truly think that is all we need,it's just getting the feel for the charts.

Now, I believe I need to clarify myself a bit. Being some sort of a cynical person I always try to see the hidden agenda behind everything and anything (as much as possible). That being said I think that news sources such as CNN, Bloomberg, CNBC tell us what they are either paid to say, or is in the best interest of their business relations with "sponsors". I have grown to hate mass media, just because of the numerous stories of conflicts of interest and such, which honestly pollute and enfeeble our mind's ability to construct and analyze the real implications which are waiting just around the corner. I hope I do not sound overly conspiracy-theorist-ish.

I am not saying that we live in a Matrix-like world, where we are just simple pawns in the grand-scheme-of-the-new-world-order. But investing/speculating is nothing more than business and way to put food on the table for EVERY market participant. I believe that the real "smart money", e.g., people who are always the first ones to capitalize on major trends, are the ones whose charts are their bread and butter and nothing else. It means that, whichever entity/person has the ability to focus the masses' attention to events, that so perfectly "fit" into the daily market commentaries, with the only purpose to benefit from that, will always do it, no matter the consequences.

I work in the so-called world of "hedge-fund land" in a major bank, and unfortunately I have seen some of the industry's dirty tactics, from the standpoint of an "insider". The prevalent attitude is to "rip someone's face off", collect profit, rinse, repeat and all over again. My point is, treat your investments/speculative positions as business endeavors, which means that YOU and only you are behind the trigger. The minute I am able to develop a business-like approach and attitude towards FOREX, I know that from there on it will be a much smoother ride.

What I believe BRV is trying to demonstrate/teach us is that exact form of attitude and mind set, that we need to assume in order to be successful. Having a couple of other experienced traders around reinforces the idea that WE are all on the right track so far.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #5,983
  • Edited 11:05am Nov 17, 2008 11:02am | Edited 11:05am
[quote=djambazov84;2355661]
Quoting jlmac27
I hear what your saying,This is not public radio I take it?I get all chicago stations from where I live.djambazov84,I think this is about all we have isn't it.I truly think that is all we need,it's just getting the feel for the charts.

[font=Tms Rmn]Now, I believe I need to clarify myself a bit. Being some sort of a cynical person I always try to see the hidden agenda behind everything and anything (as much as possible). That being said I think that news sources such as CNN, Bloomberg, CNBC tell us what they are either paid...
Yeah.. Right On!!!...For me ..I discovered that with a few exceptions, in this market.. the addage ..
"Believe nothing you hear and half of what you see ...."
.is true..

On a side issue.. Please Somebody tell me you made good trades today...
Ive had a really frustrating time..a bunch of trades , 8 hours of work and no real winner..Running to stand still...Drat!!!!! LoL
  • #5,984
  • Nov 17, 2008 11:06am Nov 17, 2008 11:06am
[quote=cliffedwards;2355710]
Quoting djambazov84

Yeah.. Right On!!!...For me ..I discovered that with a few exceptions, in this market.. the addage ..
"Believe nothing you hear and half of what you see ...."
.is true..

On a side issue.. Please Somebody tell me you made good trades today...
Ive had a really frustrating time..a bunch of trades , 8 hours of work and no real winner..Running to stand still...Drat!!!!!

Shorting eur/usd just now could make your day. It's showing signs of that rally's exaustion, respecting the H4 diagonal trendline.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #5,985
  • Nov 17, 2008 11:07am Nov 17, 2008 11:07am
[quote=cliffedwards;2355710]
Quoting djambazov84



On a side issue.. Please Somebody tell me you made good trades today...
Ive had a really frustrating time..a bunch of trades , 8 hours of work and no real winner..Running to stand still...Drat!!!!! LoL

Made a little money on that GBP/USD short. Just one of those days. Glad I stayed on the sidelines until a decent trade came up.
  • #5,986
  • Nov 17, 2008 11:08am Nov 17, 2008 11:08am
cliffedwards, btw how is that MIG broker going for you. Is it commission or spread based?

Thank you in advance.
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #5,987
  • Nov 17, 2008 11:10am Nov 17, 2008 11:10am
I'm still short on the EURUSD from 1.2740, but it's progressing very slowly. I'll probably just move my stop to breakeven and leave my target in tact.
  • #5,988
  • Nov 17, 2008 11:14am Nov 17, 2008 11:14am
I always keep this audio feed active during the UK & US sessions. It is a brilliant audio feed of what is happening in the markets and Forex and is a great source to announce the Economic News items as they happen. Most of the time it is quiet but interrupts when something happens and gives great abbreviated updates without the interviews and rubbish. The free version is 30 seconds delayed which for most purposes quite adequate.
http://retail.ransquawk.com/
It is worth a try.

Quoting Guerrillawar
heres the link. it looks like its only equities and fixed income. no foreign exchange. http://www.tradersaudio.com/productpage.htm
Ride the Bulls bearback!
  • #5,989
  • Edited 11:30am Nov 17, 2008 11:22am | Edited 11:30am
Quoting djambazov84
cliffedwards, btw how is that MIG broker going for you. Is it commission or spread based?

Thank you in advance.
...spread.... good BO and never any real complaints...

Well YET.....LoL

PS Took your cue on E$ ...caught it on top of little 5M cycle and shaved 20...
Stop now.. finished on a winner .....a Happy Bunny..LoL..
  • #5,990
  • Nov 17, 2008 11:25am Nov 17, 2008 11:25am
Gw thanks for the link.Hell maybe we need to open up a service such as they have!Monthly subsciptions are up to $250 a month.LOL.Also thank you alcando I am checking this sight out in a moment.

djam: Now, I believe I need to clarify myself a bit. Being some sort of a cynical person I always try to see the hidden agenda behind everything and anything (as much as possible). That being said I think that news sources such as CNN, Bloomberg, CNBC tell us what they are either paid to say, or is in the best interest of their business relations with "sponsors".

I find myslef looking at media like this also.
  • #5,991
  • Nov 17, 2008 11:29am Nov 17, 2008 11:29am
In regards to the media, there's a lot of ambiguity and vagueness behind what moves the markets. They're always looking to rationalize why the S&P is up today, or why the pound is down, etc. I don't think it's necessarily any hidden agenda, but more that it's their job to report what is happening and why. Either way, I find that it's easy to grab ideas from the headlines as to what is really driving the market, so they are still a valuable resource.
  • #5,992
  • Nov 17, 2008 12:12pm Nov 17, 2008 12:12pm
Edit: Actually just took profits on it, 60 pips. No time to monitor the trade further, wanted to grab profits while I could.
  • #5,993
  • Nov 17, 2008 1:41pm Nov 17, 2008 1:41pm
Quoting Guerrillawar
I'm new at trend lines so I hope that I don't cause any new traders to get on the wrong path. Honestly, I think trend lines can be used as tool and that highs don't have to perfectly connect. My trend line here is kind of against the rules I think as the text book preaches. But all the same, price came back to test and bounced on the instant. This indicates that this incorrect trend is being respected by the market. Any way, please no one else do it this way because I think its against the rules.
Hi, GW!

According to Alexander Elder your TL's are just fine. While drawing them on the exact highs and lows is the most common method, he argues, that those levels are extreme and we should not look for "extremes", but for those levels, where the most action happens.
  • #5,994
  • Nov 17, 2008 1:47pm Nov 17, 2008 1:47pm
Hi guys,

I remember someone mentioning how to turn the values of fibs (50, 61,8,...) into levels (1,2500, etc.), but I can't remember how to do it and I don't find the post!

BRV also uses this kind of fibs. BRV, maybe you could help?
  • #5,995
  • Nov 17, 2008 2:02pm Nov 17, 2008 2:02pm
Quoting BillyRayValentine
I've known traders to wipe out accounts trying to use signals from 15 min diagonal tl's (either bounces or breaks) as a sole strategy.
There is a CT strategy which is based on a CT BO of M15 TL (towards H1 one). But surely if one was to rely solely on what appears as a M15TL BO, chances are (very) slim.
One Chart is Worth Ten Thousand Words.
  • #5,996
  • Nov 17, 2008 2:11pm Nov 17, 2008 2:11pm
Quoting Moxy_UK
I'm trading for a prop firm from home so I like to trade FX on my own account. For me it's two different styles of trading. Forex helps keep the mind busy whilst looking for scalp trades on the Bund and Schatz.
Moxy, why do you use just scalping with Bund?
One Chart is Worth Ten Thousand Words.
  • #5,997
  • Nov 17, 2008 2:37pm Nov 17, 2008 2:37pm
Quoting hendrix
Hi guys,

I remember someone mentioning how to turn the values of fibs (50, 61,8,...) into levels (1,2500, etc.), but I can't remember how to do it and I don't find the post!

BRV also uses this kind of fibs. BRV, maybe you could help?
Inserted Video


He shows how to do it starting ~0:29. I guess you'll have to delete the values before the %$ sign if you want to see price levels only.
  • #5,998
  • Nov 17, 2008 2:40pm Nov 17, 2008 2:40pm
Quoting hendrix
Hi guys,

I remember someone mentioning how to turn the values of fibs (50, 61,8,...) into levels (1,2500, etc.), but I can't remember how to do it and I don't find the post!
MetaTrader? fibo properties... description.... change 61.8 to 61.8 (%$) ... etc

Not MetaTrader? Dunno!
  • #5,999
  • Nov 17, 2008 2:42pm Nov 17, 2008 2:42pm
Quoting Guerrillawar
How do you feel about working for your firm compared to trading on your own? This coming spring I'm going to take a job in chicago and work on a currency futures desk right inside the merc building. I'm kind of nervous that I won't like it and trading will turn into a 9-5 for me instead of a calling. But its my chance to go big time so I gotta give it a try.
GW, good luck with the job. I traded for a small prop firm, it sounds v much like the one Moxy works for (and that firm had a guy who traded from Brighton). I left them to take a trading job with a big bank but sadly that didn't work out. I just couldn't step up to huge risk taking.

I know have a normal day job and trade when I can. You absolutely have to go for it though, otherwise you will never know.

Good luck
Verno
  • #6,000
  • Nov 17, 2008 2:42pm Nov 17, 2008 2:42pm
Quoting hendrix
Hi guys,

I remember someone mentioning how to turn the values of fibs (50, 61,8,...) into levels (1,2500, etc.), but I can't remember how to do it and I don't find the post!

BRV also uses this kind of fibs. BRV, maybe you could help?

Open fibo properties.
Click on fibo levels.
On Description type: %$

Click OK

That should do it.
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