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  • #6,681
  • Dec 5, 2008 2:50am Dec 5, 2008 2:50am
Quoting RedCabbage
First impressions to me suggest it will be most useful for pinpointing an entry and reducing risk, thanks for bringing this up GW.
Its a good tool but just a tool. If you wait for an inside bar at every s&r point you will constantly be left with nothing. However, if you do see one at a key level take notice. All of these kind of clues are addressed in the wyckoff method. Wyckoff always was against pure systematic trading. He had general rules then would look for clues. Since the market is never the same you can't have very static paramaters. You need to be on the look-out for various clues at key levels. I think readers of this thread could do themselves a great service and read about Wyckoff techniques.
  • #6,682
  • Dec 5, 2008 3:03am Dec 5, 2008 3:03am
Quoting Guerrillawar
Its a good tool but just a tool. If you wait for an inside bar at every s&r point you will constantly be left with nothing. However, if you do see one at a key level take notice. All of these kind of clues are addressed in the wyckoff method. Wyckoff always was against pure systematic trading. He had general rules then would look for clues. Since the market is never the same you can't have very static paramaters. You need to be on the look-out for various clues at key levels. I think readers of this thread could do themselves a great service and...
Is 'The Day Traders Bible' the most useful Wyckoff book to begin with?
  • #6,683
  • Dec 5, 2008 3:04am Dec 5, 2008 3:04am
Quoting Guerrillawar
Hey, Libb

I would like to hear your take on inside bars? How do you use inside bars? I really like them a lot. They are a multifaceted tool that offer a lot of benefits. They are a cornerstone to a lot of professional quantitative systems out there. In the professional world the quant systems being implemented are not like the ones being used by people on these forums. Red line over green line, cci above this, rsi below that, macd sloping this direction. All of those systems are real hit and miss. The ultimate advantage of an inside bar is not...
You're totally right on the ability of inside bars to give you a clue that the trade is not working out, and to cut your trade quick. If I see an inside bar close, expect the price to go south, then enter a short, I'm very likely to close the trade if it goes ABOVE the inside bar. I like to pay attention to them more in the active hours of the market. So for EUR/USD if I see an inside bar during London/US session, I know there's a lot more liquidity behind the indecision, which is why it increases the chances of it moving swiftly in a direction.
  • #6,684
  • Dec 5, 2008 3:15am Dec 5, 2008 3:15am
Quoting RedCabbage
Is 'The Day Traders Bible' the most useful Wyckoff book to begin with?
It can't hurt but that book doesn't cover the wyckoff method at all. It was a real general book he wrote about tape reading. All of the wyckoff literatue that deals with his method are out of print. Your best bet is to go to a forum that discusses the wyckoff method. There are a few that are pretty good. This website is a good place to learn a few basic things. They have a free section so just browse around there.

http://wyckoffstockmarketinstitute.com/
  • #6,685
  • Dec 5, 2008 3:49am Dec 5, 2008 3:49am
went in short on this pair at 91.97 and now holding on for dear life. stoploss is pretty tight just in case the trade has an allergic reaction and decides to head back up. i woul have normally gone long at the 9200 level but figured with the economy the way it is a short might be more intelligent ... wish me luck
  • #6,686
  • Dec 5, 2008 3:52am Dec 5, 2008 3:52am
Quoting RedCabbage
As smittens says it is certainly oversold but is finding support on a 4H TL for now. I will be looking to see if it breaches the TL, the psycological 9200 and the support at 9189 hopefully then we could see a run to 9090 and a retrace? That would be ideal.

Your input is welcome!

Edited to add:- The 4H TL support is strong so it's on a bit of a rally @23:22GMT I'll see what it is doing in the morning.
Any more thoughts on USDJPY following on from my post on the previous page?

Or the consolidation In USDCAD, bearing in mind CAD Unemployment figures come out before USD NonFarm and oil hit record low last night.
  • #6,687
  • Dec 5, 2008 4:00am Dec 5, 2008 4:00am
Quoting rsharpe30
went in short on this pair at 91.97 and now holding on for dear life. stoploss is pretty tight just in case the trade has an allergic reaction and decides to head back up. i woul have normally gone long at the 9200 level but figured with the economy the way it is a short might be more intelligent ... wish me luck
EURJPY has just gone to session lows so you might be ok.

What factors determined your entry point?
  • #6,688
  • Dec 5, 2008 4:09am Dec 5, 2008 4:09am
Quoting RedCabbage
EURJPY has just gone to session lows so you might be ok.

What factors determined your entry point?
i normally work off zones (buy/sell) and mark these out for nice small trades. USDJPY was in a buy zone for me but i decided to do the opposite and shorted instead. I guess 9200 being broken kinda threw me off and made me feel things were going south.

Needless to say, i'm not liking this trade now that it's safely above 9200 again
  • #6,689
  • Dec 5, 2008 8:18am Dec 5, 2008 8:18am
For those not quite getting it - like me. I came accross a very good video by Sam Seiden on FXStreet.
He said Supply or Demand - and I thought .... BUCKETS !!
Here is a link: http://transcripts.fxstreet.com/2008...what-is-r.html

Enjoy!
Ian
  • #6,690
  • Dec 5, 2008 9:37am Dec 5, 2008 9:37am
I was watching the USDCAD last night, waiting for a break on either direction of the tight consolidation. Was basing it off oil... saw the break going north and oil getting cheaper, couldn't pull the trigger though. $40 oil? I don't know, but I am staying the heck away from that until we're at more reasonable prices.

Looks like it would be at a good level to short right now, though.. if oil can hold on a bit.

1.2980/00. Personally I'm not trading it, but watching it anyways.
  • #6,691
  • Dec 5, 2008 10:02am Dec 5, 2008 10:02am
By the way, check out a daily chart of the EURUSD, with trendlines drawn to create a nice pennant with a bit more room to keep developing.

If it continues to 'obey' the pattern, it looks poised to break out almost right at the start of the new year.
  • #6,692
  • Dec 5, 2008 12:40pm Dec 5, 2008 12:40pm
Quoting smittens4212
By the way, check out a daily chart of the EURUSD, with trendlines drawn to create a nice pennant with a bit more room to keep developing.

If it continues to 'obey' the pattern, it looks poised to break out almost right at the start of the new year.
Just what I was thinking smittens !!
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  • #6,693
  • Dec 5, 2008 12:47pm Dec 5, 2008 12:47pm
This looks promising for a good bounce early next week on the Yen - around 91.00-90.85.?

Any thoughts guys ?
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  • #6,694
  • Dec 5, 2008 1:55pm Dec 5, 2008 1:55pm
Quoting smittens4212
I was watching the USDCAD last night, waiting for a break on either direction of the tight consolidation. Was basing it off oil... saw the break going north and oil getting cheaper, couldn't pull the trigger though. $40 oil? I don't know, but I am staying the heck away from that until we're at more reasonable prices.

Looks like it would be at a good level to short right now, though.. if oil can hold on a bit.

1.2980/00. Personally I'm not trading it, but watching it anyways.
It's down over 200+ pips right now... would've been a good one, couldn't trade today though.
  • #6,695
  • Dec 6, 2008 11:52am Dec 6, 2008 11:52am
Quoting Lesaint
AUD/JPY: What about theses buckets around 57.65?
+250 PIPS on these one
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  • #6,696
  • Dec 6, 2008 11:56am Dec 6, 2008 11:56am
Quoting Willowgal
This looks promising for a good bounce early next week on the Yen - around 91.00-90.85.?

Any thoughts guys ?
Well, seems like the bounce has already started, with more to come, as a result of more news on the cards out of japan.
  • #6,697
  • Dec 6, 2008 12:14pm Dec 6, 2008 12:14pm
Quoting Lesaint
+250 PIPS on these one
Thanks for posting your work. I wasn't carefully monitoring the yen. Some attractive trades could exist. I would expect that recent up impulse move to come back and test. I'm not certain but I would suspect that the up move is on really low volume. This gives two opportunities. The short and then the long. I would expect a backfill to these general levels. If these levels can be tested I would favor a long entry.

Audjpy:5850
Eurjpy: 116.75
Gbpjpy: 134.70
Cadjpy: 7125
  • #6,698
  • Dec 6, 2008 12:42pm Dec 6, 2008 12:42pm
Quoting Guerrillawar
Thanks for posting your work. I wasn't carefully monitoring the yen. Some attractive trades could exist. I would expect that recent up impulse move to come back and test. I'm not certain but I would suspect that the up move is on really low volume. This gives two opportunities. The short and then the long. I would expect a backfill to these general levels. If these levels can be tested I would favor a long entry.

Audjpy:5850
Eurjpy: 116.75
Gbpjpy: 134.70
Cadjpy: 7125
That`s cool. Must UsdJpy retrace a bit, it`s surely going to overwhelm the move.
  • #6,699
  • Dec 7, 2008 8:13am Dec 7, 2008 8:13am
Quoting Guerrillawar
Thanks for posting your work. I wasn't carefully monitoring the yen. Some attractive trades could exist. I would expect that recent up impulse move to come back and test. I'm not certain but I would suspect that the up move is on really low volume. This gives two opportunities. The short and then the long. I would expect a backfill to these general levels. If these levels can be tested I would favor a long entry.

Audjpy:5850
Eurjpy: 116.75
Gbpjpy: 134.70
Cadjpy: 7125
Right, I think last hour peak up was a friday move (weak move), on AUD/JPY the trend is still down, with a descending triangle, but nowadays fundamental rules so I stay focus on equity when I'm trading yen.
  • #6,700
  • Dec 8, 2008 6:30am Dec 8, 2008 6:30am
Hi all,

Nobody at home today it seems !!

I am looking at going long if this gets down to this level later - 76.4% of upmove and also previous resistance (now support) ... as long as it slows down getting there :-)

Where is everyone ???
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