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  • #6,761
  • Dec 9, 2008 6:01pm Dec 9, 2008 6:01pm
Do you Use New York or EUR timezone? Is one less effective than the other?

Quoting TrendSetter
Hey triphop

If you take our previous daily candle and place the Open High Low and Close on yor chart you will see that the next day uses each and every one of those levels. That is actually how I trade daily. I take the Daily levels of the previous day and also even levels of each 8 hour period and trade it on a 15 minute.
These are not necessarily major trades where you plan on collecting a 100+ pip move unless they converge with a bigger level. But these levels provided by candle OHLCs on larger Timeframes has provided me 20 - 30 pips easy to...
  • #6,762
  • Dec 9, 2008 6:46pm Dec 9, 2008 6:46pm
Quoting BANDA
Hi smittens4212
Thank you very much for the input. Appreciate it immensely.I have gotten burnt enough from the USD/JPY lately.........thinking of even not to trade that until I can understand the it well. EU/JPY somewhat easy to comprehend.

Thank you
It's probably a good idea not to trade a pair if you don't feel comfortable with it. Confidence in your trading is key to sticking to the script and following your system, which is where your edge comes from. The second you start to second-guess your trading, you should take a step back. Personally I mostly only trade the USDJPY, EURUSD, USDCHF, USDCAD, and AUSUSD. These are the pairs I feel comfortable with, especially the USDJPY and EURUSD.

That trade looks good now though... I wish I could've put an order in. Seems like the days my broker is doing maintenance on the java platform they have (I can't install a windows platform on my work computers) are the days I really would like to place an order during the day.
  • #6,763
  • Dec 9, 2008 10:33pm Dec 9, 2008 10:33pm
Watching 1.2964 on EURUSD for short
  • #6,764
  • Dec 10, 2008 12:16am Dec 10, 2008 12:16am
Quoting smittens4212
Watching 1.2964 on EURUSD for short
Hi smittens4212,

I wouldn't take that as this line was used already and not respected yesterday. It could still react as we are taught to expect the unexpected.

More obvious is short from 3060-3080.
Patience is the key...
  • #6,765
  • Dec 10, 2008 2:00am Dec 10, 2008 2:00am
[quote=TrendSetter;2406460]Hey triphop

If you take our previous daily candle and place the Open High Low and Close on yor chart you will see that the next day uses each and every one of those levels. That is actually how I trade daily.


Hey Trendsetter,

How many days data are you using on which to base this theory ?

Regards,
BabeFX.
  • #6,766
  • Dec 10, 2008 2:05am Dec 10, 2008 2:05am
[quote=BabeFX;2408294]
Quoting TrendSetter
Hey triphop

If you take our previous daily candle and place the Open High Low and Close on yor chart you will see that the next day uses each and every one of those levels. That is actually how I trade daily.


Hey Trendsetter,

How many days data are you using on which to base this theory ?

Regards,
BabeFX.
Not exactly sure what you mean BabeFX. But this is not something I just backtested, this is something I have been observing and trading live since I discovered it in September this year. Take a look at EURUSD right now. EURUSD hit yesterday's daily high and faded.
  • #6,767
  • Dec 10, 2008 3:11am Dec 10, 2008 3:11am
Trendsetter

I am still confused, would you mind highlighting each of the daily bars you have traded this method since the start of September.

Regards,

BabeFX.
  • #6,768
  • Dec 10, 2008 3:34am Dec 10, 2008 3:34am
Quoting BabeFX
Trendsetter

I am still confused, would you mind highlighting each of the daily bars you have traded this method since the start of September.

Regards,

BabeFX.
Ok, I will put something together for you. But just incase you were trying to look and see something you can't see it after the fact, you have to view it LIVE. The only cases you will see after the fact are those which happen to hold for strong for a good period of time. It's based on the fact that all S&R levels reacts, ALWAYS. Just a matter of HOW LONG, or HOW MUCH.
  • #6,769
  • Dec 10, 2008 4:20am Dec 10, 2008 4:20am
Here is a Trade Idea for USDJPY.

Segnificante and historical Support and Resistance line at 94.50 area,

Fibbonani 50% at 94.50,

Going short at that point.
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  • #6,770
  • Dec 10, 2008 4:24am Dec 10, 2008 4:24am
Quoting BabeFX
Trendsetter

I am still confused, would you mind highlighting each of the daily bars you have traded this method since the start of September.

Regards,

BabeFX.
BabeFX... that's a lot of days...
I tell you what...
Give me just random days and currencies as you wish and I will map out the chart as I would and show you what happens the next day.
Is that ok with you? Believe me, no matter what day you pick the next day will provide trades.
  • #6,771
  • Dec 10, 2008 6:32am Dec 10, 2008 6:32am
Quoting Guerrillawar
Here's a trade I just took using the ACD ORB method combined with what we use here.

1. Price is at resistance per BRV methods.
2. I used the opening range of 0830-0900 NY time
3. Break of opening range creates an A down
3. I entered on the retest or ORB boundary.

This shows how the ACD method can be used by BRV type traders
Great stuff! dear Guerrillawar

I have a few questions....
Why do you use opening range of 0830-0900..
Please explain more about ACD ORB method by indicating these ACD ORB in the charts... thank you..
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #6,772
  • Dec 10, 2008 7:33am Dec 10, 2008 7:33am
Quoting TrendSetter
BabeFX... that's a lot of days...
I tell you what...
Give me just random days and currencies as you wish and I will map out the chart as I would and show you what happens the next day.
Is that ok with you? Believe me, no matter what day you pick the next day will provide trades.
Sorry for butting in but this sounds good !

What about EURJPY EURCHF and EURUSD last Tues, Wed. and Thursday ?

Maybe worth starting a new thread ... how about it TrendSetter ?
  • #6,773
  • Dec 10, 2008 7:42am Dec 10, 2008 7:42am
Quoting Willowgal
Sorry for butting in but this sounds good !

What about EURJPY EURCHF and EURUSD last Tues, Wed. and Thursday ?

Maybe worth starting a new thread ... how about it TrendSetter ?
I could definately look into that Willow Sounds good. I will do those charts for you in a bit.
  • #6,774
  • Dec 10, 2008 8:16am Dec 10, 2008 8:16am
Quoting TrendSetter
I could definately look into that Willow Sounds good. I will do those charts for you in a bit.
cool... thanks TS
  • #6,775
  • Dec 10, 2008 12:37pm Dec 10, 2008 12:37pm
The Looney is NOT my favourite pair.. LoL.
But the patterning its showing in the last couple of weeks/months is facinating me. So for you guys that know and trade it profitably.. talk to me!!

What I see...
High volitility spikes at the top of the range with 3 failures in 6 weeks.
A rising wedge thats suggest a strong bull breakout
A couple of intraday s/rs in the 2670/2720 range and around 2100 and 1470 to the downside.
First 2 rejects posted 61 fib pullbacks.. this one not clear..(to me!!LoL)
The Oil connection appears directionally valid but very uncorrelated..
However a break down in WTI to say 35 could induce a topside breakout..???
Next week CAD has little news except CCPI and CRS and after that were in Disneyworld to end of the year.
Final point.. OPEC and the current strong contango on oil seems to be making the bulls nervous?

Ok what am I missing..Comments?
  • #6,776
  • Dec 10, 2008 12:46pm Dec 10, 2008 12:46pm
EUR is approaching 1.3080
getting ready to short
  • #6,777
  • Dec 10, 2008 12:51pm Dec 10, 2008 12:51pm
I went short at 1.3070

Target is 1.2800

SL is 1.3120


Also, cliffedwards, you are missing the Canadian central bank cuts this week in your analysis.. if it helps
  • #6,778
  • Dec 10, 2008 1:24pm Dec 10, 2008 1:24pm
Quoting smittens4212
I went short at 1.3070

Target is 1.2800

SL is 1.3120


Also, cliffedwards, you are missing the Canadian central bank cuts this week in your analysis.. if it helps
miss thise one went long on the usdchf and iam out now

entering on now on the usd eur thise is not good price 1/2 possition now and whiting for pair to go up agin so i mait couth it on a beeter price for the second 0.5 lot

  • #6,779
  • Edited 2:35pm Dec 10, 2008 2:22pm | Edited 2:35pm
Quoting Willowgal
Sorry for butting in but this sounds good !

What about EURJPY EURCHF and EURUSD last Tues, Wed. and Thursday ?

Maybe worth starting a new thread ... how about it TrendSetter ?
Sorry I took so long Willowgal, I got caught up in a bit of things . I managed to do the EURJPY for you so far. I don't really have to go through every chart, because the same occurs on all charts. But I just might do so anyhow.

In trading these levels I don't use entry orders, I enter manually. so sometimes when the market may go pass the level even 14 pips, I would have entered on the overshoot of the level and not exactly on the level itself. It will take practice to time the entries and know whether or not it will overshoot or hit exactly.
After a long while of practicing I have a good understanding of when it will overshoot and when it won't. You can almost always count on it to come right back if it does, even the non farm came right back to close above one of the levels, then used it as support later on. (We aren't gambling and playing on hope, so make sure your stop loss is ALWAYS in place) - personally, I have a 20 pip max limit on my stop loss (spread included) when trading this method.

You will NOT see the true potential behind these levels unless you watch them live. What you are viewing is a closed candle chart. Truth is that the market could hit a level, fade 10, 20 pips and then close pass the level. So there are some moves that you don't even know about when you view the closed candles. I could break it down on a 1 minute chart.... and even then, sometimes the momentum is so fierce it fades 10 or 15 pips before even the 1 minute closes.

The beauty in these levels are the quickness of the trades. At first encounter they may not necessarily be market turners, but there is almost always a profitable fade. I must note that though the magic is in the intial encounter and in the speed at which you gain pips, if these levels converge with historically significant levels then they will do a great job turning the market.

On the chart you will see that the levels do turn the market, but it will not show the 10s, 20s and 30s in pips it gave each time it hit those levels before it settled down for the bigger moves.

It starts off with a single candle (in this case, daily candles). Taking the Open, High, Low, and Close prices of the candle, we project those levels into the next period.

Daily period projects to the next Day
8 hour projects to the following 8 hour period
4 hour to the next 4 hour period and so forth.

You can use whatever timeframe candle you wish, but the larger the timeframe the stronger the level.

Trading the daily candle is all good and well, but for more frequent trades within the day I also use an 8 hour candle. On the chart I provided one example of what an 8 hour period provides as per trades.

***NOTE*** The levels being traded are PROJECTED from the PREVIOUS Period Open, High, Low and Close prices.

ANY questions welcome.

***I made a note on the chart to show that even though it's not instantly obvious, on first encounter the market hit the level and faded 18 pips, which is visible on the candle highlighted in green.***
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  • #6,780
  • Dec 10, 2008 2:36pm Dec 10, 2008 2:36pm
Quoting smittens4212
I went short at 1.3070

Target is 1.2800

SL is 1.3120


Also, cliffedwards, you are missing the Canadian central bank cuts this week in your analysis.. if it helps
missed this one
next time i will buy/sell 5 pips b4 or after the level

take care guys
happy trading
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