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  • #7,221
  • Jan 15, 2009 10:39am Jan 15, 2009 10:39am
Quoting RedCabbage
Google is your friend.
Thanks Red.
Sherm,
Are you using Skype to talk to people and help them learn?
Sorry for all the stupid questions.
  • #7,222
  • Jan 15, 2009 10:43am Jan 15, 2009 10:43am
To place S/R you:

1. it's ok if there is a high and at left and right of that ONE lower high or MORE lower high?

2.Can be considered a R if there is the higher high bigger of X pips than the two lower high at left and right?

3. And moreover, to consider a Higher High do you take just the last High before this or do you consider the high in "range of vision" of your TF?
  • #7,223
  • Jan 15, 2009 10:52am Jan 15, 2009 10:52am
Quoting RedCabbage
It's been a few days since I added anything useful so here's some levels I am keeping an eye on: -

AUDJPY
S +6149
L -5838
80+

AUSUSD
S +6851
L -6560
80+

EURGBP
S +9251-9300
L -8900+8850

EURJPY
S +12170-12262
L -11700+11645
80+

EURUSD
S +13536-13568
L -13100+13075
80+

GBPUSD
S +14744
L -14460+14428


NZDUSD
S +5660-5682
L -5439+5418


USDCAD
S +12300-12335
L -12073+12045

USDCHF
S +11250-11277
L -11100+11083
80+
My confidence is much improved thanks to results like this.

In case you are wondering why they are all 80+ some of these trades were worth a bit more but , a simple 2:1 RR 80 pip auto limit on a 40 pip s/l takes care of money management for me while I am concentrating on getting set ups right.

Did anyone take me up on any of these?
  • #7,224
  • Jan 15, 2009 11:19am Jan 15, 2009 11:19am
I've been chasing (and trading) indicator-based systems for a long time, and am simply frustrated with the lagging nature of them.

I've also studied (and demo traded) approaches based purely on price action, with limited success.

This approach is what I've been looking for - a predictive rather than reactive approach to trading. It fits my personality and philosophy of the markets.

My only concern is that, after studying the recommended reading on page 1 of the thread, it seems that a large component of the system relies on an understanding of the fundamentals at play at any given time. I am purely a technical trader, so my understanding of fundamental analysis is poor, at best. Any recommendations on how I can come up to speed here? And also, is there a good news source that can be relied upon?

Thanks - I'm so excited to start trading this way.

BTW - what happened to BillyRayValentine?
  • #7,225
  • Jan 15, 2009 11:23am Jan 15, 2009 11:23am
Quoting DocPMD
I've been chasing (and trading) indicator-based systems for a long time, and am simply frustrated with the lagging nature of them.

I've also studied (and demo traded) approaches based purely on price action, with limited success.

This approach is what I've been looking for - a predictive rather than reactive approach to trading. It fits my personality and philosophy of the markets.

My only concern is that, after studying the recommended reading on page 1 of the thread, it seems that a large component of the system relies on an understanding...
Just log into bloomberg in the morning and have www.ransquawk.com on all day it's free and will teach you a lot about fundies and sentiment while you are watching the reactions in the market.

There are a lot of people on here who just trade s/r and technicals.
  • #7,226
  • Jan 15, 2009 11:25am Jan 15, 2009 11:25am
Quoting RedCabbage
Just log into bloomberg in the morning and have www.ransquawk.com on all day it's free and will teach you a lot about fundies and sentiment while you are watching the reactions in the market.

There are a lot of people on here who just trade s/r and technicals.
Yep hear a bitt but make sure it never decides your trade...trade what you see not what you hear, charts tell you what the news is doing...news only matters if it changes the way the market makers trade if not you get a spyke and it shoots back down to what it was doing
  • #7,227
  • Jan 15, 2009 11:29am Jan 15, 2009 11:29am
Quoting Shermenator
Yep hear a bitt but make sure it never decides your trade...trade what you see not what you hear charts tell you what the news is doing...news only matters if it changes the way the market makers trade if not you get a spyke and it shoots back down to what it was doing
Yes sorry I should have stressed I use it as a way of knowing what is driving some of the bigger moves and a reminder for what's coming up in the news calendar (so I Know when to avoid). Not as a trade tool.
  • #7,228
  • Jan 15, 2009 11:33am Jan 15, 2009 11:33am
Quoting RedCabbage
Yes sorry I should have stressed I use it as a way of knowing what is driving some of the bigger moves and a reminder for what's coming up in the news calendar (so I Know when to avoid). Not as a trade tool.

Hey if it keeps you from making some bad choices thats what matters....if you tell me you flip a quater before taking a trade and it help you to prevent a loss I will defently tell you to keep on flipping lol ( WARNING please dont attempt previous example lol )
  • #7,229
  • Jan 15, 2009 11:35am Jan 15, 2009 11:35am
Quoting Shermenator
Hey it keeps you from making some bad choices and thats what matters....if you tell me you flip a quater before taking a trade and it help you to prevent a loss I will defently tell you to keep on flipping lol
Quarter flipping has a 50% chance of success - that's quite good!
  • #7,230
  • Jan 15, 2009 11:37am Jan 15, 2009 11:37am
Quoting RedCabbage
Quarter flipping has a 50% chance of success - that's quite good!
yep as long as your winners are 2 -1 your banking lol
  • #7,231
  • Jan 15, 2009 11:44am Jan 15, 2009 11:44am
Quoting Shermenator
yep as long as your winners are 2 -1 your banking lol
On a serious note - For those that don't know, that's why money managment works 2:1 on your risk reward means you only have to be right 50% of the time to break even, over 50% accuracy and higher RR is profit.

N.B. We're still not advocating coin flipping though.
  • #7,232
  • Jan 15, 2009 11:54am Jan 15, 2009 11:54am
Quoting RedCabbage
On a serious note - For those that don't know, that's why money managment works 2:1 on your risk reward means you only have to be right 50% of the time to break even, over 50% accuracy and higher RR is profit.

N.B. We're still not advocating coin flipping though.
Bud actually If your profit is double your risk,you only have to be right 25 percent of the time to break even
  • #7,233
  • Jan 15, 2009 11:58am Jan 15, 2009 11:58am
Hey, I'll take 50%.

SR
  • #7,234
  • Jan 15, 2009 12:25pm Jan 15, 2009 12:25pm
Quoting Shermenator
Bud actually If your profit is double your risk,you only have to be right 25 percent of the time to break even
We're both wrong it's 33.33%.

9 trades x 33.33% = 3 trade wins x 80 = 240

9 trades x 66.66% = 6 trade losses x 40 = 240.

  • #7,235
  • Jan 15, 2009 12:57pm Jan 15, 2009 12:57pm
Quoting RedCabbage
We're both wrong it's 33.33%.

9 trades x 33.33% = 3 trade wins x 80 = 240

9 trades x 66.66% = 6 trade losses x 40 = 240.

Yep agree LOL
  • #7,236
  • Jan 15, 2009 1:02pm Jan 15, 2009 1:02pm
Quoting misterboy
Anyone planning to sell the break of this level?

price has been around there for ages
Took this at 4hr close below support... good for 50 or so pips...
  • #7,237
  • Jan 15, 2009 1:02pm Jan 15, 2009 1:02pm
Here is something to pay attention for shorts....

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  • #7,238
  • Jan 15, 2009 1:04pm Jan 15, 2009 1:04pm
Like said it would go up...pay attention for longs and make a plan...remeber longs are scalps and shorts are holds

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  • #7,239
  • Jan 15, 2009 1:12pm Jan 15, 2009 1:12pm
Alright guys take it easy I am going to sleep peace
  • #7,240
  • Jan 15, 2009 7:11pm Jan 15, 2009 7:11pm
Morning

Usd/Jpy has just broken resistance intraday trades on this should be to the upside.

Thanks to Mr B yesterday for bringing the Nzd trade to my attention nice drop there before the retracement.

Have a good day out there guys.
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