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  • #7,701
  • Jan 27, 2009 8:11am Jan 27, 2009 8:11am
Quoting Barak's pip
is any of you guys using this oanda's tool ?

what do you think about that?

http://fxtrade.oanda.com/tools/stati..._summary.shtml
Interesting.

If I was an exec at Oanda I'd be very pleased, they are going to make a killing!
  • #7,702
  • Jan 27, 2009 8:16am Jan 27, 2009 8:16am
One of the challenges with s/r is the aspect of timeframe. As an extreme example, the s/r lines for a weekly chart is vastly different than the s/r lines for a 15 min chart. However, there is one thing that's consistent with all timeframes... the whole numbers and the half point between the whole numbers. Psychologically, it appears that the market often times will reverse 25 - 50 pips (particularly in the asian session) at either the whole number or the half way point between the whole number, especially if there's s/r confirmation at those points.

Walt
  • #7,703
  • Jan 27, 2009 8:29am Jan 27, 2009 8:29am
I'm short on EURUSD at 1.3242 . Nailed it almost to the pip. Took 15 pips partial and letting the rest ride for at least 100 pips.
  • #7,704
  • Edited 9:06am Jan 27, 2009 8:43am | Edited 9:06am
Quoting bumasoft
I'm short on EURUSD at 1.3242 . Nailed it almost to the pip. Took 15 pips partial and letting the rest ride for at least 100 pips.
in same trade Buma.. but its iffy...
this is counter trend trade ..
now S&P opened higher..
EJ rolling up a trendline..
still in but close to exit.. another pop at 1h high looks likely
Edit 15.52 cet if ej doest breah trend line Im out..LoL.. loosing conviction...
Edit 16.00 cet TMAR with 50 Best of luck with the rest..looks good..!!!

Nice one Buma...LoL S&P off a cliff..
  • #7,705
  • Edited 9:00am Jan 27, 2009 8:45am | Edited 9:00am
Quoting cliffedwards
in same trade Buma.. but its iffy...
this is counter trend trade ..
now S&P opened higher..
EJ rolling up a trendline..
still in but close to exit..
Good luck. I have my SL at BE, so it's ok. E-J is finding some resistance and USDCAD is looking for 1.238 though, so we could possibly find some luck if H1 candle closes below our entry. But yeah, it doesn't look good now.

Update: I got out at +40 pips. Nice one.
  • #7,706
  • Jan 27, 2009 9:08am Jan 27, 2009 9:08am
Quoting bumasoft
Good luck. I have my SL at BE, so it's ok. E-J is finding some resistance and USDCAD is looking for 1.238 though, so we could possibly find some luck if H1 candle closes below our entry. But yeah, it doesn't look good now.

Update: I got out at +40 pips. Nice one.
Were you using a 5m chart set up?
  • #7,707
  • Jan 27, 2009 9:22am Jan 27, 2009 9:22am
Quoting RedCabbage
Were you using a 5m chart set up?
No . I promise I will next time.
  • #7,708
  • Jan 27, 2009 9:26am Jan 27, 2009 9:26am
Quoting bumasoft
No . I promise I will next time.
I'm not suggesting you should. I only use 5m for detailed PA to get a manual entry.

What time frame was your set up in?
  • #7,709
  • Jan 27, 2009 9:28am Jan 27, 2009 9:28am
Quoting RedCabbage
I'm not suggesting you should. I only use 5m for detailed PA to get a manual entry.

What time frame was your set up in?
M30
  • #7,710
  • Jan 27, 2009 9:39am Jan 27, 2009 9:39am
Quoting bumasoft
M30
We all trade different of course...But i never go below 1 hour chart to set up my s/r lines, BUT i manage them both on 15 min and 5 min once im in a trade.

And regarding the pip per day issue...Its more than possible to do your 50 pip per day with this method..

I monitor 7 pairs each day...and i also use an alert when the pairs comes close to my lines...


happy trading folks.
kind regards
kojak
  • #7,711
  • Jan 27, 2009 9:44am Jan 27, 2009 9:44am
Quoting kojak
We all trade different of course...But i never go below 1 hour chart to set up my s/r lines, BUT i manage them both on 15 min and 5 min once im in a trade.

And regarding the pip per day issue...Its more than possible to do your 50 pip per day with this method..

I monitor 7 pairs each day...and i also use an alert when the pairs comes close to my lines...


happy trading folks.
kind regards
kojak
Ah, no, that line can be seen from the H1 as well. And there is also a fib there. That's why I took the trade. I meant I managed it on M30, though I usually do that on the M5. I made 80 pips today and I closed trades earlier than I should have, so it sure is possible to make nice profit using these lines if you have experience (don't have that yet, but I'm trying)

Thanks.
  • #7,712
  • Jan 27, 2009 9:45am Jan 27, 2009 9:45am
Quoting bumasoft
Ah, no, that line can be seen from the H1 as well. And there is also a fib there. That's why I took the trade. I meant I managed it on M30, though I usually do that on the M5. I made 80 pips today and I closed trades earlier than I should have, so it sure is possible to make nice profit using these lines if you have experience (don't have that yet, but I'm trying)

Thanks.
  • #7,713
  • Jan 27, 2009 9:48am Jan 27, 2009 9:48am
Quoting kojak
I correct myself: I made 102 pips today. Went long at EURJPY, but that pair gave me chills down my spine. I think I went in too early, at 116.65 and the right level would have been at 116.20. I managed to close that 116.65 on 0 pips and took partial 20 pips profit on the one I opened lower. Still in the trade.
  • #7,714
  • Jan 27, 2009 9:54am Jan 27, 2009 9:54am
Ok, I made 120 pips today and I'm taking the day off. Great day . Hope you had a great trading day, guys. Thanks so much for giving me advice. This thread rocks!
  • #7,715
  • Jan 27, 2009 12:14pm Jan 27, 2009 12:14pm
Hi all,

I have found my main problem trading has been a lack of patience, waiting, waiting, waiting for a set-up to arrive. Also, I tended to be watching too many charts and happened to miss the moves by virtue of looking at the wrong ones at the wrong time.

So, I have been looking for a way to use the BRV S/R principles on just 1 pair and on a short t/f to help me stay focussed and not get sidetracked.

I recently found 'Renko charts' which work from the ticker in Market Watch and just have a look at the chart below ... these principles can be traded on the 1 minute chart with the right screen set up.

The chart below is just over 1 hour's price movement on EURJPY earlier today... as you can see you can still pick up 20,30,40+ pip moves regularly.

Renko charts are a type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included.... and they seem to follow the standard S/R rules.

Anyone else ever used these. If anyone is interested I will post the indicator later that displays them later. All the usual fibs etc, trend lines can still be used on the chart (as opposed to the tick charts).

Also, VERY tight stops can be used !
Attached Image (click to enlarge)
Click to Enlarge Name: scalping 1min s+r.gif Size: 36 KB
  • #7,716
  • Jan 27, 2009 12:19pm Jan 27, 2009 12:19pm
Quoting Willowgal
Hi all,

I have found my main problem trading has been a lack of patience, waiting, waiting, waiting for a set-up to arrive. Also, I tended to be watching too many charts and happened to miss the moves by virtue of looking at the wrong ones at the wrong time.

So, I have been looking for a way to use the BRV S/R principles on just 1 pair and on a short t/f to help me stay focussed and not get sidetracked.

I recently found 'Renko charts' which work from the ticker in Market Watch and just have a look at the chart below ... these principles can be...
That looks pretty dangerous to me. If that would work, then you could make a thousand pip in one day. Not sure any pro does that though. Or do they?
  • #7,717
  • Jan 27, 2009 12:21pm Jan 27, 2009 12:21pm
Quoting Willowgal
Hi all,

I have found my main problem trading has been a lack of patience, waiting, waiting, waiting for a set-up to arrive. Also, I tended to be watching too many charts and happened to miss the moves by virtue of looking at the wrong ones at the wrong time.

So, I have been looking for a way to use the BRV S/R principles on just 1 pair and on a short t/f to help me stay focussed and not get sidetracked.

I recently found 'Renko charts' which work from the ticker in Market Watch and just have a look at the chart below ... these principles can...
I wondered why you had been quiet this month!
  • #7,718
  • Jan 27, 2009 12:26pm Jan 27, 2009 12:26pm
Quoting bumasoft
That looks pretty dangerous to me. If that would work, then you could make a thousand pip in one day. Not sure any pro does that though. Or do they?
Well, I have been following a thread where one guy has proofed his trades as he places them on the 1 minute and has made 3,715 pips in his last 9 days trading the EURJPY.

it is 100% genuine as I have been watching the screen when he updates his journal - he is unbelievable !

It is all based off price action - his journal is here http://www.forexfactory.com/showthread.php?t=145482

And if you set sensible stops with MM why is it any more dangerous than placing a trade on the higher timeframes ? 15 pip stop is all you need for the 1min on EURJPY to allow trade to breathe.
  • #7,719
  • Jan 27, 2009 12:27pm Jan 27, 2009 12:27pm
Can you post the indicator, please? I am interested in how this works. Thanks!
  • #7,720
  • Jan 27, 2009 12:32pm Jan 27, 2009 12:32pm
Quoting Willowgal
Well, I have been following a thread where one guy has proofed his trades as he places them on the 1 minute and has made 3,715 pips in his last 9 days trading the EURJPY.

it is 100% genuine as I have been watching the screen when he updates his journal - he is unbelievable !

It is all based off price action - his journal is here...
Thanks. From his journal, I notice one thing. He is a very active trader. He probably does this full time and like to trade a lot. 213 trades for 3715 pips... That's not very much, really. If you divide 3715 by 213, that's only 18 pips average per trade. If you trade on higher timeframes, you can make less trades but average more pips and arrive at the same score. It depends on what type of temperament you have. But I think the results are the same, really.
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