Attachments: No Brainer Trades

No Brainer Trades

#10,881
Apr 17, 2009 7:25am Apr 17, 2009 7:25am

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting Marco

Disliked

Hmm well then you just have pre-defined SL and Target for the position and leave it alone?

Maybe you're right that it's better to walk away...on one side I noticed that very often I can at least move my stop to breakeven after a small bounce...which might save me from taking a loss. On the other side often I just would have to suffer a small drawdown after the first bounce off a level back to my entry and then it takes off.

Can you give some more details about how to manage the trade once it's on when you walk away? I tried different things...

Ignored

Hi again - by the way the boldface wasnt directed at you I hope I didnt come off as an a$$hole

, but my best recommendation is a short answer:

Pick the major, major areas that serve as turning points OR a good area for trend continuation plays, set a stop loss, 150 pip take profit (or if there is opposing major support/resistance maybe a little less, but not much) and after 50 pips of profit set your stop to breakeven. Rinse and repeat, always have atleast 1:3 risk:reward, and you're good.

With all the stuff here it can get complicated, but I swear that's the most profitable and easiest way. Walk away and forget about the little S/R areas in between.

This, I always reference - of all the crap I've written here this is still my favorite post, hopefully you can figure out why:
http://www.forexfactory.com/showpost...postcount=1253

.

#10,882
Apr 17, 2009 8:08am Apr 17, 2009 8:08am

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting BillyRayValentine

Disliked

See if we can get the ball rolling again here....

Pretty textbook move. This high is jutting out all on its own here.

If it hits tonight or tomorrow I'm not interested....holiday weekend.....but that's unlikely.

Ignored

FYI If by any chance this hits today I'm not going in on it or going to count it- I'm pretty much done for the day here personally fyi.

#10,883
Edited 8:16am Apr 17, 2009 8:15am | Edited 8:16am

dreamtrader
| Joined Jun 2008 | Status: Junior Member | 115 Posts

Hi BRV, thanks a lot for your sharing and teaching, I would say it is one of the best threads in FF. Support and resistance is now my major trading tool.

I have a question after I read your favorite post again, do you always move stops to B/E after price moves in your favor and then basically just wait for it to hit your target? Do you take partial profit at all?

#10,884
Apr 17, 2009 8:31am Apr 17, 2009 8:31am

fxpeter
| Membership Revoked | Joined Apr 2009 | 6 Posts

Hi Steve
since a short time I start reading your post.

Q:
you talk about "3 Fibonacci retracements are used in our analysis: .50, .618, and .764."

I have several Demo Acc. but not one shows the .764 FIB # can you help me with this?

peter

#10,885
Apr 17, 2009 8:35am Apr 17, 2009 8:35am

Marco
| Joined Dec 2007 | Status: Trader | 92 Posts

Quoting BillyRayValentine

Disliked

Hi again - by the way the boldface wasnt directed at you I hope I didnt come off as an a$$hole , but my best recommendation is a short answer:

Pick the major, major areas that serve as turning points OR a good area for trend continuation plays, set a stop loss, 150 pip take profit (or if there is opposing major support/resistance maybe a little less, but not much) and after 50 pips of profit set your stop to breakeven. Rinse and repeat, always have atleast 1:3 risk:reward, and you're good.

With all...

Ignored

Thanks a lot billy. So you usually set a 50 pip stop, looking for 150, or this is at least a good way to play it right?

Which pairs is this for, the majors? And do you include USD/CAD and AUD/USD in the majors? If you would have to pick 4 pairs to trade this way, which one would you pick? What if you could pick 6?

I personally would say for example that GBP/USD moves a lot fast pip-wise than EUR/USD, like 1.4-1.5 the amount. You using 50 pips anyway?

Thank you and take care,

Marco

#10,886
Apr 17, 2009 8:35am Apr 17, 2009 8:35am

Gambis
Joined Mar 2009 | Status: Trader | 119 Posts

Quoting fxpeter

Disliked

Hi Steve
since a short time I start reading your post.

Q:
you talk about "3 Fibonacci retracements are used in our analysis: .50, .618, and .764."

I have several Demo Acc. but not one shows the .764 FIB # can you help me with this?

peter

Ignored

Its a custom made fib lvl, go to fib properties/fibo levels and add 0.764 level, in the description field add 76,4.

#10,887
Apr 17, 2009 8:36am Apr 17, 2009 8:36am

arsa
| Joined May 2008 | Status: Goodfella | 246 Posts

Quoting fxpeter

Disliked

Hi Steve
since a short time I start reading your post.

Q:
you talk about "3 Fibonacci retracements are used in our analysis: .50, .618, and .764."

I have several Demo Acc. but not one shows the .764 FIB # can you help me with this?

peter

Ignored

It depends on your platform, not your account.

open fib, double click it, go to properties and you can see all those levels. ADD level 0.764 and name for it e.g. .764

Should do the work.

#10,888
Apr 17, 2009 1:47pm Apr 17, 2009 1:47pm

darkness
| Joined Feb 2009 | Status: Trader | 213 Posts

This is a fantastic thread, so much wisdom and knowledge, i'll be reading and re-reading.

Went short eurusd upon break of support line. Going to hold this one to target profit and tighten up s/l.

What do you guys think?

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#10,889
Apr 17, 2009 6:11pm Apr 17, 2009 6:11pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting Marco

Disliked

Thanks a lot billy. So you usually set a 50 pip stop, looking for 150, or this is at least a good way to play it right?

Which pairs is this for, the majors? And do you include USD/CAD and AUD/USD in the majors? If you would have to pick 4 pairs to trade this way, which one would you pick? What if you could pick 6?

I personally would say for example that GBP/USD moves a lot fast pip-wise than EUR/USD, like 1.4-1.5 the amount. You using 50 pips anyway?

Thank you and take care,

Marco

Ignored

Its just one way of doing it but yes. You could use average true ranges, I suppose that are pair contingent, but the most important thing I would say is to make sure that your risk reward always remains the same, and never changes.

#10,890
Apr 17, 2009 7:26pm Apr 17, 2009 7:26pm

5abi
Joined Apr 2009 | Status: Technical Artist | 1,609 Posts

Hi Billy this is heck of a thread-one of my all time favorites. I have been lurking around but this is first post here.

Quoting BillyRayValentine

Disliked

Its just one way of doing it but yes. You could use average true ranges, I suppose that are pair contingent, but the most important thing I would say is to make sure that your risk reward always remains the same, and never changes.

Ignored

Its all in the mind.

#10,891
Apr 18, 2009 2:15am Apr 18, 2009 2:15am

Ferrari
| Joined Mar 2009 | Status: Trader | 224 Posts

Quoting BillyRayValentine

Disliked

This, I always reference - of all the crap I've written here this is still my favorite post, hopefully you can figure out why:http://www.forexfactory.com/showpost...postcount=1253.

Ignored

I totally agree

#10,892
Apr 18, 2009 3:07am Apr 18, 2009 3:07am

coscorp
| Joined Dec 2007 | Status: Trader | 643 Posts

I open it at least twice a week....for quite a while it was my homepage...LOL

good to have you back btw...

Cheers

Nihil inimicus quam sibi ipse Marcus Tullius Cicero

#10,893
Apr 18, 2009 10:56am Apr 18, 2009 10:56am

Concept
| Joined Feb 2007 | Status: Trader | 119 Posts

It might as well be my home page.. I got 5 different threads opened on FF at any given time. With firefox, it asks you if you want to open last session after you shut firefox down. So I just turn on the puter in the morning, all my pages are up and I just gotta refresh the pages to see the new posts!

#10,894
Apr 19, 2009 7:36pm Apr 19, 2009 7:36pm

Siam
| Joined Jan 2008 | Status: Trader | 516 Posts

Morning,

Feeling pretty refreshed after that break. And the first thing that caught my eye was this.

Great to see BRV posting again.

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#10,895
Apr 19, 2009 7:40pm Apr 19, 2009 7:40pm

libb
| Joined Mar 2008 | Status: Trader | 214 Posts

Quoting Siam

Disliked

Morning,

Feeling pretty refreshed after that break. And the first thing that caught my eye was this.

Great to see BRV posting again.

Ignored

That area also caught my eye. Good chance price will turn around between the range 1.2995 as BRV posted, and 1.2946 you're showing.

#10,896
Apr 19, 2009 8:34pm Apr 19, 2009 8:34pm

BillyRayVal
Joined Apr 2006 | Status: Trader | 1,459 Posts

Quoting Siam

Disliked

Morning,

Feeling pretty refreshed after that break. And the first thing that caught my eye was this.

Great to see BRV posting again.

Ignored

That area is also the 618 retracement of this last move. I'm already in, executed at 1.2987 with a stop below your area here, so we'll see. Hopefully start off the week with something decent. Or not. We'll see. Just one of many.

#10,897
Apr 19, 2009 8:38pm Apr 19, 2009 8:38pm