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  • #10,941
  • Apr 20, 2009 5:58am Apr 20, 2009 5:58am
Quoting RedCabbage
YHM
got it!
  • #10,942
  • Apr 20, 2009 6:44am Apr 20, 2009 6:44am
Quoting darkness
I'm Short USDCHF @ 1.1710 and long EurUSD at 1.2981
Are you aware that this might be the same trade? If the move is $-related then you've doubled your risk on the same trade basically...

Marco
  • #10,943
  • Apr 20, 2009 7:31am Apr 20, 2009 7:31am
Daily support here at .7040

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  • #10,944
  • Apr 20, 2009 8:18am Apr 20, 2009 8:18am
Quoting BillyRayValentine
Whats the software? Sounds interesting. If you dont want to post can you PM me pls? Thanks!
They have one here at InterBank FX free for everyone to download:
http://www.ibfx.com/tools/instrument...r/default.aspx
they even have a video showing how to step-by-step install it

BTW thank you for start following me on twitter, but beware that you have absolutely nothing to learn from me

LJ
1st step stop loss in the green 2nd step play with the free money
  • #10,945
  • Apr 20, 2009 9:18am Apr 20, 2009 9:18am
Quoting copi88
Not a good time to buy this pair. I have been selling at pull backs since 1.4713. My last one was at 1.4587. Aiming at the moment for 1.4511 area.
She has finally got down there. (and still going)
Boxing clever since 76.
  • #10,946
  • Apr 20, 2009 9:25am Apr 20, 2009 9:25am
Quoting BillyRayValentine
This one is a little different; a pattern we see happen a lot.

Its kind of like the bottom of the bucket, for now we'll just call it a "spike base". It happens when price makes a huge spike, when the spike gets taken out in the opposite direction, the bottom of the original consolidation area is used as a fade, in this case, its 1.1780.

I talked about briefly in a couple examples for the [url="http://www.nobrainertrades.com/2009/04/dissecting-eurusd.html"]last...
The swissy is approaching the 1.1780 area.
Boxing clever since 76.
  • #10,947
  • Apr 20, 2009 9:53am Apr 20, 2009 9:53am
Quoting RedCabbage
Tricky day today but here's the next level I will be watching PA for long countertrend scalp:-

14513-14480

Both S+R
000
61Fib
Space
Now b/e

Risk free from here.

May look at it again if I get stopped out.

Crazy horrible day.
  • #10,948
  • Apr 20, 2009 10:04am Apr 20, 2009 10:04am
GBP/JPY. At 141.50 to 141.80 we have convergance of fib, trend line, and support (jan 6, feb 24+-, march 4.) Any thoughts?
  • #10,949
  • Apr 20, 2009 10:08am Apr 20, 2009 10:08am
Quoting fx yogi
GBP/JPY. At 141.50 to 141.80 we have convergance of fib, trend line, and support (jan 6, feb 24+-, march 4.) Any thoughts?
I like 140.40
  • #10,950
  • Apr 20, 2009 10:25am Apr 20, 2009 10:25am
Quoting RedCabbage
Now b/e

Risk free from here.

May look at it again if I get stopped out.

Crazy horrible day.
Grabbed a quick 42 it was always going to be a scalp and it's is a favourite number of mine.

Fed up of this crazy day - it's giving me a headache!
  • #10,951
  • Edited 11:26am Apr 20, 2009 11:16am | Edited 11:26am
I am looking to construct a position management model for my trading, and since everyone in this thread pretty much uses the same methodology I thought maybe you guys could contribute some thoughts.

Basically I am wanting to maximize my potential profit on my positions (who doesn't?). BRV is a strong proponent of risk/reward and I agree, so let us quantify it as much as we can.

Correct me if I am wrong but the basic premise in this forum is a 40 pip stop and a 150 limit? Well some trades I take don't require a 40 pip stop and some won't be taking out 150. My idea is to build a model for our trades, which is best explained with a chart. (See below for todays USDJPY 1hr.)

Go short at 99.07 targeting range base at 98.60, risking 20 pips for 60 pips, ie R/R of 1:3. Once in the money then set stop to break even if you wish. In this example price continued further, so at profit target, if your capital permits you could take 90% and leave a runner, again if you wish. If the trade did not offer a suitable R/R (less than 1:2?) then the trade is unadvisable and considered a scalp. Fibonacci extentions could also be used to take profit, but I have limited experience in this application of fibonacci.

So the core of the model is price action (support and resistance) on the time frame traded determining profit targets.

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  • #10,952
  • Apr 20, 2009 11:35am Apr 20, 2009 11:35am
I am also of the view that a 20-40 pip move in your favour should be taken to the bank. This is where things get complicated because if you take 50% at 20 pips it alters the risk to reward ratio. I am very interested in getting some input on this topic.
  • #10,953
  • Apr 20, 2009 11:47am Apr 20, 2009 11:47am
I set up a spread sheet, input where I want to enter, my stop loss, my first target and my second target. Then I see what my risk/reward ratio is and adjust stop loss / position size to stay within my rules (3 to 1 r/r and 2% of account max loss.) A little cumbersome but it forces me to plan my trades and not shoot from the hip. Hope this helps.
  • #10,954
  • Apr 20, 2009 1:24pm Apr 20, 2009 1:24pm
Hi guys,

When drawing your S/R lines, do you guys just use the 1 hour chart squeezed up and concentrate on s/r zones nearer price? I suppose you could cover the chart in lines if you went through each time frame and marked all possible NB lines?

I am thinking you want to see monthly, weekly, daily s/r points on the 1 hour chart, but surely points in the past will have been used and abused more than recent lines, so how far back to we look?

Regards

Mark
Economists have forecast 9 out of the last 5 recessions
  • #10,955
  • Apr 20, 2009 3:12pm Apr 20, 2009 3:12pm
Quoting Ferrari
I am also of the view that a 20-40 pip move in your favour should be taken to the bank. This is where things get complicated because if you take 50% at 20 pips it alters the risk to reward ratio. I am very interested in getting some input on this topic.
I'm with you on that, bank 50% at 20 pips and set the other 50 to b/e and see if we got a runner.
  • #10,956
  • Apr 20, 2009 3:20pm Apr 20, 2009 3:20pm
http://www.nobrainertrades.com/2008/...t-of-your.html

Find the best levels and you won't need to bank profit at 20 pips. Find the major weekly, daily and 4 hour levels and you will start seeing 100+ pip bounces. TEST TEST TEST. Listen to BRV. Find the trades that have the potential for 3:1. Banking at 20 will kill your R:R
  • #10,957
  • Apr 20, 2009 3:49pm Apr 20, 2009 3:49pm
Quoting Ferrari
I am also of the view that a 20-40 pip move in your favour should be taken to the bank. This is where things get complicated because if you take 50% at 20 pips it alters the risk to reward ratio. I am very interested in getting some input on this topic.
Everyone must do what suits them and works for them best of course but I've got some useful analysis of trade mgt. in the last few months based on RR, total pips available and TP levels.

I've also got some views on the measurement of our 90% probability.

The more researched proven options we have on the table the better.

This trading method is a bit like snowboarding, you can learn 80% of it very quickly. The last 20% takes a lot more skill and effort but is well worth it.

Many of us are at a stage now where very small things can make a big difference. I'll do my best to make some time to put something together if folks are interested.
  • #10,958
  • Apr 20, 2009 3:51pm Apr 20, 2009 3:51pm
Pull up E/G daily chart... go long... happy pipping.

Regards,
vip
  • #10,959
  • Apr 20, 2009 4:14pm Apr 20, 2009 4:14pm
Quoting RedCabbage

Many of us are at a stage now where very small things can make a big difference. I'll do my best to make some time to put something together if folks are interested.
that would be nice RC, I started following the thread a few weeks ago and I really enjoy your and BVR's contributions.
  • #10,960
  • Apr 20, 2009 4:22pm Apr 20, 2009 4:22pm
Quoting Siam
Morning,

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

Great to see BRV posting again.
Hi Siam

I forgot to say welcome back and hope you had a good holiday.
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