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  • #96,861
  • May 15, 2009 2:56pm May 15, 2009 2:56pm
Quoting gatorinla
c if auto closes kick in
All set. But no auto close option. Will have to do it manually. 10 sec before close.
The Thief of Wall Street
  • #96,862
  • May 15, 2009 2:57pm May 15, 2009 2:57pm
Had expected more about the short on SPX. No worries. Gotta : sleep... Night to al of you and a good week end.

Fishy out.
  • #96,863
  • May 15, 2009 3:04pm May 15, 2009 3:04pm
Quoting Chicky
All set. But no auto close option. Will have to do it manually. 10 sec before close.
Nabbed it. Addtional few pips. That was stealing from friends.
The Thief of Wall Street
  • #96,864
  • May 15, 2009 3:09pm May 15, 2009 3:09pm
this is bs... damn thing closed at 882.88 acording to cnbc...............close but still no monica.. although down 4% for the week close..this changes weekly trendline..but not clear direction yet.. imfuo
those who can, do. those who cant, talk about those who can
  • #96,865
  • May 15, 2009 3:13pm May 15, 2009 3:13pm
Quoting gatorinla
this is bs... damn thing closed at 882.88 acording to cnbc...............close but still no monica.. although down 4% for the week close..this changes weekly trendline..but not clear direction yet.. imfuo
Direction is clear, but they don't want to give it to public yet. Again this close leaves uncertainty for Monday open. More time elapses, it will magically get near to the trend line without moving, you see what I mean.
The Thief of Wall Street
  • #96,866
  • May 15, 2009 3:24pm May 15, 2009 3:24pm
Well, caught the bottom of today. Bounce unconvincing. 1/2 position closed before close of day, other 1/2 rollover to sunday
  • #96,867
  • May 15, 2009 3:25pm May 15, 2009 3:25pm
Quoting Chicky
Direction is clear, but they don't want to give it to public yet. Again this close leaves uncertainty for Monday open. More time elapses, it will magically get near to the trend line without moving, you see what I mean.
well s/p did not break jan high yet either...some slippage .. time will tell
those who can, do. those who cant, talk about those who can
  • #96,868
  • May 15, 2009 3:29pm May 15, 2009 3:29pm
Quoting Atlast
Well, caught the bottom of today. Bounce unconvincing. 1/2 position closed before close of day, other 1/2 rollover to sunday
i agree about bounce.. no comparison to the one earlier in the week..not only no bounce but actually went lower... but its friday.. who knows.. im a little bearish long term..until jobs get good news...
those who can, do. those who cant, talk about those who can
  • #96,869
  • May 15, 2009 3:32pm May 15, 2009 3:32pm
Quoting gatorinla
well s/p did not break jan high yet either...some slippage .. time will tell
I am completely out for now. Was very fortunate on first trade as a full timer. Stressful but rewarding.

If I extend pa line horizontally towards east, it intersects with the trend line exactly at Monday open. Is this coincidence? or conspiracy? I am not sure.
The Thief of Wall Street
  • #96,870
  • May 15, 2009 3:32pm May 15, 2009 3:32pm
almost time for the end of the calender 2012 talk this weekend and the gap thing.. let me start it off... i got a 10,000 pip gap on my platform... someone else take this and run.. i did not say direction of gap... lets see how far this lie goes by sunday..
those who can, do. those who cant, talk about those who can
  • #96,871
  • May 15, 2009 3:43pm May 15, 2009 3:43pm
Quoting gatorinla
almost time for the end of the calender 2012 talk this weekend and the gap thing.. let me start it off... i got a 10,000 pip gap on my platform... someone else take this and run.. i did not say direction of gap... lets see how far this lie goes by sunday..
What people say about gaps is bs. Gaps are directly proportional to the timeframes. Lower the time frame lesser the gaps. Higher the timeframe more and wider the gaps. And this is explainable with reference to economics and pattern of trading.
The Thief of Wall Street
  • #96,872
  • May 15, 2009 3:56pm May 15, 2009 3:56pm
Quoting xiaofeng0717
Hi, Atlast

I got a question for you, maybe you can help me understand

when you guys use technical anaylysis, say yesterday, some one(maybe plan-B)...
Xiao,
Couldn't answer your question earlier, but :
a) We have an idea, of how the economic data will be next release, but no more than an idea. This does not affect technical analysis in the true sense. You can totally shut out the news and trade, however it is always worthwhile knowing the driving engine of the market to trade efficiently.
A bit like, you don't need to know how a car works to drive it, but you better be damn sure you know what powers the car, or you could find yourself stranded on a busy motorway. Not nice.

b) People here call the highs and lows based purely on technical analysis. There are many ways to project the probable high and probable low. One member in pink called the high and low as definite, and I corrected it to say it would be broken, which it was, although the call was very good for trading off. You need to know your timeframe for trading and your time frame for analysis. Once you know that, spotting the likely support and resistance is not that difficult, but you need to know them. The real trick is anticipating how the market will react to those levels, but that's another story.

c) Proper consistent trading has very little to do with luck and everything to do with making sure bad luck does not ruin your day or your account.

d) You need a proper grounding in technical analysis, but you only need to master 1 or 2 set-ups to be profitable and eventually you will discover new ways or new angles on old ways.

Happy tradin.
  • #96,873
  • May 15, 2009 4:07pm May 15, 2009 4:07pm
Quoting gatorinla
almost time for the end of the calender 2012 talk this weekend and the gap thing.. let me start it off... i got a 10,000 pip gap on my platform... someone else take this and run.. i did not say direction of gap... lets see how far this lie goes by sunday..
I may just pitch in on that sunday banter. In fact let me be the first to say the direction is ..in the direction of the trend.
  • #96,874
  • May 15, 2009 4:14pm May 15, 2009 4:14pm
Quoting Chicky
I am completely out for now. Was very fortunate on first trade as a full timer. Stressful but rewarding.

If I extend pa line horizontally towards east, it intersects with the trend line exactly at Monday open. Is this coincidence? or conspiracy? I am not sure.
Congrats on your first full time trading day.
  • #96,875
  • May 15, 2009 8:26pm May 15, 2009 8:26pm
Hello everyone

I got another question here, why I have so many questions.....

I know a lot of guys here play pivot level very well. some of you use pivot level to counter trade for little scalper, others use pivot level as entry point to follow the trend.

my question is
(1) How do you determine which pivot level is a higher posibility trade entry? especially for counter-trend
(2) How do you set up your entry level, how to choose intial SL and TP. How to manage your BE point when PA say up 5, or 10 points?

Here is today's 15m EUR charts. As you can see, for the european session, every pivot level is a good opportunity for scalper. However, for U.S session, it's totally disappointing.

Hope you guys enjoy your weekend, and if... only if you feel boring and have nothing to do, plz come here and I have this quiz for you.

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  • #96,876
  • May 15, 2009 8:27pm May 15, 2009 8:27pm
Quoting TexasforEX
It's time to start building long term long eur/usd positions imvho.

Of course this could move down to 1.3450 quite easily and even go as low as 1.32 at an extreme but I can handle that drawdown.. On the flip, it might not get below 1.3550.

The open interest switched from around -3k to about +3k after Friday's move alone (approx numbers). If a trader wants definite confirmation then a move above the swing high at 1.3750 and the YTD high at 1.4025 need to be taken....

Congrats to the shorts today. Late Friday has become an active time the last couple of weeks. 1.3440 should provide much support and 1.3200 is now a possibility. I'll add a long at 1.3440 level and again if it falls down.

The battle was lost today but the war is far from over for the bulls.

$54/bbl is a key level in crude to watch.
"Timing Is Everything. Really I Swear It Is"
  • #96,877
  • May 15, 2009 8:32pm May 15, 2009 8:32pm
Quoting notch
I have made many many pips from the EURUSD, FT100 & ES so I'm very happy. The 'Notch indicators' are working very well; the only thing is that using them all in conjunction is filtering out too many good trades. If I'd have used only the 'Notch Cycle' I'd have made three times as many pips but not sure if this would play out consistently in the future. I will allocate a few hours this weekend backtesting. Anyway, I'm glad you are still doing your thing and hope you get a backup internet connection installed soon.

Right, time for a beer, XBox...
please let me know more of your indicators, even if by pm
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #96,878
  • May 15, 2009 8:38pm May 15, 2009 8:38pm
http://www.cftc.gov/dea/futures/deacmesf.htm
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  • #96,879
  • May 15, 2009 8:41pm May 15, 2009 8:41pm
[quote=Atlast;2737987]Xiao,
Couldn't answer your question earlier, but :
a) We have an idea, of how the economic data will be next release, but no more than an idea. This does not affect technical analysis in the true sense. You can totally shut out the news and trade, however it is always


thanks, brb

I'm just trading currency for 6 months. coz I'm a college guys and feel easy for my course. And I find myself so interested in this market and want to explore my career in this business.

So I read a lot of books, look at market time to time about 14hours a day, try to develop my own system, and more, try to make mistake day by day and don't make them again. Overall, I'm still a newbie in this business and need to learn a lot. Thats why I have so many questions

good weekend. party time
  • #96,880
  • May 15, 2009 8:49pm May 15, 2009 8:49pm
To get an idea about next week we have to check out the Weekly chart. Here we see a breech of this Major DTL, however, a 100 pip breech on the weekly is not near enough to say the bears are done. In this picture it looks as if the price is testing the back side of this trendline. There is one thing wrong with this as 2 hits do not a good trendline make. To me, this looks more like a Double top.

A look at the Daily shows price hitting an apex, a cross of a major UTL and a Major DTL. Yellow line shows where Mondays candle will be and if you use your imagination you can see several support places....... I count 4 to be exact. 2 previous levels in the green circles, an Uptrendline and the 61.8 Fib level is close enough to be called a support level.

For my short, I consider my long term target at 1.3240, ( The 61.8 % Fib level is at 1.3200 ), with interim targets at 1.3400, which just happens to be the 38.2 % Fib level and 1.3300 which just happens to be the 50 % Fib level. Guys, these numbers don't come out like this by accident.

Short term, you can see the Hourly has broken the DTL and is testing the backside real nicely.

ANy questions, please feel free to ask.

MK
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