DislikedNo this one hour has nothing to do with predictions checkout some previous times of NFP release.Ignored
Price still does what you expect no matter what get it to move.
Ben
james16 Chart Thread
- #43,122
- Sep 4, 2009 9:05am Sep 4, 2009 9:05am
By the way, not sure what news mean to you, but that large news bar done exactly what I have predicted one hour earlier. Check my chart with the orange prediction of where price might go. It pulled back exactly to the level I have pointed out, and shot down to the last level, like my prediction line pointed out.
So I didn't get frightened when it pulled back. There will always be pullbacks to recent support that was broken and now should be resistance.
Now I am close to 5R in this trade and price continues to go in my favor. During the time I...
nice trading Ben...nice
Simplicity is the key to success
- #43,123
- Sep 4, 2009 9:16am Sep 4, 2009 9:16am
Hey all ,
I ve made my first winning trade on Eur/Cad. As I can see most of you catched that move too. I am for 5-6 days now and I wanted to wish you all great weekend and many pips in the incoming week
And Mike I did use the daily chart for my initial analisys and the 4h too
Good Luck
I ve made my first winning trade on Eur/Cad. As I can see most of you catched that move too. I am for 5-6 days now and I wanted to wish you all great weekend and many pips in the incoming week
And Mike I did use the daily chart for my initial analisys and the 4h too
Good Luck
- #43,125
- Sep 4, 2009 9:44am Sep 4, 2009 9:44am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Playstation Vs Trading NFP news. ...easy decision today. 
Benji,
You are spot on with the strong levels at news time.
Weak orders get pulled from the market before the news hits, leaving the A1 levels to hold the fort. ...the levels that everyone has marked out as a last stand safety level on longer term day trades.
I know, because I've been doing a pretty good job of predicting where those limits are going to be prior to the result going public. It's not hard . Just read what I just said in the paragraph above. And I think Benji's on to it too.
Haven't been trading them. Just something to do while staying out of the market during NFP.
.
.
Trade well people. End of the week for me.
.
Benji,
You are spot on with the strong levels at news time.
Weak orders get pulled from the market before the news hits, leaving the A1 levels to hold the fort. ...the levels that everyone has marked out as a last stand safety level on longer term day trades.
I know, because I've been doing a pretty good job of predicting where those limits are going to be prior to the result going public. It's not hard . Just read what I just said in the paragraph above. And I think Benji's on to it too.
Haven't been trading them. Just something to do while staying out of the market during NFP.
.
.
Trade well people. End of the week for me.
.
Bundy's status today: "Waiting..."
- #43,126
- Sep 4, 2009 9:50am Sep 4, 2009 9:50am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
[quote=bundyraider;3024591]
Never looked at it like that, I'll need to keep my eyes open for that in the future. Thanks for that little tidbit.
leaving the A1 levels to hold the fort.
Never looked at it like that, I'll need to keep my eyes open for that in the future. Thanks for that little tidbit.
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #43,131
- Sep 4, 2009 12:37pm Sep 4, 2009 12:37pm
Hey Benji,
Quick one on news:
James avoids it like the plague. Mike too.
The only thing I pay attention to is the fact that the first Friday of the month is NFP day. NFP tends to trigger big moves so I just stay clear of too much intraday action around that time. Dailies/weeklies I just trade as normal.
I used to ignore bars created by NFP because they weren't "real". Mike put me straight on that. He cares not how the bar was created. He just trades his charts as he sees them. He traded the big bars after last month's NFP and made bank.
The...
I have read a few times that Mike and James ignore news, I think that it doesn't matter what drives the price, but it is more important how it has been drove. If I can trade regular without even noticing it, I don't need it.
Thanks for mentioning the NFP - I'll take it into account when I intraday trade on Fridays
BTW, I am still holding this trade. It just doesn't stop trending sharply. I am at 7R gain now, and there is plenty more room to go.
This is what I like about breakout trades, and entries on pullbacks that allow me to just ride the trend.
Most of the times when people trade reserval bars at extreme swings, they are naturally trading into traffic.
If I zoom into daily now, I can see that I am riding a huge trend with tons of space around.
I am planing to find a solid resistance point and hold this trade during the weekend. It started as an intraday trade with a 30 pip stop, but has the potential to turn into a long term trade.
Great work Ben. Round numbers, breakout trading...are you sure you haven't been looking over Mike's shoulder while he trades?
Ben
- #43,136
- Sep 4, 2009 2:31pm Sep 4, 2009 2:31pm
Well for me it depends on the spread. Generally 40-50 pips so I like to set it about 50 pips above the high not counting the spread.
Thank you.
You are fast ! It is a weekend .. time to enjoy ! So even for silver it would be the same ?
- #43,140
- Sep 4, 2009 4:28pm Sep 4, 2009 4:28pm
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
