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The Really Really Boring Forex System

  • #41
  • Nov 13, 2009 4:30am Nov 13, 2009 4:30am
Quoting samer960
sorry Edi
it is my fault i thought u are in already .
nice method , i will be watching it closely as it is almost the same as the one i am trading for almost 2 years now .
thanks again and sorry
No worries, I hope you will be able to post your own experience on the thread. The more people trading in the same way and posting their results the better.
  • #42
  • Nov 13, 2009 4:38am Nov 13, 2009 4:38am
Quoting perservator
Ed, i'm very happy after finding this beautiful thread treasuring small but highly important things for consistent success.
I think your concept of MM has taken the fear out of trading which is the biggest foe of a trader.
Another thing i wish to thank you for telling about a great thread of 'Jacko'. A noob like me may not have discovered so soon
You have put me on a road to start with clear vision of what mechanically can be done. thanks.
I'm glad you're enjoying it so far and also glad I helped at least one person.

To speed you up even more I recommend you see Jacko's thread, James16 thread, strat's thread and the silent service method thread, I believe all are in the commercial section (except strat) but read the threads from the beginning and you will pick up plenty of gems along the way.

All of the above are seriously good traders and you will learn a lot from them.

I have merely put together the best bits of these traders ideas and put it into one method that works for me. I really recommend you start by reading them first and then if this style of trading appeals to you then welcome aboard.
  • #43
  • Nov 13, 2009 5:00am Nov 13, 2009 5:00am
Quoting Eduardo
I'm glad you're enjoying it so far and also glad I helped at least one person.

To speed you up even more I recommend you see Jacko's thread, James16 thread, strat's thread and the silent service method thread, I believe all are in the commercial section (except strat) but read the threads from the beginning and you will pick up plenty of gems along the way.

All of the above are seriously good traders and you will learn a lot from them.

I have merely put together the best bits of these traders ideas and put it into one method that works for...
Yes Ed I'm doing just that.Thx once again
  • #44
  • Nov 14, 2009 12:02am Nov 14, 2009 12:02am
Price continued up again yesterday but nudging resistance now so I will wait for monday to see if my entries get hit.

If they carry on up higher I will just wait for the retrace and aim to get in then. I'm guessing 0.74ish and 0.93ish.

I told you this would be really boring, not hit an entry yet! Fortunately one thing I have learnt is patience.
  • #45
  • Nov 19, 2009 6:41am Nov 19, 2009 6:41am
Eduardo,

Current price on the AUD/USD seems to have bottomed out around 0.9154 from the previous swing high (moved about 251 pips on my FXDD chart). According to your rules, would it be prudent to place a long pending order at 0.9200?

Thanks,
Bob in Wisconsin
  • #46
  • Nov 20, 2009 5:10am Nov 20, 2009 5:10am
With no one posting on this thread, it has become as boring as the strategy itself!
  • #47
  • Nov 20, 2009 8:22am Nov 20, 2009 8:22am
Ok...price went down to touch the trendline that has been touched 6 times since February 2009. So I have entered a long trade @ 0.9100 and I currently am in profit about 40 pips.

I can't believe there aren't more traders interested in this thread...including the OP.

Anybody out there?
  • #48
  • Nov 20, 2009 8:28am Nov 20, 2009 8:28am
Quoting Bobcat2
Ok...price went down to touch the trendline that has been touched 6 times since February 2009. So I have entered a long trade @ 0.9100 and I currently am in profit about 40 pips.

I can't believe there aren't more traders interested in this thread...including the OP.

Anybody out there?
Can you post a chart? What time frame?
  • #49
  • Nov 20, 2009 8:43am Nov 20, 2009 8:43am
my gosh...there IS life out there!


Hi lgtj,

Just open your chart to the daily time frame...it is very easy to track the upward trend...just run a line throghy the swing lows and you'll easily see the trend.

Price is right at 0.9140 as I type this
  • #50
  • Nov 20, 2009 9:01am Nov 20, 2009 9:01am
HI ED
i took this trade today. i will keep it over the week end , i have 100 pip SL.
regards

Quoting Eduardo
No worries, I hope you will be able to post your own experience on the thread. The more people trading in the same way and posting their results the better.
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 13 KB
  • #51
  • Nov 20, 2009 10:27am Nov 20, 2009 10:27am
bbc,

check out danuk's threads. very similar method

Quoting Bobcat2
my gosh...there IS life out there!


Hi lgtj,

Just open your chart to the daily time frame...it is very easy to track the upward trend...just run a line throghy the swing lows and you'll easily see the trend.

Price is right at 0.9140 as I type this
  • #52
  • Nov 20, 2009 10:45am Nov 20, 2009 10:45am
Quoting Bobcat2
Eduardo,

Current price on the AUD/USD seems to have bottomed out around 0.9154 from the previous swing high (moved about 251 pips on my FXDD chart). According to your rules, would it be prudent to place a long pending order at 0.9200?

Thanks,
Bob in Wisconsin
Attached a chart. Got an entry at 0.9120. You could either take an entry now or wait for confirmation that the trendline is going to hold via a close above the 3 sma typical/a reversal formation. Depends on your risk tolerance.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd daily.gif Size: 30 KB
  • #53
  • Nov 20, 2009 10:47am Nov 20, 2009 10:47am
Quoting Bobcat2
With no one posting on this thread, it has become as boring as the strategy itself!
Patience and er, solitude (?) is the path... Or whatever
  • #54
  • Nov 20, 2009 10:52am Nov 20, 2009 10:52am
Quoting Bobcat2
Ok...price went down to touch the trendline that has been touched 6 times since February 2009. So I have entered a long trade @ 0.9100 and I currently am in profit about 40 pips.

I can't believe there aren't more traders interested in this thread...including the OP.

Anybody out there?
Ok, posted a reply to your last post before I read this one.

Nice trade, stop losses below 0.89 now as that is the last significant support. If that breaks its back to the drawing board.

I think that trendline will hold though.
  • #55
  • Nov 20, 2009 10:56am Nov 20, 2009 10:56am
Quoting samer960
HI ED
i took this trade today. i will keep it over the week end , i have 100 pip SL.
regards
Hi, nice trade! I like the look of this as it is real obvious. Anyone who can draw a trendline could have spotted this.

I have two things to add though. 100 pips may well be enough to keep you in this trade but I wouldn't rely on the trendline itself holding, it's been strong for a long time but trendlines do break. My stop loss is just below 0.89 as that is the last major support. That's the other thing, try zooming the weekly out as far as possible and drawing the major support and resistance lines. Watch price bounce around between these areas. In an uptrend they tend not to be broken to the downside.
  • #56
  • Nov 20, 2009 10:57am Nov 20, 2009 10:57am
Quoting coolshades
bbc,

check out danuk's threads. very similar method
Thanks for the tip, I'll take a look.
  • #57
  • Nov 20, 2009 11:22am Nov 20, 2009 11:22am
Eduardo, I think your view on Global interest rates is correct to a degree.

But one should note that this is only a piece of the total currency movement. There are many other factors that major banks consider as well. Many of which are shown on the news announcements of FF.

They weigh up such things as unemployment rates, GDP, Import/Export figures, Housing Industry figures, the strength of the major economies that particular country trades with, and many other factors to gauge how healthy that country's economy is in the overall picture.

If a particular currency were to decline because of weaker economic conditions, then the swap rate gain would pale into insignificance and major banks are well aware of this factor as well.

Currently Australia's economy is what is driving the AUD and itnterest rates up, but if the economy were to falter then you would see the AUD and it's interest rates heading back down... hope this helps to paint the bigger picture.
  • #58
  • Nov 20, 2009 5:53pm Nov 20, 2009 5:53pm
Quoting FX Compass
Eduardo, I think your view on Global interest rates is correct to a degree.

But one should note that this is only a piece of the total currency movement. There are many other factors that major banks consider as well. Many of which are shown on the news announcements of FF.

They weigh up such things as unemployment rates, GDP, Import/Export figures, Housing Industry figures, the strength of the major economies that particular country trades with, and many other factors to gauge how healthy that country's economy is in the overall picture.

If...
Thanks for your post. You forgot to mention gold

While everything is rosy in the aud garden I'll be buying it.

The plan is to move the stop loss up as and when it breaks major resistance and (hopefully) becomes support. When the day comes that the tide turns my position will be closed and hopefully 3 or 4 positions and 1000 or so pips higher than where we are now
  • #59
  • Nov 21, 2009 3:06pm Nov 21, 2009 3:06pm
Quoting Eduardo
Ok, the main premise of my idea is that interest rates are the biggest driver of currency trends. At the moment it is no surprise that any pair featuring AUD or NZD are in an up (or down depending on the pair) trend. At the time of writing the interest rate in Australia is 3.5, in New Zealand 2.5 and in the rest of the major pair world 1% or lower.

Why is this so important? Well, think about it for a while... If you were to just buy and hold aud/usd and never closed your position you would collect the swap every night on your position. This doesn't...

Would you please be so kind as to share your template? Do you shop for the broker paying the best interest?

You mentioned a 1000 pip move against you. Isn't there a way to tell the trade is moving against you before it runs hundreds of pips against you?
  • #60
  • Nov 21, 2009 4:40pm Nov 21, 2009 4:40pm
Quoting xtraction
Would you please be so kind as to share your template? Do you shop for the broker paying the best interest?

You mentioned a 1000 pip move against you. Isn't there a way to tell the trade is moving against you before it runs hundreds of pips against you?
Hi, not much of a template required, no custom indicators or anything, just put the sma's on and draw a trendline.

I mentioned that I'm not worried about the trade going 1000 pips against me. It won't do that overnight so you would have plenty of warning that it was going to happen. Perhaps a more useful explanation is to say that if the pair you are trading is going way you weren't expecting (don't they always!) then stay out until it does start going the way you expected. There's plenty of time to watch before you jump in. I'm just following the trend but it's a trend with a good reason behind it that won't be blown off course by the littlest bit of random news.
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