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The Boardroom

  • #1
  • First Post: Edited Feb 12, 2010 9:42pm Feb 11, 2010 11:33pm | Edited Feb 12, 2010 9:42pm
Starting this thread to keep track of what the hell I was thinking, when, and why. Most companies have a boardroom so that people can get out of work and discuss what the hell they are thinking, what the hell they are doing, and why. This place will be no different. Although I trade many country pairs, I will focus on the cable here since it is my speciality and my favorite pair to trade.

I invite any to make comments, ask questions, give opinions, share ideas, etc. You may talk about any pair. Just like a companies boardroom, this place is dedicated to making progress and helping the company grow (the company being our account balances). Remember, it is us versus the big boys and they have the leverage over us. If we can stick together, share ideas, and come up with an edge, we can reclaim some the the pie they have...

So feel free to join the Board of Directors and sit in the Boardroom.
  • #2
  • Feb 11, 2010 11:40pm Feb 11, 2010 11:40pm
The method I use to trade consists mainly of technical analysis. I use a system of multiple TF fibonacci retracements, candlestick patterns and formations, and moving averages. In addition I like using compression patterns consisting of various MA's.
  • #3
  • Feb 11, 2010 11:41pm Feb 11, 2010 11:41pm
1. The fibs.

I use a single bar fibonacci method. The method is then translated down to a smaller tf. For example I take the previous daily candle and draw the fib from the high to low on that candle only. Then move that down to the 1H chart.

1. 1Y and quarterly moves to the weekly chart. Updated once a quarter.
2. Quarterly/monthly moves to the daily chart. Updated once per month
3. Weekly moves to the 4H chart
4. Daily move to the 1H chart
5. 8H moves to the 30M chart
6. 4H moves to the 15M chart
7. 1H moves to the 5M cahrt

Must take master candles and inside candles into account.

Targets when trending are 138.2, 161.8 and 261.8.
Retracements are 61.8, 50, 38.2.

Sideways action likes to go typically from 161.8 on one side to 161.8 on the other side.
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  • #4
  • Feb 11, 2010 11:45pm Feb 11, 2010 11:45pm
The compression charts consist of multile EMA's and a SMA applied to the close of the candle.

The MA's are

6 EMA
18 EMA
36 EMA
54 EMA
72 EMA
90 EMA
108 EMA
126 EMA
144 EMA
200 SMA For the longer term.

It shows nicely the compressions price action thus gives you a heads up when a move is going to be made.
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  • #5
  • Feb 12, 2010 12:00am Feb 12, 2010 12:00am
Quote:
Originally Posted by Ctic http://cdn.forexfactory.com/images/buttons/viewpost.gif
I'm with you Wormie,

I have 2 long positions in currently myself. One at 5695 (1.5) and one at 5600 (1.5). May dump when it reaches 5750 or may keep. I will reasses when it reaches that point again.

C.

Closed 1 long position 5600 (1.5) @ 1.5702 in order to minimize risk a bit. Still long one position. 5695 (1.5)

C.

  • #6
  • Feb 12, 2010 12:03am Feb 12, 2010 12:03am
Currently we are hanging out in a sideways channel around the 100 quarterly fib. Should retrace up a bit to the 100 (0) Monthly fib around 1.5800 before making it's downward move to the 138.2 fib line.
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  • #7
  • Feb 12, 2010 1:18am Feb 12, 2010 1:18am
Quoting Ctic
Currently we are hanging out in a sideways channel around the 100 quarterly fib. Should retrace up a bit to the 100 (0) Monthly fib around 1.5800 before making it's downward move to the 138.2 fib line.
So on the daily your 138.2 expansion south is also a 50% pull back from its run up starting back on 1/23/09. Sounds like a plan!

Thanks,
JD
It's Easy To Get In;.. It's Hard To Get Out
  • #8
  • Feb 12, 2010 2:20am Feb 12, 2010 2:20am
Quoting John D
So on the daily your 138.2 expansion south is also a 50% pull back from its run up starting back on 1/23/09. Sounds like a plan!

Thanks,
JD
JD,

You are very close, I have it as actually the 161.8. Once it hits that spot, I would play the retrace for at least a few days.

C.
  • #9
  • Feb 12, 2010 2:37am Feb 12, 2010 2:37am
I have not posted everything in here yet as I just started this thread a few hours ago. More updates coming.

C.
  • #10
  • Feb 12, 2010 2:42am Feb 12, 2010 2:42am
Quoting Ctic
Quote:
Originally Posted by Ctic http://cdn.forexfactory.com/images/buttons/viewpost.gif
I'm with you Wormie,

I have 2 long positions in currently myself. One at 5695 (1.5) and one at 5600 (1.5). May dump when it reaches 5750 or may keep. I will reasses when it reaches that point again.

C.

Closed 1 long position 5600 (1.5) @ 1.5702 in order to minimize risk a bit. Still long one position. 5695 (1.5)...

Closed partial long position 5600 (1.0) @ 1.5740. Remaining position
5695 (.5) open sl set to BE + 1.
  • #11
  • Feb 12, 2010 3:25am Feb 12, 2010 3:25am
Quoting Ctic
The compression charts consist of multile EMA's and a SMA applied to the close of the candle.

The MA's are

6 EMA
18 EMA
36 EMA
54 EMA
72 EMA
90 EMA
108 EMA
126 EMA
144 EMA
200 SMA For the longer term.

It shows nicely the compressions price action thus gives you a heads up when a move is going to be made.
Congratulations on your thread!

Sounds interesting. One question if I may. These MA's are primarily used on the 4 Hour chart?

Thanks and best wishes to you for a long and successful trading career!
Ghost Rider - WWTBMD?
  • #12
  • Feb 12, 2010 3:32am Feb 12, 2010 3:32am
Quoting albchr
Congratulations on your thread!

Sounds interesting. One question if I may. These MA's are primarily used on the 4 Hour chart?

Thanks and best wishes to you for a long and successful trading career!
I actually have them on all the timeframes from 5M up to the Monthly. Obviously the monthly and weekly take much longer to form and release. The shorter tf patterns help give the insight to the longer tf's thus the bigger moves.

I recently got this method off Dr. D since I noticed it had some qualities that worked well with my methods I currently used. My main methods I use are fibonacci retracements and candlestick patterns and formations.

I always look for additional methods that fit in with what I do since in my 6 years of trading I have learned one important fact. No matter how good your method is, it doesn't work all the time. If I have different methods all confirming or denying the same thing, I am more confident the method is sound.

C.
  • #13
  • Feb 12, 2010 3:33am Feb 12, 2010 3:33am
Quoting Ctic
Closed partial long position 5600 (1.0) @ 1.5740. Remaining position
5695 (.5) open sl set to BE + 1.
Remaining trade Stopped out 5696 (.5). Postions are flat as of right now.
  • #14
  • Feb 12, 2010 3:45am Feb 12, 2010 3:45am
Quoting Ctic
Remaining trade Stopped out 5696 (.5). Postions are flat as of right now.
Why I closed out of trade @ 5740 and set sl to SL+1. PA spiked up and hit the 200 SMA on 1H chart. Good place to bounce down. May get back in for another long once small tf's confirm move. Also we have been in a sideways channel for a week now, so we may see the bottom of the channel again.

C.
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  • #15
  • Feb 12, 2010 4:05am Feb 12, 2010 4:05am
Quoting Ctic
I recently got this method off Dr. D since I noticed it had some qualities that worked well with my methods I currently used. My main methods I use are fibonacci retracements and candlestick patterns and formations.
Yep, that's about what I figured. I've been watching his posts regarding compression for some time now. There is no question IMHO that compression shows consolidation very well.

Thank You
Ghost Rider - WWTBMD?
  • #16
  • Feb 12, 2010 4:09am Feb 12, 2010 4:09am
Quoting albchr
Yep, that's about what I figured. I've been watching his posts regarding compression for some time now. There is no question IMHO that compression shows consolidation very well.

Thank You
No problem. Drop in any time. BTW, if you don't mind sharing which method(s) you use. I have seen you in different treads, cable, wormhole etc. and I noticed you make pretty good calls too. Like I said I am always on the lookout for little tweeks to my method to enhance my trading.

Thanks,
C.
  • #17
  • Feb 12, 2010 4:24am Feb 12, 2010 4:24am
Quoting Ctic
No problem. Drop in any time. BTW, if you don't mind sharing which method(s) you use. I have seen you in different treads, cable, wormhole etc. and I noticed you make pretty good calls too. Like I said I am always on the lookout for little tweeks to my method to enhance my trading.

Thanks,
C.
Well, I'm still trying to figure out what will work best for my particular needs. You have 6 years trading? I never even heard of Forex before Sept. 08 and have only been trading live since last May so I'm sure you have far more experience than I.

But basically my Signature says it all. S/R + PA (and of course I use just about all the tools you've mentioned as well to help the confidance)

But I just recently discovered that I've been complicating things way too much so it''s back to basics for me.

http://www.forexfactory.com/showpost...&postcount=750
Ghost Rider - WWTBMD?
  • #18
  • Feb 12, 2010 4:34am Feb 12, 2010 4:34am
Long entered 1.5600(.4) SL 1.5550 TP 1.5750.
  • #19
  • Feb 12, 2010 5:09am Feb 12, 2010 5:09am
Quoting albchr
Well, I'm still trying to figure out what will work best for my particular needs. You have 6 years trading? I never even heard of Forex before Sept. 08 and have only been trading live since last May so I'm sure you have far more experience than I.

But basically my Signature says it all. S/R + PA (and of course I use just about all the tools you've mentioned as well to help the confidance)

But I just recently discovered that I've been complicating things way too much so it''s back to basics for me.

http://www.forexfactory.com/showpost...&postcount=750...
Well if you want to count my stock trading experience I have over 10 years experience, but yes about 6 years trading the forex. The first two years was not nice. I lost my butt and then some. I about gave up. Now I was able to quit my job and exclusively trade (although I do still do taxes during tax season being a CPA).

I think the thing I wasn't used to the most when I first started was the money management principal. With stocks you don't need money management. You can't be margined out. Many trades I made that went enough against me to blow out my account and then no sooner it did that, it went my direction for 1000+ pips.

IMHO, proper money management is the biggest key to trading the forex. Even if you have a crappy method, you can make out if you manage money properly.

Your method looks very similar to mine from what I can see. You seem to be well on your way for only trading a little over a year. I wish I was that far along back then..

Good luck with your trading and keep in touch.

C.
  • #20
  • Feb 12, 2010 5:21am Feb 12, 2010 5:21am
Quoting Ctic
Long entered 1.5600(.4) SL 1.5550 TP 1.5750.
Chart for long entry. 15M @ 161.8 using 4H candle fibs.
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