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Central Banks & Big Players

  • #2,681
  • Jul 15, 2010 9:02am Jul 15, 2010 9:02am
Quote
I'm not following you...

* What are you fibbing?
* What entry are you using?
* What stop are you using?
Green line = Price of daily open.

First line above or below green line = Daily open price +/- 34 pips
Second line above or below green line = Daily open price +/- 55 pips
Third line above or below green line = Daily open price +/- 89 pips
Fourth line above or below green line = Daily open price +/- 144 pips

Entry doesn't matter , this post is about TPs.

Stop doesn't matter, this post is about TPs.

Another example:

I get an entry anywhere below the third fibonacci line that lies above the daily open (green line) and we are in a bullish scenario , I would set my TP around the third line above the green line.
Gotta keep it simple. The sole reason is the probabilitys I calculated , that the price is likely to reach the third line this trading day.
You could also set it to the fourth line above the daily open but it's less likely that price will travel there.
I hope I express myself not too confusing.
  • #2,682
  • Edited 9:49am Jul 15, 2010 9:09am | Edited 9:49am
Don't you have to have an entry to use a take profit?? I am a little lost as to how you are using these TP's to make the targets if you dont have a defined entry.(Was posted before your edit)

Question though: Do you even use Tony's method at all or is this purely how you trade?
  • #2,683
  • Jul 15, 2010 9:54am Jul 15, 2010 9:54am
Quote
Question though: Do you even use Tony's method at all or is this purely how you trade?
Yes of course I use this method of tony and I thought because with this trading style every pip is worth pretty much , why not try to get the most out of every trade. I understand that you may have better profit if you adapt your TPs to support and resistences etc. but with my method you can just take a line and set TP there and you have the psychological advance that you know, that your TP is about xx% likely to get hit and I like that thought more than have to worry about my TP that I just choose somehow.
Or maybe you underestimate a move and take much less pips than you could have. Maybe with my method some people are able to let their hands of a trade they made and let them run , with the psychological support of probability.
For my personality it definitely helps.
I hope I made my point a bit clearer now.
  • #2,684
  • Jul 15, 2010 9:55am Jul 15, 2010 9:55am
Yeah that does help a bit it was somewhat vague in the first and second post before the edit.
  • #2,685
  • Jul 15, 2010 9:57am Jul 15, 2010 9:57am
buy the eur a little bit pleasee
Invest in alarm clocks
  • #2,686
  • Jul 15, 2010 9:59am Jul 15, 2010 9:59am
thanks guys
Invest in alarm clocks
  • #2,687
  • Jul 15, 2010 10:08am Jul 15, 2010 10:08am
Quoting Tony112
thanks guys
you're welcome
but thank you. this is a good and simple and "indicator-free" system.
meine augen sind die sterne
  • #2,688
  • Jul 15, 2010 10:18am Jul 15, 2010 10:18am
Quoting alfanzereii
Yes of course I use this method of tony and I thought because with this trading style every pip is worth pretty much , why not try to get the most out of every trade. I understand that you may have better profit if you adapt your TPs to support and resistences etc. but with my method you can just take a line and set TP there and you have the psychological advance that you know, that your TP is about xx% likely to get hit and I like that thought more than have to worry about my TP that I just choose somehow.
Or maybe you underestimate a move and...
I am still confused at what you are fibbing to get your TP lines.
  • #2,689
  • Jul 15, 2010 10:42am Jul 15, 2010 10:42am
Quote
I am still confused at what you are fibbing to get your TP lines.


Example :

Fibonacci sequence : 1 1 2 3 5 8 13 21 34 55 89 144

Daily open ( green line ) = 1.20000

Daily open + 34 pips = 1.20340 = first line above daily open
Daily open - 34 pips = 1.19660 = first line below daily open

Daily open + 55 pips = 1.20550 = second line above daily open
Daily open - 55 pips = 1.19450 = second line below daily open

and so on
  • #2,690
  • Jul 15, 2010 10:49am Jul 15, 2010 10:49am
Quoting alfanzereii
Example :

Fibonacci sequence : 1 1 2 3 5 8 13 21 34 55 89 144

Daily open ( green line ) = 1.20000

Daily open + 34 pips = 1.20340 = first line above daily open
Daily open - 34 pips = 1.19660 = first line below daily open

Daily open + 55 pips = 1.20550 = second line above daily open
Daily open - 55 pips = 1.19450 = second line below daily open

and so on
ok - so if the currency is in an uptrend... you look for a 5+pip candle in that direction, you enter, and then put your TP at the 34/55/etc?
  • #2,691
  • Jul 15, 2010 10:52am Jul 15, 2010 10:52am
the important rule is to be off near resistances for the entry. Watch Pivot points, 1M, 30M, S/R, BRN.
  • #2,692
  • Jul 15, 2010 11:13am Jul 15, 2010 11:13am
Quote
ok - so if the currency is in an uptrend... you look for a 5+pip candle in that direction, you enter, and then put your TP at the 34/55/etc?
Yes correct. Most likely at the third line as it is the best choice math-wise.
But I have to repeat it , this is something I thought out rather quickly and I'm not a math genius . All calculations are very simple and I'm sure there are people out there who can calculate better probabilitys that are more correct but I wanted to post this as a guideline.
  • #2,693
  • Jul 15, 2010 11:45am Jul 15, 2010 11:45am
Quoting Tony112
trades like this cost me 300-400$ a piece.... makes me sick to see this


this is ill
Do your self a favour and knock down the contracts you trade...

Some things not right if you feel that way

P
  • #2,694
  • Jul 15, 2010 1:42pm Jul 15, 2010 1:42pm
Central Banks and Big Players Platinum Edition (Update) coming out tonight on first page.
Invest in alarm clocks
  • #2,695
  • Jul 15, 2010 1:49pm Jul 15, 2010 1:49pm
Guys, this will be the most exciting and most successful thread you have ever seen. The reason why I have so much ambition to continue on this thread is because I am making money with the techniques.
Invest in alarm clocks
  • #2,696
  • Jul 15, 2010 2:10pm Jul 15, 2010 2:10pm
Quoting Tony112
Guys, this will be the most exciting and most successful thread you have ever seen. The reason why I have so much ambition to continue on this thread is because I am making money with the techniques.
I hope so!
  • #2,697
  • Jul 15, 2010 2:14pm Jul 15, 2010 2:14pm
Hi Guys
Great that you are taking many pips Tony, I salute your continued success and thanks for this thread. This euro is going up and up, I suspect toward the 1.300 area, eventually anyway, if not beyond. The other thing I find helpful, if you always make a note of the daily high and the daily low, because if/when it reaches that high again the following day, go short, if it hits the low, go long. Mind you, with the euro at the moment, I would just press the buy button for now.
  • #2,698
  • Jul 15, 2010 2:56pm Jul 15, 2010 2:56pm
Phew, that was a big one, up and up.
  • #2,699
  • Jul 15, 2010 3:15pm Jul 15, 2010 3:15pm
Ooo this is fantastic. I'm off to the garage for the chocolate dash.
  • #2,700
  • Jul 15, 2010 6:29pm Jul 15, 2010 6:29pm
Quoting Tony112
Guys, this will be the most exciting and most successful thread you have ever seen. The reason why I have so much ambition to continue on this thread is because I am making money with the techniques.
Tony, well done. It seems that after those few trades you lost, you managed to continue trading and grab today's opportunity during NY session. You deserve it.
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