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JohnFX's Price Magnets

  • #281
  • Edited Feb 5, 2006 12:36pm Jan 30, 2006 1:36pm | Edited Feb 5, 2006 12:36pm
Her is another divergence play off the 2 min. chart. This trade took a while, but was good for 10-12 pips. The market is pathetic today.

In case any of you are not sure what I mean by divergence. It's when price hits a lower peak but the MACD histogram doesn't hit a lower peak than it's last low peak (to go long). The opposite is true for a negative divergence (to go short).




JohnFX
  • #282
  • Jan 30, 2006 2:27pm Jan 30, 2006 2:27pm
Hello JohnFX

Could you tell me what charting package and data feed you are using for your analysis.

What timeframe(s) you do use to determine your price magnet targets?
Have you been able to come up with an entry/exit strategy?

I look forward to your future posts and perhaps greater detail of your work.

Take Care

spotforex
  • #283
  • Jan 30, 2006 2:35pm Jan 30, 2006 2:35pm
Quoting spotforex
Could you tell me what charting package and data feed you are using for your analysis.

AFAICT from the screenshots, the package is MT4...
  • #284
  • Jan 30, 2006 4:14pm Jan 30, 2006 4:14pm
Quoting spotforex
Hello JohnFX

Could you tell me what charting package and data feed you are using for your analysis.

What timeframe(s) you do use to determine your price magnet targets?
Have you been able to come up with an entry/exit strategy?

I look forward to your future posts and perhaps greater detail of your work.

Take Care

spotforex
Actually the charting software is SierraCharts and the feed is from Track Data Corp. I'm now primarily watching the 5 min. chart to determine the price magnets.

JohnFX
  • #285
  • Jan 31, 2006 12:50am Jan 31, 2006 12:50am
Quoting JohnFX
Actually the charting software is SierraCharts and the feed is from Track Data Corp. I'm now primarily watching the 5 min. chart to determine the price magnets.

JohnFX

Ah! It looks a lot like MT4...

Do you find SierraCharts has specific advantages, or is the feed the primary reason to stick with SC?
  • #286
  • Jan 31, 2006 7:49am Jan 31, 2006 7:49am
Quoting JohnFX
Ok here is a fresh new magnet target for usdjpy.

1/29/06 11:43 PM EST currently usdjpy is at 117.35

Headed for 117.21 then 117.01

JohnFX
Both targets hit during London session 1/31/06


JohnFX
  • #287
  • Jan 31, 2006 8:13am Jan 31, 2006 8:13am
Quoting JohnFX
Both targets hit during London session 1/31/06


JohnFX
1/31/06 9:15 AM EST USDJPY at around 117.25

A price Magnet exists at: 117.75

JohnFX
  • #288
  • Jan 31, 2006 8:16am Jan 31, 2006 8:16am
Quoting CescoAiel
Ah! It looks a lot like MT4...

Do you find SierraCharts has specific advantages, or is the feed the primary reason to stick with SC?
Cesco I like it because it has all the main features and the price is reasonable. I don't like using the charting from any of the brokers platforms, as my primary charting program.

Thanks;

JohnFX
  • #289
  • Jan 31, 2006 9:42am Jan 31, 2006 9:42am
Quoting JohnFX
1/31/06 9:15 AM EST USDJPY at around 117.25

A price Magnet exists at: 117.75

JohnFX
Also a magnet @ 117.36

JohnFX
  • #290
  • Jan 31, 2006 11:12am Jan 31, 2006 11:12am
hi

john
it me talal rizvi
john can u tell me if interest rate data in favour of dollar
then euro going down side 1.2050
what do u think?
and can u share ur idea
i will be waiting ur response
thnx
  • #291
  • Jan 31, 2006 12:31pm Jan 31, 2006 12:31pm
Quoting talal rizvi
hi

john
it me talal rizvi
john can u tell me if interest rate data in favour of dollar
then euro going down side 1.2050
what do u think?
and can u share ur idea
i will be waiting ur response
thnx
Hello Talal;

I really don't know much more than anyone else, what the dollar will do in response to Greenspan today. Best to just wait untill a bit after the interest rate decision and statement before trading.

Thanks;

JohnFX
  • #292
  • Jan 31, 2006 1:48pm Jan 31, 2006 1:48pm
Quoting JohnFX
Also a magnet @ 117.36

JohnFX
117.36 target hit @ 14:28 EST 1/31/06

117.75 target still remains

JohnFX
  • #293
  • Jan 31, 2006 5:24pm Jan 31, 2006 5:24pm
John, regarding your "luring" strategy. It would be interesting to open two accounts with your broker and go long one account to lure it down and go short the other account to lure it up. This would confirm what you are looking for. Correct me if I'm wrong.
  • #294
  • Edited 5:56pm Jan 31, 2006 5:55pm | Edited 5:56pm
Quoting danegg7
John, regarding your "luring" strategy. It would be interesting to open two accounts with your broker and go long one account to lure it down and go short the other account to lure it up. This would confirm what you are looking for. Correct me if I'm wrong.
I use InterbankFX. With them you can "hedge" a position. Meaning if I have a long position open then I can open a short postion and it wont close out the long position. So I would have a long and a short open at the same time in one account. So 2 different accounts isn't necessary.

But my "lure" tactic isn't a hedging strategy. I actually artifically move the market by tricking the MM's computer I am trading against, knowing that in most cases it will only go so far before heading back towards where it cam from. It's sort of a game of "chicken". And I know there must be people who think I'm nuts...LOL, but during low volume periods this sort of thing does happen. I've done it a couple times today. I'll post a statement when I have a chance.

Thanks;

JohnFX
  • #295
  • Jan 31, 2006 6:28pm Jan 31, 2006 6:28pm
I have been trying this strategy a little here and there with success. I am calling myself crazy for believing this, but if it makes money then thats all that matters.
  • #296
  • Jan 31, 2006 7:01pm Jan 31, 2006 7:01pm
Quoting danegg7
I have been trying this strategy a little here and there with success. I am calling myself crazy for believing this, but if it makes money then thats all that matters.
Dane;

The reality is, (despite many don't believe it), is that MM's have software that trades against you. They are trying to scare you out of your position with as big a loss as possible and very often they do it to especially with newbe traders. Of course I want to point out that this only occurs with "Real Money" accounts. It won't happen or work on a Demo account. The MM's could care less about Demo accounts. They want you to do good with a Demo account so you will open a real money account with a false sense of security and cockyness that you can easily succeed. Then the reality of FOREX hits you when you place your 1st real money trade and right away the price starts moving against you.

I want to point out that this tactic I am experimenting with is only when there is not much going on in the market and volume is very low. That's when these artifical moves can occure.

JohnFX
  • #297
  • Jan 31, 2006 7:17pm Jan 31, 2006 7:17pm
Quoting JohnFX
Dane;

The reality is, (despite many don't believe it), is that MM's have software that trades against you. They are trying to scare you out of your position with as big a loss as possible and very often they do it to especially with newbe traders. Of course I want to point out that this only occurs with "Real Money" accounts. It won't happen or work on a Demo account. The MM's could care less about Demo accounts. They want you to do good with a Demo account so you will open a real money account with a false sense of security and cockyness that you can easily succeed. Then the reality of FOREX hits you when you place your 1st real money trade and right away the price starts moving against you.

I want to point out that this tactic I am experimenting with is only when there is not much going on in the market and volume is very low. That's when these artifical moves can occure.

JohnFX
Also, not for the new inexperienced trader. This would be considered a scalping tactic. I DON'T place physical stops when using this method. And although I'm still just using very small lot size it's still real money I'm trading with.

I think I had something like 40 or 50 pips today. Got to examine my statement.

JohnFX
  • #298
  • Jan 31, 2006 7:55pm Jan 31, 2006 7:55pm
Quoting JohnFX
117.36 target hit @ 14:28 EST 1/31/06

117.75 target still remains

JohnFX
1/31/06 8:54 PM EST

USDJPY has a Magnet also now at 116.75

So we have 117.75 & 116.75

Thanks;

JohnFX
  • #299
  • Feb 1, 2006 7:00am Feb 1, 2006 7:00am
Quoting JohnFX
1/31/06 8:54 PM EST

USDJPY has a Magnet also now at 116.75

So we have 117.75 & 116.75

Thanks;

JohnFX
117.75 target hit at 5:50 AM EST 2/1/06


JohnFX
  • #300
  • Feb 1, 2006 7:53am Feb 1, 2006 7:53am
Quoting JohnFX
117.75 target hit at 5:50 AM EST 2/1/06
My charts show 117.73 as high...
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