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  • #1,141
  • Mar 15, 2011 3:03pm Mar 15, 2011 3:03pm
Hi All

I can see everyone is weel and trading. Good.
I am lazy bastard but here are two of my interests lately for discussion.
I hope you enjoy and feel free for commenting.

http://www.forexfactory.com/showpost...ostcount=12041

http://www.forexfactory.com/showpost...ostcount=12039
Kind Regards zol
  • #1,142
  • Mar 15, 2011 3:34pm Mar 15, 2011 3:34pm
Quoting Reset_JL
I also want to thank NeoRio – I hope you also continue to contribute to this thread.
Thank you for the kind words, glad to hear my posts have been helpful. This is my favorite thread on the FF...and the fact that it's a slower moving thread is just fine. Pretty much all the info you need to do ATT is already posted in the early pages.

Quoting Reset_JL
1) Correlations. When I think about entering a trade I go to the correlation table at MATAF.com. I try to follow the rules that I will not enter a trade if my potential trade has a correlation factor of >80 or <-50 compared to any trade I have currently open.
Good point, can you give a link to MATAF and their correlation table?

Quoting Reset_JL
I would also like to hear from NeoRio on this issue. Neo: you have around 12 pairs you look at. How did you come up with that list? Do you limit yourself to a certain amount of open trades?
I think this is a very good point, while I understand how Dan looks at 20 pairs and scans for the best pairs, for newbie traders I think 1 or 2 pairs is a better way to focus your attn. My favorite pairs are GU/EU/EJ, but I trade others also. I look at 14 pairs, but seldom take trades on the more exotic pairs that don't move so seamlessly. It only makes sense that if you're long the NU, why go short the AU at the same time?--etc.


Quoting Reset_JL
2) Entering after Pinbars and Engulfing Bars. [font=Arial]Can you please clarify when you enter on the candles after the pinbars (hammer/shooting) and engulfing bars? Let’s assume going long. I think it is on the high of the pinbar or engulfing bar, correct? If yes, then my issue is this: I use daily candles that close 5pm NY time (I think this is common). So I can’t be there exactly when the daily bar closes (I start trading at around 8pm NY time). What frequently happens is that when I start reviewing my charts...
I'd say the best solution would be to be present at 5pm ET. I know Dan will often trade IBs/OBs by taking the break of the candle before the IB (the OB before the IB, etc)...in which case you have more time. I usually trade the break of the IB/OB if the engulfing candle that came before the IB/OB is big and will mean an entry of 50 or more pips away from where I could have entered. For your case, if you come to your computer at 8pm ET and the D1 candle has already given its entry signal, you could drop down to the H4 or H1 and look for another optimal entry point.

Kind Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #1,143
  • Mar 15, 2011 6:14pm Mar 15, 2011 6:14pm
Hi to all
I've just joined the forum, but i think this is an excellent price action thread.
I'd like to post my thoughts and charts, but my modus operandi is basically day trading the daily chart. I have yet to have a real runner of a trade. I would like to echo the sentiment, Neorio your posts are great, please keep them up during Dans absence.
My style, although completely based on Price Action, and classical candlestick patterns, tends to lock in profit fairly early, whilst moving my stop to b/e.
It's akin to scalping the daily, but if this is not suitable for the thread, please let me know.

regards
  • #1,144
  • Mar 15, 2011 9:38pm Mar 15, 2011 9:38pm
Thanks a lot Neo. It's mataf.net not ".com" (sorry). Link is http://www.mataf.net/en/tools/01-01-correlation

So just to follow-up on correlation, do you have a max number of open trades? Would you trade EURUSD if you already had a trade open on GPBUSD? As you see this correlation thing is an issue with me - I want to have a system to face it.
  • #1,145
  • Mar 16, 2011 8:14pm Mar 16, 2011 8:14pm
what is IB/OB?
  • #1,146
  • Mar 16, 2011 9:11pm Mar 16, 2011 9:11pm
Quoting jazzman
It's akin to scalping the daily, but if this is not suitable for the thread, please let me know.

regards
I guess we'd need to see a chart, or hear your criteria for entries and exits to see if there is anything that can complement the method.

Kind Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #1,147
  • Mar 16, 2011 9:47pm Mar 16, 2011 9:47pm
Quoting Reset_JL
Thanks a lot Neo. It's mataf.net not ".com" (sorry). Link is http://www.mataf.net/en/tools/01-01-correlation

So just to follow-up on correlation, do you have a max number of open trades? Would you trade EURUSD if you already had a trade open on GPBUSD? As you see this correlation thing is an issue with me - I want to have a system to face it.
Thanks for the link, looks like a great correlation chart to refer to throughout the week. I personally have no rules as to how many trades I can have open at a given time...as long as my account is not risking more than my daily/weekly quota (if I have 5 trades open which are all in profit and with stops set to BE, then taking on new trades is not adding to the risk of my open trades, etc). I trade the GU and EU simultaneously quite often. I'm a firm believer in setting my stop to BE as soon as possible. I probably set it to BE +2, 3, or 5 much earlier than Dan does.

Best Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #1,148
  • Mar 16, 2011 10:08pm Mar 16, 2011 10:08pm
Hey guys what are ur thoughts on shorting the EU @ 1.3900?
I entered the trade with a 110 pips stop.

Reason for entry:
-most recent swing high did not break high of previous swing high.
-Price is at a support from Dec 3, 2009 - Nov 4, 2010
- Price is at a round number
- shooting star candle formation
Attached Image (click to enlarge)
Click to Enlarge Name: EU Mar 15 jpeg.jpg Size: 102 KB
  • #1,149
  • Mar 17, 2011 3:27am Mar 17, 2011 3:27am
Quoting IliaM
Reason for entry:
-most recent swing high did not break high of previous swing high.
Not *yet*. IMHO it's still early to call the last 4 Daily candles a proper "swing". It could be that in the next day or 2 that high from 2 weeks ago will yet be taken out. Until we get a clean break out of the consolidation area in the D1 TF, I'd say we might not safely be able to dismiss this current cluster of candles as a failed swing high.--but that's just me.

Quoting IliaM
-Price is at a support from Dec 3, 2009 - Nov 4, 2010
- Price is at a round number
- shooting star candle formation
I'm afraid I don't see a SS candle formation. SS's are supposed to be elevated above the impulse move that they came from.

Best Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #1,150
  • Mar 17, 2011 3:38am Mar 17, 2011 3:38am
Iliam, after answering your analysis, I thought I would take a minute and pull up a chart with some analysis and thoughts of my own for your consideration.

Kind Regards,
NeoRio
Attached Image (click to enlarge)
Click to Enlarge Name: eu.png Size: 87 KB
Sentiment: Short on cash. Long on hope.
  • #1,151
  • Mar 18, 2011 10:44pm Mar 18, 2011 10:44pm
Looks like a pretty good set-up on AUDNZD. Trendline slightly broken but everything else looks good. Thoughts?

http://www.google.com/
Attached Image (click to enlarge)
Click to Enlarge Name: Picture1.jpg Size: 42 KB
  • #1,152
  • Mar 19, 2011 4:55am Mar 19, 2011 4:55am
Hi Reset,
This is what I think of AUDNZD.

from weekly, I can see a upwards channel broken and price seems to be re-testing it. And the last weekly candle is a pin-ish candle. it is at a s/r region too.
Down to the daily, yes, your trend line is alright and it has broken but on my chart, price is actually resting on a different trend line.
So, i will be looking for a long trade. Any comments are welcomed.
  • #1,153
  • Mar 23, 2011 7:41pm Mar 23, 2011 7:41pm
Quoting Reset_JL
Looks like a pretty good set-up on AUDNZD. Trendline slightly broken but everything else looks good. Thoughts?

http://www.google.com/
hi been a while since I checked around here, my opinions on this:
- trendline too steep for my taste
- TL broken = broken! (yes price did come back above in this particular case, but be careful)
- personally I would draw the fibs from Jan 28th.
- for short-term trading, yes, going long might work... not sure what target you're looking for.

Quoting zoli
Hi All

I can see everyone is weel and trading. Good.
I am lazy bastard but here are two of my interests lately for discussion.
I hope you enjoy and feel free for commenting.

http://www.forexfactory.com/showpost...ostcount=12041

http://www.forexfactory.com/showpost...ostcount=12039
Hi zoli, Ford looks good technically. I'm also following this one. I believe F has a bit more downside, looking at the area around 13.00. They are trying to defend the 200ma at the moment.
  • #1,154
  • Apr 8, 2011 1:22am Apr 8, 2011 1:22am
Has this thread moved died out??
  • #1,155
  • Apr 8, 2011 3:54am Apr 8, 2011 3:54am
I don't think so. It's just a bit quiet. If you're more into the daily back and forth stuff, I have a Skype room for ATT method.

Regards
Sentiment: Short on cash. Long on hope.
  • #1,156
  • Apr 11, 2011 2:30pm Apr 11, 2011 2:30pm
Hi guys,

Sorry it's been a bit quiet here lately. I have to admit that I've kind of lost interest in posting these days. I don't mean that in a bad way it's just that I think I've come to the stage in my journey where talking about Forex is just not fun anymore!

I've also been really busy so haven't had a chance to do any intraday trades. I have recently added to my E/U long position though and I just want to go into that briefly:

Since many forex pairs are closely correlated and essentially linked to USD strength/weakness it makes sense to me to focus on just a couple of currency pairs instead of them all. I think it is fair to say that even in these volatile times the E/U still offers the easiest trend trades and so I am focusing most of my energy on that pair.

I currently hold three long positions in the Euro - from 1.3600, 1.3760 and 1.4250. Due to the fact that my long from 1.3760 was a very refined entry (with a very small 20 pip stop) my current positions are up an awful lot (these three positions currently account for a 76.5% profit). I'm not saying this to boast... in fact I was really lucky with that trade from 1.3760 and without it I would have only been up around 17%. Even so, 17% is a very good return in a short space of time. To compare those results just consider for a moment that Warren Buffet's Berkshire Hathaway returns an average of about 22% per year to it's investors.

Obviously I am very pleased with these results so far - even if I discounted my "lucky" trade. And the reason I wanted to share this little revelation is because I think we all get very caught up in aiming for x per cent per month blah blah blah and so many millions in so many years etc when really it is a case of slow and steady wins the race! Cherry pick the best trades and the profit will follow.

I hope someone somewhere benefits from that little tale! For now I am off again... I do have a few PM's to answer and I will do so as soon as I get a few spare minutes!

Later guys!

Dan
  • #1,157
  • Apr 11, 2011 5:21pm Apr 11, 2011 5:21pm
Quoting DanUK
Hi guys,

Sorry it's been a bit quiet here lately. I have to admit that I've kind of lost interest in posting these days. I don't mean that in a bad way it's just that I think I've come to the stage in my journey where talking about Forex is just not fun anymore!

I've also been really busy so haven't had a chance to do any intraday trades. I have recently added to my E/U long position though and I just want to go into that briefly:

Since many forex pairs are closely correlated and essentially linked to USD strength/weakness it makes sense to me...
Shame the Thread will end..BUT All the best and Good trading for the Future ... DAN
Take care and see U..

baz
  • #1,158
  • Apr 11, 2011 5:59pm Apr 11, 2011 5:59pm
I've really enjoyed your threads Dan they've helped with my trading a great deal in all kinds ways and i'm very grateful to you for that.

Thanks Dan
  • #1,159
  • Apr 11, 2011 10:05pm Apr 11, 2011 10:05pm
Hi Neo,
what is your skype room name or how do i get added?
Thanks
D
  • #1,160
  • Apr 12, 2011 1:15pm Apr 12, 2011 1:15pm
Quoting mommypips
Hi Neo,
what is your skype room name or how do i get added?
Thanks
D
I find these kind of posts rather offensive. There is a PM facility for you to arrange this kind of thing.

Honestly, it's this kind of thing that has spoiled posting here for me. If people are serious about trading lets have some serious posts.
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