My trades by Dave

here is the chart on the above trade.

Dave

edit: sory about the screen shot. I dunno what happened there.

Last post was 2/21 you ok?

Lou

Was wondering the same thing.

Anyone know about Dave? Its been nearly a month !!

Lou

Hey guys,


I have been working on a new system. I am almost finished.

Sorry for not letting you guys know this befor now. I lost alot durring the first couple of months of the new year. So I stopped live trading to protect last years profits. Untill I feel like I have nailed the market again. I almost feel like that now but I want to see what this next week brings.


I am using pivots calculated with fibos. boli bands calculated with fibos.

I have changed the 7/10 to 8/13, because 8 and 13 are fibo numbers.

I changed the surefire trend indacater to 55's and 89's instead of 144's.

And finaly I am using the (true strength index) for a trend reversal indacater and entry signal.

I will post the method along with new trades starting week from monday.


Thanks for your patients guys

Dave

Hey guys. Here is my current order in the market.

entry long 1.2013

s/l 1.1980

target open.


I am trading off the daily pivots. The charts are cmsVT charts. The pivots are the fibo daily pivots. At the change of each day 5pm est. I place a new order near the pivot for the next day. And s/l 25-35 pips the other side. If the price is above the pivot bias is up. And if the price is below the bias is down. If the price flats across the pivot and wipsaws, I enter an order and hedge it. Then set stops outside the wipsaw range and leave targets open.

You can use any method to exit the trade. Indacaters are good. Or you can let the trade ride and trail the s/l each day at 5 pm est.
I use RSI as a trend indacater to signal trend reversal. And williams%.
I also use true streingth index, 8,13 MA cross, and 55, 89 sure fire style trend indacater. And finaly I use bolli band fibos for targets and smaller trade entrys.

Dave

The above chart is 1 hr chart.

Here is a 4 hr chart for my possible target.

I am using the bolli fibos, true streignth index(TSI), and 8ma, 13ma cross. I changed my 7/10 to 8/13 because there fibo #'s. I changed the 89/144's to 55/89's and any kind of cross usually signals some kind of move is comming.

A cross of the middle line after picking up the trade will confirm and the first target is just under the 1.2100 mark. This trade is viable on all the charts through weekly.

Dave

p.s. these bolli band fibos are great for scalping.

edit: also....since this trade is comming off the pivot, if the price fails to break the center bolli line you can still pull trade for 30 pips.
As long as 1.2000 holds price will probly break up. But either way the price should fall back near 1.2000 pick up my trade then retest 1.2045. Thats why target is open.

Dave,

For what it is worth, 1.2100 is a BWILC grid line on my charts that has been in effect for weeks. Strong resistance/support. So there might be some bouncing back from it. But if /when it does break there can be strong movement for another 100 pips or so.

I see the chart pkg you are using and the indicators. I hope you have the right combination. I have tried these in the past, but not this particular grouping so I will be watching with Keen interest. (That is a reference to a trader named Keen from a few years ago on another forum who used W%R and Momentum and / or RSI to very good effect. I have always liked W%R and on the chart pkg you are using the inverse can be applied. That helps with visualizing.)

Lou

Lou,

I am using williams to show buying/selling poewr. But I am not yet sure how effective it will be. Looking at the charts above williams looks more effective durring an up trend.
I tried to get away from indacaters and just use e-wave and price structure with poor results.

we will see.


Dave

I thought you were having pretty good results with Fib retracements and projections !?

Lou

I was. Thats why Almost all of my system is based on fibo calculations.
fibo pivots
fibo bolli bands
8/13 ma cross are fibo #s


My current entry is just above the 38.2 fibo of the move up. As long as the price holds above 1.2000/09 range the trade remains viable.

The pivots show me where the trade turns the other direction. I didn't have that befor and would get caught in the wrong direction.

Dave

I went ahead and entered at 1.2024. Same s/l

Dave

Here is a chart on my current position.

I circled the indacaters that confirm trade direction


edit:Target 1.2070....This should find resistance at 1.2076

Dave

edit: 55/89's are about to cross, 8/13 and TSI are bouncing off signal lines, price is bouncing off middle bolli.

1.2052 currently
1.2042/44 resistancs is broke.

Hi Dave. Received an e-mail from you responding to my post. You wrote that one can trade tops and bottoms, and I know successful traders who do. Others say it can't be done consistently. What I've noticed with my posts thus far at forex journal thread, is that no one has a lock on the right way to trade. Everything I've posted has had a counter view. I'm not surprised. So I read everything out there, and sift it through my experience as a trader, use what feels right, let the rest go.

You write "Very few novice day traders keep an eye on the weekly/monthly trends. I suppose this must be true. Must be true, or there wouldn't be quite so many losers. "When those time frames meet with fibos/trend lines support/resistance, they hold more significance." Yes, I agree. When the weekly trend meets a trend line or significant fibo there will be at least a temporary top or bottom on the intrady charts." I'll look at that more closely. Thanks. "Doji on the daily is a great reversal signal." Good stuff, I agree here too, you've done your homework.

I agree that you don't have to get into forex trading with a big pile of dough, with the object of making a ton of money fast. Like you know something to fast millions everyone else doesn't. Usually that doesn't work out, I've been there, even the great traders lost big money in the beginning, had to start all over, humbled. Me too, with much smaller stake. But that was a good thing, as I've written, it taught me the discipline I needed, patience.

Thanks for your response. Nice to have you on board.

Greg Wilson

Hey Greg thanks for your responce to my post.



On my current trade......The dollar index dropped today and oil went up. The eur should have gaind ground against the dollar, but I don't know why it didn't.


The price is currently below the new days pivot(1.2025 range.) The pivot yesterday was 1.2010. So therefor since the pivot went up my bias will remain up for now. I noticed in the past few trend changes there is a day or 2 where the price either consilidates or wipsaws befor the move.

The new days pivot has to be lower than the previouse days pivot for me to turn bias to down. and vica-versa

and just as I stated yesterday I am confortable as long as the price remains above 1.2000

Dave

Have you noticed over the past 3 to 5 months how resilient the dollar is? The overall trend for this pair when looking at the long haul has been generally up since around November. But up very grudgingly. The USD seems to be able to absorb bad news and to jump quickly at favorable news.

Lou

Thanks Lou for putting it that way. I tend to view my pair with blinders on. That explains alot. Your right. its kinda like a sideways trend with a slight upwards angle.Or even a large scale wipsaw action.


More likely on the e-wave note: its probly a complex a,b,c formation on the weekly charts. This would take months to form and would seem to do strange things.

This gives me a slightly different way to look at the higher time charts.

Dave

And what to do now. "Let my losses run"? It is only a loss when I take it. So right now I have a couple of losing positions. Down but not out. How low can we go? I am thinking about lowering my SL overnight.

Lou

Good question.

it could go either way right now. Its like poised and ready to burst.

You could hedge the position and place s/l just out side thr current range and leave the orders open. I would be happy now to just break even on this though.

But I am letting it ride. My s/l just barly accomidated that poke below 1.2000. Hopfully we'll get a bounce and a chance to exit.

Dave

edit: a sustained break below 1.2000 is need to change market sediment. Is news due tomarrow?

here is a chart on the curremt position.

Dave