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  • #41
  • May 31, 2011 1:41am May 31, 2011 1:41am
Stop moved to +0.5 pips.
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  • #42
  • May 31, 2011 1:41am May 31, 2011 1:41am
thanks for starting this wonderful thread. The ideology is strikingly similar to that of Niceguy ridiculous thread.
it would be great to hear from another market expert!
  • #43
  • May 31, 2011 1:48am May 31, 2011 1:48am
The stop of the last part of the position was hit. I'm waiting for the next set up.
  • #44
  • May 31, 2011 1:53am May 31, 2011 1:53am
srmfx,

ok you are also using the bid ask price for entry,id say the most useful tool we have available to us,and i agree you can get your price almost to the pip,ive said many times that watching bid ask price tells you far more than any chart,combine that with charts at key levels with bias from overall money flow and pips away.

regards
william
  • #45
  • May 31, 2011 2:09am May 31, 2011 2:09am
Quoting diceman555
srmfx,

ok you are also using the bid ask price for entry,id say the most useful tool we have available to us,and i agree you can get your price almost to the pip,ive said many times that watching bid ask price tells you far more than any chart,combine that with charts at key levels with bias from overall money flow and pips away.

regards
william
If you have enough experience, the price is the best indicator and is leading all the others. Of course this requires a lot of screen time.
  • #46
  • May 31, 2011 2:14am May 31, 2011 2:14am
Quoting Kt100
thanks for starting this wonderful thread. The ideology is strikingly similar to that of Niceguy ridiculous thread.
it would be great to hear from another market expert!
His trading style is similar, but he uses larger stops
  • #47
  • May 31, 2011 2:30am May 31, 2011 2:30am
Quoting srmfx
By tape reading I mean actually reading the quotes. As you can see I watch the quotes from 3 different brokers. I can't explain how exactly how I do this. It's just a lot of screen time and experience, but when the quotes stops at a support or resistance level, this tape reading often allows my to by on the top or sell at the bottom.

Interesting stuff srmfx. Does the technique involve watching the widening or narrowing of the spread at key levels or is it more the rapid jumping in price caused by large orders hitting the tape? I get some value from the latter technique.

May I ask why you watch quotes from 3 brokers please? I would have thought the threat of arbitration keeps the quotes more or less in line.

Thanks
  • #48
  • May 31, 2011 2:32am May 31, 2011 2:32am
Quoting diceman555
hi sutts,

please excuse me for my thoughts on entries regarding correlated instruments,i believe they give a bias on direction ,but with regard to scalping at such intensity a bias only,having said that ,there are some opportunities that...

Thanks for the tip William
  • #49
  • May 31, 2011 2:35am May 31, 2011 2:35am
Quoting diceman555
srmfx,

ok you are also using the bid ask price for entry,id say the most useful tool we have available to us,and i agree you can get your price almost to the pip,ive said many times that watching bid ask price tells you far more than any chart,combine that with charts at key levels with bias from overall money flow and pips away.

regards
william
In what way are you watching bid ask price William? Changes in the spread or the speed of change or stalling perhaps?
  • #50
  • May 31, 2011 3:01am May 31, 2011 3:01am
Quoting Sutts
Interesting stuff srmfx. Does the technique involve watching the widening or narrowing of the spread at key levels or is it more the rapid jumping in price caused by large orders hitting the tape? I get some value from the latter technique.
May I ask why you watch quotes from 3 brokers please? I would have thought the threat of arbitration keeps the quotes more or less in line.
Thanks
I don't watch the spread. One of the brokers is fast, the other one is slow and my broker is between them. It is very difficult for me to explain what exactly I look for in the quote reading. All this happens at subconscious level. It is like pictures saved in my mind. When I see the right picture I pull the trigger.
  • #51
  • May 31, 2011 3:12am May 31, 2011 3:12am
Quoting srmfx
I don't watch the spread. One of the brokers is fast, the other one is slow and my broker is between them. It is very difficult for me to explain what exactly I look for in the quote reading. All this happens at subconscious level. It is like pictures saved in my mind. When I see the right picture I pull the trigger.
No worries, I'll have to try staring at quotes for a while!
  • #52
  • May 31, 2011 4:46am May 31, 2011 4:46am
Quoting Sutts
No worries, I'll have to try staring at quotes for a while!
May be I should make some videos to show how interpret the price action.
I also read the new to see who is buying and where the orders are placed. One of my favorite strategies is to fade the price move after stop gunning.
  • #53
  • May 31, 2011 5:02am May 31, 2011 5:02am
Quoting srmfx
May be I should make some videos to show how interpret the price action.
I also read the new to see who is buying and where the orders are placed. One of my favorite strategies is to fade the price move after stop gunning.
That would be fantastic if you get the time, cheers
  • #54
  • May 31, 2011 5:27am May 31, 2011 5:27am
The EUR/USD looks tired. Another attempt to catch downside move with STE at the 50 EMA. After 6-7 minutes I've closed 2/3rds of the position for 1-2 pips profit. I'll move the stop to BE if the pair breaks below the figure. Yesterday was e holiday for UK and US and today is the last day of the month. You can't expect a lot of good set ups in such environment.
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  • #55
  • May 31, 2011 5:32am May 31, 2011 5:32am
I moved the stop to BE. I'll follow the big money by moving my stop order above th swing highs at 1M chart.
  • #56
  • May 31, 2011 6:00am May 31, 2011 6:00am
GBP/USD 2B.
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  • #57
  • May 31, 2011 6:20am May 31, 2011 6:20am
Both stops hit @ +4-5 pips.
  • #58
  • May 31, 2011 6:34am May 31, 2011 6:34am
Quoting srmfx
Both stops hit @ +4-5 pips.
Thanks for posting your progress. I'm finding it hard today...lots of hesitation.
  • #59
  • May 31, 2011 6:55am May 31, 2011 6:55am
Quoting Sutts
Thanks for posting your progress. I'm finding it hard today...lots of hesitation.
In the last day of the month a lot of orders in both ways are filled and the market is difficult to trade. With my trading style I try to enter at the beginning of the price move with low risk. That is why sometimes my stops are hit for small profit.
  • #60
  • May 31, 2011 7:02am May 31, 2011 7:02am
hi sutts,
in answer to your question regarding bid ask price was answered as i would have,by srmfx i also see patterns of price,i think srmfx will go further on this later and afterall its his thread.but im in a short on eu now from 06 and price has hit a congestion zone with some support at 75 level .price steady around 80 ,83.this area is interesting area to watch quotes ,as orders are somwhat in agreement,look for which way price needs to go to fillthere will be a patern develop.

sorry srmfx im not trying to take over your thread ,i just really enjoy this style of trading

regards
william
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