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  • #81
  • Jun 1, 2011 2:11am Jun 1, 2011 2:11am
Long GBP/USD at round number support. The initial stop is 7 pips. First part closed at +3p, 2nd part at +8p. Stop moved to BE and with the last part of the position will try to participate in a short squeeze.
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  • #82
  • Jun 1, 2011 4:04am Jun 1, 2011 4:04am
Another attempt to catch a price move i today's choppy market. Ste from 50 EMA. 1st part at +4, 2nd part at +3, the rest is left with stop at -3.
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  • #83
  • Jun 1, 2011 1:04pm Jun 1, 2011 1:04pm
hi srmfx,perfect calls on levels today,look how price cascaded after hitting the touch on the barrier,i whatch 14 pairs to see were the money is moving,everything was strong negative apart from euro,thanks for your insight ,spot on,euro could only go one way from ther,
regards
william
  • #84
  • Jun 1, 2011 10:29pm Jun 1, 2011 10:29pm
This morning the central pivot point is capping EUR/USD but my sell levels are 1.4385 and 1.4400. Buy levels are 1.4325 and 1.4300. I will open positions around these levels only if the price action confirms the signal.
  • #85
  • Jun 1, 2011 11:50pm Jun 1, 2011 11:50pm
STE buy at 50 EMA with initial stop of 5.5 pips. First part closed at +5.3, second at +10.3, the rest of the position is left with stop at BE.
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  • #86
  • Jun 2, 2011 12:30am Jun 2, 2011 12:30am
EURUSD is choppy again and the stop of the last part of the position is hit at BE.
  • #87
  • Jun 2, 2011 12:46am Jun 2, 2011 12:46am
Quoting srmfx
This morning the central pivot point is capping EUR/USD but my sell levels are 1.4385 and 1.4400. Buy levels are 1.4325 and 1.4300. I will open positions around these levels only if the price action confirms the signal.

yes, that's looks good, the 1.44 is a BRN, 61.8% from last down move and nice S/r level the last two days.

will trade that level little more heavy :-)
  • #88
  • Jun 2, 2011 2:05am Jun 2, 2011 2:05am
Quoting srmfx
You are right about the 1.4440. There is a barrier at 1.4450 and it should be protected. My long entry this morning was made with the idea that this barrier should be attacked. I didn't like the PA and missed the sort position.
The other level 1.4400 is round number and the swing low on 15M is 1.4402. I think that someone is trying to move EURUSD up in the last few days despite all the bad news from Greece and I prefer to trade from the long side. The news that IMO will not pay 5th tranche to Greece made the chart a little messy.
Hello,

How do you know there is a barrier at 1.4450? Are barriers published somewhere and do they exist for all currencies? Can you find out when they expire etc etc? A calendar perhaps?

With thanks,
  • #89
  • Jun 2, 2011 3:13am Jun 2, 2011 3:13am
Quoting 4Xfactor
Hello,

How do you know there is a barrier at 1.4450? Are barriers published somewhere and do they exist for all currencies? Can you find out when they expire etc etc? A calendar perhaps?

With thanks,
You can find info about barriers, options expirations and levels with big orders from most of the agencies providing market news. I follow MNI, DJ Neswires, 4CAST. I also watch CNBC.

My morning position could make 100 pips profit if it was not stopped for less than a pip. The market is choppy in the last days and I will modify a little mi position management strategy.
  • #90
  • Jun 2, 2011 4:21am Jun 2, 2011 4:21am
SRMFX

Interesting thread, thanks.

Are you entering with "limit" orders ?
  • #91
  • Jun 2, 2011 4:26am Jun 2, 2011 4:26am
Quoting bapxyz
SRMFX

Interesting thread, thanks.

Are you entering with "limit" orders ?
I open positions with market orders because I watch the quotes for fine tunning the entry.
  • #92
  • Jun 2, 2011 4:40am Jun 2, 2011 4:40am
Wow
There is a skill I have yet too acquire.
If I watch that level 2 screen more than a minute or two I literally get sick to my stomach.
  • #93
  • Jun 2, 2011 5:11am Jun 2, 2011 5:11am
Quoting bapxyz
Wow
There is a skill I have yet too acquire.
If I watch that level 2 screen more than a minute or two I literally get sick to my stomach.
I don't watch the L2. I watch the quotes of my broker and 2 others.
  • #94
  • Jun 2, 2011 10:15pm Jun 2, 2011 10:15pm
Today at 12:30 GMT will be released the US employment report. Probably the market will be quiet and I don't expect to a lot of treading opportunities. I wil watch for STE in the direction of the initial reaction after the numbers are released. One of the things a trader must learn is when to stay on the sidelines. This is the most difficult part.
  • #95
  • Jun 2, 2011 11:08pm Jun 2, 2011 11:08pm
Quoting srmfx
I don't watch the L2. I watch the quotes of my broker and 2 others.
Sorry, I see you mentioned that back in post #50. I dislike when people come in a thread and don't read it b4 posting. I read it just slipped my mind.

Yes sometimes I will let a trade go buy my entry point because for some reason I think I will get a better entry on a slight retrace. Can't really say why, the price action just makes me feel that way. Although I just watch 1 broker.
  • #96
  • Jun 2, 2011 11:24pm Jun 2, 2011 11:24pm
Good morning srmfx,

thank you for sharing your way of trading, I have been reading your thread with interest. I like the way you drop down for lower risk entries once you have identified key levels - I do that similarly.

Here are some ideas that come to my mind, maybe you find time to explain more in depth :

a) I noticed your macd settings 1/20/9 - why this setting, have you tried others ? How do you use this ( possibly ) for confirmation of a setup ?

b) what exactly is a STE ? I know about early entries like the TTE by Ross. Could you possibly show a 1-2-3 entry example with the way you trade this differently than a TTE ? Doesn`t have to be 1min chart, just so I can understand the basic concept. Thanks a lot.

c) do you enter always with market orders one-click on Oanda ? I have read ( and find this validated ) that sell stop, buy stop order techniques are often used by pros instead, as you are adding liquidity to the market and not appearing officially as a typical " retail " trader.

Lastly, I do think that this method needs a lot of screentime and experience, but what is good about it are the tight stops and being content with many smaller gains of only a few pips ( they can add up )

Anyway, thanks for sharing, I am subscribed.




Good trading to all.


____________
michael
Be like water.
  • #97
  • Jun 2, 2011 11:39pm Jun 2, 2011 11:39pm
Quoting bapxyz
Sorry, I see you mentioned that back in post #50. I dislike when people come in a thread and don't read it b4 posting. I read it just slipped my mind.

Yes sometimes I will let a trade go buy my entry point because for some reason I think I will get a better entry on a slight retrace. Can't really say why, the price action just makes me feel that way. Although I just watch 1 broker.
I've published three books and I'm still teaching traders so I'm used to answer the same question a few times. This is normal and good for all the readers. Trading has simple rules but it is difficult to understand most of the them, so the repetition is one of the best learning techniques. I watch 3 brokers because the have different quote feeds. The forex market is not centralized like the stock exchange for example and the more quotes you see the better. It is almost impossible to explain exactly how I watch the quotes and use them as a filter but I'm working on a few videos.
  • #98
  • Jun 2, 2011 11:56pm Jun 2, 2011 11:56pm
Quoting msmarple
Good morning srmfx,

thank you for sharing your way of trading, I have been reading your thread with interest. I like the way you drop down for lower risk entries once you have identified key levels - I do that similarly.

Here are some ideas that come to my mind, maybe you find time to explain more in depth :

a) I noticed your macd settings 1/20/9 - why this setting, have you tried others ? How do you use this ( possibly ) for confirmation of a setup ?

b) what exactly is a STE ? I know about early entries like the TTE by Ross. Could...
Hi msmarple,
Today the market is slow so I have to time to answer questions. Actually every day I have a lot of time, because after 12 years I know exactly when i should watch the market and this saves time. Sometimes even it is boring to wait for the right set up.

a) With MACD 1/20/9 I measure the distance between the price and its 20 period EMA. When I buy the support or sell the resistance I prefer the previous price move to be exhausted. Also, when the big guys move the market, they make it in almost equal price swings.
b) STE is for Svetlin's Trick Entry. This is modified TTE. I open the position earlier but my stop is tighter.
c) I open my positions usually with market orders. Sometimes I use limit orders but only to control the slippage.
  • #99
  • Jun 2, 2011 11:58pm Jun 2, 2011 11:58pm
Quoting srmfx
It is almost impossible to explain exactly how I watch the quotes and use them as a filter but I'm working on a few videos.
So, you are staring at 1 min charts for prolonged period of time, just watching how price moves up and down? Is it what you do when you are "watching quotes"?
  • #100
  • Jun 3, 2011 12:03am Jun 3, 2011 12:03am
Quoting cash_machine
So, you are staring at 1 min charts for prolonged period of time, just watching how price moves up and down? Is it what you do when you are "watching quotes"?
I watch the quotes and 1 minute chart. You can see patterns in the quotes also. When the price jumps 20+ pips towards resistance and the quotes of all three brokers just stop I can sell.
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