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Following the big money

  • #101
  • Jun 3, 2011 12:10am Jun 3, 2011 12:10am
Quoting srmfx
I watch the quotes and 1 minute chart.
Oh, you mean you actually watch NUMBERS? wow.
  • #102
  • Jun 3, 2011 12:12am Jun 3, 2011 12:12am
Quoting srmfx
When I buy the support or sell the resistance I prefer the previous price move to be exhausted.
How do you know when previous price move is exhausted? Is it when you see pause in the movement? What do you mean by "when quotes stop"?
  • #103
  • Jun 3, 2011 1:04am Jun 3, 2011 1:04am
Quoting cash_machine
How do you know when previous price move is exhausted? Is it when you see pause in the movement? What do you mean by "when quotes stop"?
That's the tricky part. I wait for 20 pips straight movement for the EUR/USD and 25-30 pips for GBP/USD. The best set up is when the last 1 min candle is at least 10 pips. I also watch the MACD to measure the price swings. The quotes help me to fine tune the entry. Often I buy the bottom and sell the top of a price swing. This is scalping rather than swing, but depends on the level and the position management.
  • #104
  • Jun 3, 2011 2:06am Jun 3, 2011 2:06am
hi srmfx,

for traders wanting to see patterns on bid ask price,a good exercise to to start training your eye,

when theirs a rapid increase in price or decline,watch the the buy price if rising or sell price if selling,you will notice the pattern price will go 15411 hit 12 ,14,fill 12 then hit 15 ,16,17,15 ,18 ,then quickly come back to 14 or so,then much quicker will hit 19 ect,you will notice price jumps ,gaps the price will move 7 or so pips and come back and fill the gap before accelerating to make new highs,great for joining a trend and making 10 15 pips,but remember a trend on 1 min chart ,is exactly that .you cant see this movement on the chart.by watching these price moves you will start to see exhaustion of price,thats why srmfx enters with small risk,hes also aware the buying could start again and the pattern repeat.
sorry if this is a little jumbled but its hard to put into words
regards
william
  • #105
  • Jun 3, 2011 3:19am Jun 3, 2011 3:19am
Quoting diceman555
hi srmfx,

for traders wanting to see patterns on bid ask price,a good exercise to to start training your eye,

when theirs a rapid increase in price or decline,watch the the buy price if rising or sell price if selling,you will notice the pattern price will go 15411 hit 12 ,14,fill 12 then hit 15 ,16,17,15 ,18 ,then quickly come back to 14 or so,then much quicker will hit 19 ect,you will notice price jumps ,gaps the price will move 7 or so pips and come back and fill the gap before accelerating to make new highs,great for joining a trend and...
Hi William,
You tried to explain what I mean by watching the price and it is understandable for me. I also find it difficult to explain by words what I do. These quote jumps up and down are telling me more than anything else. For example if the price is going up with 4-6 ticks up followed by 1-2 down everything is OK. This means for me that someone big is building a long position and it will go on for a few more hours. Sometimes the price may go up but 2-3 ticks up will be followed by 1-2 down and the distance between the consecutive ticks would be 3-4 pips. This means for me that someone is trying to push the market up but is meeting strong resistance from sellers. Probably some videos will be more useful to explain what I mean exactly.
  • #106
  • Jun 3, 2011 3:22am Jun 3, 2011 3:22am
May be I should explain why I think that the quote reading is so important. Every other analysis tool (charts, technical indicators, etc.) is based on the quotes. If you learn to feel their moves you will have competitive advantage before the other traders. This is the reason I've spent so many hours watching the screen. Now I have the advantage to open my position earlier with a very small stop and try to participate in a price move supported by big money.
  • #107
  • Jun 3, 2011 4:15am Jun 3, 2011 4:15am
Quoting srmfx
That's the tricky part. I wait for 20 pips straight movement for the EUR/USD and 25-30 pips for GBP/USD. The best set up is when the last 1 min candle is at least 10 pips. I also watch the MACD to measure the price swings. The quotes help me to fine tune the entry. Often I buy the bottom and sell the top of a price swing. This is scalping rather than swing, but depends on the level and the position management.
Hi Srmfx - I like your title and many of your posts are so close to what I've been posting with Medici http://www.forexfactory.com/images/icons/icon12.gif

Attached is a little indy with an altert that may help people with these wider ranged candles - on the chart this morning its set at 5 pips just to show some action

Regards

Islander
Attached Image (click to enlarge)
Click to Enlarge Name: jne 3 eu 1m fo lo.gif Size: 23 KB
Attached File(s)
File Type: mq4 CandleSizeAlert.mq4   4 KB | 813 downloads
Trading Levels with WRBs
  • #108
  • Jun 3, 2011 4:22am Jun 3, 2011 4:22am
Quotes can tell you many things, but not everything. There are many more factors...
go go go
  • #109
  • Jun 3, 2011 4:24am Jun 3, 2011 4:24am
Quoting Islander
Hi Srmfx - I like your title and many of your posts are so close to what I've been posting with Medici
Attached is a little indy with an altert that may help people with these wider ranged candles - on the chart this morning its set at 5 pips just to show some action
Regards
Islander
Hi Islander,

Very useful custom indicator.
  • #110
  • Jun 3, 2011 4:26am Jun 3, 2011 4:26am
Quoting @40
Quotes can tell you many things, but not everything. There are many more factors...
Absolutely. I use the quotes as a tool for fine tunning of the entry. In today's markets you can't rely on only one indicator, set up or strategy. The rules of the game are changing constantly.
  • #111
  • Jun 4, 2011 3:50am Jun 4, 2011 3:50am
I don't trade during the US session and I've missed this trading opportunity.
Attached Image (click to enlarge)
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  • #112
  • Jun 4, 2011 4:18am Jun 4, 2011 4:18am
Very interesting posts on quotes and watching order flow - it seems as if you have found a way to watch order flow in FX, similar to futures but without the DOM.

Thanks for answering my questions.

@chart example : is this 1min - so you enter only once you have detected that a directional move by the BB has been initiated. Now I understand better how your tight stops work.

Great !



____________
michael
Be like water.
  • #113
  • Jun 4, 2011 7:18am Jun 4, 2011 7:18am
Quoting msmarple
Very interesting posts on quotes and watching order flow - it seems as if you have found a way to watch order flow in FX, similar to futures but without the DOM.

Thanks for answering my questions.

@chart example : is this 1min - so you enter only once you have detected that a directional move by the BB has been initiated. Now I understand better how your tight stops work.

Great !

____________
michael
I always use 1M charts to fine tune my entry. The EMA crossover gives me pretty good indication that a new directional move may be starting.
  • #114
  • Jun 4, 2011 3:52pm Jun 4, 2011 3:52pm
Quoting srmfx
I don't trade during the US session and I've missed this trading opportunity.

Thanks for all this great material srmfx. Your comments on quote watching have really got the old brain whirring.

On this chart, may I ask why you didn't consider shifting the stop under the swing low after the first entry point (but before the second)? I would probably have done this and got stopped out. Are there some guide lines you use in terms of which swings to consider for stop placement?

Thanks
  • #115
  • Jun 5, 2011 9:17am Jun 5, 2011 9:17am
Quoting Sutts
Thanks for all this great material srmfx. Your comments on quote watching have really got the old brain whirring.

On this chart, may I ask why you didn't consider shifting the stop under the swing low after the first entry point (but before the second)? I would probably have done this and got stopped out. Are there some guide lines you use in terms of which swings to consider for stop placement?

Thanks

For long position I move the stop below swing lows at 1M charts when the swing high is broken. The opposite if true for shot positions.
  • #116
  • Jun 5, 2011 5:22pm Jun 5, 2011 5:22pm
Quoting srmfx
GBP/USD 2B.
Hi srmfx, in post #56, what did you mean by "GBP/USD 2B"?
  • #117
  • Jun 5, 2011 10:00pm Jun 5, 2011 10:00pm
Quoting cash_machine
Hi srmfx, in post #56, what did you mean by "GBP/USD 2B"?
2B is a trading strategy. If a new hi/lo is made and the price goes back below/above the previous one a position is open in the opposite direction of the prior price move. The stop is placed above/below the new hi/lo.
  • #118
  • Jun 5, 2011 10:38pm Jun 5, 2011 10:38pm
srmfx, what is your average leverage?
  • #119
  • Jun 5, 2011 11:15pm Jun 5, 2011 11:15pm
Quoting cash_machine
srmfx, what is your average leverage?
It depends on the set up, but I prefer less risk.
  • #120
  • Jun 5, 2011 11:21pm Jun 5, 2011 11:21pm
Quoting srmfx
It depends on the set up, but I prefer less risk.
How much is "less risk"? For example, leverage 5:1 - is it a lot of risk or not?
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