Charts Heads-up for Pro Forex Trading Chat Room

Free Chat Room starting Monday 7th November 2011 0815am gmt onwards

As Trading from a home office in isolation can be a lonely business I am starting a Free voice chat room. Just to be clear I have no plans whatsoever to charge for this at any time - as far as I am concerned it will always be free. I will see what interest there is in it and wether it is worth continuing, ie wether it fulfills a need for both me and others.

I aim for it to be a constructive, friendly, fun, useful, and business like place and hope that the commentary/chat I and hopefully others provide fulfills these aims. Some may choose to give Buy and Sell calls and if they do I hope they explain why for each one...but I prefer to talk about and give a heads-up on the elements listed below, so that others can make their own minds up on when to enter the market:

a. Price action (both individual price action candles/candle combinations -and wether bullish or bearish) -and- overall price action - ie whether instrument is trending or ranging on each respective time frame of interest and if that changes/may be changing.
b. Potential set-ups developing and developed.
c. Potential pre-identified support/resistance - ie: levels to watch for and why.
d. Upcoming fundie data releases and most likely effects
e. Etc...

Feel free to discuss any instrument/pairing you choose and also please support the chat by posting charts in this thread as I will do and refer to them in the chat room.

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For those that don't know - I am an intraday trader and I mainly trade gbpusd looking for repeating indicator/price action based set-ups @ pre-identified potential support/resistance/rbs/sbr - these make up my own trading edge that I have traded for over 7 years, refining the edge as I became more experienced.

I won't reveal every detail of my own trading edge-it is proprietary but I am happy to discuss the elements that it comprises, and for for those that have read my postings in the Cable thread here at Forex Factory they will know that it's guiding principle is confluence and that I developed the trading edge to be hi-probability.

Attached to this post is a truncated version of the transcript of a talk I was invited to give to the members of the Trade2Win.com community in January of this year and this may be useful to some in understanding the principle of confluence and what a trading edge is and is not. It also discusses the tehnical analysis that makes up my own trading edge and makes the case for a hi-probability trading edge over that with a lower probability.

I trade a 3 t/f methodology, 1min-5min-30min and if that doesn't set-up I look at 3min-15min-1hr whereby (and using the 1-5-30min combo as the example) 1min is the shortest trigger t/f, 5min is the intermediate t/f and 30min is the longest trend t/f.

I trade with and against any trend that may be present on both the intermediate and longest- trend t/f's. Trading against trend involves looking for repeating bullish or bearish divergence based set-ups and PA triggers @ pre-identified potential supp/res/sbr/rbs. Trading with trend involves looking for pullbacks to previous support (potential sbr) in a downtrend, and previous resistance (potential rbs) in an uptrend and looking for repeating hidden divergence based set-ups and PA triggers to get with trend again after the pullback @ that potential rbs/sbr - ie a higher probability methodology applied to the general ' buy the dip/sell the rally ' technique in an up/down trend respectively.

I also trade purely PA set-ups and along with everything else mentioned above, you may hear me refer to these in the chat room and give a heads-up.
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I will open the chat room using the free Paltalk software. If you do not have it installed you can download it here. ; http://www.paltalk.com You can join Paltalk and create a username.

The chat room is called Pro Forex Trading and you can access it (when the room is open) by logging into paltalk and finding it via the ' View All ' Chatrooms at the bottom of the welcome screen/app...then look in the Business & Finance section > Day Traders - Stocks and Bonds and it will be listed there > double click on the room title to open it. Alternatively (when it is open) you can access it thru this link: http://express.paltalk.com/index.html?gid=1423217338

The room is text and audio (voice) and my preference is for audio as it is more 'realtime,' but feel free to use one or both. You can PM (private message) other users in the chat room by right clicking on their username. There are also a lot of other functions in paltalk.

The room will be open by 0815 am each day London time. To talk simply hold down the CTRL key on your keyboard and release it when you have finished talking.

I hope it will prove useful for anyone that wants to take part.

Thanks bbmac for this good add on , FF doing it soon ?
Hope see what others doing in real time in the spare time .
Congratualtion for new thing here .
fontu

Brilliant, innovative and egalitarian use of space... i look forward to watching and listening. Thanks bbmac.
G/L

... thought about the same thing quite some time ago.

Although I had Mirc in mind - A dedicated channel. More-so a dedicated channel for each currency pair. I suppose your take is more web based..

Pm me if your interested. Nonetheless I'll still check out paltalk.

Thank you - this is a great idea and I shall be there. Hopefully lots of others will join and make this room a great success.

price action ，trend line ，support and resistance .this is my way to trade .

Looking forward to a start next Monday 7th November.

Meanwhile interesting looking 4hr chart re BOJ intervention and pullback:

G/L

6151 tops the upside for now....Weekly S1 / 38.2% 5681- said 6151 is the pullback lo so far (5964) following the pullback off 6151...Current 4hr near-term screenshot is as follows:

5951 is also 76.4% 5890-6151, Daily S2 is @ 5879 and 5801-5795 houses Daily S3 and Weekly S2 respectively.

To the upside - @ and above Friday's/last week's 6151 Hi:

6141-51 prev 1hr/4hr/minor daily swing hi zone
6163-6206 prev 4hr sw hi zone incl 6173 = 76.4% 6454-5270, 6175 = Daily R1 @/around, and 6181=61.8% 6746-5270
6229-6253 previous minor 4hr swing hi zone incl 6224=Weekly R1 @/around
6240-77 prev daily swing lo zone (non-immed) incl 6251 = Daily R2 @/around
6300 76.4% 6617-5270
6319 Weekly R2 @/around
6321-33 previous minor 4hr swing hi zone
6361 Daily R3 @/around
6397 76.4% 6746-5270
6423-53 previous 4hr/daily previous swing lo/hi zone
6486 Weekly R3 @/around

G/L

hello bbmac,
i think this is a good thing.
i would really like if you realize it and let me come in!

just for my experience with chatrooms in the past, imo would be good if you give some rules:
for example pairs traded because could become a bit confusing if 20-30 (or more) people talk about 15 (or more) different pairs.
and also good rules to avoid "scammers", signals (people who come in to say "buy this" or "sell that") etc...

Yeh I agree, that is my experience too...I will moderate it and invite/ask for more moderaters if it takes off...

G/L

Just so every one is clear if I post a chart of whatever t/f showing potential support/resistance factors the colour key is as decsribed under:

G/L

Nice.
Just out of curiousity, will it be voice based or type based?

The chat room is text and audio...I prefer audio (it is more realtime) but will I use the text to post a link to any charts I post here @ ff.com ie use the text to support the audio discussion, but it's entirely up to you.

G/L

this sounds interesting and as it is being started by a good member here I reckon its likely to work out, good on you BBMac.

Honing into 1hr t/f re gbpusd...price bounced @ 5964 (weekly s1 and 38.2% 5681-6151) and has since found supply @/around 6047....plenty of fibs of the main 4hr/daily swings from and including 5270 (current yearly lo) to 6151 below as well as the previous swing hi/lo zones (potential rbs/support,) Eurusd pretty bearish too today so far.

4hr has printed a L below the last 2 x HL's of it's uptrend at that 5964 current daily Lo.

Current Near-term 1hr screenshot as below:

G/L

If it's audio based, I mean won't the room be kinda lousy with everyone trying to say something and pour out their opinions at the same time? unlike text???

We'll see how it goes, that's all we can do...I doubt it will descend into chaos though as the software automatically puts you in a queue in the improbable event that there are more than 1 waiting to speak when someone else is speaking so you get your turn. I guess foilk will use whatever suits them - text or audio.

G/L

Quite a week re known event risks in the form of upcoming fundie data releases. Fisrt 2 ''main' ones for the £ tomorrow...this is how forexcrunch.com sees them:

 

1. GDP: Tuesday, 9:30. This is the first release of GDP for the third quarter of 2011. There is a good chance that Britain’s economy contracted. In Q2, the economy grew by only 0.1%. It followed two quarters of an equal growth and contraction at the same scales of 0.5%. If the economy stalled or contracted, the pound is likely to take a hit. A rise of above 0.2% will be good enough for rises.
2. Manufacturing PMI: Tuesday, 9:30. This is usually an important indicator that has a strong impact on the pound, but this time it is overshadowed by the GDP release. Britain’s manufacturing sector returned to grow last month with a PMI of 51.1 points, above the 50 point mark. This came after two months

G/L

Awesome idea! Yea trading at home alone does get a bit lonely at times, and i do like a good discussion prior to some certain position-taking. Waiting for next Monday!

Good luck!

Great idea! Trading is a lonely business and would be nice to be able to share views with other traders in real time. Sure beats having to keep re-freshing the page. Dont even need a gazillion traders, just even a few attending would be great.