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  • #10,661
  • Feb 6, 2012 6:07am Feb 6, 2012 6:07am
Quoting stulic
Top of the hour definitely the most profitable time to scalp if position was entered 10-15 minutes earlier, would never hold big scalps for longer then 10-15 minutes past full hour either, usually the best time to reverse
Minute 6-8 of the hour is a good time to fade
  • #10,662
  • Feb 6, 2012 7:51am Feb 6, 2012 7:51am
Im back guys, exactly as I thought range play. NY could accelerate it down to 3025 first. 3080 is resistance now. Target remains the same 2980
  • #10,663
  • Feb 6, 2012 7:54am Feb 6, 2012 7:54am
Stop loss placement needs to be covered in Forex highlights...No time to explain it now as there are several approaches that matter. Its not the same for bar/candlesticks pattern naked w or w/o pivot points and range bars. All approaches are different.
  • #10,664
  • Feb 6, 2012 7:57am Feb 6, 2012 7:57am
Quoting stulic
Never understood why tho, could it be because futures options expiring or automated high volume algorithm trading bots entering/exiting positions, or something else?
I presume its the bots.
  • #10,665
  • Feb 6, 2012 8:18am Feb 6, 2012 8:18am
Quoting T@rantula
I presume its the bots.
Hey T. Not just the bots I reckon, also manual traders. Market is driven by people. People like to fit everything into nice neat little orderly constructs. The world as a whole may not see any significance that the hour on our clocks is about to end, but people sure do. Also, many people watch 1H charts so many are reacting to close.
  • #10,666
  • Feb 6, 2012 8:24am Feb 6, 2012 8:24am
Quoting Agro
Hey T. Not just the bots I reckon, also manual traders. Market is driven by people. People like to fit everything into nice neat little orderly constructs. The world as a whole may not see any significance that the hour on our clocks is about to end, but people sure do. Also, many people watch 1H charts so many are reacting to close.
Yes but liquidity/volatility providers are not us...Its banks, hedge funds, CBS,and institutional traders. As you know Forex is NOT centralized market so neglect volumes..no volume in forex...i have written about that many times before.

Big banks are mostly using automated bots.
  • #10,667
  • Feb 6, 2012 8:57am Feb 6, 2012 8:57am
Quoting T@rantula
Yes but liquidity/volatility providers are not us...Its banks, hedge funds, CBS,and institutional traders. As you know Forex is NOT centralized market so neglect volumes..no volume in forex...i have written about that many times before.

Big banks are mostly using automated bots.
Yeah man, never said anything about volume. Most of the liquidity is provided by the entities you outlined, but this does not mean the bots are in control. Banks in particular direct a huge amount of liquidity to market making functions, which would generally be bots but are not directional trading so their impact on the market kind of cancels itself out. They are just earning the spread or sometimes not earning anything, just simply there to make a market and don't control direction. Many hedge funds and banks have large trading desks full of manual traders. Hedge funds use entry algos to accumulate positions but these are triggered manually. Also, don't underestimate the power of large leveraged traders
  • #10,668
  • Feb 6, 2012 9:27am Feb 6, 2012 9:27am
Quoting T@rantula
Im back guys, exactly as I thought range play. NY could accelerate it down to 3025 first. 3080 is resistance now. Target remains the same 2980
Back to 3070 after 3026 has been touched.Next 30 mins we will see if it is profit taking or not. Market is not willing to accept a total breakdown of 3050 level.
  • #10,669
  • Feb 6, 2012 9:42am Feb 6, 2012 9:42am
Watch the resistance. As i said 3080. This you wont hear anywhere else:

80s and 20s are natural s/r levels!

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  • #10,670
  • Feb 6, 2012 10:07am Feb 6, 2012 10:07am
3080 broken, NFP Monday not respecting the first part of London session. Next 3115 will be touched.
  • #10,671
  • Feb 6, 2012 10:07am Feb 6, 2012 10:07am
Hello
Just back home
My view the same
Quoting egkid
In my smaller TF show 3135 as magneto point= will b touch over and over
I long@3040 now 70++ and will not close yet
  • #10,672
  • Feb 6, 2012 10:10am Feb 6, 2012 10:10am
Quoting T@rantula
3080 broken, NFP Monday not respecting the first part of London session. Next 3115 will be touched.
LOL, it was faster then i thought. 3115 touched. How did i know? It was stop collecting. Stops were presumably placed 10 pips above 3081 last HH ( that is 3091). Intraday traders who still held shorts were killed and that was MOMENTUM move. Usually price jumps to 3110-3120.

Attached Image
  • #10,673
  • Feb 6, 2012 10:14am Feb 6, 2012 10:14am
Quoting egkid
Hello
Just back home
My view the same

I long@3040 now 70++ and will not close yet
Well done m8!!
  • #10,674
  • Feb 6, 2012 10:27am Feb 6, 2012 10:27am
I did not make any money with my shorts this morning (because I wasn't behind comp and had my target at 1.30... even managed to lose 28 pips
((((

I opened a long at 1.3060 on retest of DS1 (I know this comes after the fact- still open... Large momentum candle, planning to keep it open, SL @ BE - target as per my chart of Friday...


Egkid, well done for your trade at 1.304 - you have some balls m8





Quoting T@rantula
Watch the resistance. As i said 3080. This you wont hear anywhere else:

80s and 20s are natural s/r levels!

Attachment
  • #10,675
  • Feb 6, 2012 10:28am Feb 6, 2012 10:28am
I hope this is it and it breaks 1.32 now....
Quoting T@rantula
LOL, it was faster then i thought. 3115 touched. How did i know? It was stop collecting. Stops were presumably placed 10 pips above 3081 last HH ( that is 3091). Intraday traders who still held shorts were killed and that was MOMENTUM move. Usually price jumps to 3110-3120.

Attachment
  • #10,676
  • Feb 6, 2012 10:53am Feb 6, 2012 10:53am
Quoting T@rantula
Watch the resistance. As i said 3080. This you wont hear anywhere else:

80s and 20s are natural s/r levels!

Attachment
I read somewhere EU has 20 pips moves (or multiples of) and loves the 00, 20, 60 and 80 numbers.
  • #10,677
  • Feb 6, 2012 11:00am Feb 6, 2012 11:00am
Quoting T@rantula
Well done m8!!
Thanks , 3135 just touched
  • #10,678
  • Feb 6, 2012 11:07am Feb 6, 2012 11:07am
Quoting BrunargarFx
I did not make any money with my shorts this morning (because I wasn't behind comp and had my target at 1.30... even managed to lose 28 pips
((((

I opened a long at 1.3060 on retest of DS1 (I know this comes after the fact- still open... Large momentum candle, planning to keep it open, SL @ BE - target as per my chart of Friday...


Egkid, well done for your trade at 1.304 - you have some balls m8
Sorry for that but I'm sure you will get +++ tomorrow bro
U know Life
Catch u tomorrow must go now , will post when my daily close
  • #10,679
  • Feb 6, 2012 11:08am Feb 6, 2012 11:08am
all the best Egkid
Quoting egkid
Sorry for that but I'm sure you will get +++ tomorrow bro
U know Life
Catch u tomorrow must go now , will post when my daily close
  • #10,680
  • Feb 6, 2012 11:17am Feb 6, 2012 11:17am
My median line analysis is herlading a strong reversal to take place. The solid black line will be very difficult to break given the fact that it has held motion very strongly in the past, and it broke recently. its not a easy level to penetrate upwards, and there are more chances that we will be gravitating downwards towards the red line.
Attached Image (click to enlarge)
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