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what ive been doing

  • #1
  • First Post: May 12, 2006 2:12am May 12, 2006 2:12am
Im by no means a chartist like so many of you on here, but Ive learned some new techniques from this site that I have added to my own trading style..so thanks. ANyhow, I figure Id post what Ive done since the market pschcology has turned negative against the $......for now.

On a 30 minute chart, I created an EMA tunnel with (144, 169, 12) periods. I believe I got those numbers from your vegas method. Every time the tunnel is hit, I initiate a trade against the $. I by no means strictly use the charts, but Ive added it to my general over all analysis of the trade before I make it. Im taking money off the table as the trade approaches a resistance or support level. Im also changing my stops as I see fit.

If there is economic news that comes out that is a catalyst to change the market pschology once again, I will throw this method out of the window, and wait for a period of consolidation again before using this system, except I would be using it to buy the $.

Trades:

USD/JPY Sell 111.20 closed position at 110.50
EUR/USD Buy 1.2725 position still on
GBP/USD BUY 1.8560 closed position at 1.8775

This all could be 3 lucky trades, I dont know..but I figure Ill just pass it all on.


-Nick
  • #2
  • May 12, 2006 3:24am May 12, 2006 3:24am
Moved my stop to 1.2875 on EUR/USD. Need some sleep. lol
  • #3
  • May 12, 2006 3:39am May 12, 2006 3:39am
Sometime before the trade deficit announcement tomorrow morning, I will initiate a trade to sell the $ against JPY. I feel pretty confident that we will have a report that shows a wider then expected trade deficit. Where I initiate the trade from will depend on where it is sitting in a few hours. If Im wrong, and the trade deficit miraculously shrank considerably, i will have no problem in reversing my trade. If the price action doesnt make sense to me and my interpretation is that the market is confused, Ill cash out my trades and sit on the side lines until I see the trend form.
  • #4
  • May 12, 2006 6:25am May 12, 2006 6:25am
Hi svtnick,

So I just have a couple of questions... I wrote them on this chart... I like your idea here... thanks scott
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  • #5
  • Edited 11:53am May 12, 2006 7:55am | Edited 11:53am
Im currently on the side lines.. Price action is all over the place. Seems that people started to sell the dollar off the brief dip in preperation of the mich. sentiment numbers...well..that how I see it anyway...just an opinion.

Scott..ill post my graph later on.
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  • #6
  • May 12, 2006 8:09am May 12, 2006 8:09am
If you would like, I would be happy to delete my postS, so it does not clutter your journal... thanks Scott



Quoting svtnick
Im currently on the side lines.. Price action is all over the place. Seems that people started to sell the dollar off the brief dip in preperation of the mich. sentiment numbers...well..that how I see it anyway...just an opinion.

Scott..ill post my graph later on.
  • #7
  • May 12, 2006 8:11am May 12, 2006 8:11am
Scott..your all good. I prefer to see comments and questions.
  • #8
  • May 12, 2006 8:27am May 12, 2006 8:27am
Im currently scalping GBP on the 5 minute chart. price action seems to be predictable between 1.8990 and 1.8915. Im only taking $ negative positions...meaning buying GBP/USD.

So far made 200 pips.
  • #9
  • May 12, 2006 9:32am May 12, 2006 9:32am
Final scalping total is 172 pips.
  • #10
  • May 12, 2006 9:44am May 12, 2006 9:44am
Trade went against me..lost another 46 pips..now up only 130 or so...i think im done.
  • #11
  • May 12, 2006 10:03am May 12, 2006 10:03am
Scalping in FOREX can get reckless. I think Im going to stick to setting up my trades.
  • #12
  • Edited 11:50am May 12, 2006 11:16am | Edited 11:50am
Getting close to initiate a trade on JPY. Im aiming to initiate a trade some where between 110.75 and 111 . Must check all my fundamentals first. See what the BOJ is thinking etc....
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  • #13
  • Edited 11:49am May 12, 2006 11:28am | Edited 11:49am
AUD/USD is thru the tunnel..waiting for the 12 ema to catch up and reverse slope. Again, a check of the news and all the fundamentals before making the trade. AS I recall, when I was in Brisbane a few weeks ago, they put up rates...so Im sure a strong Aussis dollar vs the USD is a continuing trend...for now. I need to remember though that the $ sentiment can change at any time....
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  • #14
  • Edited 11:48am May 12, 2006 11:35am | Edited 11:48am
USD/CAD is also thru the tunnel..as is the 12 ema..waiting for the slope to change before thinking of initiating a position. Looks like Ive been looking at the wrong pairs today if I was looking for a real $ buying rally.
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  • #15
  • May 12, 2006 3:21pm May 12, 2006 3:21pm
LOL..of course I take a long lunch and missed a few good opportunities towards the close....lol
  • #16
  • May 12, 2006 3:59pm May 12, 2006 3:59pm
Quoting svtnick
Final scalping total is 172 pips.
Ok. I want to know how you do this. Do you stay in front of PC all day or what? I've tried to do this myself but no luck. Now I just swing trade them.

Johnny
JohnnyPhoenix He who controls the SPICE controls the Forex universe!
  • #17
  • May 13, 2006 4:45pm May 13, 2006 4:45pm
Pretty much..Im actaully a systems\network engineer by trade... I have 4 wide screen monitors and a MAC in front of me all day....lol So yeah.. Im constantly monitoring the markets.. i also have alerts emailed to my phone (THRU FOREX.com) when Im waiting for certain setup to arise and Im not in front of a PC.....

Understand though, Im no professional trader...nor do I usually scalp. I figure it will be fun to post my FOREX "adventures" up here...maybe Ill learn something new. I usually look for trends and run with them.....scalping is hard..you really do need to be watching all the time..so you can feel the price action..hard to explain....but sometimes the market can predictably bounce between 2 numbers (a temporary support/resistance) before running thru them...its when those numbers are run thru when I usually start to lose pips..

-Nick
  • #18
  • May 13, 2006 8:05pm May 13, 2006 8:05pm
Hey,

Pardon me for intruding. You gave me an idea! You mentioned you use 144/169 for a channel. And you trade when the price hits the channel. I do too in one of my methods derived from the sure fire method. He uses 89/144. But just for a trend indacater. Not entry. I use there cross for an entry signal to start waching my 30/10/5/1 min charts.
You gave me an Idea and I want you to have some of the credit. I took the difference between 89 and 144 (55) and added it to 144. Got 199. So I made exp. MA's of 89/144/199. Apply it to the one hour chart. (30 min gives false crosses). Make the 89 the trend indacater.(bright color) 89 on top is bull and 89 on bottom is bear.
In the euro/$ chart for example, when the price returns to the channel enter long on the cross of the macd up. Use 4 ema and 8 ema to help pin point entry. Place s/l just the other side of the next ma. Exit on a cross down of the macd.
This chart is of a strongly trending market. This large impulse wave on the daily/weekly will see a big sharp retracement, that will trend like this one. (mabe) You can see each trades profit. Each grid square is 50 pips. Smallest trade was about 25 and largest was about 200.

I hope you don't mind me tweeking your idea. Its a great one.

Dave

edit: and I posted a chart earlier on these same entrys but using fibo retracement method. The entrys on both methods line up so that makes this one more realiable than we think. (mabe) lol
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  • #19
  • May 13, 2006 8:36pm May 13, 2006 8:36pm
Quoting svtnick
Pretty much..Im actaully a systems\network engineer by trade... I have 4 wide screen monitors and a MAC in front of me all day....lol So yeah.. Im constantly monitoring the markets.. i also have alerts emailed to my phone (THRU FOREX.com) when Im waiting for certain setup to arise and Im not in front of a PC.....

Understand though, Im no professional trader...nor do I usually scalp. I figure it will be fun to post my FOREX "adventures" up here...maybe Ill learn something new. I usually look for trends and run with them.....scalping is hard..you really do need to be watching all the time..so you can feel the price action..hard to explain....but sometimes the market can predictably bounce between 2 numbers (a temporary support/resistance) before running thru them...its when those numbers are run thru when I usually start to lose pips..

-Nick
So Nick,

I guess you are trading the Euro for the scalping? I'll stick to the SP's for scalping. lol

Johnny
JohnnyPhoenix He who controls the SPICE controls the Forex universe!
  • #20
  • May 13, 2006 8:40pm May 13, 2006 8:40pm
Quoting xxDavidxSxx
Hey,

Pardon me for intruding. You gave me an idea! You mentioned you use 144/169 for a channel. And you trade when the price hits the channel. I do too in one of my methods derived from the sure fire method. He uses 89/144. But just for a trend indacater. Not entry. I use there cross for an entry signal to start waching my 30/10/5/1 min charts.
You gave me an Idea and I want you to have some of the credit. I took the difference between 89 and 144 (55) and added it to 144. Got 199. So I made exp. MA's of 89/144/199. Apply it to the one hour chart. (30 min gives false crosses). Make the 89 the trend indacater.(bright color) 89 on top is bull and 89 on bottom is bear.
In the euro/$ chart for example, when the price returns to the channel enter long on the cross of the macd up. Use 4 ema and 8 ema to help pin point entry. Place s/l just the other side of the next ma. Exit on a cross down of the macd.
This chart is of a strongly trending market. This large impulse wave on the daily/weekly will see a big sharp retracement, that will trend like this one. (mabe) You can see each trades profit. Each grid square is 50 pips. Smallest trade was about 25 and largest was about 200.

I hope you don't mind me tweeking your idea. Its a great one.

Dave

edit: and I posted a chart earlier on these same entrys but using fibo retracement method. The entrys on both methods line up so that makes this one more realiable than we think. (mabe) lol
Dave:

So I guess you are using last Friday's close? In that case looks like a sell signal to me..

What's a Fibo? I know is not a dog's name but I like the name so I'm going to name my pet crocodile Fibo.
Now if I can convince my girlfriend to keep it in the bathtub.....

Johnny
JohnnyPhoenix He who controls the SPICE controls the Forex universe!
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