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  • #681,601
  • Aug 18, 2012 10:18pm Aug 18, 2012 10:18pm
Does anybody know how Livermore was exploiting the bucket shops in his earlier career? I mean what was his system?
"Men who can both be right and sit tight are uncommon."
  • #681,602
  • Aug 18, 2012 10:36pm Aug 18, 2012 10:36pm
Quoting genghistar
So today I am going to share another very important trading tips which I vowed you will not be able to find it in anywhere else in any forums, books, or whatever. AND this next trading tip is so crucial that once you are able to grasp it, you will be on a fast track to become a truly successful forex trader.

I would daresay that 99% of all the experienced and seasoned forex traders have not even know that 'IT' exists, never mind about knowing it. All they think of is S/R levels, supply/demands zone, and others. What they dont know is all these...
Today being a very special day for a quarter of all mankind in this planet, I have chosen this very special day to dispense and share some equally special trading thoughts with those who are serious in becoming a successful forex trader.

In my earlier post, I have promised to elaborate and elucidate the elusive Hold levels which is the least understood and most arcane technical aspect for all forex traders. Some of them have some understandings of the trigger levels and interestingly, I have yet to read in this forum of anyone making trading calls calling out the trigger level together with the more important aspect of the two, which is the holding levels.

In any market trading conditions from scalping to longterm positive carry trades and regardless of any timeframes and currencies, there is a precise and exact trigger and hold price levels (also known as band spectrum) in which the price actions oscillates. Any changes in prevailing trading conditions must be accompanied by the breach of trigger and holding price levels in order to morph into a new market trading conditions. And failing which is the continuance. Therefore it is of utmost importance that the trader learn, search and understand where all those Trigger and Hold price levels are located or if not, one will fail.

I will return to share another special thought and note on how to identify topping and basing price actions on another special occasion.

Before I sign off, special greeting from me and remember that price levels is paramount above all the other time and effort wasting indicators. Pls note that price trigger and hold levels is completely different from support and resistant which is utterly insignificant and irrelevant to me.

Shalom aleichem.....

GS.
  • #681,603
  • Aug 18, 2012 10:37pm Aug 18, 2012 10:37pm
Quoting Mike8
Does anybody know how Livermore was exploiting the bucket shops in his earlier career? I mean what was his system?
Mike,

If I remember correctly, the wikipedia page has a few links for some of the books (both what he personally wrote, and the Reminices of a Stock Operator book, which was a semi biography of J.L)
  • #681,604
  • Aug 18, 2012 11:03pm Aug 18, 2012 11:03pm
Quoting almo
Mike,

If I remember correctly, the wikipedia page has a few links for some of the books (both what he personally wrote, and the Reminices of a Stock Operator book, which was a semi biography of J.L)
Almo

Yes, I read it a few time (Reminices of a Stock Operator, by Lefevre ) but, nothing in there of HOW he did it. I will wikipedia and see if I can find something.
"Men who can both be right and sit tight are uncommon."
  • #681,605
  • Aug 18, 2012 11:55pm Aug 18, 2012 11:55pm
Quoting Mike8
Almo

Yes, I read it a few time (Reminices of a Stock Operator, by Lefevre ) but, nothing in there of HOW he did it. I will wikipedia and see if I can find something.
Once again read the book............ its all there.
The Thief of Wall Street
  • #681,606
  • Aug 19, 2012 12:00am Aug 19, 2012 12:00am
Quoting Mike8
Does anybody know how Livermore was exploiting the bucket shops in his earlier career? I mean what was his system?
1. Wait for break
2. Buy 1 when break happens
3. Buy another 1 atfer pa retest the break level
4. Buy rest 1 when broken level holds
5. Plunge and keep real tight stoploss.
The Thief of Wall Street
  • #681,607
  • Edited 3:09am Aug 19, 2012 2:15am | Edited 3:09am
Quoting Chicky
1. Wait for break
2. Buy 1 when break happens
3. Buy another 1 atfer pa retest the break level
4. Buy rest 1 when broken level holds
5. Plunge and keep real tight stoploss.
Thanks Chicky

I will read it again, is just being English not my first language I find sometime difficult to comprehend that style of English . I guess I need to spend more time on it.

Apparently for what I understand he was reading the "tape". What was this tape? I though it was just a continuous appearing of the latest prices on a board. How could he trade breaks? Was technical analysis already used?

I did find a pdf by Richard Smitten "Trade like Jesse Livermore" by I think is related to his later experiences and not when he was called the "plunger boy". Let me know if you want have a look at it, I will pm it to you.
"Men who can both be right and sit tight are uncommon."
  • #681,608
  • Aug 19, 2012 3:02am Aug 19, 2012 3:02am
It looks like were in the march-april-may pattern again... Unlikely to see a severe breakdown below 1.2 until a big catalyst comes out of the EU like Greece leaving the eurozone. EUR/USD is going to chop around for ages on the weekly disappointing both the bulls and the bears until something happens IMO.

In the very near term odds are we break down a little next week and test 1.22.
  • #681,609
  • Aug 19, 2012 3:38am Aug 19, 2012 3:38am
Quoting SunTrader


So when did you get to this clambake?

BTW just so you know there is also Level III but you have to be a market maker or NASD broker to get it. But you knew that huh.

And dark pools. And hft's high-frequency traders. And .... and ....

Throwing out the lingo doesn't prove much - other than using goggle to search terms out.
Hi mate

Yeah, I know Level 3 too. We can go on and mention enough lingos and hey it's the internet, there's no way to know who knows what since the other party can easily google it.

Not just throwing out lingos, just dropped my take on the opinion people on here have formed about the FX market. It's not star wars, it's just a market. There are people who make the prices and there are those who just play along. It's just not some mean guy hunting retailers. Simples

Quoting mohan76
let me add some fuel to hot toppig

i agree Forex market is over 4 trillion but how many % of this transaction actually get outside of broker and how many % reach real market (place where transaction can move the price )

Most of our order get filled locally and some traded against our broker, some case broker might send to there LP but Those LP could be market make it self so out order not going to make any changes on this market.

as far i know only institutional accounts are connected to real market most ecn account just a link...
Hi mohan,

Do you know your broker watches you like a trade. The brokers know the clients to route out their positions and the ones to keep their orders indoors. They have a data statistics of their clients. They know the ones that are skillful and the ones that are not. If you are a very skillful trader, your broker will never trade against you, they'll route your orders straight to the exchange and some smart ones will mirror your trade.

Quoting Mike8
Almo

Yes, I read it a few time (Reminices of a Stock Operator, by Lefevre ) but, nothing in there of HOW he did it. I will wikipedia and see if I can find something.
To add to Chicky's list:

Read the book again: you should find some lines...

Never try to sell the top of a rally. Sell only when there's no rally after a rally.

The first and the last ape are the most expensive in the world (don't pick tops or bottoms)

Never put all your eggs in a basket (scale in and scale out)

No one went broke from taking profits early and no one got rich from it also(let your profits run)

I made a mistake...Wheat showed me a loss, I kept it. Cotton showed me profit and I sold it ( cut your losses quick and let your profits run)

A lot more in it...but gotta hit the Church now...laters
Don't just beat the markets, leave bruises.
  • #681,610
  • Aug 19, 2012 3:39am Aug 19, 2012 3:39am
Can We Say Its H&S Pattern :

Eur-usd monthly

http://www.borsaat.com/vb/uploaded/3020_1345365562.gif
  • #681,611
  • Aug 19, 2012 3:50am Aug 19, 2012 3:50am
Quoting Motion
Hi mate :



To add to Chicky's list:

Read the book again: you should find some lines...

Never try to sell the top of a rally. Sell only when there's no rally after a rally.

The first and the last ape are the most expensive in the world (don't pick tops or bottoms)

Never put all your eggs in a basket (scale in and scale out)

No one went broke from taking profits early and no one got rich from it also(let your profits run)

I made a mistake...Wheat showed me a loss, I kept it. Cotton showed me profit and I sold it ( cut your...
Ok, pray for me as well.
"Men who can both be right and sit tight are uncommon."
  • #681,612
  • Aug 19, 2012 4:00am Aug 19, 2012 4:00am
Quoting ibram.forex
Sound like we will have a BIG GAP UP in a few hours.
http://forex.tradingcharts.com/chart...%20Dollar.html
here u can see all gaps.
  • #681,613
  • Aug 19, 2012 4:04am Aug 19, 2012 4:04am
Quoting mysubcult
http://forex.tradingcharts.com/chart...%20Dollar.html
here u can see all gaps.

you have it check 1h before opening time , GAP start to build up after institutional account opening , i guess institutional feed start 1 or 2h before Broker open
Mohan
  • #681,614
  • Aug 19, 2012 4:15am Aug 19, 2012 4:15am
Quoting mysubcult
http://forex.tradingcharts.com/chart...%20Dollar.html
here u can see all gaps.
Thanks mate.
  • #681,615
  • Aug 19, 2012 7:03am Aug 19, 2012 7:03am
For ALL Traders,


Today, I have a confession to make GBP/USD and EUR/USD thread's for 'PUBLIC' forever... I never changes again this decision later
Everyone can make Post because need takes "ONE thread" to hold the posts of both these Currencies : GBP/USD and EUR/USD

I wish Senior Members support their knowledge about FX Trade in this thread. Help New Members and Junior Members, please...

And for Members (still) didn't got Vouch, I hope you're will make Post too.
If you doubt / have question about Trade, post it. I believe another Member will help you



Another Reason : I didn't have a Lot time anymore to make Post because my responsibility for family.
I will keep my Promise. Try will post something, if I've more time again. That's I can do for Now...






All the Best,
Tsar
Always looking the GREAT, never left GOOD Point...
  • #681,616
  • Aug 19, 2012 9:19am Aug 19, 2012 9:19am
Quoting Mike8
Ok, pray for me as well.
Me too.

  • #681,617
  • Aug 19, 2012 9:21am Aug 19, 2012 9:21am
Quoting SunTrader
Me too.


"Men who can both be right and sit tight are uncommon."
  • #681,618
  • Aug 19, 2012 10:00am Aug 19, 2012 10:00am
Quoting Mike8
Ok, pray for me as well.
Quoting SunTrader
Me too.

Sure did.
Don't just beat the markets, leave bruises.
  • #681,619
  • Aug 19, 2012 12:35pm Aug 19, 2012 12:35pm
Expect technical trading (going nowhere) till Wednesday when USD Fed Releases Minutes. Thursday can add more fuel when EUR German Gross Domestic Product is released.
  • #681,620
  • Aug 19, 2012 1:27pm Aug 19, 2012 1:27pm
Quoting ForexMGames
O sleeping EURUSD beauty! When are you waking up? Which direction are you going? Are you going out with Mr Bull or the Mr Bear?

http://i49.tinypic.com/foiowg.jpg

This slumber of yours is causing many traders to be sleepy and not watch EURUSD attentively. At the point of maximum drowsiness, EURUSD will break out. And when it does, it may go onto a fast and furious trending mode.

So here are my 2 scenario analysis for the bulls and bears.

Scenario #1 (Mr Bull)
For the bulls to prevail, this has to happen.

http://i45.tinypic.com/29utvtx.png...
One of the most beautiful posts here ...

This should be ready for "documenta 13" ...





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