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  • #401
  • Feb 2, 2013 4:41am Feb 2, 2013 4:41am
I now get the concept but...its somehow hard for one to understand your charts without knowing your time zone.
It seems to me that, you're near NY. Your 8:15 GMT is 8:15 + 5(NY from GMT) + 3 (Nairos From GMT)= 16:15 Hrs, my time.
I don't know how much this matters but after analyzing both my charts and your charts, i can see that you display 15mn charts and the timezone causes the candles to be spaced differently. For example, your london close candle at 31-01-13 19:00 is my candle 01-02-13 @03:00 (in the morning). Wheras my london close is 8 hrs before yours!!! Damn...i've always thought that the time-scale on the charts would be the same.
  • #402
  • Feb 2, 2013 8:31am Feb 2, 2013 8:31am
7+*1258-
Quoting square1
I now get the concept but...its somehow hard for one to understand your charts without knowing your time zone.
It seems to me that, you're near NY. Your 8:15 GMT is 8:15 + 5(NY from GMT) + 3 (Nairos From GMT)= 16:15 Hrs, my time.
I don't know how much this matters but after analyzing both my charts and your charts, i can see that you display 15mn charts and the timezone causes the candles to be spaced differently. For example, your london close candle at 31-01-13 19:00 is my candle 01-02-13 @03:00 (in the morning). Wheras my london close is 8 hrs...
Here is a link that may help you, just adjust the time zone to yours (you are GMT+3 right) and it will shade the market times in for you. You live in the best time zone in my opinion. You can sleep through Asia when nothing is really happening. The new day starts for NY at 8AM for you. London opens at 11AM for you. I have to be up from midnight through 11:59AM to trade my new day through London close. If I lived in your time zone I would probably make a lot more money as I would be able to be awake through all the market time. Now I end up sleeping through much of London.

http://www.forexmarkethours.com/
  • #403
  • Feb 2, 2013 11:15am Feb 2, 2013 11:15am
Quoting Seneca pilot
7+*1258-

Here is a link that may help you, just adjust the time zone to yours (you are GMT+3 right) and it will shade the market times in for you. You live in the best time zone in my opinion. You can sleep through Asia when nothing is really happening. The new day starts for NY at 8AM for you. London opens at 11AM for you. I have to be up from midnight through 11:59AM to trade my new day through London close. If I lived in your time zone I would probably make a lot more money as I would be able to be awake through all the market time. Now I end...
Thanks for the link. You are absolutely right, but what puzzles me is that, when i look at your charts, the candlesticks at your london close are different from mine! Could it be because i am using a different broker(FxPro)!
  • #404
  • Feb 2, 2013 11:28am Feb 2, 2013 11:28am
Quoting square1
Thanks for the link. You are absolutely right, but what puzzles me is that, when i look at your charts, the candlesticks at your london close are different from mine! Could it be because i am using a different broker(FxPro)!

There could be a small difference between brokers. Please post your chart from Friday. I would like to compare them. Also make sure you are looking at the correct candles. London closes at 8:00pm your local time. The two candles you should be looking at are the close of the 7:45pm and the open of the 8:00pm. If the price at this time is near mine (within a couple of pips) the trades will be the same.

I have London close on Friday at 1.36900.
  • #405
  • Edited Feb 3, 2013 5:31am Feb 2, 2013 12:03pm | Edited Feb 3, 2013 5:31am
Here it is. As you can see, my london close is at 19:00 Hrs (7pm local time). From the chart it is 1.36712.
The time zone of the trading platform is also: GMT+3.

Edit: Its a 30Mn Chart.
Attached Image (click to enlarge)
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  • #406
  • Feb 2, 2013 12:11pm Feb 2, 2013 12:11pm
Quoting square1
Here it is. As you can see, my london close is at 19:00 Hrs (7pm local time). From the chart it is 1.36711.
The time zone of the trading platform is also: GMT+3.
Thats it notice the price at the open of the bar. It is 1.3690ish so we are on the same page. I was thinking your local time would be 8PM but it is the price at 7PM for you. It is the price that matters. The price at London close is what is important for future possible trades.
  • #407
  • Feb 2, 2013 12:16pm Feb 2, 2013 12:16pm
Quoting Seneca pilot
Thats it notice the price at the open of the bar. It is 1.3690ish so we are on the same page. I was thinking your local time would be 8PM but it is the price at 7PM for you. It is the price that matters. The price at London close is what is important for future possible trades.
Thanks for your patience and time.
  • #408
  • Feb 2, 2013 9:20pm Feb 2, 2013 9:20pm
For your improvement:

There is a short broker advertisement at the beginning. I don't know them and I don't endorse them. The training is good though.

Inserted Video
  • #409
  • Feb 3, 2013 12:08am Feb 3, 2013 12:08am
I am short the EUUD.. based preety much on the following 2.. 4 hr charts..pics are of USDX and EUROx.... just my opnion of course..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurox.gif Size: 20 KB
Click to Enlarge Name: usdx.gif Size: 22 KB
  • #410
  • Feb 3, 2013 3:17am Feb 3, 2013 3:17am
This thread is so illuminating and excellent .I think you deserve praise because it is rare for traders to provide decent and hard won information to others-i hope you get some sort of reward out of it.

I am an intermediate trader who is moderately sucessful and I trade similarly to you.

IGNORE my question if it is outside the scope of this thread and you feel it would take the thread in the wrong direction.
But I wanted to know your response to the question at a party,on the street ,whenever it may be, from someone you not close to-"What do you do for a living/what's your job?"
Do you say," I'm a trader!"
Or do you think, they won't really understand, there is immense physchological work involved in trading,the journey has been very challenging,it is the easiest hardest thing etc and as such you just say something vague ,some lie as your response?
  • #411
  • Edited 7:04am Feb 3, 2013 6:07am | Edited 7:04am
Quoting Seneca pilot
Thats it notice the price at the open of the bar. It is 1.3690ish so we are on the same page. I was thinking your local time would be 8PM but it is the price at 7PM for you. It is the price that matters. The price at London close is what is important for future possible trades.
So i guess, i am a little dumb, but bear with me. lets put trading at london close(Lc) into real action. How are we going to trade our Lc (a buy or a sell) and what is the best time to do that? Is it at London open(Lo)? I am thinking aloud...suppose the pa surpasses the Lc during the Asian session(when am asleep) and continues to rally! If Lo finds it still rallying, will my Lc be of good use again or is it that price will most likely retrace itself back to previous Lc?

Edit: From what i've seen, price keeps on cris-cossing the previous Lc before the next Lc. whats your say about this.
  • #412
  • Feb 3, 2013 7:30am Feb 3, 2013 7:30am
Quoting danc
I am short the EUUD.. based preety much on the following 2.. 4 hr charts..pics are of USDX and EUROx.... just my opnion of course..
This is not the place for your trade calls. If you have something to add to the discussion please do. If you want to make trade calls please do it in the interactive forums. No offense I just want to keep the thread clean.

Thanks
  • #413
  • Edited 10:11am Feb 3, 2013 7:52am | Edited 10:11am
Quoting square1
So i guess, i am a little dumb, but bear with me. lets put trading at london close(Lc) into real action. How are we going to trade our Lc (a buy or a sell) and what is the best time to do that? Is it at London open(Lo)? I am thinking aloud...suppose the pa surpasses the Lc during the Asian session(when am asleep) and continues to rally! If Lo finds it still rallying, will my Lc be of good use again or is it that price will most likely retrace itself back to previous Lc?

Edit: From what i've seen, price keeps on cris-cossing the previous Lc before...
My apologies this answer may not be satisfying. It depends

I typically don't so much trade the London close number with EU. I will more use it as a guide. For example, say the price has moved up through the LC during asia. If the daily open then signals a long trade and we are above the LC then the signal may be more reliable. I may decide to hold for a larger gain. I may try to see that my stop is below the LC if it only adds a few pips. Often the London close will be more reliable with GU. I find that GU is lightly traded outside of the London session and the London close and London open can often be areas of support or resistance. As I have stated before, once I have decided to trade a number I don't try to guess which way to go. I will short it if price rises to it from below and I will long it if price drops to it from above.

The most reliable thing I trade is Daily highs and lows. The second best trade and still a very reliable one is trading the daily open. I have described that trade earlier in the thread. Most times the closes are less reliable. NY knows where the LC is but they may want to close below or above it. Asia may have their own idea of fair value for the pair. Option activity may force price to go to a certain area that requires a push through the level. Its important to remember that currency trading is an auction and various groups may have ideas about the value of the currency. China and Japan have been buying EU like crazy lately and not for the same reasons.

I do other things that I am not going into here on the thread but I probably make 70-80% of my trades selling the previous day high, buying the previous day low, and fading the return to the daily open price.

Hope it helps.
  • #414
  • Feb 3, 2013 7:54am Feb 3, 2013 7:54am
Quoting danc
I am short the EUUD.. based preety much on the following 2.. 4 hr charts..pics are of USDX and EUROx.... just my opnion of course..
If you can tie your short into the discussion we are having I think others can learn. I notice you have an area bracketted up there on EU. What is the area.
  • #415
  • Feb 3, 2013 7:55am Feb 3, 2013 7:55am
Quoting Seneca pilot
If you can tie your short into the discussion we are having I think others can learn. I notice you have an area bracketted up there on EU. What is the area.
Looks like you are using divergence combined with the squat candle. Do you have any other reason?
  • #416
  • Feb 3, 2013 8:18am Feb 3, 2013 8:18am
Quoting Seneca pilot
My apologies this answer may not be satisfying. It depends

I typically don't so much trade the London close number with EU. I will more use it as a guide. For example, say the price has moved up through the LC during asia. If the daily open then signals a long trade and we are above the LC then the signal may be more reliable. I may deide to hold for a larger gain. I may try to see that my stop is below the LC if it only adds a few pips. Often the London close will be more reliable with GU. I find that GU is lightly traded outside of the London...
Thanks for the response, it is satisfactory. I guess it means that you use the previous day high as your upper limit, and previous day low as your lower limit for the daily range.
  • #417
  • Feb 3, 2013 8:42am Feb 3, 2013 8:42am
Quoting square1
Thanks for the response, it is satisfactory. I guess it means that you use the previous day high as your upper limit, and previous day low as your lower limit for the daily range.
Until proven wrong I do. If I short the previous day high and it gets stopped out then I get long when that price is tested from above. If that stops out I will short it again given the chance. I am totally fluid. I have no bias.
  • #418
  • Feb 3, 2013 8:47am Feb 3, 2013 8:47am
Quoting guymac
This thread is so illuminating and excellent .I think you deserve praise because it is rare for traders to provide decent and hard won information to others-i hope you get some sort of reward out of it.

I am an intermediate trader who is moderately sucessful and I trade similarly to you.

IGNORE my question if it is outside the scope of this thread and you feel it would take the thread in the wrong direction.
But I wanted to know your response to the question at a party,on the street ,whenever it may be, from someone you not close to-"What...
Welcome to the thread.

I generally only give people the information I feel they need to know. I have two young boys so often I simply say I am a stay at home dad. Most people don't understand traders. Most if given the chance will tell you all the reasons they think you are stupid for trading. Most people are jealous of you and feel that they need to make you understand how bad your choice is in order to make themselves feel better about theirs. I touched on this in the post about trading for a living. If pressed I will tell people what I do but most just don't need to know.
  • #419
  • Feb 3, 2013 9:01am Feb 3, 2013 9:01am
I am re-reading this thread for the 2nd time. Am now on page 12 but whenever i get to post #177. I wonder and shake my head like a ghekko....how long did it take you to consolidate these points in one single response!
  • #420
  • Feb 3, 2013 9:35am Feb 3, 2013 9:35am
Quoting square1
I am re-reading this thread for the 2nd time. Am now on page 12 but whenever i get to post #177. I wonder and shake my head like a ghekko....how long did it take you to consolidate these points in one single response!
Ha ha, it was easy I lived it.
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