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  • #441
  • Feb 4, 2013 6:55am Feb 4, 2013 6:55am
Quoting Freestyler
Hi Seneca: been enjoying your "ramblings" immensely. It's unselfish veteran traders like you that keep bringing me back to FF. Your nuggets of trading wisdom has been golden!

Please ignore the doubter, haters, and the disrupters. As in real life, they will always be there. They're in the minority, but very vocal. The majority of your readers are simply quietly learning. You're providing a very valuable service to all those who genuinely seek it.

Good trading, and keep going as long as your heart's in it.
Thank you.
  • #442
  • Feb 4, 2013 7:54am Feb 4, 2013 7:54am
Ok NY has made the lower low. I had hoped that London would retrace to the Friday low and I could short it there and ride NY down for the lower low. I will probably call it a day with EU as there is no reason to think NY will go any lower than they have. It is possible that this will get traded back into the range. I don't think there is any reason to take the short any more. It may work it may not.

EJ and GJ both gave nice entries this morning. I slept through London though as I was tired from my trip and my sleep pattern (what there is of it) was messed up. I may very likely close out the day with just the one loss.
  • #443
  • Feb 4, 2013 7:55am Feb 4, 2013 7:55am
I am glad to say that i have read this thread the 2nd time and am upto-date. I am now putting these methods into action and so far so great.
  • #444
  • Feb 4, 2013 8:21am Feb 4, 2013 8:21am
So, *not* for the purpose of making trade calls (I mean that sincerely), but to check my understanding, may I assume that you have at least the following lines on your chart?

(Of course, broker differences will affect numbers.)

Last week's high: 1.3710
Last week's low: 1.3414
Friday's high: 1.3710
Friday's low: 1.3585
  • #445
  • Feb 4, 2013 8:32am Feb 4, 2013 8:32am
Quoting FFJeternal
So, *not* for the purpose of making trade calls (I mean that sincerely), but to check my understanding, may I assume that you have at least the following lines on your chart?

(Of course, broker differences will affect numbers.)

Last week's high: 1.3710
Last week's low: 1.3414
Friday's high: 1.3710
Friday's low: 1.3585
That's correct. I also have the close from last week and the open from this week. There are other trades that I make which I don't go into here but all my trades are based on specific price at specific times. I don't trust just any S&R level.

Trade calls are not that big of a deal but the two times it has happened on the thread there has been no explaination of the thought process, no tie in to the thread, and no apparent conern for the losses that a new trader could suffer by blindly following the poster's recommendations.
  • #446
  • Feb 4, 2013 8:51am Feb 4, 2013 8:51am
Quoting Seneca pilot
That's correct. I also have the close from last week and the open from this week. There are other trades that I make which I don't go into here but all my trades are based on specific price at specific times. I don't trust just any S&R level.

Trade calls are not that big of a deal but the two times it has happened on the thread there has been no explaination of the thought process, no tie in to the thread, and no apparent conern for the losses that a new trader could suffer by blindly following the poster's recommendations.
Thank you. Now, another question, please.

Last week's close: 1.3639
This week's open: 1.3650

Given that these are only 11 pips apart, is this something that you actually watch and use discretion, versus a touch trade?
  • #447
  • Feb 4, 2013 8:51am Feb 4, 2013 8:51am
Quoting Seneca pilot
That's correct. I also have the close from last week and the open from this week. There are other trades that I make which I don't go into here but all my trades are based on specific price at specific times. I don't trust just any S&R level.

Trade calls are not that big of a deal but the two times it has happened on the thread there has been no explaination of the thought process, no tie in to the thread, and no apparent conern for the losses that a new trader could suffer by blindly following the poster's recommendations.
Hey mate

Wondering at what time you consider market open for the week. Many varied opinions on this issue and I have not been able to find a definitive answer. Some say 7am NZ time, some 7 or 8am Aussie and some 5pm NY time.

Cheers
  • #448
  • Feb 4, 2013 8:51am Feb 4, 2013 8:51am
One of my boys has a doctor appointment today so I will be away for a while. New essay on the way later today. I also want to speak a little about stops and how I believe they should be handled. I am not sure I have gone into enough detail on the subject and there may be some confusion.
  • #449
  • Feb 4, 2013 8:58am Feb 4, 2013 8:58am
Quoting Agro
Hey mate

Wondering at what time you consider market open for the week. Many varied opinions on this issue and I have not been able to find a definitive answer. Some say 7am NZ time, some 7 or 8am Aussie and some 5pm NY time.

Cheers
For me the weekly open is midnight Monday morning eastern time zone. This is currently 5AM GMT. I discount Asia for the weekend trading. I like to consider the week started when the middle eastern traders and Russia join the market. The volume continually builds as more of europe comes online each hour and peaks with the London open. I seem to find that I enter most of my trades in these hours. You would have to test to determine what works for you. Believing in your method is ninety percent of the battle in trading.
  • #450
  • Feb 4, 2013 9:04am Feb 4, 2013 9:04am
Quoting FFJeternal
Thank you. Now, another question, please.

Last week's close: 1.3639
This week's open: 1.3650

Given that these are only 11 pips apart, is this something that you actually watch and use discretion, versus a touch trade?
My close is .387 and my open is .208 your numbers may vary a little. I generally use these levels for a guideline in my trading. I will trade off them but I will generally shoot for a larger target if short below these levels or long above. I hope that makes sense. Today by the way in early European trading price traded up and nearly touched the Friday close then turned down. This was a good directional clue for the day.
  • #451
  • Feb 4, 2013 9:05am Feb 4, 2013 9:05am
Quoting Seneca pilot
For me the weekly open is midnight Monday morning eastern time zone. This is currently 5AM GMT. I discount Asia for the weekend trading. I like to consider the week started when the middle eastern traders and Russia join the market. The volume continually builds as more of europe comes online each hour and peaks with the London open. I seem to find that I enter most of my trades in these hours. You would have to test to determine what works for you. Believing in your method is ninety percent of the battle in trading.
Cheers
  • #452
  • Feb 4, 2013 9:17am Feb 4, 2013 9:17am
Quoting Seneca pilot
My close is .387 and my open is .208 your numbers may vary a little. I generally use these levels for a guideline in my trading. I will trade off them but I will generally shoot for a larger target if short below these levels or long above. I hope that makes sense. Today by the way in early European trading price traded up and nearly touched the Friday close then turned down. This was a good directional clue for the day.
Thank you for your clarification and definition of 5am GMT weekly open. Much appreciated.

And your directional tip did not go unnoticed.
  • #453
  • Feb 4, 2013 9:36am Feb 4, 2013 9:36am
I fear that everytime i add a line, my chart becomes messy but for the sake of a good trading method, i had to add these 5 lines to my template. Attached herewith is a 30Mn chart that details what i am using. I hope it helps.
I am GMT+3 but my platform is GMT+2 so my candles are lagging behind by 1 Hr.
Attached Image (click to enlarge)
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  • #454
  • Feb 4, 2013 10:05am Feb 4, 2013 10:05am
Quoting square1
I fear that everytime i add a line, my chart becomes messy but for the sake of a good trading method, i had to add these 5 lines to my template. Attached herewith is a 30Mn chart that details what i am using. I hope it helps.
I am GMT+3 but my platform is GMT+2 so my candles are lagging behind by 1 Hr.
When you are close to the weekly open and close it is a little busy. When we trade away from this area the chart will only really have four basic levels each day. Previous high, previous low, today's open, and previous close.
  • #455
  • Feb 4, 2013 10:22am Feb 4, 2013 10:22am
Quoting square1
I am GMT+3 but my platform is GMT+2 so my candles are lagging behind by 1 Hr.
I have searched here and there and i have failed to get a way to correct this. Any help?
  • #456
  • Feb 4, 2013 10:40am Feb 4, 2013 10:40am
This is a chart of GU 5min. I have marked Weekly Open and Last Week's Close, as they pertain to my question.

(Forgive my indicators, please, which I use personally and slightly profitably.)

At 5am GMT, our open is set. Price goes up moderately (less than 10 pips); however, it stays above this level for roughly 1 hour. I seem to recall that you wanted at least a couple of 15 minute candles above an entry before it came back down to touch and enter. In this case, that happened.

Is this an entry for you, even though it was only above the Weekly Open by less than 10 pips for only an hour?
Attached Image (click to enlarge)
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  • #457
  • Edited 11:28am Feb 4, 2013 11:10am | Edited 11:28am
Quoting FFJeternal
This is a chart of GU 5min. I have marked Weekly Open and Last Week's Close, as they pertain to my question.

(Forgive my indicators, please, which I use personally and slightly profitably.)

At 5am GMT, our open is set. Price goes up moderately (less than 10 pips); however, it stays above this level for roughly 1 hour. I seem to recall that you wanted at least a couple of 15 minute candles above an entry before it came back down to touch and enter. In this case, that happened.

Is this an entry for you, even though it was only above the Weekly...
I think you need to enter using Today's Open price. If you do see my 15 Mn chart attached, At 09:00 am(thats where i place my daily open), price goes up then retraces back to daily open, then i see that it goes up there afterwards. Where price passes the Daily open on its second upside movement is where your buy entry should be. It even forms a BEP if you take keen notice.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 57 KB
  • #458
  • Feb 4, 2013 11:45am Feb 4, 2013 11:45am
SP,

2ii2c and I, Psychofant , wanted to vouch for you. We learned one must have four vouches for himself before one can vouch for another.
Sorry we can't give you the recognition you deserve.

Also, I noticed several new folks on the thread. That is another form of recognition.
  • #459
  • Feb 4, 2013 12:14pm Feb 4, 2013 12:14pm
Quoting FFJeternal
This is a chart of GU 5min. I have marked Weekly Open and Last Week's Close, as they pertain to my question.

(Forgive my indicators, please, which I use personally and slightly profitably.)

At 5am GMT, our open is set. Price goes up moderately (less than 10 pips); however, it stays above this level for roughly 1 hour. I seem to recall that you wanted at least a couple of 15 minute candles above an entry before it came back down to touch and enter. In this case, that happened.

Is this an entry for you, even though it was only above the...
Yes that is a qualified entry. I generally like to see a little more separation but I would have taken that long trade had I been awake.
  • #460
  • Feb 4, 2013 12:19pm Feb 4, 2013 12:19pm
Quoting square1
I think you need to enter using Today's Open price. If you do see my 15 Mn chart attached, At 09:00 am(thats where i place my daily open), price goes up then retraces back to daily open, then i see that it goes up there afterwards. Where price passes the Daily open on its second upside movement is where your buy entry should be. It even forms a BEP if you take keen notice.
That is what you need Square 1. Whether your open time is the same as mine is not important. The important thing is that you have tested your chosen time and you believe in it. I know a trader who uses 01:00 Eastern as his start of day. I would never tell him he is wrong even though I use Midnight. He is more profitable than I am.

In the case of today though the weekly open and the daily open are one in the same, whatever that time is for you.
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