I'd be hesitant buying EU with the ADP numbers this morning.
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Already tested from the long side too much over the last two days. I am short and holding through the level. Next possible buy would be the weekly low at 1.29658
I see that price has obeyed the ADP figures instead of the levels.
One question to you SP: Where and how do you get your news?
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This news was on CNBC. I get my forex news from the free Oanda feed. I only really use it for option levels. I looked into a bloomberg terminal but its very expensive and I am cheap. I don't really trade news anyway.
I see that price has obeyed the ADP figures instead of the levels.
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Price disobeyed the previous day and previous month low but it is in the range of the previous week. I guess, this is what it is gunning for. Previous Week Low, but i maybe wrong...let me take my few profits.
This news was on CNBC. I get my forex news from the free Oanda feed. I only really use it for option levels. I looked into a bloomberg terminal but its very expensive and I am cheap. I don't really trade news anyway.
Price disobeyed the previous day and previous month low but it is in the range of the previous week. I guess, this is what it is gunning for. Previous Week Low.
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Previous week low is the only place I would consider buying EU right now. When you bought the weekly open it was the third test of the level over the past three days. At some point you have to consider that all the orders for the level may have been dried up. Always keep an eye on prior activity at a level. Remember this is a discretionary method and we have to be cognizant of all the activity around levels. Also this is NFP week and the price will often cycle on both sides of the previous week close until the major news pushes it in one direction. I would consider the oil news more important than the payrolls news. The world's realization that the US could once again become the world's oil producer and the economic might that comes from that position will mean there will be much more confidence in the US situation. Of course this is only my opinion.
Options are traded on currencies. These options can be huge in value (multi billions). DNT (do not touch) and other exotic options will often be a magnet to price when it gets within striking distance. The option writer and the buyer of the option can often have a battle with the price at these levels. I try to always have an idea of the location of these options as they can be used as targets.
Previous week low is the only place I would consider buying EU right now. When you bought the weekly open it was the third test of the level over the past three days. At some point you have to consider that all the orders for the level may have been dried up. Always keep an eye on prior activity at a level. Remember this is a discretionary method and we have to be cognizant of all the activity around levels. Also this is NFP week and the price will often cycle on both sides of the previous week close until the major news pushes it in one direction....
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Thanks for the thoughtful remarks. But where does US gets its oil from? Are they talking bio-fuels? I remember last year, it was the biggest importer of oil...at least from Canada, it is just mind boggling now it is the biggest producer! I wonder what will happen to the CAD!
Options are traded on currencies. These options can be huge in value (multi billions). DNT (do not touch) and other exotic options will often be a magnet to price when it gets within striking distance. The option writer and the buyer of the option can often have a battle with the price at these levels. I try to always have an idea of the location of these options as they can be used as targets.
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I am all ears...how do you have this Idea? Since its part of your methods, i guess you would want to let us in.
It was reported today that the US is now producing more oil than Saudi Arabia. It was also reported that China now imports more oil than the US. This will change things forever if the american politicians don't screw it up. We will be able to repatriate much of the money lost to the trade deficit over the past thirty years in oil profits. The Obama administration has done everything it can to reduce the oil production in America but it only controls government owned land. The oil boom in the US has been on privately held land. The oil reserves held...
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++++++++++++++++++++++++++++++++
As with most things, the oil question has multiple probabilities.
Much of the new "Natural Gas" plays are fueling this global energy shift. To begin with 'fracking', or the current method used widely to extract petroleum from rock, has many detractors and even some countries have banned it's use due to likely contamination of surface soil, ground water, and air.
The real shame is, that in a country as wealthy as US, that alternative energy takes a 'back seat' to oil & nuclear.
I could turn this into a full fledged rant but that's not what we showed up for.
Edit: btw, one of the fluids used in fracking is Ethylene Glycol (aka: anti-freeze), which is lethal if ingested.
I could turn this into a full fledged rant but that's not what we showed up for.
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Ha ha, diamonddbw, the thread needs some life too. If you understand what SP stated in his earlier posts "Try to keep away form the markets as much as possible", you will know that this is more than just a rant.
It was reported today that the US is now producing more oil than Saudi Arabia. It was also reported that China now imports more oil than the US. This will change things forever if the american politicians don't screw it up. We will be able to repatriate much of the money lost to the trade deficit over the past thirty years in oil profits. The Obama administration has done everything it can to reduce the oil production in America but it only controls government owned land. The oil boom in the US has been on privately held land. The oil reserves held...
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Can you provide a source for the US producing more oil than Saudi Arabia? I can find one on China importing more than the US, but not the other one. Thank you.
Every day in my investment account. I have been using this almost two years now. Compounded returns are very nice with one percent risk.
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Great. And all you need to do is, looking at the charts for a few seconds every hour (from 9:00 am GMT until London Close). It really can't be easier than that...
I trade this method also with 1% risk, only EU, since February 25th.
Results so far have been awesome: 6 trades, 5 wins, 1 loss --> 7.18% gain
Can you provide a source for the US producing more oil than Saudi Arabia? I can find one on China importing more than the US, but not the other one. Thank you.
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Reported on CNBC don't know their source. Been widely known ror a few years the US oil reserves are greater than Saudi's just been our political argument whether to tap it.
Great. And all you need to do is, looking at the charts for a few seconds every hour (from 9:00 am GMT until London Close). It really can't be easier than that...
I trade this method also with 1% risk, only EU, since February 25th.
Results so far have been awesome: 6 trades, 5 wins, 1 loss --> 7.18% gain
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It will have its losers from time to time. I don't remember a losing streak longer than four or five trades though. The real profits come from the occasional runner.
As with most things, the oil question has multiple probabilities.
Much of the new "Natural Gas" plays are fueling this global energy shift. To begin with 'fracking', or the current method used widely to extract petroleum from rock, has many detractors and even some countries have banned it's use due to likely contamination of surface soil, ground water, and air.
The real shame is, that in a country as wealthy as US, that alternative energy takes a 'back seat' to oil & nuclear.
I could turn this into...
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Alternatives unfortunately in their current state of development cannot meet demand. Natural gas IMHO is the future for auto and electricity fuels. NG is far cleaner burning than gasoline or coal and is plentiful. The US could get the oil to sell and use the gas by products to fuel its transportation needs and reap fortunes. Another nice benefit would be the defunding of terrorism through the plummeting oil prices.
Great. And all you need to do is, looking at the charts for a few seconds every hour (from 9:00 am GMT until London Close). It really can't be easier than that...
I trade this method also with 1% risk, only EU, since February 25th.
Results so far have been awesome: 6 trades, 5 wins, 1 loss --> 7.18% gain
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Olarion1975, for a few seconds every hour! that compounds to 8 Hrs of work. If you know what i mean.
Olarion1975, for a few seconds every hour! that compounds to 8 Hrs of work. If you know what i mean.
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Not really. You only have to check the hour close each hour until a close outside the range. The entry can be with a pending order. You only need to watch the hourly closes from 9:00am London. It's normally a short day.
Not really. You only have to check the hour close each hour until a close outside the range. The entry can be with a pending order. You only need to watch the hourly closes from 9:00am London. It's normally a short day.
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I thought he was referring to, coming back to the PC for some few seconds every hour of those 8 hrs to check on a trade(This reminds me a method that my mentor taught me "To enter trades after the 45 Min of the Hr and get out in the 5 Min of the next Hour, we called it the volatility window" that method used to work but made you closer to the market and you become a prisoner of habit, as a result i lost alot doing it).
But you explain it well, which brings me to the question i have been wanting to ask. If you have 3 levels(maybe daily low, followed by weekly low followed by monthly low) in the direction of the trade, how many pending orders do you stack up before you head off to do other things?? 3?
Edit: Of course another level will be the "daily open breakout level", which takes the 1st pending order. Which makes it 4 pending orders.
Not really. You only have to check the hour close each hour until a close outside the range. The entry can be with a pending order. You only need to watch the hourly closes from 9:00am London. It's normally a short day.
I thought he was referring to, coming back to the PC for some few seconds every hour of those 8 hrs to check on a trade(This reminds me a method that my mentor taught me "To enter trades after the 45 Min of the Hr and get out in the 5 Min of the next Hour, we called it the volatility window" that method used to work but made you closer to the market and you become a prisoner of habit, as a result i lost alot doing it).
But you explain it well, which brings me to the question i have been wanting to ask. If you have 3 levels(maybe daily low, followed...
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If there are three levels close together I will break my entry into three parts. I would use something like 25%/25%/50% to enter a full position in three parts. The stop will be as normal with a full exit. I use price behavior to decide when to enter or not. I am working on the big trades now so I am only concerned with the weekly levels. I am now looking to short a return to the weekly open/close. If it happens I will plan to hold through the low from last week. I think ECB may be about to ease or cut rates. That coupled with better data from the US could result in a much lower Euro.
