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  • #1,301
  • Mar 11, 2013 11:03am Mar 11, 2013 11:03am
Quoting Seneca pilot
It's already 14:00 in London, and the entire range for the day is less than 38 pips. You have to ask yourself at this point: What do you hope to gain by continuing to try to trade this?
i was out of e/u many hours ago with just a handful of pips (actually 2 pips lol) oil hasnt moved but g/u will enable me to eat, thats the way it goes tuesdays and wednesdays are usually the main days. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,302
  • Mar 11, 2013 11:11am Mar 11, 2013 11:11am
Nice thread SP. I live in GMT+1 and my broker is currently GMT+1. I plan adding the following 10 lines on my chart for easy identification of price around them. Not to suggest to any one but for personal preference.

- Daily open
- Previous day open
- Previous day high
- Previous day low
- Previous day close
The same is true for weekly close making a total of 10 lines. Thanks
  • #1,303
  • Mar 11, 2013 11:15am Mar 11, 2013 11:15am
Quoting Seneca pilot
It's already 14:00 in London, You have to ask yourself at this point: What do you hope to gain by continuing to try to trade this?
as to the above are you saying you have a time limit to when you will get out of the trade or is it due to it not retracing first before entry. a lot of scenarios can be asked and used. look at last fri i think we had range of 58 before that lovely big drop. and now its boxed in. This now calls for a different trading method. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,304
  • Mar 11, 2013 12:49pm Mar 11, 2013 12:49pm
Quoting billytt
as to the above are you saying you have a time limit to when you will get out of the trade or is it due to it not retracing first before entry. a lot of scenarios can be asked and used. look at last fri i think we had range of 58 before that lovely big drop. and now its boxed in. This now calls for a different trading method. be good
The range is always rather small before NFP. That is why I don't trade anything but the breakout on that day.
  • #1,305
  • Mar 11, 2013 1:11pm Mar 11, 2013 1:11pm
Quoting be water
Hello Everybody
EU: Long from 1.2990, SL 1.2977, TP 1.3087
GU: Short form 1.4890, SL 1.4945, TP 1.4790
EG: Long from 0.8722, SL 0.8698, TP 0.8792

These are my entries for today, if someone woul mind to comment them, i will gladly appreciate...if Seneca Pilot allow it..if not, let me know and i will delete my post
Thank you
I dont mind if you post a trade, however I will insist that you post a chart and an explaination of the reasons for the trade.

I think your Euro long was not a bad entry as it was at the London close from Friday.

Your GU short was a poor decision as It was into the Low from Friday. That Friday low held and price has increased forty plus pips since. I hope you came out of the trade ok. I don't trade EG so I won't comment on that one.
  • #1,306
  • Mar 11, 2013 1:20pm Mar 11, 2013 1:20pm
Quoting dedoctor
Nice thread SP. I live in GMT+1 and my broker is currently GMT+1. I plan adding the following 10 lines on my chart for easy identification of price around them. Not to suggest to any one but for personal preference.

- Daily open
- Previous day open
- Previous day high
- Previous day low
- Previous day close
The same is true for weekly close making a total of 10 lines. Thanks
You are off to a good start. I would suggest that you reduce the number of lines. I typically only have three to five that I am focused on. The absolute required lines to have each day are:

1. The daily open
2. The high and low from the previous day.
3. The weekly high and low from the past two weeks.

Most of these lines will not be visible on many days. You need to develop a color coding for your lines so you know what they are at a glance.

Previous London close will sometimes be respected and sometimes not with the EURO pairs. I tend to trade GU and GJ off the London close alot. If you want to have a close line on your EU chart I would suggest that you experiment with the NY close as this is the rollover price for NY and London markets.
  • #1,307
  • Mar 11, 2013 1:32pm Mar 11, 2013 1:32pm
Quoting rdsl
Hi Seneca, hope you will find a way to get some sleep and to trade Your way at the same time.
Since there is not much to do today in the market, would you mind talking a bit more about the NFP trading idea?
(1) which news announcements do you trade? (other than the NFP)
(2) is it only EU (like the "post 80" thing) or some other pairs as well
(3) what kind of RR do you hope to get from these trades? Since a "nice" part of the move already has been gone when we get in, is it more like a scalp kind of trade or you try to get to 1:2 or 1:3 here...
This method works with any news. The key to getting the best trades is to look for major impact combined with a surprise. Last night for example there was a terrible drop in factory orders for Japan. The news was 23:50 GMT. The next fifteen minute bar broke out and went twenty pips in fifteen minutes on EJ and eighteen pips in fifteen minutes on both UJ and GJ. All three of these trades were about 2/1 RR.

I trade this type of breakout with NFP, any rate decision, GDP from any country, unemployment in US (every thursday), and most other high impact news events.

I am not looking for any specific R/R on these trades. The key to this is flexibility. You need to do it to get good at it. You just develop a feel for when price is turning. Don't enter right into a key level and don't try to break a key level just be happy with the twenty or twenty five pips that you can snag because its quick and easy trading. Often news will be used to tag a key level and trigger the liquidity that is sitting there.
  • #1,308
  • Mar 11, 2013 1:42pm Mar 11, 2013 1:42pm
I would like to point out that both EU and EJ had their daily open trades pay out nicely today. Both GU and GJ had nice trades off the London close from Friday and GU went long nicely off the Friday low. GJ just missed the low so no trigger there.

I have said I don't trade with a bias and that is true. You could just smell the desire for the Euro to rise today though. Imagine yourself in the shoes of a market maker. How can you inflict the most pain. Alot of people got short on Friday and the ones who trade without stops (the reckless ones) are now trapped. The euro may well go down but I would guess not until those weak hands throw in the towell. Having said that I would have shorted it this morning if the daily open had triggered it. Luckily for us it did its job and triggered long and made 2/1.
  • #1,309
  • Mar 11, 2013 2:15pm Mar 11, 2013 2:15pm
@SP thanks...that pretty much answered my question
  • #1,310
  • Mar 11, 2013 3:12pm Mar 11, 2013 3:12pm
Quoting Seneca pilot
You need to develop a color coding for your lines so you know what they are at a glance.
You can also label the horizontal lines, highlight the line, right click for properties, and just fill in the description. If for some reason the label does not show up, right click on your chart to bring up properties, and under common, make sure the show object descriptions is checked. I think the label/description only shows up on the left part of your chart, which I am not a fan of. I prefer to use the standard fib tool. It also allows you to move your levels from day to day, or week to week with less hassel. Just use a different fib for each set. Put %$ in the fib description and the price will show up, then add any label you wish. To use the fib tool to draw just one level, just use 0 and start it on the price you want to highlight. Hope it makes sense.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 21 KB
Look Sharp/Trade Tight
  • #1,311
  • Mar 11, 2013 3:47pm Mar 11, 2013 3:47pm
Quoting PayTheLimit
You can also label the horizontal lines, highlight the line, right click for properties, and just fill in the description. If for some reason the label does not show up, right click on your chart to bring up properties, and under common, make sure the show object descriptions is checked. I think the label/description only shows up on the left part of your chart, which I am not a fan of. I prefer to use the standard fib tool. It also allows you to move your levels from day to day, or week to week with less hassel. Just use a different fib for each...
Hi PTL makes perfect sense.
  • #1,312
  • Mar 11, 2013 3:54pm Mar 11, 2013 3:54pm
Quoting Seneca pilot
I would like to point out that both EU and EJ had their daily open trades pay out nicely today. Both GU and GJ had nice trades off the London close from Friday and GU went long nicely off the Friday low. GJ just missed the low so no trigger there................. Luckily for us it did its job and triggered long and made 2/1.
++++++++++++++++++++++++++++++++

Good call. I saw that entry after the fact.

Now seeing daily high on several pairs as potential long entries on retests. Sound about right?
Thanks
Darryl
  • #1,313
  • Mar 11, 2013 4:06pm Mar 11, 2013 4:06pm
Quoting Seneca pilot
I dont mind if you post a trade, however I will insist that you post a chart and an explaination of the reasons for the trade.

I think your Euro long was not a bad entry as it was at the London close from Friday.

Your GU short was a poor decision as It was into the Low from Friday. That Friday low held and price has increased forty plus pips since. I hope you came out of the trade ok. I don't trade EG so I won't comment on that one.
Thank you for your answer, and again for starting this thread and sharing you views...
right now i can' t post any chart but will try to explain my entries:
EU: was Friday London close, and daily opening, plus my bias was EU to go long at that time (your rightly give some reasons on a post)
GU: poor timing i recognize, i decide to enter after GU broke last week lows and went back to touch it...should have wait in any case to daily opening, or no to enter..anyway i enter and will probably close it with a loss
EG: broke last week high, enter it on friday close, my bias was long also..
  • #1,314
  • Mar 11, 2013 4:18pm Mar 11, 2013 4:18pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

Good call. I saw that entry after the fact.

Now seeing daily high on several pairs as potential long entries on retests. Sound about right?
Thanks
Darryl
Not a chance. London closed four hours ago. I won't trade again until Tokyo at least.
  • #1,315
  • Mar 11, 2013 4:22pm Mar 11, 2013 4:22pm
Quoting Seneca pilot
Not a chance. London closed four hours ago. I won't trade again until Tokyo at least.
++++++++++++++++++++++++++++++++

Not suggesting trade now but later not until after LO.

I was born at night, but not last night... lol
  • #1,316
  • Mar 11, 2013 4:22pm Mar 11, 2013 4:22pm
Quoting be water
Thank you for your answer, and again for starting this thread and sharing you views...
right now i can' t post any chart but will try to explain my entries:
EU: was Friday London close, and daily opening, plus my bias was EU to go long at that time (your rightly give some reasons on a post)
GU: poor timing i recognize, i decide to enter after GU broke last week lows and went back to touch it...should have wait in any case to daily opening, or no to enter..anyway i enter and will probably close it with a loss
EG: broke last week high, enter it...
GU only went about 18 pips below last week low. Not broken in my opinion. I don't consider the weekly high/low broken until at least twenty percent of weekly ATR is exceeded. Your instincts are on track just need a little refinement.
  • #1,317
  • Mar 11, 2013 4:23pm Mar 11, 2013 4:23pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

Not suggesting trade now but later not until after LO.

I was born at night, but not last night... lol
Gotcha. :-)
  • #1,318
  • Mar 11, 2013 5:02pm Mar 11, 2013 5:02pm
Quoting PayTheLimit
You can also label the horizontal lines, highlight the line, right click for properties, and just fill in the description. If for some reason the label does not show up, right click on your chart to bring up properties, and under common, make sure the show object descriptions is checked. I think the label/description only shows up on the left part of your chart, which I am not a fan of. I prefer to use the standard fib tool. It also allows you to move your levels from day to day, or week to week with less hassel. Just use a different fib for each...
Love this. Thanks man.
What is any ocean but a multitude of drops?
  • #1,319
  • Mar 11, 2013 5:04pm Mar 11, 2013 5:04pm
Quoting PayTheLimit
Hope it makes sense.
That was a nice pointer. I will give that chart to a coder to do it if I cannot tweak it. Really appreciate your contribution.
  • #1,320
  • Edited 5:45pm Mar 11, 2013 5:19pm | Edited 5:45pm
EU London Open Retest Question:

In this M5 chart (Red Line is LO) price breaks short 1st then long 2 candles later.

From my understanding no trade is triggered short because of too little time from open to retest.

If that is correct, then is there a scenario in which a reverse trade can be triggered?

p.s.: this is from Friday London which I would not have traded due to nfp, but for future reference I was curious about this look.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 8 March.png Size: 13 KB
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