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  • #1,661
  • Mar 24, 2013 6:41pm Mar 24, 2013 6:41pm
Gap closed.
  • #1,662
  • Mar 24, 2013 6:43pm Mar 24, 2013 6:43pm
Quoting Seneca pilot
I can't help myself (a little bit of hubris just for fun)

Its almost scary isn't it?
Why do you always write right?
  • #1,663
  • Mar 24, 2013 7:01pm Mar 24, 2013 7:01pm
Quoting square1
Gap closed.
then some.

Did it turn at last Friday's afternoon session low? Or last Monday's afternoon session high (almost). Or when it got to ADR?
  • #1,664
  • Mar 24, 2013 7:30pm Mar 24, 2013 7:30pm
Quoting stevexyg
then some.

Did it turn at last Friday's afternoon session low? Or last Monday's afternoon session high (almost). Or when it got to ADR?
Last Monday's Low by the Big move over the Cypriots Weekend(15th-16th). I must say, i expected a big move. The Japs started buying the Euro like crazy, i got paid.
  • #1,665
  • Mar 24, 2013 7:44pm Mar 24, 2013 7:44pm
The way I see it this bailout proposal, if adopted will be terrible for european banks and the economy. People in the underperforming european countries will be rushing to their banks to withdraw their money and get it to safe banking centers. If they are willing to steal from the large depositors in Cyprus why wouldn't they do it to Spain, Italy, etc.
  • #1,666
  • Mar 24, 2013 7:47pm Mar 24, 2013 7:47pm
[quote=snail69;6542499]Linda Raschke: “Price is everything, and areas where price has turned in the past are likely areas where it will turn again.
Other price areas I watch are the opening price, the previous day’s high and low, and the swing highs and lows in between.
I use a very simple system, which some traders find hard to believe, but it just works. There’s no reason to overcomplicate this business.”

Hi Snail69, that is one of the best statements i have read in FF, keep it simple it works..and when your trading like this day in day out you will pick up variations of this simple way bringing into play inside/outside bars levels etc it does get easy. So well done well said.

i just popped in to see how you guys are and hopefully sticking to opening price breakout or has it now changed. was going to ask SP do you ever work with fading the gap, a good example is like sun opening it gapped down and then retraced. i do not trade it but i thought it was interesting. Take care all i see you next sunday unless someone mentions fading the gap, be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,667
  • Mar 24, 2013 8:02pm Mar 24, 2013 8:02pm
[quote=billytt;6542801]
Quoting snail69
Linda Raschke: “Price is everything, and areas where price has turned in the past are likely areas where it will turn again.
Other price areas I watch are the opening price, the previous day’s high and low, and the swing highs and lows in between.
I use a very simple system, which some traders find hard to believe, but it just works. There’s no reason to overcomplicate this business.”

Hi Snail69, that is one of the best statements i have read in FF, keep it simple it works..and when your trading like this day in...
I don't do "gaps". I don't trade anything before the daily open.

The opening range breakout is about a thousand years old. I think the cavemen traded flints off the opening range. Why change something that works?
  • #1,668
  • Mar 24, 2013 8:17pm Mar 24, 2013 8:17pm
[quote=Seneca pilot;6542838]
Quoting billytt

I don't do "gaps". I don't trade anything before the daily open.

The opening range breakout is about a thousand years old. I think the cavemen traded flints off the opening range. Why change something that works?
quick return, SP i was asking if you had any knowledge on fading the gap not if you trade it. i know i can google it but to actually ask real people is different. None of my trader friends trade it as sunday evening is for socialising etc and same here. i think you maybe wrong with the caveman theory, the brightest caveman would of used his flint to kill the other and take his flints thats how it goes. Anyway take care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,669
  • Mar 24, 2013 9:14pm Mar 24, 2013 9:14pm
[quote=billytt;6542873]
Quoting Seneca pilot

quick return, SP i was asking if you had any knowledge on fading the gap not if you trade it. i know i can google it but to actually ask real people is different. None of my trader friends trade it as sunday evening is for socialising etc and same here. i think you maybe wrong with the caveman theory, the brightest caveman would of used his flint to kill the other and take his flints thats how it goes. Anyway take care
No don't fade it either. Sundays are for family and rest. I barely even trade on Mondays these days.
  • #1,670
  • Mar 24, 2013 9:45pm Mar 24, 2013 9:45pm
Quoting snail69
Linda Raschke: “Price is everything, and areas where price has turned in the past are likely areas where it will turn again.
Other price areas I watch are the opening price, the previous day’s high and low, and the swing highs and lows in between. All of my trading is based on that. I also do a little bit of volume assessment when the market opens because that’s going to set the tone of trading for the day. It’s kind of hard for the market to push the price to any extreme if you don’t have decent volume in there to support the move. Otherwise,...
  • #1,671
  • Mar 25, 2013 5:52am Mar 25, 2013 5:52am
http://oi50.tinypic.com/vy01z4.jpg

Seneca,

If the above is a trade you would have taken, would that first pin have given you more confidence for a potential long off the weekly close or would it have weakened the case? My thinking here is that that initial pin already picked up quite a few bids, having price come down again to that level could shake off the weaker hands that would be too scared to re-enter, leading to less potential buying pressure next time price got around that level. I mention this since one of the tasks here is to find a large concentration of orders. Here however it seems that they may have been picked up bit by bit over time with only a few remaining for the ride up (if that ride at all occurs). It all worked out in the end, but could it have played out differently for these reason?

Great stuff Seneca. Almost done reading the entire thread.
  • #1,672
  • Mar 25, 2013 6:37am Mar 25, 2013 6:37am
[quote=fxterrapin;6544034]

Seneca,

If the above is a trade you would have taken, would that first pin have given you more confidence for a potential long off the weekly close or would it have weakened the case?


oops wrong thread,, regarding your chart, that inside bar about 3 candles past your tail , tells a 1000 words as confucious says.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,673
  • Mar 25, 2013 8:18am Mar 25, 2013 8:18am
Quoting fxterrapin
http://oi50.tinypic.com/vy01z4.jpg

Seneca,

If the above is a trade you would have taken, would that first pin have given you more confidence for a potential long off the weekly close or would it have weakened the case? My thinking here is that that initial pin already picked up quite a few bids, having price come down again to that level could shake off the weaker hands that would be too scared to re-enter, leading to less potential buying pressure next time price got around that level. I mention this since one of the tasks here...
I took the trade. I took the first touch of the price as I always do.

If you refer to the chart below you will see my entry and exit. I knew a long would be short lived so I just took the mid of the down move for my exit. I really wanted to be short but had missed the sell at the weekly high(shaded blue) because I overslept by thirty minutes. I waited for a separation and retrace to the daily open but it never happened so I took the long for a small but quick gain.
Attached Image (click to enlarge)
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  • #1,674
  • Mar 25, 2013 8:26am Mar 25, 2013 8:26am
Seneca, you have there a beauty, AB=CD by the way.
  • #1,675
  • Mar 25, 2013 8:35am Mar 25, 2013 8:35am
Quoting Seneca pilot
I took the trade. I took the first touch of the price as I always do.

If you refer to the chart below you will see my entry and exit. I knew a long would be short lived so I just took the mid of the down move for my exit. I really wanted to be short but had missed the sell at the weekly high(shaded blue) because I overslept by thirty minutes. I waited for a separation and retrace to the daily open but it never happened so I took the long for a small but quick gain.
Why have you taken the trade?
Do I have to read the whole thread to find out why?
  • #1,676
  • Mar 25, 2013 8:36am Mar 25, 2013 8:36am
Quoting snail69
Seneca, you have there a beauty, AB=CD by the way.
Yes but I don't trade those types of things. I am a specialist and I dont need to catch every move. I only take the trades that I am confident in. I really hate I missed the weekly high, that could have really been a great trade. I don't sweat the missed trades too much, in fact, this is an unusual Monday as price is actually moving. I figured there would be a retest of the close from last week once it broke but nothing. I really wanted to be short too after that wonderful Cyprus "deal" was announced. Of course that was reinforced with a trade trigger in the right direction. When fundamentals and techs line up together its powerful.
  • #1,677
  • Mar 25, 2013 8:37am Mar 25, 2013 8:37am
Quoting kk007
Why have you taken the trade?
Do I have to read the whole thread to find out why?
Just for you, it was the close from last week.
  • #1,678
  • Mar 25, 2013 8:37am Mar 25, 2013 8:37am
Hi SP,

Found your your rambling very interesting. Infact I had been trading london open but was not very consistent, but your ramblings have put me on the right path. Besides that I also got the hi/lo fadding thing as a bonus thanks to you.

Just to be sure that I have understood it correctly, I am putting my charts with my comments. Can you kindly go through them whenever you have time and put your comments.

I don't use gmt+5 as my open but use london open as my daily open as it fits my schedule and personally I think that most of the trading is done during london session and first 3-4 hours of ny session. correct me if I am wrong.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusdm15_sp.png Size: 43 KB
Click to Enlarge Name: gbpusdm15_sp.png Size: 40 KB
  • #1,679
  • Mar 25, 2013 8:49am Mar 25, 2013 8:49am
Quoting Seneca pilot
Just for you, it was the close from last week.
Thanks buddy
  • #1,680
  • Mar 25, 2013 8:51am Mar 25, 2013 8:51am
Quoting Seneca pilot
I took the trade. I took the first touch of the price as I always do.

If you refer to the chart below you will see my entry and exit. I knew a long would be short lived so I just took the mid of the down move for my exit. I really wanted to be short but had missed the sell at the weekly high(shaded blue) because I overslept by thirty minutes. I waited for a separation and retrace to the daily open but it never happened so I took the long for a small but quick gain.
Price dillydallied along the same area for a good amount of time. I was impatient and took a long with a TP near the "PREVIOUS MONTH LOW".
I knew this had turned into a strong resistance, and sure it did. Since then, i have been fading price down. I have a short in, i hope it will reach near the "PREVIOUS DAILY LOW" before Uncle Ben speaks.
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