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  • #2,221
  • Apr 9, 2013 2:31am Apr 9, 2013 2:31am
Quoting billytt
i actually traded u/j on the jpn open at 00-00 uk time. This is second night running i have done it and WOW easy pips. Like i said earlier trade the currency of the country that opens, be good
Billytt, can you post a chart of your UJ trade please?
Simplicity is the ultimate in sophistication ~ Leonardo Da Vinci
  • #2,222
  • Apr 9, 2013 2:41am Apr 9, 2013 2:41am
Quoting fisheggs
Billytt, can you post a chart of your UJ trade please?
if it is ok with SP i wil, Or i can stick it in a different room
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,223
  • Apr 9, 2013 3:00am Apr 9, 2013 3:00am
Quoting fisheggs
Billytt, can you post a chart of your UJ trade please?
i just looked at the 00-00 jpn open of today. SP method traded almost the same as me that is coincidence i believe.BUT looking at it,,, the previous 3 hours of open, the range was broken we then had a 15 min candle close outside range it then retraced and then went short, i do believe that is SP thread way plus we had an inside bar on 15min and an outside bar on the hour.It was text book stuff. Like i always say i trade very similar to this but i do not go off the previous 3 hour candles. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,224
  • Apr 9, 2013 4:03am Apr 9, 2013 4:03am
Quoting billytt
i just looked at the 00-00 jpn open of today. SP method traded almost the same as me that is coincidence i believe.BUT looking at it,,, the previous 3 hours of open, the range was broken we then had a 15 min candle close outside range it then retraced and then went short, i do believe that is SP thread way plus we had an inside bar on 15min and an outside bar on the hour.It was text book stuff. Like i always say i trade very similar to this but i do not go off the previous 3 hour candles. be good
mmmm... so the pattern is, consolidation, wait for a breakout and then a retest of the s/r...mmmm.... could work!
tradewith60
  • #2,225
  • Apr 9, 2013 4:22am Apr 9, 2013 4:22am
[quote=60minuteman;6587220]mmmm... so the pattern is, consolidation, wait for a breakout and then a retest of the s/r...mmmm.

hello, i believe that is the way SP has described it and how i interpreted it, i personally
do not wait for the retrace but if it does i normaly add another trade on it, the thread method is a good method. i do trade aggressivly but with care
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,226
  • Apr 9, 2013 4:33am Apr 9, 2013 4:33am
[quote=billytt;6587276]
Quoting 60minuteman
mmmm... so the pattern is, consolidation, wait for a breakout and then a retest of the s/r...mmmm. hello, i believe that is the way SP has described it and how i interpreted it, i personally do not wait for the retrace but if it does i normaly add another trade on it, the thread method is a good method. i do trade aggressivly but with care
The problem lies in focus shifting from what is real, price, to what is not real, time.

Over the long haul the trader has to be aware in his own mind of what is real, if a session has consolidated it is because we have reached a significant/strong price level, if price then closes over on that TF, wether it is the start of a new session or not is an indication that price will continue and that focus should move to a higher tf (strong) price level (sr).

Sometimes this will fail and price will reverse back through the consolidation and go in the opposite direction, but, this too can easily be explained.... if the breakout candle already hit the higher tf price level (sr) then this can occur (often labelled as a false breakout, actually a failure to check or take notice of the higher tf)

... anyway, just thought it was important to clarify, its the price action that should be the focus
tradewith60
  • #2,227
  • Apr 9, 2013 4:50am Apr 9, 2013 4:50am
[quote=60minuteman;6587302][quote=billytt;6587276] The problem lies in focus shifting from what is real, price, to what is not real,


No disrespect but you are thinking too much, Example,,, a pair can be oversold/over bought but by how much? see how many traders get busted trying to trade that way, resistance/support breakout traders get busted, retrace traders bet busted.When the trades go in they are good.But i set triggers and trade them , this way you actually go where the big players are going. and yes losses do occur, i had one on g/u earlier i had a few pips then lost 15 but my long trigger was hit and look what happened, i got 15 pips and compounded another 10 pips then got out before it levels out. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,228
  • Apr 9, 2013 4:54am Apr 9, 2013 4:54am
[quote=billytt;6587350][quote=60minuteman;6587302]
Quoting billytt
The problem lies in focus shifting from what is real, price, to what is not real, No disrespect but you are thinking too much, Example,,, a pair can be oversold/over bought but by how much? see how many traders get busted trying to trade that way, resistance/support breakout traders get busted, retrace traders bet busted.When the trades go in they are good.But i set triggers and trade them , this way you actually go where the big players are going. and yes losses do occur, i had one on g/u earlier...
this is resistance support breakout trading, thats my point..

and a pair can never ever be over sold or overbought... The only time you can say something is oversold is when it hits zero
tradewith60
  • #2,229
  • Apr 9, 2013 5:10am Apr 9, 2013 5:10am
[quote=60minuteman;6587364][quote=billytt;6587350][quote=60minuteman;6587302] this is resistance support breakout trading,

my apologies ,i see what you are getting at and yes it is all about resistances and supports. regarding opening range breakouts it is also about odds. on 5 min chart you 20 % chance of it continueing and 15 min chart 35%, and dont say surely it is better odds to trade opposite way lol, it doesnt work like that. I set the triggers and trade, hopefully will be doing it with oil in 2 hours. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,230
  • Apr 9, 2013 5:36am Apr 9, 2013 5:36am
[quote=billytt;6587410][quote=60minuteman;6587364][quote=billytt;6587350]
Quoting 60minuteman
this is resistance support breakout trading, my apologies ,i see what you are getting at and yes it is all about resistances and supports. regarding opening range breakouts it is also about odds. on 5 min chart you 20 % chance of it continueing and 15 min chart 35%, and dont say surely it is better odds to trade opposite way lol, it doesnt work like that. I set the triggers and trade, hopefully will be doing it with oil in 2 hours. be good

Wow, this thread is just gettin better by the day. So cool !

Billy, you talk a lot about your oil trades. Can you get into a bit more details?
Why oil? (I mean why not gold or silver or anything else?)
Is it a totally different style of trading you use there or actually very similar to the forex (and Seneca) staff?
I know we are still waiting to Chris's approval to post your charts but maybe you can sum it up in a few words.
Thanks
"Always be yourself " Batman
  • #2,231
  • Apr 9, 2013 5:52am Apr 9, 2013 5:52am
[quote=rdsl;6587486][quote=billytt;6587410][quote=60minuteman;6587364][quote=billytt;6587350] Wow, this thread is just gettin better by the day. So cool ! Billy, you talk a lot about your oil trades.

the chart i see are the ones you see, regarding the u/j chart, SP could of explained his method and posted that chart it was a beauty. the chart yesterday was when jpn opened after weekend so in my eyes it wasnt this thread method. I just set the triggers off the 15 min open and waited. i think i got got 10 longing it then shorted it, and somewhere in between i believe i had a casualty (loss)... As for oil this is SPs thread but i go off the us open on 15 min chart then hour (sometimes), i just set trigger then go when the big boys go but it is more volatile market and you hve to be on the ball with it... i also have an ea which self adjusts and waits for spike to trigger it. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,232
  • Apr 9, 2013 5:54am Apr 9, 2013 5:54am
[quote=rdsl;6587486][quote=billytt;6587410][quote=60minuteman;6587364][quote=billytt;6587

a young lad got me onto silver months and months ago but i no longer trade it. sometimes i trade dow (quite rare now) but oil moves big time and thats for me. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,233
  • Apr 9, 2013 6:16am Apr 9, 2013 6:16am
trading only the stuff that move
oil
EUR/JPY
and a longterm DJ trade from Jan
  • #2,234
  • Apr 9, 2013 8:45am Apr 9, 2013 8:45am
You guys can post any charts you like. If it starts to go off course. If I see charts that are posted where someone says it moved because this or that indicator said it would then I will step in. Billy and 60 minute are talking about S&R and breakouts and that is what this thread is about. As I said earlier I do things that I don't really talk about here. That stuff is session breakouts and similar but not the same as the strategy I put in post 80. Post 80 ORB is a longer term strategy that can produce trades that last for many hours up to several days. Lately the market has been trendless but when it goes on a run like it did in late 07 early 08 that strategy can have you in for days with two, three, or more trades stacked and running. In my intraday trading I probably trade very similar to billy. Not the same because I only take certain types of breakouts at certain places. I am sure he and I do many of the same types of trades though.

As for time not mattering. Well it does. I don't care about time frame, that is not important but the price at certain times is definitely important. Session closes, rollover prices, and session opens do have importance and do provide short term supports and resistances. This happens because of the order flow that builds up around these important prices. You can only print a session open or close at a particular time. By default that makes time important in trading. You don't have to agree with me to make money trading but you cannot deny the regularity that price reacts to these price levels and the hit rate of the trades we take around them.

Chris
  • #2,235
  • Apr 9, 2013 9:11am Apr 9, 2013 9:11am
Quoting Seneca pilot
You guys can post any charts you like. If it starts to go off course. If I see charts that are posted where someone says it moved because this or that indicator said it would then I will step in. Billy and 60 minute are talking about S&R and breakouts and that is what this thread is about. As I said earlier I do things that I don't really talk about here. That stuff is session breakouts and similar but not the same as the strategy I put in post 80. Post 80 ORB is a longer term strategy that can produce trades that last for many hours up to several...
I just wanted to post one chart to illustrate why time matters. This is GU chart from today. Yellow is London close from yesterday. Purple is Friday close. Price at time is important. Almost as important as highs and lows.
Attached Image (click to enlarge)
Click to Enlarge Name: time matters.gif Size: 20 KB
  • #2,236
  • Apr 9, 2013 9:22am Apr 9, 2013 9:22am
Quoting Seneca pilot
You guys can post any charts you like. If it starts to go off course. If I see charts that are posted where someone says it moved because this or that indicator said it would then I will step in. Billy and 60 minute are talking about S&R and breakouts and that is what this thread is about. As I said earlier I do things that I don't really talk about here. That stuff is session breakouts and similar but not the same as the strategy I put in post 80. Post 80 ORB is a longer term strategy that can produce trades that last for many hours up to several...
Hi Seneca, just thought for people learning they should know that big money (hate that term) will not just enter the market because London has opened, they are always looking to get into the market at a price, often they will have been given a specific price to get into and are just following orders, it may well be that that coincides with a market open.

When it comes to market close times, traders will of course get out at a specific price and that would normally be a visible price level so once again the market close will coincide with key price.... but at the end of day it is price that rules, so, we should be aware of this because the same patterns will appear at times when the markets are not opening or closing too... that's what i am trying to say.
tradewith60
  • #2,237
  • Apr 9, 2013 9:24am Apr 9, 2013 9:24am
[quote=Seneca pilot;6588223]I just wanted to post one chart to illustrate why time matters.

what SP said is good advice, Some even refer this closing and opening as gapping. When you start looking at these figures you can then see if it opens above or below a pivot and if it is in range of a pivot range. All these things help you to identify trades should you wish, Time matters
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,238
  • Apr 9, 2013 9:25am Apr 9, 2013 9:25am
Quoting Seneca pilot
I just wanted to post one chart to illustrate why time matters. This is GU chart from today. Yellow is London close from yesterday. Purple is Friday close. Price at time is important. Almost as important as highs and lows. {image}
I would be more inclined to think it was because of weekly s/r... maybe same thing through different eyes
Attached Image (click to enlarge)
Click to Enlarge Name: Screen shot 2013-04-09 at 15.24.47.png Size: 10 KB
tradewith60
  • #2,239
  • Apr 9, 2013 9:29am Apr 9, 2013 9:29am
Quoting 60minuteman
Hi Seneca, just thought for people learning they should know that big money (hate that term) will not just enter the market because London has opened, they are always looking to get into the market at a price, often they will have been given a specific price to get into and are just following orders, it may well be that that coincides with a market open. When it comes to market close times, traders will of course get out at a specific price and that would normally be a visible price level so once again the market close will coincide with key price.......
I actually agree with you mostly. The highs and lows that form on charts though often form around these prices. Tomorrow the low we long or the high we short may have been caused by those closes. It chicken and egg. I just happen to believe that enough traders (big and informed ones) are willing to commit to entering at some of these price levels because they have significance. London close does matter. Rollover prices do matter. Opens and closes do matter.
  • #2,240
  • Apr 9, 2013 9:30am Apr 9, 2013 9:30am
Quoting 60minuteman
Hi Seneca, just thought for people learning they should know that big money (hate that term) will not just enter the market because London has opened, they are always looking to get into the market at a price, often they will have been given a specific price to get into and are just following orders, it may well be that that coincides with a market open. When it comes to market close times, traders will of course get out at a specific price and that would normally be a visible price level so once again the market close will coincide with key price.......

What you say is also true but after uk shuts at 16-00 and opens at 08-00 a lot can happen which is not expected. for one you have orders opening and if something drastic has happened in asian session this is where you get the indication of where market will probably go for rest of day. so you get panic,retrace (sometimes) an it proceeds to go its way (hopefully)
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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