Ramblings of a Forex Junkie | Page 122 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Trading: Incorporating Price Behavior into a Forex Trading System 4 replies

Forex Training: What to Look for in a Forex Training Program 1 reply

The Journal Of A Macro Fundamental & Technical Analysis Junkie 26 replies

Trade Anatomy - ramblings of an old-timer 147 replies

Attachments: Ramblings of a Forex Junkie
Exit Attachments

Ramblings of a Forex Junkie

  • #2,421
  • Apr 18, 2013 8:31am Apr 18, 2013 8:31am
Seneca, what value do you put on pivots? EU bounced perfect off it earlier.....
TIA
  • #2,422
  • Apr 18, 2013 8:31am Apr 18, 2013 8:31am
Excellent guys.

Lots of people reading this thread that get it.

I spend many hours trading every day and I spend at least three times as many hours going back over charts. I go over every pair on every timeframe looking for patterns. I spend almost zero time watching television and almost all my waking hours going back over the same charts, over, and over, and......over. I earn my money.

I test new patterns several times a week. Most are not worth the time but occasionally a gem comes out of all the hard work. I found all my breakouts through this type of constant pouring over charts. I bet Billy and I do the same things every day just not necessarily at the same prices. I trade the levels in a way that no one I have ever seen teaches. I would say that the closest thing I have seen is Raczefx but I am not sure what his triggers are. I just know that his entries are up there in the wicks just like mine.

It's out there guys, I have given the keys to getting started. I don't think I ever said this was an easy road. Simple, yes, easy.... NO WAY.
  • #2,423
  • Apr 18, 2013 8:33am Apr 18, 2013 8:33am
Quoting jonnypants
He trades dustbins! Simple enough theory, EU moves in 20 pip beats, EJ in 50 pip beats.....see attached.... he's got an indi now that shows correlation between pairs as well but I think it's a bit of a CPU hog..... Cheers {image}
I am a huge fan of his and know the method I just haven't figured out his PA triggers. I should probably ask.
  • #2,424
  • Apr 18, 2013 8:40am Apr 18, 2013 8:40am
Quoting Seneca pilot
I just know that his entries are up there in the wicks just like mine. It's out there guys, I have given the keys to getting started. I don't think I ever said this was an easy road. Simple, yes, easy.... NO WAY.
Ah so you're a top and bottom picker! Cool, just keep the vaseline close to hand, we don't want too many smelly fingers.....
  • #2,425
  • Apr 18, 2013 8:43am Apr 18, 2013 8:43am
Quoting jonnypants
Seneca, what value do you put on pivots? EU bounced perfect off it earlier..... TIA
Pivots work sometimes and don't sometimes. My problem with pivots is that they were really a floor trader tool. There aren't any floor traders in FX in the traditional sense. There is no central exchange where all prices are derived. No two brokers will necessarily have the same prices for high low and close. There are many different formulae for pivots. Which do you use, normal, camirillo, fib? Do you use high low close? Do you use open, high, low, and close? Which set of market hours do you use? London hours, NY, Tokyo, Wellington, Sydney, etc. Too many variables for me. Also keep in mind that the pivot point is a formulaic level. There is no guarantee that there will be any reason for a person or fund to take action at that level other than the blind faith that there are enough people watching that pivot. I know (personal to me I have never worked in a bank) that there are people willing to sell the previous day high. I know that there are people willing to buy the previous day low. I know that there are many corporations willing to transact at the rollover price, at the London close price, etc.

Nothing is 100% but I want as much edge as I can get. Personally I don't think pivots are that much of an edge.
  • #2,426
  • Apr 18, 2013 8:45am Apr 18, 2013 8:45am
Quoting jonnypants
Ah so you're a top and bottom picker! Cool, just keep the vaseline close to hand, we don't want too many smelly fingers.....
Come here..... Smell my finger
  • #2,427
  • Apr 18, 2013 8:46am Apr 18, 2013 8:46am
Quoting Seneca pilot
Come here..... Smell my finger
Seriously my method picked the top on all three yen pairs (EJ, GJ, UJ) yesterday and they moved down how far?

Zoom out to a four hour or daily and you will see entries in the wicks, the mark of a great entry trigger.
  • #2,428
  • Apr 18, 2013 8:49am Apr 18, 2013 8:49am
Quoting Seneca pilot
Pivots work sometimes and don't sometimes.......
Sure!
Look at EJ just now, white dashed line is pivot, spooky huh???

Attached Image
  • #2,429
  • Edited 9:16am Apr 18, 2013 8:53am | Edited 9:16am
Quoting Xhale
You do this in every fucking thread I see you in. I warned SP to not waste his time on you. Go back to your Choros thread and stop your constant bitching. It's pathetic.
Do you know what is the freedom of speech, dictator? This thread is not yours. Don't you see a number of people are interested in discussing the issue I have raised? But, you only want to listen what you want. And you even lied to try to stop me from talking.
I will talk about things that the thread opener allows, but will not take what you said on mind. I have asked you to put me on your ignore list, so that you don't need to read every one of my posts. I am thinking to post on those threads you frequently visit, if you care about me so much..
  • #2,430
  • Apr 18, 2013 8:56am Apr 18, 2013 8:56am
Quoting Seneca pilot
Seriously my method picked the top on all three yen pairs (EJ, GJ, UJ) yesterday and they moved down how far? Zoom out to a four hour or daily and you will see entries in the wicks, the mark of a great entry trigger.
Kinnel man, those wicks are 600 pips long on EJ!!!!!!!
  • #2,431
  • Apr 18, 2013 9:03am Apr 18, 2013 9:03am
Tantum, are you out there? I saw something today on EJ vis-a-vie our discussion about the NY option cut.
  • #2,432
  • Apr 18, 2013 9:08am Apr 18, 2013 9:08am
Quoting jonnypants
Sure! Look at EJ just now, white dashed line is pivot, spooky huh??? {image}
I like my line more than yours. Yours went up nineteen pips mine went up 106.

Just messin with ya. There is a big secret in trading and here it is. What works, is what you believe in strongly enough to apply consistently and with discipline.
Attached Image (click to enlarge)
Click to Enlarge Name: lines.gif Size: 17 KB
  • #2,433
  • Apr 18, 2013 9:10am Apr 18, 2013 9:10am
Quoting Seneca pilot
I like my line more than yours. Yours went up nineteen pips mine went up 106. Just messin with ya. There is a big secret in trading and here it is. What works, is what you believe in strongly enough to apply consistently and with discipline. {image}
KK this is for you. No I will not go long here at the weekly open because it has already been successfully tested from the long side today. I would only short it now after it has gone down enough to provide some separation. I would prefer a four hour close below the price line.
Attached Image (click to enlarge)
Click to Enlarge Name: lines.gif Size: 17 KB
  • #2,434
  • Apr 18, 2013 9:26am Apr 18, 2013 9:26am
Quoting Seneca pilot
KK this is for you. No I will not go long here at the weekly open because it has already been successfully tested from the long side today. I would only short it now after it has gone down enough to provide some separation. I would prefer a four hour close below the price line.
KK you got me there, not sure where you got the 'magic number' around 127.7.......all I see is a clusterfuck of candles from this morning, lol
What are you using as the 'weekly open'? Tokyo/London/New York? (was tempted to say Paris but I think I got some song stuck in my head)
  • #2,435
  • Apr 18, 2013 9:29am Apr 18, 2013 9:29am
Quoting Snowbird
Straight up that has been my problem. I have been jumping around from one trading methodology to the next. Many subscriptions, DVDs, books galore, webinars, you name it. One of my mentors said you need to trade just one system or set-up for at least 3 months straight to get the nuances of it. Another said you need to take at least 50-100 trades with a new set-up the lowest capital possible before putting any real money on the line. Basically he said the same thing as the other but in different words. One guy said he has seen that people usually...
Sorry Snowbird I missed your post somehow.

The ORB trade is largely a trend following thing. It is a shame that you didn't start three weeks ago because the method was terrific during that time, almost no losers. That is sadly the murphy's law of trading; any time you start with a new method it will lose initially. Trust me, if you stick with it for a year you will be VERY happy with the results. I would also add that you can't give up on a day. The second entry yesterday was a great winner. and even with the breakout up today the second half of that trade made 94 pips, not half bad.

I also strongly recommend a small test account for your first. There is no reason to risk more than one hundred dollars at first to learn trading. It does need to be real money though. Demo just won't do.

Discipline is the key to trading. In fact discipline is the key to life.
  • #2,436
  • Apr 18, 2013 9:30am Apr 18, 2013 9:30am
Quoting Seneca pilot
KK this is for you. No I will not go long here at the weekly open because it has already been successfully tested from the long side today. I would only short it now after it has gone down enough to provide some separation. I would prefer a four hour close below the price line. {image}
Just saw my name on your post. Thanks a lot for your reply. I understand more about your way now.
I really appreciate that you have a open-for-discussion attitude in relation to your method.
  • #2,437
  • Apr 18, 2013 9:31am Apr 18, 2013 9:31am
Quoting jonnypants
KK you got me there, not sure where you got the 'magic number' around 127.7.......all I see is a clusterfuck of candles from this morning, lol What are you using as the 'weekly open'? Tokyo/London/New York? (was tempted to say Paris but I think I got some song stuck in my head)
Sorry that was to KK007

The weekly open is my Monday daily open price. For me the daily open is the price three hours before London open. Normally midnight Eastern.
  • #2,438
  • Apr 18, 2013 9:32am Apr 18, 2013 9:32am
Quoting jonnypants
KK you got me there, not sure where you got the 'magic number' around 127.7.......all I see is a clusterfuck of candles from this morning, lol What are you using as the 'weekly open'? Tokyo/London/New York? (was tempted to say Paris but I think I got some song stuck in my head)
It is the level according to SP, and that is why SP showed the line on his chart. I think it is the NY Monday 0:00 (GMT4:00).
  • #2,439
  • Apr 18, 2013 9:35am Apr 18, 2013 9:35am
Quoting Seneca pilot
Sorry that was to KK007 The weekly open is my Monday daily open price. For me the daily open is the price three hours before London open. Normally midnight Eastern.
NP, I though u was saying 'OK OK'
  • #2,440
  • Apr 18, 2013 9:35am Apr 18, 2013 9:35am
Quoting Seneca pilot
KK this is for you. No I will not go long here at the weekly open because it has already been successfully tested from the long side today. I would only short it now after it has gone down enough to provide some separation. I would prefer a four hour close below the price line. {image}
Ha, Ha, maybe I should have taken it.
1 trader viewing now