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Ramblings of a Forex Junkie

  • #2,861
  • Apr 30, 2013 6:59am Apr 30, 2013 6:59am
Quoting landsat
In fact im not in ... i was expecting to short at the retest of london open (white line ) and TP on the dash blue line .... but it never came back to retest london open ....

Just to be clear, you are showing daily open as your white line, not London Open. Had you been trading the proper London Open you would have had an entry based on what you said.
  • #2,862
  • Apr 30, 2013 7:06am Apr 30, 2013 7:06am
TantumVerum

you are 10000% right ..........and im 10000000% stupid .... what a stupid mistake ....loool very painful ...ouch ...
thank's to put the light on ....

Landsat
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #2,863
  • Apr 30, 2013 7:27am Apr 30, 2013 7:27am
Quoting TantumVerum
{quote} Just to be clear, you are showing daily open as your white line, not London Open. Had you been trading the proper London Open you would have had an entry based on what you said.
Hi there
Which levels would you have traded then? Here's my chart?
Thanks!
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  • #2,864
  • Apr 30, 2013 7:46am Apr 30, 2013 7:46am
Quoting TantumVerum
{quote} Just to be clear, you are showing daily open as your white line, not London Open. Had you been trading the proper London Open you would have had an entry based on what you said.
That's true, but I thought SP said he trades the opening price 3 hours before LO. I guess you can do either, you'll have winners, losers, opportunities, no opportunites using either - perhaps it all levels out in the wash.
  • #2,865
  • Apr 30, 2013 8:20am Apr 30, 2013 8:20am
Quoting hollowhead
{quote} That's true, but I thought SP said he trades the opening price 3 hours before LO. I guess you can do either, you'll have winners, losers, opportunities, no opportunites using either - perhaps it all levels out in the wash.
I didn't say in my post that you can't trade daily open. Just stated that it was not London Open. They are 2 different things. You can trade any open/close, high/low you wish if you know what you are doing and how price reacts to the orders placed at that level.
  • #2,866
  • Apr 30, 2013 8:24am Apr 30, 2013 8:24am
Quoting biDc
Gold has been respecting these levels pretty well so far. 3 wins 0 loss thus far. One thing I'm beginning to notice is that more important than price level is time itself. In other words, the time at which these price levels get hit seems to be a rather important factor. What do you think about this SP? {image}
Market opens are the hot spots for filling orders. Dumb money can often be enticed to enter into the market in the wrong direction with the open and its range. You will often see Frankfurt open and drive hard in one direction to a level then reverse. The same thing is common with London and NY opens. Also look closely when we are approaching a level just prior to lunch in a session. Often a push into a level will be around 11:00 or 11:30 in whatever market active at the time. Take a look at EJ today, when was the previous day low hit to the pip and reversed? Guys were getting hungry and the market would have been thinning at the time. It was just after 12:00 in Franky and 11:00 in London.
  • #2,867
  • Apr 30, 2013 8:26am Apr 30, 2013 8:26am
Quoting TantumVerum
{quote} I didn't say in my post that you can't trade daily open. Just stated that it was not London Open. They are 2 different things. You can trade any open/close, high/low you wish if you know what you are doing and how price reacts to the orders placed at that level.
I understand - I was simply trying to point out that landsat is not 'and im 10000000% stupid'.
  • #2,868
  • Apr 30, 2013 8:26am Apr 30, 2013 8:26am
Quoting landsat
Hello this is my graph EURUSD , im just waiting the price to come back to London Open to short it ...{image} London open = White line
Why did you not sell the previous day high? It was the first level hit and a beautiful drive up on news. Perfect conditions to get a great reversal or a clean break with retest.
  • #2,869
  • Apr 30, 2013 8:28am Apr 30, 2013 8:28am
Quoting jonnypants
Morning Chris (and gang) What do you think of this one? PS who can tell me what that magic number is? {image}
Just a little above NY close and rollovers. I sold it.
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  • #2,870
  • Apr 30, 2013 8:30am Apr 30, 2013 8:30am
Hi,

I noticed one member was asking about the ATR SL. Another was interested in gathering statistics regarding the various levels taught here.

I want to suggest that you use the forum search function.
For example, search "atr stop loss" and you'll get lots of info. Just look for the specific how-to posts rather than the debates over the merits of the ATR SL.

A search for "statistics ea" will get lots of info on that topic and probably a source for free historical data. Google will definitely get you free data sources.
Usually it's in a format (.txt, .csv, etc.) that most apps can use. I don't know which formats MT4 can import/use.

I suggest this method because it will get you what you need, avoid redundancy and clutter on the thread, and enable you to really learn the topic and become self-sufficient.

HTH. Good trading to all.
TRADING. It isn't rocket surgery.
  • #2,871
  • Apr 30, 2013 8:33am Apr 30, 2013 8:33am
Quoting hollowhead
{quote} Oh ok - I went long first thing (can't remember why and reversed when my SL was taken out (which happened to be around opening)). I get myself in a bit of a mess when my lines are so close together...
You guys have to get up a little earlier over there in the UK. Most of the best action is going to be around 5;00 or 6:00 AM for you. The best trade of the day was a sell at the Monday high but you had to be out of bed by six AM to catch it. If I have to stay up until three AM you guys could manage to roll out by six.
  • #2,872
  • Apr 30, 2013 8:34am Apr 30, 2013 8:34am
Quoting Seneca pilot
{quote} Just a little above NY close and rollovers. I sold it. {image}
Cool, I'm beginning to think I'm learning something....
PS what's rollovers?
  • #2,873
  • Apr 30, 2013 8:35am Apr 30, 2013 8:35am
Quoting Seneca pilot
{quote} You guys have to get up a little earlier over there in the UK. Most of the best action is going to be around 5;00 or 6:00 AM for you. The best trade of the day was a sell at the Monday high but you had to be out of bed by six AM to catch it. If I have to stay up until three AM you guys could manage to roll out by six.
Yup I'm beginning to think Europe is not such a bad place to live after all
  • #2,874
  • Apr 30, 2013 8:39am Apr 30, 2013 8:39am
Quoting hollowhead
{quote} That's true, but I thought SP said he trades the opening price 3 hours before LO. I guess you can do either, you'll have winners, losers, opportunities, no opportunites using either - perhaps it all levels out in the wash.
I am looking more at the market closes lately. The daily open trigger really works best as an entry trigger into a trending market. Right now we are not trending so the fades of high low and closes work best.
  • #2,875
  • Apr 30, 2013 8:47am Apr 30, 2013 8:47am
Quoting jonnypants
{quote} Cool, I'm beginning to think I'm learning something.... PS what's rollovers?
Currency contracts are only for the day. At 17:00 NY (10PM London) all open currency contracts are rolled over to the next day. This is why we get paid or charged interest on open positions. Many business contracts are stipulated based on the rollover price. It is VERY important. You should do a little googling and read up on these mechanics. It will help guide you in deciding what prices to trade on.
  • #2,876
  • Apr 30, 2013 8:51am Apr 30, 2013 8:51am
Quoting jonnypants
{quote} Hi there Which levels would you have traded then? Here's my chart? Thanks! {image}

Just for clarification...
1) I don't trade London morning session.
2) You are on a 5m chart of E/U
3) Hindsight... you know the rest


What I see that happened...

1) You had a entry off the previous daily high, which was a confirmed good entry by an inside bar on both your 5m chart and a 15m chart after daily open and prior to London open. Your chart obviously doesn't show this bounce, but it was there.

2) You also had another entry at the London Open, again confirmed by an inside bar on both the 5m (yours) and a 15m chart. Note these were right between the London Open and yesterday's London Close. Price touched London Close and the body of the rejection candle is at London Open. Price went down near the weekly open, which also happens to have an option barrier there, which also happens to have a weekly close from 4/19. Though it didn't touch these it was close. Would have been a good place to exit either trade.

3) I start right before NY Open, but don't take a position until NY does. Very early NY was signaling a potential reversal in price. Price is now blowing through levels. No, I am not currently in a trade on this ride. I was out with about half of current move from NY Open, but that's ok.


Note: If that is your bid/ask price in red/black you're paying too much to trade the E/U.
  • #2,877
  • Apr 30, 2013 8:55am Apr 30, 2013 8:55am
Quoting TantumVerum
{quote} Just for clarification... 1) I don't trade London morning session. 2) You are on a 5m chart of E/U 3) Hindsight... you know the rest What I see that happened... 1) You had a entry off the previous daily high, which was a confirmed good entry by an inside bar on both your 5m chart and a 15m chart after daily open and prior to London open. Your chart obviously doesn't show this bounce, but it was there. 2) You also had another entry at the London Open, again confirmed by an inside bar on both the 5m (yours) and a 15m chart. Note these were...
Good morning: I am watching with interest the 3150 for NY cut. Got any idea the size of the option today. It sure as hell was a determined push up here.
  • #2,878
  • Apr 30, 2013 8:59am Apr 30, 2013 8:59am
Quoting Seneca pilot
{quote} Market opens are the hot spots for filling orders. Dumb money can often be enticed to enter into the market in the wrong direction with the open and its range. You will often see Frankfurt open and drive hard in one direction to a level then reverse. The same thing is common with London and NY opens. Also look closely when we are approaching a level just prior to lunch in a session. Often a push into a level will be around 11:00 or 11:30 in whatever market active at the time. Take a look at EJ today, when was the previous day low hit to...
I definitely see the logic behind that (as well as the evidence)

Both occurred right at their respecting opening times.
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  • #2,879
  • Apr 30, 2013 9:02am Apr 30, 2013 9:02am
Quoting Seneca pilot
{quote} Good morning: I am watching with interest the 3150 for NY cut. Got any idea the size of the option today. It sure as hell was a determined push up here.
I don't and have been trying to find some info once this thing kept pushing through levels. This thing only hesitated for about 3 minutes watching on the 1m at each level moving up.
  • #2,880
  • Apr 30, 2013 9:05am Apr 30, 2013 9:05am
Quoting TantumVerum
{quote} I don't and have been trying to find some info once this thing kept pushing through levels. This thing only hesitated for about 3 minutes watching on the 1m at each level moving up.
Unusual move given the lack of news. It looks a lot like a CB move only a little slower. Luckily I had made my trades early today and was all out.
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