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  • #2,961
  • May 2, 2013 8:58am May 2, 2013 8:58am
Quoting Seneca pilot
{quote} I'll open it up in a few days.
cool thanks again
  • #2,962
  • May 2, 2013 9:16am May 2, 2013 9:16am
Quoting TantumVerum
{quote} Did you hold your afternoon E/U short yesterday to target near 3165? I was watching until 10:45 CDT time when it finally hit for me and was wondering if you held. That same level played out nice again this morning, though I didn't enter until the follow through news trade around 3156 and only rode it down to the ECB news spike, but was still good for a nice return. That level has been really good to me today and yesterday.
I was holding but it struggled so much that I eventually bailed. I made a profit but not as much as I would have liked. I really have a terrible time holding winners. Luckily I also have a very short attention span with losers. After nearly eleven years of trading I have dramatically improved but I still struggle every day with holding winning trades. I am working on a shock collar for myself. It will be connected to the terminal and if I touch the keyboard before my take profit or stop is reached it will give me a jolt. I did it today with the 08:30 news. It was a great rejection of the monthly high and moved reasonably well but I took it off when it stalled at the fifty. Of course we now know that was about fifty or sixty pips early at least. I struggle but I am getting there.
  • #2,963
  • May 2, 2013 9:38am May 2, 2013 9:38am
Quoting Seneca pilot
{quote} Page 80 is the ORB entry. Of course you skip on days like this. NFP eliminates all other types of trading for me other than the NFP style.
Hi SP,
What is NFP style? You don't trade yesterday High/Low?
What is the period for NFP style?
cheers, KK
  • #2,964
  • May 2, 2013 9:42am May 2, 2013 9:42am
Quoting kk007
{quote} Hi SP, What is NFP style? You don't trade yesterday High/Low? What is the period for NFP style? cheers, KK
Tomorrow the only trade I will take is the NFP news breakout on EU. I have covered the strategy in the thread three or more times. The same style of trading covers all the really major news events like interest rate announcements etc.
  • #2,965
  • May 2, 2013 9:53am May 2, 2013 9:53am
Quoting Seneca pilot
{quote} Tomorrow the only trade I will take is the NFP news breakout on EU. I have covered the strategy in the thread three or more times. The same style of trading covers all the really major news events like interest rate announcements etc.
Thanks
  • #2,966
  • May 2, 2013 10:28am May 2, 2013 10:28am
I'll point out now that Frankfurt open pushed EU up into the NY close and it moved down thirty pips this morning. With all the news that was scheduled this morning that was a nice reasonable trade to take. First level hit for the day. EJ had a daily open sell at the same time for a similar gain. GJ went straight down and rejected off yesterday's low and rose some sixty pips. GU popped off the daily open for around thirty pips up to the London close. Four for four today if any of you are keeping score. Of course I decided to go to sleep and rest up for the news trade today. Uggh

Correction: EJ bounced off the daily low for thirty plus pips up. Daily open was the second level hit.
  • #2,967
  • May 2, 2013 11:13am May 2, 2013 11:13am
Quoting Seneca pilot
I'll point out now that Frankfurt open pushed EU up into the NY close and it moved down thirty pips this morning. With all the news that was scheduled this morning that was a nice reasonable trade to take. First level hit for the day. EJ had a daily open sell at the same time for a similar gain. GJ went straight down and rejected off yesterday's low and rose some sixty pips. GU popped off the daily open for around thirty pips up to the London close. Four for four today if any of you are keeping score. Of course I decided to go to sleep and rest...
Hey SP

Frankfurt open pushed up to 1.3179 ,6 pips away from NY close,is that considered an entry?

thanks
  • #2,968
  • May 2, 2013 11:14am May 2, 2013 11:14am
Quoting FOURX
{quote} Hey SP Frankfurt open pushed up to 1.3179 ,6 pips away from NY close,is that considered an entry? thanks
For EU I have NY close as 3177 and the Frankfurt open bar high is 3178. It hit the price on my feed. NY FX close is 16:59.59 Eastern.
  • #2,969
  • May 2, 2013 11:34am May 2, 2013 11:34am
Quoting mmaker
{quote} Is it possible to list out on page 1 the post# of when these strategies or techniques are mentioned? Page 1 is the only post you can edit and add info. Anyone know which page is the NFP news breakout mentioned? Thanks.
You can always just go though each page and read SP's post, it's well worth it.
  • #2,970
  • May 2, 2013 11:37am May 2, 2013 11:37am
Quoting mmaker
{quote} What does first level and second level mean? Do you count the entry as "zero level"? When you say "this morning" is that GMT or EDT reference? Thanks! Trying to figure out this short paragraph without chart picture is actually quite tough, not knowing if you meant long or short. But will figure out.
I will clarify this and post some charts a little later. I am busy with some outside things right now.
  • #2,971
  • May 2, 2013 11:38am May 2, 2013 11:38am
Quoting Seneca pilot
I'll point out now that Frankfurt open pushed EU up into the NY close and it moved down thirty pips this morning. With all the news that was scheduled this morning that was a nice reasonable trade to take. First level hit for the day. EJ had a daily open sell at the same time for a similar gain. GJ went straight down and rejected off yesterday's low and rose some sixty pips. GU popped off the daily open for around thirty pips up to the London close. Four for four today if any of you are keeping score. Of course I decided to go to sleep and rest...
Great!!!! I see the success here..
Wonder if you may comment on GU yesterday low long @ 1.5525, was the loss preventable?
  • #2,972
  • May 2, 2013 11:40am May 2, 2013 11:40am
Quoting kk007
{quote} Great!!!! I see the success here.. Wonder if you may comment on GU yesterday low long @ 1.5525, was the loss preventable?
That was after the ECB rate decision so not a trade I would have recommended taking. Price is up there right now for a reentry short though.
  • #2,973
  • May 2, 2013 11:45am May 2, 2013 11:45am
Quoting Seneca pilot
{quote} That was after the ECB rate decision so not a trade I would have recommended taking. Price is up there right now for a reentry short though.
For you KK:
Attached Image (click to enlarge)
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  • #2,974
  • May 2, 2013 1:07pm May 2, 2013 1:07pm
Here are the trades from today, the first entry of the day refers to the first level hit after the beginning of my new day (three hours before London open). The entries are highlighted:

EU
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GU
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 18 KB


EJ
Attached Image (click to enlarge)
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GJ
Attached Image (click to enlarge)
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  • #2,975
  • May 2, 2013 1:11pm May 2, 2013 1:11pm
Quoting mmaker
{quote} I think I got the daily lines figured out. It make sense to plot today's Open (12amET), todays High and Low, and yesterday's Close (using New York 5pmET). However for weekly lines, which is the ones to use? 1. This week's Open. Do we need last week's Open? 2. This week's High (or Low). Do we need last week's High (or Low)? 3. This week's Close, which haven't happen yet. So this one is easy, we use last week's Close.
Weekly highs and lows are self explanatory. The week close is the NY close on Friday. The week open for me is the Monday daily open three hours before London open. Midnight eastern most of the time.
  • #2,976
  • May 2, 2013 1:43pm May 2, 2013 1:43pm
Quoting Seneca pilot
{quote} For you KK: {image}
A side note about this trade. This was after London close. Typically I do not enter trades after London close unless a news trade. I do not favor taking this trade but wanted to illustrate a point to KK007. The point is simply, once you have taken a loss on a trade you will often get the chance to reverse your position at that same level. Don't fear a loss, take action once it happens. This trade may win or lose, doesn't much matter either way but I wanted to show the ease with which we can get back in once a trade stops out.
  • #2,977
  • May 2, 2013 2:07pm May 2, 2013 2:07pm
Quoting Seneca pilot
{quote} A side note about this trade. This was after London close. Typically I do not enter trades after London close unless a news trade. I do not favor taking this trade but wanted to illustrate a point to KK007. The point is simply, once you have taken a loss on a trade you will often get the chance to reverse your position at that same level. Don't fear a loss, take action once it happens. This trade may win or lose, doesn't much matter either way but I wanted to show the ease with which we can get back in once a trade stops out.
In this trade if I get it right your stop is @ 1.5546.
Wouldn't it be a smart move to lower leverage a bit and give it another say 5 pips because this 1.5546 happens to be your Daily Open line too. So if you can put your stop above the DO it would rise the probability of the trade not to be stoped out, wouldn't it? (Of course the TP would have to be a bit further away too).

Thanks
"Always be yourself " Batman
  • #2,978
  • May 2, 2013 2:21pm May 2, 2013 2:21pm
Quoting rdsl
{quote} In this trade if I get it right your stop is @ 1.5546. Wouldn't it be a smart move to lower leverage a bit and give it another say 5 pips because this 1.5546 happens to be your Daily Open line too. So if you can put your stop above the DO it would rise the probability of the trade not to be stoped out, wouldn't it? (Of course the TP would have to be a bit further away too). Thanks
I am actually only risking about .4% on this trade and don't expect much out of it. I made the trade more for purposes of example than expected profit. As the movement is basically done for the day I don't expect this to move much up or down. Tomorrow is another big news day and the market needs to catch its breath. Once NY closes I have some criteria that will determine whether I close this or let it run. As it was I just set the stop to the normal ATR that I use and left it to go. I wanted to make the point to KK007 that his focus is in the wrong place. We don't need to concern ourselves too much with avoiding losses. The focus should be on taking the correct actions and letting the chips fall where they may.
  • #2,979
  • May 2, 2013 2:23pm May 2, 2013 2:23pm
My day with /ES
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  • #2,980
  • May 2, 2013 2:42pm May 2, 2013 2:42pm
Does anyone here still using the Daily and Weekly (Floor Traders) Pivot levels? Usually labeled as PP, S1, S2, S3, R1, R2, R3.

Have you guys compared and feel that Seneca Pilot's open/high/low/close lines are more useful than those daily or weekly pivot levels?
No longer trading forex. Looking for full time job.
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