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Ramblings of a Forex Junkie

  • #3,061
  • May 6, 2013 4:02pm May 6, 2013 4:02pm
Quoting biDc
{quote} I've been tinkering with the idea of having some sort of factor that will tell me that there are higher odd's of a line holding vs getting stopped out (ie. time). Any suggestions?
yes what seneca said, but i would add that we can scroll back on the charts during boring times (like today or the weekend) and see if a level was tested before, how many times it was tested, and how many times it held/broke. It still is never 100%, but some levels are more important than others, i.e. some weekly levels are levels from way back when you get to investigating. Also, illiquid times versus liquid times make a difference. For example, a tight stop after london close or during the asian session seems to get hit more often, from my experience anyway. Also ,i look for confluence like when the london close is the same as the weekly and i look back in time and see that it is a level from way back that was revisited.
  • #3,062
  • May 6, 2013 4:05pm May 6, 2013 4:05pm
Quoting Seneca pilot
{quote} Over the years I have tried just about every indicator and combination of indicators you can imagine. My conclusion is that I should take pretty much every level (except during big news events) and make sure to get bigger winners than the losers. I wish there was a formula that could give me the magic knowledge for when a level will hold. There is some feel and I am sometimes able to skip the odd loser but more often than not if I skip a trade I end up regretting the decision. Often the hardest ones to take are the best trades. The market...
Great post Chris and you definitely hit it on the spot. I have had much failure as I started trading because I would give up on my method after a string of consecutive losses. This is definitely something new that I am trying to constantly remind of, to just accept the loss and keep going.
  • #3,063
  • May 6, 2013 4:09pm May 6, 2013 4:09pm
My day on /ES. The second trade took a long time. Initially going for +4 but decided to close it manually at +3...don't want to risk the entire trade for just one more point, especially during this dead time.
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  • #3,064
  • May 6, 2013 4:09pm May 6, 2013 4:09pm
Quoting biDc
{quote} Great post Chris and you definitely hit it on the spot. I have had much failure as I started trading because I would give up on my method after a string of consecutive losses. This is definitely something new that I am trying to constantly remind of, to just accept the loss and keep going.
The world is full of people who give up. Be different. Be a winner.
  • #3,065
  • May 6, 2013 4:11pm May 6, 2013 4:11pm
Quoting biDc
My day on /ES. The second trade took a long time. Initially going for +4 but decided to close it manually at +3...don't want to risk the entire trade for just one more point, especially during this dead time. {image}
I am not sure if you noticed, but you took seven points out of an eight point day range.
  • #3,066
  • May 6, 2013 4:52pm May 6, 2013 4:52pm
Quoting Seneca pilot
{quote} I am not sure if you noticed, but you took seven points out of an eight point day range.
It's a good day today
  • #3,067
  • May 6, 2013 6:56pm May 6, 2013 6:56pm
Seneca three is up and flying. I unlocked all the stats. All testing trades are closed out and all the evidence is erased.

I cannot guarantee that I will not lock this up some time in the future. Lee is coding something for me and if the tests are as good as the trades fit my eye I will have to test it with money. For the near future this account will be only traded with the levels we discuss here every day. Lets see what happens within the next month of levels entries.

http://www.myfxbook.com/members/MH60L
  • #3,068
  • May 6, 2013 7:00pm May 6, 2013 7:00pm
Quoting Seneca pilot
Seneca three is up and flying. I unlocked all the stats. All testing trades are closed out and all the evidence is erased. I cannot guarantee that I will not lock this up some time in the future. Lee is coding something for me and if the tests are as good as the trades fit my eye I will have to test it with money. For the near future this account will be only traded with the levels we discuss here every day. Lets see what happens within the next month of levels entries. http://www.myfxbook.com/members/MH60L

Will be following and studying your trades... no more scraping by on screenshots, love it!

+1
  • #3,069
  • May 6, 2013 8:51pm May 6, 2013 8:51pm
I wonder if there is interest or need for an IRC room dedicated to discussing Seneca Pilot's method, until his omNovia chatroom service is ready. We can talk among ourselves for the time being.

1. Go to http://www.mibbit.com/, click on 'Launch App' in the center of the page to get here:
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2. Click on 'Server' and on the new page, type in "chat.ircforex.com:+6697" for 'Server'. Use any nickname of your choice. For 'Channel', type in "#Ramblings".
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3. Click on 'Connect' to launch the chat room.
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4. You can post chart pictures, and when someone click on your picture, it will display on the side panel or new window
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There is no audio feature, unlike Skype call. But if anyone finds a good setup, please let the room know!
No longer trading forex. Looking for full time job.
  • #3,070
  • Edited 11:36pm May 6, 2013 10:58pm | Edited 11:36pm
Best trade in late New York session was GBPJPY short from 2:30pmET, which looked something like head-and-shoulders reversal, right at Sunday's High (left shoulder).

EURJPY short at same time was a tandem trade, meaning the justification came from GJ and this trade taken on correlation reasons. Beautiful bearish pin bars between 2:15-2:30pmET, on hindsight though.

Strange, this thread should have been page 205. But I'm seeing page 154 only. Did many posts got deleted??
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No longer trading forex. Looking for full time job.
  • #3,071
  • May 7, 2013 2:56am May 7, 2013 2:56am
Quoting mmaker
Best trade in late New York session was GBPJPY short from 2:30pmET, which looked something like head-and-shoulders reversal, right at Sunday's High (left shoulder). EURJPY short at same time was a tandem trade, meaning the justification came from GJ and this trade taken on correlation reasons. Beautiful bearish pin bars between 2:15-2:30pmET, on hindsight though. Strange, this thread should have been page 205. But I'm seeing page 154 only. Did many posts got deleted?? {image} {image} {image}
I sold the weekly @154.52 6 am est yesterday and took profits at 9 pm est last night @153.84 for a 3:1 R. I wanted to hold for 153.38 but i didn't like how it was acting.
that chat is a good idea. i may pop in if that's ok.
i don't know where the posts went, but i noticed that too.
  • #3,072
  • May 7, 2013 6:19am May 7, 2013 6:19am
Trades one and two.
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  • #3,073
  • May 7, 2013 6:29am May 7, 2013 6:29am
hello

open question for everyone ..... did you see differences between London session and NY session , i ask this because it appears to me that london is often easier to read than NY open .....London open we normally start to move from a low to go up , or from a high to go down .... meaning from 2h00 am to 3h00 am we have a fake move and normally between 3h00 and 3h30 am we will have the opposite .. but in new york open i dont find any clear pattern ....
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #3,074
  • May 7, 2013 6:42am May 7, 2013 6:42am
Quoting Seneca pilot
Trades one and two. {image}
I'm along for the ride with ya SP.
  • #3,075
  • May 7, 2013 7:12am May 7, 2013 7:12am
Stops gave in, next target is the base of the German news bar.
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  • #3,076
  • May 7, 2013 7:16am May 7, 2013 7:16am
Quoting Seneca pilot
Stops gave in, next target is the base of the German news bar. {image}

Lookin good! Sadly I got out to soon. Oh well...made money anyway.
  • #3,077
  • May 7, 2013 7:23am May 7, 2013 7:23am
I just exited. I got out about six or seven pips above the target. I am sure it will go there but I have to give my kids a bath. We are going out to the store. I am pretty happy I took 75 pips today and the total EU range is currently 64 pips.

2.27 % for the day. Back to work later tonight.

Nice work Tub. I'll shoot you an e-mail later.
  • #3,078
  • May 7, 2013 7:24am May 7, 2013 7:24am
Can't upload charts as I don't trade in MT4 and my charting software doesn't keep past trades, but todays three trades total 172 pips.
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  • #3,079
  • May 7, 2013 7:30am May 7, 2013 7:30am
Quoting hollowhead
Can't upload charts as I don't trade in MT4 and my charting software doesn't keep past trades, but todays three trades total 172 pips. {image}
  • #3,080
  • May 7, 2013 7:35am May 7, 2013 7:35am
Quoting Seneca pilot
{quote}

Thanks Chris - and the best bit is I felt so much more stress free while the trades were on.
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