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  • #3,341
  • May 10, 2013 8:47pm May 10, 2013 8:47pm
Quoting Seneca pilot
No boundaries here as long as we remain civil.
Thanks SP for repeatedly assuring that I can talk anything I like.
Unfortunately, due to recieving personal attack, I will stop talking about some topics someone don't like.
  • #3,342
  • Edited May 11, 2013 5:59am May 10, 2013 10:44pm | Edited May 11, 2013 5:59am
Quoting Seneca pilot
We are now getting away from the fluff about specific method and into the meat of the matter. The original goal of this thread was how to find your own way and the pitfalls along the way. I wanted to discuss the things that make a trader not the method.
Quoting Stu Effex
This has been explained in so many different ways to you now. If you can't grasp what is essentially a very simple format then I think it would be prudent to bow out gracefully. You asking these same questions over & over about having an edge does not get you any further does it? So stop!
Quoting kk007
{quote} Thanks SP for repeatedly assuring that I can talk anything I like. Unfortunately, due to recieving personal attack, I will stop talking about some topics someone don't like.
Now you feel victimized and ostracized. How sad. Why YOU and not anyone else? What is it in your questions that made others offer you long advice but which you don't accept? Have you thought about this?

You asked the same questions over and over again, received several pages of long replies which you would debate and refute point by point because you don't intend to listen. And then you start the questions again.

Quoting kk007
OK. I have my last post for this line of discussion and then stop (no matter what you reply further).
Quoting kk007
I will stop talking about some topics someone don't like.
Are you sure you will stop? You said it twice already. You have a penchant to argue and refute.
No longer trading forex. Looking for full time job.
  • #3,343
  • May 10, 2013 10:57pm May 10, 2013 10:57pm

Let's get back to charts and share findings of the merits of each level or any other significant price levels, and how price interacts with these levels at different sessions of the day (Tokyo, London, New York).
Quoting mmaker
{quote} Now you feel victimized and ostracized. How sad. Why YOU and not anyone else? What is it in your questions that made others offer you long long long advice? (Not me, I hate reading long posts.) Have you thought about this? You obviously still don't get it. Go on, continue with your questions. Like you said, it's not stopping people from discussing the price levels as laid out by Seneca Pilot. I believe you already asked what you wanted to ask, and received all kinds of long long long replies. I'm sure you are still going to ask again despite...
  • #3,344
  • May 11, 2013 1:14am May 11, 2013 1:14am
To be honest some the comments/answers you have given along with your trades have been very instructive and could not have been derived that easily by one's self. For example, when you were describing the position of stops of certain traders trying to catch the news late, this made perfect sense and made me think in a way I hadn't before. Chris, you should know, not all of the hand holding has been for naught.
  • #3,345
  • Edited 10:12am May 11, 2013 5:50am | Edited 10:12am
Quoting Devil Yell
{quote} That is very important info TV. Thanks for sharing it. As I understand it, the defense of, or attack on options are not always successful. Is there a way to get specific options info or is that reserved only for the insiders and their books?
You can get Option Expiry info from several news sources, some free some subscription-based. It is published daily on news wires so not reserved only for insiders. I won't list the sites because 99% of the time, you don't need it.

Quoting TantumVerum
I don't intend to get into discussion on options, but these statements needed to be corrected.
At some point you will have to elaborate on your comments about options, because right now it's rather vague what you wanted to say. Except that it is "needed" and the "implication are far reaching".
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No longer trading forex. Looking for full time job.
  • #3,346
  • Edited 10:32am May 11, 2013 7:42am | Edited 10:32am
Quoting mmaker
{quote} You can get Option Expiry info from several news sources, some free some subscription-based. It is published daily on news wires so not reserved only for insiders.
The provided information is not correct, or at least tells a very small part of the story.

1) All news or information feeds are not created equal, paid or free.

2) Mainly basic information only is published daily.

3) Yes, there is information that is reserved for insiders, or not communicated out of the two transacted parties.


Quoting mmaker
I won't list the sites because 99% of the time, you don't need it.
Again, this is incorrect and an assumption. You don't need it if you don't use it. When trading in markets ruled by banks who use options in large volumes I would go back and revisit my statement if it were me. What you don't know can and will hurt you. These form structures in the markets over longer periods than just today or tomorrow at 10. There is currently option structures in play on all pairs, specifically E/U and U/J that is partly driving the the current price action on longer TF's. Why partly? There is a reason they build these structures and of course it's not just because they feel like it. Your statement of 99% of the time you don't need it is extremely relative to the trader. I have witnessed buying/selling in this thread into a structure that is well defended because the implications are far reaching.

I don't intend to get into discussion on options, but these statements needed to be corrected.
  • #3,347
  • May 11, 2013 10:13am May 11, 2013 10:13am
Quoting Seneca pilot
{quote} I agree MM. When you start really looking at levels, well there is no end of significant levels and you can, dependant upon your approach use them over & over. I know we have daily high/low etc and very effective too. Even if you only trade a 15 min chart you can still plot yearly levels high/low,mid. The same with Quarterly & Monthly mids etc you will run into them at some point. Rather than step in front of the bus I tend to look for weakness around these levels, I go as low as 5 minute chart for entry. I say weakness but rather my interpretation...
No boundaries here as long as we remain civil.[/quote]

Interesting, I did not write this post but it is under my user name. I did write the civility comment in a PM.
  • #3,348
  • May 13, 2013 4:33am May 13, 2013 4:33am
Quoting Seneca pilot
{quote} I know you have a problem with Xhale but he gave you the answer several posts back. 1) open a chart 2)stare at the chart 3)make observations about the patterns in the chart 4)devise a set of rules around these observations 5)test the rules 6)refine and consolidate those rules into something that has an edge 7)rinse and repeat.
Just thought Id flick back to this forum and saw what SP had written (or maybe Xhale in the past),this is spot on I reckon and says it all in a nut shell,we should have it tattood on our foreheads(only in reverse of course else we wouldent be able to read it)
  • #3,349
  • Edited 11:08pm May 13, 2013 5:30am | Edited 11:08pm
Around 4:45am-5:00amET, EURJPY rallied back up to the 132.00 round number as well as meeting last week's close and Sunday's interim low. EURJPY didn't drop much (after the circled area), but the same short trade on GBPJPY at 156.392 (circled area) yielded +36pips move. The price levels are behaving really well.

The IRC chatroom I mentioned at post#3069 is still open, if you guys want to chit chat outside of SP method.
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No longer trading forex. Looking for full time job.
  • #3,350
  • May 13, 2013 6:25am May 13, 2013 6:25am
hi guys hope your gathering in the pips and not squabbling, it has been a good start to the week, except japan open when I got busted lol, but hey ho it is good to give sometimes,, take care all
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,351
  • May 13, 2013 7:04am May 13, 2013 7:04am
Hmmm, mmaker posted something about nobody posting then it dissappeared....
Anyway, I'm still studying them wicks so thanks Chris
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  • #3,352
  • May 13, 2013 8:20am May 13, 2013 8:20am
Quoting jonnypants
Hmmm, mmaker posted something about nobody posting then it dissappeared.... Anyway, I'm still studying them wicks so thanks Chris {image}
Likewise - was long EU from Daily Open, but the news spike took out my SL by a few pips .
  • #3,353
  • May 13, 2013 3:00pm May 13, 2013 3:00pm
95% of traders lose...another urban myth
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  • #3,354
  • May 13, 2013 3:47pm May 13, 2013 3:47pm
I had hopes that people would take these levels and go and do their own exploration to dig out how you can profit from them.

.... I am doing exactly that SP, I understood from the very beginning that this was your aim. You have changed the way I view trading completely, and I thank you wholeheartedly for that.

Please don't believe you're always addressing the lowest common denominator, some of us can think and drink tea at the same time you know (our problem is we don't say much)

So many pennies have started to drop. I don't use the word lightly when I describe what I have learnt here as a revelation and it's lifted my trading spirit out of the negative circles I've been chasing myself around in for a goodly while.

I'd like to thank Stu effex for his recent contributions while I'm at it.
  • #3,355
  • May 13, 2013 5:59pm May 13, 2013 5:59pm
Quoting FX Alex
I had hopes that people would take these levels and go and do their own exploration to dig out how you can profit from them. .... I am doing exactly that SP, I understood from the very beginning that this was your aim. You have changed the way I view trading completely, and I thank you wholeheartedly for that. Please don't believe you're always addressing the lowest common denominator, some of us can think and drink tea at the same time you know (our problem is we don't say much) So many pennies have started to drop. I don't use the word lightly...


I was having such a nice day playing with my boys I wasn't even going to check the thread today. Now I am glad I did.

I made back over half of the Thursday and Friday losses this morning and I am managing a small structure now. I hope all of you had a good day today in the small Monday ranges. Tuesday through Thursday is where the money is. See you guys in the trenches.
  • #3,356
  • Edited 6:07am May 14, 2013 4:40am | Edited 6:07am
Around 3:45amET, EURUSD retraced back towards yesterday's New York Close. This was the cue to play EURJPY long at 131.671 targeting the 132.00 round number and EJ's previous day New York Close. Trailed out nervously before the 5amET German ZEW data, but the original idea was valid as far as hindsight (picked EJ exact LOD at 3:47amET).

IC Markets' live server was down from 4:40amET to 6:35amET, almost two hours. Luckily my GBPJPY tandem trade from same EJ entry got out positive. You can still see the gap with missing bars on the 5mins chart. Terrible broker.
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No longer trading forex. Looking for full time job.
  • #3,357
  • May 14, 2013 9:09am May 14, 2013 9:09am
Following Chris's advice to understand the market structure etc, I've been digging around and reading and came across this.
http://www.forexpeacearmy.com/forex-...on-pro-banker/ (apologies if I'm not supposed to link to it).

I haven't been through it all, its a bit of a dummies guide and written in a way that appeals to me. Just thought I'd share.
  • #3,358
  • Edited 10:41am May 14, 2013 10:30am | Edited 10:41am
Hi SP, What was the reason for your short at 1.5289? Cheers, kk007

P.S. Both my EJ and UJ Yesterday High short failed.................
  • #3,359
  • May 14, 2013 10:57am May 14, 2013 10:57am
Quoting kk007
Hi SP, What was the reason for your short at 1.5289? Cheers, kk007 P.S. Both my EJ and UJ Yesterday High short failed.................
That was the London close yesterday. I sold there when price tested the area from below after breaking below the area. The first trade of the day would have been a long from the daily open and that failed so I take a short bias for the rest of the day. When you come into the market late you have to reconstruct the days events to that point so you know what your bias should be.
  • #3,360
  • May 14, 2013 11:04am May 14, 2013 11:04am
Quoting Seneca pilot
{quote} That was the London close yesterday. I sold there when price tested the area from below after breaking below the area. The first trade of the day would have been a long from the daily open and that failed so I take a short bias for the rest of the day. When you come into the market late you have to reconstruct the days events to that point so you know what your bias should be.
Hi Chris
How did KK know you shorted 1.5289?
I see you short the EU at 2973 - short off the weekly close?
Cheers
PS shouldn't you have been in at 2988, sounds like you were a bit late....
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