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  • #7,941
  • May 15, 2013 8:01am May 15, 2013 8:01am
I really look forward to tomorrow. At 8:30 am ET, there will be the CPI figures coming out, and then the Initial Jobless Claims.

The best case scenario would be that all the figures comes out consistent. If it's good, then all good, if it's bad, then all bad. My biggest worry would be that you have good numbers for one set of data, and not good for the other. Then the market would be whipsawing back and forth.
  • #7,942
  • May 15, 2013 5:34pm May 15, 2013 5:34pm
Anyone gonna give Prelim JPY GDP a shot?
  • #7,943
  • May 15, 2013 5:45pm May 15, 2013 5:45pm
Quoting Fedmayne
Anyone gonna give Prelim JPY GDP a shot?
There are very good reasons why this was started with EURUSD in mind, being the most liquid pair with lowest spread and less risk of slippage as one of the main reason. Thats why I tend to shy away from other majors like GBP & JPY for now. But it'll be interesting to see how the latest strategy works with other currency pairs.
  • #7,944
  • May 15, 2013 5:48pm May 15, 2013 5:48pm
Quoting Journeyman
{quote} There are very good reasons why this was started with EURUSD in mind, being the most liquid pair with lowest spread and less risk of slippage as one of the main reason. Thats why I tend to shy away from other majors like GBP & JPY for now. But it'll be interesting to see how the latest strategy works with other currency pairs.
Those are great points. I just want to see the effect on other pairs across the board and MAYBE consider it later on.
  • #7,945
  • May 16, 2013 12:57am May 16, 2013 12:57am
so there is no more trade when market session open tony?
  • #7,946
  • May 16, 2013 4:17am May 16, 2013 4:17am
Quoting ariftakh1
so there is no more trade when market session open tony?
I figure there are some pips to earn today with the release of CPI and Initial Jobless Claims.
  • #7,947
  • May 16, 2013 7:07am May 16, 2013 7:07am
Quoting ariftakh1
so there is no more trade when market session open tony?
correct
Invest in alarm clocks
  • #7,948
  • May 16, 2013 7:28am May 16, 2013 7:28am
hi tony trading the US CPI?
  • #7,949
  • May 16, 2013 7:33am May 16, 2013 7:33am
nice elevation on de CPI!! eurusd
  • #7,950
  • May 16, 2013 7:41am May 16, 2013 7:41am
Here's my feeble attempt in uploaded a screen shot, hope it works.

Anyway, the 8:00 am candle is a green one, which gave me a clue on the likely direction once the figures are released, i.e. it's going up.

Nevertheless, I still put a pending order 7 pips above, and 7 pips below the current price as detailed in the leatest write up. Sure enough once the numbers came out, price went in the up direction, and all I had to do was to delete my Sell stop which is no longer needed.

So anyway, my job is done for the night! Time to get a beer and just watch the market go by.

Attached Image (click to enlarge)
Click to Enlarge Name: Pure Elevation.jpg Size: 386 KB
  • #7,951
  • May 16, 2013 7:41am May 16, 2013 7:41am
took profit at 30pips
thanks tony!


http://img21.imageshack.us/img21/2975/uscpi16may.jpg

Uploaded with ImageShack.us
  • #7,952
  • May 16, 2013 8:12am May 16, 2013 8:12am
what is the rule for targets?
If its not boring .. you are not trading correctly
  • #7,953
  • May 16, 2013 8:17am May 16, 2013 8:17am
anyone couls please explain me how's trading in this way?

where and how places orders?

thanks in advance
Don't give up
  • #7,954
  • May 16, 2013 8:17am May 16, 2013 8:17am
What I need just 5-10 pips ,I mad buy and sell stop like Journeyman but the small pips and big lots.
Yes, time for beer.
Attached Image (click to enlarge)
Click to Enlarge Name: 111.png Size: 11 KB
Smile, Breath, and Go slowly
  • #7,955
  • May 16, 2013 8:28am May 16, 2013 8:28am
we ended up retracing after, 0SL
Attached Image (click to enlarge)
Click to Enlarge Name: Core CPI mm.gif Size: 16 KB
Invest in alarm clocks
  • #7,956
  • May 16, 2013 8:32am May 16, 2013 8:32am
that's why it's so tempting to take small profits of 20 - 30 pips and so ... because of all the retracing all the time... 10 retraces will give you 300 pips. hm.
Invest in alarm clocks
  • #7,957
  • May 16, 2013 8:48am May 16, 2013 8:48am
Quoting Journeyman
{quote} If my understanding of Tony's new strategy is right, it is to straddle both sides, doesn't matter whether the price reaction to the news is logical or not. Just play both sides, take your profits early and run. The other trade that was not triggered, just kill it before price retrace. At least that's my intepretation of the Pure Elevation strategy.
This is what my understanding is too. It's the execution that's tricky, especially in the USA where I have to switch between different accounts to avoid "hedging." And of course price is jumping all over so just try to keep your orders at + or - 7 pips. It gets to be quite adrenaline stimulating. Using Oanda, I'm trying using custom settings for my SL and take profit. So at 15 seconds to blast off it's one, two clicks, Buy... then quickly switch accounts and one, two clicks, Sell. Is this how you veterans are putting on these trades?
  • #7,958
  • May 16, 2013 8:56am May 16, 2013 8:56am
Quoting 4xWheels
in the USA where I have to switch between different accounts to avoid "hedging."
even with limit orders?
Don't give up
  • #7,959
  • May 16, 2013 9:07am May 16, 2013 9:07am
Quoting 4xWheels
{quote} This is what my understanding is too. It's the execution that's tricky, especially in the USA where I have to switch between different accounts to avoid "hedging." And of course price is jumping all over so just try to keep your orders at + or - 7 pips. It gets to be quite adrenaline stimulating. Using Oanda, I'm trying using custom settings for my SL and take profit. So at 15 seconds to blast off it's one, two clicks, Buy... then quickly switch accounts and one, two clicks, Sell. Is this how you veterans are putting on these trades?
Yes, my limited experience with Oanda bears this out. It's fine to put in a buy limit and sell limit at the same time. However, if both gets triggered then the trade would be net off and closed due to no hedging rules. That said, the trick here is once the price moves in favor of one of your pending trades, you should delete the other one immediatey to avoid any risk. Oanda has a far superior interface which allows you to set the default stop loss and take profit levels, which makes it very easy for you to set your orders 15 sec before the time.

I'm trading with Kim Eng securities - which is available in Asia. The only advantage of this firm is that it is not a market maker, it's a STP firm with no dealing desk (which means higher spreads), and it's interface is no where as good as Oanda. I am seriously considering Oanda, so any honest feedback about them would be most appreciated.
  • #7,960
  • May 16, 2013 9:09am May 16, 2013 9:09am
Quoting Tony112
that's why it's so tempting to take small profits of 20 - 30 pips and so ... because of all the retracing all the time... 10 retraces will give you 300 pips. hm.
I rather go for small and stress free profits of 20 - 30 pips anytime. Thanks to your strategy, I am enjoying life so much more with much less stress.
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