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Ramblings of a Forex Junkie

  • #3,501
  • May 21, 2013 10:15pm May 21, 2013 10:15pm
Quoting fxterrapin
{quote} Are those blue lines still lining up with weekly open/closes? I'm not seeing it. Since these are old trades, could some of these level indicate newer weekly levels? I'm obsessing since I have taken it upon me to study all of your charts. Forgive me.
No those are only the high and low of the fifteen minute bars we were discussing.
  • #3,502
  • May 21, 2013 10:29pm May 21, 2013 10:29pm
I know these levels often do not represent current price extremes, but this BRV level has been very good to my this week. As I see it the BRV levels are really kind of a collection of older and newer Seneca levels put together.

http://oi43.tinypic.com/rs91lz.jpg
  • #3,503
  • May 21, 2013 11:26pm May 21, 2013 11:26pm
These lines work, but the key is consistency and not wagon jumping.

Thanks again Chris
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  • #3,504
  • May 22, 2013 12:02am May 22, 2013 12:02am
Quoting mmaker
{quote} What is "BRV level"? It's getting more and more confusing. I tried, but couldn't figure out the letters with Open, High, Low, Close, Week, Gap, Breakout. Please help ..... what does "R" and "V" represent? Which page# or post# should I go to? It's not mentioned on Page 1.
Sorry mmaker, I shouldn't be spamming this thread with other related methods. BRV = BillyRayVallentine, the guy who started this thread:
http://www.forexfactory.com/showthread.php?t=86429

His levels tend to be older than Chris' but there is some heavy crossover. AFAIK, Chris has studied some of his methods. The thread is now dead, but he still runs http://www.nobrainertrades.com/
  • #3,505
  • May 22, 2013 3:55am May 22, 2013 3:55am
Quoting fxterrapin
{quote} Sorry mmaker, I shouldn't be spamming this thread with other related methods. BRV = BillyRayVallentine, the guy who started this thread: http://www.forexfactory.com/showthread.php?t=86429 His levels tend to be older than Chris' but there is some heavy crossover. AFAIK, Chris has studied some of his methods. The thread is now dead, but he still runs http://www.nobrainertrades.com/
This is probably getting off topic, but I've followed BillyRayVallentine and NBT for a while, and I've never heard him mention any levels - also couldn't find anything from a search. As far as I'm aware he trades trend line breaks. Could you let me know what he bases his levels on?
  • #3,506
  • May 22, 2013 4:02am May 22, 2013 4:02am
What kind of experiences do you have trading during summertime. What are too slow weeks, that one shouldn't bother trading?

I haven't yet been trading on summer, so don't have firsthand info on that.
  • #3,507
  • May 22, 2013 5:20am May 22, 2013 5:20am
Quoting TheMaxx
{quote} This is probably getting off topic, but I've followed BillyRayVallentine and NBT for a while, and I've never heard him mention any levels - also couldn't find anything from a search. As far as I'm aware he trades trend line breaks. Could you let me know what he bases his levels on?
They are implied implicitly by BRV. He seems to have identified his areas of S/R visually--going by their historical significance. If you analyze these areas you will see some of Chris' levels among them (together with fibs, etc). In a way, you could say that BRV "waits" for the market to acknowledge the levels and then goes in where as Chris starts with specific times and goes from there.
  • #3,508
  • May 22, 2013 7:17am May 22, 2013 7:17am
Quoting tdforex
What kind of experiences do you have trading during summertime. What are too slow weeks, that one shouldn't bother trading? I haven't yet been trading on summer, so don't have firsthand info on that.
One way to find out is go to Myfxbook and study the records of traders who had full year histories from 2012, 2011, or 2010 and back. See how they had performed during previous summer months if there is any pattern to match what you heard about "slow weeks". I reckon it's a function of the person (the trader), than the actual calendar month. If the trader can't trade, he won't get any advantage on a "good" month and would blame the summer months for his troubles because forum know-it-alls told him the big boys are enjoying summer vacations at The Hamptons, and liquidity dried up as junior bankers manned the desk.
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No longer trading forex. Looking for full time job.
  • #3,509
  • May 22, 2013 7:37am May 22, 2013 7:37am
I faded both EU and UJ at yesterday high, both stopped out. Have I done something wrong or they are normal drawdown?
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  • #3,510
  • Edited 7:59am May 22, 2013 7:45am | Edited 7:59am
Quoting kk007
I faded both EU and UJ at yesterday high, both stopped out. Have I done something wrong or they are normal drawdown? {image}
One problem is the "cataract" chart-vision. You should consider removing the horizontal/vertical grid lines for a start. Like having a barbeque grill over your car's windscreen, it's hard to see the road ahead.

If yesterday's High and Low is supposed to work all the time, then market will forever be stuck in a sideways movement, bounded by previous day's High and Low, bounded by previous week's High and Low.
No longer trading forex. Looking for full time job.
  • #3,511
  • May 22, 2013 7:51am May 22, 2013 7:51am
Quoting kk007
I faded both EU and UJ at yesterday high, both stopped out. Have I done something wrong or they are normal drawdown? {image}
What could possibly be wrong with standing in front of a train?
Both trades were against severe trends.
Did you look to see what other EUR pairs were doing? Maybe the USD was in enough demand to buck that trend?.. Nope
Hey check out the EUR/USD against other majors... That's one tough MF... Lots to ponder there
H.D
  • #3,512
  • May 22, 2013 7:55am May 22, 2013 7:55am
Quoting Hilar
{quote} What could possibly be wrong with standing in front of a train? Both trades were against severe trends. Did you look to see what other EUR pairs were doing? Maybe the USD was in demand to buck that trend?.. Nope Hey check out the EUR/USD against other majors... That's one tough MF... Lots to ponder there
Fading is a bit countertrend and it takes courage to sell when other are buying, as I understand from SP. (I may be wrong).
  • #3,513
  • May 22, 2013 8:00am May 22, 2013 8:00am
Quoting kk007
{quote} Fading is a bit countertrend and it takes courage to sell when other are buying, as I understand from SP. (I may be wrong).
Courage and skill... Yes.
H.D
  • #3,514
  • May 22, 2013 8:21am May 22, 2013 8:21am
Quoting kk007
{quote} Fading is a bit countertrend and it takes courage to sell when other are buying, as I understand from SP. (I may be wrong).

Yes, in fact that is why it tends to work. Most traders need price to confirm their trade (i.e. buy when its going up, sell when its going down).
  • #3,515
  • May 22, 2013 8:27am May 22, 2013 8:27am
Quoting fxterrapin
{quote} Yes, in fact that is why it tends to work. Most traders need price to confirm their trade (i.e. buy when its going up, sell when its going down).
So what do you mean by "it"?
Tell me now.. What is "it"?
H.D
  • #3,516
  • May 22, 2013 8:28am May 22, 2013 8:28am
Quoting fxterrapin
{quote} Yes, in fact that is why it tends to work. Most traders need price to confirm their trade (i.e. buy when its going up, sell when its going down).
Ok. Do you know what is the possible reason that it didn't work this time?
  • #3,517
  • May 22, 2013 8:30am May 22, 2013 8:30am
um... I give up
H.D
  • #3,518
  • May 22, 2013 8:36am May 22, 2013 8:36am
Quoting kk007
I faded both EU and UJ at yesterday high, both stopped out. Have I done something wrong or they are normal drawdown? {image}
The FIRST level hit on EU today was the Tuesday London close. You should have a long bias. the trade drew down seven pips and hit forty plus profit pips. It is key that you either take the first trade of the day or at least know what that was and trade in that direction.

First trade on UJ was a classic daily open. Also should have led you to a long bias.
  • #3,519
  • May 22, 2013 8:40am May 22, 2013 8:40am
Quoting kk007
{quote} Ok. Do you know what is the possible reason that it didn't work this time?
Well, price has to push through a high at some point. Chris' entries depend on the fact that fading these levels gives him an edge. It works often enough for a trader to create a strategy around this principal. If the trade does not work out, be prepared to buy/sell on a retrace to the same level. This is called buying the dips.

This even works in a highly trending environment (when the odds are stacked against this strategy working). For example have a look at the ES over the past weeks.
  • #3,520
  • May 22, 2013 8:43am May 22, 2013 8:43am
Quoting Hilar
um... I give up

http://cdn.sirmeme.com/media/c3/6c/t...0a1debd239.jpg
H.D
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