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Ramblings of a Forex Junkie

  • #3,541
  • May 22, 2013 9:54am May 22, 2013 9:54am
Quoting Seneca pilot
{quote} Wow, look at that. Guess we need more than two days on our charts after all. {image}
Fair call... So..what level was this?

That move is USD related BTW .. Nothing to do with EUR
Attached Image (click to enlarge)
Click to Enlarge Name: Junkz2.jpg Size: 181 KB
H.D
  • #3,542
  • May 22, 2013 9:55am May 22, 2013 9:55am
Quoting Hilar
{quote} Fair call... So..What magical level was this?
Have you ever heard about fibonacci level, although 50% is not necessary fibonacci?
  • #3,543
  • May 22, 2013 10:00am May 22, 2013 10:00am
Quoting Hilar
{quote} Fair call... So..What magical level was this?
Euro loves the fifty.

You were looking at two days of up. I was trying to show you the two weeks of down that came before. I'm not trying to break your balls and I didn't take that due to Bernanke talking. I would have been long and out long before the testimony started. I actually traded GJ last night so I didn't really have a dog in this fight but I don't like to see people make absolute statements about price because things are not absolute. Trading my levels made good money today but that isn't always the case.
  • #3,544
  • May 22, 2013 10:01am May 22, 2013 10:01am
Quoting kk007
{quote} Have you ever heard about fibonacci level, although 50% is not necessary fibonacci?
Have you ever heard of mutual understanding?
H.D
  • #3,545
  • May 22, 2013 10:02am May 22, 2013 10:02am
Quoting Hilar
{quote} Fair call... So..what level was this? That move is USD related BTW .. Nothing to do with EUR {image}
Actually UJ has been in charge of pretty much all the price action for the past few weeks.
  • #3,546
  • May 22, 2013 10:04am May 22, 2013 10:04am
Quoting Seneca pilot
{quote} Euro loves the fifty. You were looking at two days of up. I was trying to show you the two weeks of down that came before. I'm not trying to break your balls and I didn't take that due to Bernanke talking. I would have been long and out long before the testimony started. I actually traded GJ last night so I didn't really have a dog in this fight but I don't like to see people make absolute statements about price because things are not absolute. Trading my levels made good money today but that isn't always the case.
Yeah I know the guy before was talking about a level that was hit long ago.. In Aisa I think and at the time I was bullish EUR for the reasons I mentioned. I haven't been following since London but wowwhat a drop. I should ease off on my alcohole posiotions slightly and buy more.. oops.. too late. Anyway... Was trying to help..

If anyone actually traded that drop, you da boss!
H.D
  • #3,547
  • May 22, 2013 10:04am May 22, 2013 10:04am
:facepalm:

Quoting Hilar
{quote} Fair call... So..What magical level was this?
Your charts are relevant only to you. Your statements expose yourself. A spade is spade.



@Those Confused...

Why are you causing all the unnecessary confusion? Just take the concepts and move forward. Some of you are getting in your own way. Seriously, you are making something that doesn't have to be that difficult and making it so. It's not the methods and ideas tossed out, but it's your own darn brain muddying your perception.

Come on get with it...
  • #3,548
  • May 22, 2013 10:10am May 22, 2013 10:10am
Quoting Seneca pilot
{quote} Wow, look at that. Guess we need more than two days on our charts after all. {image}
Not breaking your ballz either but...
More than 2 days he says;

Yellow lines depict Monthly open...
Attached Image (click to enlarge)
Click to Enlarge Name: Junky3.jpg Size: 198 KB
H.D
  • #3,549
  • May 22, 2013 10:11am May 22, 2013 10:11am
Quoting TantumVerum
:facepalm: {quote} Your charts are relevant only to you. Your statements expose yourself. A spade is spade. @Those Confused... Why are you causing all the unnecessary confusion? Just take the concepts and move forward. Some of you are getting in your own way. Seriously, you are making something that doesn't have to be that difficult and making it so. It's not the methods and ideas tossed out, but it's your own darn brain muddying your perception. Come on get with it...
Give a live call and maybe you have some weight...
No offense but the markets are very complicated... Clicking a button is not.

Not trying to cause any trouble here but I've been following this thread a while now, in fact I recall a yen trade the Junky took, it was a live call which went asstray... Short EUR/JPY and then Short GBP/Yen I think it was... I was LONG all JPY CROSSES at the time and knew he would be stopped which he was but whatever.

I have no hand here this is clear. Excuse my blasphemy
H.D
  • #3,550
  • May 22, 2013 10:19am May 22, 2013 10:19am
Quoting mmaker
{quote . 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.

well said, people take note
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,551
  • May 22, 2013 10:24am May 22, 2013 10:24am
Quoting Hilar
{quote} Give a live call and maybe you have some weight... No offense but the markets are very complicated... Clicking a button is not. Not trying to cause any trouble here but I've been following this thread a while now, in fact I recall a yen trade the Junky took, it was a live call which went asstray... Short EUR/JPY and then Short GBP/Yen I think it was... I was LONG all JPY CROSSES at the time and knew he would be stopped which he was but whatever. I have no hand here this is clear. Excuse my blasphemy
You will lose on some trades that go my way too. I never said that I am infallible and never lose. I do have a way to reenter when I am stopped out and once stopped I do change my view. I don't have a bias and I view that as my greatest strength as a trader. A bias will empty out your account if you let it.
  • #3,552
  • May 22, 2013 10:26am May 22, 2013 10:26am
Quoting Hilar
{quote} If anyone actually traded that drop, you da boss!

Oh wouldn't you like know! I am not the boss, just a trader who follows simple rules.

Line in the sand, buy above and sell below.

1 line/level/etc to be successful.

I don't even know how many have been given in this thread anymore, but plenty. Just choose and figure it out. Add as you go if it suits you.

Quoting Hilar
{quote} Give a live call and maybe you have some weight... No offense but the markets are very complicated... Clicking a button is not.
Thank you for proving my point. A spade is a spade...

Had you been following the thread I have pointed out some live trades I was in, not calls. Not my thread to make live calls, nor is it my desire. You may proceed as you wish and follow those who need reassurance on everything. You can call BS on me. It doesn't really matter and when those who come around FF trying to give a little guidance and leave, you shouldn't wonder why.

Good trading to you.
  • #3,553
  • May 22, 2013 10:28am May 22, 2013 10:28am
Quoting TantumVerum
:facepalm: {quote} Your charts are relevant only to you. Your statements expose yourself. A spade is spade. @Those Confused... Why are you causing all the unnecessary confusion? Just take the concepts and move forward. Some of you are getting in your own way. Seriously, you are making something that doesn't have to be that difficult and making it so. It's not the methods and ideas tossed out, but it's your own darn brain muddying your perception. Come on get with it...
Hi, back to the important stuff.

The 103 JPY at the ten cut was very much in play today. It was a big one according to IFR. I saw it as artificial support of price and took a quicky short at ten. I did it very small and took profit rather quickly as Bernanke was about to speak but I did get fourteen or fifteen pips. I still don't have a solid way to determine whether the price is being artificially held up or down other than watching price action leading up to the cut. I am getting a decent feel for this as the ticks tell a bit of a story leading into the cut.
  • #3,554
  • May 22, 2013 10:32am May 22, 2013 10:32am
Fair enough.. I rarely lose, and was just trying to point out some flaws in your philosophies. I really mean offense we are here to help each other, it seems you caught me on a goodnight. But everyone's so defensive I am reminded of the simplicity in just being a dick.

If you think you have an edge in a 50% fib level then you are due for some severe humblings. Good as they look in hindsight. Just my opinion
H.D
  • #3,555
  • May 22, 2013 10:35am May 22, 2013 10:35am
Quoting Hilar
Fair enough.. I rarely lose, and was just trying to point out some flaws in your philosophies. I really mean offense we are here to help each other, it seems you caught me on a goodnight. But everyone's so defensive I am reminded of the simplicity in just being a dick. If you think you have an edge in a 50% fib level then you are due for some severe humblings. Good as they look in hindsight. Just my opinion
I don't trade the fifties. Just like it there as a reference.
  • #3,556
  • May 22, 2013 10:37am May 22, 2013 10:37am
Quoting Hilar
Fair enough.. I rarely lose, and was just trying to point out some flaws in your philosophies. I really mean offense we are here to help each other, it seems you caught me on a goodnight. But everyone's so defensive I am reminded of the simplicity in just being a dick. If you think you have an edge in a 50% fib level then you are due for some severe humblings. Good as they look in hindsight. Just my opinion
My philosophies are as flawed as I am. Luckily I only need an edge and not a complete mastery. Now I will patiently wait for your next three or four live calls.
  • #3,557
  • May 22, 2013 10:40am May 22, 2013 10:40am
Quoting Seneca pilot
{quote} Hi, back to the important stuff. The 103 JPY at the ten cut was very much in play today. It was a big one according to IFR. I saw it as artificial support of price and took a quicky short at ten. I did it very small and took profit rather quickly as Bernanke was about to speak but I did get fourteen or fifteen pips. I still don't have a solid way to determine whether the price is being artificially held up or down other than watching price action leading up to the cut. I am getting a decent feel for this as the ticks tell a bit of a story...
Forgot to include the chart:
Attached Image (click to enlarge)
Click to Enlarge Name: uj option short.gif Size: 14 KB
  • #3,558
  • May 22, 2013 10:44am May 22, 2013 10:44am
Quoting Seneca pilot
{quote} Hi, back to the important stuff. The 103 JPY at the ten cut was very much in play today. It was a big one according to IFR. I saw it as artificial support of price and took a quicky short at ten. I did it very small and took profit rather quickly as Bernanke was about to speak but I did get fourteen or fifteen pips. I still don't have a solid way to determine whether the price is being artificially held up or down other than watching price action leading up to the cut. I am getting a decent feel for this as the ticks tell a bit of a story...
I don't have anymore than you do it seems. I use a lot of discretion playing these. Earlier it looked as though price wanted to go higher (2 tests during London am) and was being (potentially) artificially held down for the fight at the level. Mind you this is all in hindsight as I was in E/U this morning as usual. I just don't have an objective way of looking at them. I just use what's happening now and where the paths of least resistance are for after the fact. Your TP was probably just above WO and LO for your pips and then the move up had much more room.
  • #3,559
  • May 22, 2013 10:49am May 22, 2013 10:49am
Quoting TantumVerum
{quote} I don't have anymore than you do it seems. I use a lot of discretion playing these. Earlier it looked as though price wanted to go higher (2 tests during London am) and was being (potentially) artificially held down for the fight at the level. Mind you this is all in hindsight as I was in E/U this morning as usual. I just don't have an objective way of looking at them. I just use what's happening now and where the paths of least resistance are for after the fact. Your TP was probably just above WO and LO for your pips and then the move up...
Yep, when I take these I am only looking for the quick pop from the stops of the "artificial" trades. I hope that makes sense.
  • #3,560
  • May 22, 2013 10:53am May 22, 2013 10:53am
Hi SP, glad see you back.
am start trading a bit like you, here is a excel file to calculate SL, TP, based on ATR, hope it helps.

is ready for 4 pairs, the most I trade,

Set the atr, your price, and choose the risk/reward 1/1, 1/2, 1/3 -> tp1, tp2, tp3
and the porcentage of Atr to use, 10, 15, 20 or 25 %.

Best regards.

BTW: I have a problem in News Times, almost always hits my SL, how do you trade when news comming, or quit all your positions ? another question : do you use buy limiy/ sell limit ?

Thanks.
Attached File(s)
File Type: xlsx riskreward.xlsx   14 KB | 290 downloads
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