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Ramblings of a Forex Junkie

  • #3,701
  • Jun 5, 2013 7:18am Jun 5, 2013 7:18am
Quoting Seneca pilot
Riding the elevator. {image}
ADP miss
  • #3,702
  • Jun 5, 2013 7:55am Jun 5, 2013 7:55am
News trade and they owe me.
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  • #3,703
  • Jun 5, 2013 11:45am Jun 5, 2013 11:45am
Quoting Seneca pilot
News trade and they owe me. {image}
This was the result. Net nothing so a bit of a waste of time but last night was very good.
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  • #3,704
  • Jun 5, 2013 7:46pm Jun 5, 2013 7:46pm
Quoting Seneca pilot
{quote} This was the result. Net nothing so a bit of a waste of time but last night was very good. {image}
Why did you say "net nothing" and "waste of time"? The trade arrows showed a win from the two long trades right? I don't understand why it became a loss or breakeven for you to say net nothing. Then again, you did say last night was very good. Confusing.
No longer trading forex. Looking for full time job.
  • #3,705
  • Jun 5, 2013 8:53pm Jun 5, 2013 8:53pm
Quoting mmaker
{quote} Why did you say "net nothing" and "waste of time"? The trade arrows showed a win from the two long trades right? I don't understand why it became a loss or breakeven for you to say net nothing. Then again, you did say last night was very good. Confusing.
I took a losing trade a few minutes before those. The two trades cancelled each other out, therefore net nothing. Tonight's elevator was good though.
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  • #3,706
  • Edited Jun 6, 2013 3:27am Jun 5, 2013 9:17pm | Edited Jun 6, 2013 3:27am
Quoting Seneca pilot
{quote} I took a losing trade a few minutes before those. The two trades cancelled each other out, therefore net nothing. Tonight's elevator was good though. {image}
Got it. Just want to say that I've tested your ideas about using session open/high/low/close lines as basis for market structure, and found it effective in my trading. I don't plot all the lines as they clutter too much, but rather use TradeStation's ShowMe (indicator) to display "dots" at some of those levels that either I can't plot automatically on TradeStation or I don't put focus on. Still the combination of lines and dots did give me a good read of where prices are likely to react just glancing to the left for the dots. Very often the High/Low lines fell on the dots which added confluence to the price turning area.

Yellow dots - Tokyo open and close.
Cyan dots - London open and close.
Magenta dots - New York open and close.

Yellow lines - today's High, yesterday's High, this week's High, last week's High.
Cyan lines - today's Low, yesterday's Low, this week's Low, last week's Low.
Red lines - daily 12amET open, weekly Sunday gap open.
Magenta lines - yesterday's New York 5pmET close, weekly Friday 5pmET close.
Green dashed lines - round number e.g. 153.00.
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No longer trading forex. Looking for full time job.
  • #3,707
  • Jun 6, 2013 12:12am Jun 6, 2013 12:12am
Quoting Seneca pilot
{quote} I took a losing trade a few minutes before those. The two trades cancelled each other out, therefore net nothing. Tonight's elevator was good though. {image}
Hey senecca got pretty much exactly the same trade on the usdjpy...shall definitely be testing this out properly. thanks
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nollej is power..
  • #3,708
  • Jun 6, 2013 1:52am Jun 6, 2013 1:52am
have a good days, uk open in 8 mins
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,709
  • Edited 2:32am Jun 6, 2013 2:09am | Edited 2:32am
There is probably a valid Seneca Pilot long setup at 2:08amET for GBPJPY at the Weekly Open line (red color). I drew mine at the Sunday open price 152.675 because that's what TradeStation indicator can do. Chris uses the Monday 12amET price. Notice the arrows pointing at a cluster of session opens/closes (I drew dots as explained in earlier post) which seem to say people are "buying", at least that's what I guessed.
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No longer trading forex. Looking for full time job.
  • #3,710
  • Jun 6, 2013 2:10am Jun 6, 2013 2:10am
Quoting mmaker
{quote} Got it. Just want to say that I've tested your ideas about using session open/high/low/close lines as basis for market structure, and found it effective in my trading. I don't plot all the lines as they clutter too much, but rather use TradeStation's ShowMe to display "dots" at some of those levels that either I can't plot on TradeStation or I don't put focus on. Still the combination of lines and dots did give me a good read of where prices are likely to react just glancing to the left for the dots. Very often the High/Low lines fell...
esssentially, plot clearly visible sr on your chart....
tradewith60
  • #3,711
  • Jun 6, 2013 2:21am Jun 6, 2013 2:21am
Quoting 60minuteman
{quote} esssentially, plot clearly visible sr on your chart....
That's not what I meant, and you shouldn't put words into my mouth. I respect your contribution to many threads but you should refrain from talking down on people, and altering the "meanings" to suit your recommendations of support/resistance and higher timeframes bias (which is valid of course).
No longer trading forex. Looking for full time job.
  • #3,712
  • Jun 6, 2013 2:36am Jun 6, 2013 2:36am
Quoting mmaker
{quote} That's not what I meant, and you shouldn't put words into my mouth. I respect your contribution to many threads but you should refrain from talking down on people, and altering the "meanings" to suit your recommendations of support/resistance and higher timeframes bias (which is valid of course).
Point taken, sorry....
tradewith60
  • #3,713
  • Jun 7, 2013 4:31am Jun 7, 2013 4:31am
hi guys, hope all is good. Do not for get NFP results later as SP kindly pointed out 3 or 4 months ago, ge good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,714
  • Jun 7, 2013 7:19am Jun 7, 2013 7:19am
Quoting billytt
hi guys, hope all is good. Do not for get NFP results later as SP kindly pointed out 3 or 4 months ago, ge good
Post 1190
http://www.forexfactory.com/showthre...89#post6500089

GOOD LUCK!
  • #3,715
  • Jun 7, 2013 8:16am Jun 7, 2013 8:16am
Quoting Magic Trader
{quote} Post 1190 http://www.forexfactory.com/showthre...89#post6500089 GOOD LUCK!
Thing is Magic, I trade opening breakouts . inside/outside bars, levels, but not at same time lol. In the past I would of traded the us open without realising about the NFP news, so on these days I would of thought WOW happy days. But SP pointed out about NFP and for the last 3 months I have actually traded it specifically, targetting the initial spikes and then the actual direction, be good and thanks for replying
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,716
  • Jun 7, 2013 8:17am Jun 7, 2013 8:17am
Nice one SP
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,717
  • Jun 7, 2013 8:19am Jun 7, 2013 8:19am
Not moving today so I took only fifteen pips. The move up yesterday has many people afraid to get short. It also has many people looking for any reason to get long. I think there is a possibility that EU goes lower today but I won't bet on my bias.
  • #3,718
  • Jun 7, 2013 8:39am Jun 7, 2013 8:39am
Quoting Seneca pilot
Not moving today so I took only fifteen pips. The move up yesterday has many people afraid to get short. It also has many people looking for any reason to get long. I think there is a possibility that EU goes lower today but I won't bet on my bias.
Dollar yen would have been a much better choice today for NFP. It went up seventy pips. EU seems pretty manipulated right now with GU down and UJ up and EU not really moving.
  • #3,719
  • Jun 7, 2013 8:44am Jun 7, 2013 8:44am
Quoting Seneca pilot
{quote} Dollar yen would have been a much better choice today for NFP. It went up seventy pips. EU seems pretty manipulated right now with GU down and UJ up and EU not really moving.
Hey SP,

Do you ever do a stop and reverse on NFP? Last months ECB announcement produced a failed breakout trade on the EU.

The next few bars then started a sell-off. With this method you would have been stopped on the long at that time and the short would have worked.

EU looking quite similar today.

Tx,
  • #3,720
  • Jun 7, 2013 8:49am Jun 7, 2013 8:49am
Quoting sniperfxtrdr
{quote} Hey SP, Do you ever do a stop and reverse on NFP, last months ECB announcement produced a failed breakout trade on the EU. The next few bars then started a sell-off. With this method you would have been stopped on the long at that time and the short would have worked. EU looking quite similar today. Tx,
EU moved at least twenty pips today so I would not look at it as a failed trade. There were some good clues that this would happen as price was very slow to move at the announcement and took a while to turn down. I am not sure this is not going down but I trade this as a momentum breakout and look for quick moves. If there is an inside bar I will do stop and reverse if needed but not with a normal breakout.
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