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  • #921
  • Nov 6, 2013 9:15pm Nov 6, 2013 9:15pm
Hello,

Just dropping by learning how to trade this and read quotes.


Any book which i can buy or refer to, for learning how to read quotes?

Thanks
Pivot Boss in the making~
  • #922
  • Nov 7, 2013 12:42am Nov 7, 2013 12:42am
Quoting jurn_e
Hello, Just dropping by learning how to trade this and read quotes. Any book which i can buy or refer to, for learning how to read quotes? Thanks
Soon the books will be ready. You can visit the web site to get more info.
  • #923
  • Nov 7, 2013 1:10am Nov 7, 2013 1:10am
Quoting srmfx
{quote} Soon the books will be ready. You can visit the web site to get more info.
Thanks for the reply. Kindly PM me the website.
Pivot Boss in the making~
  • #924
  • Nov 7, 2013 1:13am Nov 7, 2013 1:13am
Hi,

1 trade yesterday trading based on tick chart and 1min emas.

Strong uptick, pullback and retest 20ema in M1 and a buy.

My long entry was a bit early. Should have waited for the retest 20ema.
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Pivot Boss in the making~
  • #925
  • Nov 7, 2013 1:36am Nov 7, 2013 1:36am
Quoting jurn_e
Hi, 1 trade yesterday trading based on tick chart and 1min emas. Strong uptick, pullback and retest 20ema in M1 and a buy. My long entry was a bit early. Should have waited for the retest 20ema. {image} {image} {image}
Absolutely, but we sometimes hurry up, afraid that we can miss the trade. If you trade on the right time frame you will have enough set ups and if you miss one the next is coming. Time frame selection is very important ingredient of the strategy.
Actually I watch the quote board but it's the same. What I'm trying to do is to find a confirmation that the big guys are also buying or selling. The quotes are the first source of info I can use. Simple patterns as double or triple top/bottom do excellent job.
  • #926
  • Nov 7, 2013 1:46am Nov 7, 2013 1:46am
Today I don't plan to trade spot until Mario Draghi speaks. If the direction for EURUSD is clear after that I can watch for STE.
  • #927
  • Nov 7, 2013 7:18am Nov 7, 2013 7:18am
Short EU for 100 plus pips.

EU showed signs of sellers in steps even before news.

At the end of the chart, one last time buyers came in but sellers still won. Shorted EU before news with stops.
Attached Image (click to enlarge)
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Pivot Boss in the making~
  • #928
  • Nov 7, 2013 7:43am Nov 7, 2013 7:43am
Quoting jurn_e
Short EU for 100 plus pips. EU showed signs of sellers in steps even before news. At the end of the chart, one last time buyers came in but sellers still won. Shorted EU before news with stops. {image}
Nice trade.
During major events I prefer to trade volatility. This time it was gold with binary strangle with daily ladders. Strikes 1299 and 1332. Total cost 13.2 pts, total profit 60 pts. Higher ladder closed after the ECB decision, lower after US GDP.
  • #929
  • Nov 7, 2013 10:31am Nov 7, 2013 10:31am
Quoting jurn_e
Short EU for 100 plus pips. EU showed signs of sellers in steps even before news. At the end of the chart, one last time buyers came in but sellers still won. Shorted EU before news with stops. {image}

Sorry to say but your chart is showing February data.

Am I missing something?
Let it turn and find your entry.
  • #930
  • Nov 7, 2013 10:54am Nov 7, 2013 10:54am
Quoting Intrepidpips
{quote} Sorry to say but your chart is showing February data. Am I missing something?
Price levels are correct. They are above the range of the last two 28/2.
  • #931
  • Nov 8, 2013 3:23am Nov 8, 2013 3:23am
Today I'll trade volatility with strangles.
  • #932
  • Nov 8, 2013 5:34am Nov 8, 2013 5:34am
Quoting mmaker
1. How many monitors do you trade with? I know these hardware do not provide the trading edge by themselves, but I'm curious how a 12-year veteran like yourself gets prepared for the daily trading routine and what tools-of-the-trade you employ to get in sync with the market before placing your trades.
Only today (1st Friday of the month) I trade with two monitors. Actually I connect a 22" monitor to my laptop. Larger monitor is for the charts where I watch the price action. For charting MT is pretty good software. On my laptop monitor I watch my trading platform and place trades. The reason for trading with two monitors is that when the US employment report is released I trade volatility on more than 1 (usually 2-4) underlying assets. Today I have positions in USD/JPY, USD/CAD and plan to open one in Gold. Sometimes EUR/USD and GBP/USD are added to the mix.
  • #933
  • Nov 8, 2013 5:50am Nov 8, 2013 5:50am
Not much action so far.
Pivot Boss in the making~
  • #934
  • Nov 8, 2013 5:51am Nov 8, 2013 5:51am
Quoting Intrepidpips
{quote} Sorry to say but your chart is showing February data. Am I missing something?

Hi

Its a 1 tick chart, the time does not matter.
Pivot Boss in the making~
  • #935
  • Nov 8, 2013 6:44am Nov 8, 2013 6:44am
Quoting jurn_e
Not much action so far.
Everybody is waiting for the US employment report. They were surprised by Super Mario yesterday and don't want more surprises today.
  • #936
  • Nov 11, 2013 2:31am Nov 11, 2013 2:31am
Today US markets are closed and liquidity is lower than usual. Binary options are best for such conditions.
I bought a binary call with 1.33692 strike and expiry after 2 minutes. The payout was 80%. This sounds pretty good, but actually I was trading with R/R below 1. Don't be fooled by the advertisements of the binary brokers. Quote reading was showing that someone is buying just below 100 EMA and had no other options.
In this case STE at the spot provided better R/R, but I prefer options because liquidity is low.
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  • #937
  • Nov 11, 2013 4:04am Nov 11, 2013 4:04am
Quoting srmfx
Today US markets are closed and liquidity is lower than usual. Binary options are best for such conditions. I bought a binary call with 1.33692 strike and expiry after 2 minutes. The payout was 80%. This sounds pretty good, but actually I was trading with R/R below 1. Don't be fooled by the advertisements of the binary brokers. Quote reading was showing that someone is buying just below 100 EMA and had no other options. In this case STE at the spot provided better R/R, but I prefer options because liquidity is low. {image}
thanks
low liquidity best for betting...
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  • #938
  • Nov 11, 2013 5:14am Nov 11, 2013 5:14am
Quoting Behzad.H
{quote} thanks low liquidity best for betting... {image}
I prefer to call it options trading. There is huge difference.
STE set ups are also working but the targets are much smaller. Binaries let me trade with leverage that compensates the smaller targets. The trick is that I have to pick the right expiry.
  • #939
  • Nov 11, 2013 7:55am Nov 11, 2013 7:55am
Quoting srmfx
{quote} I prefer to call it options trading. There is huge difference. STE set ups are also working but the targets are much smaller. Binaries let me trade with leverage that compensates the smaller targets. The trick is that I have to pick the right expiry.
yes man your explain Convince me
big thanks
  • #940
  • Nov 12, 2013 1:00am Nov 12, 2013 1:00am
That's what I was talking about yesterday. You can trade STE and any other strategy with options, whether it is binary or plain vanilla. You just have to pick the right strike and expiry. Yes, it is not as easy as it seems, but gives an edge. FX market is a zero sum game and if you don't have an edge you are doomed.
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