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Please Improve This System

  • #1
  • First Post: Edited Nov 11, 2014 7:34am Nov 4, 2014 12:10pm | Edited Nov 11, 2014 7:34am
Oh Jesus hahahahaahahah I am so evil...No I don't need help improving a "system", just throwing some chats because I'm bored. Besides, Twee is a nice guy.

Do I have a system? No...well I use to have Pink Sheets provided by WSJ back in 1981. We used them to mark pivot points on the pits. Does anyone remember? Maybe some of you weren't even born in 1981. Shit, I am getting old.

Well enough talking, let's throw some charts and see what happens. Let's begin with daily charts...

Link to my relevant threads (Thanks EagleStar)

The System http://www.forexfactory.com/showthread.php?t=54528
Focus on Fractals - Daily Charts.

System II http://www.forexfactory.com/showthread.php?t=80290
Focus on 5 Minute Charts. It's a long thread. My Dear Friend DIM put the most relevant content in a PDF format. Look under the thread attachments.

System III http://www.forexfactory.com/showthread.php?t=54528
Focus on 30 minute charts -

I have some journals but I don't follow them no more.
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Peace
  • #2
  • Nov 4, 2014 12:34pm Nov 4, 2014 12:34pm
Look at the charts.

Market is coming from a nice juicy downtrend. On 10-06-2014, the bulls decided to take over, but they run out of steam. Like good kids that you are, you were sitting in your hands, doing nothing. Then, you notice the market failed to go higher right? In my experience, the market saw 1.2500 area as ...too cheap. None wants to go down below, hence bulls took over. I think S&P at 2000 level is also high. So that tells me there's some change in the air....anyway, a lower-low parked @ 1.2840 area short trade looking for 1.2550 was a nice trade. Obviously, the market is again, parked@ 1.2500 area today....I know, some bears got killed but that's the nature of this business.

Why 1.2550 and not 1.2500? Because it's been traded already. You need to be smart and place your trades away from noise. Chances are, the market never reach 1.2500 and you'll be pulling off your hair.
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Peace
  • #3
  • Nov 4, 2014 12:42pm Nov 4, 2014 12:42pm
This is why you don't go and chase the market like a chicken with a head cut off. 1.2500 level and I knew for a fact, there will be some suckers chasing the market down below. Learn how to sit in your hands...Red horizontal line is 1.2500 - bears screaming in pain on that spinning top candle
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Peace
  • #4
  • Nov 4, 2014 12:52pm Nov 4, 2014 12:52pm
Oh sorry what?...Yes I know....daily charts are too much...I understand, I am a tape reader by heart...don't worry.....here's one for you..pretty much self explanatory...5 minutes charts..
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Peace
  • #5
  • Nov 4, 2014 1:00pm Nov 4, 2014 1:00pm
I've seen a lot talk about support and resistance, trading price blah blah blah...Yes, it's all good but I want you to engrave this in your minds....support and resistance would be only good if is relevant to what's happening in the market at the moment....Don't go chase the market all crazy because is hitting xxx price etc. Let the market show it's hands first..You see in one of my charts above what happen when traders crossed the 1.2500 barrier.
Peace
  • #6
  • Nov 4, 2014 1:14pm Nov 4, 2014 1:14pm
EUR-USD 1 hour charts
now 3:08 PM EST PM November 4 2014.

Rejection @1.2580 area.
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Peace
  • #7
  • Nov 4, 2014 1:37pm Nov 4, 2014 1:37pm
Market rejecting 1.2580 area. Zooming in to 5 minutes.

In my opinion we had a bull run today form 10:00 AM EST onwards. Exhaustion came as a result of traders collecting profits. If you were short due the big fractal, chances are the market test again 1.2580 area again. The fractal is valid but I suspect was made in low liquidity. Don't be surprised if the market go back to 1.2580 again.
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Peace
  • #8
  • Nov 4, 2014 1:54pm Nov 4, 2014 1:54pm
Instead of chasing systems strategies etc. Learn to trade the markets based on pure observation. Markets are nothing more than a collective state of mind.
Peace
  • #9
  • Nov 4, 2014 1:59pm Nov 4, 2014 1:59pm
Do I trade currencies? mmmm yes... Currency Futures...Majors? No.

This is my favorite pair......

I believe I don't have to explain why..I'll let the charts do the talking...
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Peace
  • #10
  • Nov 4, 2014 3:05pm Nov 4, 2014 3:05pm
USD.JPY has shown a nice bull run since mid-October, but in my humble opinion, Aussie-Yen is leading the pack. I am watching AUD/JPY at 100 level. I went long USD/JPY@ 109.15 on October 30, kinda late but it's ok. Depending on NFP this week I'll get my share or I'll play it for a little bit.
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Peace
  • #11
  • Nov 4, 2014 3:11pm Nov 4, 2014 3:11pm
AUD/JPY is rejecting 99.42 - I'll be watching this level closely. If it tops 100 will move the asian market for sure. I would love to play that level short.
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Peace
  • #12
  • Nov 4, 2014 3:38pm Nov 4, 2014 3:38pm
Quoting feb2865
AUD/JPY is rejecting 99.42 - I'll be watching this level closely. If it tops 100 will move the asian market for sure. I would love to play that level short. {image}
Hi , Nice thread ! clean and simple

thou . yes we rejected 99.4xx .. but we also make a series of higher lows towards that level.. however if we a break that lows , bulls will puke for sure ... but as of now
i would also consider a fresh higher low.. for a long pos. to play a breakout.. with a target of 101 and that level would be a nice short level , if rejceted..


cheers
  • #13
  • Nov 4, 2014 4:09pm Nov 4, 2014 4:09pm
Quoting PrymeTyme
{quote} Hi , Nice thread ! clean and simple thou . yes we rejected 99.4xx .. but we also make a series of higher lows towards that level.. however if we a break that lows , bulls will puke for sure ... but as of now i would also consider a fresh higher low.. for a long pos. to play a breakout.. with a target of 101 and that level would be a nice short level , if rejceted.. cheers
Thank you Pryme!

If we get AUD/JPY close to 101 I'll be a happy camper on my Yen Trade.
Peace
  • #14
  • Nov 4, 2014 4:30pm Nov 4, 2014 4:30pm
S&P hovers around 2000 - Futures hedge a lot on EUR-USD - let's see what happens.
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Peace
  • #15
  • Nov 4, 2014 5:16pm Nov 4, 2014 5:16pm
Clerks will normally start punching orders in Asia around 9:00 PM EST. Although volatility in Asia increases from 11:00 PM EST. I like to have my eyes on the market one hour before. I am going to be on the watch for any developments on the yen tonight.
Peace
  • #16
  • Nov 4, 2014 5:29pm Nov 4, 2014 5:29pm
Great thread... feb2869
I'm in......... may I ?

DRT
  • #17
  • Nov 4, 2014 5:54pm Nov 4, 2014 5:54pm
Quoting Drentaga
Great thread... feb2869 I'm in......... may I ? DRT
absolutely my friend.
Peace
  • #18
  • Nov 4, 2014 6:22pm Nov 4, 2014 6:22pm
Bracket Trading.

You know, currencies are literally dead after 12:00PM EST. I used to put some brackets and trade the hell out of it hahahahahaah well, I guess if you're with a market maker, spread could be an issue. But used to be a little consistent cash on the side with 5-10 cars on the futures.
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Peace
  • #19
  • Nov 4, 2014 7:56pm Nov 4, 2014 7:56pm
Quoting feb2865
Oh sorry what?...Yes I know....daily charts are too much...I understand, I am a tape reader by heart...don't worry.....here's one for you..pretty much self explanatory...5 minutes charts.. {image}
Very nice. Where did you enter EUR/USD today for the long on your M5 chart? I'm short and waiting for reversal to pick up steam. I was confident 30s wouldn't be breached but go figure.
Enter Signature
  • #20
  • Nov 4, 2014 8:31pm Nov 4, 2014 8:31pm
Quoting san99
{quote} Very nice. Where did you enter EUR/USD today for the long on your M5 chart? I'm short and waiting for reversal to pick up steam. I was confident 30s wouldn't be breached but go figure.
No I didn't trade that was just some sort of example on how I should trade if I were on EUR/USD. The only trade I have in currencies running now is on yen since October 30 - kinda swing trade. You were short before the bull run?
Peace
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