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  • #161
  • Nov 26, 2014 7:34am Nov 26, 2014 7:34am
Quoting feb2865
{quote} Good Job Sky!!! That's what I am talking about.
Ty Feb
What's your thoughts on EU ? I see now it's going up to restest (probably) 1.2500 maybe some good short opportunity could be taken later...
  • #162
  • Dec 1, 2014 5:27am Dec 1, 2014 5:27am
Quoting feb2865
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...
Hi Feb and thanks a lot for this thread.
A question for you based on this first post. Did you enter this trade from this daily chart ? because I dont see a fractal there or maybe you trade daily charts from a different point of view now ?
From what I remember to enter a trade based on a fractal you need to wait for the candle to close but that trade was entered at the high of the day which is also the high of 3-4 days before. So do you trade rejections based on daily charts ?
Thanks in advance and take care !
  • #163
  • Dec 1, 2014 6:13am Dec 1, 2014 6:13am
Quoting sam5682
{quote} Hi Feb and thanks a lot for this thread. A question for you based on this first post. Did you enter this trade from this daily chart ? because I dont see a fractal there or maybe you trade daily charts from a different point of view now ? From what I remember to enter a trade based on a fractal you need to wait for the candle to close but that trade was entered at the high of the day which is also the high of 3-4 days before. So do you trade rejections based on daily charts ? Thanks in advance and take care !
The trade was based on 5 minutes charts - that charts was something like looking at the big picture. In my experience I knew 1.2500 would be a price of interest on the market I just play along.
Peace
  • #164
  • Dec 2, 2014 8:26am Dec 2, 2014 8:26am
I am looking for this possible long trade.

The market is pushing down that level, if it fails - I will go long.

Possible target would be around area marked with ellipse. I think this is a good point of reference.

It would be great to enter market on lower time frame with price discount. Ok... let's "looking for a runner"...
Attached Image (click to enlarge)
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  • #165
  • Dec 2, 2014 8:45am Dec 2, 2014 8:45am
Quoting dim4ik42
I am looking for this possible long trade. The market is pushing down that level, if it fails - I will go long. Possible target would be around area marked with ellipse. I think this is a good point of reference. It would be great to enter market on lower time frame with price discount. Ok... let's "looking for a runner"... {image}
... is it going to test lower level???
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Click to Enlarge Name: EURUSDM302.png Size: 42 KB
  • #166
  • Dec 2, 2014 8:52am Dec 2, 2014 8:52am
The long down wick of previous' hour candle says us that area was really something important... But not enough important to push market upside.

Besides, there is FOMC in two hours...
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  • #167
  • Dec 2, 2014 8:58am Dec 2, 2014 8:58am
Reaction at lower level. 5 min. charts. The level is respected to the pip.
Attached Image (click to enlarge)
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  • #168
  • Dec 2, 2014 10:25am Dec 2, 2014 10:25am
Quoting dim4ik42
Reaction at lower level. 5 min. charts. The level is respected to the pip. {image}
let the dust settle on FOMC and take the other side of the move brother.
Peace
  • #169
  • Dec 12, 2014 8:24am Dec 12, 2014 8:24am
Just trade by observation.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD 12-11-2014.png Size: 22 KB
Peace
  • #170
  • Dec 12, 2014 3:50pm Dec 12, 2014 3:50pm
Thank you Feb for your posts here and on your blog, they are helping
So from what I understood you wait for the price to reach an area of interest (levels...) then you wait for the price to show its hands.
My question is : how often a day do you look at your charts ? do you sit in front of them at predifined times, all the day ? do you setup some alarms as price reach your levels ? or maybe you just check them whenever you have time
Thanks in advance
  • #171
  • Dec 12, 2014 4:20pm Dec 12, 2014 4:20pm
Quoting sam5682
Thank you Feb for your posts here and on your blog, they are helping So from what I understood you wait for the price to reach an area of interest (levels...) then you wait for the price to show its hands. My question is : how often a day do you look at your charts ? do you sit in front of them at predifined times, all the day ? do you setup some alarms as price reach your levels ? or maybe you just check them whenever you have time Thanks in advance
Yes I set alarms - charts, maybe twice a day. Personally currencies are more like an investment vehicle than anything else. I don't day trade currencies. I put charts here and the blog for teaching purposes. Been glued at the screen will wear you out mentally. Don't get me wrong, you can make good bank day trading currencies. That's just my setup. On day trading, I don't have a per-deretmined time in the day, you can make cash anywhere, if you have a trading criteria based on certain market conditions.
Peace
  • #172
  • Dec 14, 2014 5:05pm Dec 14, 2014 5:05pm
Thank you for your answer.

Setting alarms is quite easy. The difficult part is to first find the important levels to watch or the round numbers like the 1.25 for the euro as you said.

About daytrading/short term trading I find it too stressful and not necessarily more profitable than trading from the hourly or longer time frames. Watching the DOM or even the 1 minute chart is not for me I think or maybe it will be one day !
The guy from nobsdaytrading.com looks to know what he is doing...

What about money management... do you have a fixed amount of money to risk ?
Let's say I risk $1000 for every trade I take so I adjust the position size to meet the amount of money to risk and the stop loss distance. Then I try to shoot for at least a risk reward of 1:2 or even 1:3. What do you think about this ? One more thing that is difficult is trailing stops to breakeven or not and trailing the stops when the next level break out, etc...
  • #173
  • Dec 15, 2014 8:18am Dec 15, 2014 8:18am
Holidays are just around the corner - you know the deal, liquidity runs on low. That doesn't mean you can make some cash

Levels to watch this week - EUR-USD

1.2500 (again) 1.2421 and 1.2240.

Adjust your levels accordingly.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD 12-15-2014.png Size: 37 KB
Peace
  • #174
  • Dec 15, 2014 8:27am Dec 15, 2014 8:27am
Quoting sam5682
Thank you for your answer. Setting alarms is quite easy. The difficult part is to first find the important levels to watch or the round numbers like the 1.25 for the euro as you said. About daytrading/short term trading I find it too stressful and not necessarily more profitable than trading from the hourly or longer time frames. Watching the DOM or even the 1 minute chart is not for me I think or maybe it will be one day ! The guy from nobsdaytrading.com looks to know what he is doing... What about money management... do you have a fixed amount...
Whatever floats your boat. Ultimately, the market has no time frames. On money management it all depends on your trading capital, long term objectives etc. My advice: You can shoot for any R/R ratio but not always you'll get it. I have a flexible approach on trading. It's important to have some rules but you must go with the flow.
Peace
  • #175
  • Dec 15, 2014 11:00am Dec 15, 2014 11:00am
Price seems to go to 1.2500 again So if price goes there and rejects that level, enter short at 1.2480-90 (just to be sure that it wants to go lower again) and if it breaks out 1.2500 wait for a retracement and enter long.
That's the plan but as you said we have to be flexible
  • #176
  • Dec 15, 2014 1:18pm Dec 15, 2014 1:18pm
Quoting sam5682
Price seems to go to 1.2500 again So if price goes there and rejects that level, enter short at 1.2480-90 (just to be sure that it wants to go lower again) and if it breaks out 1.2500 wait for a retracement and enter long. That's the plan but as you said we have to be flexible
Yep. I've been watching 1.2500 for a long time, eventually the market has to go somewhere else. But it's a good place to make some bank. I haven't trade EUR-USD for a long time but let's see. If we get 1.2200 or better 1.2000 I might get on board. Yen pairs has been good to me this whole year, no complaints.
Peace
  • #177
  • Dec 15, 2014 3:54pm Dec 15, 2014 3:54pm
USD-JPY beautiful fractal on December 8 2014 Tempting to go short .
Attached Image (click to enlarge)
Click to Enlarge Name: USD-JPY 12-15-2014.png Size: 34 KB
Peace
  • #178
  • Dec 16, 2014 9:40am Dec 16, 2014 9:40am
EUR-USD approaching 1.2600..what would you do?
Attached Image (click to enlarge)
Click to Enlarge Name: EUR-USD 12-16-2014.png Size: 36 KB
Peace
  • #179
  • Dec 18, 2014 6:13am Dec 18, 2014 6:13am
I think there are 2 possible ways to look at levels :
- you look at what price is doing at predefined levels, ie 1.2500 1.2421 1.2240 for the euro
- or you look at the price when it is stalling or reversing and you see if that happens at an important level


I prefer the second one. I add some basic intermarket correlation, ie if I want to short the euro but gbp is at an important resistance I do not trade
  • #180
  • Dec 18, 2014 1:04pm Dec 18, 2014 1:04pm
Quoting sam5682
I think there are 2 possible ways to look at levels : - you look at what price is doing at predefined levels, ie 1.2500 1.2421 1.2240 for the euro - or you look at the price when it is stalling or reversing and you see if that happens at an important level I prefer the second one. I add some basic intermarket correlation, ie if I want to short the euro but gbp is at an important resistance I do not trade
Yep, that's what I would do..
Peace
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