The Really Useless Thread | Page 6741 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The Really Useless System 25 replies

Bloomberg: VIX Indicator useless for forecasting the direction of equity prices 0 replies

The Really Really Boring Forex System 97 replies

Attachments: The Really Useless Thread
Exit Attachments

The Really Useless Thread

  • #134,801
  • May 10, 2015 12:11am May 10, 2015 12:11am
Quoting Pharm0r
{quote} Been reading your secret thread- liking these layover candles. That candle before the blue- that a doji?
Load an MN chart on EG...

Not a perfect doji, but given the TF=1 month, pretty feckin close.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,802
  • May 10, 2015 12:42am May 10, 2015 12:42am
Quoting Magix
{quote} Load an MN chart on EG... Not a perfect doji, but given the TF=1 month, pretty feckin close.
Yer MN chart, should look a little like:
Attached Image (click to enlarge)
Click to Enlarge Name: egmo.png Size: 31 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,803
  • May 10, 2015 8:47am May 10, 2015 8:47am
Quoting Magix
{quote} Yer MN chart, should look a little like: {image}
I've got a mofu chart that aligns well with those. 7807-8020 is a mofu zone- looks like we have some confluence between charts yet again.

I just have to wonder though, if EU is getting weaker against USD and GBP is getting stronger....is EU really getting stronger than GBP? Fundies don't line with that. I don't think anyway...

Cable is about to break through some monthly resistance as well
  • #134,804
  • May 10, 2015 8:47am May 10, 2015 8:47am
Quoting Magix
{quote} Yer MN chart, should look a little like: {image}
Hey Magix,

Think we spoke about this last week, there is more but one step at a time.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURGBPDaily510.jpg Size: 292 KB
Click to Enlarge Name: EURGBPMonthly510.jpg Size: 295 KB
The world you desire can be won. It exists.. it is real.. it is possible..
  • #134,805
  • May 10, 2015 9:11am May 10, 2015 9:11am
Quoting Pharm0r
Cable is about to break through some monthly resistance as well
Anything is possible, dude...but check out your GBP resistance zones.

Not saying that we can't bust through these, but will this happen in the up and coming, summer session?

With EG at support and the GBPs being at resistance, what are we really looking at?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aph1.png Size: 59 KB
Click to Enlarge Name: aph2.png Size: 61 KB
Click to Enlarge Name: aph3.png Size: 55 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,806
  • May 10, 2015 9:12am May 10, 2015 9:12am
Quoting Mr. Scott
{quote} Hey Magix, Think we spoke about this last week, there is more but one step at a time. {image} {image}
Absolutely agree 100%, Mr. Scott.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,807
  • May 10, 2015 9:29am May 10, 2015 9:29am
Quoting Magix
{quote} Anything is possible, dude...but check out your GBP resistance zones. Not saying that we can't bust through these, but will this happen in the up and coming, summer session? With EG at support and the GBPs being at resistance, what are we really looking at? {image} {image} {image}
GU and GJ are same to me now.

GA, GC, GN all similar now.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily510.jpg Size: 289 KB
The world you desire can be won. It exists.. it is real.. it is possible..
  • #134,808
  • May 10, 2015 9:36am May 10, 2015 9:36am
Quoting Magix
{quote} Anything is possible, dude...but check out your GBP resistance zones. Not saying that we can't bust through these, but will this happen in the up and coming, summer session? With EG at support and the GBPs being at resistance, what are we really looking at? {image} {image} {image}
Good observation, that does tell a different story

The statement "EU getting weaker against USD" may not apply for the next few months as well....I'm still looking to long...have a short in play to 1014 and 0943...
  • #134,809
  • May 10, 2015 10:12am May 10, 2015 10:12am
Quoting Pharm0r
{quote} Good observation, that does tell a different story The statement "EU getting weaker against USD" may not apply for the next few months as well....I'm still looking to long...have a short in play to 1014 and 0943...

I see it like this...anything really is possible...but, I still rely on the very simple principles of supply and demand.

There is a WIDE open Gap at parity for EU, but there is also a wide open gap at/near yearly open.

So...if we sell, we are selling to parity. If we are buying, we are buying to the bulls-eye, and I gotta nickle says we hit there by September!
Attached Image (click to enlarge)
Click to Enlarge Name: eut.png Size: 54 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,810
  • May 10, 2015 10:17am May 10, 2015 10:17am
Quoting Magix
{quote} I see it like this...anything really is possible...but, I still rely on the very simple principles of supply and demand. There is a WIDE open Gap at parity for EU, but there is also a wide open gap at/near yearly open. So...if we sell, we are selling to parity. If we are buying, we are buying to the bulls-eye, and I gotta nickle says we hit there by September! {image}
this is one of many but it is there....
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily510.jpg Size: 302 KB
The world you desire can be won. It exists.. it is real.. it is possible..
  • #134,811
  • May 10, 2015 10:44am May 10, 2015 10:44am
I'm a fan of it.

but not holding that long sheesh
  • #134,812
  • May 10, 2015 1:29pm May 10, 2015 1:29pm
Quoting Magix
{quote} I see it like this...anything really is possible...but, I still rely on the very simple principles of supply and demand. There is a WIDE open Gap at parity for EU, but there is also a wide open gap at/near yearly open. So...if we sell, we are selling to parity. If we are buying, we are buying to the bulls-eye, and I gotta nickle says we hit there by September! {image}
Why not Parity first and then bull eye then? Right now at these levels, there are so much resistance to go up.
Could you please share your reasoning? Thank you very much!
  • #134,813
  • May 10, 2015 1:56pm May 10, 2015 1:56pm
Quoting Shunyi
Could you please share your reasoning? Thank you very much!
The books have got to balance.

That's really all of the rational that I can offer.

That bulls-eye on my chart is a pretty wide range, but even larger if you consider the fact that it was on a Bank Holiday and that price entered into new waters before the actual money was in the market.

During summer session, Money goes on holidays and gives the kids a chance to clean up the house before they get back. September rolls in and shit better be straight, or there'll be hell to pay!

September 1 isn't an arbitrary date, it is the beginning of the Fall session and 4th quarter of the year. In terms of Candlesticks...if we open on the 4th quarter of the candle, and price is below the open, we are at a continuation.

So...throw these ideas together...

Market needs to fill the gap. We've got time for that to happen and can do it at a reasonable pace. From there, when money is in market, they will get a chance to trade directional to their last positions to again, fill their gap. Once we gain a little momo, we can see if the parity idea will shake out...or if we are just going to fuck around in a sideways to southerly position until the US goes bust or War Breaks out.

That's about all I got to say about that.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,814
  • May 10, 2015 2:32pm May 10, 2015 2:32pm
  • #134,815
  • May 10, 2015 2:46pm May 10, 2015 2:46pm
Quoting Magix
{quote} The books have got to balance. That's really all of the rational that I can offer. That bulls-eye on my chart is a pretty wide range, but even larger if you consider the fact that it was on a Bank Holiday and that price entered into new waters before the actual money was in the market. During summer session, Money goes on holidays and gives the kids a chance to clean up the house before they get back. September rolls in and shit better be straight, or there'll be hell to pay! September 1 isn't an arbitrary date, it is the beginning of the...
I do appreciate and respect your opinion sir. I just wonder...if they terribly need to fill that gap, shouldn't they have done it earlier? The later really long red candles seem to be real money. So if they wanted to fill the gap, they had the time and the money to do so, why wait until now? There are so many long upper shadows roughly around 1.16-1.14 levels...that's a lot of resistance, and I believe real money is also behind it.

When you say real money...whose money do you really mean? major banks? are their opinions always aligned? I have noticed London does things when NY is offline, and NY does things purposefully against London when London is offline...
  • #134,816
  • May 10, 2015 3:52pm May 10, 2015 3:52pm
Quoting Shunyi
I have noticed London does things when NY is offline, and NY does things purposefully against London when London is offline...
The money are the people who set the auto pilots...ya need a lot of tinfoil in your hat to subscribe to the same notions that I do...but for some reason...they seemingly work out.

NY and London, ALWAYS play the same money, just might not be on the same day. If you do a search on FF for an indicator called iSessions, it will plot the sessions once you adjust it to your broker time per session.

When you do this, you will see that where a gap is created, by either London or NY, it will get filled on both buys and sells...this, referring to Cable specifically, because it is the NY and LO sessions that are relevant.

Check out the Cable chart I have in this post HERE.

You will find that what I have said about the EUR filling back to Yearly Open, is actually in the process of happening with cable as we speak. Look at the area and scroll back on the chart. The gap was created, off session and on a holiday...the Gap is filling.

Should the same thing happen with EURUSD?

Yes, it should.

Doesn't mean it will and certainly not by my expectation...but I do believe this to be a decent probability.

Now...having said that, and having marked my Res Zones on the GBP charts...doesn't mean those fuckers will stop at them lines...but what it does mean, come September 1, is that if they are above that line, they will retrace back to that point for a test of support or, they will have the house clean before mom and pop get back from the vaycay...

My words are the WEAKEST fucking excuse for fundamentals that you will find and some will say that my words are actually just to support my techs...this is fine. If I am wrong, oh well...my limited frame of action will allow me to make a couple of shekles no matter direction...so really, all this is, is just my dos centavos...and after that, you may have noted, I only put a nickle on my September targets.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,817
  • May 10, 2015 4:30pm May 10, 2015 4:30pm
Quoting Magix
{quote} The money are the people who set the auto pilots...ya need a lot of tinfoil in your hat to subscribe to the same notions that I do...but for some reason...they seemingly work out. NY and London, ALWAYS play the same money, just might not be on the same day. If you do a search on FF for an indicator called iSessions, it will plot the sessions once you adjust it to your broker time per session. When you do this, you will see that where a gap is created, by either London or NY, it will get filled on both buys and sells...this, referring to...
Thank you Magix! Will take a close look at the NY and Lon sessions. I had such a theory that NY and London guys are competing as well, so I didn't expect they played the same money, I thought sometimes they agree with each other for mutual benefits, and sometimes they are against each other for self-interests.

I have been alerted by the calls of 1.2 levels, although FA says it'd be a really really streched market. I guess I will just have to read the candles and go as it pans out.

Have a nice start of the week then!
  • #134,818
  • May 10, 2015 4:34pm May 10, 2015 4:34pm
Bring on the tinfoil...

BITCHES!!

lol

K, check it...

Typically...and I mean by live trading, I do my absolute damnedest to stay in trend. Having said that, having something that trades round the clock under the same premise, ie-an EA...it, can have the propensity to lose more than it wins.

Some of the best traders and strategies are to trade the breakout...if the hour is up, buy above the high of the next hour...if the day is up, buy above the day high, previously.

I've even seen, I think it was, 2k8, the top EA was set to do this very thing.

But where does that leave my session trading idea? (as in, London and NY gettin to play the same money)

So, I built a strategy, somewhat based on this very notion. In that if there is play above a new high, there will be a cost averaging profitable retrace range.

Does it work out?

Well...here's the stats since I have put this idea into effect.

1 trader, trades a single lot and cost averages a single lot based on a break of new grounds. It has a dynamic retrace range, trailing profit and a trigger close to exit.

The other, will add on increments to the primary and supplementary trades. It also has a trailing stop and will take a hard profit.

What you should notice, if you are into the statistical side of shit, is that the dynamic range trader has closed 350 trades, averaging a 95% win rate. The hard stops, just takes it's money and runs!!

Dynamic
Static

Default - Dynamic
http://widgets.myfxbook.com/widgets/1222976/large.jpg
Static
http://widgets.myfxbook.com/widgets/1221068/large.jpg
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #134,819
  • May 10, 2015 8:02pm May 10, 2015 8:02pm
Want to enter that EURGBP trade, but EU is going to drag it to the low
  • #134,820
  • May 10, 2015 8:16pm May 10, 2015 8:16pm
Quoting Pharm0r
Want to enter that EURGBP trade, but EU is going to drag it to the low
There's still a little meat on that bone...

Let the dogs fight and come back when the picking is prime.
Attached Image (click to enlarge)
Click to Enlarge Name: motb.png Size: 52 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
13 traders viewing now