trader joes | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

A beginner trader vs pro trader 15 replies

from retail trader to full-time trader 17 replies

Discipline Trader and Voice Trader EA/IND 16 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: trader joes
Exit Attachments

trader joes

  • #21
  • Feb 21, 2016 5:27pm Feb 21, 2016 5:27pm
Enough line charts. Let's dig down even further. Price is bouncing off the .50 fib at 1.1098. Again, big boys are watching and using these same levels to trade and so will we.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 58 KB


Next we'll discuss some entry points.
  • #22
  • Feb 21, 2016 5:47pm Feb 21, 2016 5:47pm
Quoting Shemski
{quote} Hi Joe, My bias is short. Just maybe not right now, but I'd much rather be short. I would prefer to wait for that 200EMA to be destroyed before I go long (longterm) EU. I'm also keeping my eye on that 1.18 to 1.24 resistance level. If price doesn't cleanly break it, there is no way I'd be taking long positions. I would much rather wait this one out. {image} I'm not here to spoil anybody's party, nor am I here to doubt you. I'm just extremely cautious when it comes down to trend lines. Sorta like divergence, so easy to see things how you'd...
Thx Shemski to sum up my thinking and save me to draw a chart.
there is always, always another trade!!
  • #23
  • Feb 21, 2016 6:06pm Feb 21, 2016 6:06pm
Not to rain on the parade... but arent the so called big boys trading on fundamentals? i know what you are getting at: 200MA and Fibs are selffulling indicators. But I think big boys trade on fundamentals and, possibly certain levels of S/R.

I really do not understand what Fib numbers have to do with anything. I really does not make any sense whatsover, except if a very large numbers of traders trade with them. I am not convinced of that. Some do for sure. But like others look at the MACD, Stoch, etc.
  • #24
  • Feb 21, 2016 6:20pm Feb 21, 2016 6:20pm
Quoting insider999
Not to rain on the parade... but arent the so called big boys trading on fundamentals? i know what you are getting at: 200MA and Fibs are selffulling indicators. But I think big boys trade on fundamentals and, possibly certain levels of S/R. I really do not understand what Fib numbers have to do with anything. I really does not make any sense whatsover, except if a very large numbers of traders trade with them. I am not convinced of that. Some do for sure. But like others look at the MACD, Stoch, etc.
Fib are a form of S/R and most pros use the .50 because sellers and buyers tend to meet in the middle. That's its significance. Once you see price react over and over again to the .50 you won't stop using it.

Try trading based on fundamentals long term and you will lose your shirt. One of the largest known FX hedge funds blew up a few years ago after decades in business because it could not apply fundamentals to look ahead long-term in this environment.

It could be this is not your style of trading, no worries... but for many it is... many ways to skin this cat.

traderjoe
  • #25
  • Feb 21, 2016 6:43pm Feb 21, 2016 6:43pm
if you draw enough S/R, MTF pivots, TLs, Fibos there will be always one the price seem to react to. 100%.
kind a self fulfilling.
there is always, always another trade!!
  • #26
  • Feb 21, 2016 6:53pm Feb 21, 2016 6:53pm
Quoting profitfarmer
if you draw enough S/R, MTF pivots, TLs, Fibos there will be always one the price seem to react to. 100%. kind a self fulfilling.
Of course, that's why we stay selective with the ones we chose to draw and keep our charts clean. It's about how you drawn them. Sloppy technicals will lead to sloppy trades.
  • #27
  • Feb 21, 2016 7:05pm Feb 21, 2016 7:05pm
Hello trader.joe, I Like your style, and your view of the market. Subscribed, good work.
  • #28
  • Feb 21, 2016 7:19pm Feb 21, 2016 7:19pm
Quoting kornrogers
Hello trader.joe, I Like your style, and your view of the market. Subscribed, good work.

kornrogers, good to have you here. Welcome!
  • #29
  • Feb 21, 2016 8:00pm Feb 21, 2016 8:00pm
Long entry at 1.1150 on EUR/USD.

traderjoe
  • #30
  • Feb 21, 2016 8:04pm Feb 21, 2016 8:04pm
Alright cool. I'm following.. good luck.
  • #31
  • Feb 21, 2016 8:20pm Feb 21, 2016 8:20pm
Ok, long on Eur/usd 3 positions. @1.1115 all of them with sl @1.1040 posi 1. tp @ 1.1238, posi 2. tp @ 1.1334 and posi 3 tp @1.1471 bring remaining positions to break even after each tp.

good luck.
  • #32
  • Feb 21, 2016 9:18pm Feb 21, 2016 9:18pm
Where else do we see trends developing? Anybody?

Shout em out if you know em ...
  • #33
  • Feb 21, 2016 10:00pm Feb 21, 2016 10:00pm
Quoting trader.joe
Long entry at 1.1150 on EUR/USD. traderjoe
HI TJ. Don't get me wrong, I'm with you on this one. However are you prepared for a 250 pip DD.?? Cos' that's what you are about to get.
I will be long this pair after it bounces from 1.090000
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDDaily.png Size: 33 KB
Look Left Trade Right
  • #34
  • Feb 21, 2016 10:03pm Feb 21, 2016 10:03pm
Let's look at USD/CAD. Oil is bottoming. USD/CAD has gone too far too fast. Let's look for shorts.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCADWeekly.png Size: 40 KB
  • #35
  • Feb 21, 2016 10:08pm Feb 21, 2016 10:08pm
Quoting Basill
{quote} HI TJ. Don't get me wrong, I'm with you on this one. However are you prepared for a 250 pip DD.?? Cos' that's what you are about to get. I will be long this pair after it bounces from 1.090000 {image}
Nobody knows for sure where the markets are going so nothing is guaranteed. Btw, how do you know where my stop is located? You are one of the big boys coming for my stops?
My stops are always far away enough but not that far. No 250 pip DD coming.

Btw, I have several long entry points on EUR/USD as I scale in to my trade for longer holds. That was just the first.
  • #36
  • Feb 21, 2016 10:24pm Feb 21, 2016 10:24pm
Quoting trader.joe
{quote} Nobody knows for sure where the markets are going so nothing is guaranteed. Btw, how do you know where my stop is located? You are one of the big boys coming for my stops? My stops are always far away enough but not that far. No 250 pip DD coming. Btw, I have several long entry points on EUR/USD as I scale in to my trade for longer holds. That was just the first.
I have an EA that works that way. Damned good it is too.
I think you will need a 300+ pip SL for this one. You are trading extra long term. Hence the need for the same in SLs.
Hope I'm wrong for your sake.
Regardless of the SL. I think you are right going long. just maybe a little premature.
Look Left Trade Right
  • #37
  • Feb 21, 2016 11:57pm Feb 21, 2016 11:57pm
Quoting trader.joe
Let's look at USD/CAD. Oil is bottoming. USD/CAD has gone too far too fast. Let's look for shorts. {image}
not bad thinking...
but based on this and let's go wouldn't the 1.23ish or 1.30ish areas of the chart looked just as similarly good, without the current knowledge how things did turn out?
there is always, always another trade!!
  • #38
  • Feb 22, 2016 1:00am Feb 22, 2016 1:00am
Quoting trader.joe
{quote} 200 MAs are special because the big boys use this number and have been for decades. It's become a known convention.
Good thread. Can you explain what time frame they use this ma 200.
Trade fearless not careless...
  • #39
  • Feb 22, 2016 2:21am Feb 22, 2016 2:21am
Thought price moves because huge companies/banks need to hedge. And the institutions that execute these orders just ride along. If that 's true, everything else is BS.
  • #40
  • Feb 22, 2016 4:19pm Feb 22, 2016 4:19pm
Hello again,
You say: trade with the trend. Or least on the "right" side of 200MA. Well! We certainly should not be looking for shorts on USD/CAD.

It would be nice if you could explain a little more on the types of entries you are looking for. When you say 50% retracement, do you mean on a long period?

Again, graphs with examples would be nice.

Insider
0 traders viewing now