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  #55561  
Old Feb 21, 2010 6:25am
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ah, weekends.

Quote:
Originally Posted by unlv_tj View Post
James16, and probably most the seniors here, would support Fox News over horrible NBC.

Fox does lean too far to the right, but it is far better for business and economic analysis than probably any other major cable news network.
No one seriously watches Fox for news*. You might watch a bit of Glenn Beck to find out which liberalmedia nazi democrat communist socialists are trying to steal your children and turn them into gay negro 'snivel libertarian' chinese illegal immigrant spies on welfare, but that's about it.

For business news, I only watch Bloom, CNBC and Sky. Mostly Sky.
At work, we only have Bloom, CNBC and Sky.

Take that how you will.


* on the other hand, its my source of all that is Jack Bauer.
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  #55625  
Old Feb 22, 2010 1:00am
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Quote:
Originally Posted by Cherry View Post
I got brave enough to post my first chart for senior input 7 hrs ago and just wondering if anyone has seen it and what are the thoughts??
I see you are in Australia - keep in mind that most of the senior guys here are from the US or Europe, so it's the middle of the night there

Anyhoo, to your chart:

Look at the size of the pin, and then look at the size of the move immediately preceeding it. I agree that the location is good, but the small pin following the big bars doesnt really give us much confidence.

Remember, what we are really looking for is a stop and reverse, rather than just a bar that looks like a pin. So if we are following a big move, we want a bar that has stopped and been rejected hard in the opposite direction... which will look like a big long nose.

Based on that chart, I'd probably pass on the trade*. Others might not, but in my mind it is a dicey proposition at best - could work out, might not. And if I did trade it, I would want it to break hard. Not play around and stall for a little, but to rocket north like, erm, a rocket. This more looks like a pause before it continues on its downward trend - not the kind of strength I like to see.

Now check out the one with the pink mardi gras arrow. It's more around the same size (or larger) than the bars around it - that's more what we are looking for. Not saying that it is perfect, but its a handy example and I dont have any other charts here.

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*edit* or, what Mike said.

* there are also some really strong fundamental reasons that I would want no part of it. But we are talkin' PA here
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  #55630  
Old Feb 22, 2010 1:32am
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[quote=Cherry;3485714]
Quote:
Originally Posted by joelcf View Post
Yes I know all the activity happens when I have to sleep.. makes trading a bit harder too. Which brings the question... I have also been wondering how do you move stop to BE when you are asleep?! I have used a trailing SL but you end up getting hit as it's so tight.
Well, in a way we are fortunate here - the main trading session (London) opens at 6pm, so its fairly easy to manage. The NY session (midnight - 8amish) is a bit more problematic.

Trailing stops are one solution, but as you said, not a perfect one. You either have to set them tight and get stopped out alot, or set them loose and potentially give back a fair bit of profit (or even take a loss). It's all about knowing where price will first encounter resistance (as you marked on your last chart) and making sure you take action before it gets there.

For me, if I am just getting into an overnight position, I usually try to get my stop to breakeven before I go to sleep, and then adjust it manually after every new 4H bar, usually to just above the previous swing high/low. Depending on how much you sleep, you only miss 1 bar on the H4 timeframe that way. Once you have it to b/e, you cant lose money, so nothing to worry about. Sure, you might give up a little bit of profit that you may have otherwise caught, but there are plenty more bars in the sea.

If it is a bar that I think I will have to actively manage, I probably wont take it if it is too late. Then again, if you have to actively manage it, it probably isnt a great setup to begin with.

If you are trading daily bars as Jim suggests/demands/pleads, shouldnt be an issue to begin with
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  #55643  
Old Feb 22, 2010 2:55am
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Quote:
Originally Posted by nasir.khan View Post
Hey Joel,

How do they calculate this dollar index.
Its a continuously calculated weighted geometric mean index against a basket of euros, yen, pounds, francs, CAD and the Krona. Not sure how that one snuck in there, probably an Ikea conspiracy.

So, basically, take the USD rate vs each currency, weight it by the appropriate amount (which you should be able to google), multiply their product by the base (the value of the dollar at the end of the BW system, 50.1ish I think) and you are good.

The weighted geometric mean part is a bit tricky. For those who had social lives and/or girlfriends during college, you need to raise each cross rate by 1/weighting (so, for euro, that would be 1/0.58 or whatever the actual percentage is), then multiply them all together by 50.14

I dont remember the exact weightings, but its about 58% euro, 14% yen, 12% pounds, 9% canada and then pretty equally split between francs and krona.

...
Now, I know all of that is super interesting... but for the tl;dr crowd:
a) its almost an inverse of the euro, since it is 58% weighted by it, with a bit of risk aversion thrown in
b) forex leads the usdx, not vice versa
c) it has a *very* low weighting with regard to commodity currencies (no AUD, no ZAR, very low CAD)
d) since it is composed of a basket of things, you arent trading the instrument itself, you are trading the basket of currencies.. so ordinary patterns based on order flow dont really work the same way.

The last point is pretty subtle, but IMO pretty crucial.
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Last edited by joelcf, Feb 22, 2010 3:45am
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  #55702  
Old Feb 22, 2010 3:24pm
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Quote:
Originally Posted by Pinnocchio_S View Post
I would have posted the chart, but so far only managed to copy it in paint
Don't worry I am determined to figure it out (afraid I'm becoming a bit of a neanderthal when it comes to all this new technology stuff)
The Technology Idiot's Guide to Posting Charts
as written by a fellow technology idiot.

1. Save your picture
a. Using MT4? Right click on your chart, select 'save as picture'
Click image for larger version

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choose 'active chart (as is)', otherwise you might lose half your chart
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save it somewhere - make sure to select jpg, png or gif. Dont choose BMP. Bitmaps hurt feelings.
Click image for larger version

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b. Using something else and cant find a similar 'export/save as as picture' command? Take a screenshot by pressing the printscr button on your keyboard. Since my NT has account numbers, balances, positions and other stalkerish detail all over it, here is my itunes instead. Angel Eyes rock!

then paste it into Paint (Windows 7) and choose 'save as' to save it
Click image for larger version

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(windows XP)
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*edit*
To paste, you can either use the Edit -> Paste menus, or press ctrl and v together. The latter method makes you look like an IT pro, and the ladies will be all over you.
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Last edited by joelcf, Feb 22, 2010 5:16pm
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  #55703  
Old Feb 22, 2010 3:30pm
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2. post it!
a) Hit the lil arrow next to 'attachments' on the posting screen
b) Choose 'manage attachements', if it appears - otherwise it will just automagically come up with the manage attachments screen
Click image for larger version

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c) Hit 'browse' to find your files. You can upload two at a time.
Click image for larger version

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d) double click the file you want to post
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e) Hit 'Upload' in the top box, then wait
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e) Repeat (c) as necessary. Each time you upload, the files will appear under 'uploaded files'
Click image for larger version

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f) click the little arrow next to 'attachments' again, choose the chart you want to insert, and you are done!
Click image for larger version

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  #55707  
Old Feb 22, 2010 3:59pm
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Quote:
Originally Posted by Dan Gilbert View Post
That's pretty cool, never even knew it existed. I'm a Fastone Capture die hard though.
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  #55716  
Old Feb 22, 2010 5:02pm
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Quote:
Originally Posted by Pinnocchio_S View Post
Thanks, for sopme unknown reason it stated that my file was too large. I'll just check Dan's method to see if I get any more luck!
My fault - it's too early for my brain

when you do the 'save as' part, make sure you choose jpg, png or jpg. You are probably saving as a bitmap, which sux.
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Last edited by joelcf, Feb 22, 2010 5:13pm
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  #55929  
Old Feb 23, 2010 6:06pm
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Quote:
Originally Posted by nasir.khan View Post
So Yen went up today. (as expected)

Will they intervene in the morning.??
.
BoJ? They didnt intervene at 84 (or any other time in the last 5 or 6 years), so it seems somehat unlikely that they would try a selloff at 90 in response to a (small) overnight unwinding of carry trades? Especially after the US just raised rates.

I'd be more worried that they are starting to eye off their currency reserves if they start to see a slip in GDP and have another shot at buying some recovery.

But anyhoo, how bout them pinbars?
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  #55935  
Old Feb 23, 2010 6:25pm
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Quote:
Originally Posted by michal7 View Post
What do you think guys about this setup? (Jim, Mike, jarroo?)

My take:
+nice BUOB engulfing several previous bars
+extrem low
+off of the strong support from few years back
+very close from BIG round number (1.5000)
+divergence

-first minor trouble area quite near (30 pips)
-it's against a trend that is lasting 14 months
-didn't close above 3 prevous bars (on gmt+2 time frame, might still close above on gmt+1 or gmt time frame)

I'd say it's A setup for me for sure. Any thoughts?
Everyone else is pulling punches, but this is the second post this morning that has just had me shaking my head. This isnt aimed at you, but just for general consumption since there is clearly some kind of miscommunication happening here.

My take:
+nice BUOB engulfing several previous bars
That's an indecision bar, not a sign of the reversal of a five thousand pip downtrend. It barely even closed positive, let alone as a bullish bar. Look at your daily chart - does it really seem like you should be getting long?

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+extrem low
This isnt really a reason to trade. Price is consistently making lower lows. Hrm.

+off of the strong support from few years back
Support from a few years ago doesnt really mean that much, if anything. Any reaction is more likely to be a coincidence than confluence. It isnt like there are going to be a ton of stops waiting there from 1999.

+very close from BIG round number (1.5000)
This is about the only good thing here. But still not a reason to trade countertrend.

+divergence
Only if you skip the three peaks in the middle that dont support your position. There is a bit of curve fitting here.

I'd suggest anyone who thought this was an 'A' setup rereads all of Mike and Jaroo's posts from the last hundred or so pages, pull out the ones that they considered good bars, and compare them to this dog. These guys give out charts of strong, high probability setups like candy.

Eat the candy.


Also, moving away from charts for a second - short Aussie, long Euro? I think I'd rather punch myself in the nuts. Repeatedly.
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Last edited by joelcf, Feb 23, 2010 6:36pm
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  #55937  
Old Feb 23, 2010 6:30pm
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Quote:
Originally Posted by yarin View Post
what went worng?
am i the only one who gonna take a full bar loss on this one?
...and 40 hours ago, when the bar appeared

Quote:
Originally Posted by mbqb11 View Post
This is a very very very tiny bar vs a very very strong trend. What I would like to see you looking for are much larger size pinbars then this. While this might show price slowing down, it is not a very strong sign of reversal or anything significant. Against such strong downtrend we want to see some significant buying at a good level to qualify for a very high probability trade.


Quote:
Originally Posted by joelcf View Post
Look at the size of the pin, and then look at the size of the move immediately preceeding it. I agree that the location is good, but the small pin following the big bars doesnt really give us much confidence.

Remember, what we are really looking for is a stop and reverse, rather than just a bar that looks like a pin. So if we are following a big move, we want a bar that has stopped and been rejected hard in the opposite direction... which will look like a big long nose.
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  #55952  
Old Feb 23, 2010 8:45pm
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Quote:
Originally Posted by Cyrus View Post
That said, this thread is prob THE nicest and friendliest place I've ever seen.
Hey, I figure that people have a choice between me telling them that they are looking at taking a bad trade, or their account balance telling them the same thing... I know which I would prefer


Quote:
Originally Posted by Cbh123 View Post
I hope people who have posted trade ideas the last few pages will not be offended by Ryan or Joel's bluntness.
Wanting people to listen, you can't just tap them on the shoulder anymore. You have to hit them with a sledgehammer...and *then*, you'll notice you've got their strict attention.
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Last edited by joelcf, Feb 23, 2010 9:13pm
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  #55990  
Old Feb 24, 2010 5:09am
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Quote:
Originally Posted by michal7 View Post
I watched lot of Jim's and Mike's videos but aren't they also mentioning extreme highs/lows and major swings? Doesn't extreme say something about overbought/oversold with a nice chance for at least some retrace if PA is confirming this?
They do, which is why I said 'not a reason to trade', as opposed to meaningless

The reason we take reversal bars at a swing low is because that's what they are, reversals. If price is going up, it doesnt make sense to take a bullish reversal bar - there is nothing to reverse! In this case, the strong PA to mark out this 'line in the sand' just wasnt there, that big rejection of a level and move in the other direction.. hence the reason I didnt see it as a reason for a trade per se.

Hopefully Mike or Jimroo will be able to add to this, they are the swing kings around here

-----

As for the overbought/oversold thing... well, this one is a bit of a pet peeve of mine. You see those terms thrown around alot in t/a literature, as if they were a real thing. But when you think about it, especially in a forex contect, they are pretty meaningless. Unless you know the fundamental value of something, how can you say that it is 'overbought' or 'oversold'.

The basic premise they operate on here is that if something goes down more quickly than it usually does, it must be oversold and therefore will reverse. That's nonsense. As long as people are selling it, its falling. The reversal PA (which are all pins, or variations thereof) at the low point is how we tell that we have run out of sellers.

The idea of 'what goes up must come down', and vice verse, has been responsible for a ton of indicators, dodgy systems... and empty accounts.


Quote:
Originally Posted by michal7 View Post
Ok, this is new for me. I'm not expecting orders to be there from 1999. But isn't it something that also big guys notice? Really strong area, with 3 nice bounces off of it, not broken in more than 13 years?
This one is a bit subtle. It's a bit more 'why' than 'how', so apologies if I start sounding like a raving madman

Firstly, and i know many here are averse to anything that isnt a bar on a chart so feel free to ignore, but the 'strong area' from 1999 is IMO an artificial level. These were all during the changeover period where the exchange rates of the ECU countries were fixed, and before the introduction of the actual euro. That's why I wouldnt put much stock in them

Anyways, moving on to chart based hijinks. To determine the strength of a level, you have to look at who the 'big guys' are, why they would be in the market right now, and how much of said market they each make up.

All the institutions are selling off euro. And they make up most of the volume. That's the trend we are seeing. Its one thats going to continue.

At a 'regular' ppz-type level, where there is recent history, you can reasonably expect a decent volume of orders stacked on either side of a PPZ - that's what makes the PPZ work (and, indeed, what makes it exist in the first place). In these 'regular' cases, price reacts because of what the market participants are actually doing, the positions they are actually taking right now.

Contrast this with a level from ten or so years ago. There arent going to be any orders sitting there for that long. The only way there is going to be a reaction is if new orders come into the market. And since the predominant trend is down - ie, the big institutions, funds and govs are selling off euros - we have to try and identify who might be taking a position against that trend.

I can only think of two groups - technical traders, and people that want to feed on them and use them to get acheap price on their short positions (ie, hedges and instos).

Any reaction you see is going to be dangerous in my eyes. If you wanted to get short euros in big volume, how would you do it? You could sell into a falling market, or wait for an area where chartists think there might be strength, and then let them bid into you... until you run out of suckers and the trend resumes. I know which I would do.
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  #55993  
Old Feb 24, 2010 5:18am
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Quote:
Originally Posted by michal7 View Post
Thank you for explanations Joel!
No need

As you said, everyone's opinions are different. Posting questions and debating things is how we all get better... hopefully
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  #55995  
Old Feb 24, 2010 5:24am
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Quote:
Originally Posted by ts63 View Post
Hi everybody,

How would you rate this 1 hour pinbar ? Reversal or high probability to get stuck in 139.5 area ?
It's kinda like crossing the road - be aware of your surroundings.

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  #55997  
Old Feb 24, 2010 5:39am
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Quote:
Originally Posted by chatzi View Post
Stealing my friends line in your sig?
lol, good to see someone with taste in movies.... we all need some Tuco wisdom in our lives

My profile pic from the pf is quite similar to yours.

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  #56000  
Old Feb 24, 2010 6:40am
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Quote:
Originally Posted by MarkyBoy View Post
Hi,

could somebody advise me as to whether the last 4 hour candle on my EURJPY chart would consititute a Bearish Vertical Outside Vertical Bar? If so, would it have been a good strategy to sell on the pullback to the 23.6 Fib (see attached chart)

Obviously it looks like a good trade now, but I just wanted to check my understanding.
Hey mark,

I assume you mean the one with the red arrow - if not, ignore the rest of this!

What we really want to see in a BEOB is for price to close near the bottom of the bar - at least in the bottom third. If you look at the bar in your chart, the open and close of the bar are really not that far apart, the close is in the top half of the bar, and the open-close range barely encompass the previous bar.

As it stands, this almost looks closer to pin than a beob. (not that anyone should try and trade it as such!)

Also, with most setups (including beob type bars), we like to see it validated before we enter a trade - so we will usually hold off until price breaks the low point of the BEOB. So, in this case, this trade wouldnt have been 'triggered' yet, if that makes sense?

Hopefully some others will chime in with their thoughts too.

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(I've converted your file to a jpg and posted it for everyone else to comment on - if your chart program lets you, save as a gif, jpg or png so forexfactory will let it show up in the thread.)
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  #56004  
Old Feb 24, 2010 7:29am
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Default Oh god! Short USD!

The newswires point to a HUGE fall in the USD today.

By: The Associated Press | 24 Feb 2010 | 06:20 AM ET
Production of 'Two and a Half Men' temporarily halted as Charlie Sheen enters rehab
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  #56011  
Old Feb 24, 2010 8:25am
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Quote:
Originally Posted by antgal23 View Post
i understood we draw the fib from the most significant sl to sh, in your chart you have the 100 fib at the top, how come?
You want to draw fibs in the direction of the movement. So if price goes down, you draw from the swing high to the swing low.

Think about it this way - on Bundy's chart, if the price goes all the way back to the swing high, it has retraced 100% of the move. Similarly, if it only goes a quarter or so back up, it has retraced 23.6% of the move.
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  #56101  
Old Feb 24, 2010 5:23pm
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Quote:
Originally Posted by Dale View Post
I have an Idea that the same struggles we men have choosing a mate and making a commitment are very similar to the struggles we have choosing a method, making a capital commitment to it, then learning to trade it.
Clearly, the solution is to trade them both, but on different timeframes to avoid correlation issues - otherwise, your positions might cancel each other out...

...and you will end up trading against yourself.
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  #56182  
Old Feb 25, 2010 8:33am
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Quote:
Originally Posted by nasir.khan View Post
Hey Jeol,

Whenever the Crude Oil Inventory report comes out.

IF Actual > Expected = Oil goes up.

IF Actual < Expected = Oil goes down.

What happened yesterday was that Actual figure was higher then Expected and then oil went up
.
The actual figure was only slightly higher than projections (2m vs 3m), but refined products fell sharply (gasoline was about -900k, vs projections of +500k) which shows demand recovering, which no one really expected after the consumer numbers the other day.

Combine that with the USD weakening thanks to the promise of no more rate increases for some time (which will lead to a repricing upwards of futures contracts), and you have a whole bunch of words and numbers fighting each other that explain why people should stick to charts
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  #56249  
Old Feb 25, 2010 4:19pm
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Quote:
Originally Posted by nasir.khan View Post
I am not sure but don't we have a restriction for uploading copyright meterial on a public forum?
The original text is now in the public domain (it was written in 1923, after all) so shouldnt be a problem.

http://ebooks.gutenberg.us/WorldeBoo...nfessstock.htm

Livermore was a degen.
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  #56274  
Old Feb 25, 2010 5:55pm
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Quote:
Originally Posted by jarroo View Post
I look at many different brokers to see Price differently. Mainly its just 2 or 3.
I thought I was bad with 5 accounts. You could practically collapse the entire foreign exchange market with a bad long position
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  #56308  
Old Feb 25, 2010 8:37pm
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Quote:
Originally Posted by Cherry View Post
That was my thoughts too.

There is only 1H different between the close time of my Alpari chart and the Go Trader I am demoing but it seems to make a big difference to the candles.
Is the NY close time GFT+1 or +2? (That's what Jim says to use isn't it?) It gets confusing with DST and some platforms change with it and some don't.
New York is GMT-5, so it will depend on your platform.
London, obv, is just GMT.

... from googling, GFT seems to be French Guinea Time

(4pm NY = 9pm London/GMT = 8am Australian est)

*edit* it is ridiculous that metatrader cant handle custom time offsets. It isnt 1836 anymore.
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  #56316  
Old Feb 25, 2010 9:19pm
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Someone please correct me if I am wrong about this, 'cause this is also the time I calculate my daily pivots!!
So if it is wrong someone please advise what time I should be calculating these?.
You are fine - the time doesnt really matter that much, since its a fluid market. Especially if you are trading the dailies. It isnt like one exchange shuts down and the next one opens up.

Taking it a step further, think about the standard day at work for these guys. Get in about 7am (and say hi to the guys who are still there from trading the previous session... banks dont close down overnight ), morning briefings and catchups for an hour or so, then get to work sometime around 8-8.30am. And even then, you arent just whacking the big red BUY button constantly. Same as end of day - it isnt like they are furiously trading until 4.59, then stop. The 'session times' are just arbitary divisions based on rough 'working hours' to give some kind of structure to a constant market.

These kind of things are way more important with stocks or futures, where there actually are exchanges which actually do open and close. Its the main bulk of the session which really matters for us.

For now, I wouldnt sweat it. Go the Jaroo route of having a couple of different brokers if you arent comfortable visualising combined bars. COmes with the added bonus of helping you visualise price movements, rather than discrete bars, since you will get to see the same things in a couple of ways.

(alternatively, there is some kind of bar shifting/combining script floating around here, periodcon i think. I could never get it to work properly, but I know a bunch of people use it. Maybe I am just retarded )
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  #56318  
Old Feb 25, 2010 9:25pm
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Had to jump in - you are NOT retarded - just upside down. You live in Australia for crying out loud!!
Our beer is colder, women hotter and animals more dangerous. It isnt us that have things the wrong way around
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  #56321  
Old Feb 25, 2010 9:51pm
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Quote:
Originally Posted by daveoz001 View Post
The only query I have is the time to calculate the daily pivots, as these will change depending on the time calculated.
And if the 'Big Boys' at the banks use them I would think I was wasting my time with them if they weren't at the same levels.
Ah, sorry, misunderstood your question. My comprehension skills are a little lacking today!

I dont think you will find a consistent approach. But if you had to pick, I would say shoot for 1700hrs GMT-5 (ie, NY).

Most I have seen use NY 5pm. But that isnt exactly a huge sample. There is more volume in the london session, so not sure why this is either. Some seem to use midnight to midnight in either NY (gmt-5) or London time (gmt+0). I dont speak Japanese so this is just a guess, but I imagine that Tokyo is also used by Japanese traders.

I've also seen people with rolling pivots (ie, calculated for each session). That seems a bit like just painting as many bars onto a chart that you can, then claiming to be a genius trader when one of your 15 pivots gets hit

If you were bored, you could probably look at each currency and the volume traded in each session, then determine the best timezone to use on an individual basis.

Point is, I doubt you would be wasting your time either way. The variation isnt going to be huge, and it isnt like every bank, let alone every trader, will use the same pivot.
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  #56324  
Old Feb 25, 2010 10:06pm
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Originally Posted by LasVahGoose View Post
Wow, didn't know they got that tall and it appears that was a short one. LOL
Is a roo good eatin?
A bit game-y, but not too strong. Super low fat (~2%) and high protein though. Also more expensive than steak.

Better than crocodile, which tastes like weird chicken.
Emu, despite being more like a chicken, tastes like ham.

Someone offered me snake (cobra?) and spider meat on holiday, but I declined.
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  #56333  
Old Feb 25, 2010 11:08pm
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Quote:
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Attached is a pic of your chart.
Anyone could trade this setup. Make mad pips with my new CurveFit? system... only 1999.95 a month!

Click image for larger version

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  #56345  
Old Feb 26, 2010 12:06am
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*looks down at active users list and readies notepad and paper*
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  #56382  
Old Feb 26, 2010 3:24am
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Quote:
Originally Posted by triger88990 View Post
and also I was doing signal integrity analyze and EMI/ECM design problems with HyperLynx,it was my job to reduce development and product costs,and increasing product performance
I know one thing - you are a hell of alot smarter than me! That sentence made my head hurt!

Time to go fix it with some beer. And remember, its Friday - so if it has a skirt or a stochastic, tread carefully


Have a good weekend all.
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  #56544  
Old Feb 27, 2010 9:37pm
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Originally Posted by daveoz001 View Post
I just saw a video with Jack Schwager and he told this story, thought I would share it!

A Technical Analysist and a Fundamental Analysist were having dinner, a knife fell off the table, and they both watched it fall.
It landed and stuck in the Fundamental Analysist's shoe.
The Technical Analysist said,
"Why didn't you move your foot." The Fundamental Analysist replied,
"I thought it would go back up!"
Cause chartists never try to trade reversals

I love Jack's books (Schwager on Futures especially), but his bias is a bit silly, to be honest... especially for a guy who writes fundamental analysis books.
.
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Old Feb 28, 2010 5:57pm
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Just wondering what everyone's thoughts are on posting public journals of your trades. Does it help or hinder? Part of me thinks it may hinder by causing unneeded emotion and pressure to perform. On the other hand it could hold you accountable for your actions and possibly force discipline. I guess it depend on the intentions.
As long as you have good people to give feedback and discuss trades, it helps more than anything else. By a long shot.

Easily the best part of the PF, for me anyways.
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  #56602  
Old Feb 28, 2010 9:56pm
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Quote:
Originally Posted by bidie View Post
I am long as I see accumulation going on - looking for a move to 152.30 area-----
Before coming to that conclusion, there are a couple of questions I would want to look at...

Accumulation of Euros? or distribution of AUD? Quite different things. Remember that we are trading two instruments at a time, so the classic acc/disct Weinstein-ish model doesnt work the same way.

Which martket participants do you think would be buying a weak currency and/or selling a strong one?

What news items are coming up this week (tomorrow, specifically) that has a strong effect on this pair might keep traders on the sidelines in the leadup, leading to low volume (as opposed to acc/dist)?

Any 25bn market news on Friday that might keep trading in the Euro light?




*edit* note that I'm not saying you are wrong - but when someone says they are 'usually wrong', it generally means they have the right idea but are perhaps overlooking some things.
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  #56836  
Old Mar 2, 2010 2:28pm
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Quote:
Originally Posted by Max Profit View Post
Hi Ryan

Please don't take this wrong way, but unless someone on this forum proves their worth like James16 and others, why should we listen to your bragging of these 'profits'? It seems you want something here, what is it? Are you lonely? If you want to be a hero, just start your own thread and teach what you do, as on this site, we share, not brag with no proof whatsoever..
You have it very wrong.

Quote:
Originally Posted by LasVahGoose View Post
And let's not forget Forex Factory's new Market Feeds from all bunch of brokers:

http://www.forexfactory.com/market.php


That's actually pretty cool, especially since you can customise the pairs you see. Better than most web based crap.My eyesight must be going, because I have never even noticed that tab.
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  #56842  
Old Mar 2, 2010 2:50pm
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Quote:
Originally Posted by Cherry View Post
Still wondering if anyone can answer the above question for me please?
I only used the EA briefly, but IIRC it was just 20. After all, despite the stupid name, a 'pip' is an actual unit of measurement... and adding fractional pips (ie, fifth decimal) doesnt change that.

Quote:
Originally Posted by scott89 View Post
Anyway, my idea, based on that topic, is to create an indicator which DOESN'T replace our beloved human combo made of eyes+brain ( I'm a gamer, so i like the "combo" word =) ) but my intent is to create an indicator that helps us out to classify pin bars and any other kind of price action.
You can, and there are even a couple floating around this thread that identify price action setups. They dont classify them, as such, but you could definitely add filters for location based on surrounding bars, trend, bar size, etc.

The question is more why you would bother. You are going to have to look at the bar anyways if you want to trade it, and good setups stand out so you arent going to miss any.

And, in any case, to build something applicable, you are going to have to understand the methodology inside and out (it isnt as simple as '1 MA above another + pinbar = $$$)... at which point, you will realise that an indicator isnt that helpful.

There is a reason almost no one in here uses an EA to pick trades

Quote:
Originally Posted by giotto View Post
Hey guys,

CADJPY 4hr PIN have been triggered, just closed 1/3 and put rest to BE. Hope you agree on PPZ zones. Lets see if market is heading to some direction finally.
Very nice
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  #56856  
Old Mar 2, 2010 3:52pm
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5% a week for someone who has been a 'fulltime trader for 5 years' (who, I assume, wouldnt start with any less than $10k) inches you into the Forbes 200, somewhere around 190ish.

At least a couple hundred mil above Lucas, Spielberg, Armani, Ralph Lauren, Oprah... and Paul Tudor Jones.
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  #56876  
Old Mar 2, 2010 5:04pm
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Originally Posted by Max Profit View Post
I would say 99% on here will start with 1/5k like I did, so trading for those A+++ pin set ups on a daily/weekly will make them no more than pocket money I'm afraid, so really no use to the majority.
lol. 99% will start with more than $1000?

I think you have an extra zero in there. Possibly two.

Quote:
Originally Posted by Max Profit View Post
All this 'you can compound up to a mill is a year' is correct on paper, but in the real world it doesn't happen, try it, you will see. You have fill problems, broker games, telephone only execution, the usual games,
And here I was thinking that taxes and living costs would slash your returns as a 'full time trader' far before structural issues became a problem.



Quote:
Originally Posted by TiaForex View Post
Welcome back Bob. When Ryan returns you're never far behind.
With skills like this, you should become a detective - fictional or otherwise
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  #56891  
Old Mar 2, 2010 5:30pm
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Quote:
Originally Posted by StoragePro View Post
When I was a kid about 15, I put a big 'ol fire cracker in a big steaming pile of Doberman poo. It was next to a freshly painted white garage, and my buddy went running over to stamp it out (yessss...) and of course as he got within 5 feet it exploded in all lit's stinky glory, speckling him and the garage.

The moral of the story?

It is poo, stay away from it.
To be honest, the message I take away from this story is to stay away from you, since you were clearly a badass as a kid and dont mind trying to blow up your friends
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  #56923  
Old Mar 3, 2010 3:12am
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Quote:
Originally Posted by Prof Hunter View Post
No, it s just ADP. Not friday, yet. You say 7seven years trading? Hmm...
It looks I have too much time to read ....s like this.
I'm still trying to figure out what swear word ends in s
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