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Sledge
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Everything posted by Sledge
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This is an excellent point. You must always "look left to trade right!" If you see a "no demand" bar with Strength in the background (Strong Downward move-) well the market just isn't ready to move upward YET, so look for more signs of testing and drawing out of floating supply. When you are aware that further testing will occur, it is much easier to "time your entries" instead of riding the testing/shakeout period. Sledge
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Ok I don't have my platform here at work, so here is a 10 minute (I get a choice of a 10 min or an Hour to choose from) Was looking at 1 Hr and 30 Min charts at home to strategize exit. Here is me crappy artwork: GBP_5-15-08.bmp Wise like a fox to trot on this one
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I cannot for the life of me remember where I read it, but I once read this blurb about a guy (pre-computers) that used to look at the tape, get into a position and literally use an hourglass of some size. When the hourglass ran out, he closed out- win, lose or draw. Apparently, he was quite successful at it. Not sure I would attempt such a thing personally. The blurb never went into detail about what he saw on the tape that made him enter a postion or how BIG or SMALL the hourglass was- which would make a large difference, no doubt Sledge
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Cowpip- Well I guess there are two camps of thought- some folks think traders should buy in, stay on the trade until it's very peak or bottom- riding all the retracements and adding into their positions. Others are very happy to bank $ and not ride out the pullback- but utilize it to potentially get in again- if the circumstances warrant. At the moment- with it hammering out supply on this bottom, it could easily reverse. What I saw to get me out of this- a fairly nasty upthrust, next bar was another upthrust, third bar was a down bar closing on the low. I say I took the good bus today. As I said, I'll re-assess tonight and see where we are. In the next 3 hours I will let it get its crap out of its system, if it gives me another point of entry, I'll take it, if not-- I banked 30 pips on a part time schedule (I made 6X what I'll make all day at my day job for about 4 hours of trading work) Sledge
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Well- I weathered the storm through the NY AM markdown and took 30 pips on the trade on a 2.00 lot. Got home for lunch, saw it stalling and closed out. Will wait to see if we re-test later today or overnight! Sledge
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Bearbull- Kudos to you for that OUTSTANDING string of posts. I have had those bars form in real-time and had the same "conversation with myself" It was eerie actually. Much thanks for all the time and effort to put those up. Excellent points about S&R as well, in addition to, looking at the landscape vs. the one bar at present! Sledge
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2 hard drives to run an OS properly? Microsoft is going to hell in a handbasket! I've actually considered a Mac as my next desktop- I'm still running Windows 2000 Pro as every other Microsoft OS since it has been shit. I pray you never got saddled with the "Windows ME" nightmare. I won't even begin to soapbox that one!
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Eiger- Very nice post, shows some very basic fundamentals all in one chart for winnie (and any others still learning too) Nice Example! Sledge
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Sweet, this is a good thread for me as well as I am looking to upgrade my 7+ year old PC. You appear to be the TL computer expert now. That didn't take long of your arrival to find your place
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Torero- Here is the thing. You get to sit and watch the trade and can react quickly to get out either at a profit or a loss. Unfortunately, I'm stuck away from my platform for the next 4 hours, so I have to look at it from a longer term perspective. If you are short- right now you are in the green as my check a minute ago shows it has posted to 1.9409. But some volitility news is heading our way in about 23 minutes! Cowpip: Well if you look at the daily yesterday. It is a BEAUTIFUL hammer closing as an up bar. I am looking that this AM's rash of news releases may push more bears into the hole, but I'm pretty confident that we should see some upward movement over the next few days (we aren't talking 2.1100 here), as it has tested a previous supply area over the last 48 hours a number of times. Sledge
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Anna had posted a chart (it was a longer timeframe) about a screaming example of a signal to buy. While scrolling through my charts this AM, I stumbled upon this gem screaming --BUY ME-- and I thought I would share.
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The ability to run a dual monitor system is key. I plan to upgrade my PC soon with a 2 monitor system- one for my charting, the other screen for my order entry and multitasking uses. In my head it will be sweet as honey! Sledge
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Great thread Firewalker. I agree with you 100% I actually only use the news to see if it will push an instrument to a Support or Resistance level. That tends to be the case most of the time on a major news release. Scenario usually plays out like this: Push to a resistance level, trap the would be bears, then "horn" them as it climbs back northward! Kudos on starting the thread! Sledge
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Gary- Thanks for sharing your charts! I need to get back to posting a few in this thread again as well. Have any entry/results on these trades you want to share? Sledge
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fs- Wow you are a wealth of info. Thanks for helping me on this. Feel like I'm starting over trying to transition to Futures from Spot. Any chance you can give me the basics of Futures? Anything you have observed as a difference in Futures vs. Spot FX if you have ever traded it. Aaron
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forsearch: So if I am on an electonic platform, I would be monitoring the price and volume of the (E) contract then correct? Why such a difference in the (E) price and the standard price (maybe this is the "pit price?") Aaron
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You are an Administrative Trader! People who fit into this category have several of the qualities that make a good trader. You tend to be practical and realistic, and decisive. You move quickly to implement decisions and these are all good for trading. You love facts and what you think is concrete. You are very good at making sure that things run smoothly. As a result, you tend to be good at organizing projects and people to get things done the most efficient way possible... One of your Trading Strengths You should have no problems staying with and executing a simple trading system that someone gives you and you feel confident about. One of your Trading Challenges You love the details of trading system analysis and development so much but you can often be working on the wrong things. Your efforts can be misguided if you are following the wrong guidelines or advice.
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I have been looking to get a better handle on Futures and move from the spot FX market. I wonder if a few folks can give a naive Futures trader a mini-education. I tend to trade the GBP/USD Spot market but after discussions with a fellow trader who trades the same thing in Futures with PLENTY of commission savings over spot- I am very interested in the transition. My question is this: I'm curious if someone can tell me what the difference between these two instruments is? British Pound (E) (B6M8) Jun 08 1.9491 1.9519 1.9406 1.9454 British Pound (BPM8) Jun 08 1.9420 1.9453 1.9408 1.9453 Both are June 08 Futures contracts, there is an obvious difference in pricing of the instruments and one has this (E) notation. Can any of the old souls of the Futures world help in deciphering this new world of notations for me? Thanks! Aaron
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Nicely Played! :rofl:
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Anna- Wish we had some sun- tis gloomy and rainy here in the Hoosier state for the past few days. Any idea what the "(E)" notation stands for? Thanks! Aaron
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Milliard- Question on Futures (taking your advice on looking at them vs. spot) What is the difference between: British Pound (E) (B6M8) British Pound (BPM8) Or Say: Euro FX (ECM8) Euro FX (E) (E6M8) Thanks! Aaron
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Milliard- Thanks again for your insight. I keep forgetting to let that "NY Close to European Session Open" timeframe carry less weight than the NY or London session tallies. Something I must begin to work on and remember. Most appreciated! Aaron
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A Few more questions if I may pose to the group: Obviously I tend to focus on one pair (for now ) but hopefully the questions are broad enough to encompass all currency pairs or other instruments: 1. Right now we see the GBP/USD break out a bit to the downside. At least it broke out of the wedge that it was forming. But it isn't with much conviction. As an example last night (Say 10:00 EST) looking into the background you saw this phenomenon of testing bars, you then saw it creep up with waning volume and little "upthrusts" (bars peaking up and closing on the low) it was a fairly strong sign of more downside to come, but my question is that about 50 pips prior on the downside signals you saw BUYING bars (Bars testing and closing on the middle or highs.) So the question is this- any way to tell a difference between a concerted "markdown" by big money vs. a true breakout? This last evening scenario is playing out to be a markdown, but with obvious signs of buying and selling- it is into gray area once again as to whether this pair is prick-teasing the possibility of heading north again OR going to the basement as the retail trader world seems to be touting (which I think is a load of crap personally) Thanks all! Sledge
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If you are just starting to learn, the best advice is to forget the indicators and learn to read charts from scratch. It is a hard road, but far more rewarding financially in the long run. If you get into a bad habit now of trying to use an indicator "crutch" it will lead to frustration and failure quickly. Try looking around the forum to see what best suits you. There is a nice Candlestick group/thread or Volume Spread Analysis as well or other methods that assist you in learning to read the bars and what they tell you- far better than trying to take the lagging indicator route. Sledge
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Torero- Yes sir, this is why I concentrate on the one pair. When I started in this currency trading world, I tried to trade everything and anything (but I was also trying to scalp 20-25 times a day too) And you know what- this will test my patience to see if I can just stay put unless I see what I need to see. Speaking of this AM, I saw a very nice low volume test on a 30 min chart, closed on the high, utilized that as my entry. Not a huge play, but went Long at 1.9696 and at last ticker check- it was sitting at 1.9721. When I get home from the day JOB I'll give it a nice analysis and see where we sit. Sledge
