torero

I see you're up early for the forex market too eh?

That's great to see all these people employed, but the final result is what? measly 10% annual return? And the rest of their income in from bank fees? I'm not saying I'm a great system developer, just a simple trader who still has mountains of things to learn, but I find it hard to believe an institution can rake in beyond 20% consistently based on systems. Bruce Kovner's hedge fund is one I know has been doing well except this and last year. Are systems as complex as these can still bring in superior return? That's the question that piques my curiosity.

Hi Sniper and welcome to TL! I wanted to ask you about the time cycles. Is the cycle fib calculation as well? In Tradestation, there is a fib time calculation tool but I've never found any good reading material in applying it but am very curious to learn. If this is not it, would like to your how you use yours.

Welcome back to fib fold, soul! I don't use fibs as religiously as others but 50% fib level cannot be ignored (it's the same level as Pivot point in Floor Trader Pivot calculation), this is automatically 2 cluster points in 1. Extremely reliable.

Hi keymoo and welcome aboard! If you look around you'll find the right forex brokers now. Markets are changing, check out MBTrading, EFX and OANDA sites and google non-dealing desk brokers should get you started on your search for the right broker. Great background and very interested in asking you the BIG question: did the systems the big boys have worked and lasted as long as they expected to? Are they are complex as us outsiders rumor them to be?

Well, here's my view on cable, purely technical. From the 240, we only see the resistance as any indication where trouble lie, 9750-9850. It doesn't tell me much. But on 60min, I see 2 patterns in play, one is a rising wedge about to be confirmed and a triangle which is still moving moving toward apex. If the triangle breaks down, the wedge is sure to be confirmed. If the triangle breaks to the upside and break the resistance, then wedge play is off. The only conclusion I can draw from this moment is there is no clear clue to direction other than wait and see.

In order to get the trader status with the IRS, your income from trading has to be superior to your day job. It also requires you prove that you've traded a minimum number or trades plus a minimum number of hours each day. If you do get this status, tax benefits are very attractive than if you don't have the status. With futures, you don't have to list your buy and sell record each and every one like you do with stocks. Check this site: Traders Accounting Very informative newsletter. Good luck!

Excellent post steve! Wise words indeed!

Excellent, nick! I appreciate your sharing this, I'm very interested now. I really enjoy listening to this guy, reminded of a friend who was from the South, funniest guy I ever met.

Does anyone have any more videos from this guy? Amazing (not to mention funny!) piece of work. Learned alot.

I'm not stopped out EURGBP so I'll hold it over the weekend. This is the farthest I've gone with futures or forex, holding over the weekend. Going where no torero has gone before LOL. Have a good weekend all! With luck we'll have little less conversation (news) and little more action (volatility or trends) next week!

never mind, I got it to work now, format the T&S window, duh! I´m going to set it up just like yours, one window under 10 lots and one ove 10 lots and see how it goes. I´ll record it again today but I´ll divide them into 30 minute segment so it´ll be easier to upload and view.

I'm pretty much a trend follower but short term trends 1-2 day holds, looking for 50-100 pips. Yen, I made a few trades already, diffierent animal and still learning its style and personality.

I started with GBPUSD and am comfortable with it. I have no luck with Yen so far, maybe has to do that it´s not at major S/R areas for me to profit comfortably. Not sure about EURUSD. But does GBPUSD considered a more difficult pair to trade?

soul, how did you get the T&S to have 10 lots of greater on TS? Been busting my head and can´t do it. Thanks.

This week seems to be everyone wants to report everything that can be and should be measured and was measured. In short, for non-news traders, this week was a small vacation since no trend (swing and higher) was sight. Prices were all over the place and stops were gunned every which they were sitting at. Take a look at the economic calendar and you'll see it's packed with dates and times.

I wasn't expecting the resistance on USDJPY to roll over and die seeing how important it is. Prices didn't hold above very long. I'm still short EURGBP but heck it's slooooooowww. Almost 12 hours holding and it moved 5 pips.

From testing out many systems on my own. Slippages and commissions must be set as realistic as possible. Limit orders will hide the fills in backtesting but in real trading, you'll get bad trades and good trades will be missed (everyone is out to get that fill too). 20 trades/day is alot of trades, comms and slippages will eventually eat up your profits long term.

Read this article and let us know if you have further questions: http://www.traderslaboratory.com/forums/f43/price-action-modern-tape-reading-771.html#post4435

Here's the monthly chart of USDJPY, looks like it's break the long-term downtrend. On weekly, the picture gets clearer with an inverted HnS at play. I'm still watching the long term resistance 121.39 area. If it get past this level, and make its first pullback, I'll be looking for a long entry there.

James, I suggest a forum for reviewing websites with paid subscriptions to trading systems, automated or not, so we can make heads or tails if there are scams or not out there.

Looks like this thing threw a curve ball. I didn't see a chance to short but I was asleep when the breakout to the upside occurred. Now sit and wait for pullback.

wrleenh, Please keep your promotion to the minimum or I would have to delete your posts. This is the 3rd post you've made and all 3 promoting your business. Please be considerate of others as we're trying to keep this place spam-free. Thanks for cooperating.

Glad you're finding it useful. I try to keep it simple despite not seem to be. Either they work or they don't. I'm still waiting for the downturn to of the EURJPY to go short.

That's funny and a great idea! Since they have tax evasions on proceeds from illegal activities, why not on possession of sale goods, legal or illegal. Legal good should not be taxed and these are LUXURY goods so should be taxed heavily LOL.