forrestang

Hello, I am in the market for a decent broker to trade FX. Right now I am switching back and fourth between the MB demo and the FX Solutions Demo. A reputable source also recommended I look into FXCM Micro. Since I've started the demo, MB has given me several problems. Once due to some bad info on their side, and another just would not let me modify an order, and would have wound up costing me money. These could be isolated events, or a precursor as to what's in store? FXSolution seems to display wider spreads. Eventually the plan is to switch soley to Currency futures, but for now the FX is the mode of choice. And why can't an FX broker create a DOM like structure? Nobody cares abotu the market depth, but just being able to have price in the center, and you bracket orders around that? Maybe some day? Any opinions?

Weird. I dont see it either! Let me try again. On another note, that trade suprisingly hit the PO!!! I was certain it would be stopped out last night...... But what the heck, I wake up after this thing falls to the last line of defense last night, and BAM!

For the management portion of this, you see the BO, and you see it made a H, then a move down then that final HH before the pullback to the BO point. Would you move your stop up to just below that most recent swing low? Ignore everything else on the chart. I specifically ask for this due to that midpoint of the range above, and price was rejected there allowing the entry of the missed BO. This point normally would have been my P1 if I had gotten in on the initial BO.

Missed the breakout, will wait for the pb as if I hit it in the first place. We'll see what happens. Don't know if I'll get a fill? I think there are nice setups in a few of the other pairs as well. -----EDIT------ If this thing doesn't trigger before lights out, and if it continues on to make a HH, I will call this puppy off. That's when I would be adjusting my stop anyway. ----ON ANOTHER NOTE---------- This was beautiful, wow!!!! ------EDIT--------- GAME ON!!!!!

:haha::rofl: .........................

Ok.... let me start with the disclaimer, I HAVE TONS TO STILL LEARN ABOUT TRADING. I AM NOT GOOD YET!!!!!! OK, with that out the way, people sometimes ask me how to improve their trading (I don't know why cause I still suck)? I must give the impression that I know what I'm talking about.....well if that's the case I must have the whole 'fake it till you make it" thing down? Particularly the people asking me for advice are those that either take too many trades per day, and people that can't sit through a pullback or retracement after entering to save their lives. Or they ask how to reduce the number of trades they take. I always ask, have you looked into Support and Resistance? I go on to say this will probably lead to a more deliberate approach, maybe help you filter out a lot of useless trades, and give you some confidence to sit through a trade without pulling out too soon. I then direct them to the Wyckoff forum. I give the above story to get to this point? After I suggest this, why is the first comment always, "but I am not interested in volume?" Or, "I don't think volume is going to help me!" Then I always yell inside my head, and usually tell them to just focus on the S/R threads. This has happened with at least a half dozen people so far! And it doesn't make me upset, I'm just curious as to why this is the case? Ok, I haven't formally studied Wyckoff. My knowledge is limited to the help the kind folks that participate here have imparted upon me. I have transfered this to futures trading, with ok success, my equities/options trading(this which I am utterly killing right now), and just a general way to look at things. So do I have it wrong? Based on what I see here talked about the most frequently, I would think the areas of consolidation, S/R etc are the most important parts of the idea?

I called the broker about this eroneous fill, and they looked at the trade placed and said that the stop should not have been filled. Saying it was maybe a bad quote/tick on their servers. How often have you seen this type of thing happen? It kinda creeps me out. I suppose i can see why you like futures so much better.

Even though it was obviously a good entry, I've stared at it many times, and your 6B entry has me somewhat vexed. Dont feel the need to explain it if it isn't obvious, as it's hard to explain this type of BO type trading in the first place.

So a bit of a good news bad news situation here. For the Eur/Jpy poistion: Good news, is price never made it to my anticipated stop before hitting P1, where stop is moved to BreakEven. Bad news, is I still have to get better at placing orders based on my intentions as my order filled waaay before price got to my adj stop. See picture. For the Eur/Usd Position: Good news. price blew through both P1 and P2 after the breakout without looking back. Bad news, this happened while I was sleep, as I would like to trail P2 via natural stop vs. a fixed target, there was much more left on the table. I need to figure out how to use this broker's platform.

Whew, hopefuly I didn't pick the wrong P1, and hopefully haven't squeezed the stop too tight? Soooo close though, nice to watch. Oh well, it's a process. 1 trade of many to come!!!! I'm going to sleep for a bit. FP out!!!

It is possible. But some discretion has to be applied, and that discretion can too be mechanical. I dont think a system can just be left to run 24 hours a day though and maintain profitability?

Yo! My trading..... haha I went live with NQ then started doing dumb stuff. Way overcomplicated things. Simplified my approach greatly, now have free time to play with FX, thanks to the help of a TL member, started ES and have been on a tear recently! Have been trying to adopt the "Thales Style" of simplicity to trading the FX. Thales explained it. Now the long entry I had is cancelled, just playing the short side so we'll see what happens. This is pretty much the material Thales' 9 year old daughter teaches in her online webinars. See pic below for current trade and what's going on now. Interesting you post that. I haven't been paying attention to those correlations. I am just messing around w/the FX. But as soon as you posted the 'break,' my entry triggered. Then when you posted first resistance..... BAM, now I'm sitting through this retracement.

Don't know what's going to happen, so I'm just messing around;) Green is initial targets, reds are entries and stops. I'll trail if I get a fill and try to update thread.

Damn Awol..... that was depressing Somebody cue the music, hot girls and fast cars that ALL traders deal with on an intraday basis!

OMG, this person will laugh when he reads this!!! But I was having a conversation w/him today about this subject. Its just a matter of 'happen-stance' that I ran into this thread just now. :rofl: btw......The person in question will be a great trader eventually!

Just wondering if it is just me, but everytime I try to start it, it just sits at the initialization screen. This has been since after market close on Friday, around the time of the new site upgrades I would imagine? Thanks, Forrest

Obviously I don't know if your post was directed at what I posted above? If it was not, forgive me and ignore this post. If it was, I don't think you read my post? Nowhere am I suggesting to use tick charts, find out what smart/dumb money is doing, wyckof or anything. I am talking about ways to pick the very best 'Brooks style' trades and ways to go about looking at it. IMO this particular type of discussion is essential to this thread. Anyone can read the book, and gain a decent understanding of the material presented there. But what's next? That is all I am trying to get a discussion going about.

I did not mean to derail this thread by bringing up that how one decides to split his price up is completely arbitrary. On the contrary, I was hoping to get something going that people may find of use in regards to selecting the very best trades. And when I said that I meant those that are specifically trying to follow price 'bar by bar' using Brooks' methods. What I was suggesting was completely compatible with Brooks' methods, I would be hesitant to even call it a variation. Even Brooks said that trading from a 1min chart is possible, just hard to do practically. But trading from a 1min chart is not what I'm suggesting for this thread. The point I am trying to make is that using even a 5min chart, you might find 20-30 setups each day, depending on how you see things.... and if you start throwing fbos in the mix..... depending on how you see things you will go ape shit with all the trades in front of you. So how do you pick the best trades? If you look at Mr. Black's charts which aren't completely the Brooks method, he's been initiating trades at areas where price had done something before. Well, for example what if you're looking at a CT trade in the form of a wedge? Would you take every wedge you see during the day, that might be foolish? Would you wait for a major TL break and retest first? What if that wedge occured at an area that the majority of traders care about? Would that help you into the trade.... maybe so? What if you're looking at an M2S..... are you blindly going to just start taking every M2S's that occurs on the day? Probably not the smartest thing to do. But what if price had just broken a level of good support, and was on it's way back up to that previous area where Support had now become Resistance? Would that make that particular M2S more meaningful than some random M2S out in the middle of nowhere? I personally think so. What if you're looking for the opening Gap Bar Trade? And you identified that we were in a uptrend for a while..... and during overnight, you see price headed down to an obvious level that traders car about. And the morning opens with a trend bar in the direction of the overall trend, would that Gap Bar Play make more sense to you? Barbwire, what if you see price starting to stall or hesitate.... is it happening at an important level, or is it happening in between a trading range? If it's in the middle... well sometimes price likes to head back towards the median at some point (so says AMT), so this is expected, maybe you say to yourself that you can chill out for a while as you know it makes sense that price has stalled there. It's the place where most transactions are occuring and that's what price wants to do. So maybe you have something to guide yourself beyond just seeing choppy bars? Fbos..... did it occur at an anticipated area? If so then maybe that particular failure is a better one than simply a failed H2 that occured in the middle of nowhere. The best setups ARE NOT the difference between an M2S and a M1S for example. So I am simply suggesting to try and take a look at the bigger picture of what price has done in various areas, and just take a look see if you can base your trades on that. You can still trade soley off of a 5min chart during the day, as long as you know where price is in relation to the BIG PICTURE. This will give you fewer trades to consider daily, but it will also start to open up a picture of where price is going to continue or change directions. I was initially annoyed with the off topic comments months ago in this thread...... but then eventually instead of being upset about it, I realized the point that was trying to be made (however harshly and bluntly they were being made), and there was something of value there. Even successful traders that don't trade bar by bar realize that money can be made in a gambit of ways.

This thread is huuuge!!! In all seriousness though, whatever one needs or uses to find the very best trades..... either that or good money management is the goal to be attained. :helloooo:

Just my The intraday splitting of the bars is completely arbitrary..... as price is continuous, it moves exactly the same speed no matter what interval you use. The 5min bar is just a summary of what happened in 5mins. The smaller you cut the interval down, the smaller the bars, and the closer you get to what price is actually doing. Once one figures out WHERE to initiate the best trades from, it doesn't make sense to use a 5min bar and a 1 min is even better for the Brooks style of trading. But if one is just taking each setup that occurs, a 1min chart would probbaly kill that trader.

Isn't it fair to say it is hard to connect this move to the oil report simply given that price didn't go nutz till an hour later? When do you decide to let the news go? I had removed this level from my chart, even though it was previously in play, but last night, VAP seemed to drive me in a different direction, will take a closer look a bit closer to midnight. Thanks for the comments as always. BTW, that opening 65 long was my CWS for the day, catolouged firmly in the journal. I know I say this day after day, and people have noticed the little jargon I've created for this category of trade. But I usually cannot get into them. Atto manages to do it time and time again, but I usually have my face 2 inches from the screen trying to figure out where to enter.

Earlier, price traded down to 80, after coming from the 86 area. There was no immediate rejection, or obvious signs that we were headed back up right away. Price sort of just moved sideways for a while, and eventually began to narraw. Eventually price starts to take off, I personally could see it moving at a good clip, but didn't really take notice of how stong it was till it was 3/4 the way up the range on the chart. And then once price gets to resistance @ 86, price really doesn't even hesitate. And if you were looking at the entry chart, there was none to speak of, and TQ never wanes at all(at least not near resistance). So at this point, if one were looking to get in on a pb of somesort, there really isn't one. There is only the periods I've highlighted of slight congestion, with a nice stop placement, if you can make a decision in that tf alloted. The first point would be optimal, the second I don't know? Is the logic of momentum, and the way price broke resistance a sound reason to want to enter long on a pb or consolidation or whatever you want to call it?

In talking with Atto today, somehow I always bring up entries. And Atto please chime in if you see fit. But is there anything of value here on what is occuring in the picture below? When I see it, I don't think there is anything here that would make me want to jump on it. Assume you have support at about 65, price gets pretty close to it. You have a huge jump in price, and then you see price decline. In the discussion today, it's reasonable to wait for a test, a DB, a 2B or a general area of consolidation.......As entering simply on the vol expansion is probably not the best idea. In this chart, after the expansion price continues to drop , and after it does reach at least what seems to be a technical bottom, it goes up without any real consolidation, test, TD or strong TQ. Is this just a case of something that would not stand out as an entry for most, or am I missing something?

The range was previously an area of 00-32 or so. And over the past few days we've had some substantial moves down through the 00 area, into the previous range. This has created what appears to me to be substantial overlap and not as clean a big picture as before. Now price hasn't retreated to far into the previous range thus far, maybe simply towards the midpoint of the previous range at most. Is this cause for concern, or a prompting to redefine the range? Or am I looking into this too much? It seems like even if one were to redefine the range as I have on the picture below (70-32), the overall levels will still come out similiar as the old defined range, it just leads to a different outlook as to what price is doing. Regardless, the bulk of the trades are still in the upper portion of the range, whichever way you slice and dice the areas. Does this question make sense?

No problems, it's good you brought it up, as maybe someone else might mis construe what I said as thought it's a direct correlation of some sort.