Eurusd

[SwingTrade 10]

Anyone else trade this? If so, what indicators were you using and how did you determine market direction?

[SwingTrade 10]

[ame=http://www.youtube.com/watch?v=hb7nZsN7Fpg&feature=player_embedded]EURUSD 9 17 12r2 - YouTube[/ame]

 

And this is the video that was supposed to be posted. It was uploaded to The Traders Daily – Online Trading Magazine

[Obsidian 10]

Anyone else trade this? If so, what indicators were you using and how did you determine market direction?

 

after watching that video, i would like to ask 2 things:

could you define market direction? and more importantly why would you care?

[SwingTrade 10]

Why do I care? Because I like learning other traders strategies to help myself become better.

 

By market direction I mean looking for a trend reversal as they were in the video. If you were looking for a trend reversal, what did you see that indicated it could be coming?

[SIUYA 11]

I traded it and was long previously (it was a short term trade) and exited a trade near the high at 1.3164 (call it lucky or experience)

I did not use any indicator except that it was a recent high, that had seen a sell off and then a very quick (too quick not to take a profit) move back up to the level.

 

I did not short it, nor attempt to short it as I try not to get in the habit of picking tops and bottoms to initiate new trades when the bias in strongly to the upside, as I dont believe in over bought or oversold, from any indicator.

 

Trend reversals can be anticipated and prepared for - and this is very different to picking tops and bottoms (maybe best avoided when learning IMHO), a far easier way is to trade with the trend.....if you can define how a trend ends, then you can define a trend and they should have made a lot of money in the recent move up from 1.2380, or 1.27.....

 

(more importantly, if you are looking at an indicator for this type of thing, find out how many other signals it gave prior to this in the recent run, without adding all the extra discretion required and then ask yourself - do you need the indicator at all)

(The sceptic in me says you need to investigate more as showing a trade that picks a turning point smells of of sales (not that there is anything wrong with that) without understanding more about the how and why this works, and when it does not work)

 

and the best part----- if its a really good trend trade - trade the trend - dont buy and sell, and buy and sell....this is a different type of strategy, and the number of overboughts, oversolds prior to this should also be shown.

[SwingTrade 10]

I agree with following the trend and that it is risky business picking tops and bottoms. However, I have seen these guys at MQ do it several times, although they normally say trade with the trend as well and they also say picking tops and bottoms is extremely risky haha.

 

Here is another video they posted regarding EURUSD the rest of this week. The Traders Daily – Online Trading Magazine – EURUSD Trade Example Sept 20, 2012 I am still just learning how to use their indicators. They seem to work pretty well.

 

Are you saying you just looked at nothing but price to judge the market change? So do you just go by chart patterns or something else?

[SIUYA 11]

I agree with following the trend and that it is risky business picking tops and bottoms. However, I have seen these guys at MQ do it several times, although they normally say trade with the trend as well and they also say picking tops and bottoms is extremely risky haha.

 

Here is another video they posted regarding EURUSD the rest of this week. The Traders Daily – Online Trading Magazine – EURUSD Trade Example Sept 20, 2012 I am still just learning how to use their indicators. They seem to work pretty well.

 

Posting one good example of viewing a bunch of indicators without really looking at their usefulness when there is a lot of discretion involved becomes less about the indicators.....and more about other things.....eg; a sales pitch, or an overall market philosophy, or cycles, or experience etc.

 

They seem to place trades when things are extremely over valued, and moderately overvalued, and have a bunch of other contextual alerts - so with experience you can do that without indicators. If the indicators are so good you should ideally be able to auotmate them maybe?? Indicators are just that - they help indicate certain things, but they also IMHO detract from being able to 'read' the market so to speak. Each to their own.

 

No judgement on these guys - but there is a big f...n red flag - if you look closely at the two different videos you sent through.....it appears that they enter the same trade at different bars with the same result a profit of 72.4pips.

First video at 45 secs......

Second video at about 18seconds.....

 

You might want to investigate further, but for me thats enough....

 

 

Are you saying you just looked at nothing but price to judge the market change? So do you just go by chart patterns or something else?

 

lucky 8 ball ....

Seriously I use a MA to remind me of the overall trend bias, but it does not get used in any crossing etc;

 

I then look at price levels..(visually I use donchian channels to make it easier to view the swings without noise - personally I dont really view these as indicators that are derived using some calculation, they are merely a historical record of price levels - if you wish to view them as an indicator then thats fine).....you dont really need an indicator for that, and if you read what i said carefully I did not judge the market change.

I had a short term trade long that was prudent to sell at resistance (or near enough to) for that particular trade. Period.

I was not predicting a top, a change in the market nor picking the top, or anything else....merely exiting what was always going to be a short term trade, that happened to turn out to be a good price to exit. (did i get lucky, or was that a good trade that made money?)

I wish I had shorted it, but I also wish for many other things as well....but only hindsight has told me that.

 

 

'''''''''''''''''''

if you want to learn to trade - learn to trade without indicators - then maybe then if you find one that helps quantify something for you then use it. Use their videos to follow a chart without indicators - see if you can pick up what happens without needing an indicator.

Hindsight trading can be helpful - maybe just not as profitable. in real time.

[Obsidian 10]

Why do I care? Because I like learning other traders strategies to help myself become better.

 

By market direction I mean looking for a trend reversal as they were in the video. If you were looking for a trend reversal, what did you see that indicated it could be coming?

 

market direction and reversal may be relative for each trader...for example if I notice a trend reversal I would not go for 60-70 pips...a movement may be a reversal for you if you are trading on short time frame, for another trader it may be just a retracement