Quote:
Originally Posted by Ray_1
But this is a really good thread created by tess. I am really sad they will be leaving babypips but like what tony had mentioned, the knowledge they imparted to us will always be here for newcomers to pick up. I am able to create my strategies using the templates taught here. I wish them all the best in their future ventures. 
By the way, if I execute any future trades using the template taught here, I will post here and try to prevent this thread from being deserted. |
Nice one Ray,
Funnily enough I was all set to start posting here this week. I'm about to start trading the james ib/ob system mainly because it seems to have a) a great mentor in james and b) it is a relatively easy clutter free trigger for beginners to use when first learning to engage the marketplace.
What has also become evident is the absolute importance of this thread in regards to it's attention to identifying the trend, s&r levels and their importance to when we trade, as well as studying price action and the associated physcological aspects of trading these set-ups.
Unfortunately I'm only up to page 59 of this thread starting backwards. It takes a while mainly because all the stuff Jocelyn, Tess and JimmyMac have offered is valuable advice you want to take time to digest.
Anyways I've been pottering around with the ib system in demo for about 4 weeks making around 100-150 pips but mostly through good luck rather than good management trading, all sorts of pairs and I know that can't last.
I chose this mainly to get a feel for the sofware, how to execute bids, placing stop losses, pip calculation and so forth.
Anyways back to my rather long and dliuted point; from this week onwards I will be concentrating solely on one pair.
As recommended that pair will be the GBP/USD
I would be really interested in any feedback other babypipers can offer on the pair this coming week especially in regards to the set-ups they will be looking for and to how they will be looking to use the great tools and advice offered on this particular thread, to trade this pair.
A clarification I have is where does one tend to set the s&r line for the week?
I believe either Jocelyn or Tess say they go back to the previous quarter.
Dropping back to the 1 hour and 1 day timeframes it looks like we're in a downtrend.
So plotting my s&r zones will be the first step to me identifying the most solid times to pull my ib/ob trigger.
And also what other factors will traders be looking at/for this week in regards to their play on this pair?
Lastly any thoughts on the the movements of the last month? Prices of the GBP/USD have dipped to their lowest of the year (Sept 11th apart) in the recent week and my question is how low could we see them go and what tools would we look to incorporate to give us the best chance of identifying when the obverall downward trend on this pair will begin to reverse back?
My guess would be previous levels of S&R on the journey down can help us on the way back up? But as I say that's a guess, still so much to learn.
If we all club together and concentrate on the different pieces we've each gleaned we can start to bring all the clues that Jess, Jimmy and Jocelyn have left in this thread and together start forming some decent trigger pulling devices of our own.
It's a bit like a detective novel, all the answers lie within the threads or even a game of Cluedo.
I'll go with Captain Mustard in the library with you guessed it.....a candlestick!