Mp -- Some Of My Non-secret Secrets

mp6140 · February 2, 2009, 5:07pm

using the bols, 15 min chart and under while scalping, i will follow the bols numbers in whatever direction im in the trade and trend, and reset my tp point as it moves — those using an ECN with time and sales (ticker) will see the bids and asks changing as the bols change.

and of course, you wont see a darn thing with a broker, but thats ok — just check it on a demo or without trading and see

mp

husky_1 · February 2, 2009, 5:48pm

I must have missed something…Where do you get the semaphores?

sandpipper · February 3, 2009, 8:22am

Freely I have received Freely I give to you.

3_Level_ZZ_Semafor.zip (9 KB)

system · February 3, 2009, 9:07am

mp6140:

OK, heres one of the more impt indicators i use on my overnite trades — underrated and hardly ever talked about, once you start using it youll begin wondering whats wrong with the rest of the world ?

ever wonder where to place your tp when your s+r indicator doesnt show any more upside ? Well gander over to the bols and see where IT POINTS.

now i dont use the bols much intraday, EXCEPT to watch and see if its moving towards my resistance point, which verifies my correct choice, BUT using it as a FINAL PRICE, on an overnite or H1 - H4 trade, starts to become the cats meow - - - - -

as always, throw it on your charts (btw – the middle line is a 20 ma as well as an indicator – two for the price of one !) and see if it makes sense to you. I love it for FINAL prices, so lets see if you do also !

now when i say FINAL, i mean the LAST move on any timeframe before a retracement from resistance down to support (reverse for short position naturally) and for those who dont understand what i mean, yell loud and i might hear and explain more.

enjoy and trade well

mp

[I][B]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !

As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !!
[/B][/I]

In that situation, I use the big old fibs to guide me.

I start with a grid drawn from HH to LL on the monthly chart (on MT4 at the zoom level just before the candles revert back to bars), then do another set of fibs the same way on every TF down to the one I am trading.

eg:

It seems to be a pretty good guide for picking targets…especially when there is a threesome (Price meets Fib line meets LRC/SHI).

Everyone loves a 3some.

mp6140 · February 3, 2009, 9:14am

WHEN pre news price movement is running up this fast, where do you think the price will go after news ?

i dont mean the first half hour btw !

mp

husky_1 · February 3, 2009, 9:20am

Thanks Sandpiper.

sandpipper · February 3, 2009, 9:30am

mp6140:

WHEN pre news price movement is running up this fast, where do you think the price will go after news ?

i dont mean the first half hour btw !

Now just so you don’t cry and have to type this all out again let me cut and paste a little from crusty fx master. I guess we will have opportunity to see this in action

FIRST understand that currency prices are CONTROLLED by the interbanks so that money can be made by trading UP to resistance and DOWN to support !

the banks (and any decent trader) ALREADY KNOWS these points, and while they allow news releases to ALTER the trend momentarily, the MAIN DIRECTION AND RESISTANCE POINTS are what is the only important thing.

if the banks are driving the price upwards and you receive bad news (and that bad news WAS anticipated, such as all the USD news concerning payroll and housing over the past year) the banks will slowly RAISE the prices overnite (BEFORE the US news) so that they can they SHORT the release ---- IMMEDIATELY AFTER THE NEWS, the banks(usually within a half hour) RAISE the prices up to the major resistance area, SO THEY CAN SHORT FROM THE HIGHEST PRICE.

After they drive the price DOWN to major support levels, the currency price then moves BACK to where it deviated when the news was released, which a simple trend line will show.

NEWS has a lot of temporary effect, as it allows a lot of spot trading and fast profit to be made, BUT IT NEVER INFLUENCES THE MAJOR TREND, which can be shown by anyone using the LRC on their charts.

The reason i repeatedly state that forex is one of the easiest games in town is because, once a newb has EXPERIENCE, trading with the trend will NEVER turn a loss !

Its actually so simple it makes me cry to watch so many people asking the same question, over and over and over and over and over and over and over and over and over and over and over !

aaaaaaaaaaaaaaaaannnnnd from another post

a nice way of knowing WHICH direction the news will propel the price is to watch the overnite action — did they RAISE or LOWER the price.

if they RAISED the price, the news invariably produces a short and vice versa for the LOWERING of price. Do notice that the half hour before the release reveals this very nicely and that the price will CONTINUE to move in that direction until it hits the H1 support or resistance, and then move the opposite way for the rest of the day !

just a little trick about news ---- check it out !

and yet even another.

ahhhhhh grasshopper — you are beginning to use your eyes for more than hanging piercings from !

while compound news releases tend to create some foolishness, you should note that (if you live in the USA) ALL the night before, the markets are either RAISING or LOWERING the price to prepare for the DIRECTION they will MOVE IT when the news is released.

if the news is thought to be bad (and remember the banks have enormous RESEARCH facilities (and perhaps spies working at the fed also) and they KNOW what the results will be so they can easily anticipate where to move the market in preparationl.

when the news is released, the market continues in the direction of the overnite and the most recent trading until it reaches resistance (usually 30 - 45 mins, depending on when released) on what is USUALLY the H1 and then REVERSES to go in the direction ORIGINALLY intended by the banks.

if BAD news, the banks RAISE the price to resistance to get the price as HIGH as possible so the SHORT SIDE TRADES that are coming will start at the highest point they can get the price !

THAT is essentially the whole enchilada with trading the news — go with the FIRST reaction and get out at resistance and then REVERSE your trade and go with that for the REST of the day !

just OPEN them ORBS and take a good look and bank your profit well !

mp

Hmmmmmmmmmmmmmmmm!

Griffin · February 3, 2009, 9:53am

Just have to say thanks to all for the information in this thread.

I have made just over 400 pips live in the last week using just some of it.

cheers:D

sandpipper · February 3, 2009, 9:53am

Now all of this would’ve been nice to know before I got into my short(EU) positions before the big half an hour runnup. I’m in 2 quite the precarious positions and am waiting them out until we return to trend. Up to this point I haven’t even given the news a second thought as I’m just concentrating on the technicals.

My question is how do you all “keep your ear to the ground” concerning news releases. Obviously there is great short term profit potential around news releases and I want to figure out how to keep track of what is coming up.

Also as I learned this morning an impending news release can put you in some bad positions. It probably explains alot of the ranginess over the last couple of hours as people wait to see what happens.

Do you guys use, CNBC, websites, KGB, direct link to the treasury dept? I want to know!!!

Griffin · February 3, 2009, 10:00am

When I start for the day I check for the upcoming news and just make a note of the time for any that I think will affect my trades.

eg trading the AUD today we had the intrest rate cut 1%
(that was about 230pm AEST I live downunder:))

I generally don’t trade untill about 30mins after big news just to let things settle.

sandpipper · February 3, 2009, 10:04am

Thanks Griffin,

If you read the above (couple of posts up) cut and paste from mp you could see how to anticipate what is coming and beat the banks at their own game. I’m sure he is furiously clicking in his cave on multiple pairs making a killing right now with no time to reply.

I want to know I guess where is a reliable source of info for these news releases.

johnnykanoo · February 3, 2009, 10:18am

I want to know I guess where is a reliable source of info for these news releases

forex factory has a really good news calender. the red icons being the most important.

for a fundamental snapshot check out;

https://gm.bankofny.com/Home.aspx

Griffin · February 3, 2009, 10:23am

Thanks I missed that post. I’m at work so I only get limited time to read posts.

I use fxstreet website for news.

No doubt MP will pop in after it dies down;).

mp6140 · February 3, 2009, 11:47am

LOL – imagine your wealth if you used ALL of it !

mp

sandpipper · February 3, 2009, 12:13pm

I want to discuss this day with the USD and housing news release, later on. It has been most instructive. I just don’t have the time now as I have to go to work. I think there is some real gems to be mined. I will ask my questions (which will make me look like a fool) and make my comments (which will only confirm) when I get back from my JOB.

Griffin · February 3, 2009, 12:23pm

Just got to get my head around the rest and then POW striaght to the moon LOL.

SmArTaLiCuS · February 3, 2009, 12:40pm

is the runup now (brief in scope) the raising before the potential shorting on thursday? Or would one wait till tomorrow night to start evaluating the action, and then the 30 minutes before the news came out to determine entry?

husky_1 · February 3, 2009, 3:25pm

Well, I did absolutely horrible today. Made bad trades, listened to gnomes, etc. etc. After today, I am going back into demo for a bit before I loose all of my initial deposit.

melisky · February 3, 2009, 4:01pm

Well, welcome to the club!

BUT! Because you have a brain, you didn’t lose 16 000$ of real cash, just like me…

So, be happy! Well, a least, less miserable.

http://forums.babypips.com/newbie-island/18957-first-margin-call-need-help.html

chubspips · February 3, 2009, 4:15pm

Yoda,

I am curious. Can you answer a question on that Charting Package?