The Forex Store

[Shr1k]

Interesting Extraction.
I like the sale analogy, or maybe its not an analogy but a real sale. I haven’t decided if focusing only on buying is a handicap or an advantage. I will follow the sale for now. If you get any coupons in the Sunday paper your not going to use send them my way:D

Do you have any suggestions on how to manage this type of trade with pending orders? I don’t have the ability to check in when ever I want.

Assume the previous candle is a big bear with a tail, the current candle is a little bear. The little bear has not gone all the way down to the end of the big bears tail. I am thinking put a pending buy a few pips above the previous days close. How would you determine a stop if you couldn’t be at the screen when the order was executed?

I have been looking at price closely around these times of day but of course I see no predictable range to use as a stop. I am thinking of using the previous candles low. Once a trade is executed a large trailing stop would be put in place until I got a chance to check on progress and hopefully move the hard stop up to break even. If the little bear made it all the way down to the previous days low with out triggering a buy the buy would be moved down to the previous days low. I can check in through out the day to manage a trade or my orders but it is at random times.

Have a good weekend

[xtraction]

Interesting Extraction. Do you have any suggestions on how to manage this type of trade with pending orders? I don’t have the ability to check in when ever I want.

If you use a pending order to enter, when that order is triggered, an OCO order for stop loss/take profit should be triggered upon fill. You decide in advance, the risk/reward.

You questioned if only buying is an “advantage” or not. It is. Most traders and their systems are hellbent on identifying the trend and that is one reason 95% of traders lose. I don’t care what the trend is. If price is going down, that is a signal to wait. When it stops going down, that is a signal to buy. I don’t win every trade but I don’t have to in order to make a profit.

[xtraction]

Look at the chart below and decide if the next candle is going to be green or red. Tell us how you came to that decision.

No, this is not a trick question.

[Shr1k]

I’ll bite

Green, price is like a weight on a spring it just got pulled down pretty fast, and the guy holding the spring seems to be driving up a hill. I don’t think he is at the top yet. It would be nice if I could see out the windshield:D.

[xtraction]

I’ll bite

Green, price is like a weight on a spring it just got pulled down pretty fast, and the guy holding the spring seems to be driving up a hill. I don’t think he is at the top yet. It would be nice if I could see out the windshield:D.

That is a very interesting analogy.

[nev]

With all of the people who “look out for other traders”, isn’t it incredible that anyone loses?

Not when you consider the amount of scammers/self-proclaimed actually negative trading gurus out there

If anyone reads my posts they will know how to properly calculate their risk and position size so they will never get “torn to pieces” unless they fail to follow instructions.

I’m assuming you mean only people who already have those skills down pat will be reading your thread, fair call.

On EURUSD, green if there’s more buyers red if there’s more sellers; that’s a pretty serious level it’s found itself on given that there was an interest in keeping EUR above ~1.4880 by some major market movers and stops all the way down

[xtraction]

I’m assuming you mean only people who already have those skills down pat will be reading your thread, fair call.

On EURUSD, green if there’s more buyers red if there’s more sellers; that’s a pretty serious level it’s found itself on given that there was an interest in keeping EUR above ~1.4880 by some major market movers and stops all the way down

No, I meant anyone who has read my thread knows how to calculate risk, position size and stop loss:

[B]RISK = POSITION SIZE * STOP LOSS.[/B]

You have to pick one color, red or green. Conditional answers not allowed.

[xtraction]

Geronimo’s gonna be pissed when he gallops back from his latest scouting mission to find the bluecoats have ridden into our comfy hideout, (locked down the technical templates continued thread ) scattered the camp fire pots & pans & trampled his tepee into the dirt. :rolleyes:

I’d just brewed up a strong pot of your coffee too.

Appears the (forum) city fathers got a little uptight.
Maybe they don’t take too kindly to the traditional belief systems of their audience being challenged & confronted either huh?

What happened? You don’t think they locked the thread because I posted a technical template, do you? Sound the alert, we’re under attack!!

[xtraction]

Here’s the template:

The template/indicator will show you the weekly and daily opens and the distance from the opens to the current price. If price is below the open the distance has a “-” in front of it {negative number}.

xOPEN.zip (2.3 KB)

[xtraction]

Hell if I know

LOL
Who knows what goes through these peoples minds.

I guess Geronimo will scout us a fresh lookout camp (thread) to hunker down in when he gets back from his haircut duties.

We’ll refrain from clogging this one up – keep it on topic
He’ll send up a smoke signal or two when we’re in situ

Time to head back to the hills. Wait for dust to settle. No hurry.

[d-pip]

Look at the chart below and decide if the next candle is going to be green or red. Tell us how you came to that decision.
No, this is not a trick question.

That’s an easy one, bet on the winner, Green!
green has been winning 20% to 18% more weeks than red
last 43 weeks 25 green to 18 red - 58% to 42%
last 20 weeks 12 green to 8 red – 60% to 40%
last 10 weeks 6 green to 4 red – 60% to 40%

PS but… if red takes a good pee on the way to the post I might switch and go for the long shot!

[xtraction]

That’s an easy one, bet on the winner, Green!
green has been winning 20% to 18% more weeks than red
last 43 weeks 25 green to 18 red - 58% to 42%
last 20 weeks 12 green to 8 red – 60% to 40%
last 10 weeks 6 green to 4 red – 60% to 40%

PS but… if red takes a good pee on the way to the post I might switch and go for the long shot!

Very observant. Excellent research.

[d-pip]

Very observant.

Yeah, that 60:40% ratio seems pretty consistent… and if you look at it cross-eyed it might even [B]appear [/B]to be a [B]trend…[/B]

PS or maybe it’s just my dirty glasses

[xtraction]

Yeah, that 60:40% ratio seems pretty consistent… and if you look at it cross-eyed it might even [B]appear [/B]to be a [B]trend…[/B]
PS or maybe it’s just my dirty glasses

Very funny… wipe your glasses with a clean cloth. You wouldn’t want to see any “illusions”.

[Shr1k]

How is this an illusion?
I understand you don’t need to see this to trade but it is there.

Not a trick question

[xtraction]

How is this an illusion?
I understand you don’t need to see this to trade but it is there.

Not a trick question

Do the same on a M1, M5, M15, M30, H1, W1 and MN1, tell me what you see.

Do you believe price really is following a diagonal line? What did price do before price charts were invented?

[xtraction]

Add more data and the lines get “blurry”. Pick a trend line, any trend line…

[Shr1k]

Do you believe price really is following a diagonal line?

Ha that line is obviously following the price.

How would you define “trend” in a trading sense of the word? I am not asking if you would give any value to what most of us would say a trend is.

[xtraction]

Where would you draw trend lines?

Would they have been useful?

Using the weekly open and daily open lines leaves nothing to debate. No opinion is involved. The time frame of the chart becomes irrelevant. Maybe traders don’t like them because they can’t show off to other traders. The charts are not very impressive looking, that’s for sure. Just a couple of flat lines. Big deal, right? Trading can’t be this simple? How can you possibly trade without moving averages, support, resistance, trend lines, etc…? I mean aren’t those time honored concepts? Just about every trading book, forum, seminar, etc… talks about them? How can they all be “wrong”? Uh oh, wait a minute… 95% of traders lose. I’m so confused

[d-pip]

Using the weekly open and daily open lines leaves nothing to debate. No opinion is involved. The time frame of the chart becomes irrelevant. Maybe traders don’t like them because they can’t show off to other traders. The charts are not very impressive looking, that’s for sure. Just a couple of flat lines. Big deal, right? Trading can’t be this simple? How can you possibly trade without moving averages, support, resistance, trend lines, etc…? I mean aren’t those time honored concepts? Just about every trading book, forum, seminar, etc… talks about them? How can they all be “wrong”? Uh oh, wait a minute… 95% of traders lose. I’m so confused

You’re starting to sound like my brother-in-law. He’s always arguing that everyone should drive the same type of vehicle he does. If a mini van fits his and his family’s needs great he should drive one. But if I want to drive a gas guzzling 4X4 suv with twin V8’s don’t make me drive a mini van. Some might get a kick out of driving a little sporty red convertible… Or maybe even public mass transit…

If trading off weekly and daily open lines is working for you and others great, nothing wrong with that! But you don’t have to get everyone to trade just like you! Tell the good folks here in babypips land what’s working for you and let them decide what they want to do. And as far as the 95%, if everyone trading FX started using your weekly & daily open line gig, 95% would still end up losing.

Personally because of the size of my account (small) I’m not too crazy about your weekly open line… but really liked what I saw when I put up last week’s GU with just the daily open line… trade every cross with a 30 pip trailing stop and would have put some pips away!

“Live and let Live”… or was it “Live Free or Die” whatever…