Hey Simon, my view on mechanical trading is that its best for identification of opportunities, but not actual execution of trades - robots can malfunction and cause some big mistakes (knightscapital).
But yeah, I think having a concrete idea of my success and accuracy will help me stop exiting trades early… The power of maths!
Apex.
Sorry, I was unclear - I’d personally never use a robot, I just meant mechanical as in sticking rigidly to the rules of a strategy, ensuring that the execution is always the same. Still manual trading. I try to stay as mechanical as I can in my trading.
Ahh I see… Ditto to that then!
Hello Chris!
I come here once again ask about the yen and the use of Fibonacci retracements on daily charts along with the share price.
As fibonacci retracements are a new tool of use to me I’m still in doubt about how long until I can keep using this tool after entering a price decline and rise again.
After that the price goes up in the next two following candles and starts walking sideways forming a range. And the same pattern is repeated where I signaled with blue vertical line for a new buy signal.
The price shrinks, reaches a level of fibo, touches the Ema 20, Stochastic indicates a purchase and then the price goes back up … This happens twice.
My question is how long can I use this for more fibo a buy signal? They left two signals until now, I could use it to get a third buy signal?
That is my question regarding the use of Fibonacci retracements with price action and I would love that could help me because it is a new tool for me and I do not know how to use it properly and to have more buy signals.
Do not know if it was repetitive but I tried to explain as much as possible what I’m trying to understand.
Anyway, below is my chart, suggestions are welcome …
Hello Traders,
Rumors out of various trading desks and houses is that Soros was selling the AU in anticipation of a rate cut. The floats are saying he pushed about a yard through three various asian brokers.
If the rumors are true, its unlikely he’ll put his foot off the gas, or pull out his position. add the fact traders are probably not keen on buying AUD’s at this point, and further losses seem likely.
So watch for breakout pullback setups using the chart below for the former support, now likely resistance.
Kind Regards,
Chris Capre
Hello BF,
I really don’t trade fibo’s like this, and only use them for one system only, so not much I can really say about this, as fibos as a whole are not a trading tool I use commonly or base trades off of.
Nor do I use stochastic (at all), so definitely cannot comment on here.
But instead of relying upon one tool to tell you what to do, ask yourself the following questions;
Let me know your answers to these questions, and I’ll comment further.
Kind Regards,
Chris Capre
Hello Chris,
Thanks for bringing up this R&R on double/multiple positions. I am actually clueless about it and just calculate R&R individually.
I have to review my past performances to come up w/ an accurate computation.
Thank you also for the positive remarks on my last trade.
Cheers.
Chris, I was about to post a chart on the Ozzie Dollar weekly chart and solicit everybody’s comment on it and then I see your post above…
Great info about Soros selling the AU.
Anyway, here is the chart:
Hi Apex, just create a customized spreadsheet from your trading journal data and use it for this …manual analysis will be so tedious…
good initiative BTW
Hey Mr Capre, thanks for the the Soros romour, almost had a counter trade yesterday and the short trade worked
like a charm
Thanks Buddy!
Hello Grix,
I missed the AU short badly last week. Glad you banked some pips from from it. Waiting for a pullback to get in.
Alan
Good morning all, thought I ought to post a PA setup following my Pivots misstep. I’m restricted to iPad, so no chart until I figure carting on here out, sorry. Anyway:
Short, GBP/CHF, high test on the Daily which formed a Double Top. This also intersected with an historic falling trendline. I had a confluence of a few other factors but they were purely supporting of of the PA setup, I won’t go into detail here as I want to stick to the candles in keeping with the thrust of the thread.
I had a conservative Entry on this one, 1.4524, TP is just above the next key Support area of 1.4200.
Apologies for the lack of chart.
Good morning all, by the way!
ST
Hi ST
Good to see you posting in this thread. To be honest, it’s the only place I look into here these days. Some great stuff happening here. Blimey, I might even start contributing again!
That is a really great article Chris. Nothing obscure. No smoke and mirrors. Just pure commonsense.
Hello traders, been doing lots of reading on 2nd skies site and can now identify some PA moves like this corrective move on the
EUR/JPY
Good to hear from you, Dave! I’d agree - this thread is an increasingly isolated beacon of trading sanity on an increasingly crazy site. I agree with your views on Chris’ article, too.
Hi grix, thanks for the feedback, the problem is, this is a new model which I dont have much data on so it has to be done manually, but the results are very good so I dont mind.
Thanks for the advice. Happy trading mate.
Hey Traders,
Before I get active and respond to the comments today, I wanted to share a new youtube video I did on Price Action, Order Flow and Transitions. In this video I cover topics about accumulation, liquidity vacuums, transitions or changes in the order flow of a trend, and how you can read this in the price action.
To learn more, watch the video, and I’ll look forward to your comments.
I’ll be back shortly after some breakfast to answer all the questions and comments from earlier.
Kind Regards,
Chris Capre
wow - this may be one of the best quotes I’ve heard about this thread yet. Also inspiring to feel like the work I’m doing is having an impact. Times like this make trading/making money trading seem pale in comparison to the self-reward I get from things like this.
So big thanks to Simon on this one.
Kind Regards,
Chris Capre
Excellent piece as usual.
Detecting subtle changes in price movements is an important element in reading price action correctly.
Have a nice day mate…
very good spot mate
notice how the pullback held, and the trend started to continue?
good spot mate so well done!
Kind Regards,
Chris Capre
