My GBP Trading recommendations & Journal - page 10
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
well our SL got hit for the rest fo the position so only 50 pips for this one total..any way i see there is a lot going on here and sorry again but i can't seem to recieve any mails from the forum and i still don't know why so i only read the replies when i'm trying to post one(sorry for that guys).
Simba i'm ready when ever you are just tell me how would you like to start and thanks for the great pic(and it seem that thats what happened)few minutes ago.
lowphat, thanks alot for your offer . and last but not least malcik we'll be waiting for you to finish your exams you'll be one of the founders for this room, so guys how would you like to start it caz i'm totaly ignorant when it comes to technicalities all i know is the MSN. so would you be so kind to show me.
Oh please see the attached pic i think all it needs now is a confirmed break up the 200 SMA (don't get excited by the numbers its just a demo)
Hi guys,
As far as chatting, we don't we just keep it simple and use Skype (www.skype.com). It's free, simple, it comes in all languages. It is very stable, easy to use, and you can chat with other people who have it -- and not just one-on-one but with several people in one chat room as well. And last but not least, if you have a microphone connected to your computer, you can also call other users around the world for free. But you can have the calls blocked and only let others send you chat messages.
As fars as COT reports go -- I just finished reading the book by Larry Williams. It is very informative, very persuasive, and very logical
Only problems that I see when applying the truths to day trading FX:
1) COTs are issued once per week only. Therefore the trading setups that are based on it are usually off of weekly charts, sometimes daily. Plus the valid signals come in as little an extent as a few every year. So during these weeks when we have a setup, we could determine most probable trend for intraday trading... but most of the time, when there are no signals on daily or weekly time frames, it would be useless. COT reports can be used for picking certain tops and bottoms and are supposed to be traded on at these rare times but they can't actually predict every top and bottom, therefore in one market they tell you nothing most of the time. They are suitable for position futures traders who are picky but have dozens of markets to trade, and therefore get high-probability signals every week. They are not for those who stick with a few markets and want to know where they are going every time for intraday trading purposes.
2) I have doubts about us being able to apply these methods to FX. We would have to use currencies futures and have no idea whether it is the FX following the futures or the futures following the FX. We don't know if the commercials operate in the futures markets where we can track them and use for predicting FX market movements.
3) This applies to using volume analysis. I like the teachings from the book Master the Markets and thought of applying them to currencies futures to predict FX. Now that I know about Dukascopy charts as well, I tried to compare the volumes in futures and among Dukascopy traders... they don't really match
I compared the progress (volume going up, going down, topping out, bottoming out, etc.), not the precise values. It doesn't hold up -- at times, volume in futures goes up, Dukascopy volume goes down etc.
I really like these sound approaches that to me make the best sense among all technical (is it technical?) analysis. I am just sorry to say that it seems to me that it is not appliable to Forex. It's like the great Float indicator... great for trading stocks but not so for futures (they don't have fixed float) and definitely not FX (not only it doesn't have fixed float, it doesn't even have centralized volume). But it's true that some people have been able to use this indicator in FX, although in FX it doesn't have any logic whatsoever.
This is my view, I'll be glad to read yours.
yea if you need vocal skype would prolly be better unless your at work and they block stuff like that. I also have prv boards where you can moderate if ya need such a thing.
btw some interesting COT tuts at
http://www.shatterfield.com/cot.tutorials.php
they show cot in relation to a MT4 chart
Cot
yea if you need vocal skype would prolly be better unless your at work and they block stuff like that. I also have prv boards where you can moderate if ya need such a thing.
btw some interesting COT tuts at
http://www.shatterfield.com/cot.tutorials.php
they show cot in relation to a MT4 chartLowphat:Seeing the extreme moves of cot data superimposed on a price chart is self explanatory and extremely helpful
Malcik:1-Dukas volume is the real thing..just check COT weekly data and compare with Dukas..dwarf and giant,the Futures COT data is interesting mainly at the extremes,when there is an absolute discrepancy of opinion between market participants and what lowphat pointed is extremely interesting
2-The most important pattern you can find in the COT data is the exhaustion move,Trader X hints at it on Dancing with Lions(very appropiate title for a trading book..;) ) and explains it very well in his course Eating the Loser(even more appropiate
)..what astonishes me is that this pattern is still working and had been working forever,probably because majority of traders do not bother to check volume,open interest and weekly trends..
Cementman:Sorry,if you think we are hijacking your thread please say so,this is not my intention,I just feel at home here
Regards
You're at home and this is our thread not mine and i enjoy your comments more than any thing and all the people here with there iformative posts..and i'm anxious to start our discussion or chatting room soon to exchange all of the great ideas we have in mind..wish you all a profitable week
First post ever
Hi everybody!
I just want to thank evrybody who is sharing his experience and expertise. It's a great help for people like myself who are very new to this business. I have been trading options (only stocks) for quite some time with decent success. Just recently I started forex with live account and realised that this is not the same as options, so different strategy needs to be applied. This is the first time I ever became a member of a forum and I am amazed how valuable this is. I have learned a lot in last few days especially from cementman and bubble's threads. I was only traded based on support and resistance and risk/reward ratio. When I started reading threads in this forum, it was very dipressing for me. Because I did not understand most of it untill I found these threads which seemed familiar and gave me so much encouragement that I can apply my very simple method to forex as well and succeed (hopefully). I have no clue about the systems you were talking about like fozzy, venessa and how to benefit from them. Thanks a lot eveyone once again and keep up the good work.
Samso..welcome aboard and first thing you'll have to know is that there is a learning cycle @this businessso it better be on a demo not real money at least for the first six months then start with a mini and don't start if you don't have a plan and a strategy that you've backtested and forward tested on a demo untill you feel comfortable with..as for the systems you asked for try google them if you didn't find them i'll send them to you by the end of the week but i think you'll find both on Forexfactory.
take a look at all systems, test them urself and find out which ones u r comfortable with and work for u...also in the meantime, try to develop your own system...that would be tyhe best thing to do...
Forex
Hi everybody! I just want to thank evrybody who is sharing his experience and expertise. It's a great help for people like myself who are very new to this business. I have been trading options (only stocks) for quite some time with decent success. Just recently I started forex with live account and realised that this is not the same as options, so different strategy needs to be applied. This is the first time I ever became a member of a forum and I am amazed how valuable this is. I have learned a lot in last few days especially from cementman and bubble's threads. I was only traded based on support and resistance and risk/reward ratio. When I started reading threads in this forum, it was very dipressing for me. Because I did not understand most of it untill I found these threads which seemed familiar and gave me so much encouragement that I can apply my very simple method to forex as well and succeed (hopefully). I have no clue about the systems you were talking about like fozzy, venessa and how to benefit from them. Thanks a lot eveyone once again and keep up the good work.
Hi samso,
Please do not misunderstand me...my intention is to help you focus your thinking
1-If you are profitable trading stock options..why do you want to trade Forex?
2-Which strategies did you use when trading stock options?naked sales of put /calls?butterflies(sell the wings buy the body,or sell the body buy the wings)? ratio call or put?..or just some covered calls selling ?
My feeling is that you if you traded covered calls,and feel the need to expand,you can try some demo trading on forex platforms to check if it "feels good"....if you are using any of the other strategies,profitably..forget about Forex..your reward/risk is much better where you are now...just my humble opinion
Regards
Thank you cementman, ns and simba for taking the time and giving your valuable sugestions.
simba...... I have tried almost everything in options and finaly settled with buying simple calls and puts for last several years. I feel very comfortable trading options, but couple of months ago I sold my small business and want to spend that extra time on something new. That is the reason I am trying forex. I read very good things about you and I really appreciate your input. Thanks all