Forex Day Trader's Thread

[N Rothschild]

zzzzzzzzzz

 

[N Rothschild]

got out of euro and went into equities

 

[N Rothschild]

stopped.gay.done.bye!

 

[Pippy5000]

I really like the idea of trying a long at 1.581 in Cable.. below that there seems to be no man's land. If you look at the stochastic oscillator reading you can see that it's pretty oversold on the dailies.. There will be a bounce at the 1.58 daily range bottom.. Small risk with large reward..

 

[rathcoole_exile]

I really like the idea of trying a long at 1.581 in Cable.. below that there seems to be no man's land. If you look at the stochastic oscillator reading you can see that it's pretty oversold on the dailies.. There will be a bounce at the 1.58 daily range bottom.. Small risk with large reward..

what happened when Stochs went "oversold" at the beginning of August ?

oops

 

[catracho]

cable...

this is LONGER term stuff.. if you are a day trader then this is not for YOU!
DAILY view
cable+daily.png (image)
Weekly view...but from June 17..now we are going lower in what may be wave 5
cable+week.png (image)
__________________

 

[Black Swan]

this is LONGER term stuff.. if you are a day trader then this is not for YOU!
DAILY view
cable+daily.png (image)
Weekly view...but from June 17..now we are going lower in what may be wave 5
cable+week.png (image)
__________________

Ssshhh!! don't 'spoil' the thread....

 

[Pippy5000]

what happened when Stochs went "oversold" at the beginning of August ?

You didn't read the chart very well.. Beginning of August was barely oversold and the bounce was only 250 pips.. Beginning of July was highly oversold and it was worth 900 pips

The reading now looks just about as low as it was then .. 1.58 will be better support as well. Ideally this would happen Monday because that would lower the stochastic reading further. Keep in mind that the entry is 130 pips away.. Oversold and overbought are not a figment of the imagination, but based on the mechanics of the market. You can see that each time the indicator reaches extreme levels a bounce of more than 200 pips occurs.

Even with equity weakness Friday Cable could not retest the lows from Thursday. Just put $1,000,000 long at 1.581 with a 30 pip t/p with a demo account and we'll see

 

[rathcoole_exile]

the point is, how do you know, when there is nothing but empty space to the right of your chart, whether the "bounce", if it happens at all will be 250 or 900 pips, or any at all ?
In order to vaildate your assertion that the status of overbought/oversold triggers a trade, you'd have to take every one.
Looking at the small section of data shown on your chart, I can see as many failed trades as successful
(1.all of May
2. July 10-ish onwards
3. early part of August
4. mid Sept)

So if the Stochastic oversold/overbought triggers is no better than flipping a coin, I'll donate a ten pen piece .....

Why don't you try discussing live trades rather than looking back and going "oh yes I wudda took that winner like, but sniff, i wuddnae have taken that loser....."

 

[Pippy5000]

You know the rules .. you keep coming back so you should.. post an actual trade setup. I'm not placing the trade based on the stochastics alone man.. I'm placing the trade based on previous strong support PLUS stochastics.. How much oomph are you expecting when such a move has already been made.. Where are the large sellers going to be in front of such strong support when so many traders will be taking profit?

This is where I excel .. you can do wave counts and wildly guess as to the nature of the economy next month, but I prefer to try to judge where profit taking will occur aka pickign tops and bottoms.. I'm nto saying the move will reverse.. I only want 130 pips

 

[rathcoole_exile]

I'm not spouting on about mine, I'm questioning yours.

As is well documented on my journal, all my trade triggers are posted in advance ......

Now, to go back to my question.
How can you look at a chart and say "I woulda coulda" when the evidence in front of your eyes shows that 50% of your triggers fail ?

 

[Pippy5000]

well, if you use a 30 pip stop and 130 pip take profit then you would have made lots of money overall each time extreme levels were met.. but the trick is to conincide it with s/r or you'll trigger a trade in no man's land like bots do..

 

[rathcoole_exile]

You know the rules .. you keep coming back so you should..

I have no idea what you're getting at

I'm placing the trade based on previous strong support PLUS stochastics..

complete redundancy. If the S&R are going to play out they will do so regardless of what Stochs are saying

How much oomph are you expecting when such a move has already been made..

me ? I'm not expecting any

This is where I excel I only want 130 pips

well if you "excel", why be so modest ?

you can do wave counts and wildly guess as to the nature of the economy next month,

err, not me pal

 

[Pippy5000]

This trade is going to work .. if it doesn't work then I would play a sell stop below and get my money back because the flood gates will have opened to the south.. BUT if 1.58 does hold then there's plenty of pips to be made.. a gorgeous double bottom on the dailies will have formed as well.. It just makes sense to try it with a small stop.. Making trades based on the stochastics alone won't work with any degree of accuracy but when used with other things can be very helpful. You won't see two candlesticks like Thursday's in a row that thing is a monster!

btw if the trade doesn't happen Monday I might remove it..

 

[cpngtw]

Hey Pippy, I'll make a rule for you: going out with your date on Sat & don't touch the computer :cheesy:

 

[Pippy5000]

1.58 is the last place the market previously spoke.. there will be sell stop mania below there. Either way 1.58 is a major point of interest..

 

[Pippy5000]

I still have 5 hours man..

 

[Pippy5000]

in fact I'm switching to my super hamsum battle avatar for good luck.. she's fine..

 

[Black Swan]

I still have 5 hours man..

wait 'til Depth Trade sees her...

 

[Pippy5000]

I already posted her .. he's seen her.