It's All About The Pips...

[stevexyg]

Totally loving this cheeky pips and the thumbs up icon on successful exit stuff Dan! Excellent trading, top stuff. Am trying to learn how to do this placing winning trades buisness but going to keep it paper from now on till I (hopefully) get it. Like I say lovin it - except the gorilla pic, now that's got me worried!
Cheers, Steve

 

[stevexyg]

Hi has any one got the time to explain this to me?
Is a cci the same as a stochastic?

Hi doberman, don't quote me as an expert but recent reading up on these two I think they are not the same mathematic calculations. cci is a cyclical indicator analysing repeated swing patterns in the price while stochastic is a momentum indicator analysing highs and lows incomparrison to current price.

Hope i get that right?!! Link with all the detailed info:
Commodity Channel Index (CCI) - StockCharts.com
Cheers,
Steve

 

[AlecMac]

Trading what is best? plus great idea

Hi I am a day trader which makes me a combination of scalper,position trader and swing trader, anyone who day trades will need more than just one strategy and system, as the market goes through various stages. The trick is knowing when to apply the the correct strategy to the correct market. Thats the bit that is not so easy, for example after spending two years full time day trading a variety of strategies with some success and some failures the overall depressing thing is this: If I had just gone long USD/JPY at the start of the two years I would have made a great deal more than messing about every day. I can say the saem for many FX pairs over that 2 year period, long euro/gbp long eur/usd etc. You all know what I mean? But in current times just taking a position and holding would not be that wise as most of the main FX pairs have broken trend and most could retrend in either direction, so perhaps now is the time for day trading? Again who really knows? I think times like this are used by the retail FX companies to wipe out small retail traders. Does anyone have any experience of this?

I have also just came across a site offering offshore bank accounts with overdrafts, that have 98% guaranteed acceptance to any one world wide I think? Not sure if they help USA residents but sure they help almost anyone else. I have started using the account which gave me a euro overdraft of Euro2500 the only downside is that I had to place GBP500 on deposit, the site is offshoretruthdo a google search. I am trying to become an affiliate as I think it will be a great help for traders? Anyway I have been burned by a couple of brokers one very large and well known the other pretends to be a ECN but offers the same price feeds as the first and charges high commissions also. I had a good experience with Interactive brokers, but silly old me went chasing higher gearing. I am asking is it basically go for a broker with low gearing and dont get done, or is there anyone out there who offers decent gearing and does not take the other end of the trade? Any hints on best place to trade greatly welcome thanks all.

 

[doberman]

Thanks for your reply very use full site my charting has not got cci could macd give me the same indication?
Have i got the meaning of the chart set up
1200 on a 60min chart = 50 on a day chart?

 

[rossobonks]

Thanks for your reply very use full site my charting has not got cci could macd give me the same indication?
Have i got the meaning of the chart set up
1200 on a 60min chart = 50 on a day chart?

Yes thats right...

24 hours in 1 day...so 24 by 50 = 1200

Takes a bit to get your head round it I know!!


Dave

 

[sinimini]

I have also just came across a site offering offshore bank accounts with overdrafts, that have 98% guaranteed acceptance to any one world wide I think? Not sure if they help USA residents but sure they help almost anyone else. I have started using the account which gave me a euro overdraft of Euro2500 the only downside is that I had to place GBP500 on deposit, the site is offshoretruthdo a google search. I am trying to become an affiliate as I think it will be a great help for traders?

Im afraid it wont help traders who want to be profitable in the long run. Playing with fire in my opinion.

Theres loads of threads about brokers on this site. Try reading a few of them

Sini.

 

[doberman]

Yes thats right...

24 hours in 1 day...so 24 by 50 = 1200

Takes a bit to get your head round it I know!!


Dave

Thats my home work for the night
do you agree that i can use this on the macd as a cci?

 

[haircut]

Hi Guys
I am a novice trader and after trying many techniques and methods am now trading only really using support and resistence and looking at price action I got in on a short on GBP/USD today at 1.8595 and I am currently around 200 pips up. anybody got any ideas where I should be looking to take my profits as I think it can go way further yet. Any idea??? cheers

 

[doberman]

Hi Guys
I am a novice trader and after trying many techniques and methods am now trading only really using support and resistence and looking at price action I got in on a short on GBP/USD today at 1.8595 and I am currently around 200 pips up. anybody got any ideas where I should be looking to take my profits as I think it can go way further yet. Any idea??? cheers

If it was my trade i would have s/l 184 If it breaks that it going north,
If it breaks 183 you could have a hell of a good trade on your hands
Do you use fib lines?

 

[rossobonks]

Hi Guys
I am a novice trader and after trying many techniques and methods am now trading only really using support and resistence and looking at price action I got in on a short on GBP/USD today at 1.8595 and I am currently around 200 pips up. anybody got any ideas where I should be looking to take my profits as I think it can go way further yet. Any idea??? cheers

Hi

Great trade to get in today. Very well done indeed. I have attached 2 screen shots of the entry I "would" have taken today. 1HR chart and a closer inspection 5min chart. My exit on this trade would have been on the S3 (support line) also the CCI going back over the -100 line. A good 240 pip move.

I am also a novice trader and learning this strategy more and more. I am finding it easy enough to spot trades when they happened after looking back over the charts but still finding it tricky getting into them as they happen. I guess this is a confidence thing has I am lacking it at the moment after wiping my account out in July at the start of the dollar run.


Dave

 

[Rollingstone]

CCI vs Stochastic

Hi has any one got the time to explain this to me?
Is a cci the same as a stochastic?
60min chart
1200 my day 50
480 my day 20
1200 on 60min chart on the ma = 50 on a day?
480 on a 60min chart on the ma = 20 on a day?

Hi Doberman

No, the CCI is definitely not the same as the stochastic.

How I understand it the stochastic is an oscillator, which means it ranges between 0 and 100, and is a momentum indicator. The CCI basically shows the distance the price is away from certain moving averages which is how it is used in Dan's strategy. The CCI does not range between 0 and 100 and doesn't have a limit but rarely goes above/below 300 (except of course at the moment especially on Crude, oh and a fine one-off example on wheat but that's another story - Dan stocking up on his Weetabix!). The further it moves from 0.0 the further it is from that moving average.

So on the 15m chart when the CCI 21 crosses 0.0, the price will be crossing the 20ma on the chart (ie the 0.0 represents the 20ma). When the CCI is at extreme ie above 200, it shows the price is a long way from the moving average and should be due a pullback, which is Dan's elastic band analogy. This is especially so with the longer moving averages.

So the CCI 84 on the 15m chart is showing the 60m 20ma etc. The ideal places to enter trades on the 15m chart are therefore when the CCI 84 is showing a strong trend, but is below +/- 100 (ie not too far from the 60m 20ma), and the CCI 21 pulls back through 0.0 and then re-crosses, showing a pullback within the current trend and new strength and momentum.

The MACD is similar to the CCI but if you want to use Dan's strategy then you should use the CCI to fully appreciate his entries, charts and analysis. I attach my SuperWoodieCCI for your use (for some reason Dan's Sniper CCI slows down my pc, but they show the same thing).

Hope this helps a bit but I am sure Dan will fine tune this reply.

 

[haircut]

If it was my trade i would have s/l 184 If it breaks that it going north,
If it breaks 183 you could have a hell of a good trade on your hands
Do you use fib lines?

Hi yeah I use fib lines alot along with support and resistence. I have some moving averages on my charts just to show trend and I enter my trades using Inside bars pin bars etc around support resistence or on fib lines.

 

[danarm]

Morning all

Misses forced me to watch 'Sex and the City' last night after a superb BBQ.
I have to say what was all the hype about. There can't be a bloke out there who likes that kind of film... I'm not saying i hate all chick flicks but that was poor!!! My choice of film next time, me feels...

Ok CRUDE after falling out of my 60min triangle gained a little strength last night. Its going to be a tough day today on which way this baby is going to go. Hopefully confirmed good news will come out of the states today or otherwise we r going to have one of those days. The 5min is setup below the pivot with the 60min 50 and 60min 20 as flat as my pancakes. With the heiken below it looks like CRUDE could make a move towards the 102.40 level which is my 4hr 20ma.

GOLD is setup for a move lower on the 60min and the red heiken is in place. The 5min is below the pivot but would like a small retracement b4 entering. Always sell after greeen and buy after red. (Rule 27)..This does look attractice down to S1 at 865 so will be watching this closely but want to see where the black stuff goes 1st.

EURUSD will follow GOLD and again EURUSD is set for a move lower. Would like to see small retracement on 5min as dont want to sell with the63 CCI so oversold.

CABLE looks good as well on the 60min. Its in my BOX eg between the 4hr 20ma and the 50ma. Small retracemnt needed but could see some yardage lower.

Ok need to watch this market now.

Good luck..Will answer questions later,. GOLD i do like.

D

 

[danarm]

Yes GOLD looks attractive

 

[spreadbetit]

is that maybe a mint of going short on the gold then?

 

[danarm]

QUiet so far but still liking CABLE, EURUSD and GOLD lower....Patience!!!

 

[danarm]

CRUDE looking interesting on downside now...

 

[spreadbetit]

sell offer i have 10625 ... what do you reckon .. make a short move now? it seems stalled at the mo no up or down.

 

[danarm]

I am trading CRUDE with ODl and price is at 103.10...

I am here to help as much as possible but i'm not going to trade your books. I am giving a view on the market and the rest is up to you on how you manage it.

The market is quiet at mom but the storm could be building. Lets be patient.

 

[Stuart14]

10638 with IG. Reckon i'm looking at the same chart as spreadbetit, 10625 looks to be the trapdoor.