May '04 Forex

[Goober]

Morning All :cheesy:

Has anyone been able to identify particular times during the day when EUR and Cable tend to move - excluding news, of course? I'm thinking here in terms of breakouts.

With JT's system and other variants, more often than not, profits are decimated when the market reverses. If I can identify times when breakouts and/or reversals are highly probable, I intend to test these with trailing stops and/or profit targets. Obviously, the key is to optimise trailing stops and targets based on historical data.

For example, my personal observation is that breakouts tend to occur from the 07:00-08:00 bar and reversals tend to occur at 18:00. What are your observations?

 

[FetteredChinos]

my observations are somewhat limited today. had a skinful last night coupled with a rather nice Chicken ikka Ceylon and im no good for anything. still short on cable from last night lol. took some off the table earlier, bit scared by the recent bounce, but i think we are still going down. trend not broken just yet.

thanks for the doc Chow, ill check it out in between trips to the loo.

regarding reversals, i find that 6-7pm is usually the time as that is when the US afternoon session party gets underway, and the big boys seem to like taking profits off the table from the morning. plus, Alan Greasepan tends to talk at 7pm ish, and that is usually good for a minor heart flutter or two.

ugh, anyone got any aspirin?

FC

 

[TheBramble]

had a skinful last night coupled with a rather nice Chicken ikka Ceylon and im no good for anything. still short on cable from last night

I'm not surprised you're 'short on cable' after that lot.

 

[TheBramble]

Has anyone been able to identify particular times during the day when EUR and Cable tend to move - excluding news, of course? I'm thinking here in terms of breakouts.

Goober, is this because you want to set up an automated trading system?

If not, what's wrong with watching the screen and trading the reversals and breakouts as they occur?

If there were specific times for any known market action, wouldn't they have been exploited to the point of them no longer existing - if you see what I mean.

 

[FetteredChinos]

dont you worry, the "cables" have been long today. already laid a couple. mushroom rice is never a good idea.

bad news guys, owing to firewall problems here at t'office i cant read Chow's file. could someone please email it to me? pm me and i'll drop you the address.

ta,ladies

xx

 

[mutantcar]

I too am getting a problem with Chow's file - seems to be a password on it?

Mute.

 

[FetteredChinos]

taking money of the table on cable now... Euro short triggered though

currently just £4 a point short now. not sure if it is gonna pierce 1.7600.

FC

 

[TheBramble]

dont you worry, the "cables" have been long today. already laid a couple. mushroom rice is never a good idea.
[...]
bad news guys, owing to firewall problems here at t'office

FC - is there a connection do you think?

 

[Goober]

TB

Not an ATS, rather a system that requires little attention - a semi-automatic system maybe?

I watched the screen for 3 years trading FTSE, S&P and SAFEX futures - not my idea of carefree living!

Although markets tend towards absolute efficiency, particularly since the advent of electronic trading, patterns of market action still exist due to local trading times, etc, etc.

Goober, is this because you want to set up an automated trading system?

If not, what's wrong with watching the screen and trading the reversals and breakouts as they occur?

If there were specific times for any known market action, wouldn't they have been exploited to the point of them no longer existing - if you see what I mean.

 

[FetteredChinos]

possibly TB, possibly, but i like to keep an open mind. trade what you see, not what you think applies to all things lol...

hmm, nearly time for lunch.....

 

[ChowClown]

...sorry chaps - password 2270.

 

[Welshmal]

Any suggestions on the best source for key econmical news please. I'm with you on the trend etc but major news does hit the price and it would be useful to know what we are up against allowing to tighten stop losses etc.

 

[ChowClown]

Welsh, I find this US Econ site useful to keep up to speed:

http://online.wsj.com/public/page/0,,barrons_econoday,00.html

Any suggestions on the best source for key econmical news please. I'm with you on the trend etc but major news does hit the price and it would be useful to know what we are up against allowing to tighten stop losses etc.

 

[ChowClown]

.....i'd be interested in any recs for live news feeds for FX....the cheaper the better.

Thinking about it, I reckon FXCMs trial has a news feed module.....

 

[gus]

interesting Gus. do you have any links to explain this strategy of yours?

im curious as to how these early buys are derived. does the same also apply for shorts?

FC

Sorry, this Friday conffirmation thing pretty much got blown outa the h2o, after i went to bed. Must have been a niitemare instead of a pleasant dream,lol............no links because it's a simple hand drawn chart of mine - actually two charts. Just uses open/high/low/close data from each day . It's real fancy in that i use a see through ruler,lol...........

 

[TheBramble]

Any suggestions on the best source for key econmical news please. I'm with you on the trend etc but major news does hit the price and it would be useful to know what we are up against allowing to tighten stop losses etc.

FXCM provide an FX-focused news feed as part of their package.

I don't look at myself, but....

 

[FetteredChinos]

is it shatterproof Gus??


seriously though guys, 1.30 data is approaching and its a biggie today again. should be a big market mover, so if you're already in a trade, its time to tighten those stops at 1.25!!!

just a reminder

 

[FetteredChinos]

hmm,

i feel bad for posting this, but it did make me chuckle.

something to amuse until 1.30...

 

[gus]

...same here gus. I think you're using Tom DeMark's strat, which I've looked at a bit - do you go through the 3 stages manually or do you have a spreadsheet. I'm keen to get something into Excel.

G'morning/afternoon Chow - I use TradeStation 7 and I have some software which plots the sequential counts on my charts. When I first started using it, the noticeable thing was that the software draws a square around the count when the setup is complete. So it jumped off the page so to speak and caught my attention....this was maybe 4 or 5 years ago, I then bought one of his books, then the other. DeMark's an interest study. I'm leaving on a short vacation and when i get back i will post a few charts.. ..the mountains of north carolina are calling.

Thanks for your interest., gus

 

[Faris]

That was naughty FC.

Did put a smile to my face though.