Technical Templates

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Re: Technical Templates

Postby JimmyMac » Tue Oct 30, 2012 1:57 pm

jcpfx wrote:It took me many many many 14 hour days to study through everything, end up nowhere and then retrace back to the basics.

Yeah, but at least you're smart enough to realize that as far as trading (or betting) is concerned, less actually equals more :wink:
jcpfx wrote:I still think i'm nuts... "professional coin-flipping" is what i define myself as right now.

:D I like your attitude.....you'll go far!

welcome & continued good luck.
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Re: Technical Templates

Postby jcpfx » Tue Oct 30, 2012 3:16 pm

JimmyMac wrote:
jcpfx wrote:It took me many many many 14 hour days to study through everything, end up nowhere and then retrace back to the basics.

Yeah, but at least you're smart enough to realize that as far as trading (or betting) is concerned, less actually equals more :wink:
jcpfx wrote:I still think i'm nuts... "professional coin-flipping" is what i define myself as right now.

:D I like your attitude.....you'll go far!

welcome & continued good luck.



Thanks for the greeting Jimmy Mac :-) Gotta keep it real...

Let me share a story. In 2009 i was still working for a forex broker in Milan (before it was bought by a huge international retail shop thus transforming us all into sales representatives) and life was good. I had the opportunity to meet a successful private trader in his mid 60s doing very well for himself. He worked it all: stocks, bonds, FX, ETFs...and when I enquired as to what it took to become a successful trader, he said: capital and perserverance.

Then, as a sales executive, i was passed a big fish for the italian market: a former fx dealer turned money manager and finally private trader in his late 40s. I went to his house and found an old computer, just fancy enough to run the trading station. 1 screen. Huge volumes and huge capital. I ran some statistics on the guy some time after:
84% profitable trades, average looser 1.5 times his average winner. He traded day & night...in love with UsdCad for some reason (i'm canadian and i still don't see the attractiveness in UsdCad -_-). He was my model.

He said you have to be well capitalized and determined...and that there's no certainty of anything. You must feel the market and survive long enough to understand it.

I asked him to tutor me...he refused.

I have since met (in person) 2 other traders that live on trading and nothing else. That's about 1% of everyone i've met in this world.

So when I say "professional coin-flipping" i mean it...i hope for the best and try not to break my rules...but i also expect the worst. Trading is about damage control...when you get in and price flies merrily away it's (apparently) easy. Sit tight and pray. But when you get in and things don't go as planned, your stop loss is your best friend. So you take the psychological hit and have to get back up quickly.

I think many can share similar stories...it's just been so long since the last time I have spoken to other traders :-D

See ya all tomorrow!
..Be the miracle...
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month end balancing

Postby kipper » Wed Oct 31, 2012 3:41 am

NY is still going to be light on dealers today as the city tries to get back on an even keel.
Apparently it's not unduly affecting the spot market, but is having a significant effect across other markets, particularly stock liquidity.
That will make month-end & regional fixings quite a bit trickier than normal, so generic pricing will still be thin & erratic.

2950 remains the fulcrum on EURUSD, with clear upper & lower range boundaries still in place.
I've been playing 60m bias/5min cycles away from, & back to this middle line lately & will continue that strategy until either side of the upper/lower boundaries are taken out & consolidated.

USDCAD is trying really hard to establish it's next hourly lower high just beneath parity since yesterday's violation & is a good 5m cycle play (cheers for highlighting that so quickly midge!!)

& adding my welcome to jcpfx :)

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Re: Technical Templates

Postby jcpfx » Wed Oct 31, 2012 3:45 am

EurGbp Long off 8050 hold

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..Be the miracle...
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Re: Technical Templates

Postby strobe » Wed Oct 31, 2012 4:14 am

kipper wrote:2950 remains the fulcrum on EURUSD, with clear upper & lower range boundaries still in place.
I've been playing 60m bias/5min cycles away from, & back to this middle line lately & will continue that strategy until either side of the upper/lower boundaries are taken out & consolidated.

jcpfx wrote:EurGbp Long off 8050 hold

I'm joining you guys in the euro upkick.
950 holding the line into the european open
in at the tokyo top after the HL lift.
yesterday's high will now be the marker ahead of the round number/3020

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Re: Technical Templates

Postby jcpfx » Wed Oct 31, 2012 4:27 am

jcpfx wrote:EurGbp Long off 8050 hold

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Out of half here 8065
..Be the miracle...
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Re: month end balancing

Postby strobe » Wed Oct 31, 2012 4:36 am

I'm pulling trailing stop up to 2990.
not scaling out today with month-end on the books.
if it pops, all well & good....if it drops I'm ok with an early profit & an early bath!

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Re: month end balancing

Postby jcpfx » Wed Oct 31, 2012 4:51 am

kipper wrote:
& adding my welcome to jcpfx :)

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Thanks for the welcome, and nice start to the day with your euro :-D

Not high odds to fight flows on end of month/end of fiscal year for some...
..Be the miracle...
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Re: month end balancing

Postby strobe » Wed Oct 31, 2012 4:52 am

continuing to trail up nice & tight underneath these mini ledges given we're trading right into a very key big figure (1.30).
usually there are stacks of offers waiting at these big numbers so i expect some 2-way activity up here.

if it gets stopped it's a decent 2.5:1 reward/risk bet, putting just shy of 5% in the bank, so not such a shabby deal at all for a cold, Wednesday morning.
if it stays out of harms way, i'll continue to trail it up underneath the next mini ledge until it gets snapped.

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Re: month end balancing

Postby Joe Whitehorse » Wed Oct 31, 2012 5:19 am

kipper wrote:2950 remains the fulcrum on EURUSD, with clear upper & lower range boundaries still in place.
I've been playing 60m bias/5min cycles away from, & back to this middle line lately & will continue that strategy until either side of the upper/lower boundaries are taken out & consolidated.

jcpfx wrote:EurGbp Long off 8050 hold

strobe wrote:I'm joining you guys in the euro upkick.
950 holding the line into the european open
in at the tokyo top after the HL lift.

Nice trading this morning guys. You picked the flows up in line with higher timeframe bias & nailed the entries with excellent risk plays.

strobe wrote:continuing to trail up nice & tight underneath these mini ledges given we're trading right into a very key big figure (1.30).
if it gets stopped it's a decent 2.5:1 reward/risk bet, putting just shy of 5% in the bank, so not such a shabby deal at all for a cold, Wednesday morning.
if it stays out of harms way, i'll continue to trail it up underneath the next mini ledge until it gets snapped.

This is a perfect example of setting out a specific objective & having the discipline to adhere to it.
Objectives will change according to the conditions we're trading under, the inherant risk in the market & the game plan designated to each scenario & specific pair, but it's important that an objective is present when preparing & executing each bet otherwise you're going to constantly second guess your intentions & lose control in the middle of the bet.

Good to have you posting on the thread jcpfx.
I, as I'm sure everyone else will look forward to your contributions strengthening an already solid thread!
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