Technical Templates

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Re: Technical Templates

Postby jcpfx » Mon Nov 26, 2012 4:18 am

jcpfx wrote:Good Morning all,

this morning many cyclical pairs are heading towards friday's high, where I will be cautios as they have not retraced much overnight. If we get failures at highs, I might step in for a scalp short counter trend...

The only pair that's following the plan laid down yesterday is UsdJpy that has formed a lower high and therefore has become "short-able" below 82.06.

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Good luck to all of you this week!


Not sticking around to see whether this 15min wick means much or not. Scratched trade @ +5 pips.

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Re: Technical Templates

Postby castor » Mon Nov 26, 2012 8:56 am

Thanks zilly. I will try them out :)
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Re: Technical Templates

Postby jcpfx » Mon Nov 26, 2012 2:07 pm

Good evening traders,

after a sleepy day, finally the markets moved and it moved while I was in the shower...got into UsdCad but missed the SP500 trade.

Image

SP would have been a long at 17.15 CET off the 15Min Pin rejected from 1397 :-(
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Re: Technical Templates

Postby castor » Mon Nov 26, 2012 10:39 pm

Hi everyone!

I am about to finally go into live trading, and I am finding trustworthy brokers.
I did some research online, and found some ugly truth about stop hunting and stuff like that, and I tried to research on the trustworthy brokers with lower spreads but it seems that I am getting a lot of mixed opinion from the different sites.
So I decided to seek the help of you guys, since you are all experienced traders, and would probably have great experience with your current brokers, I was thinking if you all can recommend me any, that you all know do not stop hunt, and have a reasonable low spread.

I was actually thinking of trying out Oanda, since I know someone who uses it, but I read online that they stop hunt? I don't know, someone correct me if I am wrong.

And of course any advise for a new trader starting to go live :)

Thanks guys.
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Re: Technical Templates

Postby jjay » Tue Nov 27, 2012 3:03 am

The generic market certainly goes after stops, especially during the Australasian shift & particularly if/when prices are near well touted Options barriers & busy round numbers.

I can't comment about individual brokerage shops, especially retail ones as I don't trade retail, but I can tell you that if there are overweight orders stacking up at a particular level/zone & price is being directed towards that zone, then it will be vulnerable. Not particularly from any individual broker, just the market in general.

At the end of the day, you're going to have to experience these alleged drawbacks & negative occurrences yourself, but I'd lay very good odds that the vast majority of these folks bitching & wailing about being stop hunted by retail shops are inexperienced novices with totally unrealistic expectations.

Oanda appear to be a well capitalized solidly managed outfit & just as importantly, are officially & genuinely regulated.

If they tick most of your boxes, which includes flexible bet sizing, then try them out with a reduced capital input & see how they perform.
You're not going to get the perfect broker, because they simply don't exist.
You should be concerned with financial stability & robust regulation.
castor wrote:And of course any advise for a new trader starting to go live

Take your time to become accustomed to your new surroundings.
Scale down in bet sizing until you're completely familiar with the platform & order execution (in & out).
The toughest transition is what you're going through right now (demo to live).
Once you dip your toes & you come out the other end relatively unscathed, you're on your way.
It's all about confidence & repetition!!

Good luck & remember, you have a support network right here – use it as you see fit!
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Re: Technical Templates

Postby jcpfx » Tue Nov 27, 2012 3:42 am

castor wrote:Hi everyone!

I am about to finally go into live trading, and I am finding trustworthy brokers.
I did some research online, and found some ugly truth about stop hunting and stuff like that, and I tried to research on the trustworthy brokers with lower spreads but it seems that I am getting a lot of mixed opinion from the different sites.
So I decided to seek the help of you guys, since you are all experienced traders, and would probably have great experience with your current brokers, I was thinking if you all can recommend me any, that you all know do not stop hunt, and have a reasonable low spread.

I was actually thinking of trying out Oanda, since I know someone who uses it, but I read online that they stop hunt? I don't know, someone correct me if I am wrong.

And of course any advise for a new trader starting to go live :)

Thanks guys.



Hey castor,

Jimmy has given you some good advice there 8) Financial Stability, knowing who the regulators are, checking to see if there have been rulings against the broker, are the keys to understanding the retail brokers that are out there. I trade retail and came to the same conclusions a while back, because

1) i want my broker to be here tomorrow if i trade well with them
2) i want a "what you see is what you get" policy
3) i want a clear line of comunication for the times that things go bad (i.e. slippage, tech errors, audits, whatever the case may be) because as a retail trader we are not very strong negotiators and having a broker that will try to solve problems quickly when they arise is important in my view.
4) the above considerations are more important than the spread.

Some stuff to read up on: http://www.cftc.gov/ConsumerProtection/ ... /index.htm
http://www.cftc.gov/MarketReports/Finan ... /index.htm
http://www.fxstreet.com/brokers/forex-brokers/

Regarding stop hunts, Jimmy is also correct in saying that most of the people that complain are per definition novices that get caught in the hunts. I have to say that sticking to the guidelines outlined in this thread, never once have I had that problem. 8) It might be a good idea to avoid low-liquidity times & stick to some basic common sense like "don't short a dull market" and those type of saying that seem evident but they can really keep you out of harm's way.

Hope this was helpful, but on this thread we are both surrounded by a load of pro's that really help. Any/all questions are welcome in here.

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Re: Technical Templates

Postby jcpfx » Tue Nov 27, 2012 3:45 am

Morning thoughts:

Generally speaking, the levels in play have not changed due to the dull market yesterday and the only thought I would like to add is that three pairs seem to be showing signs of weakness this morning. They may be tired of their respective trends. Keeping an eye out to see what happens to them.

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Any thoughts guys?
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Re: Technical Templates

Postby Eidriel » Tue Nov 27, 2012 3:56 am

Hey traders!
Just like jcpfx, EURUSD did also caught my eye.

From the 1H chart, it can be seen that price just pullback to prior day high and went up.

Since the price is so close to the 1.3000 round number. I would like to seek some of your opinion, whether to go long upon the pullback to prior day high, and enter by the 123 trigger via 5 or 15M,

OR

should I wait around to see how price react with the 1.3000 level first?

All help is appreciated :D
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Re: Technical Templates

Postby jcpfx » Tue Nov 27, 2012 4:15 am

Eidriel wrote:Hey traders!
Just like jcpfx, EURUSD did also caught my eye.

From the 1H chart, it can be seen that price just pullback to prior day high and went up.

Since the price is so close to the 1.3000 round number. I would like to seek some of your opinion, whether to go long upon the pullback to prior day high, and enter by the 123 trigger via 5 or 15M,

OR

should I wait around to see how price react with the 1.3000 level first?

All help is appreciated :D


Hi Eidriel,

I am pursuing the 3rd option at the moment: staying still until the market makes up it's mind. The way I see it, 1.3000 has been sold but buyers have not given up yet. We are stuck inside the Tokyo range 2970/3010 so i'm not looking to do anything right now...

Not much help, i know...but i'm not realy inspired by Euro at the moment...

:roll:
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Re: Technical Templates

Postby goldtop » Tue Nov 27, 2012 4:32 am

jcpfx wrote:Generally speaking, the levels in play have not changed due to the dull market yesterday and the only thought I would like to add is that three pairs seem to be showing signs of weakness this morning.
Keeping an eye out to see what happens to them.
Any thoughts guys?

It's a very lacklustre market this morning with no real individual currency prepared to take up the baton.
Sterling is the strongest of a weak bunch early doors, along with mild strength in NZD & AUD, but certainly nothing that's inspiring me to get involved.

Personally, from hereon in it will take something really tasty to tempt me into parting with my money & it will likely only be via intraday plays.
I haven't seen anything worth following so far this week.
Eidriel wrote:Just like jcpfx, EURUSD did also caught my eye.
From the 1H chart, it can be seen that price just pullback to prior day high and went up.
I would like to seek some of your opinion, whether to go long upon the pullback to prior day high, and enter by the 123 trigger via 5 or 15M,
OR
should I wait around to see how price react with the 1.3000 level first?

Greece is influencing pricing this week Eidriel & much of that outcome has already been priced in.
Apparently volumes this morning on euro are approx 30% down on last week so there are obviously a lot of interbank players either flat/cashed or have trailing (long) stops in place & not particualarly bothered about initiating fresh longs.

That would indicate profit taking is the more likely tactic today.
I'm not in the slightest bit interested in shorting Euro until at least 2 hourly lower highs/lower lows.
That would indicate to me that higher prices (for now) are shelved until a well overdue correction has either run it's course or flipped from a long bias to a short one.

I will only consider continuation longs on a break & pullback of 1.30
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