What Really Works From One Professional - page 69
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@vpetroff:
When do you have found this thread? Three days ago?
Actually I've been following this thread from the beginning, ever since it was only 2 pages long. I've read and reread everything several times now, trying to figure out the rules of JD's system. Now I believe that the rules you can make up for yourself and use any indicator you want, because in my opinion at its core the system is about recognising the V on cable, and more importantly to know when a move starts and when it's exhausted. Elliot waves help, the Float helps also a lot, even the DT ZigZag indicator that redraws itself helps.
I appreciate very much your keen interest in me, although your question is a big vague. I couldn't decide whether you were trying to make a report on who came here last, or it was just an introductory question to find out how much I could be of any help to you. Anyway, hope this answer satisfies your curiosity.
Well done vpetrof. A positive at last..............
Would you mind sharing how you arrived at your decisions to buy/sell & your thought processes entering each trade & lets see if we can turn this round & move forward.
Regards
Jim
PS- just ignore all the negative stuff should it come you way (for being positive)10x man, it's really time to turn this discussion around.
As far as my decisions to buy/sell goes, I still can't call them part of a solid system. I don't have anough experience as a trader and that's exactly why I'm here, to learn the "tools of the trade", so to speak. Since I'm a professional programmer and lazy in nature I got to this forum because I thought that I could find an EA to do my work while I'm chasing girls at the beach, but reality came back with a vengance to show me that unless you put some serios effort into learning you won't get anywhere. So that's what I've been doing for the past six months, and I must say that the only thread I'm currently actively following is this one and it would be a shame if it ends in the way it's been going lately.
I'm planning to start posting some trades from monday with explanations why I traded that way, and I'd appreciate any comments.
Relax in the weekend guys and leave your negative emotions at the beach, they can't help you in FOREX.
JD,
I have trully learned a lot from you in thse few short weeks. And I did not come in with expectations that it was going to be easy. I knew that it was going to take hard effort and time to invest in myself. This is not one of those simple systems "Take 2 of these and call me in the morning". I have worked as hard as many people in the trading room. I have read your posts several times. I have read Float Analysis, Dinapoli, Elliott Waves courses that I would have never done. I bought into Elwave and MTPedictor and have became a student of market observer rather than follower.
No, I do not have all the pieces working clearly quite yet. But I am not blaming your system, I am not blaming you. It is very simple part of a learning process and I do not expect to be resolved for me by anyone else. I do not expect that to be given to me on a silver platter. I do have enough knowledge, skills, desire, focus and patience to make this system clear for myself.
You are absolutely right. It all starts with one's expectation. I di not expect the singals from you. I did not expect any mechanical decission making based on some stupid indicators. I did not expect that you would define my trading strategy and plan. I expected a chance to see how professional traders work and approach trading. What and how they are observing. What is their mental state during the trade. And many, many more points that Rebel had missed.
But this is not about Rebel, Morph, programmers or others who were looking for ivenight cure and short cuts. It is about anyone who understood the value of what you were offering (whether they were in thc chat or observed this thread) and stayed with your you and have invested time and effort. And with the exception of "Rebel" are alot better traders today because of you. And I thank you for that.
Will be in touch!Very good post, Jane!
I think I'm on the same level, read all the stuff as well but did not really figure it out to put everything in order. I would suggest to keep the room for technical questions and general discussion.
10x man, it's really time to turn this discussion around.
As far as my decisions to buy/sell goes, I still can't call them part of a solid system. I don't have anough experience as a trader and that's exactly why I'm here, to learn the "tools of the trade", so to speak. Since I'm a professional programmer and lazy in nature I got to this forum because I thought that I could find an EA to do my work while I'm chasing girls at the beach, but reality came back with a vengance to show me that unless you put some serios effort into learning you won't get anywhere. So that's what I've been doing for the past six months, and I must say that the only thread I'm currently actively following is this one and it would be a shame if it ends in the way it's been going lately.
I'm planning to start posting some trades from monday with explanations why I traded that way, and I'd appreciate any comments.
Relax in the weekend guys and leave your negative emotions at the beach, they can't help you in FOREX.You & Jane sound like ideal members for the chat room - It's not my place to give you the password but if JD ok's it then that's fine by me.
Trading the V- Fundamentals Part 2
Here is some more info on trading the V from "Day Trading the Currency Market" by Kathy Lien, Chief Strategist for FXCM. I dont have a fancy OCR program so I just typed it by hand for you on a nice sunny Saturday when I could be outside.
Your welcome.
But first, of course, my $.0132-
I am a pajamas guy like many of you. I have always envied you London lads and lassies because, living in New York, it is extremely dificult for me to trade the London open. London is a beautiful cascade of at least 100 pips on a
normal day (if you know how to trade it- it has kicked my ass many times) while New York is all about trading news releases which I hate. V or no V, on the charts it looks like you could just jump in almost anywhere most days, while I'm lucky to scrounge 15 pips in new york. But anyway, come hell or high water , I will become a freakin profitable currency trader, and JD has been an inspiration.
Bottom line- use whatever system you want- the pips are there, and when you can trade the London open fo real, you will be a big grown-up trader too like our friend Mr. Denver .
DISCLAIMER: the views of Kathy Lien are not meant to represent those of JD or anyone else on this thread, and is merely meant as a guide to your further exploration of this phenomenon. Elipses (...) and the ALL CAPS in the document are my editing for brevity and emphasis.
Sorry if this is posted twice, I'm not sure how the attachment feature works.
So without further ado...
Trading the V- Fundamentals Part 2
From "Day Treading the Currency Market" by Kathy Lien
Waiting for the Real Deal
The lack of volume in the FX market has forced day traders to develop different strategies that rely less on the level of demand and more on the micro structure of the market. One of the most common characteristics that day traders try to exploit is the market's 24-hour nature. Although the market is open for trading throughout the day, the extent of market activity during each trading session can vary significantly.
Traditionally, trading tends to be quietest during the Asian session... (blah blah blah... UK is biggest trading center, accounts with rest of Europe for 42% of FX trading, NY account for only 19%...) This makes the London open exceptionally important because it gives the majority of traders(...) an opportunity to take advantage of events or announcements that may have occurred late in the day of the US or in Asian sessions. This becomes even more critical on days when the (FOMC or Fed reserve) meet to discuss and announce monetary policy because the announcement comes at (14:15 EST) which is past the London close.
The Pound trades the most actively against the USD during the European and London trading hours.(...) This provides a GREAT OPPORTUNITY for day traders TO CAPTURE THE INITIAL INTERDAY REAL MOVE THAT GENERALLY OCCURS WITHIN THE FIRST FEW HOURS OF THE ...LONDON SESSION. This strategy exploits the common perception that UK traders are notorious stop-hunters. THIS MEANS THE INITIAL MOVEMENT AT THE LONDON OPEN MAY NOT BE THE REAL ONE! Since the European and London dealers are the primary market-makers for the GBP/USD , they have a tremendous insight into the actual extent of supply and demand for the pair. The trading strategy of "waiting for the real deal" first sets-up when the interbank dealing desks survey their books at the onset of trading and use their client data to trigger close stops on both sides of the market to gain the pip differential. Once the stops are taken out and the books are cleared, the real directional move of the GBP USD will begin to occur, at which point we look for the rules to be met before (... entering a position).This strategy works best following the US open (?) or after a major economic release. With this strategy you are looking to wait for price to settle down and to trade the real market direction afterward.{UNLESS YOU ARE AN ADVANCED TRADER LIKE JD, WHO CAN TRADE IT UP, DOWN, AND SIDEWAYS -ed.}
STRATEGY RULES :
LONG:
1. Early European trading in the GBP/USD begins around 1 AM EST.Look for the pair to make a new range low of at least 25 pips above the opening price (the range is defined as the price action between Frankfurt & London power-hour of 1-2 AM New York time.
2. The pair then reverses and penetrates the high.
3. Place an entry order to buy 10 pips above the high of the range.
4. Place a stop no more than 20 pips away from your entry.
5. If the position moves lower by double the amount that you risked, cover half and trail a stop on the remaining position.
SHORT:
1. GBP/USD opens in Europe and trades more than 25 pips above the high of the Frankfurt & London power-hour.
2. The pair then reverses and penetrates the low.
3. Place an entry order to sell 10 pips below the low of the range.
4. Place a protective stop no more than 20 pips away from your entry.
5. If the position moves lower by double the amount that you risked, cover half and trail a stop on the rest.
(Kathy then proceeds to give illustrated examples but there are many that look quite the same on this thread. I'm sure there's a bookstore nearby if you wish to see her examples. They are on pages 111-113.)
Cheers and best of luck-
Taters
I've been following this thread since the beginning but not felt it necessary to get involved until now.
Rather than trying to copy someones system exactly, it is far better to take elements of it and adapt it to how you see fit - something which suits you.
JD's charts are far too cluttered for my liking but it obviously works for him so good luck to him.
I've learnt quite a bit from this thread - the vee has been a bit of a eureka moment for me and I thank JD for that. I've made quite a few pippos, this week, on the back of it!!
This thread started out as one of the best around but has quickly degenerated into a slanging match so come on folks - get it back on track and quit all the garbage.
Chris
Good post!
JD,
I have trully learned a lot from you in thse few short weeks. And I did not come in with expectations that it was going to be easy. I knew that it was going to take hard effort and time to invest in myself. This is not one of those simple systems "Take 2 of these and call me in the morning". I have worked as hard as many people in the trading room. I have read your posts several times. I have read Float Analysis, Dinapoli, Elliott Waves courses that I would have never done. I bought into Elwave and MTPedictor and have became a student of market observer rather than follower.
No, I do not have all the pieces working clearly quite yet. But I am not blaming your system, I am not blaming you. It is very simple part of a learning process and I do not expect to be resolved for me by anyone else. I do not expect that to be given to me on a silver platter. I do have enough knowledge, skills, desire, focus and patience to make this system clear for myself.
You are absolutely right. It all starts with one's expectation. I di not expect the singals from you. I did not expect any mechanical decission making based on some stupid indicators. I did not expect that you would define my trading strategy and plan. I expected a chance to see how professional traders work and approach trading. What and how they are observing. What is their mental state during the trade. And many, many more points that Rebel had missed.
But this is not about Rebel, Morph, programmers or others who were looking for ivenight cure and short cuts. It is about anyone who understood the value of what you were offering (whether they were in thc chat or observed this thread) and stayed with your you and have invested time and effort. And with the exception of "Rebel" are alot better traders today because of you. And I thank you for that.
Will be in touch!Good post, JaneFX.
I would like to say as your post, but my English is very limit.
I am not a professional trader, but i am not a lazy man !!!!
Learning...learning.....set-up...set-up....testing..and testing.....
Oh man, may God bless us......
NP
Ora et Labora.
I think JDSuperwave does not learn "V pattern" only....
How about something else.....
How about other currency pairs......
How about other sessions......
Learning...learning...and learning....
This thread started out as one of the best around but has quickly degenerated into a slanging match so come on folks - get it back on track and quit all the garbage. Chris
Could not agree with you more! But that is a problem with public forums. Everyone is entitlled to cme in with their own ideas, systems, indicators and not keep up with the topic.
Out of this thread we could have had an easy new thread from Morph - "World according to Morph". JD bashing - "Why he is this and that and driving Ferrari". Niceguy - "I am here to help you learn a better system"
None of those threads would have been negative and perhaps very usefull to those who choose to participate inj those topics but not to many of us who focused on learning the trading.
Thanks to people like yourself, taters, JaneFX, vpetroff and all the others who are willing to come forward and maintain the intagrity of the innitial post.
And JD, remember an old saying - "Not a single good deed has never gone unpunished". You will be missed. Hope you can participate and ignore "unworthy" comments.
doing the work
I have read this thread and like everyone else i believe the vitriol is unwarranted. I thank JD for bringing to my attention the V pattern that occurs dail;y with the cable. As of now i don't fully understand his strategy and i do agree with many that it may not be very well defined in this thread. That said.
if the price action is there then it can be observed and we can find our own way to trade it. To start i am pulling up a 5 min chart of cable. Then i am putting in vertical lines for the london open and the frankfurt open. with these visual markers you can get a better idea of what the fuss is all about. then i am inserting the indicators one by one from JD's trading template to see how they interact with the price action and whether or not i find them usefull.
so thank you all and if i come up with any new insights i will happily post them here.
p.s. a couple questions that i would love answered.
Does the DT zig zag repaaint the past? It really looks like it does.
and
I asked this before some pages before. How is the volume for a float turnover in forex calculated?