FOREX TAPING READING - PIP, PIP, PIP

forex live trades, setups, charts

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TheRumpledOne
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Postby TheRumpledOne » Sun Apr 01, 2007 6:26 pm

Annu wrote:Just be aware that EFX/Mbt does not provide *real* last prices for FX, they are synthetically generated, also they do not provide volume information. Phil Huetter (the mbt api guy) said on their mailing list that those prices are just a "best guess", which should not be relied upon.


There is no REAL price in Forex because there is no centralized market!

Each bank has a buy quote and a sell quote. It's the same when you go to a different country and want to exchange your dollars for pesos, franks, pounds, etc... Each exchange has their prices posted in the window. You shop around for the best deal.

All you need to focus on is the current BID/ASK. That's all that matters to you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Sun Apr 01, 2007 6:35 pm

Bruno2 wrote:Another argument, why I do not absolutely understand how can somebody get some pips from this idea...


Bruno:

Tape reading has been around a long time. Much longer than computers.

It's OLD SCHOOL TRADING.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby Bruno2 » Sun Apr 01, 2007 9:01 pm

Avery, I know your 2 pips calculation from BreakBounceStrategy. It was really for me big move to understand why I was not able to succeed in FX world - I expected too much (+20pips each day). I hope that one day I can be QUICK two pips trader...We get only 2% from bank per year, so I can make now better progress.

Annu
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Postby Annu » Sun Apr 01, 2007 9:45 pm

TheRumpledOne wrote:
There is no REAL price in Forex because there is no centralized market!

Each bank has a buy quote and a sell quote. It's the same when you go to a different country and want to exchange your dollars for pesos, franks, pounds, etc... Each exchange has their prices posted in the window. You shop around for the best deal.

All you need to focus on is the current BID/ASK. That's all that matters to you.


Hi,
I am aware of the FX marketstructure. My comment was about the "last" price value of the MBT/EFX-interface, where it is not possible to generate an *accurate* T&S list, like i.e. on future exchanges, due to them providing only a bogus last-value and no last-traded volume. It is my understanding that traditional tape-reading relies on a complete T&S list with last-ticks and last-traded volumes.
I just mentioned it because i had a simmilar T&S list in my mbt-api project, and when i talked to phil about it, he made me aware of their last-price behavior. Basically, its meaning less, dont use it.

if i misunderstood, and this another broker, and not last-ticks, disregard comment.

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Postby Niagara » Mon Apr 02, 2007 1:34 am

TheRumpledOne wrote:All I need is 2 pips to breakeven and 3 to start making real money.
Traders have been DUPED by the lore of 50 and 100 pip profits. If you can make one 2 pip net trade per day, you can turn a 1 minilot trade into $11,000 in a year. Net 4 pips and you will have over $1 million cash.

You undoubtedly have access to a chart. Most likely the chart gives you a hint as to direction. Since the tape seems to be a random walk, to the inexperienced, when do you pull the trigger, when there is a trade against or with trend. You are probably not using stops, just your finger on the trigger. At what point do you call it quits. I know on the plus side, you are looking for greater than two pips, but what if you are pointed in the wrong direction.

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Postby TheRumpledOne » Mon Apr 02, 2007 4:35 am

It's like the driving the car example.

See the problem is your mind has been programmed a certain way.

Until you rid yourself of that programming, you will not be able to "get it".

It's like the Zen Master who poors the newbie a cup of tea and keeps pouring even though the cup is full. When the newbie finally says something the Zen Master tells the newbie that his mind is like the cup, it is so full that it can't hold anymore until it is emptied.

You have been programmed to use a live chart. Before computers, there were no live charts, yet people traded profitably by reading the tape.

I hope you take no offense at my comments. They are meant to help you, not insult you.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby PeterPan » Mon Jul 13, 2009 7:43 am

Hi RumpledOne!

Im new here and i read the first post of you in this thread.

You have written: "Do you see what I see?"

So i'm newbie but i want to try to get it.
EURUSD<>USDCHF = nice correlation, you know :wink:

The EURUSD is trading aroung 20 an the Swissy around 65. So the Euro goes down to 19 and back above 20. At the same time the Swissy goes from 65 to 64. After 19 the Euro has 20, the Swissy at the same time 64.
The cable is stable (little up)(hehe nice rime), when the euro is at 19. the usdjpy shows weakness - comes from 86 down.

Long at 20 (after 19) in the Euro?

Is this the answer? 8)

PeterPan

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Postby stratigf » Tue Feb 02, 2010 7:56 pm

TRO I'll give it a try.

Price is breaking to a new high/low or staying constant from the previous price

GS
As my trading gets better, my golf game gets worse.

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Postby TygerKrane » Sat Feb 06, 2010 9:45 am

It's not too late to try and answer this?? I think I TOTALLY see what TheRumpledOne is getting at with this one...

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Postby jarnapal » Fri Apr 02, 2010 8:23 pm

When market has x amount of red/green moves in a row, market will reverse ? You won't trade black colors.

Has anybody answered the right one yet ? I don't care that you posted it 3 years back.

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