USDCHF Trades

forex live trades, setups, charts

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TheRumpledOne
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USDCHF Trades

Postby TheRumpledOne » Thu Mar 15, 2007 5:41 pm






I took the short at 1.2169 ( SHORT BOTTOM) and took a quick 3 pips.

I "guessed" it would retrace to the 38% fib level and then to 50% fib level.

I took my pips quick and left pips on the table.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Thu Mar 15, 2007 6:18 pm



I saw another opportunity to take 3 pips in 4 minutes.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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TheRumpledOne
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Postby TheRumpledOne » Thu Mar 15, 2007 8:20 pm

HOW NOT TO TRADE!



I entered short and it went against me AFTER I said I should pass on the trade.

Then I averaged up and it went against me.

I rode it out and covered at 1.2175 for a profit.

THIS IS NOT HOW YOU SHOULD TRADE!

I should have exited at the buyzone entry point and then gone long twice as many lots to "get even".
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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RuGO
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Postby RuGO » Fri Mar 16, 2007 12:19 am

Avery, one adaptation of your buy/sell zone (blended with Value Area Method) on EURCHF. (In case some members need the details: The Value Area is generally defined by some folks as the area where more than 70% of trade action occurs within a defined period of time. If the price action gets out of this area and re-enters the area within a short period of time then, there's a 80% probability the price will continue through the Value Area).

In the chart below, it looks like we are going to see some action...



TheRumpledOne wrote:HOW NOT TO TRADE!



I entered short and it went against me AFTER I said I should pass on the trade.

Then I averaged up and it went against me.

I rode it out and covered at 1.2175 for a profit.

THIS IS NOT HOW YOU SHOULD TRADE!

I should have exited at the buyzone entry point and then gone long twice as many lots to "get even".

zeller4
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Postby zeller4 » Fri Mar 16, 2007 1:22 am

Russ,
Thanks for that info on Value Area. I found a "Value Chart" on the esignal forum but it doesn't look the same(or are these hand drawn pivot lines?). Are you able to share that .efs?
Kirk

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Postby RuGO » Fri Mar 16, 2007 1:30 am

Kirk, you can download a few scripts from here: http://share.esignal.com/groupcontents. ... roupid=114
Looks as if Chris has updated some of them, so you may be one step ahead of me as I use an older version.

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Postby zeller4 » Fri Mar 16, 2007 1:36 am

Thanks, I've also got some pivots off Woodie's page

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Postby RuGO » Fri Mar 16, 2007 2:01 am

Not a bad way to make a living:


zeller4 wrote:Thanks, I've also got some pivots off Woodie's page

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Postby Patch » Fri Mar 16, 2007 3:11 am

RuGO

Great post about value areas. Do you have any idea how to calculate them? You said the area where 70% of the trades occur. Thinking about the question, I am not sure how to make the calculation. I don't like black boxes. Thanks for sharing from your knowledge and experience.

Patch the Pirate
Jeff in VA
Last edited by Patch on Fri Mar 16, 2007 10:11 am, edited 1 time in total.

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Postby RuGO » Fri Mar 16, 2007 3:44 am

Jeff, there's no particular mystery in this case, however it is highly dependent on the product that you trade. Some people make a good living publishing these pivots for certain markets, as in some cases they are defined by the action on the floor. In FX I simply gage (visually) the day's price action and the week's price action and compare that to my pivot points (TRO has some great scripts, you should check and see if he's got one for pivots). These define my upper and lower levels, but as Master Tro says, Keep It Simple... define your area of support and resistance, identify trades with good r/r (in EURCHF we had a ceiling of ~8 pips from price, a floor of about 3, and target of ~30 pips in a high probability trade), buy on green/sell on red, and be out in a flash if not confident in the momentum.

For position plays, enter multiple contracts, sell a portion at a specified target (either 1/2 or 1/3), move your stop to break even and ride the rest. This way you know "you're in the money" even if the trade goes against you after the target is met. I'm sure you know most of this stuff, but had to post it for our newer members!!!

Russ

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