Filthy Rich for Dirt Cheap - Ajaymein

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prochargedmopar
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Re: Awesome

Postby prochargedmopar » Thu May 26, 2011 10:17 pm

ajaymein wrote:
Fxforce wrote:
ajaymein wrote:

I have a handy Odds Enhancers sheet that sits on my desk from Sam Seiden to grade SD zones...here they are:

1) How did price leave the level?
2) How much time did price spend at the level?
3) Profit margin?
4) Trend?
5) Retracements?
6) Larger time frame levels?
7) Levels on top of levels?
8) Time of Day?

When I am placing a trade, I almost always have a M1 chart up while I am hitting buy/sell. Very rarely do I take a trade based on M1, I always look at higher time frame levels and then look to M1 for price action normally when you get the proper price action in confluence with higher time frame SD levels, price will swing your way in minutes.

Hope that helps!


Hallo Ajaymein,

Can you please explain points 2 and 5 ? I look for tidy SD zones (not sloppy) as well. Do you play futures on CME ?


2) The way I see it...when price stays at a level for an extended period, that shows there are no heavy buyers or sellers and price is at equilibrium. When candles closed up and down to create a nice little block and then price moves heavily away from that area...that shows a notable imbalance of buyers/sellers.

5) If a retracement and bounce from the level has already occurred, you know that some supply/demand has already been consumed. Fresh levels are the best.

I have been wanting to read up on futures and get a broker that allows me to trade all different commodities but I just haven't read up on it yet...doing well on silver so haven't paid much attention to anything else.


In the JoeRoss Ebook he goes over the forex/futures argument......He doesnt have many good things to say about FX and the ebook was on DayTrading FX markets:

1. You get 12.50 per pip(tick) in futures.
2. You only pay $6 per standard round turn, NO spread.
3. Its easier to make 10 pips in futures because if Futures moves 10 ticks, FX will have usually only have moved 8.
4. ALL brokers shut down 1hr a day to make sure the books are balanced so there are funds(bonds) for ALL traders if they go belly up.
5. Transparent level 2 type quotes
6. NO funny business by brokers trying to run stops ect, you see ALL prices and orders on the books. (supposedly)
7. a few other things I cant remember atm.
SAM SEIDEN swears by the CME too!!
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Postby ncase » Thu May 26, 2011 10:57 pm

Hi Pro,

What is the exact title of this ebook? and does anyone know of any reputable US brokers for FX Futures?

Thanks

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Re: Awesome

Postby PTG » Thu May 26, 2011 11:33 pm

prochargedmopar wrote:1. You get 12.50 per pip(tick) in futures.
2. You only pay $6 per standard round turn, NO spread.
3. Its easier to make 10 pips in futures because if Futures moves 10 ticks, FX will have usually only have moved 8.
4. ALL brokers shut down 1hr a day to make sure the books are balanced so there are funds(bonds) for ALL traders if they go belly up.
5. Transparent level 2 type quotes
6. NO funny business by brokers trying to run stops ect, you see ALL prices and orders on the books. (supposedly)
7. a few other things I cant remember atm.
SAM SEIDEN swears by the CME too!!


Allow me to add to this.
Caveat emptor.
re. 1: depends on the instrument. Cable (6B) is 6.25 per tick
re. 2: depends on the broker. It can be cheaper than that. And there is a spread: 1 tick.
re. 3: Where is the proof ? These markets are constantly arbitraged. Best to take a good broker with lots of liquidity and you won't have these issues imo
re. 4: Dukascopy accounts are insured for 100k CHF (max) in case they go belly up
re. 5: watching level 2 is of little use. It is manipulated. It is like looking at a sausage that somebody waves in front of your eyes.
re. 6: where is the proof ?
re. 7: you will.
re. SS: afaik he uses CME instruments for short term trading (hit-and-runs).

Futures are nice to use for intraday trading. For swing- and position trading it is more effiecient to use spot Forex. The overnight- and weekend margins are smaller in spot FX, there is more liquidity, there are more instruments. Even these alleged stop runs don't matter all that much in swing- and position trading; they are further away or non-existent. Which is not to say that futures cannot be used for swing- and position trading; far from it.

If these stop-runs are so important to a person, then why not use no stops :shock: and instead use a disaster stop far, far away and a time limit, e.g. if the next m5 candle hasn't closed on the anticipated side of the entry m5 candle, you kill the trade.
This is my new signature: "new signature".

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Re: Awesome

Postby adaseb » Fri May 27, 2011 4:34 pm

prochargedmopar wrote:
ajaymein wrote:
Fxforce wrote:
ajaymein wrote:

I have a handy Odds Enhancers sheet that sits on my desk from Sam Seiden to grade SD zones...here they are:

1) How did price leave the level?
2) How much time did price spend at the level?
3) Profit margin?
4) Trend?
5) Retracements?
6) Larger time frame levels?
7) Levels on top of levels?
8) Time of Day?

When I am placing a trade, I almost always have a M1 chart up while I am hitting buy/sell. Very rarely do I take a trade based on M1, I always look at higher time frame levels and then look to M1 for price action normally when you get the proper price action in confluence with higher time frame SD levels, price will swing your way in minutes.

Hope that helps!


Hallo Ajaymein,

Can you please explain points 2 and 5 ? I look for tidy SD zones (not sloppy) as well. Do you play futures on CME ?


2) The way I see it...when price stays at a level for an extended period, that shows there are no heavy buyers or sellers and price is at equilibrium. When candles closed up and down to create a nice little block and then price moves heavily away from that area...that shows a notable imbalance of buyers/sellers.

5) If a retracement and bounce from the level has already occurred, you know that some supply/demand has already been consumed. Fresh levels are the best.

I have been wanting to read up on futures and get a broker that allows me to trade all different commodities but I just haven't read up on it yet...doing well on silver so haven't paid much attention to anything else.


In the JoeRoss Ebook he goes over the forex/futures argument......He doesnt have many good things to say about FX and the ebook was on DayTrading FX markets:

1. You get 12.50 per pip(tick) in futures.
2. You only pay $6 per standard round turn, NO spread.
3. Its easier to make 10 pips in futures because if Futures moves 10 ticks, FX will have usually only have moved 8.
4. ALL brokers shut down 1hr a day to make sure the books are balanced so there are funds(bonds) for ALL traders if they go belly up.
5. Transparent level 2 type quotes
6. NO funny business by brokers trying to run stops ect, you see ALL prices and orders on the books. (supposedly)
7. a few other things I cant remember atm.
SAM SEIDEN swears by the CME too!!


Dude its the same thing. Price travels the same on both mediums. There are algo bots that watch all the markets and make sure they are equal. On the rare occasion when there is an imbalance bots detect that and hedge their position with the spot market to profit off the slight change (usually a pip or two).

The reason why spot is popular because for beginners its good to start trading mini or micro lots instead of trading $12.50 a pip and blowing a few grand in a few days.

The price per tick varies on what instrument you trade. 6E is 12.50, 6B is 6.25, 6A is 10.00

There always is a spread. However you can always join the bid/ask and if someone hits the market you might get a fill, you can do this on any ECN broker on spot. However some currencies such as 6C,6B are at an advantage because during a fairly liquid period you have a spread of 1 on these pairs rather than >2 on spot. But generally the spread is pretty much the same.

You do pay a commission and this varies with how much volume you can do in a given month. Most futures brokers are hungry for traders and will give you excellent rates as long its worthwhile for them. If you are a scalper you can get rock bottom prices on commissions.

The only pair that moves with slightly greater leverage than spot on the futures is the Yen pair. Most other pairs are pip to pip.

And name me one spot broker that stop hunts? Jesus Christ thats a myth that was created as a justification by traders that suck at trading.

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Re: Awesome

Postby ajaymein » Fri May 27, 2011 4:47 pm

adaseb wrote:And name me one spot broker that stop hunts? Jesus Christ thats a myth that was created as a justification by traders that suck at trading.


:lol: Sooo true...but, on IBFX chart data feed I have seen 20 - 30 pip spikes quite often that don't exist on any other broker charts. Don't trade using them so dunno if it would actually stop you out or its just bad data.

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Re: Awesome

Postby aliassmith » Fri May 27, 2011 5:17 pm

ajaymein wrote:
adaseb wrote:And name me one spot broker that stop hunts? Jesus Christ thats a myth that was created as a justification by traders that suck at trading.


:lol: Sooo true...but, on IBFX chart data feed I have seen 20 - 30 pip spikes quite often that don't exist on any other broker charts. Don't trade using them so dunno if it would actually stop you out or its just bad data.


"Stoping hunting" seems to be a natural market Phenomena altho some data
suggests that not all brokers present the same data and clearly could
manipulate price just enough in their favor.

That being said the natural stop hunting I refer to is big players finding
order stack areas and taking advantage of them to get their fills.
Trade Your Way as Long as It Makes Money!

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Re: Awesome

Postby prochargedmopar » Fri May 27, 2011 10:44 pm

aliassmith wrote:
ajaymein wrote:
adaseb wrote:And name me one spot broker that stop hunts? Jesus Christ thats a myth that was created as a justification by traders that suck at trading.


:lol: Sooo true...but, on IBFX chart data feed I have seen 20 - 30 pip spikes quite often that don't exist on any other broker charts. Don't trade using them so dunno if it would actually stop you out or its just bad data.


"Stoping hunting" seems to be a natural market Phenomena altho some data
suggests that not all brokers present the same data and clearly could
manipulate price just enough in their favor.

That being said the natural stop hunting I refer to is big players finding
order stack areas and taking advantage of them to get their fills.


I agree with all these posts and stand corrected on the points made. I've never traded futures but it was good to hear the other side of things. Cant always believe everything you read. LOL

Stop hunts are a joke to me, (except when my trade target is hit while they are running a known level by 19-30 pips :smt002 ) If I'm trading with a 15 pip stop and price wicks it......I was WRONG on that one, no doubt about it..........
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Postby prochargedmopar » Fri May 27, 2011 11:54 pm

ncase wrote:Hi Pro,

What is the exact title of this ebook? and does anyone know of any reputable US brokers for FX Futures?

Thanks


Day Trading Forex by Joe Ross
VERY basic trading. 123 and Ross Hooks using the traders trick entry.
Yes, Like most things, I got it for free but it is the printed version so have no way to share here.

Short and sweet I'll say that, similar to TRO's rat method, that simple.

If your interested in some other free stuff someone posted a link on here before:
http://www.trading-naked.com/Articles_and_Reprints.htm
Midway Down under mastering price action.
Turn your volume down.
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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Re: Awesome

Postby aliassmith » Sat May 28, 2011 3:18 pm

prochargedmopar wrote:
aliassmith wrote:
ajaymein wrote:
adaseb wrote:And name me one spot broker that stop hunts? Jesus Christ thats a myth that was created as a justification by traders that suck at trading.


:lol: Sooo true...but, on IBFX chart data feed I have seen 20 - 30 pip spikes quite often that don't exist on any other broker charts. Don't trade using them so dunno if it would actually stop you out or its just bad data.


"Stoping hunting" seems to be a natural market Phenomena altho some data
suggests that not all brokers present the same data and clearly could
manipulate price just enough in their favor.

That being said the natural stop hunting I refer to is big players finding
order stack areas and taking advantage of them to get their fills.


I agree with all these posts and stand corrected on the points made. I've never traded futures but it was good to hear the other side of things. Cant always believe everything you read. LOL

Stop hunts are a joke to me, (except when my trade target is hit while they are running a known level by 19-30 pips :smt002 ) If I'm trading with a 15 pip stop and price wicks it......I was WRONG on that one, no doubt about it..........


I don't move the market or anything like that, but I am a stop hunter. I am
constantly looking for price levels where many people will have their stops. I
also consider where many people will enter trades. I believe those to be the
major aspects of trading. Then throw in great money management and its
on! :D
Trade Your Way as Long as It Makes Money!

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Re: Awesome

Postby speed26 » Sat May 28, 2011 3:27 pm

ajaymein wrote:
speed26 wrote:Hi Ajaymein,

Awesome skills you have man.

As for learning this style are there any particular threads on kreslik you can recomend to me?

Also maybe its been repeated but as for SD zones are there anything in particular that you look for to grade the quality of them? i.e very tight/narrow with strong movement or something like that?

Also when you trade m1 do you trade the SD levels from THAT TF or do you combine them with other TF's?

Keep going man! Your doing amazing. Very inspiring :)

cheers


Everything I have learned about Forex the way I trade now has been acquired from everything dragon33, MightyOne, and es/pip have posted here (thousands), Sam Seiden SD videos, and the threads Silent Service Method and Price is Everything at Forex Factory. Silent Service Method is not for scalpers as it focuses on Daily and Weekly charts...however, I still follow it everyday and it that thread initially got me to realize higher time frames come first.

I have a handy Odds Enhancers sheet that sits on my desk from Sam Seiden to grade SD zones...here they are:

1) How did price leave the level?
2) How much time did price spend at the level?
3) Profit margin?
4) Trend?
5) Retracements?
6) Larger time frame levels?
7) Levels on top of levels?
8) Time of Day?

When I am placing a trade, I almost always have a M1 chart up while I am hitting buy/sell. Very rarely do I take a trade based on M1, I always look at higher time frame levels and then look to M1 for price action normally when you get the proper price action in confluence with higher time frame SD levels, price will swing your way in minutes.

Hope that helps!


Hi Ajaymein,

Yes thanks for your comments truly appreciated :)

Ive been getting my head around this for just over 2 years now, and ive been all over the place trying alllll sortss...

Ive recently had to just STOP, THINK, and get my bearings right.

Empty my proverbial glass, and begin to fill it with proper juice lol.

So now im here in kreslik reading everything i can about ZL's, Momo's, MZ's, SD, and of course watching seiden vids on fxstreet.

As soon as i get a basis i will open a thread here and share my trials publicly.

Also you are an inspiration to what truly is possible (along with es/pip & Mightyone). I think my best day was +75%, but then i blew the next day :lol:

back to basics.....back to basics... :idea:

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