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razorboy
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Rocking the Semafor............

Postby razorboy » Thu May 14, 2009 7:53 pm

and for those of use who lack MO's price crystal ball :)

Wait for price to break out in one direction and then see how it consolidates relative to the daily open. - (usually involves 1's and 3's) but not always

I the diagram, I opened a long position on the first low "1" green 15 minute candle that is above the daily open (129.79). I added to it on the second low "1" at 130.01 - closed at 130.79

SL on the first position was the open price

Image

Basically gives you two trades a day - just have to sit around all day.

Any suggestions for doing it on smaller time frames and I am all ears

I will post a few more of these
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Rocking the Semafor............part 2

Postby razorboy » Thu May 14, 2009 8:04 pm

From yesterday.

Break out to the top, but price never consolidates above the open..........

Looking for a fall..............Good entry point was the first High "1" below the daily open - go short SL is the open (131.61) - about a 25-30 pip SL - out 100 pips later.


The day previous to this, this setup failed, and it worked on monday

Image
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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Re: Rocking the Semafor............part 2

Postby MightyOne » Fri May 15, 2009 2:58 am

Is there a reason why you have the grid on your charts?

razorboy wrote:From yesterday.

Break out to the top, but price never consolidates above the open..........

Looking for a fall..............Good entry point was the first High "1" below the daily open - go short SL is the open (131.61) - about a 25-30 pip SL - out 100 pips later.


The day previous to this, this setup failed, and it worked on monday

Image

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Re: Rocking the Semafor............part 2

Postby razorboy » Fri May 15, 2009 3:23 am

never really thought about it

will try without it

MightyOne wrote:Is there a reason why you have the grid on your charts?

razorboy wrote:From yesterday.

Break out to the top, but price never consolidates above the open..........

Looking for a fall..............Good entry point was the first High "1" below the daily open - go short SL is the open (131.61) - about a 25-30 pip SL - out 100 pips later.


The day previous to this, this setup failed, and it worked on monday

Image
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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Postby MightyOne » Fri May 15, 2009 4:02 am

Do you believe that basic chart patterns are only for novice traders?

Image
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Postby MightyOne » Fri May 15, 2009 4:23 am

This indicator that DeeForex modified was requested so here it is:
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Postby MightyOne » Fri May 15, 2009 5:20 pm


Now explain to me how you did not shovel pips into your account on this move :shock:

Were you sleeping?

Were you expecting a higher high?

When It broke short were you waiting for some sort of
confirmation that price was going down?

Were you waiting for a retracement?

When It retraced why didn't you enter?

When It broke short again were you scared that price would retrace?

Maybe you thought that the move was over?

EXPLAIN:


Image

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Postby razorboy » Fri May 15, 2009 5:28 pm

Funny how you should post that

I had initially gone long when price broke to the upside and "temporarily consolidated" above the open

went to bed when it broke to the low side - put in a limit sell that never got hit.......ya, I was looking for a bit of a retrace

This morning

Went long from 128.59 cover at 129.67

Short 129.547 cover 128.50........

Your patterns are becoming clearer once i start focusing on the price action at the relative to the open price...........I am trying to crystalize them on paper


MightyOne wrote:
Now explain to me how you did not shovel pips into your account on this move :shock:

Were you sleeping?

Were you expecting a higher high?

When It broke short were you waiting for some sort of
confirmation that price was going down?

Were you waiting for a retracement?

When It retraced why didn't you enter?

When It broke short again were you scared that price would retrace?

Maybe you thought that the move was over?

EXPLAIN:


Image
Ya, I manufacture clear shoe boxes.....http://www.clear-shoe-boxes.com.............who would have thunk!



http://thejoshkerbelproject.com/

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MightyOne
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Postby MightyOne » Fri May 15, 2009 6:46 pm

You made over 200 pips this morning?

That is what I am talking about:

If price moves a hundred to hundreds of pips per day there is no reason why you can't get at least half of it...




razorboy wrote:Funny how you should post that

I had initially gone long when price broke to the upside and "temporarily consolidated" above the open

went to bed when it broke to the low side - put in a limit sell that never got hit.......ya, I was looking for a bit of a retrace

This morning

Went long from 128.59 cover at 129.67

Short 129.547 cover 128.50........

Your patterns are becoming clearer once i start focusing on the price action at the relative to the open price...........I am trying to crystalize them on paper


MightyOne wrote:
Now explain to me how you did not shovel pips into your account on this move :shock:

Were you sleeping?

Were you expecting a higher high?

When It broke short were you waiting for some sort of
confirmation that price was going down?

Were you waiting for a retracement?

When It retraced why didn't you enter?

When It broke short again were you scared that price would retrace?

Maybe you thought that the move was over?

EXPLAIN:


Image

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Postby TheRumpledOne » Fri May 15, 2009 7:09 pm

I trade with MB Trading Direct Access Brokerage Firm


They are an ECN. THERE IS NO FIXED SPREAD IN FOREX.

You can google and find out what I really think about "FIXED SPREAD BANDITS".

I'll leave it at that so I don't get banned.

How do I avoid the spread?

I explained this to someone yesterday in an IM.

With MBT you pay a commission rather than having a "FIXED SPREAD".

It's "apples and oranges" so don't try to compare. "THE MATRIX HAS YOU" and you need to "FREE YOUR MIND" to understand what I am about to explain.

Let's say the current bid/ask is 1.5010 x 1.5015

The current spread is 5 pips.

You want to SHORT.

You SHORT at 1.5010.

You set a TP at 1.5005.

Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.

At MBT, you will get filled if the bid is 1.5005 and someone TAKES your offer.

Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.

Note: the ASK never reached 1.5005. THIS IS IMPORTANT!

If you entered this order at a FIXED SPREAD BANDIT, whoops I mean broker, your order is STILL OPEN!!

The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.

DO YOU GET IT?

If not, then read this over and over and over again until the LIGHT BULB goes off!!

The day I found out about MBT is the day I opened an account there and stopped trading with FIXED SPREAD BROKERS.

The simplest thing to do is to load up a demo account at MBT Group and see it with your own eyes.

When you place your TP Bid offer at 1.5005, your bid is displayed on Level II.

The point is with MBT your offer gets hit.

With FIXED SPREAD BROKERS you have to wait to hit their offer.

Maybe this might help:

First:

1.5010 x 1.5015

and price drops...

1.5009 x 1.5014

1.5008 x 1.5013

1.5007 x 1.5013

1.5006 x 1.5012

1.5006 x 1.5011

1.5005 x 1.5011 You may get hit

1.5005 x 1.5010 You may get hit

1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT

AND LET'S CONTINUE

1.5003 x 1.5008

1.5002 x 1.5007

1.5001 x 1.5006

1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER.

Does that make it clearer??

What about the commission cost?

The commission varies depending on the pair trading.

It is $.50 per 10k minilot on USDJPY. So if I gross 2 pips, I am making money.

From the MBT site:


Commission Rates

Fixed spreads are a way for FCMs to markup or markdown the best bid or offer. FCMs do this to hide their fee into the price of the currency pair instead of displaying their best quote. Common sense tells you that no one works for free, so when you see an FCM claim they have ?no commission?, that should be a red flag. So how are they getting paid? Its simple: they are making money with the built-in markup/markdown in the spread.

Our FCM, MB Trading Futures, has nothing to hide. They offer tighter spreads with no markups/markdowns and openly display a low commission rate.

Commissions are based on total dollar amount traded: $5 per $100,000 traded.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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