Baruch's Forex System Journal

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Baruch......yes, it's an audio room (both live chat & txt)...they're essentially intraday traders, but as I say, one or two pretty good folk in there occasionally....quite a few peeps new to Forex, so a mixture of experience levels....I don't frequent the room regularly, too busy concentrating on trading, but when I'm 'in a move' & it simply requires 'managing', I look in to see what's ocurring!
 
Quote from Buk:

Baruch......yes, it's an audio room (both live chat & txt)...they're essentially intraday traders, but as I say, one or two pretty good folk in there occasionally....quite a few peeps new to Forex, so a mixture of experience levels....I don't frequent the room regularly, too busy concentrating on trading, but when I'm 'in a move' & it simply requires 'managing', I look in to see what's ocurring!
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OK, Buk. Sounds nice. Still long?
 
Baruch.........yes, still in the longs. Last entry (8320) stop was taken out, but remaining stops tucked in below the century pitch at 8290.....if cable kicks on, I'll assess & move stops up accordingly.
 
for me its a matter of looking for divergence in prices in % terms

then looking to take both sides possibly and covering when they come back in line or when one is really kicking and the other is steady
 
Quote from SethArb:

for me its a matter of looking for divergence in prices in % terms

then looking to take both sides possibly and covering when they come back in line or when one is really kicking and the other is steady
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OK - so you make a usd/gold spread, or what?
 
Quote from Buk:

The round number strat is nothing new, in fact it's used quite extensively, particularly within the FX arena. I think most folks realise the potential/importance of these pyscho levels on the charts, and of course, you will experience whip around the 00 numbers as positions are entered/exited according to stops/limit orders.

Obviously, accompanying T/A will need to be confirmed, and as a trend following strat, it adheres well to most pairs (particularly cable - which I trade).....s/r levels from the larger time frames will identify likely entries & a simple trailing stop will help capture a good percentage of a quick clip thru the cent levels (this week being a good example)....

on a typical 3 - 4 cent clip, I would expect to get tipped out up to 5 times around the century numbers, entering again on a break of the higher high/lower low. Stops are generally trailed to 50 pips (dependant on the run), and scaled out on 150 pip clips up & down the ladder.....

obviously, this strat will kill you in a ranging mkt, but usually 2 - 3 entry attempts will highlight the fact that cable is in a ranging phase, and the intraday strat can then come into play.....like anything else, it'll work in good, trending phases, returning consistant profits if utilised with accompanying T/A.
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Buk,

I suppose you buy/sell a NEW 00 cross - or what? Do you also take the second or third as a signal?
 
on a move such as this Baruch, yes, I'll add to a bust of the round number (10/90), as long as we aren't approaching any other major (obvious) s/r points.....this move thru 8300 was a fib area/resist test, so hung fire until it cleared the 8210 pitch....as it happens, I cranked the stop to b/e (on this entry) too early, and it got snapped.....but generally adhering to the 20 pip stop rule, will pay off in a good, trending move!....as the move has accumulated good profits, I'm not too concerned about giving back the odd trade entry....and on this leg up have been stopped 4 times thru the century clips.

and yes, once stopped out, I'll add back above the high/low of the previous stop loss....having just added back in at 8362 (break of the high), stop at 42.
 
Quote from Buk:

on a move such as this Baruch, yes, I'll add to a bust of the round number (10/90), as long as we aren't approaching any other major (obvious) s/r points.....this move thru 8300 was a fib area/resist test, so hung fire until it cleared the 8210 pitch....as it happens, I cranked the stop to b/e (on this entry) too early, and it got snapped.....but generally adhering to the 20 pip stop rule, will pay off in a good, trending move!....as the move has accumulated good profits, I'm not too concerned about giving back the odd trade entry....and on this leg up have been stopped 4 times thru the century clips.

and yes, once stopped out, I'll add back above the high/low of the previous stop loss....having just added back in at 8362 (break of the high), stop at 42.
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Buk, I'm very dumb - so let me ask:

If GBP goes from 1.2230 to 1.2190 - you sell
If it goes from 1.2190 to 1.2215 - you buy because of s/l
If it from there goes to 1.2195 and from there to 1.2225 - do you buy again?
 
Quote from Baruch:

"In my younger days I heard someone, I forget who, remark, "Sell to the sleeping point". That is a gem of wisdom of the purest ray serene. When we are worried it is because our subconscious mind is trying to telegraph us some message of warning. The wisest course is to sell to the point where one stops worrying."
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Baruch,

Do you understand this quote? If so could you please explain it, I don't understand the meaning of "Sell to the sleeping point."

Thanks :)
 
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