Baruch's Forex System Journal

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Quote from DougS:

Scientist--

Do you typically wait for the market to begin moving your direction before entering the trade or do you anticipate a reversal and exit if it continues moving against you? (or adding if you think you entered a bit early..)

Thanks,
Doug
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Actually, both. If I am not already bracketing according to prior critical price levels or channels, then it will really depend on the situation. Will I anticipate or wait for confirmation? Well, to sum it up as simple as possible, it generally depends on whether the market is ranging or trending. If it's ranging, I may anticipate the reversal (call the top or bottom), and if it's trending, I will more likely wait for a confirmation of a reversal. This is just logical when you observe the markets a bit and realize that you can really get burnt trying to pick tops/bottoms in trends, versus have great R:R's during ranging times.

Ranging times = Carefully anticipate reversals
Trending times = Wait for decent confirmation

As a quintessence though, the most important thing to watch in each case is volume behaviour on the chart, and tape. Volume speaks volumes... :)
 
Great job on friday, I can really learn a lot reading your posts. I think that I will review as much as I can of your 1800+ posts. It would be great if you could have time and fun in making your own journal with charts posted like yesterday.
 
Quote from Scientist:

Actually, both. If I am not already bracketing according to prior critical price levels or channels, then it will really depend on the situation. Will I anticipate or wait for confirmation? Well, to sum it up as simple as possible, it generally depends on whether the market is ranging or trending. If it's ranging, I may anticipate the reversal (call the top or bottom), and if it's trending, I will more likely wait for a confirmation of a reversal. This is just logical when you observe the markets a bit and realize that you can really get burnt trying to pick tops/bottoms in trends, versus have great R:R's during ranging times.

Ranging times = Carefully anticipate reversals
Trending times = Wait for decent confirmation

As a quintessence though, the most important thing to watch in each case is volume behaviour on the chart, and tape. Volume speaks volumes... :)
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Good trading. I take my word back, 'you have the guts'. :)
 
Rather then start a new thread I thot I wud post this article that appeared this morning in a Daily Hedge Fund Newsletter .......... think this will b filtering thru to all platforms very soon:

FXall, Charles River to Offer Automated Currency Trading and Settlement



By Paul Barr, Managing Editor
Friday, March 26, 2004 1:20:02 PM ET

NEW YORK (HedgeWorld.com)—Two investment technology firms teamed together with a plan to offer completely automated foreign exchange trading.

FXall and Charles River Development, Burlington, Mass., will combine their respective areas of expertise to create a system that allows straight-through processing of foreign exchange trading. The alliance will combine FXall’s currency trading capabilities with Charles River’s order management and portfolio management systems.
 
Quote from Scientist:

... 165 - Hit & Filled. Out +100. Reasons see chart.

Jayford, what would you've done? Think EUR might break to upside? I personally wonder a bit. I'll just stand back and wait till decent setup comes or trend clearly changes. Why gamble.
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Hey Sci,

Sorry for slow reply. I've been on vacation skiing the past few days.

I would have covered up near the channel on that trade. R/R would seem to get ugly after that point.

Jay
 
Scientist,

Phenominal performance. Thanks for the charts and sharing the day. Are most of your trades now "longer term" ?

Cheers
Kwai
 
Quote from Jayford:

Am I the only one long the pound (cable for our interbank buds).

Jay
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I didn't go long the pound for several reasons. I tried to just sum up some and put them on a chart... as attached.

Also, as you know, I am short the EUR. There are a lot of reasons involved, including of course correlation. But chances are equal for both of us to be wrong or right, and as long as our R:R's are great, who cares anyway. So don't give anything on my analysis, and make sure you ride your trade for all it's worth... :)

S
 

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Quote from Scientist:

But I'm short the EUR 140 & 130... :eek:
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I'm outta here @130, so it's +0 and +10. Scratch trade basically after being way in the green at some point.
Don't like the development of things, so I'll just stand aside until something better comes...
 
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