Baruch, This is a great journal! Have been following for(what seems like) months. Thanks to you and the others for sharing your methods.
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Baruch's Forex System Journal
- Thread starter Baruch
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Quote from TRADERguy:
Partial profits reduce your expectancy (see Van Tharp's Trade Your Way to Financial Freedom). It reduces your profits and leaves your risk the same (loss between entry and stop loss).
I use CQG. Bar charts with the little tics for the open and close of each bar. 5min, 15min, 60min, and daily. Also I sometimes look at a 1 minute for number releases and to see more detail of what has transpired if I have taken a break.
TRADERguy,
OK - but how can you scalp (or short-term trade) without 1 min charts?
Quote from Baruch:
TRADERguy,
T-notes (and bonds) are a little bit confusing - because they don't trade in "normal prices". But right now in September T-notes: 108 8/256 - 108 12/256. So what do you mean with 1/2 tics?
A half tic is 1/64th and a full tic is 1/32nd (2 half tics). Each handle, like from 108 to 109, is $1,000. In the notes these are split into 64ths, which are the smallest movement they can make, which is a half tic, which = $15.625 per lot. From 108.02 to 108.025 is a half tic. 108.025 would be said One oh eight, oh two and a half. If your TradeStation is quoting the prices in 256ths it is their bizarre way of doing things and not how the rest of the world does it. Divide by four to get it down to the way it's usually quoted (see www.cbot.com for more quoting examples).
Quote from Baruch:
TRADERguy,
OK - but how can you scalp (or short-term trade) without 1 min charts?
Well, I watch the market very closely. When I'm watching the market I know what the price has done in the last few minutes. I find one minute charts are too close to the noise and don't really give you accurate technical signals; chart patterns that appear in that short a timeframe are not necessarily valid. This is especially true of charts of the currency futures because the relative lack of liquidity can mean that the bid/ask spread has moved but nothing has traded since it moved.
Quote from TRADERguy:
A half tic is 1/64th and a full tic is 1/32nd (2 half tics). Each handle, like from 108 to 109, is $1,000. In the notes these are split into 64ths, which are the smallest movement they can make, which is a half tic, which = $15.625 per lot. From 108.02 to 108.025 is a half tic. 108.025 would be said One oh eight, oh two and a half. If your TradeStation is quoting the prices in 256ths it is their bizarre way of doing things and not how the rest of the world does it. Divide by four to get it down to the way it's usually quoted (see www.cbot.com for more quoting examples).
OK, I just looked at the chart on CBOT's web site and I guess the way to write it is 108'02.5
The prices that I'm used to looking at on X-trader don't have any punctuation; no ' or .
Quote from Baruch:
TRADERguy,
T-notes (and bonds) are a little bit confusing - because they don't trade in "normal prices". But right now in September T-notes: 108 8/256 - 108 12/256. So what do you mean with 1/2 tics?
I forgot to address the bonds (the 30 year) part of the question: they trade in full tics (no half tics), in 32nds.
P.S. This is for CBOT. Eurex US is different but don't think of trading it (Eurex US) at this time because there is almost no liquidity.
we will be covering the aud rate decision at 7:30pm est on ET FX chat. we are looking for no change but we want to see the bias as the market is anticipating a dovish statement any hawkish statement could see the aussie pop.
TRADERguy, An interesting method is shown at Enthios.com, which employs 5/15 emas on 1 min. chart,and 5/15 emas on 13 min. chart. Trades are taken long or short on the 1 min. chart based on ema crosses, but only with the bias of the 13 min. chart. When 13 min. is long only long signals are taken. When it is short ,only short. This method was posted and tested (not a great deal of data) back when the Nasdaq 100 was valued at 2600-2700. Very good results. Hope this is not a digression
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