Ghost of If You Can Draw A Straight Line

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dbphoenix said:
This chart was posted yesterday to another thread, but it has not appreciably changed. I assume that traders are waiting for the jobs reports. Whether or not they can continue to wait for an entire 'nother day remains to be seen.

The weekly and daily charts were posted on Tuesday and haven't appreciably changed either except for the upsurge on Tuesday to where we are now.

We appear to be at the point where we decide whether we have put in a top or not. Interesting times ahead.
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Where is there a good online calendar for news releases that effect the financials?
 
Hi DB, I'm incorporating the pre-market range, as per your suggestion, and so far it's working out beautifully today. This is my 15 minute chart.

Schaefer
 
Schaefer said:
Hi DB, I'm incorporating the pre-market range, as per your suggestion, and so far it's working out beautifully today. This is my 15 minute chart.

Schaefer
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I wouldn't come to any conclusions based on one chart, but I do consider the overnight activity to be important. For that matter, any activity is important since it all conveys information.

These instruments trade 24/5 all over the world. It is an error to dismiss millions of traders simply because they don't live here. Some very interesting moves can take place long before NY opens.

Glad this worked out for you. Something else to investigate.
 
DBPhoenix,

Thank you for your reply to my question. I have approached entry from another perspective. You have given me some food for thought.



Warm Regards,

Toby
 
TobyMack said:
DBPhoenix,

Thank you for your reply to my question. I have approached entry from another perspective. You have given me some food for thought.



Warm Regards,

Toby
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You're welcome. I got the basics of that from Wyckoff but I must have come up with the terminology myself, based I assume on his water references. It's been a long time.

As for how far from the trough or crest to place the entry stop, that was a matter of testing. Tighter and you risk being sucked in by a meaningless tick. Too far and you run into recoil and have to sweat out the continuation, if there is one. As to making the entry stop a stop-limit, I got that from Teresa Lo.

So we all owe much of what we are to somebody else.
 
"As for how far from the trough or crest to place the entry stop, that was a matter of testing. Tighter and you risk being sucked in by a meaningless tick. Too far and you run into recoil and have to sweat out the continuation, if there is one."

This is key. I am trying to translate this to spot currency markets. Each pair has its own little personality. None of my tests have built much confidence. Being sucked in by a meaningless tick (or pip) rings true.

Thank you for your insight.

Toby
 
TobyMack said:
"As for how far from the trough or crest to place the entry stop, that was a matter of testing. Tighter and you risk being sucked in by a meaningless tick. Too far and you run into recoil and have to sweat out the continuation, if there is one."

This is key. I am trying to translate this to spot currency markets. Each pair has its own little personality. None of my tests have built much confidence. Being sucked in by a meaningless tick (or pip) rings true.

Thank you for your insight.

Toby
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Why on earth are you trading forex? Are you studying to become a currency specialist?
 
Speculation is the family business. My dad began his career trading spot currencies on the prop desk of a Chicago bank. He has since moved on to trading for a select few clients, but is still active in spot currencies among other things. Though I want to forge my own path, standing on the shoulders of those who have gone before me is not bad thing.

Toby
 
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