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Location: Blogs My journey with GBPUSDChat Room Archive |
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| Posted by: BrianTran |
4/19/2007 1:37 PM |
1:46 PM: Friar Tuck: I hear forexplane is going to offer something similar
soon.
********** at 1:46 PM Pat joined the room
1:46 PM: Friar Tuck: Hello Pat.
1:46 PM: pero: is this any good?
1:46 PM: Friar Tuck: not sure.. that's why I'm asking?
1:47 PM: Friar Tuck: What do you think?
1:47 PM: Friar Tuck: Data is a bit old.
1:48 PM: Friar Tuck: Posted: 4/18/2007 10:17:48 AM
1:48 PM: pero: yes... all f this can be read on ema crosses...
1:48 PM: Pat: Hello Everyone
1:48 PM: pero: hey
1:49 PM: Friar Tuck: so not much use then if you know how to generate
that for yourself.
1:50 PM: pero: but it is prettyer than watching the charts
1:50 PM: Friar Tuck: true.
1:50 PM: Friar Tuck: Do you subscribe to anything like this?
1:50 PM: pero: no
1:50 PM: Friar Tuck: Or do you think it's really just for
newbies/dreamers?
1:51 PM: pero: i'm a newbie and a dreamer
********** The messages above were sent before you arrived.
********** To send a private message, type: <nameOfUser> your
message here
Friar Tuck: arn't we all
ForexPlane.com Editor: hi there
Friar Tuck: hello
ForexPlane.com Editor: sorry i'm late
Friar Tuck: np
pero: http://www.stitrader.com/workshops/courses.asp?course_id=28
ForexPlane.com Editor: had to reboot my PC
pero: this is supposed to be good
pero: hello
ForexPlane.com Editor: hi pero
Friar Tuck: Thanks for the link.
ForexPlane.com Editor: how did the trade go yesterday?
ForexPlane.com Editor: wow nice site
pero: got some back, but still no good. once i identified a nice pattern, i
lacked the courage to ride it... and it happened to go just as it should
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pero: c'est la vie i guess
ForexPlane.com Editor: did you get out with a profit right?
pero: nope
ForexPlane.com Editor: it got near 2.0000 then turned up
ForexPlane.com Editor: tough luck
pero: yes, i got some 20 pips there
ForexPlane.com Editor: i mentioned even numbers are tough
ForexPlane.com Editor: it proved that yesterday and today
ForexPlane.com Editor: it's hovering around 2.0000 now
ForexPlane.com Editor: good for you
ForexPlane.com Editor: now we have to sit and wait for the ride up
ForexPlane.com Editor: it's consolidating now
Pat: That is good
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ForexPlane.com Editor: most likely wait for a catalyst ie. news for
traders to make up their mind
ForexPlane.com Editor: i'll be watching for cues for direction, most
likely up
ForexPlane.com Editor: if there are any surprises in the news, negative
that is, could drive the GBPUSD the other way
ForexPlane.com Editor: we'll see
pero: and i'll take a vacation... this is not my week
ForexPlane.com Editor: speaking of the site, i've heard of pesavento
ForexPlane.com Editor: are you doing his course?
ForexPlane.com Editor: i guess now you're seeing the difference
between demo and real trading
ForexPlane.com Editor: emotions get in the way huh?
pero: no, but i've been given a chance to test the indicator for 4 weeks
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ForexPlane.com Editor: how is it so far?
********** at 1:57 PM Friar Tuck joined the room
Friar Tuck: http://www.tradingtutor.com/index.php
Friar Tuck: This chap?
pero: well, not that i'm so afraid of losing money, it's more about the fear
of doing something that isn't okay
pero: haven't tryed it yet... i want to get more familiar with trading before
evaluating such an expensive tool
ForexPlane.com Editor: i see
ForexPlane.com Editor: how expensive are we talking about?
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ForexPlane.com Editor: wow, he's really selling himself
pero: 300€/month i believe
ForexPlane.com Editor: wow
pero: i know
ForexPlane.com Editor: i went through all that, going from one fad to
another
ForexPlane.com Editor: then a trader mentored me
ForexPlane.com Editor: changed the whole scenario
ForexPlane.com Editor: this is why this site is unique
ForexPlane.com Editor: no money, just simple mentoring, with time
ForexPlane.com Editor: traders become independent getting help from
others are more knowledgeable and experienced
ForexPlane.com Editor: too much stuff out there
pero: i just finished babypips.com
pero: very nice site
ForexPlane.com Editor: that costs too much and finally become
disappointed
pero: not that there's anything i didn't already know
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ForexPlane.com Editor: yes it is
pero: but it can't hurt to read it again
ForexPlane.com Editor: babypips are for beginners really
********** at 2:02 PM Pat left the room
ForexPlane.com Editor: friar tuck
ForexPlane.com Editor: have you been trading lately?
Friar Tuck: Had a disaterous run this morning.
ForexPlane.com Editor: what happened?
********** at 2:03 PM Pat joined the room
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pero: did you long the cable?
Friar Tuck: misread everything I guess
Friar Tuck: and stopped short.
ForexPlane.com Editor: i see
ForexPlane.com Editor: i think the important thing is to identify trend
from non-trend
ForexPlane.com Editor: today was pretty much trendless market
ForexPlane.com Editor: so it's easy to drain the accounts
ForexPlane.com Editor: unless anyone knows how to trade the
trendless markets
ForexPlane.com Editor: i for one, am not that good
Friar Tuck: This morning it was bellow the 2 dollar mark and I thought it
would stay that way.
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ForexPlane.com Editor: i usually wait for the trend to being
ForexPlane.com Editor: begin
ForexPlane.com Editor: ah
pero: and what's your way of identifying it?
ForexPlane.com Editor: what timeframe were you trading from?
Friar Tuck: 10min
ForexPlane.com Editor: i usually identify it by looking 240min
ForexPlane.com Editor: yesterday the range was established at 2.01
and 2.00
ForexPlane.com Editor: so anything in between would be trendless
pero: according to 240m, the downtrend on gbpusd just began?
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ForexPlane.com Editor: you could have long at 2.0000 and sell short at
2.01
ForexPlane.com Editor: i see it as a pullback
ForexPlane.com Editor: a consolidation
ForexPlane.com Editor: which is usually trendless
ForexPlane.com Editor: if you see it carefully
ForexPlane.com Editor: the pullback is not as long as the move up
previous to that pullback
Friar Tuck: aha
ForexPlane.com Editor: so higher high and higher low is still intact
ForexPlane.com Editor: the market did break the 2.00 barrier
ForexPlane.com Editor: but didn't close below it
ForexPlane.com Editor: so it was an attempt to take it down
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ForexPlane.com Editor: but buyers came in and moved it back up
ForexPlane.com Editor: on shorter timeframe yes it's a downtrend
ForexPlane.com Editor: but support in higher timeframe will stop this
smaller frame trends
ForexPlane.com Editor: right now, 1.9986 is the lowest of today
ForexPlane.com Editor: it's been tested 2x already
pero: it just started moving up a bit
ForexPlane.com Editor: technicaly it's still support
ForexPlane.com Editor: at 2.000
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ForexPlane.com Editor: you have to think these support areas are like
trampoline
Pat: I see
ForexPlane.com Editor: more than a hard wood floor
ForexPlane.com Editor: it will go through it
ForexPlane.com Editor: but it would bounce back
ForexPlane.com Editor: this is due to selling panic etc
ForexPlane.com Editor: either that or the smart money just ran stops
under it and ran it right back up
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ForexPlane.com Editor: this is the reason i don't get in right away
ForexPlane.com Editor: i wait for the higher low to form
ForexPlane.com Editor: higher low tells me that less and less selling
ForexPlane.com Editor: and more and more buying
ForexPlane.com Editor: it's why the second time it didn't go back to the
same level
ForexPlane.com Editor: i wish we can post charts here
ForexPlane.com Editor: hard concept to understand without charts
ForexPlane.com Editor: reading charts is very important
ForexPlane.com Editor: and interpreting them is almost an art
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ForexPlane.com Editor: but it's not art but common sense and logi
ForexPlane.com Editor: logic
Pat: yes
ForexPlane.com Editor: the only thing that bothers me about fore
ForexPlane.com Editor: forex
ForexPlane.com Editor: is that there is no volume
ForexPlane.com Editor: i only know one data feed that shows volume
ForexPlane.com Editor: eSignal has it
ForexPlane.com Editor: but there is a substitute for it, using tick
charts, it's as good
ForexPlane.com Editor: pero, what charting software do you use?
pero: oh, yes... i wanted t oask you, where you usualy read the nows
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pero: the standard charting of the dealbook360
ForexPlane.com Editor: nows?
ForexPlane.com Editor: news?
pero: http://www.gftforex.com/software/dealbookfx/
pero: news, yes...
ForexPlane.com Editor: on this site
********** at 2:18 PM Friar Tuck left the room
********** at 2:18 PM Friar Tuck joined the room
ForexPlane.com Editor: there's a daily tool section on the left
navigation
ForexPlane.com Editor: first thing i do in the morning
ForexPlane.com Editor: if you click on the individual news item, it'll tell
you the analysis of the news, estimates, etc
pero: wow
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pero: i'm really not using this site enough
ForexPlane.com Editor: i've asked to create a daily tool for users
ForexPlane.com Editor: so these people are really cool about it
ForexPlane.com Editor: they're adding more and more as time goes on
ForexPlane.com Editor: thanks to these guys, they make this site
useful for us traders
ForexPlane.com Editor: friar!
ForexPlane.com Editor: i also use the fibonacci calculations and pivots
Friar Tuck: Hello
ForexPlane.com Editor: which is important in forex
Friar Tuck: yes, still more to do.
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Pat: yes
ForexPlane.com Editor: i know for a fact insttiutional traders use them
ForexPlane.com Editor: their charts are lined all over with these levels
ForexPlane.com Editor: i'm trying to figure out a way to set the session
lows and highs in the daily tool
ForexPlane.com Editor: that would be a good useful tool
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ForexPlane.com Editor: NY high/low, London H/L, etc
ForexPlane.com Editor: seeing these levels in the morning would help
greatly
********** at 2:23 PM pero left the room
ForexPlane.com Editor: pero does dealbook360 have drawing and
indicator tools?
pero: yes
pero: try the demo
pero: it's very nice
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ForexPlane.com Editor: i see
ForexPlane.com Editor: i'm sure it's a good tool
pero: which is your broker?
ForexPlane.com Editor: does it have tick charts?
pero: it does
ForexPlane.com Editor: mbtrading
ForexPlane.com Editor: mbtrading.com
ForexPlane.com Editor: i was recommended to use tick charts for
forex
ForexPlane.com Editor: along with minute charts
ForexPlane.com Editor: this way you can track the volume more or
less
ForexPlane.com Editor: so i'm studying this idea for the moment
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ForexPlane.com Editor: i'll post some insight once i understand it
better
Pat: sounds great
ForexPlane.com Editor: i've used it before a while back
ForexPlane.com Editor: but didn't give enough chance to really study it
ForexPlane.com Editor: then another trader mentioned it that's how
esignal use volume
ForexPlane.com Editor: by using tick counts
ForexPlane.com Editor: so using tick charts make sense
ForexPlane.com Editor: but it's not charted in the traditional way
ForexPlane.com Editor: that is volume bars on the bottom
ForexPlane.com Editor: tick chart count the number of ticks go by then
start a new bar
ForexPlane.com Editor: for example, if i have a 25 tick chart
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ForexPlane.com Editor: so every bar contains only 25 ticks, then open
a new bar
ForexPlane.com Editor: so in the news time, the bars form very quickly
ForexPlane.com Editor: because of the ticks moving very quickly
ForexPlane.com Editor: within a min, you can see 5-6 bars
ForexPlane.com Editor: compared to other times, it would take 5-10
mins
ForexPlane.com Editor: to for 5-6 bars
ForexPlane.com Editor: takes a bit to see it differently
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********** at 2:31 PM Friar Tuck left the room
ForexPlane.com Editor: anyway
ForexPlane.com Editor: looks like GBPUSD is holding above 2.000
pretty well
ForexPlane.com Editor: forming higher lows and higher highs on lower
timeframes
ForexPlane.com Editor: i'll be making a small position somewhere
here
ForexPlane.com Editor: gotta go
ForexPlane.com Editor: i'll see you tomorrow?
ForexPlane.com Editor: if you plan to go long here
ForexPlane.com Editor: make sure the stop is underneath 1.9986
ForexPlane.com Editor: small tight stop loss
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ForexPlane.com Editor: you can hold it until the high or until it breaks
the new high
ForexPlane.com Editor: good luck
ForexPlane.com Editor: see you tomorrow
ForexPlane.com Editor: guys
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