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Yeah joann, I just ordered it too, but since I wasn't willing to pay $70.oo, or double the $37.oo "sale" price for overnight fed-ex, I'll be waiting two weeks like jav probably. I'd go mow my lawn too, but it's raining. I really like the rain, and I actually don't mind mowing the lawn....but I hate waiting!
Take care pennies and thanks for all your mentorship and time. I'll definately miss all your input and presence on the board! I wish you well regardless the forex. Thanks for everything. Be good to yourself!
qui
Tks SG...must be my computer. My MT4 is running fine so thought it must be i-hub. Time to wipe the drive again I guess. wonderful..
Is it just my computer or is i-hub running very slow this morning?
I'm with pennies on the MA21 SG.......it is the 1st and best place to take either all or partial profits imo! I've been watching the price action in respect to the MA21 for many weeks now on all time frames and I wouldn't trade without giving it due respect. The MA21 and the MA62 both.
Hey SG......I'd been playing a/u successfully all morning though with small lot trades. I'm waiting for a good spot to really load up a good short to try and shorten the distance between my 1st short a month and a half ago and where price is now. With the larger time frame and a near perfect pincher setup with all indis aligning, I may be able to pull it off. I'm still farting around with your rainbow group of emas and trying to play off it, but I need to remove some other things from my main chart to be able to visualize the rainbow better for sake of trading off the twist.
Time to get a couple things done around the house first though...
Very true SG! The tunnel, the 62ema and the MA21 are all points which can kill a reversal or cause a new reversal for a brief time before the larger reversal wave or trend resumes. I'm still using bollinger bands and lines of support/resistance too when considering the pincher trades. I've been playing the 5 minute chart on A/U for shorting and I'm using the S&R lines along with teh MA21 and now quad tunnel for choosing entries and exits along with the Four legs and CycleIdentifer indicatrs and the macd pinch action.
Thanks SG! I find that the daily allows way too much room for error, so the 4 hour and then getting further agreement from the 1 hour and then moving to the 5 minute for fine tuning the entry is the safest bet. It's just not wise to ignore the larger trend and time frames. And regarding entry off the 5 minute time frame.....the further the price is from the MA21 on the 5 minute chart, the better!
I'm using the 1 and 5 minute chart. Yes, that's my final and easiest to understand answer to your question. lol
I'm having to watch the 1 hour and larger time frames for the approaching setups on the lower time frames, though I'm actually trading off the 1 and 5 minute charts, because even the 15 minute chart presents too much spread or slop in the price for me to be comfortable taking the trade on any time frame larger than the 5 minute. I'm trying to keep tight stops and it's both helping and hurting my trades. I know I still need to get used to trading off the pincher, but I'm finding it best to take advantage of the little head fakes on the smaller time frames to catch the best price for entry on the pinchers of the same time frames. Probably didn't make sense....
Well I can relate to the paranoid part of how you're feeling, but with my youngest daughter, wife and a chocolate lab wanting something from me most all the time, I'm hardly feeling lonesome. LOL
Hey jav........I'm just lurking, and waiting for a near perfect pincher setup to evolve. I wish I had a dang ea! I hate going through each pair on each time frame trying to find a good trade.
Thanks git, I'll open a new demo account with Oanda as soon as the Alpari demo period runs out and I'm no longer able to use their charts without resubscribing with them. I'm not running an ea off a real account using MT4, but if I were, I'd sure as hell not use an MT4 platform that had any glitches or programming failures at all once I knew of it.
git.....I haven't noticed any problem with Alapari other than it tends to load and run more slowly as I add more indicators or open a chart for every pair. BUt then I have that same problem with my FXCM MT4 charting too.
I have been getting these 25% trade fee savings for the first month emails from them and they called my home phone once soliciting their services; and I don't appreciate it. I'll not be moving my money over to them to open a "real" account. And if the demo gets much slower on opening, I may open another Oanda MT4 demo account to see if it's any better. I don't remember liking the visual from Oandas MT4 charting, but maybe I'm remembering it wrong...
Yes SG, the pincher setup does make trading almost easy now, in that it's removed so much of the uncertainty for me. You mention the pincher not being ready and that's why I use the two additional indicators in windows below the main chart, "CycleIdentifier" and "Four legs", and I wait for confirmation from both before I take the trade. It's not 100% but seems to be high 90's percentages. At least looking back through the charts; backtesting. The real key will be real time and how much the two indicators may "paint", but I'm hoping that with both triggering alerts at the same time, there will very seldom, if ever be false alerts from both of those indicators. Time will tell. Now to get the nerve up to take the large lot trades that will bring the greatest returns.
Don't know SG, but I just scalped off the U/J 15 minute pincher and closed out at the MA21. Didn't have the nerve to go in large, but I did manage to make a nice little scalp just this past few minutes.
Well that is good news! Thanks git! eom
I've got an eye appointment that I need to leave for here but I want to mention something that's been on my mind regarding the "breakout". A month ago when I took my first A/U short position, I took the position just below the strong resistance line on the daily chart which was set by the prior to price highs of November 5th 2010 and December 30 2010. First mistake I made was not waiting for the resistance line to get hit before taking the short. I was already 100 pips too early. The waiting is the hardest part as TTR just mentioned. The second mistake I made was believing the price might turn around anyway even after piercing through the daily resistance. The third and greatest mistake I made was not taking the small loss, even at 100 pips versus waiting it out as I did for over 700 pips currently. A fourth mistake might be considered that where I went short, I should have gone long. Once the trade failed by piercing the line of resistance, I would be up some 700 pips now instead of down those pips had I gone long and held for this full month later.
Ok, so had I had the macd pincher visual to go by, I'd not have taken the initial short. Had I observed the relatively shallow distance to the quad tunnel on the daily chart, I'd not have gone short when I did. And just because the price was knocking on the upper bollinger line on the daily chart, there was no reason to assume that the bollinger would provide even a pullback, much less a reversal. Foolish trade looking back at it. Foolish.
So my the point of my post is this.....once the price moved above the line of resistance, that line became support and I should have gone long, using the line of resistance as the begining of a place to set a stop loss trigger depending on however much I was willing to lose based on lot size. Second point is this.....even if the price has moved up 600 pips from the quad tunnel on the daily, it can still move up another 600 pips or more on a "breakout"! Ok, I've made my point I think. Now to set it in my memory..
Alright, I'm off and away for a couple hours.
Right perse. And with the large lot trades, you can't just double down every 100 pips or so and necessarily be ok in the end. So the stops are a must, but how much of a stop....well I'm hoping the indicators I use will help answer that. Time will tell. A lesson I'm studying and learning as well.
Welcome perse......I look forward to seeing you post your discovery over the next couple months on your board. The more annotated charts you post, the better btw. Money management is key and I was doing great at steadily increasing my account value for just over a years time until I became unhappy with 100% annual balance increase and wanted quicker and greater gains prompting me to increase my lot size during trades. Well that cost me a third of my previous years gains in about a months time. I'm now hoping with the revelation of the mighty pincher setup that SG has modified from his days trading securities to present time trading forex, that I can bring a return of my previous gains and begin being able to trade those larger lot sizes; stop loss settings included for money management sake. First though I must get back to even on my A/U position which I dug a hole for myself in before SG presented the pincher setup. I must say that the pincher in itself though a powerful visual indicator for an impending reversal is no single perfect indicator anymore than any other indicator is. The pincher can continue for a period of time causing losses if stops aren't used. I'm using it along with three other indicators to try and locate near perfect reversals and I'll let the board know what I come up with over the next couple months myself. I also consider lines/levels of S&R and other technicals as well before taking a trade. But I have got a main pincher template that I expect will bring confidence and consistant gains to my account even trading with the larger lot sizes.
It's going to be a busy day for me so I don't know how much I'll be around, but I'll spend some time viewing your boards postings and see where your at and see what can be gleaned from your trading notes. Again, welcome to the board.
Thanks SG. I'm just adding every 100 to 200 pips so if it's hawkish, I'll add at 110 and if its dovish, I'll simply wait out the gains from my most recent add which so happens to be right near here at 109.35. Otherwise, if I get the chance to scalp off a 5-15 minute pinch, I will.
Thanks for mentioning that stargate. I wonder what the rate change will be and what it will mean for overnight A/U price action...
There's a bullish pincher set on the 15 minute and 30 minute charts along with the reversal alert by the CycleIdentifier and max Four legs MT4 indicators to help confirm a bullish reversal from current price, but will it stick and for how long. Still negative bearish pinch and confirming MT4 indicators on the 4 hour, daily, weekly and even monthly chart, so I'm hoping the bullish reversal is very short lived.
Btw, stargate, read back through the "pincher" posts on the board over the last couple or so days. It may be worth your while!
Sounds good SG, thanks I'll apply it and see how it goes!
Oh just scalp off your pincher setup SG and you'll be fine! More than fine indeed. For the first time in a month now I've had two good large lot scalps thanks to the pincher template I've got based on your macd pincher! I'm still under in my A/U shorts but since there's a nice pinch on the daily, weekly and monthly charts and since we've seen 30 days of upward price movement without a decent pullback, I'm guessing there shouldn't be more than a couple hundred pips or so before A/U pullsback nicely for a week or two offering me a chance to get closer to even so I can survive whatever remaining rally remains to this larger wave on A/U. Btw, had I had your pincher setup to apply to the A/U chart when I took my first short some 700 pips ago, I wouldn't have!
Well, it looks like big ben and heightner geithner are right......warren buffet says it's all good for the US. economy
"UPDATE 1-Buffett remains solid on the American economy
Sun May 1, 2011 4:18pm EDT
* Sees no credit risk * Calls out Congress for debt limit debate
(Adds comments on banking sector, European sovereign debt) By Ben Berkowitz OMAHA, Neb., May 1 (Reuters) - Warren Buffett does not
spend his time making stock research recommendations, but he is
sure of one thing -- America should have a "strong buy" slapped
on it. Tens of thousands of Berkshire Hathaway shareholders who
descended on Omaha this weekend for the conglomerate's annual
meeting got one unmistakable message from Buffett -- no matter
how bad the economy, or the deficit, or the political divide,
the United States is as good a place to live and work as ever. "I don't see how anybody can be other than enthused about
this country," Buffett told Berkshire (BRKa.N) shareholders on
Saturday. Buffett, often called the "Oracle of Omaha," is one of the
world's richest men and leads a conglomerate that owns
railroads, insurers and ice cream parlors. The comments echo those Buffett made in February in his
annual shareholder letter, but the words still may encourage
investors looking sideways at the country, particularly after
Standard & Poor's put the U.S. government's critical "AAA"
credit rating on a negative credit watch. Buffett told Reuters Insider that S&P's move was premature,
given the U.S. government issues debt only in dollars and can
simply print more money to pay debt if absolutely needed. "The United States is not going to default on any
obligation," Buffett told Insider in an interview after the
annual meeting. "We are not a credit risk, believe me."
Where Buffett's enthusiasm wanes to any degree, it is
mostly in conversation on the dollar, which he said is sure to
weaken over time, like most other currencies. Buffett, as usual, said he was shying away from
fixed-income investments for Berkshire's part, even as he keeps
some of his personal wealth in Treasuries for safety's sake. Some worry that safety could be threatened by the debate
over the national debt ceiling, an issue that has divided
Congress in recent weeks and gotten more tense as the country
gets closer to its legal limit on debt issuance. Buffett, asked about the possibility Congress would not
raise the ceiling, made one of his most-repeated comments of
the whole weekend, saying it would be the legislature's "most
asinine act" in its history. Buffett also affirmed his support for the banking sector,
where he has big bets on Wells Fargo (WFC.N) and U.S. Bancorp
(USB.N), calling the odds of another banking crisis "very very
low." His partner, Vice Chairman Charlie Munger, was less
sanguine about Europe and the effects of the sovereign debt
crisis, saying the continent has "a hell of a problem" in
comparison.
(Reporting by Ben Berkowitz, editing by Maureen Bavdek,
Bernard Orr)
http://www.reuters.com/article/2011/05/01/buffett-economy-idUSN0113337320110501
Seems surreal jav! It's hard to comprehend living through it and then trying to pick up your life after that kind of trauma and loss. Good to hear though that you've survived with no more loss than electricity, a freezer full of food, with a lot of inconvenience in it's place and a hold on trading.
I also didn't realize that there were more than 160 tornados that swept across 7 states! Not the 1800 during Katrina, but at least 310 known to have lost their lives. Man that's despairing..... I'm not seeing how many homes were destroyed leaving the homeowners completely homeless with a loss of all their belongings but it's got to be at least a few hundred.
I wasn't paying attention SG, I thought he was posting after the tornado storms had gone through but not reached where he lived. I assumed he was simply without power or maybe just periodically without it from the closest grid. I'm reading now where hundreds are left homeless and a million homes without power. I don't know where he lives in relation to tuscaloosa and where the worst of the storms were, but it's worrisome for everyone down there who are just living without power.
And silver back up to $49 an ounce......wow.
Those storms in Alabama especially were hellish according to the news I've been reading SG. It may be that he's at least without electricity from the grid. Here's an article that speaks to the magnitude of the outages.
"LG&E and Kentucky Utilities help storm victims
LOUISVILLE, Ky. (WDRB Fox 41) -- LG&E and Kentucky Utilities are traveling to Alabama to help restore power.
More than 145 workers will be stationed in Birmingham while trying to help storm victims.
Hundreds of thousands of Alabama residents recently lost electricity due to the severe weather there.
LG&E and KU were able to send crews as the weather situation in Kentucky has stabilized."
http://www.fox41.com/story/14537078/lge-and-kentucky-utilities-help-storm-victims
I'm not sure we're talking about the same price movement pattern pennies. I've put a chart up below to show you what I mean exactly. You can further your point or say "oh I see what you mean". If you look at the red line on my chart below, you can see where the double bar alert occured with the cycleIdentifier indicator and where the price peaked and reversed directly above that on the main chart, but then four candles later, the price moved lower with the new reversed trend but bounced hard intracandle moving up to peak at the old trend line and then the next candle returned to the new trend again, possibly shaking some out, especially if that occured on a larger time frame with greater pips. That doesn't appear to be a wave 2. Btw, it's a real anomoly as almost always the absolute price peak will occur on that double bar and that's why I'm so enthusiastic about trading off the combo of the pincher and cycleIdentifier with four legs maxed to remove any (most) doubt.
Right git, well I'm sure it's not going to be easy to come up with the perfect indicator, but let me put together a bullet form of details that I think might help you and that I'd like to see in the indicator along with the two indicator files which I'm pretty sure I got from you some time ago but have never been able to find any way to apply them concretely for guaranteed gainful trades each time as stand alone indicators. I may have to get back to you over the weekend, but I'll send you an email of my thoughts and wants and you can decide whether you want to invest the time to pursue it further.
I'd rather pay git for the program SG, and if he were to develop it, I believe it would be a source of gradual wealth in some measure for himself. I don't know if copyright issues would enter into it considering the CycleIdentifier and Four legs was developed some other programmer, but I'd love to see git put it together and buy it from him.
Hey git......you say it would be hard to code because oftentimes the pincher will keep on pinching but if you could code it to trigger an alert that remains on screen till closed out, that would be fine because oftentimes I don't mind if the pincher keeps on pinching and that's the reason I need the CycleIdentifier to flash a 2nd alert on the screen along with the four legs maxing out in its window. The CycleIdentifier triggers what I believe to be the actual point of price reversal following the flash alert of impending reversal from the pincher.
I can't afford to pay you more than $150 which I just paid for an ADR indicator which I have yet to use but if you could code an macd pincher alert along with the CycleIdentifier single and double bar alert and the Four legs in pretty maxed parameters, I'd definately pay you for it git! It would be worth much more than that for your time and effort, but I am currently a low class family guy living with middle class debt and haven't made enough trading over the year to allow me to spend more right now. It'd be a ridiculous insult to offer to make additional payments as my account grows, but I'd do it. I already owe pennies for all the time he's spent tutoring my dumb ass. Btw, the ZUP is one worth programming too. I'm more concerned with the other though right now. I don't know about the adx indicator ea you mentioned but I'm intrigued.
If the price moves up close to retesting the high, I may join you SG. I may hold overnight as well, but I'll definately be forced to keep a fairly tight stop and cross my fingers that I don't get stopped out before it really reverses.
I need an indicator that gives a great big flashing screen alert on my monitor which shows the the letters of the specific pair on screen that has the pincher setup, along with which also shows the specific time frame that the pincher has occured on and shows whether it is bullish or bearish!!! And if it wouldn't be too much to ask, I'd like the alert to flash in some bright color when the CycleIdentifier triggers with a double bar alert after the pincher alert has gone off. Who can do this for me? I need someone to do this for me?? Who can do this???
Sweet SG! And there's that bearish double bar CI to confirm. Should be a position worth holding for a while. Fell away from the descending line of resistance on the 4 hour chart. Nice trade. I'll have to see if I get a chance to play it as well here before the days over.
Hey SG, speaking of daily pinchers, take a look below at the daily N/U chart with the lower bearish macd pincher having presented and the bearish double bar alert from CycleIdentifier along with further confirmation from the Four legs indicator having nearly topped as much as it can in its window. We'll have to watch and see how it plays out. May be worth a small starter short position, but I'm tied up with A/U for however much longer. I'm forced to stick to scalping off the lower time frames on any other pair other than an A/U long hedge which I can no longer do thanks to the US account rule changes. Note the new bearish red doji candle that presented today on the chart below.
Indeed I have been sweating it a while SG. You don't need to post it but if you bring up a monthly chart on A/U you'll see that it too has quite the tight pinch going now and four legs is nearly topped as well, but no bearish double red bar to alert a reversal yet and even if it did present now, it could paint a bit which could be some painful pips. All I can do is use the pincher setup to try and scalp my way back to even balance-wise as I wait out the A/U reversal. Foolish of me to enter that early looking back. The pincher setup should help with the early entry problem I've had since I began trading over a year ago.