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GM SG. Congrats on your successful experiment! I opened up a short on E/U yesterday afternoon using the 3 hour chart. The GMMAs and quad tunnels told me it was sustaining the downtrend and the move up was merely a strong pullback. Sure enough, I was within 30 pips of the top. Had I not run my trailing stop to tight, 50 pips, I'd still be in at about 120 pips profit and counting. Instead, the TS only gave me 1 pip. Another lesson learned. :)
Well, we're stronger than any group the NSS posse have faced in the past. We've been saying this for a while now. They reek of desperation in every post and every turn of the chart. If they win this battle, it won't be by scaring us into selling our shares. And from what I can gather, that is about the only way for them to win. But we'll have to wait and see.
I agree. I'm not familiar with gray sheets, but I do know it is often considered the kiss of death. A suspension and gray sheets is enough to scare off most investors, and rightly so. This is a different animal though since fundamentals and price take a backseat to the total number of shares owned.
I'm not going to speculate much on the coming days of EIGH. It seems every time we expect something, we're only propped up to be let down. The only thing I do know is that if they really do reduce the float, we will have a golden opportunity to present our proof to the necessary authorities. It will be the most straightforward part of this entire process.
I'd be willing to fly out to the Boston SEC office myself with a folder full of brokerage account screenshots and signed affidavits from shareholders swearing authenticity, and sitting in their waiting room for hours or days until someone pays me attention. There are a few dozen other people who would join me as well.
If EIGH reduces the tradable float to 20 million shares, it's only going to take a few screenshots of accounts from stockholders to show there are way more than 20 million shares owned. We already have an unofficial share count so getting some screenshots from this dedicated group will not be difficult if it is the straw we need to break the camel's back. We can even hand deliver them to the SEC office if necessary. There is no way the SEC could ignore this.
On top of that, reducing the float while increasing the O/S allows the holders with more money to purchase even more shares without becoming 10% beneficial owners, further increasing the NSS hole.
If EIGH does follow through with the share structure reorganization, it's actually a pretty brilliant way to fight the stock price manipulation. Proving our belief in NSS will be quite easy.
Congrats sir! You think you'll be able to adjust to life on the outside?
This Forex stuff is fun and maddening at the same time. I'm still bleeding money but at a substantially reduced rate. :)
Mars adopted the Euro as their new currency. Universal demand is overwhelming now. :)
I'm guessing a bunch of stop losses were getting knocked out and causing a short squeeze?
Morning SG,
Looks like the market is just getting started this morning. They must have known you were gearing up.
On those impulse candles, are you augmenting your decisions with another indicator like the MACD to create those?
Was the Euro just announced as the greatest currency in the universe? Over 100 pips in 10 minutes.
prop her up, let her fall! we make money either way.
im not really seeing a sign yet that E/U is entering a sustained uptrend. It does need a little more time to be sure, but this might just be a bigger consolidation.
Looks like pennies already provided a pretty good explanation of them. I use them the same way, support/resistance and defining trend. One thing about Forex is that although short-term volatility is high, long-term trends do hold. The quad tunnels are able to identify this pretty well.
SG,
After that drop and the subsequent big retracement on the A/J 1 min, I started working it using the quad tunnels and GMMAs. It was pretty obvious how well it worked when it was applied to a good pair. Support and resistance and trend reverses were plain as day. I could almost call the tops and bottoms down to a few pips. I took about 30 pips in 40 minutes, but had I stuck with it for longer it would have been more like 50 over about 90 minutes.
The only reason I looked at it was because you said you were trading on it today. Then it had the huge drop and retracement so I felt it created a range to work in. My question is, how do you determine when a pair is ideal for trading? I just don't know yet what characteristics I should be looking for when scanning for trades. I know you have mentioned the sine wave, but I'm not sure yet how to differentiate it.
Ahh ok. When you say crosses, I'm guessing you mean short-term group crossing over the long term-group? I haven't been using crosses at all. Just working on one side of the trend.
I'm watching E/U, A/U, and N/U 5-min charts at the moment. Was able to pull 2 15 pip trades from them in the past 3 hours. They all look very similar now, which I assume means the US dollar is driving the action. If they all offer short opportunities at the same time, is there benefit to spreading the risk among all three instead of just one? My thinking here is that you are still betting on the dollar, but mitigating the risk of the wild card currency it is paired with.
No volume on EIGH today? Or is the ticker stuck?
Good morning pennies,
I spent a lot of time working on the strategy you explained. I noticed there is a lot of synergy between that strategy and the quad tunnels/GMMAs on the charts. I was also shocked how many trade opportunities there were overnight even on the 15 minute chart. No shortage of trades for sure.
I'm still down pips and under 50% on my trades, but I can clearly tell it's from poor execution. Incorrect reading of the stochastic, not entering early enough, etc. One thing I'm also doing is I'm not letting the price run when I should. I go positive 15 pips, and it pulls back below 10 and I panic and bail. In reality, I should have stayed with it and pulled more like 20-40 pips. No reason for exiting other than emotion.
Strangely, I am quite pleased with my losses incurred last night. If I can maintain focus and finish in the positive by end of the week, I will feel more confident than I have in weeks.
I guess I'm really not that far off then. I'm just failing to recognize when a trend is intact or not. Part of it is after spending hours staring at charts and getting bored, I can convince myself I see something that isn't there. I'll just maintain the course with the quad tunnels and GMMAs. I know they work.
Thanks for the help. The Forex is without question a lot of fun, but you definitely have to be a disciplined.
That's great that you can scalp on this. I can't seem to get any traction. Started off my Forex endeavours pretty well a few weeks back and then at some point lost my way. In the last three days I've only had 34 successful trades out of a total of 109. I'll sit out and watch until London opens and see if some longer trends develop. For now, I'm just not ready to learn how to scalp yet. I better stick with the trends.
Are you able to scalp this tonight? It seems all over the place.
The market is out of control right now. E/U just jumped 25 pips in 3 minutes.
Sigh, I feel like I'm talking to a wall. Then by all means, post to your hearts content. If you really think you're making a difference, don't stop now. We certainly aren't. We're going to keep holding and see this through until it's over.
That's the SEC's reason, not ours. Ask any shareholder from the Den and they'll tell you the overriding reason they are holding is for the unrecorded naked short position we believe exists. Therefore, talk of fundamentals or scams or SEC is completely irrelevant to the reasons we hold and thus a waste of time. Clearly no one is going to change our mind and no one is going to change yours, so there's nothing left to discuss.
The fundamentals don't matter anymore. I'm not sure why everyone is arguing over it. I couldn't care less about whether they lied or didn't lie, incompetent or not, scam or whatever. Let's stop dancing around the primary point in question here.
We say there is a large unrecorded short position. They say there isn't. If we don't sell, they can't cover. If there is no large unrecorded short position, they don't need to cover. At some point, these conflicting statements will come to a head, but neither side is relenting nor will they until forced to.
Both sides know this so there is nothing left to discuss, no mud left to throw, no numbers left to dissect, no rules to interpret. We should all be at ease knowing the SEC is involved and that signifies that a resolution will come out of this, for better or for worse.
Thanks for helping me understand this. It certainly makes sense, and I am more than happy to take consistent returns over big gainers. I'm backed out now to the 15 minute chart so I'm not so rushed to make my decisions. Plus, I can currently watch the market for about 16-18 hours per day if necessary. It isn't a pace I'd like to maintain, but for the rest of this year, I am intent on putting in the time to hone this in.
You're right on your last post that the income can add up very fast. Since I started, Forex has definitely been the most interesting of the markets too.
I will watch those areas as well as the Fibs and quad tunnel S/R points. Forex seems to respect those levels greatly. It's almost as if Forex magnifies everything in the US market so it is less forgiving to mistakes.
I see. I like it because the decisions are clearly defined. Not a lot of subjective interpretation. Is the idea behind this that consolidations are a guarantee so you take advantage of them throughout the day?
Wow, very well done. Nice start to the week!
That is probably a good idea. I'm working off 1 minute charts and have a lot of screen time so there is no reason I can't have a lot of opportunities each day.
In order to avoid these headfakes on the breakouts, which are already killing me this morning, do you have any suggestions? The only thing I can see so far is that sustained moves are far more likely when the GMMAs coil up with one or both quad tunnels, and perhaps I should until this occurs before attempting to trade any sort of trend.
Is there really 0 volume on EIGH an hour into trading today? My feed is not in real time.
I watched it until the early hours of the morning. It had consistent pullbacks and nosedives. It doesn't appear to be slowing down yet.
It did finally make up its mind and I missed all of it. Somehow, I lost money on it.
SG also helped me setup mine as well (thanks SG!). I'm using the quad tunnels as well as the GMMAs now and together they paint a nice picture of the action. Last night I was 4 for 6 and +30 pips to start the night, but ended up being down 30 by the time I went to sleep. I was reading the overall action correctly, but my entry points were not consistent causing my stop losses to add up. I did see some clear patterns which I'm sure most here know, but I'll list anyway:
-EUR/USD appears to lead a lot of the action, at least right now.
-When one or both of the quad tunnels coil up with the GMMAs, a strong breakout is imminent.
-Although no stock goes straight up or down, Forex seems to be more defined in its stop and go pattern. More of a series of consistent breakouts than typical stocks have.
-Fibonacci lines are well respected.
Once I can hone in on recognizing the breakouts correctly as well as not panicking when it retraces in the middle of a run, -30 pips can easily turn into +130.
I'm pretty new to this and taking a beating right now, but the potential of Forex is obvious. It also takes a slight mentality adjustment from typical stock trading I'm used to.
Ahh ok. It looks good. I have had limited experience with the MT4 platform so far. I'm using Oanda for now, but it isn't real crisp so at some point I will need to switch to MT4.
I'm trading right now. It was good for the first hour, but then the market reversed and I don't think it knows what to do. So now I'm just waiting it out until some trends develop.
pennies, I notice it says a 0.8 spread for U/J. Who is that through?
Sid, you trading tonight?
Down down down goes E/U...
The snakes are getting more venomous. Not your garden variety anymore. Hold tight folks, good will prevail in the end.
Looks like G/U might breakout pretty hard downwards. I don't think I'll be doing any trading until the spreads come back to earth, but I would certainly welcome some strong movement today.