XO_Method REVISED - Page 76

clahn04 · #**751** (**permalink**) 07-29-2008, 03:08 PM

Quote:

Originally Posted by ValeoFX

WOW Cl, how did you take this Short with an announcement lurking in the shadows? You must have made a very nice profit here? I did not trade it due to the announcement.

Thanks for doing the "homework" - glad you found the same as I did.

Best wishes.

I took that short at 9:50. I was out on the close at 9:55 for the overheating CCI. I stayed out of the choppiness until the re-entry around 1250 (not at my normal computer...i'm pretty sure that was the time). I missed the up move (barely an up move) because i thought the market had a downward bias. I missed the news entry that Suk did as well. I think i played it pretty conservatively in the end, but the quick scalp was pretty aggressive in the beginning. The choppiness a lot of the currencies exhibited told me to stay out for a while after i sold covered the first short.

Best,

cl

Big Joe · #**752** (**permalink**) 07-29-2008, 03:12 PM

My stop was at high of day, so 35 pips.

And when i enter valeo, the rsi 4 hours was with me (love this readjusting thing).

And my wisdom is simply my (long) experience.

I just closed @ 130 pips.

After tomorrow Valeo, check your mail (my new exit strategy derived from diamond is diabolicus).

Give me, all, your positive energy for tomorrow.

See you soon.

suk1000k · #**753** (**permalink**) 07-29-2008, 03:28 PM

I'd like to come in here in response to the long entry followed by the news short. I was long in the trade and at one point about 7 pips in profit. I closed out at 2 pips profit before going short at the news. This was because:

The UK economy is a known dump at the moment. Last weeks major announcement proved that. The speculation is that the pound "cannot hold up" - personally I don't believe it - but it is what the fundamentals have been saying. In other words I find it essential to do some news research which basically entails looking at forex factory and deciding what might be the impact of the news assuming the predicted figures are something to go by - just by asking "well, what if?" I do not trade news generally, but have said, on occasion, my risk appetite does pertain towards it, like today. After last week where I lost money on the day of the big announcement and the 150 pip short where I did not properly check my news possibilities, I decided I'm not going to let that happen again. Still making a mistake with my volume today has not left me happy, but it seemed liked the "logical outcome" to me today.

Yes, the technical direction was long - but where was the momentum for the long coming up to the news? There wasn't any. 3 short candles after the breakout and none of them showing any steam in the long direction. My M15 made me take the long before the news (the tip about reducing the size of the chart in order to see the bigger picture helped me here). Considering that 100 pips were the potential reward, I thought a 7 pip stop at the open of the announcement candle was worth the risk/gamble considering the risk/reward potential of the trade. Also, I had done my homework.

Quote:

"Market will be watching a string of UK data in European session. The CBI Distributive Trades Survey has stabilized in the past couple of months, but it still highlights weak demand. Spending on summer clearance sales are reported to have been strong, but with consumers coming under pressure from rising inflation, the threat of unemployment and the fall of housing prices, we don't expect spending to stay buoyant. The number of mortgage approvals for new house purchase fell below their early 1990s lows in May and are expected to fall further in June. Supported by the British Bankers Association, figures already released are showing a fall last week. While the weak fundamental data will be tempered by inflation concerns, we are expecting some weakness in Gbp today on the negative data." - ACM

Quote:

"GBP traders, watch out for the mortgage data and CBI survey out this morning - GBPUSD is looking a bit too ambitious in our view above 1.9900 and is trading right up against the 200-day moving average again. - Saxo"

Quote:

Whilst I know we shouldn't trade announcements with this, however, I think we should know a little about the economy we're trading and the likely potential emotional reaction of the newstime traders, even if it's watch and see.

I think the retrace to 1.9621 (EMA8 on M5) gave perfect reentry because the announcement was likely going to go at least 100 pips overall, which I am finding the 'established direction' does frequently. So I want to get this so that I am getting in as early as possible on a sure-fire that I have chosen the "established direction" which I think is what Valeo is the master of and I am willing to learn and do whatever it takes to replicate the results he is getting.

PS I am in need of further input somewhere...so all data is appreciated.

ValeoFX · #**754** (**permalink**) 07-29-2008, 04:16 PM

My prayers are with you for tomorrow and always.

Thank you for sharing your experience, it is so much appreciated.

Congratulations in achieving +131 pips. I just managed +64 which I will show below in a seperate posting.

Talk tomorrow.

ValeoFX · #**755** (**permalink**) 07-29-2008, 04:21 PM

Attached for completeness sake is my M15 entry this afternoon. It does not need any explanation I think.

I must admit that I was "scared" that the price may stall here as the price bounced off the S1-Pivot 3 candles prior to that, but as Joe said, the H4 favoured us. The rest was easy for +64 pips in my case.

See you in the morrow.

ValeoFX · #**756** (**permalink**) 07-29-2008, 04:27 PM

Quote:

Originally Posted by suk1000k

I'd like to come in here in response to the long entry followed by the news short. I was long in the trade and at one point about 7 pips in profit. I closed out at 2 pips profit before going short at the news. This was because:

The UK economy is a known dump at the moment. Last weeks major announcement proved that. The speculation is that the pound "cannot hold up" - personally I don't believe it - but it is what the fundamentals have been saying. In other words I find it essential to do some news research which basically entails looking at forex factory and deciding what might be the impact of the news assuming the predicted figures are something to go by - just by asking "well, what if?" I do not trade news generally, but have said, on occasion, my risk appetite does pertain towards it, like today. After last week where I lost money on the day of the big announcement and the 150 pip short where I did not properly check my news possibilities, I decided I'm not going to let that happen again. Still making a mistake with my volume today has not left me happy, but it seemed liked the "logical outcome" to me today.

Yes, the technical direction was long - but where was the momentum for the long coming up to the news? There wasn't any. 3 short candles after the breakout and none of them showing any steam in the long direction. My M15 made me take the long before the news (the tip about reducing the size of the chart in order to see the bigger picture helped me here). Considering that 100 pips were the potential reward, I thought a 7 pip stop at the open of the announcement candle was worth the risk/gamble considering the risk/reward potential of the trade. Also, I had done my homework.

[b]

Whilst I know we shouldn't trade announcements with this, however, I think we should know a little about the economy we're trading and the likely potential emotional reaction of the newstime traders, even if it's watch and see.

I think the retrace to 1.9621 (EMA8 on M5) gave perfect reentry because the announcement was likely going to go at least 100 pips overall, which I am finding the 'established direction' does frequently. So I want to get this so that I am getting in as early as possible on a sure-fire that I have chosen the "established direction" which I think is what Valeo is the master of and I am willing to learn and do whatever it takes to replicate the results he is getting.

PS I am in need of further input somewhere...so all data is appreciated.

Now you understand why we CANNOT do without your input!! Well done and thank you again, Suk.

How about showing us such information wheneer it is that you get it or just point us in that direction please? Who is ACM that you quoted in your post?

Best wishes.

ValeoFX · #**757** (**permalink**) 07-29-2008, 05:00 PM

Guys, just an interesting observation on the H2-TF which I attach here for comment please.

I have been using the H2-TF for a week now thanks to my friend DayTrader. What I missed today and that is purely because I did not have the H8-Open line on it (YELLOW on chart) (TRO_BUYZONE), is the simple fact that the Long stalled at the Indicator!!!

Magenta is the Daily Open.

I also just saw another indicator posted very kindly by Kang_gun here.........8 Hours Pivot
that is the PIVOT of the H8-TF and I will post that in a different colour. Only available as ex4 though, but maybe this can assist us. It is the AQUA coloured LINE with a value of 1.9899 at the end to the right of the Line at present.

clahn04 · #**758** (**permalink**) 07-30-2008, 09:54 AM

It appears WHC has done somethign to their platform. I had to uninstall and reinstall it to get my indicators to work properly. Just an FYI if anyone else has this problem - the reinstall will make everything work just fine (so far).

Best,

cl

ValeoFX · #**759** (**permalink**) 07-30-2008, 11:20 AM

Quote:

Originally Posted by clahn04

It appears WHC has done somethign to their platform. I had to uninstall and reinstall it to get my indicators to work properly. Just an FYI if anyone else has this problem - the reinstall will make everything work just fine (so far).

Best,

cl

Personally I find their serveres too unreliable. I use Activ (London) and MIG (Swiss).

Best wishes.

clahn04 · #**760** (**permalink**) 07-30-2008, 11:37 AM

Quote:

Originally Posted by ValeoFX

Personally I find their serveres too unreliable. I use Activ (London) and MIG (Swiss).

Best wishes.

I just use them for charting for MT4 ( becoming familiar with Ninjatrader though...easy to use them in conjunction with MB trading).

I have a couple of questions regarding the 1 Hour chart that i wanted to ask and get comments on.
1. Do you take trades in the opposite direction of the 1 hr CCI? ( i.e. if it's negative would you take a long).
2. On the 1 Hr CCI what do the green and red squares that hug the zero line mean?

Thanks,

cl

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