Jem's Uber Basket Trading Thread

[spyderman]

You're so right, Jem, sometimes just jumping in works out quite well, but, they are what I think of as low probability entries. Unfortunately, I have the live results to prove it...

Especially when you factor in some of the wider spreads some of us have on these exotic pairs.

[hansnl]

All I'm saying is wait for the best setup and take them. If you have the itchy 'I wanna be in just in case it moves' mentality you need to get rid of it to trade this (or anything) successfully.

Yes Jemook when you see my results after 3 days NN10/Jem/Shelly.sys I should follow the rules.


Just tell me when I drifting in the wrong direction please

Done for the week no trading tomorrow getting outside

See you all later..

[The_Snowman]

This week's action makes an argument for continuing to hold the pairs as long as they are over or under .80. I think NBob talks about this as a way of determining how long to stay in. Probably easier, psychologically, to TP then reset after retracement but, seems the bigger pips are there from holding on through.

That's what I was trying to do with the basket day before yesterday; everyone here seemed to be trading this as a day by day method, find the pairs, get in, 'x' number of pips, get out.

This is where we need to be able to control ShellyNOW or as Jemook suggests, just close pair by pair for a valid reason, eg. Monthly Support after 2 weeks in trade!

I went back to Bob's booklets and read about the Weekly & Monthly Pivots as well as the 10.2 update, I think we will see what he means about price travelling from Support to Resistance (or from Pivots)

If we study the current charts closely from now until end of month; plenty of lessons to learn there if we dig deep and understand.

[spyderman]

Okay, Got the pairs setup for the basket this evening.

Aud/Chf
Cad/Chf
Eur/Aud
Eur/Cad
Gbp/Aud

That about match up with everyone. (no E or G /Nzd for me)

[harry89]

Yes, Snowman, I am going to reread them as well. I have been thinking about just simply holding the pair until it the slope value drops below .8, but I have no experience doing that, so, don't know how valid that would be. Perhaps, a combination of slope value and major pivot levels. Some of the pairs that really moved this week - GbpCad, EurAud, AudChf, EurCad still have slope values above 1 and are still sitting close to their lows. A good case can be made that they are very stretched and in need of consolidation and must retrace, but, I wonder, with slope levels that high, maybe it their rate of descent will have to slow first before they start turning which would mean that they still have further to go and are unlikely to suddenly reverse. V bottoms and tops are rare. Anyway, something to think about and if anyone with more experience with these slope values could weigh in, I would appreciate it.
thx
Harry

[harry89]

Okay, Got the pairs setup for the basket this evening.

Aud/Chf
Cad/Chf
Eur/Aud
Eur/Cad
Gbp/Aud

That about match up with everyone. (no E or G /Nzd for me)

Spyderman
Are you initiating those now or is it a watchlist?

[The_Snowman]

Okay, Got the pairs setup for the basket this evening.

Aud/Chf
Cad/Chf
Eur/Aud
Eur/Cad
Gbp/Aud

That about match up with everyone. (no E or G /Nzd for me)

We have no idea when evening is for you? Are you talking about entering these before or after London Open? This will be more meaningful expression of time that all can relate to, thanks.

Who knows, Asian Session may bring good retracement and excellent entry for all pairs, still hours to London Open.

Don't forget, it is a NFP Friday, and most pairs trade in a very tight range until that time, London session can be very boring, good luck.

[spyderman]

Okay, Got the pairs setup for the basket this evening.

Aud/Chf
Cad/Chf
Eur/Aud
Eur/Cad
Gbp/Aud

That about match up with everyone. (no E or G /Nzd for me)

Spyderman
Are you initiating those now or is it a watchlist?

Sorry to be vague guys. Just my watchlist. I'm US CST- GMT -6. So retracement might quite likely be during the night for me. We shall see what the next few hours bring. The price on these pairs has definitely stalled and the new daily pivot and 5ma are catching up.

[Jemook]

None of the pairs have given us the first thing we look for which is the retracement setup. If you trigger a basket anywhere near now then you be crazy. Unless all the long pairs suddenly drop a whole amount and the short pairs rise a bunch then there will be no trades in this asian or london session.

[forexripper]

None of the pairs have given us the first thing we look for which is the retracement setup. If you trigger a basket anywhere near now then you be crazy. Unless all the long pairs suddenly drop a whole amount and the short pairs rise a bunch then there will be no trades in this asian or london session.

Can retracement also be considered valid when price goes beyond weekly S&R levels and then crosses back in the direction of the trend or it has to be Pivot. I see most EU and GBP pairs below weekly S&R levels.