SFX Divergent Daily Advice

[SoundFX]

OK, folks. I've been in and out of these threads for a long time. Some of you know me. Some don't. Some have good opinions. Some don't. Either way, I intend to impart my intraday trade advice on this thread to the best of my ability and demonstrate how I trade each day. Let me sum up...

I use 5 and 1 minute charts to base my desisions...sometimes intraday and less often multi-day. Admittedly, I've been a sporadic poster in my journal, but since I'm opening a "recommendation" thread, I suppose I must post more frequently now. That said...

I don't expect anyone to MAKE these trades with me. If you do, you have balls of steel. Often I trade based on current price action and and thus if one were to take these trades, they would have to follow this thread minute-by-minute and to the letter. If you can do so, then GREAT. You will do well. If NOT, don't bother.

Basically, I'm a divergence and S/R trader, utilizing the 21 period CCI and standard MACD. I use no stops. I like to average when necessary also. If you disagree with this methodology, then by all means, don't follow. But if you're open to breaking the rules, enjoy! And I assure you, you'll do fine. I'm a trade contrarion, and its done wonders with my own trading account.

I'll try to post charts when possible, but will most likely just post recommendations like "start buying such and such currency". I will post what I am doing with my own live account and tell you where I exit as well. Trading in this manner requires a lack of emotion and a decent money management scheme...meaning trading small at the outset.

Enough prefacing.

What I will likely start with on Sunday, as long as there is no gapping, is selling 1 lot of USD/JPY and USD/CHF. We'll go from there. These dollar-forward pairs are in need of correcting. Perhaps the correction will happen on Monday. Perhaps not. I don't care. I'm selling them and waiting, with no stops. Looking for 50-100 pips, but will exit based on divergence. Any takers? I'll let you know of the exits...divergence based, of course.

See you next week.

-SFX

[Mafioso]

Hey Sound...Nice to see u again Buddy. I have been watching ur threads for a while and i enjoyed them a lot. They were among the best,i hope u will keep posting consistently this time . But hey sound, what is ur average leverage utilization anyway cause "Not using a stoploss" requires a dam iron balls .
Anyway, I use stoploss to protect my sorry ass just as mickmason always say but again u must be into something .
Good to see u again sound.
Cheers

[kenari05]

can you screenshot the example of exiting based on divergence?

[weissdawg]

Well its about time you brought your butt over here to the intra-day recommendations. That trading journal area moves slower than an afternoon watching golf.

[SoundFX]

You're not kidding, Weisdawg. Totally a drag, save for Boxingislife. Ah well. Kenari, here is a screenshot of Friday's GBP session and how I traded it. Now of course, not every day is this pretty, but it still had its ups and downs (HARDY HAR HAR!!). I trust everyone is familiar with divergence, so I don't need to explain what the arrows mean. The red lines indicate sell points, as dictated by divergence and S/R. That would be the conservative entry. However, I often like to jump in as the market is consolidating or spiking as well, but it will rip your guts out if you trade too large. Think SMALL.

Anyway, enjoy. I may have gotten a little Snagit happy. Man, that's a cool program.

Oh yeah, I should mention that I sold at the first red line, watched the market fall lke a rock, zoom back up to put me in negative territory, then sold again at the second red line, and cashed out both lots where indicated on the chart.

-SFX

[SoundFX]

Selling now 1 CHF at 2409 and 1 JPY at 116.29. Agasn, no stops and no targets...only reversals or exits based on market action, likely no sooner than tomorrow, but these trades will probably be in place for a few days. Not the greatest fill on CHF, but oh well.

[sue vesta]

Originally Posted by SoundFX

I don't expect anyone to MAKE these trades with me. If you do, you have balls of steel. -SFX

And for those of us who have no b***'s!! What recommendations for us?

[rharris60]

Tried buying the CHF at the open (1.2423) the sucker gapped down immediately 13 pips couldn't get in. Finally got in at 1.2410 - great call sound! Keep'em coming.