[slick60]

6E euro futures
I have not posted recently and wish to share a working chart of my 15 minute 6E that I trade. This is basically a mechanical approach to trading for me. I look to enter on close of a 15 minute bar when my indicators have a picture that statistically will give me a reasonable trade with a reasonable defined risk. I try to target 20-25 pips with a stop of 10 pips. In futures that amounts to targets of $250.00 - $312.50 against risk of $125.00.
On the chart I have marked entry bars long and short over the past day and a bit. The black numbers next to the entry arrows are from close of the bar to a reverse - the range after entry. The 2nd smaller number is the number of pips of heat after each entry. My set up is plain to see. There is no expectation on entering the trade but I am willing to bet 10 pips to see if I am right. If wrong we wait for the next set-up.
Set yourself up with your favorite indicator picture and demo it over a random test of 20 trades or so and see how it fairs. You may be pleasantly surprised.
My futures require $500.00 margin for 1 contract and it returns $12.50 a pip. To get the same action in forex margin is approximately $3,000.00. My commission on the trade is $5.34. I can make reasonable money on a daily basis trading one futures contract with even 10 pip trades.

2012-02-22_0427 - slick60's library

Good trading everyone!

slick60

[slick60]

You often hear traders talking about the Open Interest has increased or decreased in a certain commodity etc. That pertains to the futures contracts. Here are a couple of snaps how to find the open interest for the EURUSD from the CME.
Go first to this snap below. Use the url for the CME and then set the parameters as I have shown in 1-2-3 then click the PDF at 4.

http://content.screencast.com/users/...02-22_0439.png

You will now get a report that looks similar to this snap below. I have highlighted what you want to look at for the EURUSD. Read the information across the line and look near the right where you can see the open interest increasing or decreasing. Yesterday the OI fell by a fair good amount minus 7,339 contracts.

2012-02-22_0443 - slick60's library

And now all we need is an expert to tell us "WHAT DOES IT ALL MEAN?"
Please if you have any theories regarding how to use the open interest post your thoughts here. I am quite sure everyone will be grateful.

slick60

[slick60]

6B GBPUSD futures
Here is a snap of a trade based on the same set-up mentioned in the 6E above for the British pound. Nothing new came out of the MPC statement that I could see. Nice drive to a low.

2012-02-22_0502 - slick60's library

slick60

[slick60]

6A Aussie futures
Just to show that we are not prejudiced to which currency to trade here is a snap of the 6A Aussie futures.

2012-02-22_0510 - slick60's library

Good luck folks. Remember this is basically a mechanical set-up. A trade like this would return a $200.00-300.00 win for a single contract at $10.00 a pip.

slick

[slick60]

6C - March Canadian dollar
It appears they are bombing the other currencies and messing with the euro at present. Nicer trades are being set up in the others.
Here is a set-up in the futures Canadian dollar

Ithai - you may be interested in these set-ups for your futures.

2012-02-22_0846 - slick60's library

slick60

[Gary Fullett]

Euro 240 minute chart







There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.

[slick60]

Originally Posted by Gary Fullett »

Euro 240 minute chart


Attachment 27525




There is a substantial risk of loss in trading commodity futures, options and off exchange foreign currency products. Past performance is not indicative of future results.

Hi Gary nice to see your smiley face again. I see we had a jump over creek at the 1.3325 level this morning. However it did it following decreasing volume and decreasing open interest. Is the move sustainable do you feel? I also look at EW patterns and this at present appears to be a big a-b-c flat building. With the weak jump over creek in my mind I am looking for a possible move to the 1.3371-5 level which is the midpoint between large quarters of 1.3250 and 1.3500. It is also a 1.144 retrace of the move down from the previous 1.3321 high.
So now we look for supply to enter the picture?
On my 4 hour chart I also have a cycle high due on the present bar as I post.
Thanks for posting. I stopped by your room one day last week. Nice to see you are still there.

slick60

[slick60]

EURUSD
MY oh my oh my! This market has nothing but surprises. They have become the norm. Price has a way of making one become very humble indeed!
I have here my 4 hour chart that I keep my shorter term delta cycles on. There is a high due on average on this bar that closes at 9am. HOWEVER in this move at present it will not surprise me to see that high come in sometime later today and with wondrous amazement hit 1.3371 during the 9pm bar.
You can see on the chart the way I am looking at this move in Elliott Wave terms. Upon hitting a high we would then conceivably retrace and test the 1.2975 level or lower before a possible completion of this overall move.
Let's see what price has in store for us today. Do not forget to assess your risk before entering a trade.
Best of trading to you

2012-02-23_0634 - slick60's library

slick60