In this pair short on the H1 chart
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DislikedSo I guess this system has gone from a Trend trading system to a scalping system?Ignored
DislikedI'm quite new to forex and am finding this thread very interesting. Lawgirl is using a Daily Linebox Indicator which I understand gives the spread of the first four candles of the day.
I have a couple of questions. 1. Could someone direct me to a post or article which explains the benefit of using this indicator?
2. I live in the UK so would I be better using one which gave the first candles for the London open?
Thanks so much to Lawgirl for all the work she puts into this thread helping so many people.Ignored
DislikedI'm quite new to forex and am finding this thread very interesting. Lawgirl is using a Daily Linebox Indicator which I understand gives the spread of the first four candles of the day.
I have a couple of questions. 1. Could someone direct me to a post or article which explains the benefit of using this indicator?
2. I live in the UK so would I be better using one which gave the first candles for the London open?
Thanks so much to Lawgirl for all the work she puts into this thread helping so many people.Ignored
DislikedSo do you also have some long term trades on while you are scalping the current market?Ignored
DislikedOnly USDCAD on the H1 chart. Because I only trade/consider 3 pairs at a time...this is the only pair that looked to me like any longer time possibility/setup. But I am scalping GBPUSD at the same time. Staying out of EURUSD.
Trading systems/styles are not mutually exclusive.Ignored
DislikedHi Digf
I am in UK too, what I do is use the 1 hr break out indicator to cover all the asian session from 12.00am to 7am, when we are in bed basically, so in the morning London acts as a breakout, this is just the way I use the indicator instead of covering just 4 hrs it covers 7.
respect
TomIgnored
DislikedHi JPassion, Is there a number of trades that one should stop at? I did 51 all up yesterday and put 18% on my pocket money live micro acc so there wasn't any thing to get the emotions going. Thanks for tip It got me thinking and I went back over the last few weeks and from the 29/9/11 to 7/10/11 on my demo acc I did 115% on 13 trades, so it comes down to quality of trades not the quantity, good point thanks. I must admit that did make me feel happy, so I will need to work on the emotion side if I do the same on my live acc. Once again...Ignored
DislikedSo I guess this system has gone from a Trend trading system to a scalping system?Ignored
DislikedTradestar,
Actually, this is neither a scalping system nor a trend trading system. LG's brilliantly simple method consists primarily of watching two MAs on two different time frames. I used to trade stochastics the same way, but found them far too lagging for my taste.
Trading multiple timeframes is a smart way to trade, but you must constantly pay attention to the complexion of the market at any given time, as the market is constantly changing. You can apply LG's approach to any 'style' of trading including so-called scalping, depending not...Ignored
DislikedNot doing well at this time. I did not wait for a good cross and may pay for it.Ignored
DislikedDigf, look at the posted USDCAD chart above. I have put a TP at that bottom support line, which is the BO H1 4C line. It is acting as a barrier, if you will. That is the purpose of the BO lines.
Now price may shoot through that line, but it is just as likely to be repelled by it...we just don't know. If it goes through it, I will consider a re-entry.Ignored
DislikedHello digf
The benefit of the indicator is, go to the 1hr tf and go long/short in direction of the breakout.
Go to inputs and put in the start time of 7.00 and end time of 11.00.
Aj1Ignored