another +50 points for 2day.... not bad...
My Fix Plan: SL 20 pips & TP 5 pips 4 replies
Flappy Pips - How to keep your hard earn PIPS 7 replies
I lose 40 pips and win 6 to 10 pips... 17 replies
FXKRED system about 200 pips Daily on GBPJPY 189 replies
spread on GBP/JPY @ alpari is 12 pips intead of 7 pips they claimed to be 6 replies
DislikedI am trying to wrap my brain around this whole time difference thing. I'm on EST using IBFX. I am GMT-4, and Mio is GMT+2, so a 6-hour difference. So how did you arrive at my needing to go back 2 hours and use 6 PM to 5:59 PM with IBFX? Sorry if I'm being dense here. Does his broker not use "pure GMT"?
Thanks,
ScottIgnored
DislikedWhere any of us are located doesn't matter.
What matters is when our broker begins a new daily candle.
IBFX begins a new daily candle at 0000 GMT.
That equates to 8PM EST.
Most other brokers begin their daily candles at 2200 or 2100 GMT.
2200 equates to 6PM EST.
That is 2 hours earlier than IBFX.
Mio indicated his daily bar began a Midnight CET time (GMT+2) which is 2200 GMT.
If you are looking at an IBFX chart and a new daily bar begins, Mio's new daily bar is already 2 hours old.
If you are using IBFX and you want to cover the same time period Mio covers in his day, you cannot use the IBFX daily bar. Rather, you can look on an IBFX 1H chart for the H and L that occurred between 2200 and 21:59.
Does that make any more sense?Ignored
DislikedThanks, Bill. I understand everything except how you came to the conclusion that midnight CET time (GMT +2) equates to 2200 GMT.
ScottIgnored
DislikedI just know that it is.
GMT is the universal time. Greenwich Mean Time.
Greenwich is in England.
Central Europe is always 1 hour later than England. Just like New York is always one hour later than Chicago.
During the Winter, when it is 0000 GMT it is Midnight in England and 1AM in Central Europe.
Europe and England also have a Daylight Savings Time (they call it Summer time, I think). They move their time up 1 hour.
During the Summer, when it is 000GMT it is 1AM in England and 2AM in Europe. Make sense?
Now count backwards.
What was the GMT time when it was Midnight in Central Europe?
It was 2 hours earlier. It was 2200 GMT.Ignored
DislikedMakes perfect sense now. Thanks for taking the time to give such a thorough explanation.
ScottIgnored
DislikedThe easy way to do it is to download an Alpari MT4.
It changes days at 2200 GMT.
Take the numbers from there and trade your IBFX platform.
Mio uses FDDX. The last time I tried, FDDX wont give you a demo account on MT4. They have some other trading platform with a different time standard.Ignored
DislikedOk, will do. What about in the winter when Central Europe is 1 AM at 0000 GMT? Back to the drawing board at that point?
ScottIgnored
DislikedThe easy way to do it is to download an Alpari MT4.
It changes days at 2200 GMT.
Take the numbers from there and trade your IBFX platform.
Mio uses FDDX. The last time I tried, FDDX wont give you a demo account on MT4. They have some other trading platform with a different time standard.Ignored
DislikedWell, I downloaded Alpari and looked at the Friday/Sunday bar. The high was within 1 or 2 of what I came up with by taking the 22:00 to 21:59 hourly bars at IFBX, but the low was 12 pips off!
IBFX high: 212.96
Alpari high: 212.97
IBFX low: 210.45
Alpari low: 210.57
Any idea why the discrepancy? Color me thoroughly confused.
ScottIgnored
DislikedOn Friday, there is no 21:59 with IBFX.
It stops at 2100 GMT.
There was an hour's worth of market activity after IBFX closed.Ignored
DislikedYeah, but the price was nowhere near the lows during that last hour, and I checked Alpari, and there didn't appear to be any spikes. Odd.
I was able to get an FXDD demo with MT4. Interestingly, even those numbers don't jive perfectly with the others. Let's look at June 4 since that is what Mio gave us as an example.
MIO high: 206.63
ALPARI high: 206.62
FXDD high: 206.60
IBFX high: 206.60
MIO low: 204.53
ALPARI low: 204.50
FXDD low: 204.49
IBFX low: 204.48
So there appears to be a discrepancy of 3-4 pips between the brokers.
Given that, I think you should trade off the same platform you get your signals from.
ScottIgnored
DislikedDo you mean that when i am stopped in a particular trade, you dont allow the other pending trade which is on the opposite direction to trigger, you place a pending order in thesame direction you were stopped?
if this is what you mean could you please use numbers to give an example of how to place the second trade when stopped
and finally does this means that when one pending trade is triggered you remove the other pending order?Ignored
DislikedYou can do that if you want to.
I won't do it on Sunday from the IBFX Friday candle. It's chopped off by an hour. Sometimes there are new Highs and Lows made that last hour, particularly if there is a big up move or down move in progress.
If I was going to get signals from IBFX, I would take its H and L from 2200 - 21:59, on regular week days, to match as closely as possible what Mio is doing.
He backtested with those times.Ignored