Phew. Caught up with the end of this thread. DXTrade directed me here when the thread had been going for about 170 pages. What with taking lots of time studying the charts posted and playing with vhands, it has taken me a long time.
Boy oh boy, the insights I have gained. Skunny, I can't thank you enough for starting all of this. A colossal thank-you to all the guys 'n gals who started out with some expertise already, for all the help and guidance you have given to us newbies. I am not going to name names, because I will inevitably leave some out; you know who you are and I am in your debt.
My only successful, live manual trading had been using fibs, but as a rather blunt instrument. I would watch the eu pair, wait for a retrace from a high or low, draw a fib on a 5 minute chart, enter a position at the 100 retracement and hope to scalp 5 pips. It worked, but was not altogether a relaxing activity.
What I know now blows me away. Mind, there has been a cost. My wife wants to know who is this sunken-cheeked, hollow-eyed stranger who keeps rambling incoherently about inner s\r, t1, t2, whilst occasionally breaking out into near hysterical laughter at one of the postings.
My first practical use of all this happened today. I use the ea from NicoTina's gj breakout strategy (calculate high-low over x hours at x time, then place breakout pending orders with sl 100 and tp 100) to place trades. These are often completed before I get out of bed in the morning, but there was one open this morning.
On the chart, you can see where I fibbed from Friday's low (yellow, the white is Spud's daily high-low fib). I used this both to leave the trade open and to chart its progress. I set a be at +2 as soon as the price hit Target1, then reduced the tp by a few pips as it was a distance beyond Target 2.
The price took out target 2 but would have stopped short of the original tp, so a first triumph for me and the methods\concepts I am discovering here.
Thanks guys.
Boy oh boy, the insights I have gained. Skunny, I can't thank you enough for starting all of this. A colossal thank-you to all the guys 'n gals who started out with some expertise already, for all the help and guidance you have given to us newbies. I am not going to name names, because I will inevitably leave some out; you know who you are and I am in your debt.
My only successful, live manual trading had been using fibs, but as a rather blunt instrument. I would watch the eu pair, wait for a retrace from a high or low, draw a fib on a 5 minute chart, enter a position at the 100 retracement and hope to scalp 5 pips. It worked, but was not altogether a relaxing activity.
What I know now blows me away. Mind, there has been a cost. My wife wants to know who is this sunken-cheeked, hollow-eyed stranger who keeps rambling incoherently about inner s\r, t1, t2, whilst occasionally breaking out into near hysterical laughter at one of the postings.
My first practical use of all this happened today. I use the ea from NicoTina's gj breakout strategy (calculate high-low over x hours at x time, then place breakout pending orders with sl 100 and tp 100) to place trades. These are often completed before I get out of bed in the morning, but there was one open this morning.
On the chart, you can see where I fibbed from Friday's low (yellow, the white is Spud's daily high-low fib). I used this both to leave the trade open and to chart its progress. I set a be at +2 as soon as the price hit Target1, then reduced the tp by a few pips as it was a distance beyond Target 2.
The price took out target 2 but would have stopped short of the original tp, so a first triumph for me and the methods\concepts I am discovering here.
Thanks guys.