DislikedAnyone know what this indicator is in MT4 ?
Tried the momentum indicator listed in MT4 but does not have same scale as the one shown by Auslanco.
Looked through the old thread and still no idea.Ignored
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #41
- Jul 28, 2007 9:25pm Jul 28, 2007 9:25pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
Hi Auslanco,
I have just recently discovered Forex Factory, and even more recently discovered your analyses and trade calls on the GBP/JPY. They are very impressive!! I'd love to learn more about your trading system, if you don't mind.
I was wondering, to begin with, what are the indicators you use? I noticed someone mentioned the Momentum indicators. And you have posted various images detailing the reading of such an indicator. But, what parameters are you using for the indicator? For example, I was wondering, what period you use, and on what time frames.
If you could provide a detailed summary of the indicators you use, I think it would be very much appreciated by everyone here!
I look forward to learning a lot!!
Thanks for sharing your methods!
-Steven
I have just recently discovered Forex Factory, and even more recently discovered your analyses and trade calls on the GBP/JPY. They are very impressive!! I'd love to learn more about your trading system, if you don't mind.
I was wondering, to begin with, what are the indicators you use? I noticed someone mentioned the Momentum indicators. And you have posted various images detailing the reading of such an indicator. But, what parameters are you using for the indicator? For example, I was wondering, what period you use, and on what time frames.
If you could provide a detailed summary of the indicators you use, I think it would be very much appreciated by everyone here!
I look forward to learning a lot!!
Thanks for sharing your methods!
-Steven
Hello Auslanco and ALL,
Last week was an excellent learning curve for me in forex ,following along the charts with Auslanco calls really filled gapping holes in my view of forex trading....thankyou kindly for your guidence and i look forward to becoming a Human Sponge over the months to come.
Having had a hard time with some unscrupulous brokers can any fair ones!
Last week was an excellent learning curve for me in forex ,following along the charts with Auslanco calls really filled gapping holes in my view of forex trading....thankyou kindly for your guidence and i look forward to becoming a Human Sponge over the months to come.
Having had a hard time with some unscrupulous brokers can any fair ones!
- #45
- Jul 28, 2007 9:44pm Jul 28, 2007 9:44pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
I use
Stochastic RSI 8,3
Momentum 10 C
RSI 14
ADXR 14
Strength Indicator(very simillar to MACD) as the trend confirmation indicator.
If daily 4hr and 1hr all lined up together I go for a 500 pip profit target.
If only 4hr and 1hr lined up together I go for a 200-300 pip target.
If you want more detailed information I would suggest you to have a look @ other GBP/JPY analysis thread, where i have explained about the indicators on number of posts. Thanks for joining this thread& hope you will enjoy
Stochastic RSI 8,3
Momentum 10 C
RSI 14
ADXR 14
Strength Indicator(very simillar to MACD) as the trend confirmation indicator.
If daily 4hr and 1hr all lined up together I go for a 500 pip profit target.
If only 4hr and 1hr lined up together I go for a 200-300 pip target.
If you want more detailed information I would suggest you to have a look @ other GBP/JPY analysis thread, where i have explained about the indicators on number of posts. Thanks for joining this thread& hope you will enjoy
- #46
- Jul 28, 2007 9:48pm Jul 28, 2007 9:48pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
Auslanco,
Glad you started your own thread. If this week is as volatile as last, it may be 500 pages by friday.
Quick question about money management. In order to obtain larger positions while minimizing risk, I scale into orders. I will place an order with say a 50 pip trailing stop. 50 pips below that, i will place a second order. Depending upon the size of the expected correction, I might have three or four levels of entry. I just was curious to see if you see any potential problems with that approach.
- #47
- Jul 28, 2007 9:53pm Jul 28, 2007 9:53pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
Hello Auslanco and ALL,
Last week was an excellent learning curve for me in forex ,following along the charts with Auslanco calls really filled gapping holes in my view of forex trading....thankyou kindly for your guidence and i look forward to becoming a Human Sponge over the months to come.
Having had a hard time with some unscrupulous brokers can any fair ones!
Brokers: everyones favorite question.
It's a custom in forex trading that most of the new traders open their first account with FXCM and after they loose their money you suppose to hate FXCM. No broker is 100% perfect. You first have to understand their game. Then you have to play it accordingly. I personally wouldnt reccomend any brokers.. but I must admit if you trading with a smaller account Oanda is best in the business.
great to see that you have your own thread auslanco. I now have a new hang out.
the dotted line that you always refer to in the momentum indicator as '50' is actually 0. please do correct me if im mistaken.
looking forward to your analysis.
the dotted line that you always refer to in the momentum indicator as '50' is actually 0. please do correct me if im mistaken.
looking forward to your analysis.
- #49
- Jul 28, 2007 9:59pm Jul 28, 2007 9:59pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
great to see that you have your own thread auslanco. I now have a new hang out.
the dotted line that you always refer to in the momentum indicator as '50' is actually 0. please do correct me if im mistaken.
looking forward to your analysis.
Damn , You are right again.. I just keep thinking it's 50.. I'll go back and correct it.. Thanks gr8collector and nice to see you here
- #50
- Jul 28, 2007 10:47pm Jul 28, 2007 10:47pm
- Joined Feb 2007 | Status: Trade @ your own risk | 6,628 Posts
Forex Toss a coin strategy
Win Rate 30%
Investment $1700
Toss a coin at every London start and Buy or Sell
1 mini lot
Pair GBP/JPY
SL 40pips (2%)
TP 120pips(6%)
3/10 wins . Do your math. You still make money.
The whole idea about the above example is to point out if you have a sound money management plan and even if your trading strategy is crap, you still make money. If you have a strategy which only gives 50% winning trades coupled with a sound money management strategy that’s more than enough for you to make loads of cash.
Win Rate 30%
Investment $1700
Toss a coin at every London start and Buy or Sell
1 mini lot
Pair GBP/JPY
SL 40pips (2%)
TP 120pips(6%)
3/10 wins . Do your math. You still make money.
The whole idea about the above example is to point out if you have a sound money management plan and even if your trading strategy is crap, you still make money. If you have a strategy which only gives 50% winning trades coupled with a sound money management strategy that’s more than enough for you to make loads of cash.
This may be of help to all newbies
The FX market is active 24 hours a day - it is important for the active forex trader to identify the times where there is the most volatility and largest trading ranges.
1. Asian Session (Tokyo) 7PM-4AM EST
Tokyo is one of the principle dealing centers in Asia and is the first major Asian market to open. USD/JPY, GBP/CHF and GBP/JPY have large ranges, and offer short term traders opportunity.
2. US Session (New York) 8AM-5PM EST
New York is the second largest Forex marketplace. For active traders GBP/USD, USD/CHF, GBP/JPY and GBP/CHF are good choices, with large daily ranges.
3. European Session (London) 2AM-12PM EST
London is the most important dealing center in the world and the majority of forex trading takes place during London hours. For traders looking for volatility GBP/JPY and GBP/CHF provide large daily ranges.
4. US European Overlap Period 8AM-12PM EST
This period is the most active - the best period for day traders looking for volatility.
The FX market is active 24 hours a day - it is important for the active forex trader to identify the times where there is the most volatility and largest trading ranges.
1. Asian Session (Tokyo) 7PM-4AM EST
Tokyo is one of the principle dealing centers in Asia and is the first major Asian market to open. USD/JPY, GBP/CHF and GBP/JPY have large ranges, and offer short term traders opportunity.
2. US Session (New York) 8AM-5PM EST
New York is the second largest Forex marketplace. For active traders GBP/USD, USD/CHF, GBP/JPY and GBP/CHF are good choices, with large daily ranges.
3. European Session (London) 2AM-12PM EST
London is the most important dealing center in the world and the majority of forex trading takes place during London hours. For traders looking for volatility GBP/JPY and GBP/CHF provide large daily ranges.
4. US European Overlap Period 8AM-12PM EST
This period is the most active - the best period for day traders looking for volatility.
- #53
- Jul 29, 2007 12:06am Jul 29, 2007 12:06am
I use
Stochastic RSI 8,3
Momentum 10 C
RSI 14
ADXR 14
Strength Indicator(very simillar to MACD) as the trend confirmation indicator.
If daily 4hr and 1hr all lined up together I go for a 500 pip profit target.
If only 4hr and 1hr lined up together I go for a 200-300 pip target.
If you want more detailed information I would suggest you to have a look @ other GBP/JPY analysis thread, where i have explained about the indicators on number of posts. Thanks for joining this thread& hope you will enjoy
great idea to have your own thread. will be avid learner. also, did you get a chance to look at website link i sent you for site i built for you to put your trading instructions, etc on
Trade what you see, not what you think.
- #54
- Jul 29, 2007 12:08am Jul 29, 2007 12:08am
You are correct. This is one reason I dont trade in ranging markets since I follow larger timeframs like daily, 4hr and 1 hr. But I also could trade on ranging markets by breaking my timeframes down to 1hr 10mis and 5 mins . But I have chosen not to do so..
Looking back at last week I noticed I was opening positions based on a ranging market conditions and at times based on your calls which are more suited to trending conditions. No coherent system?
- #55
- Jul 29, 2007 12:09am Jul 29, 2007 12:09am
- Joined May 2007 | Status: ??? | 1,265 Posts
Forex Toss a coin strategy
Win Rate 30%
Investment $1700
Toss a coin at every London start and Buy or Sell
1 mini lot
Pair GBP/JPY
SL 40pips (2%)
TP 120pips(6%)
3/10 wins . Do your math. You still make money.
The whole idea about the above example is to point out if you have a sound money management plan and even if your trading strategy is crap, you still make money. If you have a strategy which only gives 50% winning trades coupled with a sound money management strategy that’s more than enough for you to make loads of cash.
Although, I would not just trade 1 lot for 40 pip stop on all trades as that is not correct MM, Adjust your lot size according to 40 pip SL = 2%.
Que
Good move on having your own thread Auslanco. I think things were starting to get a bit heated over on the other one with the non GJ calls. I don't know how you were managing to call the trades as well as keep an eye on them and answer peoples questions. I also think some of the noobies should be referred to Babypips.com for their beginner lessons.
Your calls have been wonderful and everyone appreciates them but you seemed to become too involved in making it a success for everyone (which shows what a caring person you are). I don't think that anyone would mind if you just made your calls for yourself and we just followed them and learned from them. (and it would make life a lot more pleasant for you).
For most of us the true value is in watching how a successful trader trades (as the trade unfolds) and understanding the thought process that goes behind the decision making.
This last week I have learnt so much from you and I will be following your trades as often as I can, but I won't be acting on your signals as I feel that I'll become too reliant on them and it would impede my learning process. (If my signals come up half as good as yours I'll be happy ).
Thanks again for coming to this forum and I look forward to learnig heaps more this week.
All the best
Mike
Your calls have been wonderful and everyone appreciates them but you seemed to become too involved in making it a success for everyone (which shows what a caring person you are). I don't think that anyone would mind if you just made your calls for yourself and we just followed them and learned from them. (and it would make life a lot more pleasant for you).
For most of us the true value is in watching how a successful trader trades (as the trade unfolds) and understanding the thought process that goes behind the decision making.
This last week I have learnt so much from you and I will be following your trades as often as I can, but I won't be acting on your signals as I feel that I'll become too reliant on them and it would impede my learning process. (If my signals come up half as good as yours I'll be happy
).Thanks again for coming to this forum and I look forward to learnig heaps more this week.
All the best
Mike
- #59
- Jul 29, 2007 12:38am Jul 29, 2007 12:38am
Good move on having your own thread Auslanco. I think things were starting to get a bit heated over on the other one with the non GJ calls. I don't know how you were managing to call the trades as well as keep an eye on them and answer peoples questions. I also think some of the noobies should be referred to Babypips.com for their beginner lessons.
Your calls have been wonderful and everyone appreciates them but you seemed to become too involved in making it a success for everyone (which shows what a caring person you are). I don't think that anyone would mind if you just made your calls for yourself and we just followed them and learned from them. (and it would make life a lot more pleasant for you).
For most of us the true value is in watching how a successful trader trades (as the trade unfolds) and understanding the thought process that goes behind the decision making.
This last week I have learnt so much from you and I will be following your trades as often as I can, but I won't be acting on your signals as I feel that I'll become too reliant on them and it would impede my learning process. (If my signals come up half as good as yours I'll be happy
Thanks again for coming to this forum and I look forward to learnig heaps more this week.
All the best
Mike