Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting Timingy

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So on the GJ the larger trend is up whilost the trend we are now in is down. When can we consider the larger trend to have reversed?

Are we witnessing some of the carry trades unwinding or is this a trend reversal or just a correction? How can we tell?

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Quoting Timingy

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So on the GJ the larger trend is up whilost the trend we are now in is down. When can we consider the larger trend to have reversed?

Are we witnessing some of the carry trades unwinding or is this a trend reversal or just a correction? How can we tell?

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Quoting Timingy

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Glad to be here and lookning to learn and possibly make money in the process - so please don't sut down too much on the signals! I also want to say I feel like a little kid who just got a bunch of presents and can't wait to open them. Haven't had that feeling in a long time - so thanks A.

In the old thread you talked about the possibilty of having your trades autoexecuted in other accounts - was wondering if that is still on the table?

On the RSI how many periods do u use? the standard 14?
Do you use and RSI or RSI Signal?

I'm using a charting program called FXtrex - is it good enough to use for the indicators that you are using in your system?

Thanks to everyone else for sharing there insights.....lookng forward to the week?

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Quoting Timingy

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I also see the weekly trendline since last february has been broken. So am thinking its more of a reversal in the trend for the comng few weeks? Can that be the case?

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Quoting auslanco

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Nice to have you here mike I will soon organize my startegy runner system to accept forex.com (gain) demo accounts. So everyone could get forex.com non expiring demo to watch my live trades side by side with your current platform. Once everything is up running I will inform this thread

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Quoting auslanco

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Healthy Forex Firmshttp://www.fxstreet.com/forum/images...s/icon_lol.gif

FXCM ($51,000,000)
GFT ($48,000,000)
Oanda ($44,000,000)
FX Solutions ($20,000,000)
Gain Capital ($20,000,000)
CMS ($10,000,000)


Dead Firms Walkinghttp://www.fxstreet.com/forum/images...s/icon_cry.gif

One World Capital ($1,105,000)
Velocity4X ($1,587,000)
Direct Forex LLC ($1,523,000)
FiniFX ($1,464,000)
Forex Club ($3,304,000)
GFS Futures & Forex ($3,074,000)
Nations Investments ($1,699,000)
Royal Forex Trading ($1,102,000)
SNC Investments ($1,565,000)
FXDD ($781,000)
I Trade FX (-$3,039,000!!!!! Close to Bankruptcy!!!!)
MB Futures ($3,080,000)
Money Garden ($3,399,844)
United Global Markets (Bankrupt)


Please note that all the dead walking firms still have enough time to come up with the minimum required capital of $5Million. But do you really want to trade your hard earned money with a broker who barely meets the minimum requirement?http://www.fxstreet.com/forum/images...n_confused.gif

http://www.cftc.gov/files/tm/fcm/tmfcmdata0705.pdf

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Quoting auslanco

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Healthy Forex Firmshttp://www.fxstreet.com/forum/images...s/icon_lol.gif

FXCM ($51,000,000)
GFT ($48,000,000)
Oanda ($44,000,000)
FX Solutions ($20,000,000)
Gain Capital ($20,000,000)
CMS ($10,000,000)


Dead Firms Walkinghttp://www.fxstreet.com/forum/images...s/icon_cry.gif

One World Capital ($1,105,000)
Velocity4X ($1,587,000)
Direct Forex LLC ($1,523,000)
FiniFX ($1,464,000)
Forex Club ($3,304,000)
GFS Futures & Forex ($3,074,000)
Nations Investments ($1,699,000)
Royal Forex Trading ($1,102,000)
SNC Investments ($1,565,000)
FXDD ($781,000)
I Trade FX (-$3,039,000!!!!! Close to Bankruptcy!!!!)
MB Futures ($3,080,000)
Money Garden ($3,399,844)
United Global Markets (Bankrupt)


Please note that all the dead walking firms still have enough time to come up with the minimum required capital of $5Million. But do you really want to trade your hard earned money with a broker who barely meets the minimum requirement?http://www.fxstreet.com/forum/images...n_confused.gif

http://www.cftc.gov/files/tm/fcm/tmfcmdata0705.pdf

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Quoting Timingy

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Is it advisable to be trading on 2 different strategies at the same time at any given time on one account or would you recommend trading a single strategy on different account?

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?

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Quoting auslanco

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This post is a reply to a question on another forum about having correct technology for trading.

Technology is very vital in order to perform well in forex i. I'm from Australia. I use VTtrader platform to generate my signals. As we all know, VT trader is not the most stable charting platform. It needs at least 5000KB download speed to function smoothly. The only way I could get That speed from Telstra Cable Internet, so I decided to move to an area where I could get cable internet. Now my internet speed is 17000KB + . Not only my charting works smoothly at all times, I have no broker re-quotes during high volatile times and no broker platform freezes. The other issue I like to point out is, I use 3 LCD monitors for trading. One screen is 8ms response time and the other two screen are 2ms response time.On my 2ms screens I always get the currency quote half a second quicker than 8ms screen.It doesn't matter to me much since i don't do scalping.
Also did you kow that closer you live to the broker, better the execution. Trader whio lives in the US can get better execution speed on a US brokers than a trader who lives in Asia (according to the EuroMoney Magazine Survey)But end of the day having the right technology plays a major part in profiting from FX.

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Quoting MikeW

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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

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Quoting DR.ich

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thank you for sharing, it has been a crazy week!...and i am very interested to know the mechanics of this trade as it seems that you are able to catch a trend right when it is starting...now you mentioned the conditions on how you set your targets....my question is when do you pull the trigger?...i do believe that in the other thread you posted that you use the 1h to initiate entry..

do you pull the trigger as soon as 1h lines up with 4h (at candle close of course)...im also using MTF for my entries but i wait till i have three timeframes 4h, 1h,...30 min is usually my trigger.

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Quoting auslanco

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Different pairs have different charasteritics on each time fram. Fot GBP/JPY, I find 4Hr, 1Hr combination works weell for my strategy since I try to catch break outs. For GBP/USD I have seen 4Hr and 30min combination is more effective for catching the trends. The only way you can figure this out which time fram best suits your strategy is looking back at your charts and through live trading experience.

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Quoting Que

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Opps, you are right....

I really just want people to look at the math before doing things like this was my point.

Obviously GJ has a open to Peak / Low average of more then 120 pips. I still would not recomend this though, and I doubt he was making that recomendation either. But I may be wrong.

On GJ you also have to take in account the 8-10 pip spread on most brokers. This means all the market has to do is move against you 32 pips and your stopped out. Now you need to look at how many times it moved agains the daily move before it moved 120+ pips in the other direction. This almost Always happens btw. Now that we know this almost always happens, we need to evaluate how many pips it moves against the daily trend before resuming the trend. If it is >40 then this system will not work.

Now granted, you only need 30% and not 50% as a true coin flip of accuracy. This does give you a 20% buffer on whipsaws. But if those whipsaws happen more times then not because the average move against trend is greater the 40, you are in a losing system.

I am only bringing up these issues as I can not believe a professional trader would recomend such a system to a trader. I do not believe he was recomending this system and I wanted to point out the downfalls of it so a rookie like myself does not just jump on it thinking its the holy grail.

Again, it demonstrates how proper Money Management effect if you are a sucessful trader or not.

As you can see from this post:

http://www.forexfactory.com/showthread.php?t=38909

I am a strong believer in proper money management. But I do not think it wise for anyone to try this system live.

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Quoting DR.ich

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aus...what are the lines here? pivot points? what indicator did you use to have this display...i think its pretty neat...plus i know you use VT trader...do you happen to know - or anyone else in this thread - the indicator equivalent of this in MT4? thanks!!

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Quoting auslanco

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These are support & resistance levels based on daily pivots starting @ 17EST. This featur available on VT as an Indicator, But not sure about MT4.

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Quoting MikeW

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Hi Bundubill,

A trend within a trend is simply a trending movement that is contrary to, but still lies within the larger trend ie. hasn't broken the larger trends' trendline. The first chart shows a downtrend on a 4H chart, but if you pull back or go to a larger timeframe (second chart) you can see that it is contained within a larger uptrend. If your question was how to draw a trendline or when is the
trend deemed to have changed, ask again and if Auslanco doesn't mind then I can explain that.

regards

Mike

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