Time: 11:00 GMT
USD/JPY.
Will not be trading this today because it just seems to be ranging.
USD/JPY.
Will not be trading this today because it just seems to be ranging.
I grumbled I had no shoes until I met a man who had no toes...
- #63
- Dec 20, 2006 9:33am Dec 20, 2006 9:33am
Hi Mark J,
I'm indeed very impressed with your selflessness in sharing this awesome technique with the public. I also commend your prompt and detailed answers to people's questions. It's almost as if you never stay away from your computer.... terrific
!
I'd started a manual backtest on the method 2 days ago and it's really got tons of potential. But, i still do have the following problems hindering my thorough understanding of the method(s):
1. Considering the very wonderful results you've achieved with the method, I could not get myself to trade some of the 'sacred' pairs such as the GBP-CHF/JPY due to the outrageous spreads my broker charges on these pairs. I'm much aware of the broker recommendations u'd made but they, in my opinion, seem to have very peculiar problems. Do you seem to have any remedy for this. Should I decide to trade only the $/Y, Cable and Swissy, will my profits kinda measure up to the kind u make?
2. I notice my numbers are kinda different from yours i.e your daily entry points and even home line values. My Daily open for the BatFink 1,2,3 is 1. the LocalTimeZone is set to -7 for the signals(I had read somewhere in the thread where you'd told someone to input -5 for servers 2hrs behind GMT). I'd like to know if these values are right so that we both can always flow in tandem... Sorry, my broker server's time's GMT.
3. looking at the setup today for GBP/JPY, it appeared that price descended from above the Buy entry line, thereby leaving me clueless as to the right course of action.
4. I had hoped to ask more questions but i think it'll be better to take 'em one at a time.... I just wanna make a very good first impression u know...
Lastly, I'd love to encourage you to keep up the good work and keep posting your trades while we buckle up to learn this awesome technique...
Itching to hear from you...
Over and Out...
John-Paul
I'm indeed very impressed with your selflessness in sharing this awesome technique with the public. I also commend your prompt and detailed answers to people's questions. It's almost as if you never stay away from your computer.... terrific
!I'd started a manual backtest on the method 2 days ago and it's really got tons of potential. But, i still do have the following problems hindering my thorough understanding of the method(s):
1. Considering the very wonderful results you've achieved with the method, I could not get myself to trade some of the 'sacred' pairs such as the GBP-CHF/JPY due to the outrageous spreads my broker charges on these pairs. I'm much aware of the broker recommendations u'd made but they, in my opinion, seem to have very peculiar problems. Do you seem to have any remedy for this. Should I decide to trade only the $/Y, Cable and Swissy, will my profits kinda measure up to the kind u make?
2. I notice my numbers are kinda different from yours i.e your daily entry points and even home line values. My Daily open for the BatFink 1,2,3 is 1. the LocalTimeZone is set to -7 for the signals(I had read somewhere in the thread where you'd told someone to input -5 for servers 2hrs behind GMT). I'd like to know if these values are right so that we both can always flow in tandem... Sorry, my broker server's time's GMT.
3. looking at the setup today for GBP/JPY, it appeared that price descended from above the Buy entry line, thereby leaving me clueless as to the right course of action.
4. I had hoped to ask more questions but i think it'll be better to take 'em one at a time.... I just wanna make a very good first impression u know...
Lastly, I'd love to encourage you to keep up the good work and keep posting your trades while we buckle up to learn this awesome technique...
Itching to hear from you...
Over and Out...
John-Paul
I grumbled I had no shoes until I met a man who had no toes... <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o
></o>
Thanks John, I trade full time so this makes it a little easier. <o></o>
<o></o>
I'd started a manual backtest on the method 2 days ago and it's really got tons of potential. But, i still do have the following problems hindering my thorough understanding of the method(s):<o></o>
<o></o>
I originally put out this strategy, purely mechanically, good results were achieved. However when you trade this system day to day you start to get a better understanding of how it works, and using some discretion also improves results. With it you get an understanding of where price is during the day, how much it can still move in direction and clear ideas of when the price is reversing. <o></o>
<o></o>
1. Considering the very wonderful results you've achieved with the method, I could not get myself to trade some of the 'sacred' pairs such as the GBP-CHF/JPY due to the outrageous spreads my broker charges on these pairs. I'm much aware of the broker recommendations u'd made but they, in my opinion, seem to have very peculiar problems. Do you seem to have any remedy for this. Should I decide to trade only the $/Y, Cable and Swissy, will my profits kinda measure up to the kind u make?<o></o>
<o></o>
As a broker, EFX works well as the spread in normally a lot lower than other brokers, especially on the GBP/JPY, GBP/CHF and others. With some brokers you can end up paying <?xml:namespace prefix = st1 ns = "QV10" /><st1:bcv_smarttag w:st="on">6 - 8</st1:bcv_smarttag> pips spread on these pairs just through normal trading hours. The Platform they provide is complicated but once learnt has many great features. If I was to look at the spreads presently you have 1 pips spread on the GBP/CHF and between 2-3 pips spread on the GBP/JPY. Presently looking at some other brokers on the GBP/JPY, 8 pips spread. <o></o>
<o></o>
2. I notice my numbers are kinda different from yours i.e your daily entry points and even home line values. My Daily open for the BatFink 1,2,3 is 1. the LocalTimeZone is set to -7 for the signals(I had read somewhere in the thread where you'd told someone to input -5 for servers 2hrs behind GMT). I'd like to know if these values are right so that we both can always flow in tandem... Sorry, my broker server's time's GMT.<o></o>
<o></o>
The Home, Entry and target lines align with GMT so if your broker is +2 GMT then set the value in the inputs to 2. The signals are -8 GMT so if your broker is +2 set these signals in the inputs value to -6<o></o>
<o></o>
3. looking at the setup today for GBP/JPY, it appeared that price descended from above the Buy entry line, thereby leaving me clueless as to the right course of action.<o></o>
<o></o>
Regarding this pair the price hit the buy entry line at the 00:00 GMT candle and continued to target 1. Then at 5GMT price fell below the buy entry line and finished back above entry line. The next candle hit the target 1. If price goes above an entry line you need to wait until price falls below stop loss B and then, you can then enter on the next candle if price breaks entry line again. (I have included a visual of this for explanation)<o></o>
<o></o>
Now regarding an in the opposite direction to a trade that was already entered. <o></o>
<o> </o>
I.e. price reaches buy entry line, you enter the trade, and price hits target 2 then re-traces back to sell entry line. In this situation you really need to use the average range calculator. If the average daily range is 120 pips and we have already reached 70 pips to the upside from the 00:00, then there is not much range left below for a good trade (unless there is some fundamentals). To reach the sell entry line our range for the day would already be 110. So it may not be a good trade. It may get some small trade but maybe not great trade. Anyway this is one example, where the lines between mechanical and discretion come in. <o></o>
<o></o>
4. I had hoped to ask more questions but i think it'll be better to take 'em one at a time.... I just wanna make a very good first impression u know...
<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /><v:shape id=_x0000_i1026 style="WIDTH: 11.25pt; HEIGHT: 11.25pt" type="#_x0000_t75" alt=""> <v:imagedata o:href="http://www.forexfactory.com/forexforum/images/smilies/biggrin.gif" src="file:///C:\DOCUME~1\Mark\LOCALS~1\Temp\msohtml1\01\clip_image002.gif"></v:imagedata></v:shape>
<o></o> <o></o>
Hope this helps.<o></o>
<o> </o>
></o> Thanks John, I trade full time so this makes it a little easier. <o
></o><o
></o>I'd started a manual backtest on the method 2 days ago and it's really got tons of potential. But, i still do have the following problems hindering my thorough understanding of the method(s):<o
></o><o
></o>I originally put out this strategy, purely mechanically, good results were achieved. However when you trade this system day to day you start to get a better understanding of how it works, and using some discretion also improves results. With it you get an understanding of where price is during the day, how much it can still move in direction and clear ideas of when the price is reversing. <o
></o><o
></o>1. Considering the very wonderful results you've achieved with the method, I could not get myself to trade some of the 'sacred' pairs such as the GBP-CHF/JPY due to the outrageous spreads my broker charges on these pairs. I'm much aware of the broker recommendations u'd made but they, in my opinion, seem to have very peculiar problems. Do you seem to have any remedy for this. Should I decide to trade only the $/Y, Cable and Swissy, will my profits kinda measure up to the kind u make?<o
></o><o
></o>As a broker, EFX works well as the spread in normally a lot lower than other brokers, especially on the GBP/JPY, GBP/CHF and others. With some brokers you can end up paying <?xml:namespace prefix = st1 ns = "QV10" /><st1:bcv_smarttag w:st="on">6 - 8</st1:bcv_smarttag> pips spread on these pairs just through normal trading hours. The Platform they provide is complicated but once learnt has many great features. If I was to look at the spreads presently you have 1 pips spread on the GBP/CHF and between 2-3 pips spread on the GBP/JPY. Presently looking at some other brokers on the GBP/JPY, 8 pips spread. <o
></o><o
></o>2. I notice my numbers are kinda different from yours i.e your daily entry points and even home line values. My Daily open for the BatFink 1,2,3 is 1. the LocalTimeZone is set to -7 for the signals(I had read somewhere in the thread where you'd told someone to input -5 for servers 2hrs behind GMT). I'd like to know if these values are right so that we both can always flow in tandem... Sorry, my broker server's time's GMT.<o
></o><o
></o>The Home, Entry and target lines align with GMT so if your broker is +2 GMT then set the value in the inputs to 2. The signals are -8 GMT so if your broker is +2 set these signals in the inputs value to -6<o
></o><o
></o>3. looking at the setup today for GBP/JPY, it appeared that price descended from above the Buy entry line, thereby leaving me clueless as to the right course of action.<o
></o><o
></o>Regarding this pair the price hit the buy entry line at the 00:00 GMT candle and continued to target 1. Then at 5GMT price fell below the buy entry line and finished back above entry line. The next candle hit the target 1. If price goes above an entry line you need to wait until price falls below stop loss B and then, you can then enter on the next candle if price breaks entry line again. (I have included a visual of this for explanation)<o
></o><o
></o>Now regarding an in the opposite direction to a trade that was already entered. <o
></o><o
> </o>I.e. price reaches buy entry line, you enter the trade, and price hits target 2 then re-traces back to sell entry line. In this situation you really need to use the average range calculator. If the average daily range is 120 pips and we have already reached 70 pips to the upside from the 00:00, then there is not much range left below for a good trade (unless there is some fundamentals). To reach the sell entry line our range for the day would already be 110. So it may not be a good trade. It may get some small trade but maybe not great trade. Anyway this is one example, where the lines between mechanical and discretion come in. <o
></o><o
></o>4. I had hoped to ask more questions but i think it'll be better to take 'em one at a time.... I just wanna make a very good first impression u know...
<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /><v:shape id=_x0000_i1026 style="WIDTH: 11.25pt; HEIGHT: 11.25pt" type="#_x0000_t75" alt=""> <v:imagedata o:href="http://www.forexfactory.com/forexforum/images/smilies/biggrin.gif" src="file:///C:\DOCUME~1\Mark\LOCALS~1\Temp\msohtml1\01\clip_image002.gif"></v:imagedata></v:shape><o
></o> <o></o>Hope this helps.<o
></o><o
> </o>
- #66
- Dec 20, 2006 11:36am Dec 20, 2006 11:36am
- | Joined Sep 2006 | Status: howard | 1,693 Posts
Regards
LOL, I know. There were good trades today and the decisions to stand on the sidelines was purely emotional after market headed no where on the fundamentals this morning. The GBP/USD, USD/CHF and USD/JPY all had trades around 3pm GMT.
The range was there to take trades on all these.
The GBP/USD looks to be backing off know.
