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iandekoker's 5 profit target trades

  • #301
  • Nov 8, 2007 8:27am Nov 8, 2007 8:27am
Hi Again,
With regard to the indicators, which is more reliable for a spike; the adx indicators or the sma cross? I know ideally you want both.
Thanks
GReg
  • #302
  • Nov 8, 2007 12:59pm Nov 8, 2007 12:59pm
Quoting mrxit
Thanks for the responses. I assumed the asian session was probably a higher risk trade with this system.

Yes the asian session is too risky because of the low volumes.

The more I watch the charts with this strategy in mind, the more I like it. I have a few questions if you don't mind?

1. What's the rationale for the 20 pip SL?
20 pips gives the trade enough room to move in. 10 pips is just too small. You will get stopped out 8/10 times especially if you trade this trending market

If this is basically a scalp based on a short trend/spike in price movement, doesn't a 20 pip reversal pretty much indicate it's demise.

I dont see it as a scalp. You can use this strategie to make 10 pips or 15 pips. I just choose to settle for 5 pips


2. How many signals/setups for trades do you usually get on the EUR/USD on average on a lite news day , and how long typically are you in a trade?

I can get anything from 3 to 10 signals on eur/usd. Most often the trade takes 1-10 minutes to close

3. Do you typically as a rule wait for the second candle on a 5 min. chart before entering?

Must be typo. I dont trade the 5 min charts. In fact i never ever look at the 5 mins charts. I use 15 mins charts and only use the info on my 15 min charts

Thanks,
Ok i hope this helps
  • #303
  • Nov 8, 2007 1:01pm Nov 8, 2007 1:01pm
Quoting mrxit
Hi Again,
With regard to the indicators, which is more reliable for a spike; the adx indicators or the sma cross? I know ideally you want both.
Thanks
GReg

In the very first post on this forum I tell you exactly all the steps on how to take the trade. I hope it helps you
  • #304
  • Nov 11, 2007 1:26am Nov 11, 2007 1:26am
Here is a good strategie using pivot points. As we know pivot points act as support and resistance. So what we are looking for is either a break of the pivot point/support line/resistance line OR a bounch off it.

The price can either break the pivot line or not. But this way of trading gives you a good low risk entry point. If you go long then you put your stop loss under the low of the candle that broke thru the pivot point/support line/resistance line. Your profit take target is the next resistance line if you went long.

Look at the following chart and see how to trade a long and short trade
Attached Image(s) (click to enlarge)
Click to Enlarge Name: long trade pivot points.gif Size: 14 KB
Click to Enlarge Name: short pivot trade.gif Size: 17 KB
  • #305
  • Nov 11, 2007 1:44am Nov 11, 2007 1:44am
Can you only trade this way when the price is close to pivot points?

No you can trade this way anywhere on the chart.

Here is an example of a short trade.

What you are looking for is the following: In an uptrend the candles keep making higher highs. So look for the first candle that DOES NOT make a higher high. This candle is your clue that prices might come down again. Once you have identified the candle that didnt make a new higher high then you wait until price comes down to break the low of the CANDLE THAT DID MAKE THE LAST HIGHER HIGH. As soon as this low gets broken to the downside then you enter short trade.

Here is example of long trade:

What you are looking for is the following: In an downtrend the candles keep making lower lows. So look for the first candle that DOES NOT make a lower low. This candle is your clue that prices might go up again. Once you have identified the candle that didnt make a new lower low then you wait until price goes up to break the high of the CANDLE THAT DID MAKE THE LAST LOWER LOW. As soon as this high gets broken to the upside then you enter long trade.

This can be traded on any time frame. But as you know the 5min, 15min tend to be choppy. So if you wanna see more smooth action trade the 30min, 1hr and 4hr charts using this strategie
Attached Image(s) (click to enlarge)
Click to Enlarge Name: short reversal trade.gif Size: 19 KB
Click to Enlarge Name: long reversal trade.gif Size: 16 KB
  • #306
  • Nov 11, 2007 11:41am Nov 11, 2007 11:41am
Thanks for the replys to my questions. Iandekoker may I ask which broker you use. I'm shopping for a new one.
Thanks
  • #307
  • Nov 11, 2007 11:55am Nov 11, 2007 11:55am
Quoting mrxit
Thanks for the replys to my questions. Iandekoker may I ask which broker you use. I'm shopping for a new one.
Thanks
I am using Interbank Fx (IBFX). I can highly recommend them
  • #308
  • Nov 11, 2007 1:55pm Nov 11, 2007 1:55pm
Quoting iandekoker
I am using Interbank Fx (IBFX). I can highly recommend them
Hi Ian,

Just out of curiosity, was your Interbank feed down (no connection) during the beginning of the GU move on Friday? Mine was off from 10:10 to 11:10 GMT. I didn't want to trade with a gap in the data, and didn't want to chase the move. Oh well, there will be more.

Rob
  • #309
  • Nov 11, 2007 11:31pm Nov 11, 2007 11:31pm
Quoting blueruby
Hi Ian,

Just out of curiosity, was your Interbank feed down (no connection) during the beginning of the GU move on Friday? Mine was off from 10:10 to 11:10 GMT. I didn't want to trade with a gap in the data, and didn't want to chase the move. Oh well, there will be more.

Rob
yes it was and i was very pissed off cause i lost a lot of money during that time. i was manually trailing my profit and had no stop loss in place.....

but that was the first time i had server problems with IBFX.
  • #310
  • Edited 2:39am Nov 12, 2007 1:46am | Edited 2:39am
here is my first long trade for the week. I focused on the bar that couldnt make lower low. Then once that bar's high was broken i went long. Profit target is blue line which is also daily pivot

edit: ok so i was stopped out with 60 pip profit. Not too bad a start i would say. I will re-enter when the high of the last white candle get broken
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 12 KB
  • #311
  • Edited 2:39am Nov 12, 2007 1:50am | Edited 2:39am
and here is a long trade with gbp/usd

the second white candle from the right couldnt make lower low. so once it high was broken i went long

edit: i was stopped out with 15 pip profit. I will re-enter when the high of the last white candle gets broken
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 11 KB
  • #312
  • Edited 2:39am Nov 12, 2007 1:52am | Edited 2:39am
and here is long trade on eur/usd

second white candle from the right couldnt make lower low. so once its high was broken i went long

edit: i was stopped out with 20 pip profit. I will re-enter when the high of the last red candle gets broken
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 11 KB
  • #313
  • Nov 12, 2007 8:37am Nov 12, 2007 8:37am
wow what an amazing short trade here on gbp/jpy

if you went short at the break of the candle that penetrated the support line then you would have made well over 300 pips. Not bad hey......

Remember i told you about trading breaks or bounches of pivot points, support points, and resistance points. Either the price will break the pivot points, support points, and resistance points or it will bounch off it. Either way the candle that breaks above or below the pivot points, support points, and resistance points is the candle you must focus on.

If it breaks pivot points, support points, and resistance points to upside then look to go long

If it breaks to the downside then look to go short.

If we are in uptrend and price bounches off pivot points, support points, and resistance points then look to go long again.

If we are in downtrend and price bounches off pivot points, support points, and resistance points then look to go short again
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 10 KB
  • #314
  • Nov 12, 2007 8:39am Nov 12, 2007 8:39am
The goes for this short trade on gbp/usd. If you went short after S2 (support line number 2) was broken to the downside then you would have made some good pips
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 10 KB
  • #315
  • Nov 12, 2007 8:42am Nov 12, 2007 8:42am
eur/usd was behaving badly on the 1 hr chart. So i am not touching it until i see some trend developing either to downside or upside.

You could have risk a short trade but you could also have gotten burnt. See how price reacted around S2 (green support line number 2). Very messy
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 12 KB
  • #316
  • Nov 12, 2007 8:48am Nov 12, 2007 8:48am
gbp/usd are reaching a crucial point. It's trading around the monthly pivot point. If price breaks thru the monthly pivot point to the downside then we might see gbp/usd go down to 2.0100 -1.9900 level before the uptrend resume again

Remember the uptrend is still in progress. What we are seeing here is a long overdue correction

So for now i wouldnt trade this pair any longer. I will wait for the market to show me some direction first before i decide to enter a trade again
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 11 KB
  • #317
  • Nov 12, 2007 8:53am Nov 12, 2007 8:53am
eur/usd has lots of room to go to the downside.....but will it...that is the question.

It can go down all the way to 1.4300 level but i am not so sure that it will....let's wait and see
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 11 KB
  • #318
  • Nov 12, 2007 8:55am Nov 12, 2007 8:55am
gbp/jpy could also come down all the way to the purple trend line. it already broke thru the daily, weekly and monthly pivot points. And that is hugh....
Attached Image (click to enlarge)
Click to Enlarge Name: long jpy.gif Size: 12 KB
  • #319
  • Nov 12, 2007 8:57am Nov 12, 2007 8:57am
Yep, I'm keeping my eye on that E/U with a lot of patience.

Have had a fairly good start to the week, just hope it continues for the remainder.

Ian, are you on par with your goals?
  • #320
  • Nov 12, 2007 9:00am Nov 12, 2007 9:00am
mmm....that B/J trendline is indeed something I've been wondering about...this of course is my favorite pair. The problem I'm facing lately though is that I'm not letting some of my profits run, instead I'm exiting completely . I need to work on this.
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