the key to the mint

todays signals long gbpchf and gbpjpy but the gbpusd shows short very strange and mike it still didnt work i sent you and email with one that does

Here are my thoughts on TP targets (which I've even slightly modified from yesterday, so it's still a work in progress)...

First off, I'm still using Burt625's method of EQUAL TP/SL.

That being said, if the signal candle was a big one, then I'll wait for a retrace to enter so that my planned SL is AT LEAST 1 pip below/above the low/high of that candle (as per Harold's method).

Now what I do is take the ATR14 from the last daily close and divide that by 5. Then I'll round up/down that number to the nearest 5 pip increment. I believe that this should keep us relatively in sync with an ever changing market.

For Example - these are the pairs and TP targets that I'll be watching for this trading day:

AUDUSD 20
EURAUD 35
EURCHF 15
EURUSD 25
GBPCHF 40
GBPJPY 50
GBPUSD 35
NZDUSD 20
USDCAD 20
USDCHF 20
USDJPY 20

Now this is how the spread cost of your broker factors in;

If the spread is 1/4 or more of your planned SL, then don't trade that pair. (Otherwise it won't take much movement against your position to knock you out!)

Now, I'm still experimenting with this level (I think that I'll probably be lowering it to like 1/5 maybe - not sure yet) so be careful and use your own judgement.

I just prefer to know in advance exactly how much my risk (in pips) will be so that I can plan my position sizing accordingly.

I believe that the math jibes with Harold's TP on the pairs that he trades, but I'm open to discussion on this or on any other method of calculation.

Thanks

I lost track of time and got a late start today, Just opened up my charts about 15 mins ago.

A quick eye-ballin' tells me that we might get three gorgeous signals today:
eurusd S
usdchf L
usdjpy L

and possibly some ok/mediocre ones
gbpchf L
gbpjpy L
gbpusd S
(the gbpchf looks the best to me out of those three)

I guess it's go dollar go, eh?

anybody else have an opinion?

EURUSD doesn't move much, but if we'll get in short, it will probably have to be now at the close of this candle (according to DiNapoli stochastic cross).

Everything else looks good.

Oh, and we also have USDCAD long, according to daily candle.

darnit!

would've tp'd already with both those two sig's (eurusd & gbpusd)
i was playing it safe and waiting for a bit of a retrace.

ya, i know but the stoch's don't look so great to me on that one (usdcad).

I shorted Eur/Usd, good thing. But yeah, you're right. Usd/Cad has been dragging itself up for some days already, doesn't look very convincing. If I were to get in a trade, I'd do it conservatively.

Thanks bunjow,

Nice system for TP. +37 on the GBP/USD short this morning.

Jim

sorry cant take credit, not my system.

besides harold already called that cable trade days ago

good job though!

harold4x shorted GBP/USD 2.0164 at 3am, tp 35 reached at 3:07 am. Thanks harold4x!!!

I meant on the Take profit based on atr that you posted yesterday. Nice way to go about it.....and yes.....a large thanks to harold for this thread.

a quick review of those two missed trades (for me anyway), suggests that maybe the signal candle went through the retrace motion first and then closed at the extreme end (you know kind of opposite like).

Of course that's just based on a single candlestick figure, and sheesh, I don't really believe in them anyway....

Seems to me you did not follow your own rule on GU. Candle was not that large, only 35 pips from close to peak on my chart...

More guidelines than rules for me (work in progress remember), but yes that's true. It was borderline at the open but then you have to remember that the spread eats into some of that space as well and I was expecting at least a little bit more retrace than it did. That was a FAST trade man.

I am in the usdchf trade right now though. It wasn't valid on ibfx but it was on harold's platform. I got the open price for an entry on this one.

OK, i'm not watching UC but I think GC has a chance of pulling itself around in about 1 1/2 hours. time for a little nap...

YES! got my 20.

this one teesed me again for a few times at 19.8, but i got her.

looks like next batter up is usdjpy...

better wait for a retrace on this one i think

GBP/CHF all the ducks were lined up at the close of the 1 hour candle at 5am. entered long at 2.3278 tp2.3293, a total of 15 pips. that would make a grand total for the day of 50.

wonder how hard would it be to write an EA for this???

I think trendchaser made one already, or is fixing it up or something. Not really sure. (I can't use it anyway with my broker, plus I use alot of discretion.--pretty hard to code that;>)

well, i'm still waiting on a decent retrace for gbpchf and usdjpy (that may never come....) Still better safe than sorry, right?

Plus the usdjpy was a bo7a signal as well, so I was kinda hoping the price would get a little closer to the 7ema for an entry.