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the key to the mint

  • #961
  • Edited 10:24pm Dec 27, 2007 10:13pm | Edited 10:24pm
Just Got Out Of Showers And Thought I Would Pop In Ibfx Doesnt Have Cadjpy North Finance Does Only Problem Is There Day Ends 2 Hrs Earlier Than Ibfx You Can Get A Demo Of Rjofx Theye Have All The Pairs And Since You Dont Trade With Mt4 Or Rjofx It Would Be Simpler To Just Get Rjofx Platform And Put The Indicators On 1 Chart And All You Do Is Change Pair Name. Rjofx Hasnt Got Indicator Alert To Phone Yet Its Coming I Set Up Indicator Alert To Constanly Ring On My Compuer I Set Up An Alert Via Mt4 You Need A Free Smpt Server And You Can Use The Alert Mikep Made I Personally Am Looking For The Eurjpy As My Trade Tonight But Will Consider Gbpchf If It Signals after looking at my rjofx platform it shows the cadjpy has a signal to go long also the stoc is very overbought for some reason mt4 stoc has crossed to downside non the less i would stay away from it
  • #962
  • Dec 27, 2007 10:16pm Dec 27, 2007 10:16pm
thanks ET! I had not seen that. I am using a MIG fx MT4 demo and now have all six pairs!
  • #963
  • Dec 28, 2007 12:17am Dec 28, 2007 12:17am
Quoting harold4x
Are There Any Questions Tonight About This Approach To Trading
Harold,

Can you tell me what you usually pay on spreads? I am with forex.com (Gain Capital) and pay the following:

GBPUSD - 3 pips
GBPJPY - 7 pips
EURJPY - 3 pips
CADJPY - 7 pips
GBPCHF - 9 pips
EURCAD - 8 pips

Is this about right on these spreads? Seems like a large spread on most...

Also, for example, if you set your SL 30 pips away on GBPCHF, is your SL really 39 (30 + spread) or 30 (21 + spread)?
  • #964
  • Dec 28, 2007 3:35am Dec 28, 2007 3:35am
Quoting aboutusnow
Harold,

Can you tell me what you usually pay on spreads? I am with forex.com (Gain Capital) and pay the following:

GBPUSD - 3 pips
GBPJPY - 7 pips
EURJPY - 3 pips
CADJPY - 7 pips
GBPCHF - 9 pips
EURCAD - 8 pips

Is this about right on these spreads? Seems like a large spread on most...

Also, for example, if you set your SL 30 pips away on GBPCHF, is your SL really 39 (30 + spread) or 30 (21 + spread)?
I use MIG like somebody else has here too, at least they are only GMT+1, which means daily signals are usually inline with Harold's. I tried downloading a demo platform from IBFX but the file would not run, tried a couple of times, with same result, so have not bothered with them.

MIG spreads are
GBPUSD 3
GBPJPY 7
EURJPY 3
CADJPY 4
GBPCHF 6
EURCAD 7

Not the tightest spread in the world, I think Oanda are among the best, but they don't have MT4 as far as i'm aware.

I'm fairly sure that Harold has profit targets of 30+spread and 50+spread on GBPJPY.
  • #965
  • Edited 7:59am Dec 28, 2007 7:44am | Edited 7:59am
morning all interesting night i first got a signal from gbpchf as i looked at chart emas were flat and now spreading apart price has hit this area 5 times and its an inside bar(a little technical analysis)so i put in order with a tight stop above that little spinning top and it worked out ok for 30 as for the eurjpy i gave back the 30 but am in now hoping to get some back the spreads you show are about the same as mine the reason they are high they move so fast and far you get even in a second and yes when i enter say at 230.00/08 exit is at 38
  • #966
  • Dec 28, 2007 7:52am Dec 28, 2007 7:52am
ok things worked out ok got back my 30 total for this slow week +80 did anyone trade at all this week
  • #967
  • Dec 28, 2007 8:30am Dec 28, 2007 8:30am
well have a good weekend i might put a trade on monday otherwise have a happy new year
  • #968
  • Dec 28, 2007 8:38am Dec 28, 2007 8:38am
Quoting harold4x
ok things worked out ok got back my 30 total for this slow week +80 did anyone trade at all this week
I started live trading this week with a $500 account with MB Trading using mini-lots. Took the account down to ~$420 early in the week but caught a break on GBPCHF on the 27th for +122 pips bringing me to ~$520.

For reference, MBT charged me $1.98 commission and $5.69 for swap(?) on this latest trade which was 2 mini lots. The spreads right now are:
GBPUSD 1
GBPJPY 3
EURJPY 1
GBPCHF 3
CADJPY 2
EURCAD 3
but they all bounce around...
  • #969
  • Dec 28, 2007 8:38am Dec 28, 2007 8:38am
Quoting harold4x
well have a good weekend i might put a trade on monday otherwise have a happy new year
If someone wanted to trade on monday would you use the daily candlestick from friday to determine the trade. Thanks
Live today as if you will stand before God tomorrow.
  • #970
  • Dec 28, 2007 8:43am Dec 28, 2007 8:43am
Quoting harold4x
ok things worked out ok got back my 30 total for this slow week +80 did anyone trade at all this week
i did not trade this week but will resume next week. a question about trading on Monday. do you take the readings of the daily chart at 7pm est on Sunday? Happy New Year and thanks for sharing your knowledge!
  • #971
  • Dec 28, 2007 8:58am Dec 28, 2007 8:58am
i use the daily close on friday for monday signals
  • #972
  • Dec 28, 2007 9:02am Dec 28, 2007 9:02am
marty it seems with all the extra fees it brings spread back to everyone elses
  • #973
  • Dec 28, 2007 9:06am Dec 28, 2007 9:06am
Quoting harold4x
marty it seems with all the extra fees it brings spread back to everyone elses
Yep. What's up with that $5.69, do you get the same kind of charge? MBT calls it a "daily premium". Keep in mind this is based on 2 mini lots.
  • #974
  • Dec 28, 2007 9:25am Dec 28, 2007 9:25am
i dont pay any fees with rjofx all spreads are fixed and they never change gbpusd 4 eurjpy 4 cadjpy7 gbpchf 8 gbpjpy 8 eurcad 8 the broker never widens the spread. dont be scared of the spread number thats why i trade pairs that move 120+ you recover the spread in the blink of and eye
  • #975
  • Dec 28, 2007 9:37am Dec 28, 2007 9:37am
Trader4Life:
Great post! All of your options are very valid, so you did good in identifying your options!! Experience will bring you to your answer. I think most of us would take #1 for sure. 100p in a week is a fine week, and why monkey with less-than-optimum signals on a friday before a holiday weekend??

The others are where your discretion comes in. Even though we are all using the same signals, the same indicators, etc, we will all have differing degrees of success because of decisions just like the one you brought up.

Good success to you moving forward!

Great weekend to all.....
  • #976
  • Dec 28, 2007 9:39am Dec 28, 2007 9:39am
Harold-Thanks for the great system.....and sharing. Happy New Year to you and your family.

D
  • #977
  • Dec 28, 2007 2:17pm Dec 28, 2007 2:17pm
Quoting Trader4Life
Since there are only two signals for tomorrow (long EURJPY and short GBPCHF) and the daily chart shoes them in overbought and oversold per the stoch, how would someone procede trading these two pairs if an entry signal is available?

My first thoughts are:
1. since its friday and if reached +100pips for the week, take the day off and not trade. This would be the conservative approach.
2. reduce target profit from 30 down to 20, 15, or 10 while stop loss still 30-40 range, regardless of in one or two trades at one time?
3. simply stay out due the stock in the overbought or oversold area regardless of gains or losses for the week's total.

I dont know what I would do (lack of experience). So, I am interested in what others have done in the past and would continue to do in the future based on experience with this method.

Kind Regards
Trader4life
Trader4life, you said LONG EURJPY yes, which is correct per rules. but looks like we've missed a very goof short trade and only had one long trade in a whole day .. look at the pic.. or am i again being an idiot???
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 102 KB
- Syd [dust is my bed...]
  • #978
  • Dec 28, 2007 2:28pm Dec 28, 2007 2:28pm
Quoting syedks
Trader4life, you said LONG EURJPY yes, which is correct per rules. but looks like we've missed a very goof short trade and only had one long trade in a whole day .. look at the pic.. or am i again being an idiot???
If you follow harold4x rules, you would not be taking that short position - no matter what, it would've been a nice trade. There were many trades this week where the pairs went opposite to the daily...
  • #979
  • Dec 28, 2007 2:41pm Dec 28, 2007 2:41pm
Quoting syedks
Trader4life, you said LONG EURJPY yes, which is correct per rules. but looks like we've missed a very goof short trade and only had one long trade in a whole day .. look at the pic.. or am i again being an idiot???
Syedks, no you are no idiot.....just try looking at other pairs.... I made a huge killing on thr eu/usd last night...... so much so ,I took the liberty of celebrating with a third bottle of "red ned" (red wine for the un-initiated):
  • #980
  • Dec 28, 2007 6:59pm Dec 28, 2007 6:59pm
the reason for this approach of trading with the daily trend is to go with the daily trend. sometimes we get a signal to go long and the next day it never materializes. that means there was a correction in market. to be able to eliminate 1 of the 2 choices a trader must make ( go long or go short) makes for a more relaxed trader meaning less emotional errors etc. remember the key to the mint is trading with the daily trend. for those who are thinking of trading on monday we have a long for eurjpy but is overbought a short with gbpchf but is over sold and a short on gbpjpy. this is interesting because on one the jpy is weakening and the other its strengthening so if the long doesnt materialize on eurjpy then the gbpjpy should be good to go have a good weekend
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