Nice call Malcolm.
35 PIPS happier here
35 PIPS happier here
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DislikedIgnored
DislikedElijah
Nice trading
I went long on the bounce off 200 , just closed at 200.7 on test of 50 sma on the 5 min.Ignored
DislikedWhen I first opened an account with a broker that paid interest on positive carry trades I was overcome with joy and to receive triple interest on Wednesday……. Well it’s just like the song says, “…. Get your money for nothing…..”
But as I pursued my dream of free money I found it to be an elusive one.
Nothing holds true 100% of the time, especially in the FX markets, but this is what I have found. (Drum roll, please)
The positive carry held through NY close for GJ equals about 2.2 pips or 6.6 pips on Wednesdays. Now this is where tunnel vision hinders successful trading.
What I see a majority of the time is that GJ will sell off before NY close. To be sure there is a sell off immediately following NY close but trading that can be like trading a news spike with spreads suddenly widening.
So you can be certain of one thing. If you hold a GJ buy past NY close (or whenever your broker pays his swaps) you WILL be paid the interest on your trade. There you have it. I GUARANTEE in forex. But at what cost? In a carry trade (held for two minutes or two years) you make money in two ways, the interest and capital appreciation (pips in your pocket from a positive trade) Now of the two, which is the most important? Anyone?
Right on! Capital Appreciation by a landslide. SO how do we turn this into a successful trading strategy? Simple (and this will work even if your broker does not pay interest on positive carry trades)
Early in the US session look for a bottom and buy. Hold it until you see signs of a peak and take your pips and go home.
Another trade is when you see the top forming sell and hold it through the NY close.
“Now wait a minute! If I do that I will pay interest, TRIPLE interest! What are you? Nuts?”
Let’s see. 1 hour and 55 minutes before NY close yesterday there was a huge spike upward that was visible on 5M, 15M and 30M TF in the area of 199.70. If you had sold in this area you would have been in the market near 199.50 if you bailed out BEFORE NY close you would have conservatively netted 30+ pips. If you had held through NY close price bottomed out at 198.20 one hour and 5 minutes after NY close. That’s easily 100 pips. Minus your spread we will say 5. Now we have +95 pips and of course the triple interest we paid. Another 7 pips. Now we have + 88 pips.
SO there you have 3 possible strategies from my trading toolbox. Research the charts and see for yourself. Maybe come up with some others and come back and share.
The prize here is positive pips, the promise is triple interest. We have to keep our eyes on the prize, not the promise.Ignored
DislikedHi M,
Looks like a lot on congestion at the 199.48 area. The 100 sma the 200 sma a support area and the daily pivot just below that at 199.19Ignored
DislikedThe above is Awesome. The trick to making $ in forex is to be doing something different than the other 80% of the forex traders who are always losing thier $.
I am suddenly mad bull ATM.
NOW it is resuming the upmove it looks like.
I got another one long in that last dip. It could still dip to 199.80
but support at this level is strong 199.80-200.00Ignored
DislikedThe above is Awesome. The trick to making $ in forex is to be doing something different than the other 80% of the forex traders who are always losing thier $.
I am suddenly mad bull ATM.
NOW it is resuming the upmove it looks like.
I got another one long in that last dip. It could still dip to 199.80
but support at this level is strong 199.80-200.00Ignored
Dislikedrrram2,
Just out of curiousity, what is your set up that you use to make your trades...It sounds like you are making a lot of pipmullar
Thanks
BillserIgnored
DislikedMore further fall if the 199.60 area is broken and a good sell i think
Don't forget there could be a breaki to the upside if 200.70 is broken and this could move 70-100pips u know.Ignored
DislikedHe calcs the pips 10 mini x 10 pips = 100 pips
or 4 mini x 100 pips = 400 pips
lol so I guess I make thousands of pips every day. 10 lots x 50 pips = 5000 pips for day ....lol
I prefer to say 40 pips or 100 pips .. does not matter size of lot.Ignored
Disliked199.20 better sell ... daily pivot and 61.6 fib retracement above that levelIgnored