now in profit......is this system suit for other currencies
- #2,081
- Apr 18, 2008 4:54am Apr 18, 2008 4:54am
- #2,082
- Edited 8:30am Apr 18, 2008 5:32am | Edited 8:30am
Well, TP would have hit now if you didn't use TS. I'm done for today and this week now. It's been fun, hope all of you had a nice trading week as well. I won't be back until May 1st since I'll be going on a trip next week. See you all in May and best wishes. This is a great system to learn and trade with. You just need to be discipline, stay with the rules, and have a good money management, then you should have profit by months end most of the time.
This is a great system to learn and trade with. You just need to be discipline, stay with the rules, and have a good money management, then you should have profit by months end most of the time.
- #2,084
- Edited 11:11pm Apr 20, 2008 10:41pm | Edited 11:11pm
hope good trade tomorrow.....
post entry point here........
If you have any questions, feel free to post them here and I'll try to answer them. Just to let you know however, I'll be going on a trip Tuesday, so today (monday) would be the last day I will visit here for at least a week.By the way, tonight, only trade we have is a Buy, as that has a better chance to confirm right now then the Sell. Reason because the 100sma line is about 500 pips down, so unless it drops that much and goes below the 100sma line, there is no way we can get a Sell to confirm.
I didn't enter that Sell actually. I do use one of my own rule, and that is the H1 has to close below the session daily pivot for me to enter in this case if the pivot is the last to confirm for entrance. I don't use M15 closing for the pivot entrance as how Aus showed it on his example chart. Reason is, I've seen way too many times which price will go below the session daily pivot, and M15 did close below it, however, H1 at times would go back up and close above it, that then to me means it wasn't broken, therefore, no trade. If this past hour candle would have closed below the session daily pivot, I would have entered sell at start of new hourly candle since everything else confirmed, however, it went back up and closed above it during the last 3 minutes of the hour candle.
- #2,090
- May 3, 2008 3:00am May 3, 2008 3:00am
Hi Everybody,
I ve been studying this thread, I jump in the train and try this strategy.
Is London session the only recommended one for trading this ?
What about Tokyo ?
Thanks
As for Tokyo, don't use this strategy to trade that session, I've tested it for awhile, and you'll end up losing more than you win, so it is not recommended unless you can come up with another filter strategy to help out this strategy in that session. London has been the session that worked best. New York session works as well, but only until 1 pm eastern time, because the movement will slow down a lot after that. I mostly only trade London right now, but sometimes will trade into New York if a trade is getting close of being confirmed.
Do note that if you're trading both London and New York, the New York session often is a correction of the London session, so let's say London had a good bull run for awhile and then New York opens, then a Buy trade confirms soon after, I would caution against entering that Buy, since the bull run has already been active for awhile, so a correction might follow to head back down.
Usually after a strong run in London, most likely thing would happen in New York would be in this order:
1. A correction.
2. Stay in a range with no strength to keep going up or go back down.
3. Very strong news (or major resistance/support being broken) to keep pushing it the same direction as London (not often does this happen, but it does from time to time).
Good luck and do demo trade this for awhile to get comfortable with it before going live.
- #2,093
- May 5, 2008 1:12am May 5, 2008 1:12am
Thanks for your answer Nobitacu !
And yes I'll demo trade until I ll get confortable and quite consistent.
Already made two little winning trades, let's see how it goes.
I'm starting to watch my charts now, let's see if we can get the buy to confirm. It's bank holiday today in London however, but still should hopefully get some movement from other European countries, just keep in mind however about it.
