Kevin,
4:26 PM EST (21:26 GMT)
What do you do with EUR/USD?
It is almost hitting Std. 6 !!!!
4:26 PM EST (21:26 GMT)
What do you do with EUR/USD?
It is almost hitting Std. 6 !!!!
- #142
- Feb 14, 2007 3:32pm Feb 14, 2007 3:32pm
- Joined Dec 2006 | Status: call me Kevin | 1,263 Posts
Kevin,
Have u noticed, just you and me are in line at this time 4:23 PM EST (or 21:23 EST).
Are you in EST?
-Chandra
I am CST so it's about 3:30 right now. Also, EUR/USD is lining up for an "ALL STAR BAR". In my graph, it is touching all 6 BB lines. Later tonight, I will probably BUY EUR/USD when it is closer to closing time at 10 PM CST.
Good luck,
Kevin
PS I just asked my mom how old I was, and she STILL says 19
- #145
- Feb 14, 2007 4:30pm Feb 14, 2007 4:30pm
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
Greetings from Guanajuato, Mexico
But I am also a believer in karma, and what goes around will come around.
That's cool, man!But my philosophy is a bit different. It goes: What I pay, that I gain. So I'll keep some pips or ideas or something else for you.
As for my trades:
Yesterday's Eur/Usd short was a bad idea. S/L = -69.
I've bought GBP/USD (Unfortunately it had already moved strong after yesterday's doji).
And I've bought GBP/JPY. It bounced from the resistance area. T/P on MA.
Hey Chandra,
I am CST so it's about 3:30 right now. Also, EUR/USD is lining up for an "ALL STAR BAR". In my graph, it is touching all 6 BB lines. Later tonight, I will probably BUY EUR/USD when it is closer to closing time at 10 PM CST.
Good luck,
Kevin
PS I just asked my mom how old I was, and she STILL says 19
I think I get what an allstar bar is but why the BUY and not SELL? That goes against the system no? Or do I understand it wrong?
- #150
- Edited 9:29pm Feb 14, 2007 9:23pm | Edited 9:29pm
- Joined Dec 2006 | Status: call me Kevin | 1,263 Posts
Hello everyone!
I hope everyone had a good Valentine's Day today. Mine was somewhat uneventful as I try to stay away from girls during February solely because of this day
In all seriousness,
I have now switched to 3% risk per trade after a 10 hour reflection of my risk(all in my head). Slow and steady wins the race.
And I have some new trades that have been entered/exited:
Liquidate 1 lot EUR/USD
Date: 2/14/07
Price: 1.31
Lots: 1
Reason:
S/L hit.
Pip P/L: -88 pips
Trade #13
Buy EUR/USD
Date: 2/14/07
Price: 1.3139
Lots: 1
Reason:
ALL STAR BAR WOOO! 82 pip S/L and T/P will be taken when price goes into main channel.
Trade #14
Sell CAD/JPY
Date: 2/14/07
Price: 103.09
Lots: 1
Reason:
Price closed in main channel today. SMA is sloping UP so one lot. 78 pips S/L used and 102.8 is set for my TP. You may recall I still have a lot from a few days ago. Hopefully both will TP at the SMA as they have just SCRAPED it today.
Trade #15
Sell CHF/JPY
Date: 2/14/07
Price: 97.01
Lots: 1
Reason:
This chart looks interesting. I never thought of the occurrence of a bar that touches both sides of the channel. This does not quite do it. I have attached my chart for all to see. I think since it is red, I am guessing the right position. Also, SMA is flat, so one lot since SMA has already been passed. S/L set to 67 pips and TP will be determined after bottom resistance touch.
Trade #16
Buy EUR/CAD
Date: 2/14/07
Price: 1.5302
Lots: 1
Reason:
Price closed in main channel today. SMA is sloping UP so it should be 2 lots. However, SMA is right next to price, and I don't like the Risk VS Reward. 100 pips S/L used and TP will be determined at the top of the channel.
Trade #17
Buy GBP/USD
Date: 2/14/07
Price: 1.9631
Lots: 1
Reason:
Price closed in main channel today. SMA is sloping down so one lot. 100 pips S/L used and 1.9648 is my TP
Total P/L: -19 - 88 = -107 pips
So basically, I have a lot of open trades. I have also attached a picture of all of them. You will notice some have larger unit sizes than others. Simply experimentation of risk %.
Good luck,
Kevin
PS for LEE!
Hey Lee
I am honored to have a following of people like you that have found me helpful! Glad you finally spoke up, and feel free to contribute more to our conversations! (I'll let Yen answer your question)
Kevin
!I hope everyone had a good Valentine's Day today. Mine was somewhat uneventful as I try to stay away from girls during February solely because of this day
In all seriousness,
I have now switched to 3% risk per trade after a 10 hour reflection of my risk(all in my head). Slow and steady wins the race.
And I have some new trades that have been entered/exited:
Liquidate 1 lot EUR/USD
Date: 2/14/07
Price: 1.31
Lots: 1
Reason:
S/L hit.
Pip P/L: -88 pips
Trade #13
Buy EUR/USD
Date: 2/14/07
Price: 1.3139
Lots: 1
Reason:
ALL STAR BAR WOOO
! 82 pip S/L and T/P will be taken when price goes into main channel.Trade #14
Sell CAD/JPY
Date: 2/14/07
Price: 103.09
Lots: 1
Reason:
Price closed in main channel today. SMA is sloping UP so one lot. 78 pips S/L used and 102.8 is set for my TP. You may recall I still have a lot from a few days ago. Hopefully both will TP at the SMA as they have just SCRAPED it today.
Trade #15
Sell CHF/JPY
Date: 2/14/07
Price: 97.01
Lots: 1
Reason:
This chart looks interesting. I never thought of the occurrence of a bar that touches both sides of the channel. This does not quite do it. I have attached my chart for all to see. I think since it is red, I am guessing the right position. Also, SMA is flat, so one lot since SMA has already been passed. S/L set to 67 pips and TP will be determined after bottom resistance touch.
Trade #16
Buy EUR/CAD
Date: 2/14/07
Price: 1.5302
Lots: 1
Reason:
Price closed in main channel today. SMA is sloping UP so it should be 2 lots. However, SMA is right next to price, and I don't like the Risk VS Reward. 100 pips S/L used and TP will be determined at the top of the channel.
Trade #17
Buy GBP/USD
Date: 2/14/07
Price: 1.9631
Lots: 1
Reason:
Price closed in main channel today. SMA is sloping down so one lot. 100 pips S/L used and 1.9648 is my TP
Total P/L: -19 - 88 = -107 pips
So basically, I have a lot of open trades. I have also attached a picture of all of them. You will notice some have larger unit sizes than others. Simply experimentation of risk %.
Good luck,
Kevin
PS for LEE!
This is my first ever post on FF. However, I have been following this method since it was originally posted by Kevin (I even followed your pivot point method). I have only been trading a demo account for less than 2 months, so I am still green.
Hey Lee
I am honored to have a following of people like you that have found me helpful! Glad you finally spoke up, and feel free to contribute more to our conversations! (I'll let Yen answer your question
)Kevin
- #151
- Feb 14, 2007 9:52pm Feb 14, 2007 9:52pm
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
This is my first ever post on FF. However, I have been following this method since it was originally posted by Kevin (I even followed your pivot point method). I have only been trading a demo account for less than 2 months, so I am still green.
yen44x, are you waiting for you daily candle to close or are you assuming it will close in the main channel? I know everyone's charting program closes at different times. Specifically, your #3. CAD/JPY trade. For some reason, I seem to be getting in too late and only making 20-30 pips. Any guidance would be much appreciated.
Thanks!
Lee
The daily candle on my chart server closes at 1700 EST, and I generally place my trades between 1700 & 2000 EST. I make it a practice to never place a trade before the daily candle closes.
In most cases, I don't think that placing a trade later in the day will have much effect on overall profits long-term. Kevin can comment on this, but it seems that he places his trades a little later in the day than I do, and at times he gets a slightly better entry price & other times I do. Over time, it should all balance out.
In the case of the CAD/JPY trade that you mentioned, I entered that trade at 1410 EST and hit the limit price at +66 pips a little over 3 hours later.
This is entirely up to you, but lately I've been adding the spread to the SMA when I enter a counter-trend trade, so on the CAD/JPY trade, I added 5 pips to the SMA of 102.82 & established a limit price of 102.87, which was barely touched before the candle retraced. I think this particular trade was an anomaly of sorts because an hour or so after I entered the trade, Japan issued its GDP report, which was very strong and thus yen-positive. If you take a look at the chart, virtually every yen cross dropped quickly after the report. So, in reality, this trade was a nice combination of the BB Method and pure luck.
Greetings from Guanajuato, Mexico
- #154
- Feb 15, 2007 12:36am Feb 15, 2007 12:36am
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
Isn't anyone in the USD/JPY trade? It touched the BB1.5 and then it did go down... it is now +168 pips
Now if I could only go back a couple of days and re-think that decision . . .
Greetings from Guanajuato, Mexico
Isn't anyone in the USD/JPY trade? It touched the BB1.5 and then it did go down... it is now +168 pips
Regarding USD/JPY you are talking about, did you mean one should have gone short after the yesterday's candle touched minus 1.5 Std? As I see in today's candle, it has gone further down. Did you Sell it after completion os yesterday's candle? If you have sold, then what is the logic behid that?
Thanks.
-Chandra
- #158
- Feb 15, 2007 11:16am Feb 15, 2007 11:16am
- | Joined Apr 2006 | Status: Constantly learning | 150 Posts
I sold Usd/Jpy when it touched BB1.5 and then closed below it, I know it's kind of risky but I believe in these lines
The U/J is +231 as I write
My Cad/Jpy is +84
And my Eur/Chf i -2
I lost some on the euro but I'm definitely with profit...
http://img251.imageshack.us/img251/3382/80640447ki8.jpg
The U/J is +231 as I write
My Cad/Jpy is +84
And my Eur/Chf i -2
I lost some on the euro but I'm definitely with profit...
http://img251.imageshack.us/img251/3382/80640447ki8.jpg
Originally Posted by bodyn http://www.forexfactory.com/images/buttons/viewpost.gif
Its simplicity makes me have some doubt about it.
Many people will argue that this is a key element for being a successful trader......
