DislikedHi, I try to understand this method that obviously looks promising.
One question ; on the second example, after the rsi-cross, you buy on open.
But within the same bar , price drops below the previous' bar low so you would have been stopped out there? Attached Images
http://www.forexfactory.com/attachme...1&d=1158126671Ignored
- #1,706
- Feb 27, 2007 3:29pm Feb 27, 2007 3:29pm
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
given the abnormal trading.. as luck wld have it i stayed out of the market yesterday and what a day to stay out of ..
- #1,707
- Feb 27, 2007 3:56pm Feb 27, 2007 3:56pm
given the abnormal trading.. as luck wld have it i stayed out of the market yesterday and what a day to stay out of ..
EURUSD 1st TP +39 2nd TP +62 and still open
USDCHF 1st TP +60 2nd TP +158 closed
EURCAD 1st TP +49 2nd TP +107 closed
Lot of sudden big moves down on YEN crosses today. Couldn't really have seen those coming but looking forward to entering as they go back up.
- #1,708
- Feb 27, 2007 4:00pm Feb 27, 2007 4:00pm
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
good. any plans to take any trades today? for me the audnzd and chfjpy are the only ones worth a look.. there are more crosses, but will probably be a spectator on those.. am sure luck will jeer me , as usual
Well I was in the market and made some nice gains this week.
EURUSD 1st TP +39 2nd TP +62 and still open
USDCHF 1st TP +60 2nd TP +158 closed
EURCAD 1st TP +49 2nd TP +107 closed
Lot of sudden big moves down on YEN crosses today. Couldn't really have seen those coming but looking forward to entering as they go back up.
- #1,709
- Feb 27, 2007 4:26pm Feb 27, 2007 4:26pm
good. any plans to take any trades today? for me the audnzd and chfjpy are the only ones worth a look.. there are more crosses, but will probably be a spectator on those.. am sure luck will jeer me , as usual
Didn't fancy the CHFJPY. Felt it had gone too low today already and is already on the first fib past the tunnel. Lately it's only gone to the second fib before bouncing back up. Having said that though you never can tell.
I took the USDCAD. RSI was just past the 50 level however it was near the tunnel. But felt it was a better option because of the the longer trend upwards.
By the way I am now using ATR permanently as my stop. 20 period using 70%
I modified the attached indicator so it gives a channel on the chart instead of a figure. Visually it's much easier to see how ATR works better than previous hi/lo.
Have play with it. It's set at 0.7 by default but you can change this or add other levels. It's calculated off the opening of the current candle which is of course when we make our trades
Assuming it is appearing in your Experts Folder in the Navigator window, you just left click and drag it across onto your chart. A window will come up, be sure to click allow live trading. Also make sure you have a in the top right corner of your chart. If not just click on the Expert Advisor button on your toolbar.
Hope that helps..
in the top right corner of your chart. If not just click on the Expert Advisor button on your toolbar.Hope that helps..
- #1,718
- Mar 1, 2007 7:55pm Mar 1, 2007 7:55pm
- Willf, how did you select the pairs you trade?
Since then though I can see that the system would work. I just need to make my fib levels bigger.
* Do you worry at all about the entry price? What I mean by that is that when the daily candle closes, the indicators on the 1 hour chart might be for example overbought when you are wanting to go long on a pair. Do you wait to get a better entry or you get in at daily candle close? I personnally tend to wait for a better entry but noticed that in many cases it has kept me out of winning trades...
* Once you are into profits and your first profit target has been reached, do you the move your stop to break even?
I now use ATR as my stop and I adjust them at the end of the day. I only move them if the trade goes in my favour. If the trade is going against me I leave the stop where it is. Generally one the first TP is hit I can the adjust the stop and lock in some profit on the second TP.
* How much subjectivity is involved in taking a trade or not? DO you take them all?
A good example would be EURJPY (apart from the last couple of days). It's consistently gone south over the tunnel, hit the first fib line and reversed. Consequently I would be hesitant to trade any short signals because historically they have a short life.
Or AUDUSD. On long trades it hasn't made it past the second fib level since April 06. If I got a signal to go long I would make sure there is plenty of room to move because historically it rarely makes it any higher.
* How much do you manage your trades on a daily basis?
I place my trades at 10.00PM GMT and check on them through the day but due to restrictions on our network at work I can't modify anything through the day.
By the time I get back from work at about 6.00PM GMT most of the action has finished for the day so I update my journal with any trades that got closed etc. At 10.00PM GMT I start it all again.
Hope all this helps
Thanks Willf! Much appreciated and very helpful!
Quite simply, these were the 'top' pairs offered by my broker (North Finance). I just started looking at them all with the exception of some of the more exotic pairs (USDNOK, USDSEK, USDSGD ETC.) I ditched the more exotic pairs because the Vegas daily fibs were too low to work.
Since then though I can see that the system would work. I just need to make my fib levels bigger.
I rarely take into account what happens at lower time frames. If anything I check the weekly chart to gauge the overall trend.
Originally I moved my trade to breakeven ASAP but that was when I was using the previous hi/lo as my stop. The downside I found that was more often than not the second TP had no room to move and got stopped out.
I now use ATR as my stop and I adjust them at the end of the day. I only move them if the trade goes in my favour. If the trade is going against me I leave the stop where it is. Generally one the first TP is hit I can the adjust the stop and lock in some profit on the second TP.
I don't take every trade. I gauge most trades against the Vegas daily setup and what the pair has done previously.
A good example would be EURJPY (apart from the last couple of days). It's consistently gone south over the tunnel, hit the first fib line and reversed. Consequently I would be hesitant to trade any short signals because historically they have a short life.
Or AUDUSD. On long trades it hasn't made it past the second fib level since April 06. If I got a signal to go long I would make sure there is plenty of room to move because historically it rarely makes it any higher.
My day job restricts what I can do so managing my trades is quite easy.
I place my trades at 10.00PM GMT and check on them through the day but due to restrictions on our network at work I can't modify anything through the day.
By the time I get back from work at about 6.00PM GMT most of the action has finished for the day so I update my journal with any trades that got closed etc. At 10.00PM GMT I start it all again.
Hope all this helps