Not sure if it's luck, but seems that lately the EU stays in about a 35/65 channel, and when it hits either line it bounces off. A demo trade I made was down over 20 pips at one time, but within about an hour, it went back up at the red line.
Not sure if it's luck, but seems that lately the EU stays in about a 35/65 channel, and when it hits either line it bounces off. A demo trade I made was down over 20 pips at one time, but within about an hour, it went back up at the red line.
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Kind of like channel-trading the indicator. I see you've got Firebird
running, too. Mix and match!
Just took a short on EU about an hour ago after it broke an upward TL. Only had a stop of 12 on it but that was enough. Moved it to BE after +6 and was looking for it to hit that 46 line on the chart.
Not sure if it's luck, but seems that lately the EU stays in about a 35/65 channel, and when it hits either line it bounces off. A demo trade I made was down over 20 pips at one time, but within about an hour, it went back up at the red line.
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I did notice that today. Will look at it for few more days, as today was FOMC news day.
Thanks
Kareem
Yeah, I have too may charts open, and the firebird runs off a 5 minute also. I just discovered the firebird & trying out different methods with it. The channels are of a different system, where I use an EA invented by a guy named nanningbob to only open trades at extremes from center, such as 80 to 120 pips away...a counter trend startegy.
Just took a short on EU about an hour ago after it broke an upward TL. Only had a stop of 12 on it but that was enough. Moved it to BE after +6 and was looking for it to hit that 46 line on the chart.
66short closed at 48 for +18. Nice system.
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Nice trade James. I have tested many stopps and find 20 to work best, specially in the choppy markets that we are having now. Thanks for your post and please feel free to ad more post/ideas in the future.
Yeah, I have too may charts open, and the firebird runs off a 5 minute also. I just discovered the firebird & trying out different methods with it. The channels are of a different system, where I use an EA invented by a guy named nanningbob to only open trades at extremes from center, such as 80 to 120 pips away...a counter trend startegy.
Yeah, I have too may charts open, and the firebird runs off a 5 minute also. I just discovered the firebird & trying out different methods with it. The channels are of a different system, where I use an EA invented by a guy named nanningbob to only open trades at extremes from center, such as 80 to 120 pips away...a counter trend startegy.
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At the risk of being off-topic, nanningbob is one of the smartest guys
we have, here. I've read about his EAs and they are quite impressiive.
Chicago, You know what the firebird EA is. Just started trying it, but not that impressed, so will probably can it. Basically, it relies on pullbacks for entry. The EA I mentioned created by Nanningbob is very similar, and his first EA would buy and sell at the same time, and capture profits on a pullback. For anyone interested, the current EA allows you to set a distance away from the 40 Moving Average before the EA will enter. For instance, you would take a SELL trade if the EUR/USD was 120 PIPS over it's 40 MA, and the EA can be set to make further trades if it keeps going against you.
Seems to still be in the 35/65 range and bouncing off. I made another 22 pips on the bounce off the line. Now, going back down to the line again. If it goes under, and then starts to reverse, I'll try another trade.
Seems to still be in the 35/65 range and bouncing off. I made another 22 pips on the bounce off the line. Now, going back down to the line again. If it goes under, and then starts to reverse, I'll try another trade.
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I am watching it today, there seem to be a pattern there. I will look at it for a couple of weeks post some trades if I see them.
Thanks again, great post.
Kareem
Got sicker than a dog last night, so I stayed home today
and watched my charts. Made some pips on this one.
There was another good setup before, but I missed it.
Got sicker than a dog last night, so I stayed home today
and watched my charts. Made some pips on this one.
There was another good setup before, but I missed it.
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I got 35 out of that one last night. I hope you feel better soon.
Kareem
I got 35 out of that one last night. I hope you feel better soon.
Kareem
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Good job, K40, on that trade. You squeezed out some good pips on
something that doesn't appear to have much momentum.
One thing that's hurting my performance are the crap spreads at
IBFX. When I get some more trading time under my belt with the
RSI Trade, I'm going to transfer to a broker with lower spreads.
I'd love to go to MBTrading, but I'm not sure I'm betting enough
on my trades to pay the commission costs.
Just took this one. Hoping to see it go past the last swing-high.
If not, I'm already at BE, plus some pips. This should pay for my
lunch at McDonald's tomorrow.
Same trade. Love watching the momentum when they
break out. This will be enough for my lunch and a three-pack
of chocolate chip cookies.
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Yes sometimes pips are hard to get. I hear IB has the best spreads, even with the commissions its still worth it. I also hear good things about MB.
I glad you were able to get some pips today.
Kareem
Yes sometimes pips are hard to get. I hear IB has the best spreads, even with the commissions its still worth it. I also hear good things about MB.
I glad you were able to get some pips today.
Kareem
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Thanks for the good wishes on my illness, K40. I'm pretty knocked out,
but I have a job, so it's back to work tomorrow.
EURUSD isn't really a problem with IBFX, since it's usually 2-pips, but
it jumps around quite a bit during different sessions. The problem is
that I use other systems that trade different pairs, which can end
up with prohibitive spreads.
By IB, are you referring to Interactive Brokers? I traded stocks and
options with them for a long time. So so service, but a great broker
with super low commissions and killer executions. They really spoiled
me.
