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  • #7,521
  • Apr 7, 2009 4:39am Apr 7, 2009 4:39am
Free Trade Baby Yeah
  • #7,522
  • Apr 7, 2009 4:50am Apr 7, 2009 4:50am
There was one on EJ too.. another free trade
Traders are smartasses
  • #7,523
  • Apr 7, 2009 5:09am Apr 7, 2009 5:09am
theres money in them forex mines.

This is were your ability to allow trades to flow from day to day pays off. I hope someone was on the EUR train from yesterday (cant remember i anyone caught it) youd be up a bunch
  • #7,524
  • Apr 7, 2009 5:14am Apr 7, 2009 5:14am
Quoting Razor_trader
short GBP/USD on the last hour IB
Razor, I get the 6AM GMT Candle as bullish, opening at 14681. So I'd I've thought you'd be looking for long on that?
  • #7,525
  • Apr 7, 2009 6:47am Apr 7, 2009 6:47am
Quoting SlideDog
Razor, I get the 6AM GMT Candle as bullish, opening at 14681. So I'd I've thought you'd be looking for long on that?
Hmmm I got mine as bearish, the next candle was bullish. I am using the world clocks site from the internet as I think London is in daylight savings mode and WA where I am from has just come out. I hate the changing of the clocks because it is something my feeble mind has never understood. I dont use my chart times, (it is as I stated earlier a work in progress to get the charts and all lined up) so I only look at the closed candle, that is in line with the world clock website.

All in all im glad (even if i am wrong) as i got the ride in the right direction lol.

I will keep you posted. Im now going to look at the website and count my candles back to tell you if I did the right thing or not.
  • #7,526
  • Apr 7, 2009 7:00am Apr 7, 2009 7:00am
GBP/JPY and USD/JPY showing strong bullish reversal formations. So I'm not taking either.
  • #7,527
  • Apr 7, 2009 7:35am Apr 7, 2009 7:35am
Quoting Razor_trader
Hmmm I got mine as bearish, the next candle was bullish. I am using the world clocks site from the internet as I think London is in daylight savings mode and WA where I am from has just come out. I hate the changing of the clocks because it is something my feeble mind has never understood. I dont use my chart times, (it is as I stated earlier a work in progress to get the charts and all lined up) so I only look at the closed candle, that is in line with the world clock website.

All in all im glad (even if i am wrong) as i got the ride in the right...
I feel like giving myself a big slap. I hadn't thought about this either, and so I thought with the clocks going forward an hour last weekend, I now need to get up an hour earlier. Except I don't - I need to get up an hour later. So I got out of bed at ten to five this morning for no good reason. Idiot!!
  • #7,528
  • Apr 7, 2009 8:28am Apr 7, 2009 8:28am
Quoting SlideDog
I feel like giving myself a big slap. I hadn't thought about this either, and so I thought with the clocks going forward an hour last weekend, I now need to get up an hour earlier. Except I don't - I need to get up an hour later. So I got out of bed at ten to five this morning for no good reason. Idiot!!
M8 i did that last year, i got the job site and it was still quite dark, but we havent had daylight savings here for long, so I didnt know. It was about 70-80 mins later before the boss rocked up, I was asleep in my car and he asked if it put the clock the wrong way, Sheepishly I said yes...

It stuffs you up because whilst your daylight savings finishes, it starts somewhere else. It never ends.

BTW the market bounced off the hourly trendline nicely, im almost out for small gains.
  • #7,529
  • Apr 7, 2009 9:25am Apr 7, 2009 9:25am
trade on GBP/USD stopped out. Made a small gain as I took my first limit at around 1.2:1. The hourly trendline seemed to hold up nicely and in hind sight I could have taken profit there, however my goal from this trade was to get a free trade and let it run, which it did but then didnt.

I didnt take profit at my SMA for the same reason above. I was looking to see how I would handle the trade if it came teetering back to my SL and whilst I could have taken profit, my goal was much bigger.

I wont be trading as much for the rest of the week. Im trying to redo my charts (timezones, plus I got some other bits to sort out with making all charts the setup exactly the same for each pair) and I am going to get a journal setup. I will still hover around though.

Take care all
  • #7,530
  • Apr 7, 2009 11:41am Apr 7, 2009 11:41am
Quoting Razor_trader
Get well bud. I spent most of my friday and weekend battling the damn flu. We will see you next week or asap
thanks razor... of all things i picked up chicken pox from my little boy and i knocked me for six! I'm feeling fine now and back to work but i look a bit strange to say the least (30 year old with acne) ah well be all better soon.



some good trades these last few days!

regards

spotty
  • #7,531
  • Apr 8, 2009 6:10am Apr 8, 2009 6:10am
Hi guys,

especially at session start (DIBS start 6 gmt) I very often come across the problem of how to determine the Hot Hand e.g. the trade of the day.

Let's assume, that there are IBs in GU and EU (because of tight ranges from the asian session). My problem is now which trade to take as the pairs are highly correlated and often move in tandem.

Does it makes sense to trade both in the same direction and abandon the less performing trade?

Also one could have a look at the chart patterns in EURGBP.

Thanks

T.
  • #7,532
  • Apr 8, 2009 7:40am Apr 8, 2009 7:40am
Quoting tdeu
Hi guys,

especially at session start (DIBS start 6 gmt) I very often come across the problem of how to determine the Hot Hand e.g. the trade of the day.

Let's assume, that there are IBs in GU and EU (because of tight ranges from the asian session). My problem is now which trade to take as the pairs are highly correlated and often move in tandem.

Does it makes sense to trade both in the same direction and abandon the less performing trade?

Also one could have a look at the chart patterns in EURGBP.

Thanks

T.
I trade a pair which has moved well since the start of the day ie midnight GMT and is moving well generally. I find average true range a useful tool and it's interesting to compare, say, ATR(14) to ATR(200) on the daily to see what's moving.

If there had been tight ranges during the Asian session (and before) then I would be looking for other kinds of break out trades than inside bars in any case.

If money management would be the reason for making a choice between trading pairs then I would lower my exposure and trade smaller lots. In my opinion looking at EURGBP complicates things a bit rather than helping. It's really supposed to be a simple strategy. The skill comes into managing the "runners".
Gone to a better place
  • #7,533
  • Apr 8, 2009 9:44am Apr 8, 2009 9:44am
Quoting tdeu
Hi guys,

especially at session start (DIBS start 6 gmt) I very often come across the problem of how to determine the Hot Hand e.g. the trade of the day.

Let's assume, that there are IBs in GU and EU (because of tight ranges from the asian session). My problem is now which trade to take as the pairs are highly correlated and often move in tandem.

Does it makes sense to trade both in the same direction and abandon the less performing trade?

Also one could have a look at the chart patterns in EURGBP.

Thanks

T.


ok questions like this are depressing..... s/r r/r trend/range etc etc etc take the trade that you feel has the most potential!! if you can't decide take both but account for it in your risk % or don't take a trade,

A good current trade would be usd/chf long (free trade atm) lots of ibs at the same time but i took that for a number of reasons... eur/jpy would have been a good trade also (maybe better) but i missed it for some reason, anyways have a look and see if that helps.

regards
  • #7,534
  • Apr 8, 2009 9:56am Apr 8, 2009 9:56am
wheres the dib bar on the usd/chf cant see one on my chart today
  • #7,535
  • Edited 10:20am Apr 8, 2009 10:10am | Edited 10:20am
Quoting julian
wheres the dib bar on the usd/chf cant see one on my chart today
There were 2 IBs on USD/CHF on my platform, 1pm GMT and 11am GMT but both below the 6am GMT open so I was looking for shorts only. Neither were triggered.

Managed to go long the EUR/GBP 11am GMT IB for a free ride though, but I expect a retrace soon as it's counter the trends on the higher timeframes.

The IB upside breakout timed perfectly with a 1 hour trendline breakout, and interestingly, price was heading into a zone where there was a distinct lack of recent S/R.

...
Attached Image (click to enlarge)
Click to Enlarge Name: eurgpb.JPG Size: 53 KB
  • #7,536
  • Apr 8, 2009 10:18am Apr 8, 2009 10:18am
Quoting takingthepip
There were 2 IBs on USD/CHF on my platform, 1pm GMT and 11am GMT but both below the 6am GMT open so I was looking for shorts only. Neither were triggered.

Managed to go long the EUR/GBP 11am GMT IB for a free ride though, but I expect a retrace soon as it's counter the trends on the higher timeframes.

there were 2 the first was to big for my liking the second straddled the open... but i'm using british summer time hours so thats the difference hmmm will have to look into the effects of such.
  • #7,537
  • Apr 8, 2009 10:26am Apr 8, 2009 10:26am
Quoting icarusfx
but i'm using british summer time hours so thats the difference hmmm will have to look into the effects of such.
Hi Icarusfx,

I'm in Ireland so we're both on BST. I'm starting my day at 7am, which is 6am GMT. May I be struck dead from above, somehow, if I'm wrong.



Orange line shows open, arrow shows 6AM candlestick.

...
Attached Image
  • #7,538
  • Apr 8, 2009 10:37am Apr 8, 2009 10:37am
There were no bars to be actioned on in chf, and the eur trade should have been stopped out.I thought the idea was to stick to the rules
  • #7,539
  • Apr 8, 2009 10:41am Apr 8, 2009 10:41am
the eur/gbp did not pass through the level for about 2/1/2 hrs does that still count
  • #7,540
  • Apr 8, 2009 10:45am Apr 8, 2009 10:45am
Quoting julian
There were no bars to be actioned on in chf, and the eur trade should have been stopped out.I thought the idea was to stick to the rules
Agreed. There were were no downside breakouts on the USD/CHF IBs. A question was asked as to where the IB on CHF was, referred to earlier.

On the EUR/GBP, why do you say the trade should have been stopped out. The IB was above the open, so I took the upside breakout which is now doing okay?

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