Trade what you see NOT what you expect

Don't have one....have a stop at 25 on remaining shorts. If they don't get stopped out I will see what happens in the morning. Taken profit 3 times so far!

A mail I got, might be of interest to you



Dear Customers:
Interbank FX, along with all FCM's, has received information from the NFA that we wanted to pass along to our customers. All registered FCM's have received a new Compliance Rule 2-43 regarding forex trading. On May 15, 2009, forex customers will no longer be allowed open "hedged" positions in their accounts. Please see an excerpt from the new NFA rule below. If you are currently using Hedging as a trading strategy, we would encourage you to use the Interbank FX Demo accounts over the next month to help modify your trading strategy. Also, for those of you who utilize hedging strategy with your "Expert Advisors", we would encourage you modify your code and test your advisor on the Interbank FX Demo servers as well. In order to assure a smooth transition for our customers to the new NFA Compliance Rule, Interbank FX has set May 8, 2009 as the last date that customers will be able to Hedge open positions.
Interbank FX is committed to providing our customers with superb tools, real time news and analytics to help you to be a successful trader. Please do not hesitate to contact one of our customer service professionals if you have any questions.
Best regards,
Todd B. Crosland
Chairman and President

http://gfx1.hotmail.com/mail/w3/ltr/i_safe.gif

Notice to Members I-09-10
April 13, 2009
Effective Date of NFA Requirements Regarding Forex Orders
NFA has received notice that the Commodity Futures Trading Commission has approved new NFA Compliance Rule 2-43 regarding forex orders. The prohibition on carrying offsetting transactions will be effective for any positions established after May 15, 2009.
Click here for more information.
*According to gftforex.com

[quote=BenScoobert;2672556]A mail I got, might be of interest to you






Most brokers don't allow hedging on the same account anyway. But a few have already circumvented this by allowing sub accounts . So you buy in one account and sell in the other.. Same difference..

hi all,
well yesterday while i was in bed i had an idea so i opened my charts and starting checking if i could only use PRICE ACTION with the Fibonacci (in your case you use moving averages for Fibonacci alternative) but without the RSI... so i came out to a point that MAYBE JUST MAYBE i could remove the RSI completely and just open trades based on PRICE ACTION and Fibonacci. That way i could play short and longs at the same times in all time frames all with adjustable targets WITHOUT STOP LOSS (which means your target serves as stop loss as well in case price turned way against you) So basically all you need to do is play with 2% of your account in each trade, add trades in both direction when you see signals, some trades will win and some other will lose, providing that you have enough money in your account to handle any possible drawdown. So i will give it a try for a period of time visually before working on the real account.
Until now i was only taking trades that match the RSI criteria on higher time frames (which helps avoiding bad trades but at the same time filtering valuable reversal trades)

So lets hope for the best

For now, i still post the trades matching RSI criteria, so i am waiting for a 1H up trend to go long on retracement+signal

lol

i could only use PRICE ACTION with the Fibonacci (in your case you use moving averages for Fibonacci alternative)

Some of us still us our Fib tool as a added confirmation .. If you look at the 1hr now. price is at the 50% fib and also touched the 50 SMA and the 200 sma on the 15 min.. and it turned back for a short trade. it is all good.

Good Morning Ken

yes i mean the EO and INFINITY method relies ON MA and PA

[quote=micho;2672831]yes i mean the EO and INFINITY method relies ON MA and PA [/quot

I agree but if you notice Infinty's chart every now and then they have a fib stuck on them . LOL Everything we learn can and does compliment everything else we have learned or should..

Plus some of us need our security blankets, change can be difficult for us.

Here is a chart for those who might not us e fibs.

hmm, waiting to take a long, I wonder how much lower she can go.

Plus looking at the one hour chart the 50% also was right at the high from the day befoe yesterday, and I had a S/R line there, Lots of reasons to take a trade.. More things that come together the better.. As long as they compliment each other. But if we are waiting for a indicator to turn over the trade could be gone before it reacts to the price movement..

g'morning campers!

Good Afternoon for me

Long at 4940, looking at adding more near 62EMA if she goes there.

And hello Ken Lee, i followed your thread on babypips.

Not looking good at the moment

no signal for long as of yet
why did you take it
wait for the candles to finish, dont just jump in a trade like that

Hey Micho!

There was a bounce on the 1hr 62ma, for 20 pips or so ,10min into this hourly candle.

Would that have been taken?

THANKS

I thought i seen a inverted hangman on t he 1hr, im still learning so i could be wrong. Cheers

Yer and the bounce off the 62EMA

well you should ask the expert guys who follow the moving averages... in my method i dont work with the moving average
sorry