well i am short on the gbpjpy so i am hoping down! But now i am not sure?
- #2,508
- Jun 19, 2009 5:42am Jun 19, 2009 5:42am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
Thanks to Edge's excellent explanation (see post #2446) so far this morning have had 2 winning trades (I just started 15 minutes ago). Today I am simply following the rules . and they are simple. Yesterday I kept trying to make my own rules and follow too many charts and lost almost continuously.
Looking forward to many more 'no brainer' signals 
Looking forward to many more 'no brainer' signals
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I'd rather make money than be right.
- #2,509
- Jun 19, 2009 5:55am Jun 19, 2009 5:55am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
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I'd rather make money than be right.
- #2,510
- Jun 19, 2009 5:59am Jun 19, 2009 5:59am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
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I'd rather make money than be right.
Is beyond my usual trading time Rev....
However, research shows that time (1:20 - 2:00 p.m. NY) to be very active also. Big boys go to luck, rave over their profitable positions, gorge themselves, then come back and take some bling off the table. Almost a daily occurance in many pairs.
And the setup is picture perfect --- Simply cannot miss that with ANY indi you want to use.
Hmmm, maybe I could sleep in and trade later in the day. Only looking for 30 - 40 daily pips anyway. Food for thought.
Regards.
hi edge,
pls can you explain how the 'Forex Trend fxfariz' indicator works
- #2,513
- Jun 19, 2009 6:41am Jun 19, 2009 6:41am
- | Membership Revoked | Joined Apr 2009 | 1,202 Posts
hi edge,
pls can you explain how the 'Forex Trend fxfariz' indicator works
Changes color and shows strength of a move. Tends to repaint but not a bad indi.
Am looking at an RSI set at '4' with OB/OS set at 60/40 as an alternative. Most assuredly does not repaint if using the 'live' MT4 version with a simple line as the rsi.
Will see how this performs for a few hours.
- #2,518
- Jun 19, 2009 8:28am Jun 19, 2009 8:28am
- | Membership Revoked | Joined Apr 2009 | 1,202 Posts
PA has been rough today as of U.S. session open. Had a bit of news early and accordingly some choppy PA. Have been looking into the RSI indi to see if it can be substituted or incorporated into the plan. Mixed feeling here.
An RSI set at '8' with OB?OS set at 55/45 respectively doe indeed work as a trigger mechanism. However, as with all such line indi's, it is very touchy.
I am pretty comfortable with the TM regardless of repaint issues. Even on days like today, whereas the EURUSD especially is very inconsistent, I think those looking at the +10 plan should be OK.
It has been a stellar week trading this method. Very few losses, and have been able to limit market exposure time to a minimum on most trades. Have easily exceeded +2% daily account increase goal and even with the few losses have never reached critical mass from a concern standpoint.
It seems that Paul has pretty much completed his work with the 'beast' on the 1M. Many of you have most likely taken a gander at several different pairs on the 1M also. The TM and TGMTF do quite well there but you need to be really focused or you WILL get bitten.
I have no doubt that trading the 5m is a good bet. Further, I would even venture to say that trading the 1M (EURUSD especially going after a few pips) would be a good venture to undertake. It simply depends, as always, on what type of trading you yourself get the most out of.
Have yet to see any indicators presented that outperform those in the base set that we are using. Especially from a triggering mechanism perspective. While not a fan of pivots on a 5M, there are those that are well acclimated to using such and it apparently has a positive effect in their trading efforts. As such, you would be foolish to toss it away as I have mentioned previously.
So, the battle will evidently continue for a while yet as to which methods serves a trader best, 'swing' or 'scalp'. Really is not a battle though, but a simply choice. Conservative or moderately aggressive? Either way produces some pips and that is the ultimate goal.
Took a bit longer today, but still able to make some trades with decent setups. Will defer final analysis on the RSI thing until Monday.
Regards.
- #2,519
- Jun 19, 2009 8:39am Jun 19, 2009 8:39am
Have been looking into the RSI indi to see if it can be substituted or incorporated into the plan. Mixed feeling here.
An RSI set at '8' with OB?OS set at 55/45 respectively doe indeed work as a trigger mechanism. However, as with all such line indi's, it is very touchy.
I am pretty comfortable with the TM regardless of repaint issues. Even on days like today, whereas the EURUSD especially is very inconsistent, I think those looking...
Edge,
As I see you are using (on the chart) bouth 14MA and TM. Are you using bouth for puling the trigger, or just one of them ?
Thx for the coments too !
