No Brainer Trades

second Eur?Usd is hanging now.I would close it at break even.
I would not set orders and leave them at this time especially on Fridays.
It looks like a bullish mood today. Will there be an attack on 1.4144-1.4180?
I think, all orders must expire by maximum 4:00 a.m. if no news at night.

Hi Shiko,

Thanks for your sharing. It answered my question.

To post a screen shot. If you are using metatrader, go to pulldown menu:
File > Save as picture > ok
Select the folder to save

When posting message on ForexFactory, Find the button "Manage Attachments" and press it.

Broswe your save picture and press upload.

It should be done.

ok, I tried , however it seems my files are too big to upload., Both are more than 2 MBT.

Hi Shiko,

I don't use this EA to trade, I only use the EA to manage my trade once the limit orders are triggered.

For example, the EA moves my SL to BE after 20 pips profits are reached and it also closes 1/8 of the lotsize; at 40 pips, it moves SL to 20pips and closes the other 3/8. And I leave the other 3/8 lotsize to run until 60pips and move SL to 40. Now I have 1/8 still running and the EA start a trailing stop for that 1/8 position.

Some EA help you trade, but it is hard to make money from it. I just use this EA to protect my Profits and limit my risk.

But of course, Oanda doesn't support MT4, so you cannot use this EA. I use Oanda too, but I am demo trading using MT4 and if it works, I will switch to some other broker. I think it would be nice if Oanda support Money management out of box.

Baby/////


It would be great. some trades goes into profit, do not trigger take profit and then hit stop loss. this EA is a perfect solution. You can program it how to manage trades when you are away. it is really good.

Hi Folks. Good Asian evening. I am new to forexfactory and this is my first post.

I am not sure if anybody is taking a look at this pair (not as popular as euro, gbp and the other majors) have established longs during the late Asian session at 1.7417. If you will look at the weekly, daily and 4Hr charts:

1> 4hr chart - hammer; price bouncing off support #1 1.7385 after consolidation.
2> Daily chart - higher lows, supported by a rising trendline
3> Weekly chart - very o/s macd

Following turtle trading principles, I would like to let the trade stay. Stops were raised to b/e.

Any suggestions or comments? thanks folks.

I didn't get filled on this one but the sell off from this area just made +185.

A nice move indeed!

ok. today had 6 wins and 2 losses. Netted 42 pips . starting last Thursday 321 pips up. 28 trades won, 5 lost

Ha, unfortunately canceled sell order at 1.4115. should have been one more win.

Shikko, can you tell me what strategy you are using? Aree you aware that by starting out with 2K using your maximum leverage per day with only 10 pips you will make a million in 3 years.

Shikko, can you tell me what strategy you are using? Are you aware that by starting out with 2K using your maximum leverage per day with only 10 pips you will make a million in 3 years./////


QuestFX, I use exactly what BRW teaches, without any editions. I actually stopped using any indicators. like EMAs, RSI or Stochastic.
I used to trade 6 EMA's strategy before. It is all over the place. It used to be mystery to me why after I entered trades on signal, price went against me sometimes 50 and more pips. Now we know.
I am trading what BRW wrote in the very beginning horizontal S/R , just focusing on my 16-20 pips per trade, controlled risk. I would not use high leverage here. If you read Turtles, you must remember that they wer enot allowed to have more than certain number of lots in each market despite being diversified.
I already observed this that sometimes all currencies start moving strongly in one direction and thus can kill all positions in no time. so, there must be limit set for all positions in one direction. say 1-2% total if all positions get killed. In normal conditions it is impossible, but in abnormal conditions and we have to think about abnormal situations since I leave trades run and I am not here, it is 100% sure thing. Like black Friday of 1987.
I trade other guy money, so, I cannot use leverage of more than 10:1, which is a lot. I have been testing. Monday-Tuesday I traded up to 1:1 leverage. since Tuesday I am starting trading 1:1 leverage every day. Then, if evberything fine, I will probably increase to 1:2.

Shikko,
Sorry, I meant max leverage of 2% with only 10 pips per day. I appreciate your response and would like to ask two additional questions: 1) What has helped you the most with finding the support and resistance levels and 2) What is your normal stop loss for a 10-20 TP?

Hi there,

I just stumbled across this post. Shiko, could you please share where I
can learn about this BRW method? That's an excellent hit rate and I want
to learn more about trading S/R...

thanks!

Hey, Happyhappy, welcome! To learn about the method go to the very first page of this thread and find the following text: -------------------------------------------------------------------------

Blog: http://nobrainertrades.com

Follow me/mynotes/trades on Twitter: http://twitter.com/nobrainertrades

See below for important posts about this strategy, and a .pdf compilation

The PDF is the place to start, then do the articles in the blog. You can get to the PDF file from the blog too. Read the PDF file a couple of times at least and then start following the thread. I would suggest that you read quite a bit on the thread before you try to follow what is posted on the chat because it is sometimes abbreviated and you may miss somethings "not said but implied". Not so much on the thread.

Good luck and enjoy.

SR

BRW method is available on page 1 for all to see.
I just follow 100% what BRW says. No input from myself whatsoever.
BRW is a talented and very experienced trader and I see no point to edit what he says. I just follow.

1. I use 40 pips stop loss as BRW mentioned on page 1. Leverage is small. Monday -Tuesday was 1:1. now much less, since Tuesday will be back to 1:1 and then after 1-2 weeks if results are good will move it to 1:2.

2. Using high leverage is dangerous. I would not do it.
If you use reasonable leverage , and with your own money you can do it with little bit higher leverage and you follow BRW you will be fine.
No stop moving... You will interfere with probability. Also, from my bad experience, no closing before stop loss is hit.
Ok, I start real size trading again on Tuesday night. I will post results here to ensure my discipline and work on my faults and weaknesses. Till Tuesday it is penny trading. I wilol post results as well.

Yes, al;most forgot, detecting S/R areas it is describe don page 1 by BRW himself on page 1 as well.
He wrote everything in details and I just cannot write as well as him. read emerying carefully and think.

Read all the stuff posted on the front page of this thread. Also read through every page of this thread.

This is a good rule and one that will save you money.

RC,
Thanks for your sharing and explanation!
kk

Shikko, can you tell me what strategy you are using? Aree you aware that by starting out with 2K using your maximum leverage per day with only 10 pips you will make a million in 3 years.////


QuestFX, be careful with leverage.
Despite high hit rate sometimes you have few losing trades in a row and wwhile with small leverage you won't hurt your account prospects with high leverage you can damage your account potential to make returns.
2 losing trades yesterday happened one after another. 70 pips in both.
If you say trade $50 000 account. and use 1:10 leverage which is about $35 per pip. You lost 70 pips is $2450, which is 5%. If you do same with 1:50. it would be 25% or more of you account. This are too much of a damage and will not only damage your account but will damage you psychologically.
Take it slow. Even trading 1:1-1:3 leverage you can make 3-10% monthly.
You never know which trade gonna become a loser.
I personally always think of how much I can lose.

hi!
is this good setup for long?