Greg, I got caught out too on the next period following the last red candle (heading towards S2), managed to catch a 20-30 pip ride at the start of S1 closed out a little profit, entered again as stochs seemed like they were heading down but period following showed reversal and my stops were triggered. was a very tug-of-war night. (demo trading is awsome)
Right, bank.it, trading sessions don't always offer easy pickins. And just wait until you start trading live--that'll get your heart pumping.
As to the previous posting, i.e., whether I look at smaller time frame charts, the answer is, yes. I have two screens: on the left screen are 1 min, 5 min, 15 min charts. On the right screen, 1 hr, 4 hr, daily chart. My main focus when looking for a trade setup are the higher time frames. As you know, I'm looking for the overall trend, or if I don't find one, an intra-day trend. From there I look at the candles (price) and where they are in relation to the pivots or some other support floor or resistance ceiling. Then I look for confirmation of the setup with my stochastic and MACD indicators. And then I will likely look at the smaller time frames to see if they are in sync (it's rare when all time frames are saying the same thing, but the more that do the better).
Not sure about time zone FXCM uses on the chart, maybe someone else reading this can clarify. Look at the clock I have on the chart. That gives you a close approximation of when I exited the trade. Greg
Not sure about time zone FXCM uses on the chart, maybe someone else reading this can clarify. Look at the clock I have on the chart. That gives you a close approximation of when I exited the trade.
Greg
Ignored
I am pretty sure the FXCM metatrader time is london time (GMT+1),
and the FXCM trading station is New York time being (GMT-4) - the new york time is the time displayed with Gregs trades
I've been working on a template to match your's...I like your setup quite a bit...made my first live trade using your approach (all things line up, then execute) and made +45 on GJ, +33 on EJ.
calvk81 - As previously stated within this thread, Greg does not set stop losses when initiating a trade but sets them once his trades have earned a certain amount of pips (20-30) to breakeven...correct me if I am wrong Greg.
Hope this helps.
Ignored
hai greg
i would like to ask you that how much do u risk when the price goes against you. cause is it seen that you are very well in maintaining your loss. btw thanks bank.it for answering the question
The percentage of the stake risked when a trade goes against me is small. I will cut a loss short at some point, i.e., when my threshold for pain has been reached or before.
Risk free money + daily interest, when GBP/JPY was above 200.00 a standard lot could bring in over $25 a day just from holding the trade. It isn't there now but as the market evolves and interest rates rise again it could be.
Being that Greg trades 3M lots at a time the math would be:
$25(daily interest per standard lot) x 30(3M is 30 standard lots) = $750/day risk free.
It's just a matter of getting in on the right dip and surviving the first pull back.
