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  • #201
  • Sep 16, 2009 9:01pm Sep 16, 2009 9:01pm
Quoting IKent
I guess the poster was asking about 2 times spread. I assume you are saying that if the spread is 10 pips, your stop loss should be 20? or you get out of the trade if it goes against you for 20 pips?
yes, an SL @ 20 pips is extreme, should not exceed that .

a trade which starts in red, was never a good trade.

your concentration should be on taking trades with the lowest possible draw down per trade, so when you take a long position, it should immediately go green.

that

is the way to trade, not to wait hours for it to turn green.
  • #202
  • Sep 16, 2009 9:02pm Sep 16, 2009 9:02pm
your hold on price action should be absolute, not a guess work.
  • #203
  • Edited 10:16pm Sep 16, 2009 10:15pm | Edited 10:16pm
Quoting forexlion
yes, an SL @ 20 pips is extreme, should not exceed that .

a trade which starts in red, was never a good trade.

your concentration should be on taking trades with the lowest possible draw down per trade, so when you take a long position, it should immediately go green.

that is the way to trade, not to wait hours for it to turn green.
Ya. That should be the way; Wish all the trades are that way!
So the ENTRY is key to make the trade +ve. That too in 1M you have to observe keen and hit and get out fast and with gbp/jpy it requires more precision than other pairs.
  • #204
  • Sep 16, 2009 11:23pm Sep 16, 2009 11:23pm
Good thread,Lion. I've seen it asked a few times, but couldn't find the answer. Which broker are you using?
Thanks!
  • #205
  • Sep 16, 2009 11:30pm Sep 16, 2009 11:30pm
FxPro. Look at the bottom of his charts.
  • #206
  • Sep 17, 2009 2:49am Sep 17, 2009 2:49am
current spread on EG

see comment line on top of chart.

during sydney session it is as high as 5 pips

so this means fxpro spreads vary with liquidity in the market.
Attached Image (click to enlarge)
Click to Enlarge Name: eg.gif Size: 20 KB
  • #207
  • Sep 17, 2009 6:40pm Sep 17, 2009 6:40pm
Quoting forexlion
current spread on EG

see comment line on top of chart.

during sydney session it is as high as 5 pips

so this means fxpro spreads vary with liquidity in the market.

Hi Forexlion, I noticed that the value of the Forexlion's tail indicator has no upper and lower limit so when it turns up or down the turn value appear as max value. So, how do you determine the extreme or best level to enter for short or long. Is there any min level we need to look forward before we make out entry?
  • #208
  • Sep 17, 2009 8:10pm Sep 17, 2009 8:10pm
Quoting dzackfx
Hi Forexlion, I noticed that the value of the Forexlion's tail indicator has no upper and lower limit so when it turns up or down the turn value appear as max value. So, how do you determine the extreme or best level to enter for short or long. Is there any min level we need to look forward before we make out entry?
that, my friend is purely based on your judgement

tail just smoothens out the noise from the trend, so you know what the pros are doing, rather than giving you the extreme zig zag.
  • #209
  • Sep 17, 2009 8:13pm Sep 17, 2009 8:13pm
Quoting dzackfx
Hi Forexlion, I noticed that the value of the Forexlion's tail indicator has no upper and lower limit so when it turns up or down the turn value appear as max value. So, how do you determine the extreme or best level to enter for short or long. Is there any min level we need to look forward before we make out entry?
zoom in max on the chart, then zoom out 4 times, so you can see the bigger picture on whats happening on the charts

some times zooming in too close to catch the candles gives wrong info on the tail
  • #210
  • Sep 17, 2009 8:16pm Sep 17, 2009 8:16pm
try not to depend on the indicators, try to look beyond the indicators and read the price action in play

read where the trend is getting weaker, try to get better judgement of strength areas and weakness areas, that, will help you trade better.
  • #211
  • Sep 17, 2009 9:48pm Sep 17, 2009 9:48pm
Quoting forexlion
typical trap

this is on the 1 hour charts, be careful here


---------------
as for trading 1 min, its an art which you need to learn carefully, you should know when to get in and when to avoid, use 5 min for guidance if not sure
Hi forexlion.
i am new to this thread.
you mentioned about the trap.or typical trap.
can you explain to me what do you mean by typical trap
  • #212
  • Sep 17, 2009 11:25pm Sep 17, 2009 11:25pm
Quoting rockk
Hi forexlion.
i am new to this thread.
you mentioned about the trap.or typical trap.
can you explain to me what do you mean by typical trap
a trap comes when the pros push something higher, just to make people feel the trend is up and then crash it big time trapping poor souls.

this can be easily detected if you are following the PA closely, and avoided.
  • #213
  • Sep 17, 2009 11:26pm Sep 17, 2009 11:26pm
Quoting forexlion
a trap comes when the pros push something higher, just to make people feel the trend is up and then crash it big time trapping poor souls.

this can be easily detected if you are following the PA closely, and avoided.
its like telling someone look there are diamonds in that well full of snakes.
  • #214
  • Sep 17, 2009 11:32pm Sep 17, 2009 11:32pm
ej fell down on 1 min, then lost interest in going down further, made a series of candles one line then broke upwards.

but

before breaking upwards, the pros dropped the buy bids to give an impression that it will fall, then it shot up.

this is typical to all yen pairs
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 19 KB
  • #215
  • Sep 17, 2009 11:54pm Sep 17, 2009 11:54pm
Perfect Breakout Setup
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 18 KB
  • #216
  • Sep 18, 2009 12:43am Sep 18, 2009 12:43am
thanks for all ur insights.
you really are comfortably trading multiple pairs .
will keep a close watch on this thread to learn from u.
i am still not able to scalp the 5m and 1m successfully.
whenever iam glued to the charts nothing happens, when iam not monitering then a gd trend develops.
anyways, have a great weekend
  • #217
  • Sep 18, 2009 4:23am Sep 18, 2009 4:23am
Hey ForexLion, thanks for the thread, im genuinely finding it very informative and I am very gratefull for the time you put into this thread. I Like your approach, getting people to think for themselves, theres too much 'Do what i do and click when the indicator tells you' out there.

Anyway. Going back to the trap thing, it might just be me but i dont think youve explained how to spot the trap (i understand its on price action).

Are you saying always wait for the candle to close before making a decision on entry?

Cheers
  • #218
  • Sep 18, 2009 6:36am Sep 18, 2009 6:36am
Quoting anika123
thanks for all ur insights.
you really are comfortably trading multiple pairs .
will keep a close watch on this thread to learn from u.
i am still not able to scalp the 5m and 1m successfully.
whenever iam glued to the charts nothing happens, when iam not monitering then a gd trend develops.
anyways, have a great weekend
using xpma/tsf observe all time frames

make an estimation on when a new trend can form

drop down to 1 min and see if that estimation holds value

when you find it working, get in and party.
  • #219
  • Sep 18, 2009 6:38am Sep 18, 2009 6:38am
Quoting anika123
thanks for all ur insights.
you really are comfortably trading multiple pairs .
will keep a close watch on this thread to learn from u.
i am still not able to scalp the 5m and 1m successfully.
whenever iam glued to the charts nothing happens, when iam not monitering then a gd trend develops.
anyways, have a great weekend
somewhere in NY session GU should give a lovely move up

i will be waiting for the tail to confirm first.

this is an estimation

now drop down to 1 min or 5 min, then see how and where to enter if the estimation works
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 15 KB
  • #220
  • Sep 18, 2009 6:42am Sep 18, 2009 6:42am
Quoting forexlion
somewhere in NY session GU should give a lovely move up

i will be waiting for the tail to confirm first.

this is an estimation

now drop down to 1 min or 5 min, then see how and where to enter if the estimation works
30 minutes before the cad news , we should get a better idea about this estimation, i am waiting for the new 1 hour candle to come in,.

whatever i do, i will enter only if 1 min says so, along with 1 hour.
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