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  • #641
  • Oct 17, 2009 1:34pm Oct 17, 2009 1:34pm
if it wasnt a bank trade what was it? News? Sorry just curious?

Oz
  • #642
  • Oct 17, 2009 7:37pm Oct 17, 2009 7:37pm
Honestly, I don't know. The move fit my trading parameters so I took it.
  • #643
  • Oct 17, 2009 10:25pm Oct 17, 2009 10:25pm
Quoting stinger88
23 pips Really should have held longer since GBP was in a strong uptrend.

http://img245.imageshack.us/img245/9762/ex5.th.gif
Nice trade, I do trade sometimes during ''predicted'' news on the calendar... like NFP, CPI, GDP etc... as long as the setup is nice... I mostly enter a bit later after the news... because with oanda the spread is too wide...
Invest in alarm clocks
  • #644
  • Oct 17, 2009 10:43pm Oct 17, 2009 10:43pm
Quoting Tony112
Nice trade, I do trade sometimes during ''predicted'' news on the calendar... like NFP, CPI, GDP etc... as long as the setup is nice... I mostly enter a bit later after the news... because with oanda the spread is too wide...
I use Interactive Brokers. When the news hits, the GBP can go crazy with 10 pip spreads. I've tried to trade these and gotten burned a few times. I find its better to wait for the L-shaped pattern that you describe before trading. You might miss the occaisional move that goes straight to the moon, but its a lot safer.
  • #645
  • Oct 18, 2009 1:21am Oct 18, 2009 1:21am
Quoting stinger88
I use Interactive Brokers. When the news hits, the GBP can go crazy with 10 pip spreads. I've tried to trade these and gotten burned a few times. I find its better to wait for the L-shaped pattern that you describe before trading. You might miss the occaisional move that goes straight to the moon, but its a lot safer.
Couldn't have said this better myself... you're right, trust me I know how it feels to hit a 30 pip stop-loss...
Invest in alarm clocks
  • #646
  • Oct 18, 2009 1:26am Oct 18, 2009 1:26am
i would be a complete success if we could trade the real news with a 1-2 pip spread and be able to place a 5 pip stop loss.... potential TP would be a minimum of a 100 pips with a tiny stop loss... we would all be richer than Trump.. but it ain't the case... News trades are often very crazy

It's curious how I've seen oanda not raise the spead during some pretty important news... I wonder why... anyways can't wait for tomorrow, I'll be watching the charts all night... I spent most of my weekend sleeping
Invest in alarm clocks
  • #647
  • Oct 18, 2009 3:16am Oct 18, 2009 3:16am
One thing I've learned about the stock market is there are no free lunches. I used to work for a day trading company and I've seen dozens of traders crash and burn. The few that did make it put in enormous hours outside of the market researching and developing their strategies.

Progerss for me has been slow but I know I'm very close to making it. I can anticipate most of the major moves but my timing and execution are a little off. (i.e hesitation, too tight stop losses, lack of discipline)
  • #648
  • Oct 18, 2009 8:51am Oct 18, 2009 8:51am
Hello Guys,

first of all I would thank Tony for sharing his method.

I usually HATE small time frames, so 5 seconds...!

But interested about the huge R:R, I went further, I read all the thread which seems very good.

This is an original method which is worh testing.

But stay in the front of the screen so long time and 1 mins off could lead to a "miss" of a good trade, this is definitively not for me.

So I will check at the opening of London and new york, nothing more, just because this fit my personnality, not because it is not interesting.

Whatching a screen 3 hours or more, which is very exhausting, to then take a pause to drink a coffe with friends and when back see that in 5 mins (60 x 5 seconds candles) it was a huge move is just to frustrating for me.

I do not want put emotions into trading and stay at my screen because of scare to miss an opportunity (even if I know that the most succesfull trader are who trade many transactions/day and stay 8/10 hours trading/day)

The system is good, it is just that I am aware that this method is not for me or maybe "only" at the opening, I will give you my thoughts about after a few weeks.

But I really think this is a good way to make money because of the huge R:R that this method give.

Sorry if my english is not well, this is not my native language.

Anyway keep going !


Regards,
Billyjoe
  • #649
  • Oct 18, 2009 10:02am Oct 18, 2009 10:02am
Quoting Tony112
Hi Happy Camper I have the same problem...that's why I often disconnect and connect right back again to remove the data that has accumulated in the charts and makes the chart slower... I know the chart is not perfect but I manage to handle it well , I have a pretty fast connection, LAN cable connection in fact... this is necessary in to not miss the action. Good luck... I will keep you guys updated specially on NY and London Opens.... as you might notice I have a different approach to them... I will explain tonight
you need to do clear java cache, go to support and troubleshooting, i had the same problems,
  • #650
  • Oct 18, 2009 6:08pm Oct 18, 2009 6:08pm
http://img190.imageshack.us/img190/174/ex6.th.gif

Some pre-market action. Was about to enter @ 1.6336 but decided against it since no 10 pip bar.
  • #651
  • Oct 18, 2009 6:30pm Oct 18, 2009 6:30pm
Quoting stinger88
http://img190.imageshack.us/img190/174/ex6.th.gif

Some pre-market action. Was about to enter @ 1.6336 but decided against it since no 10 pip bar.
It's true... and also, I don't know about your broker but my spread is at 7 pips which is way to high to start trading... london is sleeping, ny is having supper... I'll check the spreads in about 5 hours
Invest in alarm clocks
  • #652
  • Oct 18, 2009 6:37pm Oct 18, 2009 6:37pm
10 pip bars at support and resistance and psychological levels are key entries

this week I decided to not trade "L" method because of poor return last week only 10 pip candles at the mentioned places above
Invest in alarm clocks
  • #653
  • Oct 18, 2009 6:44pm Oct 18, 2009 6:44pm
Quoting Tony112
It's true... and also, I don't know about your broker but my spread is at 7 pips which is way to high to start trading... london is sleeping, ny is having supper... I'll check the spreads in about 5 hours
My spreads right now are roughly .5 - 1 pip. Interactive brokers is probably the cheapest.
  • #654
  • Oct 18, 2009 6:54pm Oct 18, 2009 6:54pm
Quoting stinger88
My spreads right now are roughly .5 - 1 pip. Interactive brokers is probably the cheapest.
wow, what is the usual spread you get at london open on GBP?
Invest in alarm clocks
  • #655
  • Oct 18, 2009 7:02pm Oct 18, 2009 7:02pm
Quoting Tony112
wow, what is the usual spread you get at london open on GBP?
As far as I know Interactive brokers charges commision base solely on your lot size. http://www.interactivebrokers.com/en...?ib_entity=llc

So they give you the minimum spread which is usually at most 2 pips when slow. 1/2 pip spread is the smallest you'll get.
  • #656
  • Oct 18, 2009 7:15pm Oct 18, 2009 7:15pm
Quoting Tony112
10 pip bars at support and resistance and psychological levels are key entries

this week I decided to not trade "L" method because of poor return last week only 10 pip candles at the mentioned places above
I hear ya. Things can get slow sometimes if you're waiting only for the 10 pip L-shape candles. And if you happen to step away from the computer and miss the move, then it can get on your nerves. I have 3 other setups that I look for, so theres usually at least one good trade everyday.
  • #657
  • Oct 18, 2009 7:57pm Oct 18, 2009 7:57pm
So were trading the pound or eur
  • #658
  • Oct 18, 2009 8:04pm Oct 18, 2009 8:04pm
Quoting kareem
So were trading the pound or eur
the pound turned out better - more volatility
Invest in alarm clocks
  • #659
  • Oct 18, 2009 8:07pm Oct 18, 2009 8:07pm
Quoting stinger88
As far as I know Interactive brokers charges commision base solely on your lot size. http://www.interactivebrokers.com/en...?ib_entity=llc

So they give you the minimum spread which is usually at most 2 pips when slow. 1/2 pip spread is the smallest you'll get.
I definitely have to check your broker out... A few months ago, I was mostly trading the Euro and 0.9 spread was perfect now it's the Pound... 1.8 is a bit big for me.
Invest in alarm clocks
  • #660
  • Oct 18, 2009 9:05pm Oct 18, 2009 9:05pm
Quoting Tony112
the pound turned out better - more volatility
ok,so the sl is larger rigth
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