Well first off kellera6, Forex is unpredictable, period. It doesn't matter if your talking about gaps or fibs or whatever you choose. With regards to gaps, in my experiences, 80-90% of the time the gap will fill at least 90% of the way. The only thing you can do is be patient and watch if the gap fills, and I mean IF, and make your decision at the Sunday close for entering new trades. I'll tell you what, if you look at the charts, every pair tonight that I watch has already filled the gap, pretty cool huh? I actually do gap trading...
I'll stay away from these gap trades when using this MM system. thanks
Hello all;
Just read thread start to finish in one sitting and have a good feel for it. I will "re-trade" this strategy using V-Hands today. It is another simulator I've used extensively. Basically "live demo trade" a year's worth of data in a few hours - real time. Will post results. Although I will test according to original rules... "if bar closes 2/3 into next level.. no trade..." Most trades taken, according to images posted here ignore that rule...
(I realize they are with smaller lots... but with risk:reward SO out of wack... I wonder if the few pips are worth the risk)
Also, the "gap" in FX doesn't mean what gaps are in other markets. In FX... we see the Sunday "gap" simply because the broker doesn't provide the data. However, my brokers stay open several hours later on Fri and open several hours earlier and the other also provides weekend data and my charts do not show the "gap" on Sunday... because I have the complete data. For those who have the infamous "Sunday bar" (IBFX is one... FXDD does not have it)... what traders usually do is "blend" the stubby Sunday bar with Friday's bar and make decisions based on that - for entries on Daily bars on Sunday night - for Monday trading.
I'll post "real-time" back test later tonight... hopefully in time to enter some trades.
Cheers
Just read thread start to finish in one sitting and have a good feel for it. I will "re-trade" this strategy using V-Hands today. It is another simulator I've used extensively. Basically "live demo trade" a year's worth of data in a few hours - real time. Will post results. Although I will test according to original rules... "if bar closes 2/3 into next level.. no trade..." Most trades taken, according to images posted here ignore that rule...
(I realize they are with smaller lots... but with risk:reward SO out of wack... I wonder if the few pips are worth the risk)Also, the "gap" in FX doesn't mean what gaps are in other markets. In FX... we see the Sunday "gap" simply because the broker doesn't provide the data. However, my brokers stay open several hours later on Fri and open several hours earlier and the other also provides weekend data and my charts do not show the "gap" on Sunday... because I have the complete data. For those who have the infamous "Sunday bar" (IBFX is one... FXDD does not have it)... what traders usually do is "blend" the stubby Sunday bar with Friday's bar and make decisions based on that - for entries on Daily bars on Sunday night - for Monday trading.
I'll post "real-time" back test later tonight... hopefully in time to enter some trades.
Cheers
. I actually want to go back 5 years. Just to make sure it covers all types of market cycles/conditions. Will post later.
- #378
- Nov 3, 2009 5:54pm Nov 3, 2009 5:54pm
- Joined Oct 2005 | Status: Pip Slappa Extrordinaire | 1,013 Posts
You are in a maze of twisty little passages, all alike.
Open Trades
GBP/NZD -174 pips
Closed Trades
EUR/USD +79 pips
Trades of 4 November 2009
I trade only pairs that fulfill the main rules. So if a candle breaches one Murray Level with his real body and another Murray Level with his wick, I personally don't trade it.
From what I can see, it didn't make it to BE. Also isn't AUDUSD a sell tonight or you passed because it almost breached 2 levels lastnight?
thanks