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Cable Update (GBPUSD)

  • #189,861
  • Dec 29, 2009 9:45am Dec 29, 2009 9:45am
Quoting forex baraka
the minimum i can set it is at 10 pips. my broker will not allow any less than that. but someone said you can force mt4 to set at 5 pips. any ideas? cheers
u need an expert stop loss instaled in u system search her u will find it
  • #189,862
  • Dec 29, 2009 9:45am Dec 29, 2009 9:45am
Quoting ahlamo
well let's see, I woke up around 3:30 EST this morning, was long obviously and had all my positions in the green , so instead of closing out and being happy ( possibly going short) I say to myself " well, let's see if this reaches 1.61". Yeah of course! Stupid me, I don't know what the heck is wrong with me sometimes. So in summary, yes I was long and had to watch it all go down to nothing...with tears to my eyes. If i could slap myself I would!!!

Anyway as Chris once said, i am just going to lick my wounds now and take the time to read "trading...
For what it's worth I changed my trading style last Aug 09. Since then I executed 32 trades and only 3 came up loosers. The key to this style is placing greed aside when the trade is open.

Translation is a very nice bump in equity.

For example today I closed my short only one 5M bar before the fall. Happy - NO, but was starting to feel uncomfortable with my position that was opened 26 hours earlier so I closed the position.

Each time a tade is a winner my account grows. This year I'm up alot percentage wise using this strategy. Biggest growth for any style I've used in the past.

My weekly target is 100 pips with 0.01% of the account in contracts.

ie $2,300 in equity equals .23 contracts until my 100 pips has been made.

Once I made my 100 pips (some times one trade other times 2 trades) I reset my contracts for my new equity amount.

This way I use leverage in a step function.

I've written a plan in Excel and I'm on track. I've devided the plan into levels and I'm one trade away from completing level 2. (Had I not closed my trade earlier today I would have completed level 2)

6 more levels to go to prove my theory. Time wise a year. If succesfull I will have transformed 4 figures into 7 figures over 1.5 years.

Time will tell.
  • #189,863
  • Dec 29, 2009 9:45am Dec 29, 2009 9:45am
I don't think you can force MT4 to do that. It's not MT4, it's your broker ('s server) which will not accept this.

Further, I think such a tight stop is going to be hit anyway.


Quoting forex baraka
the minimum i can set it is at 10 pips. my broker will not allow any less than that. but someone said you can force mt4 to set at 5 pips. any ideas? cheers
  • #189,864
  • Dec 29, 2009 9:49am Dec 29, 2009 9:49am
I know it's such a messy chart, however, it was a little treasure. Price is going nowhere in the next few hours.
Attached Image (click to enlarge)
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  • #189,865
  • Dec 29, 2009 9:51am Dec 29, 2009 9:51am
Quoting forex baraka
the minimum i can set it is at 10 pips. my broker will not allow any less than that. but someone said you can force mt4 to set at 5 pips. any ideas? cheers
Trying to stop with a 5 pip stop loss means that you really aren't sure of your trade, which means, you probably shouldn't be taking that trade.

If you found a way to force a 5 pip stop, this will most likely guarantee that you lose 5 pips plus the spread on every trade.

What I would suggest, is change your style of trading, watch for trends using what ever means you find the most successful, and set your stops once you are in the green.

It would seem to me that a 5 pip stop means that you are trying to minimize loss, and in doing this, you are attempting to scalp the markets. Pretty tuff game.

As a small suggestion...watch the 15m chart for entries and use the 24SMA. IF price closes above 24SMA you probably don't want to be holding a short...If price closes below the 24SMA, you don't want to be holding a long.

Trigger manually if price goes against you, and watch for better entries.

Use the 4hr 24SMA for direction, and take entries in favor of the trend using this, and you will not have to try to find another broker or manipulate your current and still be able to add some to the bank.

Okay, this does require some patience, but if you have a little looksie back on the charts, you will hopefully see what I am saying.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #189,866
  • Dec 29, 2009 9:52am Dec 29, 2009 9:52am
kill, thx for that, ive searched, but i can see a lot of posts about it, but no solution. can u point me in the right direction.
Say, “He Is Allah, [Who Is] One, Allah, the Eternal Refuge.
  • #189,867
  • Dec 29, 2009 9:57am Dec 29, 2009 9:57am
I like to read this very much!!!! Contragtulations bablo !

Quoting bablo
For what it's worth I changed my trading style last Aug 09. Since then I executed 32 trades and only 3 came up loosers. The key to this style is placing greed aside when the trade is open.

Translation is a very nice bump in equity.

For example today I closed my short only one 5M bar before the fall. Happy - NO, but was starting to feel uncomfortable with my position that was opened 26 hours earlier so I closed the position.

Each time a tade is a winner my account grows. This year I'm up alot percentage wise using this strategy. Biggest growth...
  • #189,868
  • Dec 29, 2009 10:01am Dec 29, 2009 10:01am
magix, ur a gentleman. many thx for ur advice. i will certainly take it on board.
Say, “He Is Allah, [Who Is] One, Allah, the Eternal Refuge.
  • #189,869
  • Dec 29, 2009 10:03am Dec 29, 2009 10:03am
Quoting forex baraka
kill, thx for that, ive searched, but i can see a lot of posts about it, but no solution. can u point me in the right direction.

i am not home bro when i go back i will post some for u
  • #189,870
  • Dec 29, 2009 10:04am Dec 29, 2009 10:04am
Quoting Baby-Trader
My view for next & last week of the year.
this week closed under Montly pivot(1.6525) and also under monthly S1(1.6173) and closed near monthly S2(1.5907) and didn't touch it.

Also this week closed under the weekly pivot which @1.6010 and also under weekly S1 (1.5997). my close according to windsor Broker is 1.5949.

So next week price may retrace to 1.6010 to 1.6050 area and carefully I will watch the price in that area because weekly pivot for this week will be @1.6010 and daily R1 at 1.6004 & R2 @1.6060.

If the price fail to keep above that...
Quoting Baby-Trader
My Trading system tells me to sell between 1.6056 to 1.61
Quoting Baby-Trader
Hope it will be helpfull.
Facts from my system
Weekly S&R
Pivot: 1.6010
S1: 1.5858
S2: 1.5766
S3: 1.5614
R1: 1.6102
R2: 1.6254
R3: 1.6346
Demark High:1.6056
Demark Low: 1.5812
Daily S&R
[size=4]Pivot: 1.5980
S1: 1.5948
[color=red]S2:...


Quoting Baby-Trader
I post the bullish pattern 6 hours ago on H1 and it played well.
Now we can apply the opposite pattern on W1 and it seems to play well too. Time will tell.
Quoting Baby-Trader
Curren Candle
Quoting Baby-Trader
50 Pip in just one hour with very safe trade.
I closed it. hit & run
Quoting Baby-Trader
Very Known pattern
Quoting Baby-Trader
our bottom today from 1.5948 to 1.5964
Quoting Baby-Trader
till now we still above daily pivot which is 1.5980
Want to recall this
http://www.forexfactory.com/showthre...47#post3329347

Daily pivot stopped it for now.
Quoting Baby-Trader
H4 Becarful
Longs trade with caution
Quoting Baby-Trader
Let's break LTL on the way to 1.5933
Quoting Baby-Trader
Familliar Pattern
Quoting Baby-Trader
1.5766 is the ultimate low for this week

Quoting Baby-Trader
Say it 10 times.

The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
The trend is your friend
Quoting Baby-Trader
Monthly S2 @1.5907. let's see if price will close above it or under it.
s
  • #189,871
  • Dec 29, 2009 10:08am Dec 29, 2009 10:08am
magix u are the man best answer
  • #189,872
  • Dec 29, 2009 10:13am Dec 29, 2009 10:13am
Quoting bablo
For what it's worth I changed my trading style last Aug 09....
Good for you. I really hope your strategy works!! And i hope you'll let us know
The Sky is the Limit!
  • #189,873
  • Dec 29, 2009 10:13am Dec 29, 2009 10:13am
Quoting Fng
Malcomb, do you think it will retrace to 1.5920 area ? Or do you see current bottom is the bottom until new year ?

I have a situation with a newbie mistake in locking trades.

Thank you for your input.
if support is broken 9 time out of 10 it is tested
Blogging daily now at www.volume.zone
  • #189,874
  • Dec 29, 2009 10:16am Dec 29, 2009 10:16am
Quoting bablo
For what it's worth I changed my trading style last Aug 09. Since then I executed 32 trades and only 3 came up loosers. The key to this style is placing greed aside when the trade is open.

Translation is a very nice bump in equity.

.
Bablo,
Exactly what I did.
And sure it helped me and exceeds my expectations.
but in my study I set my target to 1.5% daily of my equity instead of 100 pips per week.
This is my style. and I track my performance also bu using excel sheet.
we have 260 day trading per year.
try to calculate it if you make just 1.5% daily of your equity?
for examle 1000$--------------> 15$ first day.
Look at your equity at the end of year. wow.

Good luck every one.
  • #189,875
  • Dec 29, 2009 10:21am Dec 29, 2009 10:21am
Quoting malcolmb14
if support is broken 9 time out of 10 it is tested
Hello mal
How r u bro
4H DX let's see where this 4h close i think Down, I just waiting to see it inside the cloud
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  • #189,876
  • Dec 29, 2009 10:24am Dec 29, 2009 10:24am
Will hold long until 1.5960
  • #189,877
  • Dec 29, 2009 10:31am Dec 29, 2009 10:31am
Quoting malcolmb14
if support is broken 9 time out of 10 it is tested
I see. Thank you Malcomb.

It is currently testing 1.5920

What is your view within this area.

I see that larger volume that sold 1.5932 than the volume that pushed it to 1.5932. Does this mean, we will go down again from this area ?

Thank You.
  • #189,878
  • Dec 29, 2009 10:36am Dec 29, 2009 10:36am
Quoting forex baraka
magix, ur a gentleman. many thx for ur advice. i will certainly take it on board.
Just to give an example of what I watch, and please do not think that I am singling you out, or trying to say that I am or trade a perfect system....

I watch 4 time frames while trading, here is my current charts, m30-m1.

Current price is toppy at the 200EMA on the 1m chart. We are below the 15m 24SMA, but above the 5m 24SMA.

If the 5m closes below the 5m 24SMA, I watch for entry off of the 1m chart, and favor the direction of the major trend...DOWN....

If price does not breach and hold this 5m 24SMA, we are being held between support and resistance...not a fun place to be, and this is where a 5 pip stop would surely offer you the demise of your account.

Safety ranges....

I trade simple, because I am not that smart.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #189,879
  • Dec 29, 2009 10:36am Dec 29, 2009 10:36am
Quoting egkid
Hello mal
How r u bro
4H DX let's see where this 4h close i think Down, I just waiting to see it inside the cloud
dx out of bull flag 1 hour as long as 78 holds....
Blogging daily now at www.volume.zone
  • #189,880
  • Dec 29, 2009 10:41am Dec 29, 2009 10:41am
http://i50.tinypic.com/6zu5ie.jpg
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