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  • #1,681
  • Mar 18, 2010 4:40am Mar 18, 2010 4:40am
out at b/e
  • #1,682
  • Mar 18, 2010 4:49am Mar 18, 2010 4:49am
Quoting vanupips
anyone got in now in g/u at 1.5295...?
that candle at 5:31 AM (EST) was 9 pips. I didn't enter, I wish I had
  • #1,683
  • Edited 4:54am Mar 18, 2010 4:52am | Edited 4:54am
new rules(first page) state ">8pips" so I entered, profit was more than 8,pupt stop at b/e...unfortunatly got taken out
would be nice to have input from Tony on this one,to learn for next time
  • #1,684
  • Mar 18, 2010 4:57am Mar 18, 2010 4:57am
Quoting vanupips
new rules(first page) state ">8pips" so I entered, profit was more than 8,pupt stop at b/e...unfortunatly got taken out
would be nice to have input from Tony on this one,to learn for next time
We should ask Tony, he knows better. I know that yesterday I entered on an 8-pip candle and I was stopped out, then he wrote post 1666 suggesting a 10-pip candle as an entry for these days. I'm a newbie.
  • #1,685
  • Edited 5:14am Mar 18, 2010 5:05am | Edited 5:14am
Something that I believe is beneficial with this method is having a new updater for report releases.

Here is a free one very practical, you can set the currencies and the importance of the news, it will give you an alarm before the news are coming out.

Enjoy !


http://www.fx-metropolis.com/nu_Info.html
  • #1,686
  • Mar 18, 2010 5:13am Mar 18, 2010 5:13am
anyway the next candle was 15 pip,and then retraced,first was better
  • #1,687
  • Mar 18, 2010 5:54am Mar 18, 2010 5:54am
Quoting vanupips
new rules(first page) state ">8pips" so I entered, profit was more than 8,pupt stop at b/e...unfortunatly got taken out
would be nice to have input from Tony on this one,to learn for next time
Me personally I didnt take this trade, yeah it was a nice 9 pipper but for me I wanted some action after, maybe one more thrust :-

Tony what ya think?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.JPG Size: 26 KB
  • #1,688
  • Mar 18, 2010 7:51am Mar 18, 2010 7:51am
should be studying
finals will last all the day
but i watch cable
  • #1,689
  • Mar 18, 2010 8:19am Mar 18, 2010 8:19am
How often does one sees opportunities on the NY open? I found this thread last night, got an oanda demo, and watched the EURUSD since 8AM (for one hour); now I'm trying to watch the GBPUSD at the same time. No entries on either yet. How long does one watch the US open, or the London open? Are there opportunities watching the Tokyo open also? This looks like a great system; I'm just curious as to how many opportunities per day / week (on average). Many thanks for any response. - Steve
  • #1,690
  • Mar 18, 2010 10:40am Mar 18, 2010 10:40am
Looks like the downward activity really kicked in on the GBPUSD (about 11:10 AM EST). Wish I could have traded it, but I got tied up with my day job. This is really exciting! Thanks Tony for sharing this system! Still would like to know from anyone out there how many plays a day / week, etc., and if this is a good system for other market opens (Tokyo, etc.). Are most plays closer to the market open, or 2-3 hours later (like today's GBPUSD)?
  • #1,691
  • Mar 18, 2010 11:26am Mar 18, 2010 11:26am
Hi Guys,

I haven't posted in a while... But have been trading this method for months on a live accounts.

I use Oanda for charting but Spreadbet... Spreads are higher but the tax free thing is just too good to pass up.

With regards to times... There isnt one, I use to just watch from 0800 - 0830 if there wasnt any action go to work.... but now I manage to keep it open around news times aswell just to see what is going on.

There is no answer to the question how many times, its just patience... but.. A bit but... It pays off! I have two screens at the office so half on one is open on the screen and zoomed out just so that if any major big pip candle comes along I can see it from the corner of my eye.

I havent seen much posting from Stinger... you still around? You helped me quite alot in the first few months....

Oz
  • #1,692
  • Mar 18, 2010 11:58am Mar 18, 2010 11:58am
Quoting ozzieb88
Hi Guys,

I haven't posted in a while... But have been trading this method for months on a live accounts.

I use Oanda for charting but Spreadbet... Spreads are higher but the tax free thing is just too good to pass up.

With regards to times......

Hey Oz,

Good to hear from someone who's trading it live, what type of initial action do you look for ?

Do you stick with the rules say 9 or 10 pip candle or do you look for price action after the initial spike ?

Cheers.
  • #1,693
  • Mar 18, 2010 12:27pm Mar 18, 2010 12:27pm
you would have to make so much money for the tax thing to even make a real difference. especially when you look at the spread you're paying

profit from trading currencies gets taxed at no higher than 15% on 60% of profit, and the remaining at your marginal tax rate

so you would have to look at the net present value of your trading taking into account your average spread and your trading frequency as well as profit and income from other sources

so basically if you're making 6 figures from a desk job and also happen to be an amazing trader, the tax free stuff may be beneficial, depending on the spread and the other stuff i mentioned
  • #1,694
  • Mar 18, 2010 4:16pm Mar 18, 2010 4:16pm
Frankkn,

I also trade stocks medium term swing... so think about stamp duty or commission trading CFD's... In the end its beneficial trust me. I wouldnt say Im an amazing trader... But I am making my money.. thats all that matters to me.
The way I trade with a high per point quick in and out and the R:R with this system is amazing...

Morgb74

I dont trade on the first spike I always wait a little... but sometimes jump in. Depending on the trade, is it a morning trade? or news... News trades I think are starting to get better.. I say that because looking at the value.. say the deviation is 0-10% better or worse there will be a whipsaw... anything that is a big deviation has a massive effect.. take the GBP news claimant count the actual was so different to the forecast the bigger the difference the less risk of a retrace.. (that is not fact just something I have noticed and use). Just look back on some news trades... look at how big the deviation from forecast was.

Screen time is the best.. just keep watching, keep a eye out on S & R levels... I mark them on a daily and hourly and some days the play on them big!

hope that helps

Oz
  • #1,695
  • Mar 18, 2010 4:27pm Mar 18, 2010 4:27pm
whats up oz

thanks for sharing your experience! i truly value it

i have no experience with live trading. i've been paper trading for about nine months and have decided that if i am able to trade the london open or the ny open, i'll be trying this method out.

seriously anyone with half a brain can look at this r:r and shit themselves. i'm probably gonna miss some pips by moving my stop to b/e but it will be worth it when i catch a wave like the beach boys.

i'm a student and the past couple of quarters my grades have been suffering because i've been papertrading a thousand hours a week day and night. drives my girlfriend crazy.

i have 8k thats in a mutual fund my parents set up when i was a tot. when i was a freshmen it was worth nearly 30k lol i was like no way am i touching that ! now its 8k like i said.

my plan when i started papertrading was to take the whole amount and put it in my live account when the time came. the time is here and i just got my acct set up and everything, but i think i might just move in 1500 or 2000. i have a strategy outlined but i dont think this is the right place.

i am eager to dip my toe in the water with this method. sorry for the long post but im new to this forum and i might as well throw out an intro in one of my favorite threads

well its finals week and i dont want to fuck up any more finals so im going to go back to reading about some bull shit
  • #1,696
  • Mar 18, 2010 9:38pm Mar 18, 2010 9:38pm
Quoting frankkn
whats up oz

thanks for sharing your experience! i truly value it

i have no experience with live trading. i've been paper trading for about nine months and have decided that if i am able to trade the london open or the ny open, i'll be trying this method out.

seriously anyone with half a brain can look at this r:r and shit themselves. i'm probably gonna miss some pips by moving my stop to b/e but it will be worth it when i catch a wave like the beach boys.

i'm a student and the past couple of quarters my grades have been suffering because i've...


Hi there I don't have time to reply to everyone because I'm going on vacation but I wanted to comment on your post Frankkn. Let me give you and old school advice: don't throw in a lot of money at once. If you know how to trade this method, you can snowball even 1K into something big within a year or so (if you trade it like a solider with a lot of discipline and tight stoplosses and no silly trades or chances taken). Even if you started trading with 100K, it wouldn't be in your advantage if you DON'T snowball... it's either you snowball the account or ruin it.... I would suggest that you start with not more than 1K

my normal multiplying factor on GBP/USD on winning 120pip trades is 1.4

follow me:

1000.00 x 1.4 x 1.4 x 1.4 x 1.4 x 1.4 x 1.4= 7529.54

in 6 winning trades.... of course, you will have losing trades in between which should be 50% 0 pips SL trades and 50% 3 pips SL trades / unsuccessful trades

depending on your entries, patience and discipline to trade around news times/market opens.... the reward would be a snowball effect with even a small starting account. Don't risk it all, telling you this based on years of experience as a trader.
Good luck
Invest in alarm clocks
  • #1,697
  • Mar 19, 2010 12:09am Mar 19, 2010 12:09am
support at 1.5240 GBP/USD watch out
Invest in alarm clocks
  • #1,698
  • Mar 19, 2010 1:29am Mar 19, 2010 1:29am
Tony, could y please explain how you trade when there is a news release? Do you go in right away when there is a big deviation with 10 pip candle? do y wait for retracement?
do yo wait for a 10 pip/5sec candle after retracement? ...or any other tactic?
thanks a lot for all your help, comments and ideas,
Vanu
  • #1,699
  • Mar 19, 2010 3:08am Mar 19, 2010 3:08am
7 pip candle at opening with continuation, 7 is not 10 ,was a fake
  • #1,700
  • Mar 19, 2010 3:30am Mar 19, 2010 3:30am
Quoting frankkn
whats up oz

thanks for sharing your experience! i truly value it

i have no experience with live trading. i've been paper trading for about nine months and have decided that if i am able to trade the london open or the ny open, i'll be trying this method out.

seriously anyone with half a brain can look at this r:r and shit themselves. i'm probably gonna miss some pips by moving my stop to b/e but it will be worth it when i catch a wave like the beach boys.

i'm a student and the past couple of quarters my grades have been suffering because i've...
First time live ? You better should read Marc Douglas books if you haven't already
Never whishing, always trading.
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