Sorry for the lack of tunes mate.
I think everyone was burned out last week after a mind numbing series of sideways days followed by the Goldman Sachs bombshell being dropped last thing on Friday.
Your continued efforts are appreciated 4X.
Siris
Your continued efforts are appreciated 4X.
- #12,704
- Apr 20, 2010 2:52am Apr 20, 2010 2:52am
Wow! That was a great explanation! Thanks a lot!
It would be awesome to see how exactly you choose trades. I'm also interested in H4, they look much more stable. But I obviously make mistakes.. Like with my current short Gbp/Jpy - now I see that I make one and the same stupid mistake each time - I entered it against W1, hoping that when all lower plus higher (MN) TFs are heading down, it will drag W1 down, too.
I tried that even though I read each time, that at least 2 higher TFs must go together with the trade....
I spent a lot of hours becoming familiar with the G/J and how to lose money trading that pair
It's called the dragon for a reason, in that it's amazing to look at (those swings offer incredible profit opportunity) however with this comes the risk and when you are wrong it torches your @ss so badly you wonder what happened 
It is in my opinion THE most difficult pair to trade in the entire forex market and many traders I respect and admire believe the same thing.
Not saying it's impossible to tame the beast however there is a pile of bones in it's cave that suggest it's not so easy
I have become much more profitable since I took an innocent bystander attitude towards that pair.
Regarding the E/A trade, I like it and have been watching it myself. IMO it's been a little unsure because it is trying to make new all time lows against the Euro if you check the Mth TF. This means it will never be a direct route down. That said the higher TFs all support this trade which is a big positive!
That said, once again I like the trade and will likely be entering it today once the latest 1hr candle CLOSES below weekly pivot support at 1.4493.
Once this happens I will watch the 15min or 30min charts for a small retrace and then entry signal so that I can set a tight SL to minimise reversal risks given it is trying to make new lows. That said the previous low is still approx 100pips away so I think this one is good for a safe 50+pips with SL to break even once it's hit.
If you post the charts of your existing G/J trade I can review it for you, don't be embarrassed I find it the best way to learn. Also, other guys will give feedback as well which is fantastic but it is important to always remember that many people on this thread have english as a second language so what they sometimes write whilst sounding a bit rude or harsh is not meant that way. I say this because it is always a bit of a personal test when you put yourself up for review
Cheers,
4x.
- #12,706
- Edited 4:59am Apr 20, 2010 4:04am | Edited 4:59am
Hi Everyone,
I am entering a trade now as a reversal on the E/J.
This does not follow ichi rules as it is momentum based so I will not explain the logic in this forum.
Entry - Sell Stop 124.90 or above
SL - 125.40 (risking 50 pips)
TP1 - 124.00
TP2 - 123.15
Risk Reward Ratio is good.
Obviously it's entirely up to you if you take this trade, but I am in with a half sized position i.e 2 x 0.5% of equity positions.
I have halved the position because the markets are ranging a bit at the moment just to ensure better money management.
Cheers.
4x....
4x.
- #12,710
- Apr 20, 2010 8:35am Apr 20, 2010 8:35am
Hi All,
I am off for a couple of hours.
SL and TPs in place on the EURAUD trade.
Starting to gain a little traction on this one, hopefully we can pull back the -ve pips from this morning on this one
Will be back online in a few hours.
Green pips,
4x.
FB - you mean the 15min TF right
I am off for a couple of hours.
SL and TPs in place on the EURAUD trade.
Starting to gain a little traction on this one, hopefully we can pull back the -ve pips from this morning on this one
Will be back online in a few hours.
Green pips,
4x.
FB - you mean the 15min TF right
- #12,711
- Apr 20, 2010 9:20am Apr 20, 2010 9:20am
- | Joined Nov 2007 | Status: Trader | 1,157 Posts
Hi All,
I am off for a couple of hours.
SL and TPs in place on the EURAUD trade.
Starting to gain a little traction on this one, hopefully we can pull back the -ve pips from this morning on this one
Will be back online in a few hours.
Green pips,
4x.
FB - you mean the 15min TF right
Hi 4x,
Eyes still on 5min.
15min TF also look good.
Just check that my broker buy/sell spread on Eur/Aud is 10pips, so no playing for me.
What is your spread on this ?
However, my broker also has Aud/Eur, better spread of 4pips.
But no chart on my MT4 for Aud/Eur.
Do people usually go for Eur/Aud or Aud/Eur ??
Cheers,
FB.
Hi 4x,
Eyes still on 5min.
15min TF also look good.
Just check that my broker buy/sell spread on Eur/Aud is 10pips, so no playing for me.
What is your spread on this ?
However, my broker also has Aud/Eur, better spread of 4pips.
But no chart on my MT4 for Aud/Eur.
Do people usually go for Eur/Aud or Aud/Eur ??
Cheers,
FB.
Moreover, my broker offers EURNZD (18 Pip) and even NZDEUR(6 Pip). So I will always take the last one... any disadvantages for me, when taking the last?