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  • #2,961
  • Jul 19, 2010 7:11am Jul 19, 2010 7:11am
Quoting coolshades
mine was a long and i am on the same platform. first 5 sec candle was a long for me and hence long..
Sh** you're right - I was looking at the wrong candle! That could have been a costly mistake!!!
  • #2,962
  • Jul 19, 2010 7:12am Jul 19, 2010 7:12am
costly? after making 200 pips in two days?

Quoting DanUK
Sh** you're right - I was looking at the wrong candle! That could have been a costly mistake!!!
  • #2,963
  • Jul 19, 2010 7:12am Jul 19, 2010 7:12am
First movement was long, and always if SL is hit it happens very quickly, because I move to 0SL with 2-3 pips in my favour.
If my SL is hit, I donīt reenter, I wait till next open....
  • #2,964
  • Jul 19, 2010 7:12am Jul 19, 2010 7:12am
Interesting to see that on the 5 sec chart, the 1st move was upwards however exhausted quickly and started moving down.

On the 1 min chart, the open candle looks like a bear candle....
What you do is a reflection of you....what I do is a reflection of me.
  • #2,965
  • Jul 19, 2010 7:12am Jul 19, 2010 7:12am
Quoting Caillou
SL hit: -3 pips, total day, + 77 pips, wonderful....
Letīs see tomorrow London Open.....
is anybody on bear side on eu ny? i am
  • #2,966
  • Jul 19, 2010 7:13am Jul 19, 2010 7:13am
Quoting coolshades
costly? after making 200 pips in two days?
LOL
  • #2,967
  • Jul 19, 2010 7:14am Jul 19, 2010 7:14am
Quoting coolshades
costly? after making 200 pips in two days?
Yeah... I mean imagine if I had done that this morning and missed out on that move!!!
  • #2,968
  • Jul 19, 2010 7:16am Jul 19, 2010 7:16am
Quoting fxrambo
is anybody on bear side on eu ny? i am
I am but it should have been a long. How come you are on the bear side?
  • #2,969
  • Jul 19, 2010 7:16am Jul 19, 2010 7:16am
I've been watching this thread for awhile and I would like to say that if here is 90 viewers around... I'll bet average guy is 10k guy so it makes 900 000 in real money. Using 1:100 leverage it gives 90M buying/selling "power". In my market depth window it shows that 2-3 pips is about 40M so you guys can "move" the market about 4-6 pips (and only in the case there is no resistance against you) without the help of "Soros" so the market will come back those few pips...

(This comment was for those messages talking about the ability to move the markets.)
  • #2,970
  • Jul 19, 2010 7:16am Jul 19, 2010 7:16am
1st bar was bullish therefore position should have been a long. I got stopped out and I got slippage on initial entry too.

In theory the London open on a Monday should have great momentum after the weekend gap but depending on what has happened during European session NY open could be quite choppy if NY trades are taking positions opposite to EU positions.

At London open there are only the European traders in the market and most will wait for London open anyway whereas at NY open you have all of European trades in the market for a few hours so unless NY is taking EU in same direction you get a lot of chop.

This is just some observations from some visual backtesting.
  • #2,971
  • Jul 19, 2010 7:20am Jul 19, 2010 7:20am
Very interesting Lovejoy80.... So you think itī better to enter at NY open only if itīs in the same direction than London Open?
  • #2,972
  • Jul 19, 2010 7:26am Jul 19, 2010 7:26am
Quoting Caillou
Very interesting Lovejoy80.... So you think itī better to enter at NY open only if itīs in the same direction than London Open?
not necessarily. If EU has gone up 150 pips during london then you wouldn't expect NY to take it up another 150 pips would you...ATR on EU etc.

I just reckon that London open will provide more cleaner opportunities than NY open will from what I've seen as there are only traders from London and rest of Europe moving the market so if there is a clear bearish / bullish sentiment then its easier to move the market in one direction than at NY open.

It's just some thoughts for discussion from some initial observations. But Tony is the expert with more experience...
  • #2,973
  • Jul 19, 2010 7:28am Jul 19, 2010 7:28am
i have been thinking about this ever since i came across this thread last week and in my opinion, the followers of this system will in NO WAY be able to move the market, however large numbers of followers there be.

the simple reason for that is at the end of the day we are all retail traders and trade with very small accounts (relative to the large institutional investors) and our market moving power is insignificant.

HOWEVER, what works for this system is the timing of the entries. London open and New York open are very powerful market entries and i would bet there would be 1000s of institutional investors who would be placing trades at the same time and same direction as us, irrespective of the trading strategy they follow.


Quoting scalpguy
I've been watching this thread for awhile and I would like to say that if here is 90 viewers around... I'll bet average guy is 10k guy so it makes 900 000 in real money. Using 1:100 leverage it gives 90M buying/selling "power". In my market depth window it shows that 2-3 pips is about 40M so you guys can "move" the market about 4-6 pips (and only in the case there is no resistance against you) without the help of "Soros" so the market will come back those few pips...

(This comment was for those messages talking about the ability to move...
  • #2,974
  • Jul 19, 2010 7:29am Jul 19, 2010 7:29am
-1 pip (one)
Attached Image (click to enlarge)
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Invest in alarm clocks
  • #2,975
  • Jul 19, 2010 7:31am Jul 19, 2010 7:31am
i have read some posts where peeps move their s/l to 0 after 2-3 pips move from entry.

from a physical reaction point of view, how exactly do you do it? a 5 sec chart moves so fast, how on earth are you able to open your existing trade and modify it so quickly?
  • #2,976
  • Jul 19, 2010 7:37am Jul 19, 2010 7:37am
Quoting coolshades
i have read some posts where peeps move their s/l to 0 after 2-3 pips move from entry.

from a physical reaction point of view, how exactly do you do it? a 5 sec chart moves so fast, how on earth are you able to open your existing trade and modify it so quickly?
You should be able to tell from my last chart that I have lightening quick reactions and therefore it is of no concern to me!

Seriously though, I reopen the order box straight away and set to "modify" then enter in stoploss to breakeven so as soon as it actually happens I am already to press submit.

Regards,

Dan
  • #2,977
  • Jul 19, 2010 7:45am Jul 19, 2010 7:45am
Just a thought, has anyone tried multiple entries?
Mostly because of last night, once you were at 0SL, you could have put in another buy, and even then when it moved to 0SL, couldn't you have even opened another buy. There would be no more risk than the first trade.
Maybe I'm just being too greedy.
  • #2,978
  • Jul 19, 2010 7:52am Jul 19, 2010 7:52am
Quoting PipsRus
Just a thought, has anyone tried multiple entries?
Mostly because of last night, once you were at 0SL, you could have put in another buy, and even then when it moved to 0SL, couldn't you have even opened another buy. There would be no more risk than the first trade.
Maybe I'm just being too greedy.
Hi PipsRus,

Maybe too greedy! But you have to be in business lol!

I think it's probably a case of finding what works best for you. However, before you do change the system - how long have you traded this way? If you are new to it (like I am) then it's probably best to stick to Tony's rules and follow the system the way he does. That's more or less what I am doing (although I am generally aiming for 100 pips... just feels a bit more comfortable to me).

Regards,

Dan
  • #2,979
  • Jul 19, 2010 7:52am Jul 19, 2010 7:52am
Quoting DanUK
I am but it should have been a long. How come you are on the bear side?
this is the reason why i am on short and why r u on long?
Attached Image (click to enlarge)
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  • #2,980
  • Jul 19, 2010 7:55am Jul 19, 2010 7:55am
whats the red horizontal line on your chart?

Quoting DanUK
You should be able to tell from my last chart that I have lightening quick reactions and therefore it is of no concern to me!

Seriously though, I reopen the order box straight away and set to "modify" then enter in stoploss to breakeven so as soon as it actually happens I am already to press submit.

Regards,

Dan
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