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  • #5,301
  • Nov 23, 2010 3:28am Nov 23, 2010 3:28am
Quoting CollectPIPS

I hv a question at this point for Lawgirl. Sorry if it was asked before. Re the H1 4 candle breakout setup, do you hv a rule on the distance between the 2 horizontal lines, probably as a percentage of the daily ATR, before you consider taking the trade?

Thank you all!
Welcome here CP. I believe you'll find something uncommon around, I trade my own way but I still see something to add to my style here. ALWAYS.

For your question: Breakout is breakout whether the distance is 20pips or 400pips. For example I have a EUR/JPY range of 115.60 and 111.60 on my chart, any day I see a break on either side, I hop in for a smooth ride. Here is just the difference, for a breakout on closer range you could use lower TF to spot and enter, but for breakout of the type I mentioned on EJ, you must use at least H4 and wait for inevitable retest of line before hopping in.

Hope you find the answer helpful. LG will of course reply you when she comes online.

Good luck

Peace!
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #5,302
  • Nov 23, 2010 3:37am Nov 23, 2010 3:37am
Lawgirl you wrote once that you often place orders before you go to sleep. i.e. if all time frames point downwards a sell stop order just below the 4 candle 1h range. do you also define TP and SL before you go to sleep? and if yes, where do you place that orders? i suppose prob. on S and R level ?

thx

og

wishes from Zurich, switzerland
  • #5,303
  • Nov 23, 2010 4:15am Nov 23, 2010 4:15am
I know you don't know me. But please don''t place any orders for the next few hours.
  • #5,304
  • Nov 23, 2010 4:35am Nov 23, 2010 4:35am
Quoting bobby2
I know you don't know me. But please don''t place any orders for the next few hours.
because...

  • #5,305
  • Nov 23, 2010 4:38am Nov 23, 2010 4:38am
Quoting Centu
because...

Maybe there is FOREX maintenance window now
More seriously there is war starting between two Koreas so it my put some disturbance to the market.
  • #5,306
  • Nov 23, 2010 4:56am Nov 23, 2010 4:56am
Thank you Precap (PC?). What you said is correct in general. But not sure in this LG's H1 4 candle b/o trade.

Assuming daily ATR is 100 pips, & let's say the high-low distance for the 4 candles is 70 pips (sorry for taking it to that extreme, which is usually unlikely, esp in the 1st 4 hours of the day; but just to illustrate a point), that wld theoretically leave only 30 pips more to go vis-a-vis a stop loss behind the line on the other side which is 70 pips away. This wld not be a good trade to take then. Of course, there is no reason why price MUST retrace by end of the day instead of continuing in direction in our favor.

Comments are welcome.

Quoting Precap2
Welcome here CP. I believe you'll find something uncommon around, I trade my own way but I still see something to add to my style here. ALWAYS.

For your question: Breakout is breakout whether the distance is 20pips or 400pips. For example I have a EUR/JPY range of 115.60 and 111.60 on my chart, any day I see a break on either side, I hop in for a smooth ride. Here is just the difference, for a breakout on closer range you could use lower TF to spot and enter, but for breakout of the type I mentioned on EJ, you must use at least H4 and wait for...
  • #5,307
  • Nov 23, 2010 5:04am Nov 23, 2010 5:04am
possible USDCHF BO
Attached Image (click to enlarge)
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  • #5,308
  • Nov 23, 2010 5:11am Nov 23, 2010 5:11am
Quoting LFB
Maybe there is FOREX maintenance window now
More seriously there is war starting between two Koreas so it my put some disturbance to the market.
And all gains had to be paid back

Sry for offtopic...

Also read that Korean problem... will there be a prefered cu if things go worse ?
Maybe only AU ?
  • #5,309
  • Edited 6:00am Nov 23, 2010 5:30am | Edited 6:00am
i am in USDCHF from 0.9868 Sl25 tp50 ! this pair broke Tl and its going down

exited after 25 pips ! waiting for reentry
Attached Image (click to enlarge)
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Help to be helped.
  • #5,310
  • Nov 23, 2010 6:06am Nov 23, 2010 6:06am
Ummmmm....

there may be a disturbance in Korea, but my EUR/CAD trade is doing quite fine thanks.

MASSIVELY WELL!!!

# enties 24 hours ago, currently +116, +99 and +75 pips
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,311
  • Nov 23, 2010 6:10am Nov 23, 2010 6:10am
Quoting pt49
Ummmmm....

there may be a disturbance in Korea, but my EUR/CAD trade is doing quite fine thanks.

MASSIVELY WELL!!!

# enties 24 hours ago, currently +116, +99 and +75 pips
FANTASTIC TRADE u Have...
  • #5,312
  • Nov 23, 2010 6:11am Nov 23, 2010 6:11am
How many 3Taps everywhere...
Attached Image (click to enlarge)
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In the days of old when sailors were bold, and seldom if ever contented.
  • #5,313
  • Nov 23, 2010 6:16am Nov 23, 2010 6:16am
There's a 29 pip gap on the eur/cad... anyone wanna trade it?

Not me
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,314
  • Nov 23, 2010 6:22am Nov 23, 2010 6:22am
Thats your brokers feed my friend. My IBFX account has the same gap, but not my other accounts.

Quoting pt49
There's a 29 pip gap on the eur/cad... anyone wanna trade it?

Not me
  • #5,315
  • Nov 23, 2010 6:26am Nov 23, 2010 6:26am
I was lucky i guess. had nothing to do with Korea... was a key news release, Core data in Canada came out positive, caused a big jump in the Loonie. The USD/CAD spiked 85 pips in a 2 minute period.

The odd thing is the cad has gone back to where it was, but the eur/cad hasn't... its still dropping.

Weeeeeeeeeeee....
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,316
  • Nov 23, 2010 6:28am Nov 23, 2010 6:28am
Quoting TheDirtySerb
Thats your brokers feed my friend. My IBFX account has the same gap, but not my other accounts.
My broker is a bank, not a bucketshop. I guess it happened to quick for the bucketshops top manipulate (feed it into their system so it looks like they are real).

That tells me that IBFX has a real bank feed... they musta growed up.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,317
  • Nov 23, 2010 6:39am Nov 23, 2010 6:39am
I closed out my 3 trades on the EUR/CAD that I placed yesterday... net profit of 286 pips. That increased the bottom line by 35%.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,318
  • Nov 23, 2010 6:40am Nov 23, 2010 6:40am
I have 2 accounts and looking at the same H1 charts of eurcad one has a 16+ pip gap and the other has none at all , so your saying the one with the gap has more price manipulation .? Nice Trade PT49
Quoting pt49
My broker is a bank, not a bucketshop. I guess it happened to quick for the bucketshops top manipulate (feed it into their system so it looks like they are real).

That tells me that IBFX has a real bank feed... they musta growed up.
Always Learning
  • #5,319
  • Nov 23, 2010 6:41am Nov 23, 2010 6:41am
Niiiice.

Quoting pt49
I closed out my 3 trades on the EUR/CAD that I placed yesterday... net profit of 286 pips. That increased the bottom line by 35%.
  • #5,320
  • Nov 23, 2010 6:41am Nov 23, 2010 6:41am
how different our charts are!

good trading PT49.
Attached Image (click to enlarge)
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