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Central Banks & Big Players

  • #4,981
  • Dec 15, 2010 8:00am Dec 15, 2010 8:00am
Good thing there was an expanded bar right before opening to call attention to the spread.
  • #4,982
  • Dec 15, 2010 8:02am Dec 15, 2010 8:02am
Quoting Tony112
Ok hi, I didn't respond because I'm really busy... here it is: only enter once per open, don't look at some of my examples, I have entered twice sometimes with some of my extra profits and gambling attitude
You have described everything right.... one entry per open, put a 2 pips SL max and gradually reduce it to 0.... that's it,.... initial direction of an open is defined by the first 2 pips in a certain direction
So you do it like that until you reach a profit? I mean if you had like 5 SL's, than one profitable deal, and u are up. Or what do you mean one deal per open?

Thanks man for taking your time to answer me.
  • #4,983
  • Dec 15, 2010 8:07am Dec 15, 2010 8:07am
You get 24 hours after close of trading day to examine any anomalies in your statement that your broker should send every day, atleast that's an addendum in Alpari email statements.

HTH
Politics is the womb in which war develops.
  • #4,984
  • Dec 15, 2010 8:19am Dec 15, 2010 8:19am
I'm late in posting, but the trade did make it to the profit target.

+140 pips!

Attached Image (click to enlarge)
Click to Enlarge Name: cbbp1215.jpg Size: 90 KB


Thanks to Tony for a great system and Zen Leow for a great EA.
  • #4,985
  • Dec 15, 2010 8:38am Dec 15, 2010 8:38am
Quoting PiedPipper
I'm late in posting, but the trade did make it to the profit target.

+140 pips!

Attachment

Thanks to Tony for a great system and Zen Leow for a great EA.
Good job. What is the entry setting? Two pips in direction? I got caught long which I think most people must have too because there are no other disco balls.
  • #4,986
  • Dec 15, 2010 8:46am Dec 15, 2010 8:46am
Quoting jmag
Good job. What is the entry setting? Two pips in direction? I got caught long which I think most people must have too because there are no other disco balls.
Yes, I used 2 pips for the entry Pip Distance. StopLoss at 5. I kept most of the settings at default. I did change the "Add_Spread to StopLoss" to true (instead of false).
  • #4,987
  • Dec 15, 2010 8:50am Dec 15, 2010 8:50am
Quoting PiedPipper
Yes, I used 2 pips for the entry Pip Distance. StopLoss at 5. I kept most of the settings at default. I did change the "Add_Spread to StopLoss" to true (instead of false).
Hi guys.

As i understand you do have an EA for this type of trading?

Would you share it plz.

Thank you very big.
  • #4,988
  • Dec 15, 2010 9:14am Dec 15, 2010 9:14am
guys,

i think this EA is great idea but unfortunately there is a major problem. Most brokers with mt4 dont allow SL smaller than 5 pips, which means if u go for 140 pips TP than you can have 28 SLs covered with 1 winner. However as per system rules you should use 2 pips SL which gives u possibility to have 70 SLs covered with 1 winner. Huge difference huh? So incase using mt4 it means quicker and bigger drawdowns.. Hope u get the point
  • #4,989
  • Dec 15, 2010 9:31am Dec 15, 2010 9:31am
Quoting ForexMilord
Hi guys.

As i understand you do have an EA for this type of trading?

Would you share it plz.

Thank you very big.
Here: http://www.forexfactory.com/showpost.php?p=4221529

or

here: http://www.forexfactory.com/showpost.php?p=4243942
  • #4,990
  • Dec 15, 2010 10:13am Dec 15, 2010 10:13am
Quoting Zen_Leow
Hi all,

I've just made some amendments based on requests I received in pm.

Yet to test it so run it on demo to see if it works according to your liking before trading it live.

I'm already forward testing this on my live account.

In this version, the stop loss price will start moving towards the Entry price pip by pip according to the move. And not wait for a defined number of pip movement before jumping to breakeven.

This version should be able to help bring drawdown to a minimum for MT4 users. especially since most MT4 brokers restrict...
Hello Zen,

thank you for sharing the EA, if my broker FxSol uses GMT -5, what time should i set for Session1 and Session 2? It is currently set to 8 and 13 respectively. do i also attach it to 5 min chart? thanks in advance
  • #4,991
  • Dec 15, 2010 10:14am Dec 15, 2010 10:14am
Quoting lukaz_86
guys,

i think this EA is great idea but unfortunately there is a major problem. Most brokers with mt4 dont allow SL smaller than 5 pips, which means if u go for 140 pips TP than you can have 28 SLs covered with 1 winner. However as per system rules you should use 2 pips SL which gives u possibility to have 70 SLs covered with 1 winner. Huge difference huh? So incase using mt4 it means quicker and bigger drawdowns.. Hope u get the point
Yes, I agree with your point: it would be nice to have the 2 pip stop loss from the start, but perhaps Zen Leow's new version is the next best thing because it narrows the stop if it at all trades in your direction.

Quoting Zen_Leow
Hi all,

In this version, the stop loss price will start moving towards the Entry price pip by pip according to the move. And not wait for a defined number of pip movement before jumping to breakeven.

This version should be able to help bring drawdown to a minimum for MT4 users. especially since most MT4 brokers restrict a minimum of 5 pips stop loss at point of order entry.
  • #4,992
  • Dec 15, 2010 10:37am Dec 15, 2010 10:37am
Quoting guandi
Hello Zen,

thank you for sharing the EA, if my broker FxSol uses GMT -5, what time should i set for Session1 and Session 2? It is currently set to 8 and 13 respectively. do i also attach it to 5 min chart? thanks in advance
UK session is 8am GMT
US session is 13pm GMT

So for -5 GMT you should set

UK session 3am
US session 8am
  • #4,993
  • Dec 15, 2010 12:08pm Dec 15, 2010 12:08pm
Quoting lukaz_86
guys,

i think this EA is great idea but unfortunately there is a major problem. Most brokers with mt4 dont allow SL smaller than 5 pips, which means if u go for 140 pips TP than you can have 28 SLs covered with 1 winner. However as per system rules you should use 2 pips SL which gives u possibility to have 70 SLs covered with 1 winner. Huge difference huh? So incase using mt4 it means quicker and bigger drawdowns.. Hope u get the point
My broker allows orders and SL TP to move to 1.8 pips away. Thanks for EA.
  • #4,994
  • Dec 15, 2010 12:23pm Dec 15, 2010 12:23pm
regarding the EA, I wonder what settings I set wrong that it do not take any trades at all? thanks
  • #4,995
  • Dec 15, 2010 4:14pm Dec 15, 2010 4:14pm
ForexMilord

Which broker do u use?

Quote
My broker allows orders and SL TP to move to 1.8 pips away. Thanks for EA
  • #4,996
  • Dec 15, 2010 6:18pm Dec 15, 2010 6:18pm
Posting just to let you know that Google is suggesting "central banks and big players" and "central banks & big players" again when you write "central banks" in the search field.
  • #4,997
  • Dec 15, 2010 9:27pm Dec 15, 2010 9:27pm
Quoting lsousa
Posting just to let you know that Google is suggesting "central banks and big players" and "central banks & big players" again when you write "central banks" in the search field.
yep I know it's been a few months now
Invest in alarm clocks
  • #4,998
  • Dec 15, 2010 9:29pm Dec 15, 2010 9:29pm
I cannot continue trading under these conditions. I'm currently trading with the biggest capital since I started trading many years ago... It's tearing my heart to trade with these spreads.
Attached Image
Invest in alarm clocks
  • #4,999
  • Dec 15, 2010 9:50pm Dec 15, 2010 9:50pm
Quoting Tony112
I cannot continue trading under these conditions. I'm currently trading with the biggest capital since I started trading many years ago... It's tearing my heart to trade with these spreads.

I also did not resume trading until spreads return to normal
  • #5,000
  • Dec 15, 2010 11:26pm Dec 15, 2010 11:26pm
I just came across this thread.

I been using amifx (advancedmarketsfx.com).

They have one of the lowest spreads I've seen. Even lower than oanda.

Their spread usually stays under .9 for EU.

I've seen countless of times in where the spread is negative, up to -.6.

I don't think any broker would allow their spread to go negative.

Try their demo and check it out...
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