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EURUSD

  • #372,261
  • Jan 25, 2011 11:00am Jan 25, 2011 11:00am
If anyone asks me about a crazy day trading currency this month, I'd talk about today.
  • #372,262
  • Jan 25, 2011 11:00am Jan 25, 2011 11:00am
Quoting FibbinArchie
fair enough, but if you have good reason to believe that price will reverse at a level, why not enter with a tight stop and move to b/e as it bounces?

low risk, high prob...

my two cents...
If you are trading daily charts, what is your idea of a tight stop loss? Just curious.

IMO, you can't use like a 20 pip sl, because it could easily be taken out in one crazy move and then take off down the hill.

I mean, to each their own. If someone wants to try to pick the top, thats great, more power (and pips) to them if they are right. I have to have a sl large enough to handle swings within a day, as I don't have (for the moment, until oanda finally gets mt4 going) the power to make trades during the day at my day job due to java being blocked. That is why it makes sense to me for the market to show me the way, and then I hop on it.
  • #372,263
  • Jan 25, 2011 11:00am Jan 25, 2011 11:00am
Quoting Beljevina
You can't - your MT4 time is fixed by your broker feed. But find one that closes at the right time, and you'll have the right daily & H4 candles, like this.
Thank you, is the Ğright timeğ GMT / London?
  • #372,264
  • Jan 25, 2011 11:00am Jan 25, 2011 11:00am
Quoting Venice
You've bolded the most critical point there, and yes, you are correct. If you are solid at determining levels and reversal points, you are looking a huge r:r ratio which quickly goes to risk free...

Even that bear candle on 1/20/2010 played out within 5 pips of specific, predetermined levels.

I, personally, would be a lot better at trading if I would actually listen to my own advice.
the trick is to recognise where you're wrong and let your stop do it's job, predefine the risk and adjust position size accordingly...
  • #372,265
  • Jan 25, 2011 11:03am Jan 25, 2011 11:03am
Quoting Nate04
If you are trading daily charts, what is your idea of a tight stop loss?...
Generally, when doing it correct, you don't need more than a 5-10. You will know you were wrong as soon as your level breaks, so why give up more then that?If the stop is taken out on a fake breakout, no reason you can't get back into it later.
  • #372,266
  • Jan 25, 2011 11:05am Jan 25, 2011 11:05am
Quoting Walt
Thank you, is the Ğright timeğ GMT / London?

It all depends, some use NY roll, some use GMT. I prefer GMT so my H4 opens fresh on the LO, but I do take note of NY roll.

I changed some of my charts for this year and hardly use the H4, daily anymore for intraday, I do use it for position trades set to GMT.
  • #372,267
  • Jan 25, 2011 11:06am Jan 25, 2011 11:06am
Quoting FibbinArchie
the trick is to recognise where you're wrong and let your stop do it's job, predefine the risk and adjust position size accordingly...

Yes. Minimal risk in pips = more leverage.
  • #372,268
  • Jan 25, 2011 11:06am Jan 25, 2011 11:06am
Quoting Nate04
If you are trading daily charts, what is your idea of a tight stop loss?...
20 is quite an obvious one and price often spikes 20 pips, however as I said if the level is solid, then you will more than likely at least get a good bounce...

stops and risk levels are very subjective, personally I trade all time frames, entries are made on the m5 and m1 for accuracy, longer term analysis is done on the h1, h4, and daily, I will occasionally look at the weekly. I also study price action and tick volume to gauge entries, but that's what I'm comfortable with, methodology will vary from trader to trader...
  • #372,269
  • Jan 25, 2011 11:07am Jan 25, 2011 11:07am
Quoting Venice
Yes. Minimal risk in pips = more leverage.
hmm, yeah, but you maybe want to give it a little wiggle room and error margin...
  • #372,270
  • Jan 25, 2011 11:08am Jan 25, 2011 11:08am
Quoting FibbinArchie
hmm, yeah, but you maybe want to give it a little wiggle room and error margin...
And big spreads, if you are dealing with that.
  • #372,271
  • Jan 25, 2011 11:08am Jan 25, 2011 11:08am
Quoting mercy seat
Today's result until now ... 1.8941% profit (intraday)

semi auto modus ... auto modus ... and at the end of the day some pure manual strategies in order to adjust and increase our daily results ...


More than 187 order executions until now ... step by step ... toute directions ... up and down ...

And our estimation at lunch time that those dips will give us some nice buying ops during that time zone has been worked for us well too ...



;-|
Would not like to trade this with a JAVA platform ... combined with bad operation system ... because then all trading decisions are always too late ...

Negative effects of Java is that much ... that sufficient strategies are not to be implemented with that ...

Then those kind of trading techniques are not possible then ... all you can do then is wait and stink until done ... in the time between your services have a good laugh ... it's a pity sad song ... but that's the way it is ...



;-|
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-01-25_19h56_ EURUSD _ min001 _1100 x 800 (BarChart).PNG Size: 28 KB
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #372,272
  • Jan 25, 2011 11:10am Jan 25, 2011 11:10am
Quoting cloggie
It all depends, some use NY roll, some use GMT. I prefer GMT so my H4 opens fresh on the LO, but I do take note of NY roll.

I changed some of my charts for this year and hardly use the H4, daily anymore for intraday, I do use it for position trades set to GMT.
Thank you, my new broker uses GMT so I guess that I'll be fine.
  • #372,273
  • Jan 25, 2011 11:13am Jan 25, 2011 11:13am
Quoting Venice
And big spreads, if you are dealing with that.
spreads aren't really a problem for me I use IG Markets PureDeal platform. EU is nearly always 1 to 2 pips under normal liquidity, 4 on a Sunday evening and they rarely widen prior to news, maybe it will go to 4 just prior to NFPs, but then I don't enter around NFPs release until the market tips it's hand anyways...
  • #372,274
  • Jan 25, 2011 11:14am Jan 25, 2011 11:14am
Quoting attila
i was looking at that, i hope they're right, but i have 71 for this move...
2 longs closed on this one.
  • #372,275
  • Jan 25, 2011 11:14am Jan 25, 2011 11:14am
Quoting samdani786
Start from the start like this
Well..... i check E/G
Almost like e/u LOL
I mean No sell Under 8735 This where i will consider sell position.
Attached Image (click to enlarge)
Click to Enlarge Name: eg.gif Size: 11 KB
  • #372,276
  • Jan 25, 2011 11:15am Jan 25, 2011 11:15am
Quoting attila
2 longs closed on this one.
good trade...

are you using supply zones?

or that major murrey?
Attached Image (click to enlarge)
Click to Enlarge Name: murrey.jpg Size: 44 KB
  • #372,277
  • Jan 25, 2011 11:18am Jan 25, 2011 11:18am
anyone short yet?
  • #372,278
  • Jan 25, 2011 11:18am Jan 25, 2011 11:18am
Quoting Walt
Ok... but I can't set the time my broker uses and how can there be a difference in the candles if the session starts at the same time for everyone independent of the time zone you are in, it starts Sunday at 10 pm GMT so independently of where you are you should have the same candles but at a different time depending on your timezone... This is not relative to the time zone you are in but to the start of the session. Otherwise it would mean that you would have different charts depending on where you are located and this would mean your TA would...
mb trading is starting meta using gmt this weekend (after Friday close). they were supposed to do it last weekend but postponed.
those who can, do. those who cant, talk about those who can
  • #372,279
  • Jan 25, 2011 11:18am Jan 25, 2011 11:18am
not really... mostly linear regression channels and multiple time frames trading.
i believe the most important in trading is understanding how the time frames interact with one another and where the main s/r live.


Quoting FibbinArchie
good trade...

are you using supply zones?
  • #372,280
  • Jan 25, 2011 11:21am Jan 25, 2011 11:21am
Quoting attila
not really... mostly linear regression channels and multiple time frames trading.
i believe the most important in trading is understanding how the time frames interact with one another and where the main s/r live.
well that's bang on the money for that monster murrey level, check out the attachment in prev post...
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