Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #3,441
- Jan 24, 2011 9:38pm Jan 24, 2011 9:38pm
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
- #3,443
- Jan 25, 2011 9:04pm Jan 25, 2011 9:04pm
hello all, I m new here, would anybody tell me in short the handling of trading session and news figure? the author advises us not to trade outside asian and european session nor around news figure.. if I have already entered a trade, should I close the position when it is outside the suggested trading session/ near news release period or wait til the exit signal occured?
- #3,444
- Jan 25, 2011 10:14pm Jan 25, 2011 10:14pm
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
hello all, I m new here, would anybody tell me in short the handling of trading session and news figure? the author advises us not to trade outside asian and european session nor around news figure.. if I have already entered a trade, should I close the position when it is outside the suggested trading session/ near news release period or wait til the exit signal occured?
I am only concerned about high impact news. I am watchful of medium impact especially speeches. You never know what will fall out of someones mouth.
If I am in profit a little bit and the news is approaching I will usually exit most of the position. Leave a little for seed.
If I am way into profit about the same as above.
If I am sitting with a loss.....Well I hate being in a spot where I am "hoping" for the news to pull me out. I will usually exit. Possibly leave a very little on.
So you are getting into your personal preference side of things here. For me I will often leave a little on regardless of things. You might catch a big run with it. $2.50 risk for a $25 reward for a 100 pip run.
In the attachment I took a long where indicated. Took 80% of the position off at 10 and 20 pips. Left a little on. If the supply area above is broken with FF or London I might be able to be a part of it. So far I have had no reason to exit the rest of the position.
Well I kinda rambled on here.
Trade well
Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #3,445
- Jan 25, 2011 11:28pm Jan 25, 2011 11:28pm
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #3,447
- Jan 27, 2011 2:24am Jan 27, 2011 2:24am
thanks so much Rufus..
I got some more newbie questions...I have only read around 20 pages, I notice that the author has the "basic" system in the 1st page, but an advanced one at a later page. For the "basic" one, if you enter a "buy" trade, author suggests us to "Close when the 5 ema to the close has crossed the 5 ema to the open", but when if you enter a "sell" trade, he suggests us "Close is based on price action." ... is it intended or typo ? Are you trading the basic one or advanced one ?
I notice that in the "advanced" system, both buy and sell entries should be closed by price action..
Also, for "close is based on price action", does it mean that when it hits any pivots, resistances or supports indicated by the "Pivot Points Multitimeframe", then we should close the trade?
I got some more newbie questions...I have only read around 20 pages, I notice that the author has the "basic" system in the 1st page, but an advanced one at a later page. For the "basic" one, if you enter a "buy" trade, author suggests us to "Close when the 5 ema to the close has crossed the 5 ema to the open", but when if you enter a "sell" trade, he suggests us "Close is based on price action." ... is it intended or typo ? Are you trading the basic one or advanced one ?
I notice that in the "advanced" system, both buy and sell entries should be closed by price action..
Also, for "close is based on price action", does it mean that when it hits any pivots, resistances or supports indicated by the "Pivot Points Multitimeframe", then we should close the trade?
- #3,449
- Jan 27, 2011 9:01am Jan 27, 2011 9:01am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #3,455
- Jan 28, 2011 9:57am Jan 28, 2011 9:57am
- Joined Feb 2009 | Status: Illegitimi non carborundum | 3,526 Posts
Hit my SL at 1.3656. Over all a very nice trade. Looks like it has a good chance to reverse and take a quick long, but I don't feel it's a high enough percentage to take so I'm going to sit and wait to see if something else that looks better comes along.
Take care all.
It has been a week of grabing quick profits before it turns. Hopefully next week we start getting some runners
Illegitimi non carborundum - Noli pati a scelestis opprimi.
- #3,456
- Jan 28, 2011 10:15am Jan 28, 2011 10:15am
It has been a week of grabing quick profits before it turns. Hopefully next week we start getting some runners
How's life at the Goldman trading Desk? did you get the room set up yet? You probably have five monitors going plus a TV by now, lol
A woman drove me to drink, and I forgot to thank her
- #3,459
- Jan 31, 2011 12:05am Jan 31, 2011 12:05am
thanks rufus and simpleguy
sorry I still have some newbie questions, for the basic system, the buy signal is only triggered at the close of bullish candle when all criteria met, however, I saw in page 1 #3 that the 5 sma crossover has already happened 1-2 bars ago, the author still consider it as valid for the signal, if it is really so, then how many bars of crossover before the bullish candle close is considered as valid at the maximum?
another question, how do we define the "stochastic crosses up from the 20 line and is not overbought" ? is it simply the range between 20 and 80 ? if we also consider both stochastic lines are increasing, then do we consider "zig zag" shape of lines? if not, we are the reference points should we take? should we simply compare the point 1 bar before the candle close and the point at the candle close?
I found that the chatroom link cannot be reached, is it out of service already?
sorry I still have some newbie questions, for the basic system, the buy signal is only triggered at the close of bullish candle when all criteria met, however, I saw in page 1 #3 that the 5 sma crossover has already happened 1-2 bars ago, the author still consider it as valid for the signal, if it is really so, then how many bars of crossover before the bullish candle close is considered as valid at the maximum?
another question, how do we define the "stochastic crosses up from the 20 line and is not overbought" ? is it simply the range between 20 and 80 ? if we also consider both stochastic lines are increasing, then do we consider "zig zag" shape of lines? if not, we are the reference points should we take? should we simply compare the point 1 bar before the candle close and the point at the candle close?
I found that the chatroom link cannot be reached, is it out of service already?
- #3,460
- Jan 31, 2011 12:45am Jan 31, 2011 12:45am
follow the post above, for "the stochastic crosses up from the 20 line and is not ovebought", I discovered that forexjedi suggests us to take the trades only when it is below 20 and cross up from below 20, however, when I refer to the page 1 #3, the "crossing up" happened few bars before the close of bullish candle, so actually within how many bars are considered as valid?
another question is for the sell signal in the same graph (page 1 #3), when the bearish candle close, one of the stochastic lines had not yet cross down from above 80, it happened one bar later than the candle close, so is this sell trade still valid?
another question is for the sell signal in the same graph (page 1 #3), when the bearish candle close, one of the stochastic lines had not yet cross down from above 80, it happened one bar later than the candle close, so is this sell trade still valid?