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  • #561
  • Feb 23, 2006 12:42pm Feb 23, 2006 12:42pm
Quoting Far From Average
Since you're in the market for the long haul, the chop in Asia won't affect you. You are on the wrong page completely, so I will tell you what I think in an attempt to clear this up. If this steps on your toes Vegas, let me know and I won't do it again.

I think Vegas was just remarking that because the currency market trades worldwide, the forex trading day starts in Asia, which is true. Asia is first in the time zones*, and from there it travels east to Europe and lastly to the USA. He's giving you a means to gain perspective on the trading day as a whole by telling you to look at the time span from the Tokyo open to the Chicago close as a unit.

*The time zones start on the western side of and end at the east side of the International Date Line (180th Meridian), which runs through the open Pacific. There are 360 meridians, so it you cut at the 1st meridian, which runs through Greenwich, England, and 180th meridian, you'd separate the world into two halfs, the east and west hemispheres.
Far from average,
I couldn't have said it better myself, thank you.
By the way, don't worry about stepping on my toes; I wear steel-tipped shoes :)

5 minute student,
I hope his answer clears this up for you. It's all about perspective on the day as he mentioned.
vegas
  • #562
  • Feb 23, 2006 12:55pm Feb 23, 2006 12:55pm
Quoting vegas
Far from average,
I couldn't have said it better myself, thank you.
By the way, don't worry about stepping on my toes; I wear steel-tipped shoes :)
Cool. Those come in handy when you need to kick something. I see the Cable made it back to the tunnel on VWB today. Interestingly enough, I saw last night that the 3 EMA's on the 1hr were all together and I figured the market would move. Cool to see that you can not only use these systems, but use them synergistically.
  • #563
  • Feb 23, 2006 2:05pm Feb 23, 2006 2:05pm
Taken from. "Vegas Wealth Builder"

"...that once you have a winning trade, you’re holding the winning cards at the table. Your options are infinite, and the pressure of holding a losing position is obviously not present."

This alone makes all this worth while. This is the first time for me in the black and am not concerned about losing it.

Ok...which pair is next???
  • #564
  • Feb 23, 2006 3:08pm Feb 23, 2006 3:08pm
I work a regular job, so I'm looking at using the VWB daily approach. When I look at the typical short term reversals which occur on the daily chart, it seems to me that your stop loss would have to be set very wide. Given that I'm a newbie trying to exercise low levels of risk, what would be a reasonable strategy for setting a stop loss on the daily, without risking large amounts of capital?
  • #565
  • Feb 23, 2006 3:18pm Feb 23, 2006 3:18pm
Quoting Flyn
I work a regular job, so I'm looking at using the VWB daily approach. When I look at the typical short term reversals which occur on the daily chart, it seems to me that your stop loss would have to be set very wide. Given that I'm a newbie trying to exercise low levels of risk, what would be a reasonable strategy for setting a stop loss on the daily, without risking large amounts of capital?
Flyn,

I'm going to assume that for most of the day you're away from the market, but that you can check near the close [5:00 p.m. Chicago time, 6:00 p.m. daylight savings time] plus or minus an hour or two.

Your following VWB, so you know when to look for trades. You will see the reversals on the daily candles [bars]. You enter a position and give it a little wider stop than I would normally use because you have no choice. In gbp your stop may be as small as 30-50 pips [spinning tops] or could be as large as 75-125 [hanging man, etc.]. If the market goes in the desired direction, you then would use resting limit orders to sell or buy at the appropriate level.

The only other choice you have is the set-up on C2.
vegas
  • #566
  • Feb 23, 2006 4:39pm Feb 23, 2006 4:39pm
Quoting Flyn
IWhen I look at the typical short term reversals which occur on the daily chart, it seems to me that your stop loss would have to be set very wide. Given that I'm a newbie trying to exercise low levels of risk, what would be a reasonable strategy for setting a stop loss on the daily, without risking large amounts of capital?
Here is my two cents, for what it is worth:
As Vegas has pointed out you can still trade using the close of the daily candle to get the reversals. The stops will be wider this way. (Looking at the signals from C2 the stop loss was much tighter than what I would have used if trading off the end of day candles.)

If you want to exercise a low level of risk you will probably need to carefully figure out how many lots you want to trade (to fit with the stop loss based on technicals AND the $ you want to risk for the trade). With a smaller account you will probably want a broker that can offer micro-lots (or a broker like Oanda that can let you use any lot-size you want). This allows you to be very precise in the level of risk you take on the trade even when you use a large stop loss on a small account. An example: If your stop is twice the size, you use a lot size that is half what you would have put on otherwise. Your $ at risk has not changed but you can accomodate a wider stop. This should allow you to comfortably trade the VWB off the end of day charts, even with the wider stops.

Cheers,
Linc.
  • #567
  • Feb 23, 2006 4:39pm Feb 23, 2006 4:39pm
I am also in the Daily group as I do not have full daytime access to my trading platform. I'll be interested in seeing your results as you go along.
  • #568
  • Feb 23, 2006 4:46pm Feb 23, 2006 4:46pm
Quoting Far From Average
Since you're in the market for the long haul, the chop in Asia won't affect you. You are on the wrong page completely, so I will tell you what I think in an attempt to clear this up. If this steps on your toes Vegas, let me know and I won't do it again.

I think Vegas was just remarking that because the currency market trades worldwide, the forex trading day starts in Asia, which is true. Asia is first in the time zones*, and from there it travels east to Europe and lastly to the USA. He's giving you a means to gain perspective on the trading day as a whole by telling you to look at the time span from the Tokyo open to the Chicago close as a unit.

*The time zones start on the western side of and end at the east side of the International Date Line (180th Meridian), which runs through the open Pacific. There are 360 meridians, so it you cut at the 1st meridian, which runs through Greenwich, England, and 180th meridian, you'd separate the world into two halfs, the east and west hemispheres.
Far From Average,

Thanks for stepping in. I know that many other traders think or feel that the Asian hours are the worst for trading, and they will not trade during those hours. All I wanted was not to err from the "true" path.

Regards,
  • #569
  • Feb 23, 2006 4:49pm Feb 23, 2006 4:49pm
Quoting vegas
Far from average,
I couldn't have said it better myself, thank you.
By the way, don't worry about stepping on my toes; I wear steel-tipped shoes :)

5 minute student,
I hope his answer clears this up for you. It's all about perspective on the day as he mentioned.
Vegas,

Yep. I am all cleared up and ready to go.

Regards,
  • #570
  • Feb 23, 2006 5:50pm Feb 23, 2006 5:50pm
Quoting lwoo034
Here is my two cents, for what it is worth:
As Vegas has pointed out you can still trade using the close of the daily candle to get the reversals. The stops will be wider this way. (Looking at the signals from C2 the stop loss was much tighter than what I would have used if trading off the end of day candles.)

If you want to exercise a low level of risk you will probably need to carefully figure out how many lots you want to trade (to fit with the stop loss based on technicals AND the $ you want to risk for the trade). With a smaller account you will probably want a broker that can offer micro-lots (or a broker like Oanda that can let you use any lot-size you want). This allows you to be very precise in the level of risk you take on the trade even when you use a large stop loss on a small account. An example: If your stop is twice the size, you use a lot size that is half what you would have put on otherwise. Your $ at risk has not changed but you can accomodate a wider stop. This should allow you to comfortably trade the VWB off the end of day charts, even with the wider stops.

Cheers,
Linc.
Linc.,
There was a reason my stops were so tight on the last gbp/usd trade I made [and which was on C2].

It really wasn't an optimal set-up for a couple of reasons. 1)The market only initially got to the first fib level for a trade [233], and 2) Although the move up off the low was OK, the market had 2 blow-off days on the upside quickly followed by reverses that took away [at least technically] bullish momentum.

Add to this very low-range days mixed in with a Holiday and you don't have the most bullish of scenarios. Yes, the trade worked out eventually today, but I don't care about individual trades or their results. I care only about implementing the method. In this case, that meant being cautious.

In a more normal set-up [fib levels 377 and 610] in gbp/usd, I utilize wider stops.
vegas
  • #571
  • Edited Mar 5, 2006 3:06am Feb 24, 2006 6:15am | Edited Mar 5, 2006 3:06am
I am not good at holding grudges, but I also don't like to be told what to do. So please no more organizational directions.

I hope you will find this spreadsheet useful.

Regards,

PS I have protected the main sheet.

If you are really interested in making changes, then PM me here at FF, and we will sort it out.

I made some newer formatting changes since posting earlier today.
  • #572
  • Feb 24, 2006 9:40am Feb 24, 2006 9:40am
Quoting vegas
...I'm going to assume that for most of the day you're away from the market, but that you can check near the close [5:00 p.m. Chicago time, 6:00 p.m. daylight savings time] plus or minus an hour or two.

Your following VWB, so you know when to look for trades. You will see the reversals on the daily candles [bars]...
Is anyone using a feed for MetaTrader that aligns with this trade day? I've found feeds that close at 5pm EST and then of course the GMT Feeds, but have not located one that closes market at Chicago time.

And if there is no such feed, how does one know the accuracy of the candle in this case?

THX in advance for any reply and assistance.
Thom
  • #573
  • Feb 24, 2006 11:33am Feb 24, 2006 11:33am
Quoting accrete
Is anyone using a feed for MetaTrader that aligns with this trade day? I've found feeds that close at 5pm EST and then of course the GMT Feeds, but have not located one that closes market at Chicago time.

And if there is no such feed, how does one know the accuracy of the candle in this case?

THX in advance for any reply and assistance.
Thom
I don't know of any. Which one is for the Eastern Time Frame? Does it support the S&P?
  • #574
  • Edited Feb 25, 2006 3:14pm Feb 24, 2006 11:35am | Edited Feb 25, 2006 3:14pm
Quoting accrete
Is anyone using a feed for MetaTrader that aligns with this trade day? I've found feeds that close at 5pm EST and then of course the GMT Feeds, but have not located one that closes market at Chicago time.

And if there is no such feed, how does one know the accuracy of the candle in this case?

THX in advance for any reply and assistance.
Thom
Hi Thom,

Which of MT4s feeds, you found closes at 5pm EST?
Thanks. Mark
  • #575
  • Feb 24, 2006 12:57pm Feb 24, 2006 12:57pm
Quoting accrete
Is anyone using a feed for MetaTrader that aligns with this trade day? I've found feeds that close at 5pm EST and then of course the GMT Feeds, but have not located one that closes market at Chicago time.

And if there is no such feed, how does one know the accuracy of the candle in this case?

THX in advance for any reply and assistance.
Thom
Thom,

My metatrader 4 demo uses 5:00 p.m. chicago time for the close and then opens a new daily candle at 5:01 P.M. for the daily. This is of course for spot.

I haven't got any special feed, just the default one that came with the demo.
vegas
  • #576
  • Feb 24, 2006 1:19pm Feb 24, 2006 1:19pm
Vegas,

Would you please comment on Cable today.
  • #577
  • Feb 24, 2006 1:23pm Feb 24, 2006 1:23pm
Dear All;

I wonder if anybody tell me how can I incorporate the vegas script for metatrader into the plateform terminal as I m really new using metatrader 4.

Thanks alot
  • #578
  • Feb 24, 2006 1:40pm Feb 24, 2006 1:40pm
Quoting azmi
Vegas,

Would you please comment on Cable today.
azmi,

For what it's worth, here are some thoughts.

14 out of the last 15 trading days has seen the gbp/usd daily close within 50-70 pips. This pretty much sums up the picture for the Euro/usd too. All week there were really no surprises in the news category [for gbp]. It's Friday, and I don't think many people choose to play today except nervous longs [who got long on yesterdays breakout] that decided to cut and run after a very lethargic European morning.

Ranges have started to contract in my 20-day moving median. This happens every now and then and usually only lasts a couple weeks and then follows an explosion in the ranges.

Other than that, the only other thing going on is the action in the crosses, specifically gbp/jpy. This could get interesting in the days and weeks ahead as Japan is starting to signal an end to its super-easy monetary policy. When the large hedge funds get caught in the carry trade the wrong way it usually results in the cross getting creamed. We will see.

Finally, I'm just sitting at my screen patiently waiting for a move to the outer fibs.
vegas
  • #579
  • Edited 3:07pm Feb 24, 2006 2:49pm | Edited 3:07pm
Quoting vegas
Thom,

My metatrader 4 demo uses 5:00 p.m. chicago time for the close and then opens a new daily candle at 5:01 P.M. for the daily. This is of course for spot.

I haven't got any special feed, just the default one that came with the demo.
Interesting info Vegas and thx for the reply...but i'm still stumped. I just uninstalled all versions of MT4 and went to s t r a t g y b u i l d e r f x mentioned in VWBII doc, downloaded/installed their version and got the standard demo but my candles are GMT time which would close the day at 19:00 ET or 18:00 CT(i know you mention the 5pm/6pm thingy in your doc, just want to try and be looking at the same charts)...

Is this what you are reading on your charts??

As a side thought, GMT time does not lign up with Market open in Tokyo as their time zone is GMT +9 (they do not observe DST as we do in the states) so the market would already be open for 61 minutes at a clock reading of GMT 00:01/18:01CT . . . ? ? ?

For those couple posts asking what feed shows the daily close at 5pm ET it should be any of the Russian feeds set to Moscow time from what i remember (such as Alpari)
  • #580
  • Feb 24, 2006 3:22pm Feb 24, 2006 3:22pm
Quoting accrete
Interesting info Vegas and thx for the reply...but i'm still stumped. I just uninstalled all versions of MT4 and went to s t r a t g y b u i l d e r f x mentioned in VWBII doc, downloaded/installed their version and got the standard demo but my candles are GMT time which would close the day at 19:00 ET or 18:00 CT(i know you mention the 5pm/6pm thingy in your doc, just want to try and be looking at the same charts)...

Is this what you are reading on your charts??

As a side thought, GMT time does not lign up with Market open in Tokyo as their time zone is GMT +9 (they do not observe DST as we do in the states) so the market would already be open for 61 minutes at a clock reading of GMT 00:01/18:01CT . . . ? ? ?

For those couple posts asking what feed shows the daily close at 5pm ET it should be any of the Russian feeds set to Moscow time from what i remember (such as Alpari)
accrete,
My charts, which have the default metatrader feed server, change over to a new day at 23:00 GMT [3:00 pm Pacific or 5:00 pm Chicago time].

I don't have a clue why yours would be different. Perhaps drop a line to tech support at metatrader and ask why the difference.
vegas
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