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Trading Major Lines

  • #741
  • Apr 9, 2011 10:51pm Apr 9, 2011 10:51pm
Quoting trader447
Hi nomask,

I've enjoyed your thread on trading major lines and would like to share an indicator for longer times frames ie, 4hr, daily, weekly. If you use Metatrader I'd like to get your thoughts on it, seeing as though you trade these timeframes. You can contact me at [email protected]. Thanks.
Trader, it would be nice if you can share it in the forum. We can all contribute.
  • #742
  • Apr 10, 2011 7:10am Apr 10, 2011 7:10am
Hey I want to ask advice who make trades by mobile phone.
I m planning to buy buy mobile phone (iphone 3g 8gb) mabey
I want to ask with mobile phone possible to have a trade by mobile phone?

what mobile telephone model do you use in trading forex?

I would be happy that you share this information with me
regards,Doncex
  • #743
  • Apr 10, 2011 8:58am Apr 10, 2011 8:58am
Quoting jasonc1213
RED, thanks for the reply. Those results are really comforting. I had 12 losers this last week (my first week trading live). My 13th live EUR/USD trade that I posted a few posts back is in the green for about 160 pips. It would cancel all 12 of my losses if I closed it out now. My equity is exactly 4 pips in the positive. I'm really happy to see that. I think that's the beauty of this method. One winner can stomp out a handful of losers as long as they were each low risk entries. If this position dies on BE, I will not be concerned. I am looking...
Finally, do any of you close any positions if they reverse at the median line? The median line is quickly approaching for EUR/USD.

The answer for me is yes only if there is a clear signal to do so. This is not the only method I trade but this is great for portfiolio diversification. Also as it moves in my favor(ex. 100pips) I shave a VERY small percentage of profit off so if it turns around and hit breakeven in reality I close in profit. My overall picture is to let the market run as far as it wants run dispite what I think or analize. Nomask and I(also others here) have the same mindset that price is king. Shaving off is NOT based on the method, but it works for the accounts I manage. The main thing is believing in yourself and others using this with great results. Start at page one if you need too. Stay away from the "bells and whistle" indicators unless they are alerts. See what story the charts price is telling you in relation to S/R. I have grown to realize in my years at forex is one major factor. I had to release my control over to the market(and what I think I knew) and follow what price is doing.

Hang in there bro at this point even though there are 4 pairs that could be setting up next week stick with one this week and focus on skills of low risk entry to breakeven until you get into a groove. Then add pairs. Remember to find the hindsight(direction) and trade in that direction. One you could look at is the A/U as it close above median line per nomask charts. The story looks better there at the moment.

Good luck this week
Empower Your Mind
  • #744
  • Apr 10, 2011 11:40am Apr 10, 2011 11:40am
[quote=jasonc1213;4533464]RED, thanks for the reply. Those results are really comforting. I had 12 losers this last week (my first week trading live). My 13th live EUR/USD trade that I posted a few posts back is in the green for about 160 pips. It would cancel all 12 of my losses if I closed it out now. My equity is exactly 4 pips in the positive. I'm really happy to see that. I think that's the beauty of this method. One winner can stomp out a handful of losers as long as they were each low risk entries. If this position dies on BE, I will not be concerned. I am looking at the BIG PICTURE.

You said you've closed positions for up to 13%. When did you close these positions and why? Per this method, I was under the impression that we close positions once it makes a reversal on the weekly, but I could be mistaken. I'd love to close my position now and get my 8% back that I lost, but it seems like it would be even better if I close it at the 1.5 line or even further for a substantial profit. I'm very interested to hear why you closed your positions this month.

Hi Jason

I have taken the best of both threads and combined them, I have a full time job and am unable to take a number of the 5 min trades due to not being behind the screen, so currently I take trades based on Nomask's method and others from the Millipede thread.
I enter every trade twice and close one trade at 100 pips profit, this helps me satisfy the little men in my head. It helps the feeling of despair watching 3000 pips come back to BE, which has happen to me before.

obviously one needs to take care of their money management if they trade this way.
thanks
Frank
  • #745
  • Apr 10, 2011 2:25pm Apr 10, 2011 2:25pm
Quoting jimisan
Hello Nomask,

Before discovering your thread, I've problem reading and understanding the importance of higher TF's charts such as 4H/weekly. But after digging further I now have a better understanding of its relevance. Not only that, I think it has help me tremendously with my trading now.

Previously, I only look at 1M/5M for scalping trades which are very tiring having to be fixed in front of my LCD under long hours.

My thanks to you. Keep up the good work.
It is more powerful when you trade in one direction no matter which one you're biased to.
Entry part of this method can be modified through your own experience and skils.But the main idea behind the whole method will remain the same which is entering 5 min for its lower risk and targeting something on the weekly t.f giving us a great reward/risk ratio.
  • #746
  • Apr 10, 2011 2:39pm Apr 10, 2011 2:39pm
Quoting sako
Attachment
Attachment

Might pay to watch weekly USDX index this week as well.
It has reached a potential double bottom here. Any bounce from here will affect the EURUSD and other USD denominated currencies

If the USDX index breaks lower then will help longs on EURUSD
It seems like "a potential" double bottom might be coming up BUT 75.62 level which you spotted on your chart has just been broken down which makes a reversal pattern less reliable.
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  • #747
  • Apr 10, 2011 2:46pm Apr 10, 2011 2:46pm
Quoting jasonc1213
RED, thanks for the reply. Those results are really comforting. I had 12 losers this last week (my first week trading live). My 13th live EUR/USD trade that I posted a few posts back is in the green for about 160 pips. It would cancel all 12 of my losses if I closed it out now. My equity is exactly 4 pips in the positive. I'm really happy to see that. I think that's the beauty of this method. One winner can stomp out a handful of losers as long as they were each low risk entries. If this position dies on BE, I will not be concerned. I am looking...
It is for eu which is the only pair I can trade recently as I have been very busy with my other works.
If you want to trade more than one pair,my humbe advice would be that you should have enough time to watch them.
I also try to pick up the pairs with less spreads and spikes since I'm dealing with very low pips..
  • #748
  • Apr 10, 2011 2:52pm Apr 10, 2011 2:52pm
Quoting trader447
Hi nomask,

I've enjoyed your thread on trading major lines and would like to share an indicator for longer times frames ie, 4hr, daily, weekly. If you use Metatrader I'd like to get your thoughts on it, seeing as though you trade these timeframes. You can contact me at [email protected]. Thanks.
Quoting cfabian
Trader, it would be nice if you can share it in the forum. We can all contribute.
Thanks but I really don't believe in indicators.
the best indicator is your own eyes.Because every trader has the same with you.
  • #749
  • Apr 10, 2011 2:58pm Apr 10, 2011 2:58pm
Guys,
I'll share this indicator (is not my development) that might be helpful.
It is about drawing any line in the chart, and have the indicator send you an alert when price is at "x" pips from you line.

It would be nice having something like this working automatically with fibs lines on the desired levels, but I'm not a programmer.
Attached File(s)
File Type: mq4 Alerter.mq4   3 KB | 475 downloads
  • #750
  • Apr 10, 2011 3:09pm Apr 10, 2011 3:09pm
Quoting nomask
Thanks but I really don't believe in indicators.
the best indicator is your own eyes.Because every trader has the same with you.
Nomask,
I'm with you... but the indicators I would think of are those similar to the one I posted, that tells you when price reached a desired level.

Lets see how this week goes... I could't ride any trade last week.

BTW, how do you deal with ranging markets? Go to lower time frames or simply stay out until a weekly breaks out? I was thinking on using D1 with H1, 5M for this scenario... not sure if you have tried it or not. Grabbing 40 - 70 pips per these set ups helps accumulate cushion pips for the loses we can incur when looking for the big ride.

Cheers
  • #751
  • Apr 10, 2011 3:10pm Apr 10, 2011 3:10pm
Quoting cfabian
Guys,
I'll share this indicator (is not my development) that might be helpful.
It is about drawing any line in the chart, and have the indicator send you an alert when price is at "x" pips from you line.

It would be nice having something like this working automatically with fibs lines on the desired levels, but I'm not a programmer.

No disrespect cfabian but lets keep this thread going without all the indicators and possible EA system development off of this method. I have seen many thread start great but end up in EA, indicator heaven which takes away from what the thread was intended. Lets keep it simple and indicator free.
Empower Your Mind
  • #752
  • Apr 10, 2011 4:47pm Apr 10, 2011 4:47pm
Quoting nomask
It is more powerful when you trade in one direction no matter which one you're biased to.
Entry part of this method can be modified through your own experience and skils.But the main idea behind the whole method will remain the same which is entering 5 min for its lower risk and targeting something on the weekly t.f giving us a great reward/risk ratio.
Good Morning Nomask,

Thank you for the encouragement. I'll remodify my style using your method as my guide. I guess every trader should develop their own style of trading and not be a stereotype.

It's 5.45am over here, I'll be going for my morning walk in a short while which I use to do every morning from Mon-Fri. Being healthy is important and it helps with your concentration.

Happy Trading to ALL.


Jimi
  • #753
  • Apr 10, 2011 5:43pm Apr 10, 2011 5:43pm
Hello nomask. Wondering what your thoughts are on the US FIFO regulations. If you enter a second trade on the same pair the first trade must be closed before the second (first in first out rule). If you were approaching the next triple 000 level and had a second trade in near this level and wanted to exit that trade but keep the first one to see if price would continue above the next triple 000.
  • #754
  • Apr 10, 2011 7:21pm Apr 10, 2011 7:21pm
Quoting nomask
Thanks but I really don't believe in indicators.
the best indicator is your own eyes.Because every trader has the same with you.
When I first started off 3 years ago, I was enchanted by systems with indicators. The quest for a better indicator is my highest priority. Using indicators can be equated to chain smoking, it's an addiction that's hard to get rid off. I was a heavy smoker myself but fortunately I managed to quit 15 years ago. Since I can quit smoking why not quit using indicators as well? Yes, Nomask, I like your statement about "THE BEST INDICATOR IS YOUR OWN EYES". I'll forego using any indicators and start trading naked. It might be hard to learn how to TANGO with PA initially but I'm confident it's just a matter of training your eyes, how to dance with PA in the ballroom. I've the time.....it's the practice I've to perfect!


Jimi
  • #755
  • Apr 11, 2011 12:27am Apr 11, 2011 12:27am
Is this good setup for USDCAD to go short?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucad4h_11apr.gif Size: 19 KB
Click to Enlarge Name: ucad5min_11apr.gif Size: 19 KB
  • #756
  • Apr 11, 2011 1:47am Apr 11, 2011 1:47am
Quoting nomask
Here I'm posting 4 different pairs that caught my eyes among the others.
Hi Nomask
Where Are you?
Waiting for your valuable and spectacular Analysis
Just check my signals with your experience then decide, please,
  • #757
  • Apr 11, 2011 5:47am Apr 11, 2011 5:47am
Quoting cfabian
Nomask,
I'm with you... but the indicators I would think of are those similar to the one I posted, that tells you when price reached a desired level.

Lets see how this week goes... I could't ride any trade last week.

BTW, how do you deal with ranging markets? Go to lower time frames or simply stay out until a weekly breaks out? I was thinking on using D1 with H1, 5M for this scenario... not sure if you have tried it or not. Grabbing 40 - 70 pips per these set ups helps accumulate cushion pips for the loses we can incur when looking for the...
thanks cfabian..You know what i mean when i say indicators..
This is a handy tool..Thanks again for posting it.
answering your question, the method itself deals with ranging markets by its nature..We'll end up trading less if we stick to our rules.To be honest I don't bother myself for 40-70 pips.
What I like to do is:
lets say I spent 150 pips to establish 4 positions.I close smallest of them as it reaches to like 250 pips to cover all my expenses and add more on top while I let others run for more.
  • #758
  • Apr 11, 2011 6:08am Apr 11, 2011 6:08am
Quoting Winston Reed
Hello nomask. Wondering what your thoughts are on the US FIFO regulations. If you enter a second trade on the same pair the first trade must be closed before the second (first in first out rule). If you were approaching the next triple 000 level and had a second trade in near this level and wanted to exit that trade but keep the first one to see if price would continue above the next triple 000.
its a matter of diversification..
for ex.currently I would like my longs on eu between 1.4 and 1.45 levels and close some of them as it reaches 1.5 level and close some of them as I get an opposite weekly signal and let rest die at b.e in case price may reverse back to my initial direction.
If your latest position covers all your expenses by doing that.go ahead.
  • #759
  • Apr 11, 2011 6:11am Apr 11, 2011 6:11am
Quoting jimisan
When I first started off 3 years ago, I was enchanted by systems with indicators. The quest for a better indicator is my highest priority. Using indicators can be equated to chain smoking, it's an addiction that's hard to get rid off. I was a heavy smoker myself but fortunately I managed to quit 15 years ago. Since I can quit smoking why not quit using indicators as well? Yes, Nomask, I like your statement about "THE BEST INDICATOR IS YOUR OWN EYES". I'll forego using any indicators and start trading naked. It might be hard to learn how to TANGO...
totally agree
  • #760
  • Apr 11, 2011 6:18am Apr 11, 2011 6:18am
Quoting ava_ind
Is this good setup for USDCAD to go short?
It was not a clear setup but I also checked it in 5min and there was no good entry opportunity.
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