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Trading Made Simple

  • #1,121
  • May 3, 2011 8:15am May 3, 2011 8:15am
Quoting dean
what do you guys look for as a TP for the hourly charts?? How do you handle it?
I follow the direction of the TD on the open of each candle. But ,I also look left and at round numbers for support and resistance/retracement levels, and then lock in postive pips as it goes and hope it keeps going.
  • #1,122
  • May 3, 2011 8:19am May 3, 2011 8:19am
Hi All,
Dean's questions on the Daily AU chart, 1st APB candle turning red got my attention...so I jumped back to 4h TF to see how it had shaped up...
very sweet setup from London night before last...
Put a few notes on the chart to clarify the setup...
Good trades to all...
Cliff
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I get exercise just pushing my luck
  • #1,123
  • May 3, 2011 8:19am May 3, 2011 8:19am
Quoting 33drifter
Just went long on the aussie H1. Is anyone else coming with me?

any comments on the entry?
Yep, looked to good to pass up.
  • #1,124
  • May 3, 2011 8:22am May 3, 2011 8:22am
Quoting Alan5616
What the hell are you doing trading with a broker that has a 12 point spread on AU?
Alan

I asume you noticed the 5 digits on Deans charts, and the spread is 1.2 not 12.

what spreads are you gettingfor this pair??

lets go dean, you and i arent going to let this one turn in to a loser.
  • #1,125
  • May 3, 2011 8:26am May 3, 2011 8:26am
Quoting dean
forex cube,
My chart is the same as yours, are you in?? I am in at 1.087
No I trade actual only the bigger trends with this currency pair, so I'll wait till H1 is in conjunction with the daily down, say if the H1 could give me the first signal for a down I trade the H1 down and wait for the confirmation at the H4, trade down again wih H4 and with Daily trade down once again if the daily will give me a signale once more. So I could be in the market with 3 shorts then. I like to trade the most part of strategies at multiple time frame basis, if they allow this to do. So May be some M5/M15 ups, interim.
  • #1,126
  • May 3, 2011 8:40am May 3, 2011 8:40am
i'm in 1h eu
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  • #1,127
  • May 3, 2011 8:48am May 3, 2011 8:48am
Quoting milicentfx
anybody have an indicator that will move s/l automatically once a certain level is hit? ie I am up 25 pips so my s/l moves to zero or + 1 say?

http://www.forexfactory.com/showpost.php?p=4442195

Numbers posted a Breakeven script on the old pages.... you can grab it from there.
  • #1,128
  • May 3, 2011 8:52am May 3, 2011 8:52am
Does anyone know the reason why eel choose FXDD :-) ?
  • #1,129
  • May 3, 2011 8:54am May 3, 2011 8:54am
Quoting snarlyjack
2scoops,

Goodmorning!

You have to remember that eelfranz trades standard account,
which is $10.00 per point....
Thanks snarly I totally agree with your approach, thanks for your input
  • #1,130
  • May 3, 2011 8:58am May 3, 2011 8:58am
Is anyone looking at the potential short set up on USD/CAD
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  • #1,131
  • May 3, 2011 8:59am May 3, 2011 8:59am
I just entered USDCAD.
  • #1,132
  • May 3, 2011 9:03am May 3, 2011 9:03am
yep sure have drifter....waiting for the candle and Im in
  • #1,133
  • May 3, 2011 9:03am May 3, 2011 9:03am
Quoting wickedwin
Does anyone know the reason why eel choose FXDD :-) ?
Why don't you ask him?
  • #1,134
  • May 3, 2011 9:05am May 3, 2011 9:05am
Kumo,
I am inerested in your method of locking in profits as you go. How do you go about it?
  • #1,135
  • May 3, 2011 9:06am May 3, 2011 9:06am
I'm in on cad now also drifter...you??
  • #1,136
  • May 3, 2011 9:08am May 3, 2011 9:08am
Last night I took my first 3 trades using this system around 9 pm eastern using the 8pm candles (FXCM is my broker). I closed all three this morning when I woke up. All three were in profit with a total of 147 pips.

I hope these results are repeatable and not just beginner's luck.
  • #1,137
  • May 3, 2011 9:10am May 3, 2011 9:10am
green line on tdi has flattened slightly drifter....could be time to get out??
  • #1,138
  • May 3, 2011 9:18am May 3, 2011 9:18am
Quoting dean
Kumo,
I am inerested in your method of locking in profits as you go. How do you go about it?
Here is a list of what I do:

1. I look first and formost to lock in my initial risk. So, if I risk 100 pips I look to lock that in as soon as I can. And move my stop loss postive.

2. But.... I also watch S&R and round number. Round numbers being every 00 or 50 mark. price has a tendency to retrace hard on those. (Or pass and then use as support) I'll often lock in past or just below those.

3. If I'm approaching a round number or not sure of the entry, I'll often lock in BE + a whatever looks good on S&R.

It really is a judgment call, but looking at round numbers and S&R really helps.

My main rule is I never let a winner turn into a loser. So, if it goes 20 or so pips I'll at least lock in break even. But that depends on the round number that are close to entry and looking left and seeing recent S&R.
  • #1,139
  • May 3, 2011 9:19am May 3, 2011 9:19am
Quoting AlexC
Why don't you ask him?
Guess what i'm doing (indirectly).
  • #1,140
  • May 3, 2011 9:23am May 3, 2011 9:23am
thanks Kumo....sensible stuff.
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