You may not be aware that with virtually all MT4 brokers if you have stop losses or take profits that get gapped over the weekend you are not treated fairly.
If it gaps past your stop loss they will close you at the opening price, way past your stop. If it gaps past your take profit they will close you at your TP.
Not fair but that is what virtually all MT4 brokers do, I think it better to have no SL and no TP so that you can benefit as well as lose from the gap, or close all trades before the weekend.
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Yep, that's exactly why I try to be out before friday close.
The beauty of this system (at least for me) is I can set my trades
and go to work, go ride my motorcycle, go play and come back and
will have made some money.
I spent quite a few years trading the market on the 1m, 5m, 15m
charts and just got burnt out watching price and charts. So I'am
enjoying this way of trading. Less stress more profit...
Yes but this particular broker delays the signal 90 sec. or at least they were, since I no longer use them. If you trade 1 hr or 4h charts not a problem, if you scalp like i was doing sure makes it harder to gain ground.
The beauty of this system (at least for me) is I can set my trades
and go to work, go ride my motorcycle, go play and come back and
will have made some money.
I spent quite a few years trading the market on the 1m, 5m, 15m
charts and just got burnt out watching price and charts. So I'am
enjoying this way of trading. Less stress more profit...
Is there a way to send a private message to an individual. It isn't derogatory or anything. It is just information about a particular broker that they might find interesting. I just don't want to defame a broker on this website. But there are brokers out there that take the other side of the trade. makes it harder to win at trading. Love this system so far, looking forward to sharing some trades with you guys.
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If you have real proof of something or a repeated bad exepereince that wasn't corrected, defame away. Traders need to know about the borkers that play games.
Is anyone having consistency using this on the one hour charts?? I am a bit up and down and its not becasue of the trades, its because of the exit timing. Anybody got SL levels and TP's worked out?? or even to the point of how many candles before you check again...I find I am constantly watching the one hour trades and at times exiting to early or late. I reckon 90% of them have been into positive pips and I would be way ahead if had a better exit strategy. Or maybe its bettter to just set a fixed sl and pl and check the success rate??
Justt to confirm an earlier post BigE:
It was a question on exactly when you assess your TDI angle.
You say you zoom in (+) as far as you can, then you zoom out (-)twice.
Once you have zoomed out twice...is THAT where you get your angle, or is it prior to doing the zooming? if it IS prior to zooming out twice...what zoom level are you on to assess the angle.
Just want to clarify as I am now noticing it and it makes quite a big difference to the angle.
Thank you
Justt to confirm an earlier post BigE:
It was a question on exactly when you assess your TDI angle.
You say you zoom in (+) as far as you can, then you zoom out (-)twice.
Once you have zoomed out twice...is THAT where you get your angle, or is it prior to doing the zooming? if it IS prior to zooming out twice...what zoom level are you on to assess the angle.
Just want to clarify as I am now noticing it and it makes quite a big difference to the angle.
Thank you
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It's simple. Put your crosshair at the cross and look at it. What angle is in my chart for this EURUSD H1?
And if you are sticking to a particular xy ratio, then just study the previous data and u will get a hang of it in no time.
Is anyone having consistency using this on the one hour charts?? I am a bit up and down and its not becasue of the trades, its because of the exit timing. Anybody got SL levels and TP's worked out?? or even to the point of how many candles before you check again...I find I am constantly watching the one hour trades and at times exiting to early or late. I reckon 90% of them have been into positive pips and I would be way ahead if had a better exit strategy. Or maybe its bettter to just set a fixed sl and pl and check the success rate??
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Dean; my thoughts exactly. I tested yesterday on H4 only with very good results. Today on H1 I made a lot of mistakes and always coming back to check and not leaving it alone. And like you said I am leaving a lot of pips on the table. So I have now setup a parallel test account and plan to test one on H1 and one on H4 and compare results. Very early days as I have only started with this method a couple of days ago but I cannot help feeling I need to focus on H4.
Having said that I am sure it is all down to experience at the end so need to keep practising and looking for the best setups only.
Made two trades last night, one loser and one BE. First I will talk about the loser:
E/J 4hr, -81 pips, -2%
I entered on the 2AM candle. At the open, the candle was white and the TDI appeared to have crossed. I liked that it appeared to be a double bottom with divergence on the TDI, so I entered. Woke up at 6AM to see that I was stopped out. In hindsight, it looks as if the TDI had not actually crossed, but only touched.
The second trade ended up break even:
E/G 4hr, 0 pips, 0%
I entered on the 2AM candle. I could have made an easy 1% on this trade because price went exactly where it should have based upon S/R, but this method doesn't include setting TP levels. In any case, I liked the angle of the TDI and the fact it was hanging around the 32 line, so I entered. I woke up for the 6AM candle and closed the trade based upon Big E's practices. If I had waited for an exit signal I would still be in the trade at a profit.
Do most people get out at 6AM as Big E does, or do you wait for a signal?
Dean; my thoughts exactly. I tested yesterday on H4 only with very good results. Today on H1 I made a lot of mistakes and always coming back to check and not leaving it alone. And like you said I am leaving a lot of pips on the table. So I have now setup a parallel test account and plan to test one on H1 and one on H4 and compare results. Very early days as I have only started with this method a couple of days ago but I cannot help feeling I need to focus on H4.
Having said that I am sure it is all down to experience at the end so need to keep...
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Yep....bit of a mess at the moment but I have had heaps of winners so I know if we could come up with a fixed entry exit the trades are there. Would be great to have a set and forget method going....even if it waa 1:1...SL 20 TP 20....maybe I might try it or something close.
It's simple. Put your crosshair at the cross and look at it. What angle is in my chart for this EURUSD H1?
And if you are sticking to a particular xy ratio, then just study the previous data and u will get a hang of it in no time.
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Yep I get that...my point is....if you have a look below...the first is zoomed out twice and the second is only zoomed out once....one looks closer to 1 oclock and the other closer to two oclock....the angle changes.
Made two trades last night, one loser and one BE. First I will talk about the loser:
E/J 4hr, -81 pips, -2%
I entered on the 2AM candle. At the open, the candle was white and the TDI appeared to have crossed. I liked that it appeared to be a double bottom with divergence on the TDI, so I entered. Woke up at 6AM to see that I was stopped out. In hindsight, it looks as if the TDI had not actually crossed, but only touched.
The second trade ended up break even:
E/G 4hr,...
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no...Big E does it that way as it suits his lifestyle....if you are comfortable staying in the trade...stay in it. The 6 oclock exit is not a rule
Yep....bit of a mess at the moment but I have had heaps of winners so I know if we could come up with a fixed entry exit the trades are there. Would be great to have a set and forget method going....even if it waa 1:1...SL 20 TP 20....maybe I might try it or something close.
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http://www.forexfactory.com/showpost.php?p=4612881&postcount=2341
Hey Dean here is an earlier post I did this morning with hard TP and SL. My experience is when I moved to the H1 chart in New york session I started giving back more than i was taking in. I have been playing this for a couple weeks (the above post) and have not had a stop hit yet. I have had to Close a couple of trades manually for small ( less than 10 pips) loss when i woke up. I concentrate more on Position sizing rather than R:R that way i know my account will only be drawn down by a specific % if stopped out. And my experience has always been that your are arm wrestling to keep pips in the NY session on the smaller TF's. Just my experience , Hope it helps.
Take Care
Several years ago I set up an account with this broker. I just funded it with a couple hundred bucks to learn forex by trading mini account. When i signed up I called the broker and asked them how they felt about scalping. They said they didn't encourage it and they would appreciate if I waited 90 seconds after making the trade to exit. I said yeah right. So I proceeded to demo trade everything went well. So i switched over to live trading. Don't think I made a single good trade. So I kinda gave up then I met a guy who said he traded forex and he could show me some things. But I needed to sign up with his broker. Which I did. I set up a demo account with the new broker until my funds got deposited. In the meantime I figured I would trade with the other broker which had the mini account and watch the new broker in demo. To my surprise evertime I entered a trade the candle would stop on the mini account whereas my buddies screen wasn't doing that and neither was my new account. So I says hmm. I decided to time it, you guessed it 90 second delay. Thinking this broker was a scam I decided to look around to see if anyone else was complaining about this broker. I found forex peace army. Quite a few people have complained about the same thing. Closed my account and have been with the new broker ever since although my trading is still mediocre. I have quite a few broker accounts and I always check them against each other to see if there are any shenanigans going on. I went back to forex peace army today and they say they have cleaned up their act. The broker I am referring to is IBFX. If you are happy with them don't change on my account. I am not here to promote any broker or condemn them and I don't want to embarrass any one here because I like this site and enjoy reading your posts.
http://www.forexfactory.com/showpost.php?p=4612881&postcount=2341
Hey Dean here is an earlier post I did this morning with hard TP and SL. My experience is when I moved to the H1 chart in New york session I started giving back more than i was taking in. I have been playing this for a couple weeks (the above post) and have not had a stop hit yet. I have had to Close a couple of trades manually for small ( less than 10 pips) loss when i woke up. I concentrate more on...
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Thank you mate I appreciate it. But ther must be a similar way for the one hour too. Big E reckons if he were living in the UK and could day trade the UK session he would do it on the hourly chart. I am in Aus so the London session is nice for us and I am a chart watcher so I would rather slightly quicker trades.....just what I like thats all.
Thank you mate I appreciate it. But ther must be a similar way for the one hour too. Big E reckons if he were living in the UK and could day trade the UK session he would do it on the hourly chart. I am in Aus so the London session is nice for us and I am a chart watcher so I would rather slightly quicker trades.....just what I like thats all.
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Another way to approach it would be to go in with multiple lots, take profit at 10 to 20 pips and move the rest to BE + spread and manage from there. That way you have removed the risk before TDI has a chance to tweak sidways on you
Several years ago I set up an account with this broker. I just funded it with a couple hundred bucks to learn forex by trading mini account. When i signed up I called the broker and asked them how they felt about scalping. They said they didn't encourage it and they would appreciate if I waited 90 seconds after making the trade to exit. I said yeah right. So I proceeded to demo trade everything went well. So i switched over to live trading. Don't think I made a single good trade. So I kinda gave up then I met a guy who said he traded forex and he...
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A 90 second delay doesn't mean they are cheating you, as long as the price is about the same in the end. Different brokers have different feeds.
I'm pretty sure I could open up multiple demo accounts and see something similar between all of them. Trades your own charts as they say.
P.S. peace army are full of BS and scammers, they try to blackmail brokerages to get a good rating. You can't really go by online broker reviews most of them are by noobs that dont even know how the different order type works.
P.P.S not that I'm in love with IBFX I just havn't found anything better in the US. I have occationally over the years seen some odd things like an errant spike that no other broker had, but I've only seen that twice in one year and not been the victime.
Made 80 pips on eur/jpy lost 50 on aud /usd. I like this system - whole lot better than scalping. Up 50 pips for the week. Can you use Jing to post charts seeing a cross on 4hr chart of aud/cad. Do you guys trade 4 hour charts during the day. So far been taking 4hr trades at night.
