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Attachments: My trades by Dave
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My trades by Dave

  • #961
  • Apr 10, 2006 8:00pm Apr 10, 2006 8:00pm
entry 1.2095


s/l 1.2075


Target open.

Dave
  • #962
  • Apr 10, 2006 8:08pm Apr 10, 2006 8:08pm
This is a divergence entry and the end on the hour.

RSI is showing divergence and the break of the top trend line remains outside the line. Looks like a retrace that is at an end.

So at the end of the hour I entered believing the next candle will be up.

Dave
Attached Image
  • #963
  • Apr 10, 2006 8:23pm Apr 10, 2006 8:23pm
New daily pivot 1.2103


Dave
  • #964
  • Apr 10, 2006 8:29pm Apr 10, 2006 8:29pm
Quoting xxDavidxSxx
New daily pivot 1.2103


Dave
Dave, what are you using to calculate the daily pivot?
  • #965
  • Apr 10, 2006 8:56pm Apr 10, 2006 8:56pm
Quoting hugobossv8
Dave, what are you using to calculate the daily pivot?
This is cmsVT demo platform. It never expires. Its like having free advanced charting.

I use the daily fibo pivots and the weekly fibo pivots.

fibo bolli's

rsi

tsi

8/13



Dave
Attached Image
  • #966
  • Apr 10, 2006 9:00pm Apr 10, 2006 9:00pm
Quoting xxDavidxSxx
This is cmsVT demo platform. It never expires. Its like having free advanced charting.

I use the daily fibo pivots and the weekly fibo pivots.

fibo bolli's

rsi

tsi

8/13



Dave
being able to see the lines and the way they tighten befor a reversal. And how the price reacts around them really helps.

Dave
  • #967
  • Apr 10, 2006 9:31pm Apr 10, 2006 9:31pm
Quoting xxDavidxSxx
New daily pivot 1.2103


Dave

A note from Bird Watching Country ....1.2100 has been a pivot on all time frames for several if not many weeks. Due to historical price action going back even further.

Lou
  • #968
  • Apr 10, 2006 11:59pm Apr 10, 2006 11:59pm
Quoting xxDavidxSxx
entry 1.2095


s/l 1.2075


Target open.

Dave
Dave,

Any idea on a target yet?
  • #969
  • Apr 11, 2006 3:44am Apr 11, 2006 3:44am
Hi Dave,

What settings do you use for RSI on 1H charts?

Thanks,
soso
-soso
  • #970
  • Apr 11, 2006 6:49am Apr 11, 2006 6:49am
Quoting xxDavidxSxx
The daily pivot is 1.2140...a break above will target the 38.2 fibo of this move down at 1.2180/85 range.

1.2153 is the weekly pivot. Need a sustained break above there to put the pressure back on the up side.


A break above 1.2140 sustained merrits a long worth 15-20 pips

then a break back below 1.2153/40 range would merrit a short and hold in hopes of a break below 1.2000 sustained and target lower.

Could consilidate around the 2 pivots for a while too.

Dave
sory I didn't post you guys a target.

I post information like this to give you guys an idea of a target.

Dave


1.2140 hit +44 pips.

After the break above 1.2120 I set target and went to sleep.
  • #971
  • Apr 11, 2006 9:12am Apr 11, 2006 9:12am
Nice job Dave! I thought I would experiment with a trailing stop since I've never used them before. I set it for 17 pips when the price reached 1.2117. It went up to 1.2140 and stopped me out at 1.2123 when the price came back down. So I made +28 pips. I'm not sure what to think of trailing stops...doesn't seem like you can maximize your profit using them, but it does at least keep you positive in the trade.
  • #972
  • Apr 11, 2006 4:38pm Apr 11, 2006 4:38pm
Quoting hugobossv8
Nice job Dave! I thought I would experiment with a trailing stop since I've never used them before. I set it for 17 pips when the price reached 1.2117. It went up to 1.2140 and stopped me out at 1.2123 when the price came back down. So I made +28 pips. I'm not sure what to think of trailing stops...doesn't seem like you can maximize your profit using them, but it does at least keep you positive in the trade.
You need to stop thinking in terms of max profit through more pips.
You get max profit through more lots/leverage.

Remember the statement I posted where the broker hireing day traders said they only go for 5-20 pips per trade.
I am about to open an account with interbank group. I got my STP account all set up. I will pull profits 10 pips into the trade. 5 if I get nervous.
But at 400:1 leverage and 10 lots thats 500-1000$ per trade.
I will still predict a full trade and post the win.
Your pips with my account would have been 2300$. or 1515 with half the lots. 1 lot 230$.
Even at its lowest its a days pay.
Whats easier to do....Make 10 pips or make 50? I cann't remember a trade I made that didn't go 10 pips into profits. That many pips is too risky. Takes too long for the price to get there. Too much chance for a reversal on fundamentals.

Your trailing s/l is a good idea. Every now and then the price will take off and you'll be there for the ride.

Dave
  • #973
  • Apr 11, 2006 4:40pm Apr 11, 2006 4:40pm
New pivot, 1.2128

Long at 1.2135

s/l 1.2105

Target 1.2165


38.2 fibo is at 1.2171


Dave
  • #974
  • Apr 11, 2006 5:25pm Apr 11, 2006 5:25pm
Price didn't fall to the pivot of 38.2 fibo. Retesting days High.


short 1.2151 s/l 1.2170

Target: 1.2138


Price should fall near the pivot.

Dave
  • #975
  • Apr 11, 2006 6:07pm Apr 11, 2006 6:07pm
Quoting xxDavidxSxx
You need to stop thinking in terms of max profit through more pips.
You get max profit through more lots/leverage.

Remember the statement I posted where the broker hireing day traders said they only go for 5-20 pips per trade.
I am about to open an account with interbank group. I got my STP account all set up. I will pull profits 10 pips into the trade. 5 if I get nervous.
But at 400:1 leverage and 10 lots thats 500-1000$ per trade.
I will still predict a full trade and post the win.
Your pips with my account would have been 2300$. or 1515 with half the lots. 1 lot 230$.
Even at its lowest its a days pay.
Whats easier to do....Make 10 pips or make 50? I cann't remember a trade I made that didn't go 10 pips into profits. That many pips is too risky. Takes too long for the price to get there. Too much chance for a reversal on fundamentals.

Your trailing s/l is a good idea. Every now and then the price will take off and you'll be there for the ride.

Dave
Thanks for the advice Dave. I am not faint at heart, so I am planning to do the same with leverage - 400:1 - in fact if I could find a broker that would do even more leverage I would do that. I want to first have consistent 10 pip wins on smaller leverage first.

What do you plan to set your stop losses at when you use the 400:1 leverage? I remember in a past post you said you are setting stop losses at 40 pips, but recently I have seen you use tighter stop losses and lose trades because of it.
  • #976
  • Apr 11, 2006 7:13pm Apr 11, 2006 7:13pm
Quoting hugobossv8
Thanks for the advice Dave. I am not faint at heart, so I am planning to do the same with leverage - 400:1 - in fact if I could find a broker that would do even more leverage I would do that. I want to first have consistent 10 pip wins on smaller leverage first.

What do you plan to set your stop losses at when you use the 400:1 leverage? I remember in a past post you said you are setting stop losses at 40 pips, but recently I have seen you use tighter stop losses and lose trades because of it.

There is a swiss bank that offers 500:1 leverage. They don't accept funds from U.S. citizens.

My s/l are based on previous support/resistance. My max s/l is 40. But I usually s/l 20-30.
And any trades that got stopped out did go 20 pips into profit. So my 10 pips would have been easily obtained.

With the large lots and high leverage my trade entrys will be much more precise.
And remember...you will not win them all.
I posted links to 2 account summerys. one 75% success. and one at 34% success. The 34% account was still doubled in 2 weeks time.

Dave
  • #977
  • Apr 11, 2006 7:23pm Apr 11, 2006 7:23pm
Quoting xxDavidxSxx
There is a swiss bank that offers 500:1 leverage. They don't accept funds from U.S. citizens.

My s/l are based on previous support/resistance. My max s/l is 40. But I usually s/l 20-30.
And any trades that got stopped out did go 20 pips into profit. So my 10 pips would have been easily obtained.

With the large lots and high leverage my trade entrys will be much more precise.
And remember...you will not win them all.
I posted links to 2 account summerys. one 75% success. and one at 34% success. The 34% account was still doubled in 2 weeks time.

Dave
Thanks Dave,

I saw that swiss bank in an earlier post. I tried to contact them, but they did not respond. I am a US citizen so it won't work for me anyway. I'm still keeping my eyes out for other brokers though.

Yes, I saw those two account summaries...but in those trades were you going for 10 pip wins with 20-30 stop losses? Or were you doing a lot of hedging in those trades?
  • #978
  • Apr 11, 2006 7:31pm Apr 11, 2006 7:31pm
Quoting xxDavidxSxx
Price didn't fall to the pivot of 38.2 fibo. Retesting days High.


short 1.2151 s/l 1.2170

Target: 1.2138


Price should fall near the pivot.

Dave
Price nearing 38.2 fibo

I moved s/l to 1.2175 just the other side of fibo.

Dave
  • #979
  • Apr 11, 2006 7:41pm Apr 11, 2006 7:41pm
The weekly pivot is at 1.2153. Wach for price to fall below this level.
If the 38.2 fibo is broke 1.2200 is the 50%. The eur/usd more often then not makes a 50% retrace on high time frames.
But I do expect a fall back befor that happens.

Dave
  • #980
  • Apr 11, 2006 7:48pm Apr 11, 2006 7:48pm
Has anyone heard of this broker? http://www.fxtrader.net ...it looks like they are in South Africa, but they have low pip spread and high leverage at 500:1. I'm going to try to find out more...
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