True Trading Tactics | Page 29 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Carpe diem: Intraday tactics for Dax and Dow 54,658 replies

What tactics will prevent getting hurt in enormous swings? 7 replies

NEWBIE Tactics! 18 replies

S/R Trading tactics 4 replies

True Range Trading 2 replies

Attachments: True Trading Tactics
Exit Attachments

True Trading Tactics

  • #561
  • Feb 20, 2012 5:20am Feb 20, 2012 5:20am
Quoting Chulmleigh
I am limiting myself to 6 pairs and the Rand isn't one of them. But thanks for the tip all the same.

Cheers
you wellcome
  • #562
  • Feb 20, 2012 5:48am Feb 20, 2012 5:48am
Quoting Chulmleigh
Yeah fair enough. Gaps can take a while to fill. I have been listening to you, by the way Gt3rs. I am primarily going to use the swings as confirmation of trend trading, but if the bounce has a round number in the area then it will have a good case for a trade for me. My own version of Grade A, Grade B.

Cheers.
Hi mate, glad you're learning something - I am too!!

Gaps can indeed take a while to fill sometimes, but equally, they fill very quickly sometimes........

I think the key thing which has got lost a bit in this thread is to try to trade from the high / low of the day. So, if you get a reversal candle and it's at the high or low of the day so far, your probability of a successful trade is greatly improved....

Looking for reversal candles now - and if we get them, I'll trade all the way back to the gap fill.......
  • #563
  • Feb 20, 2012 5:58am Feb 20, 2012 5:58am
Quoting Chulmleigh
I am limiting myself to 6 pairs and the Rand isn't one of them. But thanks for the tip all the same.

Cheers
hi, which 6 pairs do you trade? and why? thanks
  • #564
  • Feb 20, 2012 6:15am Feb 20, 2012 6:15am
I have no experience with EA's which I believe the KRC is.

Can someone kindly give me some advice on what to do with it (apart from stick it where the sun don't shine lol).
  • #565
  • Feb 20, 2012 6:16am Feb 20, 2012 6:16am
Thanks for the discussion... The information on this discussion quite interesting to understand the things about candles in the trade process.
  • #566
  • Feb 20, 2012 6:18am Feb 20, 2012 6:18am
Personally, I only trade the majors, plus one cross - EURJPY.

However, with correlations etc, you may as well cut down to just one or two pairs.

Trying to watch too many pairs = overtrading because of frustration at missing deals. And with many trades, you will find you are actually doubling your position in the first trade.

For example, if you short EURUSD and then go long USDCHF, you have effectively doubled the size of your EURUSD deal.

Always remember guys - correlations and money management........

2 or 3 trades a week is plenty
  • #567
  • Feb 20, 2012 6:25am Feb 20, 2012 6:25am
Quoting Gt3rs
Personally, I only trade the majors, plus one cross - EURJPY.

However, with correlations etc, you may as well cut down to just one or two pairs.

Trying to watch too many pairs = overtrading because of frustration at missing deals. And with many trades, you will find you are actually doubling your position in the first trade.

For example, if you short EURUSD and then go long USDCHF, you have effectively doubled the size of your EURUSD deal.

Always remember guys - correlations and money management........

2 or 3 trades a week is plenty
i agree with you...hence earlier, i took the EU trade but not the UChf, and the EJ...

just entered AU H1 short at 1.0777
SL - 1.0797
TP1 - 1.0757
  • #568
  • Feb 20, 2012 6:32am Feb 20, 2012 6:32am
Thanks kraven for starting this thread. I took the EU long earlier this morning but got stopped out at BE+1. Maybe I was too anxious to move to BE after I was up 20+ pips. Now short AU and hope it goes down to the gap area.

Trying not to be too hard up over that BE trade. Based on my own backtesting on EU and GU, sometimes it takes a couple of candles before the move starts, and this means that the trade will be in drawdown for at least a couple of hours. Obviously, though, the best moves are those that move in our favour immediately. I don't know the percentages, but psychologically BE is always better than the risk of a losing trade after having had pips on the table.
  • #569
  • Feb 20, 2012 6:33am Feb 20, 2012 6:33am
Quoting Omd
hi, which 6 pairs do you trade? and why? thanks
Sorry for taking so long.

EU, AU, Swissy, NU, GU, EJ. I don't seek to trade them all, but if one doesn't give a signal another might. I don't have more than 2 trades open at once.

But Gt3rs is right.

Cheers
  • #570
  • Feb 20, 2012 6:37am Feb 20, 2012 6:37am
Quoting Gewatson
I think this was asked before but not answered. Please tell me time zone of data and timezone of session settings? My broker is GMT+2
Thanks alot!
My live broker is GMT, and my demo brokers are GMT+1 and GMT+2.
Being a junior member, my posts need to be reviewed by de mods and there is a lot of lag.... Still i hope somebody will try to figure out a way to keep the lines for the previous days.

Cheers!!
  • #571
  • Feb 20, 2012 6:41am Feb 20, 2012 6:41am
Yes if EU and UJ are going up then EJ is going up stronger.

I have a useful word document highlighting all these but haven't got a clue how to post it here.
  • #572
  • Feb 20, 2012 6:45am Feb 20, 2012 6:45am
Quoting Chulmleigh
Sorry for taking so long.

EU, AU, Swissy, NU, GU, EJ. I don't seek to trade them all, but if one doesn't give a signal another might. I don't have more than 2 trades open at once.

But Gt3rs is right.

Cheers
we watch the same 6 pairs heh. yah i find it's gd to have just 2/3 trades open. i used to open more but it's insane trying to keep track of what you're doing haha. moderation is key eh?
  • #573
  • Feb 20, 2012 6:49am Feb 20, 2012 6:49am
Quoting Omd
. moderation is key eh?
Yeah, but for me sometimes moderation becomes fear and that leads to immoderation. Ha Ha
  • #574
  • Feb 20, 2012 6:50am Feb 20, 2012 6:50am
Quoting londonhearts
Thanks kraven for starting this thread. I took the EU long earlier this morning but got stopped out at BE+1. Maybe I was too anxious to move to BE after I was up 20+ pips. Now short AU and hope it goes down to the gap area.

Trying not to be too hard up over that BE trade. Based on my own backtesting on EU and GU, sometimes it takes a couple of candles before the move starts, and this means that the trade will be in drawdown for at least a couple of hours. Obviously, though, the best moves are those that move in our favour immediately. I don't...
hi, i find that EU can fluctuate quite a bit and many times after i close half, if i move SL to BE, it will be hit before resuming its original move which can be heartbreaking so nowadays i usually reduce my SL but not so quickly, using other SR as basis. a gap of 30-40pip seems safer but this is just my limited experience. hope it helps
  • #575
  • Feb 20, 2012 6:52am Feb 20, 2012 6:52am
Quoting Chulmleigh
Yeah, but for me sometimes moderation becomes fear and that leads to immoderation. Ha Ha
boy, do i know what you mean...the path is fraught with difficulties !
  • #576
  • Feb 20, 2012 8:04am Feb 20, 2012 8:04am
Anyone looking at EU and swissy?
  • #577
  • Feb 20, 2012 8:12am Feb 20, 2012 8:12am
Quoting Chulmleigh
Anyone looking at EU and swissy?
yes. just entered UChf at 0.9107.

closed EJ at +34 pips
closed EU at +35 pips
  • #578
  • Feb 20, 2012 8:18am Feb 20, 2012 8:18am
Quoting Chulmleigh
Anyone looking at EU and swissy?
Looking at EURUSD for sure.

High of the day and gap to be filled.....
  • #579
  • Edited 8:24am Feb 20, 2012 8:19am | Edited 8:24am
Quoting Omd
yes. just entered UChf at 0.9107.

closed EJ at +34 pips
closed EU at +35 pips
Well done! I'm just waiting a little swing break on M15.

Got a cheeky +10 on Aussie though.

EDIT: and a retest of 0.9100 on UChf M15
  • #580
  • Feb 20, 2012 8:23am Feb 20, 2012 8:23am
Quoting Chulmleigh
Well done! I'm just waiting a little swing break on M15.

Got a cheeky +10 on Aussie though.

EDIT: and a retest of 0.9100 on UChf
yay!
0 traders viewing now