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  • #5,461
  • Feb 24, 2012 7:41am Feb 24, 2012 7:41am
Quoting snarlyjack
Goodmorning X-Man & Crew,

It's about 6:00 a.m. my time. I'am having to readjust
my trading hours as I can't seem to get up at
2:00 a.m. to trade the London open so I'll have to
trade the New York open at 6:00 a.m. my time.

What happened last night?

snarlyjack
Hi there, sniff for a short soon on E/U
  • #5,462
  • Feb 24, 2012 7:53am Feb 24, 2012 7:53am
Quoting robthorp
For anyone who trades longer TF's aswell,
If for example you entered a long trade on daily and your TP was at 300 pips (random).
This trade was going fine, so you look at smaller TF's, then you see a short signal on 1Hour TF where you would target 50 pips, would you take this trade aswell?
Or stick to one trade per pair.
Hi robthorp,

Yes, I do that using different systems.
This is a wonderful thing about trading and we can do it in different timeframe and make money in different timeframes over the same period.

There is s thread here in FF I read sometime ago. Not sure if this is still up to date.

> Day Trading vs Swing Trading vs Position Trading.


Cheers!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,463
  • Feb 24, 2012 8:29am Feb 24, 2012 8:29am
Quoting cajun
Well it hit the supply zone and bounce back downward, now it is below resistance, if you are in it good luck, i missed the long upward move as i was still sleeping when it started.
Yep I am aware of a minor PPZ at 108 and keeping an eye on this area.

Most likely the situation will be more clear in terms of retracing / moving forward by Monday.
Forex is boring but profitable with patience and discipline
  • #5,464
  • Feb 24, 2012 8:33am Feb 24, 2012 8:33am
Quoting Phx62
Attached are my trades for the week.
6 trades
All profitable...no losers

Today, I entered following the break of the 200 EMA and closed it at the H4 trendline for +35......could have gotten the +50 but got busy and took what I could.

Hi Phx62,

I have been a good follower of your threads and can see you are a very busy trader indeed but I am trying to set up my chat to look like yours with thos boxes and inner blue boxes too, if it is not too much trouble can you PM me with instructions on how to set mine up like that as I can see it does help with noting where the direction of the price is headed. Sorry to be a bother but your help will be highly appreciated.

More green pips to you as always.

Thanks
Born to rule my Economic World and Make a Difference!
  • #5,465
  • Edited 8:38am Feb 24, 2012 8:37am | Edited 8:38am
Quoting robthorp
For anyone who trades longer TF's aswell,
If for example you entered a long trade on daily and your TP was at 300 pips (random).
This trade was going fine, so you look at smaller TF's, then you see a short signal on 1Hour TF where you would target 50 pips, would you take this trade aswell?
Or stick to one trade per pair.

A trader can do it as price never go straight to the moon. It keeps on testing / making new resistance and support along the way. However, one needs to be very careful as higher TF almost and always wins and in this case you will be trading against higher TFs as also mentioned by Bez3000. These types of entry can be played in a well defined support and resistance and sort of wham, bham, thank you ma'am kind of stuff.

An example of this would be on the same EURJPY when price got stalled between 102 and 103 for couple of days this month. Traders who were long from 100.00 could have traded this in lower TFs while wating for their longs to clear the 103 area and added further longs after price moved above that.

Hope this helps
Forex is boring but profitable with patience and discipline
  • #5,466
  • Feb 24, 2012 8:50am Feb 24, 2012 8:50am
Finally after 6 hours my TP50 was hit. Sometimes it can be really boring ...

gary
  • #5,467
  • Feb 24, 2012 9:34am Feb 24, 2012 9:34am
Quoting emmanuel7788
Today trading this LO should be lot easier than yesterday. The H4 reversal pattern on most USD pairs were prominent to spot the weakening USD. Hope many of the newbies here caught this trade.
Thanks yes, but not for the same reason that you did....

I waited for a clear break of daily R1 and entered after you, set a TP of 30 pips, which is good for a day following a few slow days. I also do not really like trading on Fridays unless indicators are good.

So price went passed my TP and yes could have taken more, but I am happy with 30 pips and 160 since 13th (my start day with live SSS), current live win rate is 78% 9 trades 7 winners!!

Thanks again to all you Guru's for on going support.
"It always seems impossible until it is done" Nelson Mandela
  • #5,468
  • Feb 24, 2012 9:35am Feb 24, 2012 9:35am
Quoting bez3000
I am in a GBPUSD long trade from 1.56704 currently about 145 pips up. I am trading this on the 4h TF but entered early from a 1h TDI cross as it was sitting at a strong SR area and the 200 EMA on 4h is still showing a bull trend. I do not have a profit target i will keep moving SL and exit on a candle colour change or let the market close the trade by hitting my SL, i really want to let me trades run as much as possible.
As it's getting near to London close on Friday and price is approaching D1 resistance i have decided not to leave my GBPUSD trade open over the weekend so have just closed for a nice round +200.
I do like the 4h TF less stress and fits in with a working week.
I also like the look of AUDUSD foe a short depending on how the current candle closes, the TDI has just crossed.After being in consolidation from the 10th Feb it's last swing broke support making a new low, price has now come back and failed to reach the previous swing high so making a lower high. This shows it could be the start of a down trend, it also has just touched my descending TL.
Have a good weekend all.
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  • #5,469
  • Feb 24, 2012 9:58am Feb 24, 2012 9:58am
[quote=josh11;5414268]Anyone long 261.8 ex is @ 1.3462

I am on the phone and ant trading 2day but please remember what I said yesterday 261.8 ex reached....
  • #5,470
  • Feb 24, 2012 10:23am Feb 24, 2012 10:23am
Started trading demo properly on wednesday (the 22nd - wasnt in on monday or tuesday).

So my results for my first week properly with this system =

Trades Won = 3
Trades Lost = 1
Pips Won = 91
Pips Lost = 8

Total = 3 Wins, equalling +83 Pips, I know it isnt the best, but i am happy to have my first week trading this as a positive one, learning how to draw my trades out for longer will come with time, plus i trade manage slightly different to others on this thread, so my weeky gain was 2.5% with only 83 pips.

Todays Trade = Long on G.U after TDI cross up and price breakout daily resistance 1. Took 35 pips at 1:1 R:R.

Good Weekend All!
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  • #5,471
  • Feb 24, 2012 10:52am Feb 24, 2012 10:52am
It was a rough week on the EU but I was able to get a couple of trades on GU, including a good one today.
Results for the week:
EU....6 trades including 1 mistake (was testing a demo trade and mistakenly traded it live).....4 winners....2 losers....+193
GU....2 trades....both winners...+220.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2012.2.24 GU.gif Size: 63 KB
  • #5,472
  • Feb 24, 2012 11:11am Feb 24, 2012 11:11am
Please... can someone tell me what time it is best for the 4hr bars to start?

so i can choose a suitable broker for the charts.
  • #5,473
  • Feb 24, 2012 11:23am Feb 24, 2012 11:23am
Quoting Jikkie
Please... can someone tell me what time it is best for the 4hr bars to start?

so i can choose a suitable broker for the charts.
It really doesn't matter as broker server time is just slicing the non-stop forex market into small pieces. A huge green/red candle doesn't mean anything unless its location is right.

The term "location" is equally important in trading as in the real estate market.
Forex is boring but profitable with patience and discipline
  • #5,474
  • Feb 24, 2012 11:25am Feb 24, 2012 11:25am
Quoting Phx62
It was a rough week on the EU but I was able to get a couple of trades on GU, including a good one today.
Results for the week:
EU....6 trades including 1 mistake (was testing a demo trade and mistakenly traded it live).....4 winners....2 losers....+193
GU....2 trades....both winners...+220.
hello phx62.
could you tell me what are your view when you are trading with your first trade that gives you 120 pips? after a very long bearish candle, the price had been move up for a bit and TDI showing exit signal. what makes you keep on the trade? and ride all the way to bottom?
  • #5,475
  • Feb 24, 2012 12:12pm Feb 24, 2012 12:12pm
Haven't bothered to read the news, what's the driving force of this E/U bull move?This is hilarious, it literally went through the roof.
  • #5,476
  • Feb 24, 2012 12:31pm Feb 24, 2012 12:31pm
Quoting bez3000
I also like the look of AUDUSD foe a short depending on how the current candle closes, the TDI has just crossed.After being in consolidation from the 10th Feb it's last swing broke support making a new low, price has now come back and failed to reach the previous swing high so making a lower high. This shows it could be the start of a down trend, it also has just touched my descending TL.
Have a good weekend all.
Bez I like your thinking. The very recent high was also the 61.8 fib (taken from the high of 8 Feb to yesterday's low). How happy are you taking a trade against the main trend before the new trend is confirmed? Cheers and have a great weekend.
  • #5,477
  • Feb 24, 2012 12:34pm Feb 24, 2012 12:34pm
Quoting ljin
hello phx62.
could you tell me what are your view when you are trading with your first trade that gives you 120 pips? after a very long bearish candle, the price had been move up for a bit and TDI showing exit signal. what makes you keep on the trade? and ride all the way to bottom?
I entered the trade with a 50 pip TP & a 50 pip SL. Price moved very quickly down on the first candle, so I moved my TP to 100 and my SL to BE. I stayed in because price only pulled back about 25 pips on the second candle following entry. I usually give these trades up to 30 or 35 pips "breathing room" and my SL was at BE, so there was no risk of loss. As price progressed, I moved my SL to 5 pips behind each previous candle and rode it down. As price got close to the 100 TP, I moved TP to 150. When price pulled back during the second hour of NY, I needed to go to work, so I closed the trade at 120 instead of letting it hit my SL, which was then at +65 (see the red SL line on the chart).

Any time price moves 60 or 70 pips in one direction during London, it usually will continue in that direction for the rest of the day (with minor retracements along the way). In this case, price had moved about 120 pips from the high of the day to the end of the entry candle, so I was comfortable letting it continue.

Another reason I was so aggressive is because price crossed over the 200 EMA very stongly after consolidating for the previous 14 hours. When that happens, there is usually a strong move away from consolidation and the 200 EMA.
  • #5,478
  • Feb 24, 2012 1:02pm Feb 24, 2012 1:02pm
Quoting Phx62
I entered the trade with a 50 pip TP & a 50 pip SL. Price moved very quickly down on the first candle, so I moved my TP to 100 and my SL to BE. I stayed in because price only pulled back about 25 pips on the second candle following entry. I usually give these trades up to 30 or 35 pips "breathing room" and my SL was at BE, so there was no risk of loss. As price progressed, I moved my SL to 5 pips behind each previous candle and rode it down. As price got close to the 100 TP, I moved TP to 150. When price pulled back during the second hour of NY,...
Thank you, your explanation is great !
  • #5,479
  • Feb 24, 2012 1:41pm Feb 24, 2012 1:41pm
Today, what is the accuracy of this system??
  • #5,480
  • Feb 24, 2012 2:12pm Feb 24, 2012 2:12pm
Quoting anthonydu52
Today, what is the accuracy of this system??

You probably won't get a definite answer of your question as bottom line has more to do with the trader than the system itself. Nonetheless, as per my observation based on the posts in this thread, the win rate is ranging anywhere from 25 - >90%. One system but different outcome - interesting huh ?

The best course would be to give a try yourself before putting real money on line.

Have a good weekend.
Forex is boring but profitable with patience and discipline
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