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  • #601
  • Feb 12, 2013 3:43am Feb 12, 2013 3:43am
Does anyone else experience this? My daily open, highs, lows, etc... often vary from broker to broker and sometimes quite significantly. Here's an example today using the daily open price from EJ. Sometimes the difference will be in excess of 20 pips....
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What is any ocean but a multitude of drops?
  • #602
  • Feb 12, 2013 3:48am Feb 12, 2013 3:48am
Hi one and all. I don't usually add anything to these type of threads, basically because there are people much smarter than me who can contribute much more than I possibly can.
But on this occasion I feel I must say something as this thread has basically blown nearly 2 years of my life out the water,( in forex time that is)!
What I'm saying is that my approach to trading has been indicator based, and TBH I haven't blown an account yet but haven't made a lot of head way either.
So after reading this thread, and full honours to SP for starting it, I feel I need to take the stabilisers off now and go for a naked chart!
It does blow your mind when you strip the chart and just put on open, closes, high and lows and watch price react at them.
Long may this thread continue as I will be using it to re-invent my trading career.

You are right in that most newbies will skit over this thread because there's no indicators telling them where to trade, hence the stabilisers, which 12 months ago is what I would have done.

SP please keep this thread alive as i for one will be using it as a blue print to propel my trading career.

That's all I have to say, nothing special, just a thank you for an eye opener and an appreciation of your time and effort that you have put into this thread.

Ps. SP I know you don't get anything out of this but it will go a long way in boosting your karma
  • #603
  • Feb 12, 2013 3:55am Feb 12, 2013 3:55am
Quoting Xhale12
Does anyone else experience this? My daily open, highs, lows, etc... often vary from broker to broker and sometimes quite significantly. Here's an example today using the daily open price from EJ. Sometimes the difference will be in excess of 20 pips....
It could be only a few pips difference from broker to broker. Should not be 20 pips. Make sure you really have compared the right prices and have aligned the different server times.

I cannot give you more information as I only use 0anda at the moment.
  • #604
  • Feb 12, 2013 3:55am Feb 12, 2013 3:55am
Quoting Olarion1975
Seneca, another short question: would you skip any trade from the daily open if there is e.g. a weekly open line (or any other important level) below that is closer than the 2:1 target? I think of the EU trade today...I shorted at the daily open, but price was clearly rejected by the weekly open.

What you do in this case? Don't trade it at all or close the trade earlier? Or wait for a stopout?

Would you ever close earlier than 1:2 risk/reward?

I would be interested to hear your thoughts about this. Thank you.
Hi Olarion.

I'll let SP answer your question, but if I may. Just think about it like this. Is it worth aiming for a target less than 1R? You risk 1 unit to get less than 1 unit return. That to me is a definite no. So the reward should be at least more than 1R and more in the region of 1.5R minimum.

In your example EUR/USD, it would be much safer to skip the daily open trade and rather trade the weekly close. This is a stronger level IMHO. Especially because of the fact that it's Tuesday and price has been trading mostly above that weekly close. A bounce upward has a higher probability. So I would rather enter Long on the weekly close and ignore the daily open. If it was later in the week and the Weekly close has been crossed several times, then I would rather ignore the weekly close and attempt the daily open.

Also remember, you don't have to trade all the levels. Be selective in your levels that you choose to trade in any day. I tend to overtrade myself, but really all it takes is 2 net profitable trades a week for a very good return. So if you are unsure about the level, like you are today then rather skip it. A better trade is around the corner.

Like I said, this is just my opinion and I would also like to hear what SP has to say, since it benefits all of us.

  • #605
  • Feb 12, 2013 4:40am Feb 12, 2013 4:40am
Quoting Xhale12
Does anyone else experience this? My daily open, highs, lows, etc... often vary from broker to broker and sometimes quite significantly. Here's an example today using the daily open price from EJ. Sometimes the difference will be in excess of 20 pips....
the important daily open is the one that is S/R... other than that its just time not price you're trading
tradewith60
  • #606
  • Feb 12, 2013 4:45am Feb 12, 2013 4:45am
Quoting Xhale12
Does anyone else experience this? My daily open, highs, lows, etc... often vary from broker to broker and sometimes quite significantly. Here's an example today using the daily open price from EJ. Sometimes the difference will be in excess of 20 pips....

Sometimes, I'll go off my brokers daily open, or I'll go off stock exchanges. Or, if you can get weekend data on for FXCM, which I don't know how to, you'd be able to set a line for the aussie stock opening on sunday.
Play the players, not the cards.
  • #607
  • Feb 12, 2013 7:04am Feb 12, 2013 7:04am
Quoting Olarion1975
Seneca, I have a short question regarding your breakout strategy from post #80.

Where do you set your stoploss after the trade is triggered with a pending order at the breakout range?
You can use one of two choices. 1/2 range size or stop at opposite end of range. Add spread to either.
  • #608
  • Feb 12, 2013 7:13am Feb 12, 2013 7:13am
Quoting Olarion1975
Seneca, another short question: would you skip any trade from the daily open if there is e.g. a weekly open line (or any other important level) below that is closer than the 2:1 target? I think of the EU trade today...I shorted at the daily open, but price was clearly rejected by the weekly open.

What you do in this case? Don't trade it at all or close the trade earlier? Or wait for a stopout?

Would you ever close earlier than 1:2 risk/reward?

I would be interested to hear your thoughts about this. Thank you.

PS:
You have my Vouch! ...
Normally I will just watch the trade and exit if the level is holding. The weekly levels are stronger than the daily so it can also be a good plan to just exit and reenter if the level is broken.

I had a bad night as I set my trades and went to sleep. The daily open was a loser on the pairs I traded. The only one that was a winner was GJ and I didn't take GJ last night. EU, EJ, and UJ all saw their opening price trades lose. I am down a bit today but this happens from time to time. EU is testing yesterday high now so I am long there and UJ is retesting its daily open so I am long there also.
  • #609
  • Feb 12, 2013 7:17am Feb 12, 2013 7:17am
Quoting Xhale12
Does anyone else experience this? My daily open, highs, lows, etc... often vary from broker to broker and sometimes quite significantly. Here's an example today using the daily open price from EJ. Sometimes the difference will be in excess of 20 pips....
Unusually large difference. No experience with FXCM but compare the two when the price should be back at a level. If they reach the level at the same time but the levels are just different then no harm no foul. If the levels are getting hit on one broker but not the other then problem.
  • #610
  • Feb 12, 2013 7:23am Feb 12, 2013 7:23am
Quoting pipreeper
Hi one and all. I don't usually add anything to these type of threads, basically because there are people much smarter than me who can contribute much more than I possibly can.
But on this occasion I feel I must say something as this thread has basically blown nearly 2 years of my life out the water,( in forex time that is)!
What I'm saying is that my approach to trading has been indicator based, and TBH I haven't blown an account yet but haven't made a lot of head way either.
So after reading this thread, and full honours to SP for starting...
You will have wins and losses just as with any other trading. key is to control those losses and enter in good spots to maximize the chances to catch the winners. I normally don't trade this late but the first three trades I entered lost today. The key thing to take from that is to always control your losses. Take the small loss quickly. If one or both of my trades during NY hit their targets I can still finish the day positive. If not I will only be down four percent for the day and tomorrow is a new day.
  • #611
  • Feb 12, 2013 7:30am Feb 12, 2013 7:30am
Quoting PiptheRipper
Hi Olarion.

I'll let SP answer your question, but if I may. Just think about it like this. Is it worth aiming for a target less than 1R? You risk 1 unit to get less than 1 unit return. That to me is a definite no. So the reward should be at least more than 1R and more in the region of 1.5R minimum.

In your example EUR/USD, it would be much safer to skip the daily open trade and rather trade the weekly close. This is a stronger level IMHO. Especially because of the fact that it's Tuesday and price has been trading mostly above that weekly close....
You're answer was much better than mine. Could you please come over and slap my hands when I attempt to enter a trade into a bigger level as I did last night. This was my first EU entry in a while as the yen pairs have been better trades. I took EU instead of GJ last night and stupidly went to sleep. Bad.

I am getting lazy because of my outside distractions, causing me to make beginner mistakes.

Again your answer was MUCH better than mine.
  • #612
  • Feb 12, 2013 8:18am Feb 12, 2013 8:18am
First day trading the levels on my live account.
Had a pretty good, profitable today. Made some beginner mistakes, but managed to gain 3.2R with a risk of 1%.

My last trade was really fast (news driven?). Short on EJ after I saw that the previous day's high was holding. Stop was 35 pips, closed manually for +104 pips.
The trade went straight to the previous London Close, would have gained about 30 extra pips if I had the guts.
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  • #613
  • Feb 12, 2013 8:30am Feb 12, 2013 8:30am
Quoting Olarion1975
First day trading the levels on my live account.
Had a pretty good, profitable today. Made some beginner mistakes, but managed to gain 3.2R with a risk of 1%.

My last trade was really fast (news driven?). Short on EJ after I saw that the previous day's high was holding. Stop was 35 pips, closed manually for +104 pips.
The trade went straight to the previous London Close, would have gained about 30 extra pips if I had the guts.
Nicely done!
  • #614
  • Feb 12, 2013 8:32am Feb 12, 2013 8:32am
Quoting PiptheRipper
Nicely done!
Thanks, mate. I was just about to write a post thanking you for your answer.

PS: You have my vouch!
  • #615
  • Feb 12, 2013 8:37am Feb 12, 2013 8:37am
I found this in post #80 and in the DIBS thread but i don't know how to do it or what it actually means:
How do you split your profits into half as it rides into profits, that is, taking half of the trade off at 1:1 and letting it ride more.
An example chart will be preferable.
  • #616
  • Feb 12, 2013 9:02am Feb 12, 2013 9:02am
Quoting square1
I found this in post #80 and in the DIBS thread but i don't know how to do it or what it actually means:
How do you split your profits into half as it rides into profits, that is, taking half of the trade off at 1:1 and letting it ride more.
An example chart will be preferable.
Buy 1 lot at 1.000, stop loss at 0.990. Close 1/2 a lot at 1.010 (this is a 1:1 trade), leave the remaining 1/2 lot open to sell hopefully higher.
  • #617
  • Feb 12, 2013 9:08am Feb 12, 2013 9:08am
Quoting Olarion1975
First day trading the levels on my live account.
Had a pretty good, profitable today. Made some beginner mistakes, but managed to gain 3.2R with a risk of 1%.

My last trade was really fast (news driven?). Short on EJ after I saw that the previous day's high was holding. Stop was 35 pips, closed manually for +104 pips.
The trade went straight to the previous London Close, would have gained about 30 extra pips if I had the guts.
Very good.

I botched it up today. I should have been short from yesterday when the weekly high was hit the first time. I am distracted and it shows.
  • #618
  • Feb 12, 2013 9:12am Feb 12, 2013 9:12am
Quoting TheMaxx
Buy 1 lot at 1.000, stop loss at 0.990. Close 1/2 a lot at 1.010 (this is a 1:1 trade), leave the remaining 1/2 lot open to sell hopefully higher.
TheMaxx, thanks for your response. Am still confused...Are these two entries??? Please, clarify more with a chart.
  • #619
  • Feb 12, 2013 9:16am Feb 12, 2013 9:16am
Quoting square1
I found this in post #80 and in the DIBS thread but i don't know how to do it or what it actually means:
How do you split your profits into half as it rides into profits, that is, taking half of the trade off at 1:1 and letting it ride more.
An example chart will be preferable.
If you enter with .2 lots you can exit .1 at 1/1 and hold the rest. A chart example won't really help as this is a trade management thing.

Example. Entry short at 1.35, stop 1.3520, take profit half of position at 1.3480, let the rest run. Stop will be the bar size you enter off.
  • #620
  • Feb 12, 2013 9:20am Feb 12, 2013 9:20am
Quoting Seneca pilot
If you enter with .2 lots you can exit .1 at 1/1 and hold the rest. A chart example won't really help as this is a trade management thing.

Example. Entry short at 1.35, stop 1.3520, take profit half of position at 1.3480, let the rest run. Stop will be the bar size you enter off.
Ok. Does that mean that i will have my stop-loss above the take-profit! Kinda like two stops above market price. Right?

Edit:Sorry that was an example for a long entry.

Sorry, i mixed up everything. I guess you have explained it well and i get it , let me try it out.
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