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Trading EURUSD only

  • #40,241
  • Mar 27, 2013 12:13am Mar 27, 2013 12:13am
Hey, suddenly traders sentiment (in this forum) turns to long. Also market momentum atm support this.
Never test the depth of water with both feet.
  • #40,242
  • Mar 27, 2013 12:14am Mar 27, 2013 12:14am
Quoting nztrader
Tight stop at 1.2835. 7 pips.

Looking for a 1:5 risk reward, aiming for 35 pips target at 1.2877. I usually stick to 1:2 or 1:3 risk reward, but going to see how this pans out.
cool, GL, great rr
  • #40,243
  • Mar 27, 2013 12:16am Mar 27, 2013 12:16am
Quoting msetai
cool, GL, great rr
Thanks mate.

You got any trades live?
  • #40,244
  • Mar 27, 2013 12:16am Mar 27, 2013 12:16am
Quoting shellsnail
In general I look at fast MA > slow MA to define a trend, and I only take a signal when it's presented when the trend is still intact...

say this week's eurusd trend was broken temporarily (in my books), so I didn't take the eurusd short, but I took the eurchf, eurgbp, eurcad, eurjpy and eurnzd shorts, about a 800+ pips in total.
fascinating diversification is defiantly very helpful..and I know that I have to look at this at a later stage as well...longer TimeFrame (TF) trading can be less stressful especially with multiple entities compensating each other.

What type of yearly/monthly? return (%) do U expect from your system?
  • #40,245
  • Mar 27, 2013 12:19am Mar 27, 2013 12:19am
Quoting TraderPablo
fascinating diversification is defiantly very helpful..and I know that I have to look at this at a later stage as well...longer TimeFrame (TF) trading can be less stressful especially with multiple entities compensating each other.

What type of yearly/monthly? return (%) do U expect from your system?
from my backtesting I am expecting a 3:1 RR of profit:drawdown with average DD of about 300 (+-150) pip and the average weeks of 900(+- 600 pips), whatever pip:risk ratio you want to use is up to your own risk preferences.

say if you decide to risk 25% of your account = 400 pip drawdown, then you can expect to make around 50-75% per week for a good week, for a bad week you'll likely breakeven or get a 100-300 pip gain.

The worst weeks are during trend changes and consolidation when the MAs start crossing all over the place, I tested a few of those, the worst week produced a 100 pip profit.

So my expectation going into each week is I'll at least break even at the end of the week... Profits are a bonus but a huge one .

and trust me when you start looking at these longer TFs you realise how stupid random day trading based on 5min TF using a 20MA or 50MA without looking at the larger picture can be... because price can spike 50-100 pip above the high of an entry set-up and still end up closing below it and eventually going in your favour by 100s of pips. that's the degree of stop hunting there is in the market. You can be right and still lose money.
Build good relationships with others.
  • #40,246
  • Mar 27, 2013 12:22am Mar 27, 2013 12:22am
Taking my long 1.2848 tp 1.291 . Gud luck to all of you...
  • #40,247
  • Mar 27, 2013 12:23am Mar 27, 2013 12:23am
Quoting shellsnail
from my backtesting I am expecting a 3:1 RR of profit:drawdown with average DD of about 300 (+-150) pip and the average weeks of 900(+- 600 pips), whatever pip:risk ratio you want to use is up to your own risk preferences.

say if you decide to risk 25% of your account = 400 pip drawdown, then you can expect to make around 50-75% per week for a good week, for a bad week you'll likely breakeven or get a 100-300 pip gain.
have U traded it R/T (real/time) with $$.yet ?
  • #40,248
  • Mar 27, 2013 12:24am Mar 27, 2013 12:24am
Quoting namesnaw
Taking my long 1.2848 tp 1.291 . Gud luck to all of you...
Nice. I am with you from 42.

GL
  • #40,249
  • Mar 27, 2013 12:25am Mar 27, 2013 12:25am
GL
Quoting namesnaw
Taking my long 1.2848 tp 1.291 . Gud luck to all of you...
  • #40,250
  • Mar 27, 2013 12:26am Mar 27, 2013 12:26am
Quoting TraderPablo
have U traded it R/T (real/time) with $$.yet ?
Yes, for three weeks, good results that reflect the system's testing. The only difficulty was that placing five trades in 2 minutes can get a little tense when the clock is ticking... haha but practice makes perfect over time.
Build good relationships with others.
  • #40,251
  • Mar 27, 2013 12:27am Mar 27, 2013 12:27am
Quoting shellsnail
Yes, for three weeks, good results that reflect the system's testing. The only difficulty was that placing five trades in 2 minutes can get a little tense when the clock is ticking... haha but practice makes perfect over time.
what broker RU using? and fifo does not affect U I suppose?
  • #40,252
  • Mar 27, 2013 12:27am Mar 27, 2013 12:27am
ehem ehem

Quoting shellsnail
and trust me when you start looking at these longer TFs you realise how stupid random day trading based on 5min TF using a 20MA or 50MA without looking at the larger picture can be... because price can spike 50-100 pip above the high of an entry set-up and still end up closing below it and eventually going in your favour by 100s of pips. that's the degree of stop hunting there is in the market. You can be right and still lose money.
  • #40,253
  • Mar 27, 2013 12:28am Mar 27, 2013 12:28am
Quoting stevewalker
ehem ehem
I believe the day trading here done by most is good because it's discretionary and not random, just to clarify haha.
Build good relationships with others.
  • #40,254
  • Mar 27, 2013 12:29am Mar 27, 2013 12:29am
he he
trading is allover stupid

Quoting shellsnail
I believe the day trading here is good because it's discretionary and not random, just to clarify haha.
  • #40,255
  • Mar 27, 2013 12:29am Mar 27, 2013 12:29am
Quoting TraderPablo
what broker RU using? and fifo does not affect U I suppose?
not sure how fifo works, never has been an issue. I am with GlobalPrime.

their live spreads PRE-london open.

http://www.globalprime.com.au/forex/.../live-spreads/

it gets lower later.. but they do charge $7 per 1 lot per round trip commission... but to me 1-2pip spread doesn't really matter when I'm looking at pips in 100s and 1000s.
Build good relationships with others.
  • #40,256
  • Mar 27, 2013 12:36am Mar 27, 2013 12:36am
Hey Steve,

You got any trades live?

Or you flat?
  • #40,257
  • Mar 27, 2013 12:36am Mar 27, 2013 12:36am
flat
waiting liquid hours

Quoting nztrader
Hey Steve,

You got any trades live?

Or you flat?
  • #40,258
  • Mar 27, 2013 12:39am Mar 27, 2013 12:39am
2837
  • #40,259
  • Mar 27, 2013 12:39am Mar 27, 2013 12:39am
hmm sudden drop on eu
  • #40,260
  • Mar 27, 2013 12:42am Mar 27, 2013 12:42am
this been waiting since yesterday UK close
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