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  • #8,241
  • Jun 6, 2013 6:07am Jun 6, 2013 6:07am
Quoting mikeinaa
{quote} I am certainly no expert, but I've tried this on demo at a few brokers. You can not set two opposing pending orders on the same currency pair on the same account. It doesn't matter if they are an active position. There are a couple of ways around it. You can have opposing orders on the same pair if you use subaccounts. Or you could choose another currency pair such as long on EURUSD and short on GBPUSD for a US based news. I don't understand the rationale either, but it is the rule here. so up or down on ... where is my favorite coin....

Yes you can set opposing pending orders on Oanda without issue, that is not hedging. I do that all the time here when straddling the news . You cannot have opposing open positions (long and short) on the same pair in the same account ... that is what is called hedging.
  • #8,242
  • Jun 6, 2013 6:07am Jun 6, 2013 6:07am
Massive losses again. I'm eliminating all AUD and GBP trading for now because of the heavy oanda 20 pips spreads. I'm also taking all my strenght to go back to 200 pips TP minimum.
Invest in alarm clocks
  • #8,243
  • Jun 6, 2013 6:15am Jun 6, 2013 6:15am
I'm crossing my fingers today that the EBC press conference goes well. The losses are very heavy and preventing my ambition to start reporting.

The official news list remains listed on page no. 1. + NFP tomorrow that will still be traded.
Invest in alarm clocks
  • #8,244
  • Jun 6, 2013 6:33am Jun 6, 2013 6:33am
I need to relax or capture nice big winner. My motivation is near the ground....i just feel helpless. A lot of losses and i need drastic changes in my trading method. I noticed that every rading method known to man just don't work for me anymore. Maybe round numbers...
  • #8,245
  • Jun 6, 2013 6:34am Jun 6, 2013 6:34am
Or maybe it's just overtrading. Need vacation.
  • #8,246
  • Jun 6, 2013 6:39am Jun 6, 2013 6:39am
Quoting mikeinaa
{quote} I am certainly no expert, but I've tried this on demo at a few brokers. You can not set two opposing pending orders on the same currency pair on the same account. It doesn't matter if they are an active position. There are a couple of ways around it. You can have opposing orders on the same pair if you use subaccounts. Or you could choose another currency pair such as long on EURUSD and short on GBPUSD for a US based news. I don't understand the rationale either, but it is the rule here. so up or down on ... where is my favorite coin.
Which broker are you using?

I was with Maybank Kim Eng, which allows hedging, however as it is a STP broker, the spread is wider than most, around 2 - 2.5 pips for EURUSE at its best. I'm now using Oanda because if it's competitive spread and much better platform. Slippage has also been pretty minimal and you can set the upper and low bound which prices can slip, if prices slip beyond these boundaries then the order will not be filled . And this broker allows you to have Limit Orders, both long and short simultaneously.

However, if both Limit Orders are triggered, then one will cancel off the other and you WILL run a loss - that's a fact.

Anther caveat for those of you using MT4, MT4 is known to be slower because it resides on a different server infrastructure. Your order will go to MT4 which then process it then go to the central platform. MT4 is basically an order taker, so as expected, the slippage will be much higher, due to there being latencies involved. I believe this to be generally the case for most traders that offers MT4 platforms apart from their own platform.
  • #8,247
  • Jun 6, 2013 6:46am Jun 6, 2013 6:46am
Quoting Tony112
I'm crossing my fingers today that the EBC press conference goes well. The losses are very heavy and preventing my ambition to start reporting. The official news list remains listed on page no. 1. + NFP tomorrow that will still be traded.
There are two potentially opposing forces at work at that time. ECB Press Conference is at the same time as Initial Jobless Claims. When it comes to such situations maybe I'll set the pending orders wider apart- maybe 12 pips above & below the prices to filter out the initial uncertainty as the market figures out how to react to mixed news.
  • #8,248
  • Jun 6, 2013 7:43am Jun 6, 2013 7:43am
Quoting Journeyman
{quote} There are two potentially opposing forces at work at that time. ECB Press Conference is at the same time as Initial Jobless Claims. When it comes to such situations maybe I'll set the pending orders wider apart- maybe 12 pips above & below the prices to filter out the initial uncertainty as the market figures out how to react to mixed news.
I cancelled my pending orders after 5 mins as the reaction once again was underwhelming. What's noteworthy for this trade is, we had to be careful when we "dance around" round numbers, and 1.3100 is one such number that I was worried about. So I was only willing to put in a Long Pending Order because I was not sure how prices would reaction when it breached 1.3100. It would probably touch that number and bounce back up resulting in painful losses.

Sure enough the Initial Jobless claims came in unfavourable to USD, which should have a bullish effect on EUR, together with the ECB holding interest rate at record low, the overall effect was supposed to be bullish. But it in fact did not have such an effect. As I was looking for the violent burst of price movement and it did not present itself, I exited my trade after 5 mins to minimize risk.

Now price is slowly creeping up as originally expected, and if I did not cancel my order of going long at 1.3125, this order would had been filled. There's a chance it might had turned out positive, but I am happy I exited at not lost and look for opportunities another day.

There's always NFP tomorrow.
  • #8,249
  • Jun 6, 2013 12:54pm Jun 6, 2013 12:54pm
Hi Tony and all the others! First of all, let me say how greatful I am for you sharing this system! Finally I feel that I've found something that suits me (or has at least worked for as long as I've tested it) I love the minimal pip risk per trade, I think it's fantastic!

I've been following this thread for a while and I guess I'll be sticking around so I figured I might as well post something. I took 30 pips out of EURUSD today, could've gotten more out of the MASSIVE USD sell-off but I didn't have the confidence to put a TP bigger than 30pips.

Cheers,

-H
  • #8,250
  • Jun 6, 2013 10:04pm Jun 6, 2013 10:04pm
Quoting Henristig
Hi Tony and all the others! First of all, let me say how greatful I am for you sharing this system! Finally I feel that I've found something that suits me (or has at least worked for as long as I've tested it) I love the minimal pip risk per trade, I think it's fantastic! I've been following this thread for a while and I guess I'll be sticking around so I figured I might as well post something. I took 30 pips out of EURUSD today, could've gotten more out of the MASSIVE USD sell-off but I didn't have the confidence to put a TP bigger than 30pips....
Welcome aboard our old ship Henristig. The forex infinitely long and complicated path is also a complex maze. You could take a shortcut and meet us where we are now! It's here! This will save you literally thousands of hours in your life. Make sure you follow what we do the best way you can! (easy to say but hard to do) as I am myself not listening to myself :/
Invest in alarm clocks
  • #8,251
  • Jun 6, 2013 10:09pm Jun 6, 2013 10:09pm
YOu see people!!!!!!!!!!!!!! I didn't listen to myself, I cut the ECB trade I took for a mediocre 20 pips profit! what a shame... look at the price now. I would have been bawlin on the floor now! I will set a fix TP of a MINIMUM of 200 pips as of now I don't care. This becomes today my officially engraved minimum take profit for life. I'm not coming back on my decision. I will never in my life ever ever be regretting and be disappointed because I took a mediocre 20 pips trade. End of subject.
Invest in alarm clocks
  • #8,252
  • Jun 7, 2013 2:05am Jun 7, 2013 2:05am
Hi Tony, what's your trade plan for the NFP ? Thanks
  • #8,253
  • Jun 7, 2013 4:40am Jun 7, 2013 4:40am
Quoting bravester
Hi Tony, what's your trade plan for the NFP ? Thanks

Sraight market buy at 8:28 a.m. SL : 15 TP: 200
As soon as price burst (if) Set 0SL

That's how you play roulette, with better chances than just 2 colors.
Invest in alarm clocks
  • #8,254
  • Jun 7, 2013 4:59am Jun 7, 2013 4:59am
Quoting Tony112
YOu see people!!!!!!!!!!!!!! I didn't listen to myself, I cut the ECB trade I took for a mediocre 20 pips profit! what a shame... look at the price now. I would have been bawlin on the floor now! I will set a fix TP of a MINIMUM of 200 pips as of now I don't care. This becomes today my officially engraved minimum take profit for life. I'm not coming back on my decision. I will never in my life ever ever be regretting and be disappointed because I took a mediocre 20 pips trade. End of subject.
For me 20 pips is very good money already....
  • #8,255
  • Jun 7, 2013 5:09am Jun 7, 2013 5:09am
I noticed influence of black magic on eur/usd. Good German news and the price is falling...i just don't get it.
  • #8,256
  • Jun 7, 2013 5:30am Jun 7, 2013 5:30am
I have painfully learned not to put too much weight on my own bias of the news and just go where the money is going. That's the beauty of PA! But still, haven't seen one even one good trade today... Yet,
  • #8,257
  • Jun 7, 2013 7:07am Jun 7, 2013 7:07am
Quoting Henristig
I have painfully learned not to put too much weight on my own bias of the news and just go where the money is going. That's the beauty of PA! But still, haven't seen one even one good trade today... Yet,
I like what you are saying - "just go where the money is going"... brilliantly sums up the main and recurring theme of this thread.
  • #8,258
  • Jun 7, 2013 7:25am Jun 7, 2013 7:25am
Come on guys! good news here five minutes to try and make profits.
Invest in creating their EAs, because one day you need one!
  • #8,259
  • Jun 7, 2013 7:27am Jun 7, 2013 7:27am
Quoting Journeyman
{quote} I like what you are saying - "just go where the money is going"... brilliantly sums up the main and recurring theme of this thread.
That's what I was going to say! Summed up the concept of this great system!
Invest in creating their EAs, because one day you need one!
  • #8,260
  • Jun 7, 2013 7:31am Jun 7, 2013 7:31am
damn got SL at breakeven
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