Hello every1. Missed everybody wasn't really online since Monday. Guess i am bck. Mike Thanx for spotting I and Magestic's trade on GBPJPY. Its really kind of you for all the insight on that trade. It makes one learn alot abou how this trades works. For me i am not really concerned about how much my account as grown this month, i guess for now its more important to understand the reason why things that occurred really happened. That's why it is called Demo trading, one should not be realizing all these when has started trading real money.
Yes my questions these week. Will be Glad to receive your response Mike.
1. If we have a BO frm a price pattern say on the daillies with a size-ably big PA bar, since price have a kind of retracement manner of movement, would you trade in the opposite direction of the brk out if you see a retracement by maybe a minor TL brk with solid PA + confluence of divergence on a lower TF say 4H?
2. How do we really know correlated pairs. Is it by comparing a major pair and corresponding cross pairs(e.g. EURUSD EURAUD USDAUD for a AUD trade) or By comparing comparing charts with similar pattern and price movement(e.g. audDkk and EurAud).
The reason for this question is that you mention in one of your replies to my question that you always take note of correlated pairs then you make an illustration with xxx/jpy pairs, this implies you assume all JPY pairs are correlated pairs. Then in one of your webinar on a NZDUSD trade you were comparing this pair with the NZDJPY trade emphasizing that JPY is a major driver of the other pairs during the Asian section. This leaves me blank. Pls can you give more insight on how you do this pairs correlation maybe you even have a list. Bruce Kovner in the book Market wizards said, one should be careful about correlated trades. he says they are the money mgmt killer.
3. Lastly Mike do you consider your gut feelings in your choice of trade after your analysis? i Know gut feeling might really mean market experience. You quite sound like that a times. Thanx
Jibson.
Yes my questions these week. Will be Glad to receive your response Mike.
1. If we have a BO frm a price pattern say on the daillies with a size-ably big PA bar, since price have a kind of retracement manner of movement, would you trade in the opposite direction of the brk out if you see a retracement by maybe a minor TL brk with solid PA + confluence of divergence on a lower TF say 4H?
2. How do we really know correlated pairs. Is it by comparing a major pair and corresponding cross pairs(e.g. EURUSD EURAUD USDAUD for a AUD trade) or By comparing comparing charts with similar pattern and price movement(e.g. audDkk and EurAud).
The reason for this question is that you mention in one of your replies to my question that you always take note of correlated pairs then you make an illustration with xxx/jpy pairs, this implies you assume all JPY pairs are correlated pairs. Then in one of your webinar on a NZDUSD trade you were comparing this pair with the NZDJPY trade emphasizing that JPY is a major driver of the other pairs during the Asian section. This leaves me blank. Pls can you give more insight on how you do this pairs correlation maybe you even have a list. Bruce Kovner in the book Market wizards said, one should be careful about correlated trades. he says they are the money mgmt killer.
3. Lastly Mike do you consider your gut feelings in your choice of trade after your analysis? i Know gut feeling might really mean market experience. You quite sound like that a times. Thanx
Jibson.
Still trying to get to meet myself...
. Thanx mike