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  • #1,141
  • Feb 27, 2015 10:32am Feb 27, 2015 10:32am
Quoting BatmanXXL
{quote} Hi Dee, its very impressive how you filter trades and takes mostly entries before substantial moves. For example from yours today trades "EU +33 +3. Dbl Top + Div @ BRN & S&R entry on Trend line break" you took exactly trade at right place. Can you tell us a bit why you did NOT take first pullback after confluence area? Why you did not take first diagonal line brake? Can you explain how in general you filter your entries? You mentioned somewhere Confluences. Here you had confluences, but you took entry pretty far away from Dbl Top, Div,...
Easy. The Dbl top formed just before the Red news USD Prelim GDP. I waited for the result. The next lot was Chicago PMI, The Market did not know what to make of it, Then there was Pending home sales and consumer sentiment, a mixed bag. So I took the next Technical Entry, the TL break for a short, over all sentiment is short the Euro so I was in a with trend trade. My entry was only 13 pips away from the double top, you are looking at a 1 minute equivalent chart (3 pip Renko) small moves look enormous. The second trend line was a stronger TL so a break of that would prove more significant.
Cut your Losers short and let your Winners run.
  • #1,142
  • Feb 27, 2015 10:51am Feb 27, 2015 10:51am
Hey Dee,

I've been struggling to get my head around Renko but sat up late last night just going back over your informative posts. Verrrry helpful. Used 10 pip Renko for HTF view and traded off 3 pip Renko. Normal price chart for direction. Was able to confidently enter late into the sale trade for a good profit. CT was a little nerve racking and I doubted myself but came good in the end. Had to leave so left second trade with TSL which got hit. Price actually went on to hit my original target, but hey-ho, better a small profit than a loss. So thank you again. Please keep your posts coming:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 155 KB
  • #1,143
  • Feb 27, 2015 11:21am Feb 27, 2015 11:21am
Hi Dee, please, could you post the file of your modified top 6 major pairs, thank you

Quoting dee50
{quote} Same settings as Mr Packham, only difference is I modified it to monitor only the 6 Major pairs, not 27 pairs. {image}
  • #1,144
  • Feb 27, 2015 12:40pm Feb 27, 2015 12:40pm
58 pages of reply is very impressive . i would really love to start new thread,but i i need more time to learn and be upgraded .

i am new learner and i have so many questions about trading , i have been using demo for the past two weeks, and it is very difficult to read the chart correctly ,

all i see is if the profit is minus or plus .i closed all the plus profit and left minus currencies, and i saw swap charges the other day .

i am trying to not stay around the bush and confuse all of you ,i have below questions

--what is swap ? why it is charged? but not all currency pairs are being charged
--how to set up Stop loss and take profit, is there any minimum? ig, if i try to sell USD CHF, 0.95048 , i can't set up S/L as0.95050 and T/P 0.95080 . why can't ? i am really confused .
--Lastly. How to predict the currency i sell or buy will be profitable ? i tried to read some news , but didn;t figure out what part was helpful.

i would really really really really appreciate if above three point can be replied.
  • #1,145
  • Feb 27, 2015 7:02pm Feb 27, 2015 7:02pm
Quoting Emmasmith
-what is swap ? why it is charged? but not all currency pairs are being charged --how to set up Stop loss and take profit, is there any minimum? ig, if i try to sell USD CHF, 0.95048 , i can't set up S/L as0.95050 and T/P 0.95080 . why can't ? i am really confused . --Lastly. How to predict the currency i sell or buy will be profitable ? i tried to read some news , but didn;t figure out what part was helpful. i would really really really really appreciate if above three point can be replied.
A forex swap rate is the overnight or rollover interest (that is earned or paid) for holding positions overnight in foreign exchange trading. A swap charge is determined based on the interest rates of the countries involved in each currency pair and whether the position is short or long. In any one currency pair, the interest is paid on the currency sold and received on the currency bought.

Many brokers ( the crook ones) don't allow the stop loss to be entered close to your entry price.
Some have 2 pip minimum, some 4 pips but many have 0 pip SL

Since you are new to FX you should do some study instead of asking questions on the basics
There are a few free courses on Udemy,
search for forex
https://www.udemy.com/
Have a nice day
  • #1,146
  • Feb 27, 2015 7:48pm Feb 27, 2015 7:48pm
Quoting Emmasmith
58 pages of reply is very impressive . i would really love to start new thread,but i i need more time to learn and be upgraded . i am new learner and i have so many questions about trading , i have been using demo for the past two weeks, and it is very difficult to read the chart correctly , all i see is if the profit is minus or plus .i closed all the plus profit and left minus currencies, and i saw swap charges the other day . i am trying to not stay around the bush and confuse all of you ,i have below questions --what is swap ? why it is charged?...
http://www.babypips.com/
  • #1,147
  • Edited 5:23am Feb 28, 2015 5:12am | Edited 5:23am
Quoting Emmasmith
58 pages of reply is very impressive . i would really love to start new thread,but i i need more time to learn and be upgraded . i am new learner and i have so many questions about trading , i have been using demo for the past two weeks, and it is very difficult to read the chart correctly , all i see is if the profit is minus or plus .i closed all the plus profit and left minus currencies, and i saw swap charges the other day . i am trying to not stay around the bush and confuse all of you ,i have below questions --what is swap ? why it is charged?...
If you really want to learn how to trade then go to FXCM , they are a very good broker with low spreads etc but more importantly for you they have a philosophy that if they can train their clients how to trade succesfully then they will have clients for longer, not blowing their accounts every 5 mins...

This philosophy means they are prepared to provide you with training totally free.

They run live trading seminars, they run 3 or 4 live training seminars a day by trained instructors where they do training seminars and you can ask as many questions as you like and they answer them live with charts. They provide a series of training videos available 24/7. Thier training is second to none free or paid...

All in all they are an awesome training facility totally free, just have to open a small account with them but I think you can test it for a month free without an account...

In my opinion there is no better training available either paid or free....

Give it a go you're love it....
Feel the Fear and do it anyway!!!
  • #1,148
  • Edited 6:04am Feb 28, 2015 5:49am | Edited 6:04am
If you are trading live you really need to know how much a trade is costing you, what stop loss limitations your broker imposes. Regardless of which Broker you are with you can find out how much it is costing you for any pair that you trade by doing the following.

Click on "View", Click on "Symbols" the "Symbols" window will open, click on the pair that you want to know about, then click on "Properties", the "Contract Specification" window will open. Here you will find the information about "Swap Rates", "Stops level" etc etc. It will not take long to find out why many traders only trade the majors, the exotics and lesser traded pairs have some ridiculous costs added to them. The " Spread" will only show during a live market.
Attached Image (click to enlarge)
Click to Enlarge Name: Contract Specification.png Size: 26 KB
Cut your Losers short and let your Winners run.
  • #1,149
  • Feb 28, 2015 6:01am Feb 28, 2015 6:01am
Quoting Emmasmith
58 pages of reply is very impressive . i would really love to start new thread,but i i need more time to learn and be upgraded . i am new learner and i have so many questions about trading , i have been using demo for the past two weeks, and it is very difficult to read the chart correctly , all i see is if the profit is minus or plus .i closed all the plus profit and left minus currencies, and i saw swap charges the other day . i am trying to not stay around the bush and confuse all of you ,i have below questions --what is swap ? why it is charged?...
Sounds to me that you need to start at the absolute Basics. Mr Packham is right that FXCM have an excellent programme for learning to trade, but you do need to have learnt some of the basics to understand what they are talking about. My advice would be to first go to a site called Babypips.com, this site was designed for the absolute beginner, for people with No Prior Knowledge, and it is FREE. The site is laid out in modules which are presented in an easy to follow logical progression, thousands of traders have learnt the basics here and I would strongly suggest that you go there first. "DO NOT" spend any more time on any other Forums until you have completed the course at Babypips.com, Forums are good places to add to your knowledge, but they are the worst places to try to learn to trade.
Cut your Losers short and let your Winners run.
  • #1,150
  • Feb 28, 2015 6:09am Feb 28, 2015 6:09am
Quoting Miche09
Hi Dee, please, could you post the file of your modified top 6 major pairs, thank you {quote}
I am not a coder but I understand the logic behind the programming, so I can edit the code, to a degree, at the moment there are a couple of artefacts in the Indy window which I have not figured out how to get rid of, I will have another look at the code during this weekend and when I have cleaned it up I will post it.
Cut your Losers short and let your Winners run.
  • #1,151
  • Feb 28, 2015 7:56am Feb 28, 2015 7:56am
Quoting dee50
If you are trading live you really need to know how much a trade is costing you, what stop loss limitations your broker imposes. Regardless of which Broker you are with you can find out how much it is costing you for any pair that you trade by doing the following. Click on "View", Click on "Symbols" the "Symbols" window will open, click on the pair that you want to know about, then click on "Properties", the "Contract Specification" window will open. Here you will find the information about "Swap Rates", "Stops level" etc etc. It will not take long...
  • #1,152
  • Edited 8:46am Feb 28, 2015 8:21am | Edited 8:46am
OK. That was much easier than I expected. Here is the modified Top Trenders Indy.
This monitors just 6 Major pairs, so it loads faster and puts much less strain on your CPU.
Attached Image
Attached File(s)
File Type: mq4 #top 6 trenders all brokers(mod)_Alert_eMail.mq4   13 KB | 644 downloads
File Type: ex4 #top 6 trenders all brokers(mod)_Alert_eMail.ex4   36 KB | 490 downloads
Cut your Losers short and let your Winners run.
  • #1,153
  • Feb 28, 2015 8:29am Feb 28, 2015 8:29am
Quoting dee50
OK. That was much easier than I expected. Here is the modified Top Trenders Indy. This monitors just 6 Major pairs, so it loads faster and puts much less strain on your CPU. If you want to monitor other pairs it is very easy to modify. {file} {file} {image}
dee50 could you post one for the major currencies
  • #1,154
  • Edited 9:16am Feb 28, 2015 8:49am | Edited 9:16am
Quoting devontrader
{quote} dee50 could you post one for the major currencies
They are the Majors. And no I did not mean that I was going to sit there modifying the Indy further, I "literally" meant that it was easy for any one to do!

Just to clarify on the Majors.

http://www.dailyfx.com/forex/educati...ex_Majors.html

And.
http://www.investopedia.com/universi...urrencies3.asp

I omitted the USDCHF and replaced it with the EURJPY, why? because I personally would not touch a CHF pair with a barge pole, not until the Swiss sack the current staff of "3" deciding on the countries future, and replace them with a publicly elected staff that would be more interested in protecting the countries industry rather than the private individuals and corporations that currently own the SNBC. Each to his own.

This is Market Watch from my platform. The Majors are highlited in Green.
Attached Image
Cut your Losers short and let your Winners run.
  • #1,155
  • Feb 28, 2015 9:44am Feb 28, 2015 9:44am
Quoting dee50
{quote} They are the Majors. And no I did not mean that I was going to sit there modifying the Indy further, I "literally" meant that it was easy for any one to do! Just to clarify on the Majors. http://www.dailyfx.com/forex/educati...ex_Majors.html And. http://www.investopedia.com/universi...urrencies3.asp I omitted the USDCHF and replaced it with the EURJPY, why? because I personally would not touch a CHF pair with a barge pole, not until...
thankyou dee50

and yesi fully agree with your points

ps,,i tried your method of extentions as targets of the 123 or abc of clives method,,,,,spot on the button.

brilliant,,,,trade take profit on the 127
  • #1,156
  • Feb 28, 2015 4:55pm Feb 28, 2015 4:55pm
Quoting dee50
EU +32 +ongoing B/E +10. So I decided to have one more go. Edit. I am out for +25 on the last half. It is now 17.35 CET on a Friday afternoon, I do not think it would get up to my TP, so I decided to opt for the money. {image}
Another question for our Dee . In your last trade from Friday you took trade from 123pattern, exit 161.8 ext fib (from second- prolongated 123 pattern as you explained in some recent posts). But in the moment you enter, market go up for 12-13pips and than pulled back to BE and continued up. I see that it pulled back to 50% fib, but I thought you put SL at BE after 5 to 7pips. So how you decided to stay in that trade and did not move BE+2pips this time?. Can you just say few words about that...
  • #1,157
  • Mar 1, 2015 5:17am Mar 1, 2015 5:17am
Quoting BatmanXXL
{quote} Another question for our Dee . In your last trade from Friday you took trade from 123pattern, exit 161.8 ext fib (from second- prolongated 123 pattern as you explained in some recent posts). But in the moment you enter, market go up for 12-13pips and than pulled back to BE and continued up. I see that it pulled back to 50% fib, but I thought you put SL at BE after 5 to 7pips. So how you decided to stay in that trade and did not move BE+2pips this time?. Can you just say few words about that...
I am surprised you have to ask.!! I entered a CT trade just 7 pips below a BRN, what is likely to happen at a BRN, Price often pullsback before continuing.
I reduced my risk by moving my SL to -4 pips, my initial risk was -13 pips.
Would a more cautious person have taken this trade, I doubt it, they would have waited until price had cleared the BRN.
Cut your Losers short and let your Winners run.
  • #1,158
  • Mar 1, 2015 5:29am Mar 1, 2015 5:29am
Quoting mact4
Hey Dee, I've been struggling to get my head around Renko but sat up late last night just going back over your informative posts. Verrrry helpful. Used 10 pip Renko for HTF view and traded off 3 pip Renko. Normal price chart for direction. Was able to confidently enter late into the sale trade for a good profit. CT was a little nerve racking and I doubted myself but came good in the end. Had to leave so left second trade with TSL which got hit. Price actually went on to hit my original target, but hey-ho, better a small profit than a loss. So thank...
Sorry, 42 hrs ago you posted and I am only just responding.
So my question is..... Do you feel that Renko Bars benefit your trading style.
You were kicking the markets ass before, using standard candles do the Renkos provide any more clarity to the setups?
Cut your Losers short and let your Winners run.
  • #1,159
  • Mar 1, 2015 11:40am Mar 1, 2015 11:40am
Quoting dee50
{quote} Sorry, 42 hrs ago you posted and I am only just responding. So my question is..... Do you feel that Renko Bars benefit your trading style. You were kicking the markets ass before, using standard candles do the Renkos provide any more clarity to the setups?
Sometimes the signal on candle charts/TDI is not clear or I am late to the party. Friday's first (sell) trade would have been difficult for me to enter on TDI signal - basically too late! However, using Renko, the 123 formation gave a clear SL and take profit in the direction of trend- clear risk/reward. I actually saw the 123 trade on the 10pip Reno but did not post that chart.

The other two trades were CT which again would not have been clear on TDI chart but easier to see on Renko.

So yes, Renko does benefit my trading style. 😄 thanks to you and Jacquemate.
  • #1,160
  • Mar 2, 2015 2:41am Mar 2, 2015 2:41am
Quoting dee50
OK. That was much easier than I expected. Here is the modified Top Trenders Indy. This monitors just 6 Major pairs, so it loads faster and puts much less strain on your CPU. {file} {file} {image}
thank you for the indi...
nescentia necat
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