I Have Learned to Take Some Losses to Make Profits
- #56,083
- Apr 21, 2015 7:05am Apr 21, 2015 7:05am
{quote} My advice to you is to stick to the lower-spread, lower volatility pairs. A EU, GU, EJ or EA pair have good ranges, but aren't nearly as volatile as let's say EN, GN or heck even GJ. Let me tell you that a purely volatile pair that goes all over the map in eradic moves higher and then lower IS NOT the same thing as a pair that just tends to move more pips than others. Not only is spread higher on pairs like GN, but they tend to be a little crazy and that's where you get trapped... Focus on EU and maybe GU for now, as you can see, every time...
{quote} Hello ZeF Please would you share indicators of previous weekly/day High/low? Does it contain London/Nyo H/L too? Thanks
For the session high/low I use a sessions indicator where I just disabled all sessions except London. I can see the high/low points and the ADR of the session itself by simply looking at it. I don't have a NY box because I don't trade the NY session. I just have a name indicator which turns green when NY starts, it's just a heads up for trend changes that might occur. (bottom right of screen)
Best regards, Zef
- #56,085
- Apr 21, 2015 7:25am Apr 21, 2015 7:25am
- Joined Nov 2008 | Status: Trader | 50,193 Posts
GBPAUD 21 Apr H1 LO trades:
Exited TP1 and TP2 before NYO, move SL to BE.
Now let trade run into the NY session.
Exited TP1 and TP2 before NYO, move SL to BE.
Now let trade run into the NY session.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #56,087
- Apr 21, 2015 7:44am Apr 21, 2015 7:44am
- Joined Nov 2008 | Status: Trader | 50,193 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} Hi Big Eman: Amazing how u guys r doing that on consistent basis. I'm trying to trade on 4H TF for the last two months or so by using this method but consistency is still a problem. Regards. I agree ... just when I think I'm getting it on a consistent basis, I do something stupid again and there goes some of my profit .. eish. But patience and hard work (old charts and Phx studies) is the solution according to the senior members .. so that is what I'm doing !!! Definitely making progress ...... my nett profit is growing as long as I do not over trade but wait for great setups only.
So, my advice is don't overwhelm yourself looking at 12 pairs right away, focus on some decent majors/crosses and you'll be able to take 2-3 solid trades a week and I bet you'll like the results
- #56,091
- Apr 21, 2015 8:20am Apr 21, 2015 8:20am
Was this a valid H4 setup candle?{image}
MY SITTING, NEVER MY THINKING!
- #56,093
- Apr 21, 2015 8:24am Apr 21, 2015 8:24am
{quote} I started reading this forum in 2012, took me a long time to understand such a simple method, but you will find which TF and pairs click for you... For example, 99.9% of my trades are at the EO/LO open on the 1hr chart and I only really look at two currency pairs and this provides more than enough pips each month. So, my advice is don't overwhelm yourself looking at 12 pairs right away, focus on some decent majors/crosses and you'll be able to take 2-3 solid trades a week and I bet you'll like the results
regards.
Winners Never Quit, Quitters Never Win
- #56,094
- Apr 21, 2015 8:34am Apr 21, 2015 8:34am
- Joined Nov 2008 | Status: Trader | 50,193 Posts
{quote} Hi Emmanuel, How to check pairs volatility and best times to trade such pairs. Also, how to use 50 & 200 EMAs as S/R. Any example please. Sorry if you have already explained. Thanks.
Many traders use the 50EMA and 200EMA as dynamic support and resistance. But it will more effective to use them to look at CONFLUENCE with other common support and resistance and look at the price action.
Below is an example using GBPUSD.
To see how I did the entry, you have to switch to M15 and see how the PA reacted at the 200EMA on M15 chart TF.
regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #56,098
- Apr 21, 2015 10:40am Apr 21, 2015 10:40am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
Sad i'm not trying to understand PA