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  • #57,181
  • May 20, 2015 4:33pm May 20, 2015 4:33pm
Is anybody trading GBP/AUD now? spread is a 167-ridiculous-pips! I suppose its because its a micro account but If no one else is experiencing this I will close out this and all other unreasonable spread pairs. Until I open a different type of account.
  • #57,182
  • May 20, 2015 4:37pm May 20, 2015 4:37pm
Quoting emmanuel7788
{quote} That depends on what you are trading. If you are scalping on M15, 15 to 20 pips is easy for the majors. If you are trading intraday on H1, you need to know the currency pair daily range. If you are a 4H swing trader, you look at the average weekly range. If you are a position trader, you look longer term like the monthly range. Different currency pairs have different trading range in different time period. For example in the 4H swing trading, when I risk 100pips, I want to see potential 300pips price swing on the average weekly range. This...
thanks, how do you read the xADR indi?

it shows ATR5, ATR25

Y and ADR.

is the ADR figure the one i should focus on?

https://charts.mql5.com/7/891/gbpchfmicro-h1-trading-point-of.png
  • #57,183
  • May 20, 2015 6:05pm May 20, 2015 6:05pm
Hi all
I wanna ask one thing.

About TP,SL

How do you decide SL and TP?

I'm watching H4 chart and using THV info [look pic SL...10 TP...5(half of SL)]

ya,but i wannna earn more and less loss.

Please answer me regards
Attached Image
  • #57,184
  • Edited 6:26pm May 20, 2015 6:16pm | Edited 6:26pm
Quoting MrAussieFX
I'd a chance to take GJ H1 buy trade today during Asian session and below is the explanation on what went into the analysis and how did the trade pan out. My apologies for posting the Guppy template as this was the original template I used for my H1 trend analysis. GJ H1 Trade Analysis {image} GJ H1 Trade Results {image} Kindest Regards
Wow nice trade, that red candle nearly reach the SL though, kinda scary but it is indeed was bullish move

It made me wonder of incorporating larger SL to my strategy - putting it below/above BRN and key S&R/OHLC areas so that I'm out only when I'm truly wrong and market is rallying against me

Quoting yuki0912
Hi all I wanna ask one thing. About TP,SL How do you decide SL and TP? I'm watching H4 chart and using THV info [look pic SL...10 TP...5(half of SL)] ya,but i wannna earn more and less loss. Please answer me regards {image}
Hi Yuki, for me I'm using 3 lot entry so my TP1 is 20-25/TP2 40-50/TP3 80-100 (to take advantage of big moves while taking profit from small movement if it didn't go big) and SL can range from 30-50 but I make sure it is protected by important areas. Perhaps other seniors can share their thoughts better
  • #57,185
  • May 20, 2015 7:16pm May 20, 2015 7:16pm
Quoting wnabo
Is anybody trading GBP/AUD now? spread is a 167-ridiculous-pips! I suppose its because its a micro account but If no one else is experiencing this I will close out this and all other unreasonable spread pairs. Until I open a different type of account.
167 is in fractional pips or points.... but still large spread.
mine is 2.5pips.

Anyway, I got into GBPAUD at the breakout.
Planning was in Post#57,074 http://www.forexfactory.com/showthre...67#post8269567
http://www.forexfactory.com/attachme...1&d=1431997380


Below chart is update:

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD week 21 H4 21May.png Size: 84 KB


The usual basic rules:

Do your top down analysis or Big Picture Plan to know where the support and resistance are.
PATIENCE... wait for the setup to come to you.
Do not trade setups which appears after a big candle of Wide Range Bar WRB. But you can trade in the lower TF.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,186
  • Edited 8:55pm May 20, 2015 7:34pm | Edited 8:55pm
Quoting shay14
{quote} thanks, how do you read the xADR indi? it shows ATR5, ATR25 Y and ADR. is the ADR figure the one i should focus on? https://charts.mql5.com/7/891/gbpchfmicro-h1-trading-point-of.png

Hi shay,

the xADr indicator does this calculation which is common in many MT4 ADR indciators. I don't know its history. The ADR is the average of 4 different periods. some may say that's conservative? maybe, but that is simple, measurable, achievable, realistic, timewise for H1 intraday ... very good!

see the pic below:
Attached Image (click to enlarge)
Click to Enlarge Name: xADR display.png Size: 8 KB


For my own planning, I use the platform provided ATR indicator and read the value according to the chart timeframe and period set to my own preference.


regards,

For example, when I want to know the average weekly raneg for 52-weeks, I simply set my ATR to period 52 and read that on the Weekly chart.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,187
  • May 20, 2015 7:36pm May 20, 2015 7:36pm
Hi Emmanuel 7788,

What's ur analysis of FOMC and its effects on EU pair?

Regards,
Winners Never Quit, Quitters Never Win
  • #57,188
  • May 20, 2015 7:41pm May 20, 2015 7:41pm
Quoting emmanuel7788
{quote} 167 is in fractional pips or points.... but still large spread. mine is 2.5pips. Anyway, I got into GBPAUD at the breakout. Planning was in Post#57,074 http://www.forexfactory.com/showthre...67#post8269567 {image} Below chart is update: {image} The usual basic rules: Do your top down analysis or Big Picture Plan to know where the support and resistance are. PATIENCE... wait for the setup to come to you. Do not trade setups which appears after a big candle of Wide Range Bar WRB. But you can trade in the lower TF.
Hey Emm, the previous month high right above the GA setup, didn't it influence your decision?
  • #57,189
  • May 20, 2015 7:42pm May 20, 2015 7:42pm
Quoting yuki0912
Hi all I wanna ask one thing. About TP,SL How do you decide SL and TP? I'm watching H4 chart and using THV info [look pic SL...10 TP...5(half of SL)] ya,but i wannna earn more and less loss. Please answer me regards {image}

Hi yuki,

you can use that THV panel for M5 scalping - SL=10pips, TP=5pips.
But not for H1 intraday trading for the currency majors and definitely not for the EURxxx and GBPxxx.

learn the H1 volatility of those currency pairs you want to trade.
a useful website below.
https://www.mataf.net/en/tools/02-01-volatility


regards
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,190
  • May 20, 2015 7:46pm May 20, 2015 7:46pm
Quoting hsn100
Hi Emmanuel 7788, What's ur analysis of FOMC and its effects on EU pair? Regards,

all my analysis are useless for FOMC.
big news like NFP and FOMC do not reverse the long term trend often.
Once you see the weekly and daily market type be it trending or sideways, the FOMC candle will not reverse the situation.

Just look at the H1 and D1 charts before and after FOMC.
Take USDJPY as an example, it is that 'knee jerk' reaction which take out all the small stops above and below. The day candle remains intact.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,191
  • May 20, 2015 7:57pm May 20, 2015 7:57pm
Quoting arize
{quote} Hey Emm, the previous month high right above the GA setup, didn't it influence your decision?

Hi arize,

I have seen that level 1.9747, it will be choppy around that level on lower TF and there will be fear ad greed.
But there is potential that GA will move higher, but we never know.
Any candle which close across this 1.9747 will be a big candle 50 to 100pips.
Just be patient and wait see what happens, it can happen today if not then tomorrow.

Look at Monthly naked chart, what do you see?
Then look at Weekly , then Daily.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,192
  • May 20, 2015 8:04pm May 20, 2015 8:04pm
Quoting emmanuel7788
{quote} all my analysis are useless for FOMC. big news like NFP and FOMC do not reverse the long term trend often. Once you see the weekly and daily market type be it trending or sideways, the FOMC candle will not reverse the situation. Just look at the H1 and D1 charts before and after FOMC. Take USDJPY as an example, it is that 'knee jerk' reaction which take out all the small stops above and below. The day candle remains intact.
Ok, since I'm trading, infact scalping the D charts only (with bigger SLs), so FOMC will not effect the overall trend. Got it! Thnx 4 sharing ur experiences

Regards,
Winners Never Quit, Quitters Never Win
  • #57,193
  • May 20, 2015 8:06pm May 20, 2015 8:06pm
TDI Cross Over short on USD/JPY....Thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: TDI Cross Over.png Size: 62 KB
  • #57,194
  • May 20, 2015 8:15pm May 20, 2015 8:15pm
Quoting hsn100
{quote} Ok, since I'm trading, infact scalping the D charts only (with bigger SLs), so FOMC will not effect the overall trend. Got it! Thnx 4 sharing ur experiences Regards,

Hindsight is 20:20 vision.
When we look at history charts, everything looks perfect. we can say I enter here, I exit here, etc.....
That is why back-testing can screw up our learning when we do not know the purpose why we are back-testing.
Looking at members posting winning trades charts will also screw up our learning when we do not know what that trader's thoughts were before and at that point when he pulled the trigger when he took those winning trades.

Look at all the charts posted showing winners. Look at the technical conditions of the charts,
look at the price action of the real price,
look at where support and resistance are,
look at the APB or HA candle, big candle, small candles,
look at the TDI, what does the TDI tell you about the price momentum, short term, mid-term and longer term,
look at where the last reversal was,
look at consolidation areas, are you in it or near to it,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,195
  • May 20, 2015 8:21pm May 20, 2015 8:21pm
Hi,

someone PM and asked me why am I looking at naked charts when eelfranz v]never taight us to look at them.
What is naked charts?
I say, they are Japanese candesticks chart without any indicators. Just showing the price candles.
Well, back to the questions:
Did eelfranz used naked charts?

Read these posts:
http://www.forexfactory.com/showthre...74#post4570374
http://www.forexfactory.com/showthre...04#post4517204

It is up to you whether you want to look at Japanese candlestick charts. I look at them when I want to see a clear picture without the bias which indicators has on my view.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,196
  • May 20, 2015 8:36pm May 20, 2015 8:36pm
Quoting MrAussieFX
I'd a chance to take GJ H1 buy trade today during Asian session and below is the explanation on what went into the analysis and how did the trade pan out. My apologies for posting the Guppy template as this was the original template I used for my H1 trend analysis. GJ H1 Trade Analysis {image} GJ H1 Trade Results {image} Kindest Regards
Nice work Thanks for posting.
Did you follow the longerterm direction of the H4 at the time or was it based purely on the H1?
If just based on H1 what was the point at which you said "go for it"?
I am oz too and have been doing a Compassfx course and now, with that invaluable knowledge I have come back to finding a simpler overall structure and trade plan based on TMS so I look forward to contributing.
Cheers
  • #57,197
  • May 20, 2015 8:50pm May 20, 2015 8:50pm
Quoting emmanuel7788
{quote} Hindsight is 20:20 vision........... are you in it or near to it,
I've saved these imperative points in my MS word document file consisting most of your post. Thnx

Regards,
Winners Never Quit, Quitters Never Win
  • #57,198
  • May 20, 2015 10:12pm May 20, 2015 10:12pm
Quote
Hi yuki,

you can use that THV panel for M5 scalping - SL=10pips, TP=5pips.
But not for H1 intraday trading for the currency majors and definitely not for the EURxxx and GBPxxx.

learn the H1 volatility of those currency pairs you want to trade.
a useful website below.
https://www.mataf.net/en/tools/02-01-volatility


regards

Quote
Hi Yuki, for me I'm using 3 lot entry so my TP1 is 20-25/TP2 40-50/TP3 80-100 (to take advantage of big moves while taking profit from small movement if it didn't go big) and SL can range from 30-50 but I make sure it is protected by important areas. Perhaps other seniors can share their thoughts better

Thank you Emm and arize

I'll use 3 lot idea and web site.

Thank you


PS...I earned 100pips yesterday and today I earned over 50pips (and now I have +90pips currencies)
Great system...I've seen
  • #57,199
  • May 20, 2015 11:57pm May 20, 2015 11:57pm
Quoting RickMusick
TDI Cross Over short on USD/JPY....Thoughts? {image}

Daily is bullish trending.
H4 has 2 big candles, so not trading of H4 setups for me. ... possible consolidation before the next move.
You can scalp the H4 TDI cross but you need to monitor this H4 trade very closely and must not wait till the next H4 candle to open then decided using TDI for exit. That is how Big E scalp the H4 TDI cross.
read Post#4088 how to scalp H4.


Better to trade in lower TF H1 and use the H4 wide range bar high-low as support and resistance.

Edit:
here is H4 chart below.

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY H4 21May TOK5H.png Size: 36 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #57,200
  • May 21, 2015 12:04am May 21, 2015 12:04am
Quoting MrAussieFX
I'd a chance to take GJ H1 buy trade today during Asian session and below is the explanation on what went into the analysis and how did the trade pan out. My apologies for posting the Guppy template as this was the original template I used for my H1 trend analysis. GJ H1 Trade Analysis {image} GJ H1 Trade Results {image} Kindest Regards
http://www.forexfactory.com/attachme...1&d=1432143296

Very nice, MrAussieFX.

Keyword: CONFLUENCE ... that's the power of PA at the CONFLUENCE of support and resistance.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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