EURUSD

But after a few hours sleep, who knows!

Happy New Years! #USDollar Daily chart, I have been scalping and buy dips on US Dollar.... Still have my long term swing target on dollar for the 2nd week of March 2016... highlighted in vertical white lines.

dude , who give a dog shit about all of this

could not write this in wiser words...

any news which will make eurusd gap after the weekend?

Nothing to watch so far ..

just delete your acclount here please...

You should come here often, they have a 'great' lesson learn for you :-)

It doesn't look like EURUSD will gap, but there's about a 30 pip difference in GBPUSD.

http://www.xe.com/

any thoughts on eur usd this week?

Ok, normally I am a very short time frame type of trader (1-3 minute charts) but as I have a constant wants to learn brain here is my first attempt at looking at and analyzing time frames that feel millennial when compared to how I normally trade. These are all EURUSD. Again, this is just me learning, let me know what you think:

Weekly:


Trend overall is definitely down. The white line moving average (ema 21) has been fighting with price for the last 4+ weeks. Definitely seems to be resisting any upward move. I see two key support levels. One at 1.0807 a break below it could see prices fall down to the 1.0464 range. Break below the 1.0464 resistance could put us into free fall with no significant levels below that until you look back all the way to the creation of the EUR in the 1999-2000 year range. My data stops at 2002 and nothing really shows until parity.

Daily:


Again, trend shows down. One level I missed on the weekly charts shows itself to me on the daily which is at the 1.0524 level. Still learning support and resistance. A great short entry point would have been around the 28th of December when the daily showed a doji after a very slow arduous retracement. A safer entry would have been the 29th with a strong confirmation of the continuation of the down trend. The break of the 21 ema in a strong fashion on the 31st gives strength to the down trend resuming in a big way. Again, watching the 1.0807 level to see what happens.

Hi , how do you trade 1-3 minute charts ? I mean what kind of analyze do you use for enter/exits ?

I use a combination of moving averages (4 different ones, values aren't as important as the ratio between each should be 3-4 times. So you if you use a 10 EMA you need something between 30 and 40 to go with it, then something between 90 and 160, etc. My personal preference is 3 times). The values should be the same on both time frames. Since the 3 minute is 3 times the 1 minute you should begin to see a confluence of events on both time frames when trading (i.e. price at one moving average on the 1 minute and another on the 3 minute). I only trade when this happens. You would think it would always happen but it doesn't. Combine this with some basic candlestick patterns (engulfing, inside bars, etc) and trendline breaks when deciding to go against the trend and I can usually get into a trade within a few pips of when it starts. This allows me to use larger lot sizing for trades and keep the risk down to normal levels. The only two things that are drawbacks to trading like this is the amount of time in front of the screen and you have to be ok with the volume of trading. Some people have a hard time with trading 10-50 times a day because the "broker" is making so much money off of you. LOL! To me, profit is profit. If the trading system I believe in takes 20 trades to make 50 pips then so be it. The biggest advantage is that you can pick the times during the day you want to trade and you can always find set ups.

Exits can be any number of reasons. Trendline breaks, candlestick patterns at or near session highs/lows, when I am counter trend then it is as simple as a signal in the direction of the trend.

Its really hard to explain everything in a few paragraphs. There are other components such as only 2 moving averages are important at any given minute. Which two is dependent on where price is in relation to all 4.

I will do my best to post trade set ups as I take them during the week, but I usually find that I am so focused on what I am doing that posting anything usually doesn't happen. If you see me post during the week it is mostly because I am not trading at that time. I do have a trade explorer set up now with a small account with Oanda (couldn't resist, they said that they would give me 100 bucks if I just deposited 200. No brainer, 50% return without trying). I am trying to trade the Oanda account like someone with a typical 9-5 job so I usually only trade it during Tokyo and London open. Hopefully as it grows it can serve as proof that it can be done.

Thanks for the great detailed answer , well the perpose of my question was to tell you the higher timeframes are same you put the same setup as your system works for you in lower time frames and the difference is money management , you risk more pips for more pips ... I saw a guy here in different thread , he went short @1.13 with 1.15x stop so 200+ pips risk and pair dropped 700+ pips ...(also there is a guy who risk 5 pips for 1.000* pips [1K] ...) i just wanted to share my opinion that the time frames are same cause you asked and shared your opinion about daily and weekly analysis... and again thanks for your complete answer.

Ok. I was tried short time trading to my earlier trading life. But winning percentage was worst.
I have few question regarding your post.

How many pips you target per trade?
How much take risk for this?
How many you trade per day?
What is your winning percentage for above strategy?
For this type trading spread is an important factor. What is your average spread cost per trade?

Last week was best for scalpers but it always works for you?


Long term trade or short term trade is not a factor but winning ratio always a factor.

I emailed our mutual friend some time ago, and have yet to hear back.

Next time you talk to him on the phone tell him I said hello

​Is this FXCM's platform?

It was the 1st of Jan 2016, it is a holiday on all Countries.

How many pips you target per trade? unknown. Each trade runs until I get an exit signal. That could mean 1 pip or 100+ pips just depends on the market
How much take risk for this? 1-2%
How many you trade per day? Depends on market conditions. Some days are just a few while others I may have 10 within the first hour or so of London open.
What is your winning percentage for above strategy? Don't really track percentages. I could have a 98% win percentage and still lose money if I am stupid enough to let a losing trade run. As long as the account balance goes up over time I am happy.
What is your average spread cost per trade? My main account is with Interactive Brokers. Spread on EURUSD is 0.1-0.3 pips typically. There is also a commission for trades but due to my volume that isn't very much. As a general rule of thumb I count on 0.5 pips total. The Oanda account I am using for my trade explorer usually runs around 1.2-1.8 pips spread on EURUSD.

Last week was best for scalpers but it always works for you? Even though I trade on lower time frames, I do not consider myself a scalper. Scalpers will typically get in and out quickly based on looking for just a few pips profit regardless of market conditions. Most of their trades will only last a few minutes. While I do have trades that end quickly it is due to market conditions and not because of a small profit target. I will also have trades that last for many hours when the market is trending. As with any trading method, some days are good others not so good. Then there are the ridiculous days (thanks Drahgi) that you wish happened all the time.

People get hung up on percentages and ratio's. To me the only important thing to monitor is at the end of the month did the account go up or down.