Anyone using or knowing these? www.mobileforex.com www.alertfx.com Are their others? I think you need an alarm/alert, when you are trading a non-mechanical system, so you get all the signals.
From ET's chatroom I just got this method from Buk: Trade the 00 numbers. If GBP crosses 18200 going north: buy 18210 Stop 18190 Add to new position the same way when it hits a new 00. Only go short from 18190 if confirmed by double top etc. Should work very well in a trending market. And your loss is limited to 20 pips. --- Seems to be a very good - and simple, I love that - idea. I will test it. Old Livermore also traded the big 00 numbers in stocks.
The round number strat is nothing new, in fact it's used quite extensively, particularly within the FX arena. I think most folks realise the potential/importance of these pyscho levels on the charts, and of course, you will experience whip around the 00 numbers as positions are entered/exited according to stops/limit orders. Obviously, accompanying T/A will need to be confirmed, and as a trend following strat, it adheres well to most pairs (particularly cable - which I trade).....s/r levels from the larger time frames will identify likely entries & a simple trailing stop will help capture a good percentage of a quick clip thru the cent levels (this week being a good example).... on a typical 3 - 4 cent clip, I would expect to get tipped out up to 5 times around the century numbers, entering again on a break of the higher high/lower low. Stops are generally trailed to 50 pips (dependant on the run), and scaled out on 150 pip clips up & down the ladder..... obviously, this strat will kill you in a ranging mkt, but usually 2 - 3 entry attempts will highlight the fact that cable is in a ranging phase, and the intraday strat can then come into play.....like anything else, it'll work in good, trending phases, returning consistant profits if utilised with accompanying T/A.
Thank you, Buk. If you don't mind, it could be nice to trade your system here realtime in this thread?
sure, no probs!....it's a simple enough strat to spot the entries etc...but (time allowing) I'll be happy to post entries & reasonings etc as they evolve! an add in was initiated earlier this morning (6.00am bst) at 8210 on this run, with stop at 8190... all stops have just been moved to 8210 (profit lock), which is a fib area on the 5 & below a recent pullback from the mornings high's.
it's fair to point out that many of these swing trades can evolve from an intraday strat. I use an 8 & 5 ema/21 ma cross confirmer on the 1 & 5 min frames, with an occasional glance at slow stochs (15/3/3), or if you prefer MACD. it does produce quite a few signals, but once again, utilised with intraday/week s&r & fib clips, it can filter out trades.....paring out at acceptible profit targets & allowing remaining stakes to 'run' can often capture larger moves with a trailing stop....scaling in & out on century breaks (at the beginning of a trending move), will also help to "get in" on a nice run thru the levels.
Consensus for GDP: 4.6 C. for For Jobless Claims: 335K A lot of numbers - so beware of whipsaws if you trade the news.