Nice. I've been doing something similar the past 6-8 months and it's made the world of difference. Add multiple time frames and then tell me what you see. You'll be amazed.
hello saki. I am new to this fx trade. read a few of your posts, sound very interesting: questions please help me out. 1) can you post again your trading system 2) how do you determine when to go long or short 3) what is the best time to enter and exit a trade at the pacific time zone 4) is there any formula that you use in your trading 5) what is the best trading system to sign up for to begin trading thanks for your time.
Closed Trades: 10k Short AUD/USD .7735 Limit .7675 +60 10k Short EUR/USD 1.2435 Exit 1.2370+65 10k Long USD/CHF 1.2500 Exit 1.2540+40 10k Short AUD/USD .7735 Exit .7685 +45 20k Long USD/JPY Limit 110 +90 10k Short AUD/USD .7735 Exit .7565+170 10k Long USD/CHF 1.2505 Exit 1.2710 +205 10k Short EUR/USD 1.2435 Exit 1.2170 +265 10k Long EUR/USD 1.2193 Limit 1.2270+77 10k AUD/USD .7533 Exit .7570+37 10k Long AUD/USD .7533 Exit .7580+47 10k Long USD/CAD 1.1893 Exit 1.1975+82 10k Long EUR/USD 1.2193 Exit 1.2291+98 10k Long USD/CAD 1.1893 Exit 1.1899+6 10k Long USD/CHF 1.2578 Stop 1.2509 -69 10k Short EUR/USD 1.2293 Exit 1.2350 +43 Model Account Balance: 3201 Something came up on Sunday night and I have been away from my computer for two and a half days now. Missed my chance to add to, what in retrospect, were huge opportunities to profit from this weeks moves. the triple top on EURO was an easy short imo. There`s always the next trade =)
FXCM is without a doubt the worst trading platform for retail forex. Drop them immediately. They are sharks. Metatrader is really nice because its free, but what really seperates it from CMS, the other nice free platform for charts, is that it is stable and that`s essential to the longevity of a traders success. Were you born in 1987?
I'm having trouble with FXCM, it really does suck, not to bash on them, but, not looking good. Metatrader, the only problem I'm having with them is I'm having many gaps in data feeds with the 1 and 5 minute charts. I don't know if it is because of demo, but it looks like little blips going everywhere, so I'll have to see what's up with that. and yes, I was born in 1987. I'm 18. But with Metatrader, I do like the MQ4 language. It seems so familiar *duh C/C++*, so when I find some time to learn the syntax, maybe I can develop some simple systems and then work my way to more complex systems.
1) I use 4 hour, 30 minute and sometimes 1 hour charts. I set up a 55 Linear Weighted Moving average and then I add 55 and 89 levels as basic targets for the first half of my position. My stops are below the most recent low/ or high for shorts. My primary chart is the 4 hour chart. (I use the 30 minute chart for better entries, but sometimes this can work against me as it did on Friday, I should have entered full size positions not half sized.) 2)I like to sell when prices are high and buy when prices are low. 3)When price stops moving in the direction in which you gain profits? Please reword this question, its confusing. 4)No, not a formula persay, but there is an element to my trades which I will never disclose in this journal. I am giving quite a bit of an edge with this most recent version, but nothing mentioned is not already freely available on the web, I`ve just compiled it in a easy to use format. I have no secrets, but I also know the value of keeping the competition on the other side of the fence. 5)Please don`t waste your time or hopes on another`s trading system unless you are also simultaneously developing your own explicit method for trading. As it was said long before there were forex traders, give a man a trade and he`ll make a pip, teach him how to trade and he`ll be pippin` it forever! Best of luck, Saki
do you mean plot a 55 lwma as an average over all time frames on a single chart? could you share the code for that? Glad you are taking a loook at my journal JR, I`ve been using your cms indicators for a year now. Hope we can work on some systems in the future together =)
I would never trade off of 5 minute forex data. The markets are far too indecisive on that short a time frame. Price is incredibly memorable and almost always returns to its previous average price. No need to get the timing within 5 minutes. I suppose if you traded news events it could work to your advantage but then again, you`d probably have to use tight stops and that is impossible on forex, imvho! But trading news events without inside order flow isn`t something I reccomend to novices. Maybe traders at banks could successfully trade that way. But you and me? Wouldn`t count on it! Good year, 1987, quite a volatile October!
Hehe, 1987... don't really remember much about that, I was only 8 months old then. As for 5 minutes, I have been trying quick trading, not scalping, well, maybe it is, but going for 1 or 2 pips from finding short term support and resistance. Lots of times it fails, that is why I'm testing all this on a test account. But yes, I see myself working on 5 to 15 minute charts, probably 30 minute charts. Especially if I do program my own system in Metatrader. I'm starting back school soon so I'd like to take that time to really work on trying to test systems and letting them run since I won't really be home to monitor them, so it would be a nice way to just let them do their own thing and see what happens. So I'll take advantage of that these next 4 months. After that, I'm determined to be profitable, or at the bare minimum, break even, but still would appreciate with the hard work I currently put in, to be somewhat profitable, but that will just be one of those, only time will tell type moments. For some reason, Forex just seems to always want to go against me, you'd think it would continue in support and resistance, so you click that buy or sell button, and 1 second later, it shoots off where you could have been profitable, or you buy just at the wrong spot where it takes a turn for the worst. My main focus now is to identify why that happens, why I seem to buy or sell at bad spots, and still control my emotions. I can't say I'm a hardcore trader that comes to the table with no emotions, but I'm doing considerably better than at first, with excitement and adrenaline rush. I still have the heart pounding in trades, but I'm able to watch the trade without constantly hitting the sell or buy button. I still have much work to do, but it has been fun, I just have to keep working hard on it. I hope to be as profitable as you sakimonohito one day
I was mainly referring to the fibo bollingers. I used to use those as well. Now I'm back to normal bollingers though. What I meant was to plot your indicators on multiple time frames and watch for confluence. For example, if price is at the extreme of your "range" on multiple time frames, it might tell you something. For example, with my candle charting, I use 2 sets of bollingers... 60 periods, 1 deviation and then a set of 2 deviations. If price is going up from the mean on the daily, but coming up from the bottom on the 1H or 4H, the majority of the time, the upper ranges will all align. Pretty strong target. That area will also typically be a fib or pivot. I'll see if I can dig up a screenshot that shows this. So I guess with your system, if you see target 1 on a larger time frame, line up with target 3 on a smaller time frame.. you've found a pretty solid target. I think I wrote a pretty extensive explaination over www.visualtradingcharts.com on using the fibo bollingers. If not there, then at moneytec somewhere. Either way, you're doing extremely well so I wouldn't worry about mixing it up too much. If it ain't broke don't go broke trying to fix it. Glad to see you're making use of my VT work. I've got a few more I haven't made available to the public I can shoot your way.