Thanks Neil, need a closer read of the notes and more practice spotting 'em. The 8am & 8:15 15min bars formed a solid Double High, Lower Close setup, as per James - as i understand them....could well be wrong!neil said:7.45 and 8am (15minute bars) were double tops - next bar initiated a short?
7.30am bar - the nose was too short to be a pin bar and the bar on its' left? it's low is too far down the body of the pin bar thus "eyes" way out of line.......check he pin bar threads
wasp
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Offski
Morning all,
Just to let you all know as I am now fully automated on cable I shall be hanging up my T2W spurs and taking a long holiday on the Trans Siberian across Russia for the next 6 weeks. On my return I shall only be trading NOK (intraday or swing) but that won't now be till December.
Consequently I won't be around to start the weekly threads so I wish you all good luck in your trading and I say Хорошее везение и хороший bye to one and all...
Christian.
Morning all,
Just to let you all know as I am now fully automated on cable I shall be hanging up my T2W spurs and taking a long holiday on the Trans Siberian across Russia for the next 6 weeks. On my return I shall only be trading NOK (intraday or swing) but that won't now be till December.
Consequently I won't be around to start the weekly threads so I wish you all good luck in your trading and I say Хорошее везение и хороший bye to one and all...
Christian.
wasp
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Priceman said:MATE !! how we gonna cope ? I was following your lead, may have to take time out meself then
best of luck and come back soon after you spend all your dough.
I wouldn't follow my lead, ooh no... I wouldn't follow that DC fellow either, makes it up as he goes along so he does!Worry not, Russia, Mongolia and Siberia are pretty cheap places to get by in! I'll spend less in 2 months there than I would in spreads and dodgy stops through an SB in a week!
trendie
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just eyeballing yesterday, hans123 would have resulted in a null-ish day, as the triggers would have made pips, but they lost all their gains due to 11-pm close.
ChowClowns 4-pm close did the business for optimum profit-taking.
Should someone tell hans123??
ChowClowns 4-pm close did the business for optimum profit-taking.
Should someone tell hans123??
a_gnome
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Thoughts on Scandinavian Trade Risk
Hi all,
Given the recent interest in the scandinavian currency pairs I thought that I would make some comments on trade risk for these pairs. If all this is already obvious to people then I apologise in advance but I hope that it might prove useful to some traders.
It seems that some contributors are getting very excited by the huge moves in these nordic pairs, e.g. several hundred pips at a time compared to the rather small moves in the FX USD majors. However I personally always try to keep the risk in a trade more or less equal across different FX pairs. It is important to realise that if you trade the same $ per pip size in EUR/SEK as in GBP/USD then you are really trading vastly different sizes between the two.
The simple way that I use to keep the sizes more or less the same is to divide all these scandinavian prices by 10. For example EUR/SEK becomes 0.92232/0.92212 which is then of comparable order of magnitude to other FX quotes. It also means that the rescaled spread is now 0.0002 on OandA and if you trade $10 per "rescaled pip" this is the same sort of risk as $10 per pip in cable (give or take a factor of 2). Otherwise $10 per non-rescaled pip is more like $100 per pip when compared to cable.
Of course it always sounds much better to pull out 300 pips from the market but I though I would mention the risk management aspect of this so that traders are aware of what sort of account risk they are taking on if they don't adjust their trade sizes accordingly.
Once again I apologise if this is already obvious.
Hi all,
Given the recent interest in the scandinavian currency pairs I thought that I would make some comments on trade risk for these pairs. If all this is already obvious to people then I apologise in advance but I hope that it might prove useful to some traders.
It seems that some contributors are getting very excited by the huge moves in these nordic pairs, e.g. several hundred pips at a time compared to the rather small moves in the FX USD majors. However I personally always try to keep the risk in a trade more or less equal across different FX pairs. It is important to realise that if you trade the same $ per pip size in EUR/SEK as in GBP/USD then you are really trading vastly different sizes between the two.
The simple way that I use to keep the sizes more or less the same is to divide all these scandinavian prices by 10. For example EUR/SEK becomes 0.92232/0.92212 which is then of comparable order of magnitude to other FX quotes. It also means that the rescaled spread is now 0.0002 on OandA and if you trade $10 per "rescaled pip" this is the same sort of risk as $10 per pip in cable (give or take a factor of 2). Otherwise $10 per non-rescaled pip is more like $100 per pip when compared to cable.
Of course it always sounds much better to pull out 300 pips from the market but I though I would mention the risk management aspect of this so that traders are aware of what sort of account risk they are taking on if they don't adjust their trade sizes accordingly.
Once again I apologise if this is already obvious.
a_gnome said:
Some great points gnome! I have been trading the Scandis for a while, but you've given great advice to those who are just starting off trading them. It's also worth adding that in my experience, trading anything less than the hourly will wipe you out (I trade off the 4H).
wasp
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zuke said:
I know what you mean although trading cable of anything smaller than one hour seems like scalping these days, especially after trading NOK. On my return I think I shall be a F/T swinger with our Scandanavian friends. Certainly makes life less stressfull and the winners much bigger!
wasp
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