Currency Trading; September 03

[Newtron Bomb]

gbp/usd

Order waiting overnight above yesterdays high @1.67 and my next is waiting at 1.6775. And ive got a nice little pullback before it to boot. :cheesy:

If i was looking for an entry, the BO of theover night range or the pullback to 1.67 after the BO... but as i was still in bed, and if i didnt have orders waiting, then this pullback at the 1.6750 i would be looking at for an entry

 

[options]

Hi NB,

Oh yes!

The above posts from me mention, what was happening and what I was doing, then a couple of posts later, I added that it had taken off.

As it turned out, I went in too early with 3 trades at different entries and got stopped out on all of them, but in again with another 3 and they more than paid off.

Taking it nice and easy today with tiny trades and fairly tight stops. Unless I see something interesting.

Good trading.

 

[neil]

Newton
Are you using Sierra/mytrack for charting and CMC(forex -spreadbet) for executing trades?

Regards

 

[Newtron Bomb]

Feet up for now though for me orders in and off to the shops soon


neil
yes i am, it the best combination for a number of reasons which have been mentioned sporadically on this and other threads


Happy trading

 

[dsmodi]

NB - do u have a post somewhere where you give details of your system.... any chance of a link to it ? maybe u can place it in your personal profile somewhere....this is getting very interesting....

cheers

 

[al-motor]

options- i just track the 20 EMA to give me some indication on short term trend- although as u say price is king !

cheers

 

[Newtron Bomb]

dmodi
Look in forex and its obvious where it is

al-motor
Price is king, it represents what is happening an MA is just that it is an average of x periods.

 

[Newtron Bomb]

and with that am off to the shops

 

[dolton]

Dolton
The realtime is mytrack and sierra, currencies come automatically real time with mytrack on the silver plan [/B][/QUOTE]


Thanks for the info Options & NB...I use silver plan and have posted mytrack to request code for forex....no reply from them yet
any details please would speed up the process.

Also as a matter of interest, I noticed Margin Required for dealing with FXCM is 2000pds minimum...

 

[Goober]

Dolton

£300 if you open a mini account.

Goober.

 

[Newtron Bomb]

dolton
what codes are you looking for:?:

 

[Goober]

NB

If you open a position overnight with a stop order, how do you protect this position?

Thanks

Goober

 

[Newtron Bomb]

I am gambling on the fact that the overnight ranges are narrow, and the fact that a BO to new highs will take it higher.... plus my stop being triggered at 4am does not usually happen that often

In this example my entry was close to the overnight range and yestersays high. Some people arnt happy with this but my profits speak for themselves and it is therefore a risk i am comforatable taking

 

[Goober]

NB

Thanks for your insight. I makes sense that a thin, ranging market should continue in the direction of a BO. However, I was stung in August 1998, holding a large overnight futures position without a stoploss. Mind you, even if I had stops in place, the market would have jumped right over them!

Goober.

 

[Newtron Bomb]

Goober,
I dont usually hold a longer term position without a stop loss in place or a reversal point in mind.
The order was placed waiting above yesterdays high at a point i wanted to enter at. with the overnight prices consolidating near the high it had a higher chance of being executed.
Usually it is not the case for the order to have been executed and therefore not having to worry about not having a potential loss with an unprotected open position.
Last night is not a common occurrence for me to loose sleep over

HTH

 

[Newtron Bomb]

gbp
Reversed @ 1.6650

 

[bertie]

FOREX CODES

dolton....go to the sierrachart.com website.....click on data then my track symbol guides.....then currency symbol guide......you can download it to your desktop.....

 

[dolton]

Re: FOREX CODES

dolton....go to the sierrachart.com website.....click on data then my track symbol guides.....then currency symbol guide......you can download it to your desktop.....

Thanx all for your replies..........

 

[Newtron Bomb]

september points

Max Gain - 1155 points
Max Loss - 244 points
Total Gain - 911 points

Strategy only implemented from 15th Sept & calculated treating each entry individually (obvious to some)

 

[Goober]

Excellent trading NB!

As you trade Cable on a 15 minute chart, how much time do you spend in front of the screen daily?

Goober.