EJ Daytraders v The Rest of The World

Gone for a "reverse" trade on the EJ at 129.59 SL45 & 50 PT 130.09 but may exit sooner if I get problems around the BRN
 
Good morning pip pickers'

The averages today on the EJ is as follows: 127R, safe 84R.

The current box range shows 33.9 and it is so,so tempting to go short right now for a 45SL & 45 target. Better not though and wait until 6am

Night night everyone
 
Good morning all,

Box range =85 pips + brokerage +5 = 90. Safe was 84 , so gone. Ave =127 = 37 pips available for a 45 SL = an NQ day on the EJ.

However, I have set a personal trade at 130.45 SL 45 & Limit 45 as price is close to the top of the range. This is an unofficial trade that I will monitor very closely
 
What could be a valid EJ trade today could be what I call a "salvage" trade. To some extent it has the same problems as a "reverse" trade i.e. when to execute it. Well, publishing notes on this thread makes me think how to present such a concept and remove at least some of the vagueness from it.

The basic concept of a "salvage" trade is that when there is insufficient pips to at least achieve a 1:1 profit target of say 45:45 as there is today, one can wait for price to break out the box and then hope that price will now retrace back into the box and then one can execute a trade in the original direction in the knowledge that a 1:1 profit margin is now achievable. Hence I reported that after allowing for brokerage there were only 37 pips available for a 45 SL (incidentally, I would not restrict my SL to 37 to compensate as I don't feel that is enough cover for my one a day EJ trades).
Now, what quite often happens is that when a trade does trigger on the EJ price can just shoot up or down and one doesn't get the opportunity of executing a "salvage" trade. (which is why I am taking the chance, whilst monitoring closely the ordered EP this am). But let's assume that price does break the top of the box today. My new rule is that as long as price does not go forward by more than 20 pips and then retraces back into the box and does not go back more than a max of 30 pips then one can execute a "salvage" trade. Same SL & PT at 45. However, within that 30 pips retrace (on the M15 chart) there must be a sign that price (in today's example) is now showing a sign of going back up again. For example a finished green candle longer than the nearest red one(s). This does involve watching the charts for the EP. It is no use trying to go the opposite way if price is on what looks like an unstoppable run to the downside (that's just being silly). I hope that this helps explain the "salvage" trade a bit better.

In relation to the "reversal" trades price price must be close to the 3 day average and even better gone past it and now look like reversing. As above there must be a sign that price is now showing a sign of reversing. For example a finished green/red candle longer than the nearest opposite colour on the M15 chart. There are many variations in the price pattern and an indication of price reversal can show up at any time, however a number one rule is that I will (including the reversal sign) never execute such a trade unless I have at least a 30 pips buffer form the extreme of the 3 day average. And, it should go without saying that if price is tanking along in its trend's direction I would not attempt a "reverse" trade, Once again this would be a stupid idea. Trying to identify when price has finished its run on the EJ or any other currency pair for that matter is one of the most trickiest challenges in FX
 
Price has now retraced downwards considerably on the EJ. I have cancelled my "long" order and will now await a "salvage" trade to the short side ( or long side) if it goes back up again. Could be a long day
 
Hi Guys,

Please find listed below my round up for the week ended 16.8.13

The EJ has had a lousy week range wise imo. 3 days below 100 pips!

Anyway this created 2 losses of 45 pips = -90. Add to a B/Fwd. loss of -63 = - 153

I did carry out a successful reverse trade with a win of 39 pips, hence the C/Fwd overall loss is now minus 114 pips.

I purposely brought forward the -63 pips with a view to showing you all that despite a setback the EJ will prevail.

My method revolves around hard work and requires weeks if not months to show good results.

I have every faith that it will produce surpluses in the future.

I do hope that my fellow day traders had a good week and also hope that you all will enjoy and make the most of your weekend
 
Hi guys,

This site went out of action for a while owing to maintenance.

Yesterday = an NQ day which was a pity because a great upward move was missed. Even more annoying for me because I had my finger on the button and didn't press it. May have to revise the rules a bit.

Never mind. The 3 day average is now 111R, the safe range is 74R. The current box shows about 25 pips so there may be a trade set up just after 6am
 
Good morning guys. Got up late to find that price has broken the box at 130.05 for a short. There are 27 pips to the safe target & 64 to the 3 day average. I will have to wait for a retrace to get in at the right EP. Price almost got to 20 pips so still will be valid for a salvage trade . Pity I missed the EP. Let's wait & see what happens.
 
The 3 day ave. range on the EJ is 117G, safe 78G

The EJ has a box range of 33.6 so may be something to play with at 6am, assuming I can get up!
 
Good morning all. I have awoke to find that the EP for my trade should be 130.93. I have entered a trade at this price for an initial 45 pips with a 45 SL. This is quite near the BRN and price has retreated a bit now. This is a valid trade at existing prices. Let's hope it overcomes the BRN
 
Don't like the look of it now, so will exit when appropriate. The official trade will run no matter what
 
Came out at 130.84 = minus £9.60. Wipes out my small gain on the GU from yesterday. Will wait for a "reverse" trade opportunity.
 
Price hits 130.475 so my official trade loses 45 pips. Nuisance

May execute a reverse trade around 129.86 if price gets there
 
Good morning pip pickers,

The box range on the EJ is 78, whilst the true range is 89. All rather wide to execute a "trend" trade. Price nearest to the top. About 20 pips to go for (including brokerage). Hence using a 45SL to try and get 20 does not look good. Will need either a decent retrace when triggered or play a "reversal" once the 3 day average has been achieved ( or almost achieved with a 30 pips buffer, including signal that price is going the other way)
 
Gone short at 131.441 with a 45 SL & 50 pip target. A "reverse" trade. Good luck to all you guys trading atm. I'm off to the pub
 
My reverse trade lost 45 pips yesterday.

Have set a trade to go short at 131.81 45 SL & 45 PT.

The long would be at 132.37 with a 45SL & 45PT. I haven't set this up yet and hope that the short triggers first
 
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