ForexMorningTrade System

[suresh3101]

GBP USD stuck at resistance 1.5483..
Will it break up or down??
Hope it breaks UP>>>>>>>>

 

[Fabius]

Seems Daily R1 at 1.5483 is the next barrier to go through...

 

[bluedancer]

Maybe my intuition to close at 84 was good idea....

 

[GilR]

Maybe my intuition to close at 84 was good idea....

Hindsight or foresight ?

 

[Fabius]

Maybe my intuition to close at 84 was good idea....

At 1.5449 there is the weekly pivot and at 1.5436 the daily pivot, that means they are both before the SL that should be at 1.5430.
These are two strong supports and I rely on them to see the price be rejected up if it drops to those levels :medieval:

 

[bluedancer]

At 1.5449 there is the weekly pivot and at 1.5436 the daily pivot, that means they are both before the SL that should be at 1.5430.
These are two strong supports and I rely on them to see the price be rejected up if it drops to those levels :medieval:

Thanks. I had a fib top at 90 so was waiting for that, plus I counted the waves on the one minute chart. Now the view is changing. It is really good to know exact strong support to build confidence.

 

[bluedancer]

it's good to have a few people to follow the trade with

 

[GilR]

Hi blue dancer

My point using this system and then adding your intuition, how it plays out in backtesting?

If you apllied your intuition to past results what would your results be?

Gil

 

[bluedancer]

I also have an extra smaller trade for 120P profit and 40 p stop, will move it to BE at 40 p and see if it runs.

 

[Fabius]

Thanks. I had a fib top at 90 so was waiting for that, plus I counted the waves on the one minute chart. Now the view is changing. It is really good to know exact strong support to build confidence.

You are welcome , if you count the waves I start sinking 'cause Elliott makes me feel stupid .
But as Italian I cannot help liking Leonardo da Pisa aka Fibonacci .

Anyway the overall trend of GBP/USD (according to my indicators) is up, so I guess I'll have breakfast and let it run :cheesy:

it's good to have a few people to follow the trade with

Yup, I agree

 

[Fabius]

C'mon, pass this nasty R1 and run! :rambo:

We maybe need some cheerlearders to support the trend :clap:

 

[bluedancer]

Hi blue dancer

My point using this system and then adding your intuition, how it plays out in backtesting?

If you apllied your intuition to past results what would your results be?

Gil

If I had followed my intuition I would be better off by now, cause I would have never moved my stop... would have let my profit run, would have paid attention to my own skills rather than listening to other's predictions, lots of dumb stuff could have been avoided. In trading, intuition becomes your unconscious competence, that ability to make quick decisions based on experience. If you follow an exact system like this you don't need to rely on it, but if you are like me and only trust your own skills and not anyone else's you trade manual, make your own decisions and take the gold or take the heat.

I am using the robot on my demo, and trading manual on my live, not ready to trust my money to the robot I guess. But obviously you make a very good point.

 

[GilR]

My point is that before you enter a trade you ought to have a reason for doing so.

The system and it's indicators are that reason, so why add all the other stuff to justify staying in the trade.

If you are going to use Elliot or fib or resistance/support etc you should evaluate before entering trade.

Gil

 

[Fabius]

Today's trade is very challenging...

Did anyone be stopped out?
I came nearly to be stopped (2 pips from my SL just because I added my 3 pips spread to SL and TP).
It's still running...
Seems that Daily Pivot is rejecting the price

 

[bluedancer]

My point is that before you enter a trade you ought to have a reason for doing so.

The system and it's indicators are that reason, so why add all the other stuff to justify staying in the trade.

If you are going to use Elliot or fib or resistance/support etc you should evaluate before entering trade.

Gil

Good point. I do evaluation for about 30 minutes before the trade. I have also been doing gbp/usd breakout at London strategy for a long time and find this indicator system excellent for earlier entry on an old trading idea. Personally I find Fib and Elliott wave too difficult for finding entries, and usually the timing of trades is all over the place, any time of day. So I am using indicator systems for entry and fib/elliott for confirmation of exits. Occassionally I will wait on an entry for the completion of a wave sequence as well. It just doesn't make sense to me to ignore something that I spent years learning and trading, and enjoy applying.

 

[bluedancer]

Today's trade is very challenging...

Did anyone be stopped out?
I came nearly to be stopped (2 pips from my SL just because I added my 3 pips spread to SL and TP).
It's still running...
Seems that Daily Pivot is rejecting the price

I closed one trade in profit and left my second smaller trade open, now closed out.

 

[Fabius]

Stopped out...
Tomorrow will be better

 

[markfric]

first loss this month

6th September - LONG
Entry: 1.5472 - big slippage today, I should have entered at 1.5467
SL: 1.5427
P/L: - 45 pips

 

[bluedancer]

Thanks Mark. It is best to take every trade though it is a loss, correct? Otherwise there is lots of second guessing.

 

[markfric]

Yes, I take every trade that is according to the FMT rules. You cannot know the future - if you'll win or lose.
The best is to stick with tested system.