Hi Grim,
I'd like to see a yearly chart and set major S/R off that.
Not sure a yearly chart is necessary...I glance at monthly and then do weekly, daily and hourly methodically.
I use NF for the MT4 and then trade with IG. I spoke with IG the other day and they recommended using the ProCharts under tools/charts rather than the advanced charts on the trade/price bar, as they were more accurate. They don't save your data though, so you have to re set the S/R and Fibs each time you log on!.
Sounds like a bit of a pain...
Is there a provider of a MT4 that covers a wider range of markets? It's a real pity that IG or other SB providers don't provide an MT4 feed that we could use instead of their charting package.
NF do the most markets of the providers that I have found...
I need to trim down the markets that I watch too. Which are the best forex pairs to monitor that don't follow each other?
Why don't you try concentrating on a few? Right now I am just looking at EUR/USD, GBP/USD and USD/JPY.
What are the key markets that I should trade.
What markets to trade is a very personal question. They all have different characteristics and some might suit you more than others.
Also, many of the markets are correlated in their price action. For example if you see a bullish pin bar on the FTSE you will often (although by no means always) see a bearish pin bar on the Bund because bonds and equities have a loosely inverse correlation. And you must remember that if you took both pins then you would really be doubling your risk...
As a professional I am now concentrating on the three major FX pairs noted above. When I was trading part time I was looking at around 80 markets.
You must do what you feel comfortable with BUT I would say that if you want to be monitoring the KEY markets, they are:
The 6 forex majors: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD and AUD/USD
Indices: S&P 500, FTSE, DAX, Dow Jones
Bonds: Gilt, Bund, US T-Bond
Commodities: Oil, Gold, Wheat
I have also developed a hybrid system of my own that seems to work on looking back on the charts. What I need is the confidence to use the set ups it provides so I can trade it for real. Is there an easy way to back test or do I need to be a code wizard?
I always did my backtesting manually...pressing F12 in MT4 takes you forward one bar at a time...
I had a bad day today as I made the error of trying to trade news. A mate in the city told me that £ rates were going to be chopped today so I took some early set-ups for the cut....and his info was wrong!
When I scanned the charts there was no good reason for me to enter, yet I still did thinking I could outsmart the market. Silly Boy! Lesson learnt. If the chart does not conform to the plan...NO TRADE!!
Trade the plan and plan the trade. News trading is not for me!
I did the same thing yesterday. I went short the Euro when Trichet was asked about the currency. He said that a high Euro was bad for the US and the market started coming off. I went short at 04 and suddenly the bids just disappeared. Next thing I know we are trading at 24. 20 ticks. Not a huge problem. Although it was a 5 lot so it cost me £625. LOL
TD, if I could send you some charts of the new set-up I have been using would you give your opinion, as it would really help me gain an understanding of my knowledge etc?
Sure. PM me for my email address or post them here. Whichever you prefer.