May '04 Forex
- Thread starter Newtron Bomb
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neil
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Some Forex meetings for today I didn't know about
http://www.elitetrader.com/vb/showthread.php?threadid=32278
http://www.elitetrader.com/vb/showthread.php?threadid=32278
FetteredChinos
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i wish Ivorm.
im trying this new strat on small stakes.
im still coming to terms with refinements. but it seems to work reasonably well and on the right side of big moves, which is where the money is to be made.
i used to trade counter-trend on the FTSE. used to have a high win rate, but the average win/average loss ratio was about 1:1 , so a few bad trades would knock my confidence badly.
forex seems a little easier in that the moves last longer, and all you have to do is hop on for a wee ride, and not keep looking for a reversal. just ride the trend, and all (should) be well lol
£/$ building for something at the moment.
im trying this new strat on small stakes.
im still coming to terms with refinements. but it seems to work reasonably well and on the right side of big moves, which is where the money is to be made.
i used to trade counter-trend on the FTSE. used to have a high win rate, but the average win/average loss ratio was about 1:1 , so a few bad trades would knock my confidence badly.
forex seems a little easier in that the moves last longer, and all you have to do is hop on for a wee ride, and not keep looking for a reversal. just ride the trend, and all (should) be well lol
£/$ building for something at the moment.
The Wanderer
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Hi Goober
On 1am-8am system first bar I use is Midnight-1am.Last one viewed is 7am-8am.
Therefore by 8am I have my figures to hand and am ready to place my trades and/or limit orders
I do not have any system of alerts for trailing stops.I watch the screen but try not to become too glued to it.
To this end I am trying to discipline myself to only look about every hour on the hour and then evaluate the position but much easier said than done-certainly on a day like yesterday with big movements.1am -8am system yesterday gave me +103 on Euro,+149 on Cable and +135 on CHF with 60 pip loss on JPY so up 327 overall on the day.If I'd left trades to close out EOD would have made an extra 23 on Euro 30 on Cable and 29 on CHF but thats trading I suppose.
Ivor + Mr Chill-Good to see a couple of other passengers aboard the CHF bus.I was feeling lonely.Not looking too good today but last 2 days have yielded 171 pips in total on 1am-8am system although only 21 in total for the 8am-10am breakout.Will publish full comparison for the 2 systems covering all 4 currencies this weekend.
Redben
I read position re long trade on Cable exactly like you especially after getting my fingers burned last week by stupidly going long on CHF @ 2997 and getting bombed out pretty quickly.Put my long order in @8030 to ensure that any break through 8000 was likely to hold.After an initial attempt it fell back and in fact my short order @ 7929 was triggered!!
FC
Sorry to hear about the accomodation problem.Hope the new place works out O.K.
I was working in Fulham last night trying to earn an honest (???) living-you should have hailed me if you could have found me amongst all the others.Trouble is we all look the same!!
Thought that with all of your trading success you'd have been looking to buy one of the riverside appartments in Chelsea Harbour or Imperial Wharf-nice view over the water starting at about £700 grand to you guv'nor!!!
Currently +70 on JPY.Makes a change as I struggle to get any sort of result on this.
Wondering if anyone else has made profit on this.Cannot help but think that time differences are throwing us out in some way as other currencies seem to behave in a reasonably consistent manner.
Perhaps it is not really suitable for this type of system
On 1am-8am system first bar I use is Midnight-1am.Last one viewed is 7am-8am.
Therefore by 8am I have my figures to hand and am ready to place my trades and/or limit orders
I do not have any system of alerts for trailing stops.I watch the screen but try not to become too glued to it.
To this end I am trying to discipline myself to only look about every hour on the hour and then evaluate the position but much easier said than done-certainly on a day like yesterday with big movements.1am -8am system yesterday gave me +103 on Euro,+149 on Cable and +135 on CHF with 60 pip loss on JPY so up 327 overall on the day.If I'd left trades to close out EOD would have made an extra 23 on Euro 30 on Cable and 29 on CHF but thats trading I suppose.
Ivor + Mr Chill-Good to see a couple of other passengers aboard the CHF bus.I was feeling lonely.Not looking too good today but last 2 days have yielded 171 pips in total on 1am-8am system although only 21 in total for the 8am-10am breakout.Will publish full comparison for the 2 systems covering all 4 currencies this weekend.
Redben
I read position re long trade on Cable exactly like you especially after getting my fingers burned last week by stupidly going long on CHF @ 2997 and getting bombed out pretty quickly.Put my long order in @8030 to ensure that any break through 8000 was likely to hold.After an initial attempt it fell back and in fact my short order @ 7929 was triggered!!
FC
Sorry to hear about the accomodation problem.Hope the new place works out O.K.
I was working in Fulham last night trying to earn an honest (???) living-you should have hailed me if you could have found me amongst all the others.Trouble is we all look the same!!
Thought that with all of your trading success you'd have been looking to buy one of the riverside appartments in Chelsea Harbour or Imperial Wharf-nice view over the water starting at about £700 grand to you guv'nor!!!
Currently +70 on JPY.Makes a change as I struggle to get any sort of result on this.
Wondering if anyone else has made profit on this.Cannot help but think that time differences are throwing us out in some way as other currencies seem to behave in a reasonably consistent manner.
Perhaps it is not really suitable for this type of system
Last edited:
Newtron Bomb
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The day is setting up for a big move triggered by the news or we are looking at a late eving move maybe some big moves in the asian session if we dont see it shortly.
NB
NB
neil
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http://www.hardrightedge.com/wheel/hreforex.htm
Noticed a bit at the end that states Banks may try and compete with forex houses, and that the CME is a growing competitor in the forex field.
Noticed a bit at the end that states Banks may try and compete with forex houses, and that the CME is a growing competitor in the forex field.
tomwilliamson
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Breakout Alternatives
Hi All,
There seems to be lots of talk here about breakout systems, whether it be 1 to 8 or 7 to 10 or what have you. My question is what systems do people use if they miss that first breakout? Let's say you can't trade until midday and you've missed the breakout. How do people then jump aboard the bus? Just interested in ideas!
Cheers,
Tom
Hi All,
There seems to be lots of talk here about breakout systems, whether it be 1 to 8 or 7 to 10 or what have you. My question is what systems do people use if they miss that first breakout? Let's say you can't trade until midday and you've missed the breakout. How do people then jump aboard the bus? Just interested in ideas!
Cheers,
Tom
silent_fish
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Just dont understand why so many people in newtron bomb's thread, I hardly find his posts.
Newtron Bomb
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Silent_fish
Firstly its not my thread. This is a public BB and therefore it belongs to anyone who wishes to participate. If i want a private thread i'll start a diary.
And what precisely would you like me to say? I post when i feel like it not when someone else demands it. If you have a particular point to raise or question to ask then please tell me and i will do my best to answer.
What i think is important in trading no-one is interested in because it hasn't got an arrow telling them where to buy or sell.
I started this these threads to encourage talk about forex and people are becoming more and more interested in trading it. So jobs a good one from my point of view and doesn't need me to push it along any more.
For your and everyone else's information i dont post or participate significantly in the chat room any more because of idiots who email and pm me abuse when i do say something and quite frankly i'd rather trade and unlike most i do actually trade and make a living from this game.
Happy Trading
NB
Firstly its not my thread. This is a public BB and therefore it belongs to anyone who wishes to participate. If i want a private thread i'll start a diary.
And what precisely would you like me to say? I post when i feel like it not when someone else demands it. If you have a particular point to raise or question to ask then please tell me and i will do my best to answer.
What i think is important in trading no-one is interested in because it hasn't got an arrow telling them where to buy or sell.
I started this these threads to encourage talk about forex and people are becoming more and more interested in trading it. So jobs a good one from my point of view and doesn't need me to push it along any more.
For your and everyone else's information i dont post or participate significantly in the chat room any more because of idiots who email and pm me abuse when i do say something and quite frankly i'd rather trade and unlike most i do actually trade and make a living from this game.
Happy Trading
NB
Well first off I value all the postings by Newtron. As a new boy to this his knowledge is invaluable.
Okay, may I ask a question re the interest rate change anticipated today. If is goes up what will be the probable effect on the GBP/USD spot market?
Okay, may I ask a question re the interest rate change anticipated today. If is goes up what will be the probable effect on the GBP/USD spot market?
Newtron Bomb
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tomwilliamson said:
Hi Tom
Welcome to the BB
There are many and varied systems that you can choice from and you are already filtering down strategies what people would call "your style".
There are breakout systems (BO) which at the moment is the current focus of people attentions. These BO's are related to time factors
What alternatives are there?
Well for me there are a few that i use I look for a Pullback (PB) after a BO if i have missed my entry. Again this can be determined a variety of ways which you would need to look into to decide which type you like nad have confidence in using
I also use pattern BO's, patterns Like triangles. Most TA books cover patterns and the BO of the formation. I also use simple TA involving support and resistance as i dont think there is much else to concern myself with.
In addition to this there are a whole host of indicators and you could do no worse than starting to look at something simple like a moving average Crossover (there is one illustrated on my web site) to get you started.
I hope this helps
NB
Newtron Bomb
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Welshmal said:
Hi Welshmal
Welcome to the BB also :cheesy:
Interest rates... hmm thats a tough one i usually flip a coin
Most of the folks here who do know me know the FA is a sore point with me as i dont use it because the chart tells me all i need to know. This doesn't meant to say i dont totally ignore FA and economic announcements its just that i dont guess what i think will happen as this is the quickest road to a margin call in my opinion.
I do pay attention to when the figures are released, but my decisions are still based from chart reading in small time frames right through to lang term trading.
Try this link for more details information effecting gbp/usd
I hope this helps
NB
Newtron Bomb
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Newtron Bomb
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Redben
The clue on GBP was on the 5 min bars for a stop & reversal you have a inverted hammer (candle formation) just above the low of yesterday so my stop and reverse is above the high of that bar. So in my case i had a 90 short and 5 mins later a 93 stop and and reverse when that "warning bar" formed especially at an support level.
HTH
NB
The clue on GBP was on the 5 min bars for a stop & reversal you have a inverted hammer (candle formation) just above the low of yesterday so my stop and reverse is above the high of that bar. So in my case i had a 90 short and 5 mins later a 93 stop and and reverse when that "warning bar" formed especially at an support level.
HTH
NB
