CatFx50 - page 419
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GBP Level 2
hi fx trader the only thing i see for the euro and swiss at those hours was a possible level 4 breakout trade all step stoc for euro were long and all step stoc for swiss were short could have made 20 pips with swiss which i dont trade and 31 pips on euro i took recent level 2 with cable for 20 to pivot point and entered euro when it closed the second time above 50 ema when it closed above pivot point and took it to mR1 level for 39 minus spread the reason i didnt enter euro on first cross of 50 ema was not enough room from entry to pivot there must be at least 20 pips for me to entry to achieve my goal of at least 20 pips per trade
Hi Harold,
You said you took the level 2 GBP trade. I take it you entered on the 1330 candle? When you entered the GBP long trade were you concerned with the pending USD news? I waited until the close of the 1530 candle to get in and got stopped out for a -30 pips. I waited until all of the USD news was released and I saw which direction the price was going. Thought I was being cautious by waiting. Guess I was wrong again.
Dave
sorry i wasnt clear i also waited for candle after news release and when it closed at 50 ema i entered long there also a better entry would have been the 1500 candle that closed just above daily pivot
Keep at it mate and target those 15 - 30 pips - in business its called the "3 foot throw" no long shots - just the more regular cash - you can get rich selling hamburgers for 5 dollars (or euros) rather than steak for 50 dollars (Mcforexburgers? ) - anyway it could be a good suggestion to re-arrange the expectations and finances to take advantage of this ...
thanks for the comment
it is a good sugestion for sure i just did this!
let see tomorrow
today i wouldnt expect nothing more
Candle Entry
sorry i wasnt clear i also waited for candle after news release and when it closed at 50 ema i entered long there also a better entry would have been the 1500 candle that closed just above daily pivot
Harold,
What time was the candle and at what price did you enter on GBP? If you entered at the opening (8865) of the 1430 candle with a 20 pip stop/loss you would have been stopped out because candle had a low of 8835. Just wanted to see where you entered. I waited until 15:30 candle (8832) was almost completed before I got in and then it went straight down from there. So when you have 3 USD news releases between 8:30AM and 10AM do you wait until all news is released to trade or do you take the CatFx signal when it happens if there is room for movement to the next resistance/support level?
Dave
Hi Downunderdave
I'm no CatFx50 expert at all, but i think it's always important to make sure one enters as close to the EMA as possible. Even if you enter at the first possibility (opening of a candle after the cross) it's dangerous if there's a big space between that point and the EMA.
And if you enter 30 mins later at the end of that candle it's even much more dangerous. I think that was about 50 to 70 pips away from the EMA where you entered.
Eric
Hi Harold,
You said you took the level 2 GBP trade. I take it you entered on the 1330 candle? When you entered the GBP long trade were you concerned with the pending USD news? I waited until the close of the 1530 candle to get in and got stopped out for a -30 pips. I waited until all of the USD news was released and I saw which direction the price was going. Thought I was being cautious by waiting. Guess I was wrong again.
DaveDave I waited untill after the news too just to see the direction of price. Then I enterd long on ERU. I could have taken profit after 22 pips, but I was greed and wanted more. I closed my 1st contract for +10 pips and got stopped out for -15 pips on the 2nd one. I think if you had set your target between 15-20 pips you could have made a profit. May be we thought with the news released we could make more money.
Hi Downunderdave
I'm no CatFx50 expert at all, but i think it's always important to make sure one enters as close to the EMA as possible. Even if you enter at the first possibility (opening of a candle after the cross) it's dangerous if there's a big space between that point and the EMA.
And if you enter 30 mins later at the end of that candle it's even much more dangerous. I think that was about 50 to 70 pips away from the EMA where you entered.
Erictoday stepmastoch becames green long time before ema crossing
i hope was this that today was not a good day
GBP Entry
Dave I waited untill after the news too just to see the direction of price. Then I enterd long on ERU. I could have taken profit after 22 pips, but I was greed and wanted more. I closed my 1st contract for +10 pips and got stopped out for -15 pips on the 2nd one. I think if you had set your target between 15-20 pips you could have made a profit. May be we thought with the news released we could make more money.
Hi Kaylaw,
I agree, I need to be looking for a 15-20 pip profit. For my entry on the GBP I just waited too long to get in. It had just about topped out when I entered. If I would have entered on the 1500 candle I would have been fine. Hindsight works 100% of the time in forex...just ask any forex guru selling a system...lol. Don't we all wish we could be that good when looking at the right hand side of the chart?
Cheers,
Dave
I agree with you Dave... from my experience there where many questionable signals this week for sure. One candle would cross the 50 ema with hope and a step stoch validation.... then the very next one would be heading the opposite direction fast. Till this dust settles, best to keep stops tighter and consider to re-enter your position after getting stoped out at a better level .....(At your own risk of course!!)
I seen better results in the past. This was a tough week for using the system alone. As all the senior, more experienced traders, that post all the positive results say... never trade blind. Cause it is obivously not as simple as a cross of the 50ema. Usually exits are an issue we all here people talk about. This week entries could have been questioned as well.
However, as you so cleverly said. "Hindsight works 100% of the time with Forex"
Good Luck to all in the future
Well put Cisco,
These last 1.5 weeks has been very very choppy. Lots of long wicks on candles and mixed bear, bull candles as well.
I've been placing S/L's on my entry points and been happy with a 10 pip here, 20 pip there approach.
Things are very volatile lately - makes it hard for any 'system'.