Forex Freeway - page 6
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
I am up 66 pips in the euro session trading live.
5x +20 runs in a row and -34 on the short swissy.
Did a stupid early asian session trade with -18.
So thats still a nice +48 on the scorecard.
I like this system alreadyDan,
That's great. See, I told you it was simple. You may have a couple of losers but with proper money management, they should be limited and as you can see there are a higher percentage of winners anyways. I'm still in my trade with USD/JPY and have book over 200 pips. I'm holding back on others just waiting to see what the trend is saying to me. Discretion, discretion, discretion....
DeSoft
By the way, how many have a "myspace" profile setup?
Dan,
That's great. See, I told you it was simple. You may have a couple of losers but with proper money management, they should be limited and as you can see there are a higher percentage of winners anyways. I'm still in my trade with USD/JPY and have book over 200 pips. I'm holding back on others just waiting to see what the trend is saying to me. Discretion, discretion, discretion....
DeSoft
By the way, how many have a "myspace" profile setup?200 pips is awesome!
Do you trade these long trades also from 5 min? And do you use the same stops as with the hit and run 20 pips?
For now I will stick to TP 20 until I get a better feeling for the runs.
Dan,
Yes I will take these long trades from the 5 minute but I use the 15m or 60m to give me a broader perspective of price action. I took the initial 20 pip thrusts with this trade. I also traded up to 4 lots when I thought the trend was very strong. Turned out I was right. I even did something that I would never recommend and that was that I left a 2 lot trade on the table over the weekend and it just so happened that this week began with the huge gap in my favor. Like I said, I would not recommend that strategy but I used a tight stop and was fortunate enough to be right. So, you can imagine that in actuality, the 200 pips is with multiple lots. That's alot of money with one currency in a short period of time.
DeSoft
Another thing that I would recommend is using trendlines to find potential support and resistance. I would start with the 240m timeframe and work my way down the 60, 30, and even 15. Using the market dynamics is some of the best ways that I know to find when to hit the gas.
DeSoft
Very strong support on USD/JPY @ 114.85. Holding to see if it will break.
DeSoft
Has anyone figured out how to add an alert yet? Thanks.
DeSoft
Yes that's exactly what I have been asking for.
If we get all the "roadblocks" on the freeway like pivots, trendlines, significant MA's and fibs, then we will have a clear picture of the road ahead and how far price is likely to go before reversing or halting.
This would help with TP and stop placement.
We would then have a system superior to FXmoneymap
Mike4X.
For those who like to use pivots....here is one that uses different time frames, monthly, weekly and daily. If you see a grouping of S/R lines then that could possibly be strong S/R. Enjoy.
DeSoft
One more possibility, attach the DeMark Trendline indicator to your charts. It draws trendlines from high/lows according to DeMark and signals when the trendline is broken. It also plots a potential take profit level. Again, stops should be placed at the last swing high/low. Take the trade in the break on the close if all roads are a go. You can change the colors to suit your needs. Choose between either the 5m or 15 min. Even works on 60m. Enjoy.
DeSoft
Nice indicator. Thanks for sharing.
One more possibility, attach the DeMark Trendline indicator to your charts. It draws trendlines from high/lows according to DeMark and signals when the trendline is broken. It also plots a potential take profit level. Again, stops should be placed at the last swing high/low. Take the trade in the break on the close if all roads are a go. You can change the colors to suit your needs. Choose between either the 5m or 15 min. Even works on 60m. Enjoy. DeSoft