XO_Method REVISED - page 28
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KBLE is great !
I took that trade and made 37 p, but the XO 240 doesnt respond to mine.
Did you open yours recently or you have different setup?
Yes one of my computer has bogus, so i restarted, sorry.
And no , i don't change the setting for the 240 min (sorry for late reply
)
Big Joe, I noticed that your chart does not have the Woodies CCI. Can you explain your reason for deleting that indicator? Also, what do you think the Stochastic adds or how do you utilize it in your trade decisions? I guess that is really my question--what is your exact thought process as you decide to enter a trade? What would keep you out of a trade that was signaled by both XOs? Am I wrong to be getting really exited about this method? I can, however, see how many people would not utilize it because of the lack of an ea or alerts, but if I can get the kind of results I have been seeing for the past week, I can stay up and watch the charts, no problem!!
Valeo make a wonderfull job, and all what you need (the rules) is in the first posts of this thread.
I personnally remove the cci, because it's my trading style.
Thanks Big Joe. I look forward to posting my result with the xo method. Last night's GBP/JPY moves pushed me toward making the adjustment to the xo as you recommended. I'm watching both at the present time.
If you are a new trader, i don't recommend to trade the gbpjpy, or you can only on demo accounts.
"The beast" as we call it, is really dangerous.
If you want my opinion, on gbpusd, there's enough to do.
Happy hunting
I don't know what to call myself, as I have been studying this forex market for 3 years, trading some real money but never jumping in with both feet, but seldom did a day pass that I wasn't watching the charts. 2008 is the year where I either prove that I can trade for a living or I have to go back to a job. I have set aside a decent amount to trade and that is what I can afford to risk. So far so good but my completely accidental stumbling onto this xo method almost seems like a godsend. I had settled on a system based mostly on the 50 cci and %r30. The xo system fits right in and is very consistent with what I have been doing for the past few months. I know of the risks and rewards of the GBP/JPY, stayed away from it for a long time, but have become somewhat "comfortable" with it, always trading fewer lots than I do on other pairs, so that I can deal with those large pullbacks. I don't believe you can trade it with less than a 50 pip s/l so I factor that into my money management. I watch it, the AUD/JPY and the EUR/JPY on one monitor and when they move in the same direction, there usually is money to be made. Of course, who would consider the Eur/Usd to be a volitale pair but how about that move earlier today--a 200 pip drop in about 35 minutes. There is no certainty in this market. I believe the GBP/JPY can be traded successfully if duly respected but I know of its ability to bite you in the butt at any time. However, thanks for any advice or guidance. I don't claim to be an "expert" but more like a graduate student attempting to prove that he can do it in the real world. So for you all who are proven successful traders, post up and an all advice--it will be greatly appreciated.
JoeSDF's slogan "A trader's greatest enemy is boredom" is so true to me. That is why I love this method being based on the 5 minute charts. I drive myself crazy waiting for even 15 minute candles to close. I had been told by so many people to never trade the 5 minute charts but I have always been drawn back to them. Maybe the its the boredom thing that makes the GBP/JPY and other JPY pairs so appealing--they move whenever they feel like it and as long as I am ready at the computer, they can give me some pips and keep me from boredom and distraction.
I have been watching the GBP/JPY on three different metatrader platforms this morning, one live and two demo. Royal and FXDD are showing similar xo bars but my Alpari demo gave me red bars on the XO2 (240) when the bars remained green on the other two platforms. I just set up the Alpari platform today. Could that be why it is different? Other ideas or thoughts?