Pro Scalping, by Tommy Charles - page 11
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
The time here in North Carolina, on the East Coast of the US. When it's 5 here it's 9 in London.
It's just called "Eastern Time", not "Central Eastern Time." You can either have "Central Time" which is 1 hour behind "Eastern Time" or you can have "Eastern Time", but there is no time zone called "Central Eastern Time."
By the way, thank you for your system here. What about the -200 the other poster spoke of at the end of June?
Oh, I see you answered the -200 question already, thank you.
Oh, I see you answered the -200 question already, thank you.
Thanks for clearing up the time zone thing, I had it confused.
You should never incure a 200 pip loss with any system, period. Not in a single trade, or a single day. Stop loss, stop loss, stop loss. No system will work if you don't know when to search for greener pastures.
here's my trades so far tonight, I made them on EUR/USD, they are all sell trades. This is to show that a strong trend always gives way to flatness that can be taken advantage of. The hourly charts can be misleading. They will give you the high and lows, but only tick charts show you the exact price movement of the currency pair. It would be interesting to look at EUR/USD's data from last week in excel to see exactly how many solid sell trades you could have gotten into even in that big up trend.
Notice the summery in the pic above, -27. Now look at the pic below. I've netted another sell trade, and the gap between my pocket and hole is getting smaller.
A little clarification on Stop Loss
I just wanted to clarify exactly how I play the stop loss. On your Trading Station you have an accounts tab ( I use FXCM but I presume that all stations are similar) that shows you daily profit/loss. When you are locked in to two trades this value will stay pretty much the same. When your take profit is hit either way however this value will fluctuate relative to the value of the remaining trade. This is the value that triggers the stop loss. For example, if I exit a trade that leaves me with 15 in the pocket and a daily profit of 5 then unless I close the remaining trade for this profit the daily profit or loss will continue to be exposed to the market. If P/L goes to -20 then I would have to close the trade at a loss.
Cyclesurfer, i am trying to use it but aways the hole goes -23 bofere the daily target.
can you post here when you make your first entry today?
many thanks
Cyclesurfer, i am trying to use it but aways the hole goes -23 bofere the daily target.
can you post here when you make your first entry today?
many thanksCan you let me know what currency pairs you are using and whether you are going for 1 or 5 pips at a time?
eurusd
1 and 5, i have two instances of mt4 installed.
Also, what broker are you demoing with?
There is a subconscious conditioning that comes with enough time dealing in currencies, one becomes familier with with patterns observed in short term price action that give a trader a 'gut feeling' on whether it's safe to trade or not. In other words, if you need to use indicators, use indicators.