The Only Pivot - page 136
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Choppy day indeed. My first long trade was closed out for -42*3 lots = -126 pips and entered a short which was stopped @ -76*3 lots = -228 pips due to the news release, GBP Interest Rate Statement. I missed the long trade. Got in on a short prematurely especially since the news candle had a very long wick and got out at +52 pips.
Long story short I ended the day -302 pips. This is one of those bad days which we don't experience much with this strat. Tomorrow should be better and I will recoup my losses.
TimeFreedomBecause it's been ranging in the last few days, I have dropped down to a 30 min time frame which has allowed me to pick up most of the move. In a trending market I wouldn't even consider 30 mins but has proven useful over the last few days. Gavin
I know that sometimes switching between timeframes help, but its not always the case. Sometimes it helps, and then at other times it does not.
Smaller time frames
I know that sometimes switching between timeframes help, but its not always the case. Sometimes it helps, and then at other times it does not.
I agree and I only drop down time frames in ranging markets. The GBPJPY has been ranging for a number of days but is still maintaining 200+pips from low to high. The problem I have found is that it takes just a couple of hourly candles between the high and low which makes entering the market extremely risky. Alternatively the 30 minute or 15 minute off the pivot has signals which are easier to trade.
I am only trading from 6 a.m. GMT so often miss the ealier moves which are more predictable. Point of interest for those trading the Asian session. Very often the GBPJPY price stalls\reverses at 7 a.m. GMT as the European markets open. Therefore I tend to close\tighten stops at 7 a.m. and then wait to see where it's going next!!
Gavin
Great! Keep up the good work.
TimeFreedom
Yesterday: -284, was not suspose to trade yest cos my weekly target of 250pips was already met on Wednesday. but emotions got me to trade thursday also.
Today: 339pips
So yesterdays loss covered and still profit of 55pips
so 305pips this weekYesterday: -284, was not suspose to trade yest cos my weekly target of 250pips was already met on Wednesday. but emotions got me to trade thursday also.
Today: +339pips
So yesterdays loss covered and still profit of 55pips
so 305pips this week
Thanks Time
Congrats to you too.
This is the only system which showed me there is Success in trading FOREX
Great! Keep up the good work. TimeFreedom
We share our experience with this system during live trading.If Intrested you join us .
http://www.skype.com/go/joinpublicchat?skypename=jmuhil&topic=ForexGuru's&blob=1NZ1UfUEdtQoZfxpDlsJ80cavTKIN1yvtn0kWB9snmU6d0LEl-IES4jKsbDet1JPJaYWvnR1vBSmfvUy6dvRi9GBW7yQ
I usually login at 23:00 GMT/6 EST
Thanks
MJThanks to everyone who joined us yesterday in the chat room made +250 pips.
Thanks to all. Those who did not join see you all soon.
MJ
Yesterday: -284, was not suspose to trade yest cos my weekly target of 250pips was already met on Wednesday. but emotions got me to trade thursday also.
Today: +339pips
So yesterdays loss covered and still profit of 55pips
so 305pips this weekpeterdias77 do you trade every arrow?
and do you use arrow in opposite direction to stop you out, if the trade goes against you?
A better day today to trade GBPJPY. The short signal was clear and easy to trade. +160 pips for the day.
Note: I lessened my exposure to the market and now trade with two (0.20) lots instead of three. I open with two (0.20) mini lots on 10K standard account. I close one (0.10) mini lot at +50 pips and move the SL on the remaining (0.10) lot to BE+1 pip. At +100 pips I move the SL on the last (0.10) lot to BE+50. I close the last lot at +110 pips. The max SL is -75 pips.
Note: Enclosed you will find the preset for MTP for the new MM.
TimeFreedomDo you hedge or let the SL or new opposite signal direct your trades?
I do not hedge. Either my SL is hit or I reverse the trade based on a new signal.
TimeFreedom
Do you hedge or let the SL or new opposite signal direct your trades?