ForexMorningTrade System

[Smiffy42]

Seems to be using the pivot as a trampoline.

 

[GilR]

GilR, don't read this post please! :innocent:

Hey, Suresh, Mario,
Daily Pivot is at 1.5650
R1 is at 1.5706
S1 is at the same level as monthly pivot at 1.5558
Weekly pivot is at 1.5574

:whistling

P.S.
Goodmorning

Ok, I will bite!

What is the significance of going thru the daily pivot ... should you just sell then because it will continue south?

Do think we may have a problem with the gap at the open today and it will try and close it?


I am not in the trade today, but barraching for longs:clap:

Gil

 

[GilR]

Seems to be using the pivot as a trampoline.

It is alsi the 61.8 fib level

 

[Fabius]

It is alsi the 61.8 fib level

GilR has been infected by the dark side of the Force

Regarding your last question, I guess that daily pivot is acting as magnet if you are far and support/resistance depending on which side you are.
Oscillators and candle patterns help you to determine what to do at this level.
At least I stay aside and watch how price reacts on it.
Are you noting bounces and on this level and callings to come back if the price go away for awhile?
If it breaks down with strenght and the indicators or the patterns confirm, maybe it gives a signal to go short unless the price turns and retest the level now become a resistance instead of a support.

 

[GilR]

Ok, I will bite!

What is the significance of going thru the daily pivot ... should you just sell then because it will continue south?

Do think we may have a problem with the gap at the open today and it will try and close it?


I am not in the trade today, but barraching for longs:clap:

Gil

It may have bounced nicely of the gap ... but then ... who knows!

 

[Fabius]

Now it seems it's going to retest it

 

[Fabius]

Today Gbp/Usd is behaving like my ex-fiancée: always changing its mind without giving me a chance to plan anything !!!

 

[Mario Loops]

Now it seems it's going to retest it

I think your ll be ok today(hope)should hit target

 

[Smiffy42]

Today Gbp/Usd is behaving like my ex-fiancée: always changing its mind without giving me a chance to plan anything !!!

 

[Mario Loops]

today gbp/usd is behaving like my ex-fiancée: Always changing its mind without giving me a chance to plan anything !!!

lol

 

[Fabius]

...
Do think we may have a problem with the gap at the open today and it will try and close it?
...

Uh, the gap!
Since it started from the sma200, I guess it's going to close it then bounce back on this support and head toward our TP :cheesy:

Mode "hope" on

 

[GilR]

Uh, the gap!
Since it started from the sma200, I guess it's going to close it then bounce back on this support and head toward our TP :cheesy:

Mode "hope" on

Would you count it filled around 1.5625?

If so would pay to move your SL from 1.5626 to say 1.5620 to give it a chance?

 

[Mario Loops]

Would you count it filled around 1.5625?

If so would pay to move your SL for 1.5626 to say 1.5620 to give it a chance?

Gil
Do you trade gaps? i never thought they matter on forex i use to trade gaps on indexs,i have market real data feed i could say what gap,only metatrader shows gap

 

[bluedancer]

I was closed out at -17.5 pips at 1.56423, also lost on my GJ pair -36.8 pips, both on my demo. I did not expect price to go back up without a stronger correction so I did not take the live trade... onward to the next trade!

 

[Fabius]

Would you count it filled around 1.5625?

If so would pay to move your SL from 1.5626 to say 1.5620 to give it a chance?

Around that level, yes.
My SL is @ 1.5620 i.e. 40 pips from my entry point at 1.5660.
Although I like to be aware about the environment I am trading in, with FMT I am trying to stick to the rules (and a fall of 31 pips to 1.5629 is hard to bear ).
With a 20 pips trailing stop I would have been stopped at +2 but since Mark suggested to move SL to BE at +24 and the price never touched that level, I am still having 40 pips SL at 1.5620.

Who is in yet? :|

 

[GilR]

Gil
Do you trade gaps? i never thought they matter on forex i use to trade gaps on indexs,i have market real data feed i could say what gap,only metatrader shows gap

Mario

No I dont, but they almost always get filled. They are like a magnet.

Unless this trade gets a major kick up the "b" I think it will just drift down to it.

Maybe you could help your fellow traders and buy a few million :clap:

Maybe I need to do a backtest trading mondays with any irregular patterns at the open of the week

Gil

 

[Mario Loops]

I was closed out at -17.5 pips at 1.56423, also lost on my GJ pair -36.8 pips, both on my demo. I did not expect price to go back up without a stronger correction so I did not take the live trade... onward to the next trade!

Hi Blue
What was your back testing results on gbp/jpy is that not a dodgy pair to trade

 

[Mario Loops]

Mario

No I dont, but they almost always get filled. They are like a magnet.

Unless this trade gets a major kick up the "b" I think it will just drift down to it.

Maybe you could help your fellow traders and buy a few million :clap:

Maybe I need to do a backtest trading mondays with any irregular patterns at the open of the week

Gil

I have a sell order at 15700 failure of 76 so i think they will hit target it might take all day

 

[bluedancer]

Hi Blue
What was your back testing results on gbp/jpy is that not a dodgy pair to trade

Yes Gbp/jpy did not look good on the back test, but I don't recall if I did one with the new rules, ie 80 tp with be at 24 and trailing of 40. Just trying it out for comfort sake. Now I wish I hadn't as my demo does not look as pretty...

 

[bluedancer]

Today I admit I was influenced by a report on FPA and also I was too tired to focus... if interested: http://tinyurl.com/2v2ghqw