April '04 Forex

darktone

Veteren member
4,016 1,084
R we near a LT swing bounce?

we do seem to be near the weekly up trend with a lot of shorts in the market :eek:
 

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JonnyT

Senior member
2,560 22
I've had 6 consequtive big daily wins on the Euro so I'm afraid I have to disagree!!!

JonnyT
 

FetteredChinos

Veteren member
3,897 40
I think Mr Cryptic JT was replying to Newtron's earlier post about the Swiss franc being easier.

tell you what guys, i think i have "seen the light" with regards to forex. +500 pts in 3 weeks now :). Cable really does "give it some" doesnt it!!!

FC
 

darktone

Veteren member
4,016 1,084
DOH! i withdraw with head held low :cheesy: .

yep FC cable and E seem to alternate in which is best to play. Im not good enough to know when they switch so i stick with E. A word of warning if your an FX noobie is beware of cable..it can take as fast it gives ;).
 

Newtron Bomb

Experienced member
1,602 87
Hi JT

I dont disagree that E has given money as ive had a pretty penny out of it myself. I just thought that the CHF had been trading easier from the point of view of the analysis that i do when day trading fx.

FC
Nice one some hansom gains there for you

Happy Trading
NB
 

FetteredChinos

Veteren member
3,897 40
cheers Dark, i appreciate its not one way traffic.

and not wanting to blow JT's trumpet too much, im currently employing a diluted/tinkered form of his daily breakout system across the EUR, GBP and YEN versus the dollar. having 3 instruments smooths out the equity curve (yes i know 13 days trading is too early to tell) somewhat.

anyway, if only i had listened earlier, i dont think i will be going back to trading the indices other than via my ISA for a very long time..

cheers, and thanks for the advice again,

Claudio :)

sorry, FC
 

The Wanderer

Member
88 0
FC

Nice to see you doing so well.I have also had good success over recent weeks trading Euro/USD and GBP/USD using Johnny T breakout system.Cheers to Johnny T for sharing this with us-top man and much appreciated :D :D

Just a quick question-presumably if we trade CHF/USD we use the 3 bars to 10am UK time to establish our breakout figure as CHF is a European currency.However,should we be using different bars if trading Yen/USD bearing in mind time difference with Tokyo?

Cheers and sorry if this sounds thick :eek: :eek:
 

FetteredChinos

Veteren member
3,897 40
TW, i still use the 7am bars onwards.. these markets get traded 24 hr and are busiest during the overlap of the UK and US opening hours ie lunchtime onwards in the UK.

however i have only recently added the Yen to me bow, and i have found that it doesnt always get triggered according to my new rules, which is probably just as well - if i dont trade i dont lose. which is a maxim i would do well to heed sometimes. im still not sure if it is still a valid trading vehicle during the hours i prefer to trade, but fwd testing will reveal this :)

breakout systems have been around for ages now for all instruments (they are of course based upon support and resistance, so should do well), and it is this that suggests to me that JT's systems, and modifications thereof may have some extended longevity, compare to others.

hope this helps.

FC
 

FetteredChinos

Veteren member
3,897 40
Eurodollar 1.1900 providing strong support now. been tested several times so far. Cable is down down and away at the moment, so i would fancy EUR having another stab at it. got a sell order in at 1.1880. Fingers crossed.

FC
 

Goober

Well-known member
304 3
FC

I've also been trading a hybrid of JT's BO system, as follows:

Breakout of 2 hour bar (8:00:01 - 10:00:00am UK time) +30 pips with a 40 pip protective stop. Close positions at 9:00pm UK time.

So far, I'm up 159 pips from 10 trades (4 winners, 6 losers) with Max DD of 126 pips. Interestingly, all losers have been Eur/$ trades. And as we speak, Cable is heading south. :D
 
 
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