April '04 Forex

[FetteredChinos]

aww i was enjoying the company in here.

we've got a lovely marrowbone jelly feast going on now.

and goober is going to amuse us by chasing the neighbour's cat later

 

[The Wanderer]

Yup

Still in the game Neil

Tomorrow is another day-hopefully not such a bruising one :| :|

 

[Goober]

FC.

Love your avatar.

Don't know know if I'll be joining you in the doghouse tonight - currently +16 pips.

 

[ChowClown]

...go euro go :cheesy:

 

[ChowClown]

Goob, I'll be tempted to lock in profit around 1950, if that breaks up then I see next resistance around 2030.

 

[ChowClown]

6pm closes the trade out for +13. Began live trading the 1am-8am BO variant of JT's system last friday.

Fri: +54
Mon: +52
Tues: +13

 

[FetteredChinos]

smart work chow, i like your style...



send some of the moolah this way please.

FC

 

[Delmonico]

Hi guys, have been following this thread with HUGE interest. Am also an index trader looking for a new fix!!!!
On JT's breakout system, did I read it right about a 35 point stop, or have you guys just tried to make it more workable. Also is there something about, if trade on breakout not implemented within 2 hours then forget it for the day.
Last question does it matter what direction the breakout is in(ie, in the direction of the 7-10am bar) or is it simply a breakout in either direction
Sorry, for all the questions, but am about to start with real money and just wanted to clarify with guys who actually use this system.
Thanks in advance and keep up the great commentary
Cheers

 

[JonnyT]

Hi Delmonico,

The Spot On thread I initially posted the system with no stop.
Later I modified it to 35 pips to reduce drawdown a bit.
This system is the breakout of the 07:00 to 10:00 bar UK time in either direction. i.e. the first break of that bar.

Others have suggested modified versions trading a break of the 01:00 to 08:00 bar but taking no trades afer 10:00am

If you are going to trade with this method you must be realistic and accept you might get 5 or more losers in a row and will probably have winning trades < 40% of the time.

HTH

JonnyT

 

[neil]

The original system showed a profitable long today - about 30 points

 

[Goober]

Chow

Well traded yesterday. I closed slightly later than 18:00 and only got +4. All in all, I was pretty pleased after a rough ride during the day.

I think the secret to the BO system is to let it run in the background and not to be spooked by intraday movement.

Here's to a successful day today!

 

[Goober]

@#*@##**

I hate it when the hourly bars before the 08:00:01 to 09:00:00 bar set a huge range such as this morning on EUR and Cable!

 

[ChowClown]

Mornin'

Good on ya Goobs. You're right it's sooo tempting to meddle.

The 1 & 2 hr chart trend looks up, 5 min it's down - we might keep out the dog house tonight if 1950 breaks up, we'll see.

Have a good day everyone.

 

[FetteredChinos]

morning all. well guys, i did some thinking , and ive decided to stop chancing my arm on silly trades. so

1) im gonna stick to the rule for the breakout systems

2) only trade reliable patterns/signals.

with respect to 2) i have gone short on cable from

1.7891 because:-

round number rejection
MACD heading down on the 30 min chart, coupled with declining RSI.

this is a position trade, to be closed out quite some time from now. but still closed out today.

stop just above 1.7920

FC

 

[Goober]

Chow

Stop entry orders for today are:

EUR L 1.1953; S 1.1873
Cable L 1.7972; S 1.7846

Today, I'm going to investigate Swissy and Yen - must investigate all options to lose money!

 

[Redben]

I see old 1950 has been breached on the Euro, although it was forcefully rejected. Target for going long is around 1935 for me, and looking to see 1950 easily taken apart and a head up to 1.2000.

Key area at the moment, around 1920 ish, with possible RSI bear divergence on the 5 min chart mixing the signals? Not sure about that though...

Ben

 

[Goober]

Hello FC

As an old dog, I've always been interested in trading chart patterns with oscillator divergence as confirmation - something to do with the distinct lack of computers when I was learning to trade!

Newtron Bomb discusses some interesting set-ups on his Forex Trading website i.e. 1-2-3 Reversals and 2B Reversals. These, coupled with oscillator divergence confirmation, work well on forex.

I'm currently investigating Gann Trading on forex, which shows some promising results.

 

[Mr Chill]

Hi Goober,i've been following the USD/CHF and it seems to do very good at times ,not sure whether its worth trading 3 or 4 different currencies though as opposed to just trading the euro ,

 

[FetteredChinos]

cable is starting to fly south. stop moved to 1.7890 to lock in +1 lol

oscillator divergance is always a good tool. but i must learn to use it when confirmed by other factors. ignoring the fact we were massively bullish on monday cost me dear.

im getting there, just need to learn that Forex moves slightly differently to indices.

plus money management. be good chinos, be good.

good luck y'all today

lets have a good one. marrowbone jelly tastes crap after a while!

FC

 

[rossored]

FC -

may I ask why you placed your stop at 1.7920 when you were short at 1.7891? A more logical place for the stop to be would have been above the recent high at around 1.7905 surely? It could be taken that a breach of that high would signify failure of the lower high, and a strong sign of a reversal.

Not critisicing, just curious you understand.

I am looking into FX as an alternative to my current instrument, and from reading your comments, none of you fellas seem too keen on locking in profits or playing with stops fairly close to your entries, so I am curious as to the reasons why : from my dabbles of late, FX seems to respond much as any other instrument in terms of price action, thats all.

RR

Edit : just to give you an idea of what I mean - I went long on eur/usd today at 1.1887, with a stop just under 877. Then moved t b/even as it moved away from 892, and a bit more as its now moved up from 909.