EJ Daytraders v The Rest of The World

Good morning guys,

The high on the EJ is 13342.5 +3 = EP 133.45 & the low 13312.4 -2 = EP 133.10 as evidenced by the 11pm - 6am time criteria.

I am up late again and have missed price romping away "long". If I am not at the PC any of you early birds who are able to be up at 6am could easily have set an order either way until one got filled and then just cancelled the other. Don't rely on me to be up at 6am.

Any way price qualified "long" at 6.45am at 133.45 and is currently trading at 133.57 having hit 133.62.

As you know I am trying to work with a small 20SL instead of 45. 45 would have been OK today as even getting to the safe range of 102 pips would allowed for 69 pips. I am not so sure I would have dived in using a 20 SL straight away as the candle pattern leading up to qualification looked quite erratic.

Anyway, can't do anything about it now, apart from waiting and hoping it doesn't go too far before turning back and going back at least 15 pips below 132.45 before going "long"
 
Well price romped away and there was no chance of a retrace.

The PT would have been the difference between the bandwidth and the safe range target = 57 pips.
This would have made the target price 134.02 which has yet to be reached. It could still do so. However, bearing in mind that the risk is 45 pips I like to protect this value as at least it gives me a free go on another day. Hence, the sensible approach is to try and get to the safe target, however, let price go past the 45 pip target profit first and hope to get to the safe target. If price retraces after passing the 45 profit mark then take 45 pips (i.e. change the stop to the 45 value or watch the trade and do the same if price has not gone far enough past to change the active trade parameters). This being so today's target of 45 has been hit.

If price doesn't hit the 45 PT then let the trade run until either it loses or expires at 8.45pm.

Incidentally, the minimum range to trade the EJ method is a range of 30 pips which was struck today.
However, should the range not be 30 pips at 6am we have to wait until 30 pips has been reached as evidenced by an M15 candle on the MT4 platform that produces it. We have to wait for this candle to close. The EP ranges are then determined by the high of the range +3 pips for a "long" trade and the low of the range -2 pips for a "short". If price is tanking along at this point then one may have to be very quick to execute a trade in the right direction.
 
Hi guys,

No trades for me yesterday as I missed the EP's

The 3 day average on the EJ is 108RRR and the safe range is 72R

11 pips showing so far so it could pay to rise early, however, that 72R looks to be a difficult one to make profit with. We'll see.

Back later
 
Very little movement overnight on the EJ. The actual range is 29.9 and my criteria says to wait until at least 30 has been reached. I know that the true range is so close but I think I will adhere to my own rules. Too small ranges are not that good for this strategy.
 
Well the short officially lost 40 pips. I exited my first trade for a loss of 22.5 pips and should have held on for B/E. I then set another (20SL) retrace trade at 133.009 with a 20SL & 30 pips target as I was out lunch. Came back to find a win for 30 pips, so gained 7.25 pips on the day.

A bit odd that the GU and EU climbed a lot higher than the EJ could muster today; but I guess that's the way it goes with FX.
 
Went to sleep in front of the TV. Let's hope we get more out of the EJ later
Average as follows: 118RRG, safe 78R
Current range on the EJ is 26 with a pronounced drop. Let's hope it doesn't go too far by 6am
 
Looks like the EJ has followed on from yesterday's rises on the GU & EU. A bandwidth of 104 pips leaves little scope for a "trend" type trade today. Possibly a retrace of over 50 pips and go long again but I think I'll call it an NQ day.

I may try a "news" trade on the GU near on or just after 9.30am

Good luck to any one trading the EJ, I think you'll need it
 
Good early morning guys, I set a trade "long" at 133.20 instead of waiting until the BRN had been hit and bailed out with a loss at 13.5 pips. Had I set it correctly I could have won 50-60 pips. No matter, on we go.

The 3 day average today is 106RGG, safe range 70G. 14.8 pips showing so could be a trade after 6am
 
Up late this am. The High on the EJ 133.56+3 = 133.60 and the low 133.01 -2 = 132.99 = a 61 pips range. Just 9 pips from the safe range and 45 to the 3 day average.

A friend pointed out a sharp move upwards on the GU at 6.30am, so whilst the EJ qualified short at 132.99 this morning I was very much put off by the GU move.

"Whilst it is very annoying and frustrating to miss out on a winning trade it is getting one’s self involved in a losing one that will cost you money."

I'll pass atm. If I'm around and price gets to around 133.40 I may try a "salvage" trade by going "short"
 
Hi guys,

The EJ has been marked down by about 100 pips.

Normally I would try and trade to fill the gap, but the EU has done the same thing, so I'll wait and see what happens over night

Who knows it could pay to follow suit on the EU after seeing what the EJ has done
 
Good morning everyone,

Looks like there has been some movement overnight on the EJ and produced a range of 57 pips.
The way I see it, the high since Friday's close is 132.93 & the low = 131.74 = 119 pips including the mark down.
Price is closest to the bottom end of the box and about 35 pips away from the low of 131.74 at 132.09
However, to get to that point it has to pass the BRN.
I am inclined to leave it for now and wait for either a move upwards so as to go short or at least let it get past the BRN and rise again before going short.
Looks a bit messy either way.

Going long at 132.41 looks to be a false trade to me (the high since 11pm +3 pips), however, going short at 131.78 ( the low since 11pm - 2pips),though not false, seems rather optimistic to extend 119 pips. I do wish that the BRN wasn't in the way.
 
No trades for me yesterday
This USA budget/lockdown is playing havoc with the markets and will continue to do so until resolved
Whilst it all goes on one would expect the GU & EU to rise but the big boys know that and one should also expect retracements
The average is as follows:
EJ 118GRG, safe 79G
 
Good morning all,

Looks like the GU & EU and to some extent the EJ is on an upward move following the US partial "lockdown" of the economy

Are you tempted?

The safest option appears to be to wait for a retrace downwards in excess of 30 pips and then go long aiming to get at least 30 and use a 20SL
 
Looks like I got it all wrong today. Strangely enough, if you check back on the GU, EU & EJ daily charts one might well suspect that the markets knew all along that the Americans would pull their recent stunt as they have been steadily climbing for some time recently.
Anyway it looks as though there will be some days of sluggish movements until the US resolves its government funding problems or could it go until past October 17th when the US has to review its debt limitations? Looks like a nightmare for the American people with the Government acting so irresponsibly. Still what's 17 trillion to them anyway; they can always print more money, can' t they?
Meanwhile the 3 day average is as follows: EJ 122RGR,safe 81R
 
Price qualified short at 132.06 at 6.45am, but I didn't like the look of it as it was near a resistance level and the BRN. It went on to win at least 40 pips but I didn't play it.

From 132.06 there were 26 pips to the safe range and 65 to the 3 day average hence it could have been a play.

I tried going short at 131.84 after a retrace but the EU & GU have decide to go long so i have pulled it for minus 1 pip!
 
Hi Guys,
The average is as follows:
EJ 131GRR,safe 87R
Looks like the GU & EU are performing most predictable whilst the USA continuously locks itself in against compromise. The EM EJ performed well today and I didn't take it.
No real movement yet on the currencies
Back later
 
Very interesting. It looks as though the EJ has taken its time to catch up to the upward moves that have been shown in the GU and EU.
The range of 88.2 (before brokerage) means that the safe range has already gone, though there is about 40 pips to be had to get to the 3 day average! Once again, qualification for a long at 133.03 means that there is the problem of the BRN to overcome. I'll sit on the fence for a while

The recent high is about 70 pips above the 9pm close. It occurs to me that the sensible thing to do is wait for a decent retrace say 35+ pips. look for a sign of the resumption in the trend and go long. I would have got caught out using a 20SL yesterday by 1 pip, so reluctantly I may have to use a 30SL to overcome the twists and turns that the EJ goes through in order to hit target. And since i don't like setting trades with less than a 1:1 profit ratio I would aim not to exit the trade until this has been reached.
 
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I did enter a retrace trade on the EJ and lost 21 pips as it didn't work out. No matter there is always another day.

The 3 day average is as follows: EJ 114RRG,safe 76R

No real movement as such so we all better be prepared for NFP day tomorrow
 
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