In all honesty mate, no. All I did was draw 4 lines, top of the range, bottom of the range and then the distance of the range in each direction. When it breaks it usually goes 1:1 before coming back and if it stops you out and breaks the other way it's usually safe to trade the break in the other direction to end the morning break even. The danger is whipsaws so best to take two trades max (1 in each direction). This is all only over the last month though!
In all honesty mate, no. All I did was draw 4 lines, top of the range, bottom of the range and then the distance of the range in each direction. When it breaks it usually goes 1:1 before coming back and if it stops you out and breaks the other way it's usually safe to trade the break in the other direction to end the morning break even. The danger is whipsaws so best to take two trades max (1 in each direction). This is all only over the last month though!
Vaco
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Have looked at it and for me its best to avoid signals just before 8am and make sure i'm out before the news hits at 13:30,
The other option is to move to a larger tf after 1pm but I prefer to just trade the am and be done.
This week ej has been poor and I would have done much better trading the same setup on eu but hey, swings and roundabouts.
B
Black Swan
With swings and or position trading it has to become a lifestyle issue...24/7 but you don't need to be obsessed; limits, trailing stops, stops take care of the overnights, they simply have to. With small TF trading my results suggest afternoons only are the way to go (if you had to pick one session over the other)
Lord Flasheart
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No, my spread is about half that but I would shoot for less... If the range is 28 pips and the spread is 8 then I would cut the trade at +24 and stop would be 4 pips beyond high\low to account for spread
wackypete2
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This would be the US morning session for me. I usually have the best trades from about US 7:00am to 11:00am.
Peter
Hi Trendie, I took my myfxbook page down as I was margin called, I'm out of the game untill probably next year now. I'm still here reading the threads. Will probably place some demo trades until then.
I've explained what happened to me in this thread.
http://www.trade2win.com/boards/general-trading-chat/111662-alpari-uk-disaster.html
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B
Black Swan
Yep, from 1pm - 5pm is where the majorty of my small TF trading success was gained. Two quick points; are UK day traders conditioned into believing that they need to be up with the larks to throw their cash at the market? Also, by the time it comes to our late aft session, your mid morning, if you've had a bad (UK) morning you've generally not got the energy (or perhaps you've exceeded your daily loss tolerance) to attempt to 'win the day back'. And without a doubt, according to my record/logs, you've got more chance of winning back the losing positions in the afternoon session if you repeat the same edge etc....
Vaco
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I think it depends on the pair, for yen pairs the first 2 hours of the uk morning are the last 2 hours of the jap market so there is a lot of action.
for $ pairs it prob works out better to do the last couple of hours of the uk session whilst the us is open as well.
for $ pairs it prob works out better to do the last couple of hours of the uk session whilst the us is open as well.
Vaco
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out -23
feel like a right plonker now. I saw it was going no where but rather then take a hit for 5-10 I waited for it to hit my hard stop.
Thats me done till the new year, ej is been an **** anyway.
Dinos
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Don't like to disagree with you BS, but I day trade only, I use small timeframes / tick charts. I'm at work for 7:30, but dont trade until 8am, I'm always cautious regarding the 1st move after the UK joins the fray. Generally I trade the smaller / higher t/f confluence, Yes I am am conditioned, but conditioned to trade my set up, which historically has proven to be as effective am, pm, or evening.
I love my statistics, they have being part of my trading system for many years, they are broken down to every pair I trade, and then recorded hourly, eg: 8-9, 9-10 etc through to 9pm, sample data includes (not exhaustive), total trade set ups identified, winners, losers, minimum gain, max down draw etc etc, all recorded numerically and in percentage. Thes stats identify the most rewarding and unsuccessful periods etc etc, eg: I know if a trade comes say in between 10 - 11 am, the likehood of success, failure, max drawdown, max updraw, means, min gain etc, in years, quarters, months, last 30 days, 7 days.
So yes, I'm conditioned, not to just working am's, but to my trading system, supported by a large statistical data base to support my decision making process, it has taken years to build and is the backbone of my trading.
Best Regards Matey
Rob
wackypete2
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eur moved very little with all the US data out. There is no clear trend at all today. I'm probably going to stand aside all day. Not much decent trading to do until after January 1st.
Peter
Peter
Lord Flasheart
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you was in brazil last week,what do you do, nice lifestyle
pocrel
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,
airline crew LF, so i am all over the world but london is my base, its a bit of a hindernce ssometimes as when your on a plane you cant trade and sometime zones are not great especially for me i find the far east morning session a bit boring
but you have to adapt to your time zone and make the most of it:smart:
B
Black Swan
Nope, you disagree with me all you want, I havn't got all the answers and you have to remember I havn't really traded anything below half hr TFs for any (significant) period of time. Obviously the volume/action depends on the pair, and we can all be fooled by the randomness, but IMHO it's "all about the Benjamins"...
Lord Flasheart
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trading is boll ocks at times
my last gbp trade lost, i posted that there was an ej trade at the same time which i didnt take. why didnt that go the other way for me. Thats a difference of over 80 pips
my last gbp trade lost, i posted that there was an ej trade at the same time which i didnt take. why didnt that go the other way for me. Thats a difference of over 80 pips
