Between 40-100 pips per Day

[currency07]

Hi James,

This is great system, i am new into forex, I have been testing your system on demo account for last two weeks i am getting it right 6-7 times out 10.

Question for James.

I am from Uk as well is it best to use a uk based trader or i can use any trader like Oanda Marktiva, Fxsol?

Would you recommend any based trader I would like to open account in ac in £.

Thanks for your help.

Jav

[dlw1999]

Originally Posted by perfectsun

Well

I went short and did some pips.

I am thinking about this one right now:

Looks like you made a good trade on the Euro. I do not ordinarily watch the USD/JPY, the price action tends to very choppy.

[dlw1999]

Originally Posted by mike6nov

On Cable, it looks like we have an inside bar forming now on the 30 minute chart. Plus it's right on the daily pivot R2 and the lower channel trend line. What do you think?

I did not see what you were watching. Here's what I watched from the European open on the Cable. IB formed on the 30min, looking for a break of 1.9934 for a short entry. Continued down through yesterday's low at 1.9881.

Came back to test up on the BOE rate announcement. IB formed again looking for a break at 1.9885 or a break of yesterday's low again at 1.9881.

Exit signal according to this system comes on an oversold condition, stochastics crossing to the upside in this case and price forming an IB. Exit at 1.9827. +102 pips.

I continue to like the higher time frames to eliminate some of the "noise".

[dlw1999]

Originally Posted by perfectsun

Hello all,

Ok here is another one, lets analyse together, what would you do?

Maybe we can chat: my skype:Perfectsun

Sorry I missed your post this morning. I looked at the 15min Euro, price seemed a bit choppy. Look at the 1hr Euro chart attached. Looks like nice IB with declining stochastics. Entry on the short side at 1.3549 exit at 1.3514 top of the next IB with stochastics turning up. + 42 pips. Price continues to decline now at

Got stopped out of the GBP/JPY trade we talked about yesterday. Helps to take half profit and move stop to breakeven, if you are looking for a higher target.

I did not make this trade, but did have a good morning with the GBP/USD.

Check your Skype account I did send message through (david.wright1999)

David

[mike6nov]

Originally Posted by dlw1999

Here's what I watched from the European open on the Cable. IB formed on the 30min, looking for a break of 1.9934 for a short entry. Continued down through yesterday's low at 1.9881.

Came back to test up on the BOE rate announcement. IB formed again looking for a break at 1.9885 or a break of yesterday's low again at 1.9881.

David - one more question. When the buying started after the BOE announcement, where did you have your stop at that point and why did you not exit the position (given that there was quite a rally)?

Thanks
Michael

[dlw1999]

Originally Posted by mike6nov

David - one more question. When the buying started after the BOE announcement, where did you have your stop at that point and why did you not exit the position (given that there was quite a rally)?

Thanks
Michael

Look at the attached 1hr chart, then look back at the daily since May 1.

A good solid sell signal came yesterday morning when the pair failed to get above 2.0000. Followed by a short entry signal at the bottom of the IB 1.9964. I did not take the entry then because of all of the central bank announcements to come.

Today we knew that the pair had already broken yesterday's low in advance of the BOE announcement, not a strong bullish signal when the market was already expecting a 25bp increase.

So I never changed my stop from breakeven on the initial move down through yesterday's low.

David

[coffeemug]

Originally Posted by mike6nov

Wrong again! Actually, i could have gotten out of the trade for a profit of about +6 pips if I had been fast enough, but I let it ride and hit my stop for -10. I've heard people talk in this string about sometimes only making a few pips in certain trades. How do you know when to close it and take those few pips of profit? Do you sort of trail an imaginary stop on a 2 minute chart? I'm confused because others people post charts up showing that they have ignored exit signals (under the rules) and go on to make even more pips. Is it just experience that tells you when to close and when to stay in? I seem too slow to exit trades at the moment and end up losing out on profit. I know this isn't "greed", it's more like the cable example I've just been talking about... Would love some advice on this.

Cheers
Michael

I had similar problems like yours, and i got over it by:

• Trailing stop, it is my opinion the best way to do this, but alas, oanda does not have one So I usually setting targets for my profit, say 10 pips a trade, so i put a take profit at 10 pips from entry, when it hits, the trade automatically closed. I know this way will seems like exiting too early, but I am the kinds that "secure the profit first, regret it" later kinda guy. And the pip I gained so far is not disappointing, positive pips makes me happy

• This one is i got from james, he said to Raise the stop loss every time u gained pips. say u have +10 pips position, raise your stop loss to +5 to secure profit, if it hits +20 raise it to +10/+15, the pip to raise is up to your discretion of course, this is better but you have to look at the charts often..which i dont like haha.

hope that gives u perspective

[james]

Originally Posted by currency07

Hi James,

This is great system, i am new into forex, I have been testing your system on demo account for last two weeks i am getting it right 6-7 times out 10.

Question for James.

I am from Uk as well is it best to use a uk based trader or i can use any trader like Oanda Marktiva, Fxsol?

Would you recommend any based trader I would like to open account in ac in £.

Thanks for your help.

Jav

Hi
I use Worldspreads they give you 1-2 pip spreads but dont have charts so you can use oanda demo for charting.


James

[mike6nov]

Originally Posted by james

Hi
I use Worldspreads they give you 1-2 pip spreads but dont have charts so you can use oanda demo for charting.

Also if you open an account with igindex.co.uk, they have an excellent live charting package that is browser based. Very good for using at work for example, as you don't have to download anything onto your PC (not that I would ever attempt to trade FX while at work, of course....)

Hope it helps
Michael

[dlw1999]

Not a bad day today in the GBP/USD. Survived the test of the 61.8 retracement of 1.9589 to 2.0131, 38.2 retracement of 1.9182 to 2.0131, the 55 Daily EMA of 1.9768 and yesterday's low of 1.9770.

The result was a buy signal on an IB on the 15min at 1.9767, on the 30min at 1.9776 and the 4hr at 1.9803.

The 15min chart was a bit erratic and may have caused an early exit, especially if you took the second entry at 1.9783. The news release in the opening of the New York session caused a move below the entry IB and the prior bar down to 1.9773.

Mike6nov asked how to avoid the losing the paper profits. One of the reasons we should all trade this market is that it "tends to trend". I'm not saying the whipsaw doesn't happen (see post#388), but once the market chooses a direction it tends to continue on for some time. For instance the general trend has been solidly down since May1 from 1.2071 to 1.9759 this morning, over 300 pips.

Even on shorter time frames it happens, today the trend has been up since the low and the entry signal at 1.9767 on the 15min chart. I made the entry on the 30min chart and waited for the break of the 1.9770 and looked for price to move back to the daily pivot at 1.9842 (which is the high for today on the nose).

I set my stop at 1.9760 (the bottom of the IB I entered on) and waited, rather than trail the stop looking to lock in 10 or 15 pips. It was agony at times as price struggled at the news release coming down below my entry, took forever to get through 1.9803 and finally moved on to the high at 1.9842

You absolutely have to follow the rules of your trading system and stops are critical to staying alive, but you also have to know where you are in the trend and where critical support and resistance lie. Sometimes the smaller timeframes can be like tunnel vision.

David