Parabolic SAR - that's all!

[robstyle1980]

Hey Akram

Yea, I jumped on it too. Will keep watching it to see where it will go. Will also keep in mind that you mentioned UK is to announce the interest rate drop.

Dale,

I can see where being patient is key. I'm not trading live, but I'm trying to pretend that I am... attempting to get into the frame of mind when one is trading live. Well, I've held a long position in AUDUSD for some time now and it's really tempting to take the "profits" and run. I keep having this feeling that it will inevitably start to drop and I want to beat that... however, I still have this nagging feeling that it will stay on this trend and that I need to just stay in and see what happens. Well, I will because it's a demo account and I really want to see what happens... but if I was live, I think I would've totally closed the position and taken the profits.

I shall see what happens.

[pip huntter]

[quote=robstyle1980;24185]Hey Akram

Yea, I jumped on it too. Will keep watching it to see where it will go. Will also keep in mind that you mentioned UK is to announce the interest rate drop.



Rob,

Let us see what will happen but i think we need some patience on these pairs as the market will be dam slow today coz it is a vaction in the far east today.AND i think till the end of this week i am not sure may be Bocajunior will tell us about this?

Akram

[Bocajunior]

Originally Posted by pip huntter

Let us see what will happen but i think we need some patience on these pairs as the market will be dam slow today coz it is a vaction in the far east today.AND i think till the end of this week i am not sure may be Bocajunior will tell us about this?

Akram

Guys,

It would appear that China and Hong Kong are closed today. Japan and Aus are open as normal.

China is closed for 1 week national holiday.

Cheers

[forexology]

In these two trades.

EUR/GBP looks good except for the Stochs not very high. BTW guys with Oanda which line should I use, the blue line or the white line for getting the number for stochastics. Since I'm 10,3,3 I'm assuming its the white line. One more to review from either pipsology school or the platform.

The GBP/CHF has a nice MACD upswing and cross. Stochastics above 50, in fact already at 92 on my chart. Does this mean that the pair is too overbought for the trading rules, or should we enjoy the MACD ride.

[Bocajunior]

Good day all,

Here's the latest on my positions.

2 new PSAR entries today. EUR/GBP Short and GBP/CHF Long. I have also re-opned my XAG/USD Long position as I was stopped out on this on the 3H timeframe for a large profit and now the 1 day trend is going back in it's original direction.

Open Positions
AUD/JPY Long (Re-opened position after reversal signals on 3H time frame)
EUR/AUS Short (SL set on 3H timeframe to lock in profits)
EUR/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/CHF Long (SL set on 3H timeframe to lock in profits)
EUR/GBP Short (New PSAR entry)
GBP/USD Long
GBP/CHF Long (New PSAR entry)
NZD/USD Long (Re-opened position after reversal signals on 3H time frame)
XAG/USD Long (Re-opened position)

All of the above are showing profit with the exception of EUR/GBP, GBP/CHF and XAG/USD as they not moved enough yet to cover the spread.



Closed Positions
GBP/USD. Closed manually for a loss after Fed rate cut. -50 pips
USD/CAD Short. Stop Loss on reduced time frame for +350 pips
XAG/USD Long. Stop Loss on reduced time frame for +5000 pips
AUD/JPY Long. Stop Loss on reduced time frame for +180 pips
AUD/NZD Short. Stop Loss on reduced time frame for +100 pips
NZD/USD Long. Stop Loss on reduced time frame for +190 pips

No new closed positions to report.

Cheers

[Bocajunior]

Hello again,

Ok, so I took GBP/CHF Long position today based on signals on my Oanda platform. I also have a demo account over at Northfinance with an MT4 platform so I thought I would take a look at the charts there.

Playing around with the trendlines (I'll be honest here, I don't really not what I am doing) I drew a channel and it is possible that the upper trendline could be used as a profit target for this pair (2.0470). Whether I use this or not is another story. Have a look at the attached chart.

I have some platform questions if anyone is using Northfinance or MT4.

1. MT4 is a platform that is used by many brokers. Is that correct?
2. On Northfinance, there are only 12 currency pairs. Are there any more?

I find the charting elements on MT4 to be excellent. The account management of your positions etc is not so good though. All opinions welcome.

All the best

[timbaboy]

Hey Rob,
Thanx for the image and explanation, it does help a lot, I just need to get that customized MACD in to use and will see how it goes.
Unfortunately I am still doing my daily job and (DEMO) trading just when I have free time, so I will try to get this indicator in to use today eve when I get back home, I am +3 GMT BTW.

Thank's again,
Will talk to you soon,
Best regards,
Timbaboy

[robstyle1980]

Timbaboy,

No problem at all. Glad to help. Yea, I didn't understand what they meant by MACD Cross till I got the little download. Then I was like, ooooooh! And my world changed! LOL

Bocajunior,

I enjoy MT4 very much, though I haven't really used any other platforms other than some of the ones that come with demo accounts. I've yet to go live with it, or with anything for that matter as I'm still new and would really like to wait before I am sure about going live. With MT4, I enjoy being able to customize everything, I can easily draw and make symbols on my charts, they have a good selection of indicators and the ability to customize and add to them, and I can quickly manage orders by right clicking on the charts or in the history bar and I can easily hit F9 to bring up the order menu. I enjoy being able to create profiles and chart templates to easily bring up your chart setups when you create a new chart. This is also where my complaint comes in. It does get rather annoying when creating a new chart, you have to go through and pick your template and then time frame... it doesn't have the option to use a default chart template. Other than that, I don't really have any complaints.

Currently I'm using the demo account through MetaTrader with MetaQuotes. I didn't receive through a broker, so I'm not sure how it will work with other brokers and what not. I can tell you that I currently show 34 currencies and that is if I right-click on the Market Watch bar and select Show All. Not sure if brokers who use MT4 as their platform control this or not as what currencies you are allowed to trade and what not.

My next step is finding a broker and I prefer to find one that uses MT4, but I think if I find another broker that is really good that doesn't use MT4, I'll end up using MT4 for all my charting needs.

I've been searching brokers and reading broker reviews, but maybe you all could give me some tips? I know who Dale is going to tell me to go for! But I just want to check out all options and hear all opinions before making a decision. It just seems when you read reviews, you get just as many for a certain broker as you do against.

[Bocajunior]

Rob,

Thanks for all that info in MT4. I will go back through my plaform and see if I have the options you mention. For charting, Mt$ seems to be excellent.

I am also looking at Delta as sugested by Dale and by looking at the charts he has posted here, it does seem to be a good broker with a lot of choice. The navigation of the platform requires further study though as I am fining it difficult to find my way around. I really nee dto sit down with a cup of tea and and have a good run over it.

Today I have gone through the application process at Oanda to open a FX trade account. I am already there on demo and I like the easy to use plaform. Charting is not the best but I can chart on demo on other platforms etc so is not a big problem. I am not saying this will be my only account as I may open others to gauge them etc.

I have also used platforms at FXCM and Forex.com and while both are ok, I likes Oanda and MT4 ahead of them.

Thanks again.
Scott

[timbaboy]

Originally Posted by robstyle1980

Timbaboy,

No problem at all. Glad to help. Yea, I didn't understand what they meant by MACD Cross till I got the little download. Then I was like, ooooooh! And my world changed! LOL

Bocajunior,

I enjoy MT4 very much, though I haven't really used any other platforms other than some of the ones that come with demo accounts. I've yet to go live with it, or with anything for that matter as I'm still new and would really like to wait before I am sure about going live. With MT4, I enjoy being able to customize everything, I can easily draw and make symbols on my charts, they have a good selection of indicators and the ability to customize and add to them, and I can quickly manage orders by right clicking on the charts or in the history bar and I can easily hit F9 to bring up the order menu. I enjoy being able to create profiles and chart templates to easily bring up your chart setups when you create a new chart. This is also where my complaint comes in. It does get rather annoying when creating a new chart, you have to go through and pick your template and then time frame... it doesn't have the option to use a default chart template. Other than that, I don't really have any complaints.

Currently I'm using the demo account through MetaTrader with MetaQuotes. I didn't receive through a broker, so I'm not sure how it will work with other brokers and what not. I can tell you that I currently show 34 currencies and that is if I right-click on the Market Watch bar and select Show All. Not sure if brokers who use MT4 as their platform control this or not as what currencies you are allowed to trade and what not.

My next step is finding a broker and I prefer to find one that uses MT4, but I think if I find another broker that is really good that doesn't use MT4, I'll end up using MT4 for all my charting needs.

I've been searching brokers and reading broker reviews, but maybe you all could give me some tips? I know who Dale is going to tell me to go for! But I just want to check out all options and hear all opinions before making a decision. It just seems when you read reviews, you get just as many for a certain broker as you do against.

Hey Rob,
When I read your posts I laugh, because you always mention you so new to this and yet you seem to be very experienced and helping, after I hear that you are new I don't even know what to think of my self anymore LOL
Ok, but 1 question, why would you need a broker if using this system, because it doesn't actually require to seat all day long in front of the monitor, but just a little while per day. Maybe I am wrong in this, please correct me if I Am.?

Thanx a lot for your help,
Best regards,
Timbaboy