THE JOY OF CANDLESTICK TRADING - a Learning Experience

[mytwopips]

Originally Posted by VulcanClassic

Your boy looks like he just won 100 pips.

Thank You!

He's doing much better than his Daddy at the moment.

[damo989]

Originally Posted by tymen1

Hello Damo and welcome to this thread.

Thank you for the kind compliments.
I try hard to please.

Now since you also live in Perth, which suburb do you live in?
I wish to add you to the following thread, which I think you will find rewarding reading :

3 Members from Perth now 7 Members from Perth, Western Australia.

I live in Roleystone. A lil while away from the city but i enjoy the space out here

[damo989]

Just a quick question Tymen.

Which 2 currencies would work well between the times of 5pm-10pm Perth time? I have the 4 main currencies.

[FXCaribbean]

Hi,

I wanted to share my yesterday experience.

I use the PNC order type from DealBook as advised by GFT support. Trying to test everything at the same time, i unchecked the OCO checkbox of the dialog box...................

When you use PNC, DB actually make 3 orders. 1 for SELL (my case because i went short) and 2 to BUY (1 for your SL and the other one for the TP)

OCO means "Order Cancels Order" which means that all the 3 orders are linked together.

What happened :
I went short, my SL has been raised so i lost 10 pips : First bad news.
BUT, as it is not an OCO the last order e.g my TP, was still running !!!!!!!! I just forgot that !

Say 2 hours later, i was looking in the lower right corner to my equity which was obviously moving ! I suddenly realised what happened and went to cancel order. Too late, Total LOSS : 42 pips !

Do I still have to conclude ..... NEVER UNCHECK THE OCO IF IT'S NOT ON PURPOSE !

I updated #811 post .....




FXCaribbean
"Don't go where there is a path. Open a new one and leave a trail".
If you want to understand what we're talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live

[tymen1]

Originally Posted by FXCaribbean

Do I still have to conclude ..... NEVER UNCHECK THE OCO IF IT'S NOT ON PURPOSE !

Yeah, I know . Pity I did not tell you sooner.

But then, I never use that parents and contingents order - too messy.

When you know a trade is coming, eg you are on the 3rd candle of an evening star or the 2nd candle of a dark cloud or engulfing, and you are waiting for the next candle (the entry candle) to open, you can do some preparation.................

Click the "new order" icon and set a stop loss - set it umpteen pips away from the price action so it will never be activated.

Leave it there lying in wait, ready to pounce when you need it.

When you enter a trade at market using the "direct deal ticket", all you have to do next is shift that stop loss into position.
That takes all of one second - I will show you how very soon.

[tymen1]

Originally Posted by damo989

Just a quick question Tymen.

Which 2 currencies would work well between the times of 5pm-10pm Perth time? I have the 4 main currencies.

Tell you what.

I will attach here a file of trading times plus all sorts of useful information added with it.

Download a world clock and just convert the American EST to our local time.

We are 8 hours ahead of London so EUR/GBP and EUR/CHF and GBP/CHF should come online.

Anything to do with the Euro, British pound and the Swissy.

Here are some trading times in our own Perth time that I wrote down some time ago :

Sydney...........6 am - 3 pm
Tokyo.............9 am - 6 pm
London...........4 pm - 1 am
New York........9 pm - 6 am

Hope this helps.

[tymen1]

Originally Posted by damo989

I live in Roleystone. A lil while away from the city but i enjoy the space out here

OK, watch out for the new thread!!

[tymen1]

Originally Posted by tymen1

What happens is that the program just averages the 2 entries and makes it difficult to position and shift your trailing stop loss in correct sequence.

Therefore, I will make an alteration to the UM procedure for pips first trades.
This alteration will also be a pleasant simplification for these opening trades so that they will be much easier to manage.

There is a slight delay in new material while I am working out this alteration to the UM.
Please bear with me.
It should be ready soon.

[Ray_1]

Originally Posted by tymen1

Tell you what.

I will attach here a file of trading times plus all sorts of useful information added with it.
Hope this helps.

Nice tymen1, your pdf file is like a must have starter kit for beginner, hope FXCaribbean can update the pdf in #811 post. I trade the UK/Europe session only as I live in the south east Asia region. US session will be too late for me. I find that Asia session dun have much movement. Just my own point of view.

[FXCaribbean]

Originally Posted by Ray_1

hope FXCaribbean can update the pdf in #811 post.

I forgot to mention that i've added a new section at the end of #811 post with the relevant links.

If you see any info that should be added, feel free to tell me.



FXCaribbean
"Don't go where there is a path. Open a new one and leave a trail".
If you want to understand what we're talking about here (UMS) then read this and set your screen and computer that way. Also read the live thread, UML Live and UMS Live