Just opened a demo with gft so we’ll see how that goes!
On your back test what set ups did you take, was it just strong pin bars, pivot etc?
found a pin bar on daily in CADJPY. Went short below yesterday low 92.92
look at this GBPCHF daily. BRN, SL , TL and fib ret. going short at current price
Just pin bars and outside bars, all scalps with full position closed at the next PPZ/FTA
That pin bar from a week or so ago has sweet memories 
Looks like a nice trade
I put in a stop sell for AUD/CHF if it breaks below yesterday’s PIN/BRN inside the PPZ. T/P for all of the position is the FTA around 0.9850
Sell stop@ 0.9895
S/L@ 0.9945
T/P@ 0.9845
Lets see some pips!
Gold is looking interesting, it look slike it might be trending down with price currently at heavy resistance/trend line confluence. I’d love to see a nice PIN or BEOB form at the rejection at the trendline/fibs/resistance for a short down toward the <1140 area 
Gold sell stop triggered
i agree, very interesting.
Are those gft charts? If so mine look nothing like them!??
Gold T/P hit 
No they’re MT4 charts, I like to use both as they are an hour out from each other and I want to make sure I’m looking at the same timeframe candles everyone else is as I’m trading mainly 4H charts now
These are the 4H charts on GFT and MT4 through One Financial.
Although the general direction of the price is the same the candles tell different stories. 
One financial (MT4) shows a BEOB for the 4H candle that just closed. GFT has another hour to go until thier 4H candle closes and the high of the current 4H does not engulf the previous one so even if it keeps closing lower it still isn’t a BEOB.
The question is which one’s are the ‘smart money’ traders watching and basing thier technical decisions on? :eek:
i would say the mt4 charts!
Nice trade.
So one financial offer mt4 for commodities as well as forex?
They do - not as many as GFT, there’s no spot oil or mini gold but apot gold and silver and a load of futures contracts.
Great, i’m so familiar with mt4 that trying to use anything else just confuses me!
I shall go opena demo with them.
interesting that you have moved onto the 4hr charts, do you think this is because you have become more confirdent in the method on the daily charts?
Yes I am getitng more confident but more importantly there are so many more opportunities on the 4H. If I wait for the A+ setups on the daily charts I’ll only take about 1-2 trades a month and I need to practice more than that.
I’ll still backtest a lot on the weekend as well but real time trading is more important.
am i right in saying you can trade commodities through one financials mt4 platform?
I have opened a demo and downloaded their mt4 platform but i cant see commodities anywhere, am i missing something??:mad:
I’m only looking at gold XAUUSD, silver XAGUSD and the Brent crude June futures contract.
You might need to right click the currency symbols where you open the charts anc choose “show all”. Or the new chart menu should have them all on the drop down.
I’ve made a very nice profit from Gold this week just taking one or 2 small single PPZ scalps a day.
thanks ddinnov,
i had no idea i could trade commodities from mt4. this has opened up a whole new world, lots of research over the weekend.
Thanks again, here’s to next week!
looking at following PA
NZDUSD : hitting PPZ at 0.72, will see how it goes. also at 61.8 fib ret
AUDJPY : at strong ppz 87.45, if it crosses this we might see a good run upwards, no traffic nearby
CADJPY : same as AUDJPY
GBPNZD : looking to short below 2.1440
Hi guys, long time no post.
I blew my live account ($500) taking touch trades on the 4h chart, towards the end I was pretty much gambling :o
Lessons learnt:
[ul]
[li]Rules and money management will get you in the end if you don’t respect them
[/li][li]That stuff about being super picky and taking only the best set ups is really true.
[/li][li]Don’t sit and watch trades
[/li][li]Don’t trade live until you’ve beaten a demo for 3 months in a row
[/li][li]Don’t trade live if you’re sat at home not in work and money is a bit of an issue/concern
[/li][li]Don’t jump on big sudden market moves on a whim
[/li][li]Don’t trade with a small amount of money thinking you’ll trade it up to a large amount any time soon. Demo until you have a large account if necessary otherwise the temptation to overtrade is just too big
[/li][/ul]
It was quite hard to come out and say that but I’m glad that I’ve got the experience behind me now as I know that many many successful traders have all been there and done it and had to learn these things the hard way despite having it rammed down their throats on numerous occasions.
So - now I am in J16 minimum requirements stage and doing a lot better for it. 3 months of 2% a week/10% a month until I go live again. Then only with a small amount just to get used to trading real money and sticking to the rules. Daily and weekly timeframes only.
I now have 2 pieces of paper stuck around my computer that I read every morning before I even open up MT4. They are:
- My trading beliefs - these are beliefs/affirmations that affect my decision making and actions
- My trading plan/rules
- My trade checklist
By reading these every single morning before looking at any charts I believe that over time they will become second nature. Combined with doing the full 6 months of J16 minimum requirements I think longer term success will be easier to achieve.
If anyone’s curious these are the sheets of paper I read every morning in this order:
[B]1. Trading beliefs[/B]
[B][ul]
[li]Money is NOT important
[/li]
[li]It is OK to lose in the market
[/li]
[li]It is OK to miss out on a large market move
[/li]
[li]Trading IS a game
[/li]
[li]I’ve already won the game in the long term
[/li]
[li]Mental rehearsal is important for success
[/li]
[li]All trades that follow the rules are winners regardless of the outcome
[/li]
[li]All trades that do not follow the rules are losers regardless of the outcome
[/li]
[li]I read my trading rules at the beginning of every trading day
[/li]
[li]I follow my checklist before putting on ANY trade
[/li][/ul][/B]
[B]2. Trading Plan & Rules[/B]
[I]To accumulate substantial wealth and total freedom with minimal time spend trading, minimal stress and minimal impact on my other business activities and life.[/I]
[B]System[/B] – Price action signal confirmation around clearly defined pivot point zones.
[B]Risk Rules: [/B]
2% risk of capital per trade
[B]Rules:[/B]
[ul]
[li]Do not take ANY trades without going through the checklist
[/li]
[li]Do not take ANY trades on a whim to catch a market move
[/li]
[li]After 2 straight losses reduce position size by ½
[/li]
[li]After 4 straight wins reduce position size by ½
[/li]
[li]Never move stops further back – if a trade idea is wrong, accept it take the loss and move on.
[/li]
[li]Document every trade
[/li]
[li]Review the journal every weekend
[/li]
[li]Only add money to the account after a winning month
[/li]
[li]You are in this to build wealth and freedom – not take risks and trade for the sake of trading.
[/li]
[li]Every trade you take is risking your capital.
[/li]
[li]Move stop to B/E+1 at ½ way to the T/P
[/li]
[li]Don’t sit and watch trades
[/li]
[li]Always check the news due out
[/li]
[li]Always check the COT
[/li]
[li]Never stop learning
[/li]
[li]You are not cleverer than these rules.
[/li][/ul]
And finally the checklist:
When a PA set up presents itself and ‘jumps out’ at me check for:
- Location - PPZ/BRNs/Fibs
- Traffic/space/swing high/low
- Where is the FTA?
- What’s the risk:reward?
- What’s going on on the higher timeframe?
- What is the direction of the primary/intermediate and short term trend?
- Are there any chart patterns to support this trade idea?
- Are there any trendlines/channels?
- is there big news (NFP/interest rates) due out soon?
- What does the COT say?
I didn’t have such a rigid set of rules, beliefs and checklist before blowing that account so it’s not a bad thing to have happened. Now I’m treating it like a proper business.
Month 1 and about 5% up so far.
2 Likes
Up 5.53% on the month now (MT4pips yet to update properly - link just below my forum name)
As discussed over at the other place:
NZD/USD profit target hit
AUD/USD S/L at B/E now but seems to be reversing
USD/CAD reversed as well, will see what happens with that one…
I also went long Nasdaq100 which is doing OK although might be reversing as well. S/L @ B/E on this one as well.
Current open trades:
This is perhaps the best post I’ve read on BP this year!
You’re on the right path, no question about that! It makes me happy to see people like you who [B]get it[/B]. Well done!