Nice. I stayed out, was too much chaos. At the time, I didnt know where the bottom would be. That was a serious crash.
Yeah,made 1004 pips of EURJPY and 210 on GBPJPY, total 1214 pips.It looks sureal untill i checked my balance.Never made something closer to this in a a week talkless of a day.
Thank God for everything.
Headmaster.
well dang looks like I missed all the yen excitement! Did ok on the GBP though
Yeah.You can go long now on EURJPY.I am in already with 83pips up.Look at GBPJPY also.
Headmaster
Shr1k, finally had some time to look at a couple charts with your mentioned indicators, looks good. Now, what pairs would you normally trade with this? And, could you explain you MM more? lol.
On May 6 2010, we experienced extremely volatile market conditions across all financial markets.
We would like to give you a summary of what occurred to explain the reasons behind today’s market volatility.
First, institutions were very cautious due to tomorrow’s UK Elections, US Nonfarm Payrolls, and the Canadian unemployment rate announcement.
In addition to that we had several market moving events. These include:
7:45 ET – European Central Bank Interest Rate Decision
8:30 ET – Trichet speaks at ECB Monthly News Conference
14:46 – Dow dropped almost 1,000 points and the bulk of the drop happened in less than an hour. The reason behind this drop was reported to be that Citi Bank’s trading desk accidentally sold 16 billion US Dollars worth of e-minis, when they were supposed to sell 16 Million.
After the big drop, two Fed officials came out with back to back announcements to help stabilize the market.
15:04 – Report that Fed’s Hoenig states that tomorrow’s jobs report will be positive
15:06 - Report that Fed’s Evans sees 3.5% economic growth in the US this year
Over the recent months, there has been a strong correlation between the US stock markets and the Japanese Yen. When the Dow plunged today, so did the Japanese Yen crosses. We saw JPY crosses drop between 350 (USD/JPY) and 1248 (GBP/JPY) points. We saw comparable volatility in non Yen crosses as well.
As a result most major banks that provide liquidity to the currency market turned off their FX price feeds for up to 30 minutes. This led to rejected and hanging orders for many FX traders. During this time FXCM immediately routed orders to any remaining banks, however FXCM clients were still subject to the thin liquidity and poor execution being provided by the market.
Market volatility and liquidity has returned to close to normal levels. However, there are still some major market moving events coming up tomorrow so manage your market exposure accordingly.
While FXCM cannot make any overriding statement on adjustments to positions that were negatively affected by today’s events, if you would like us to look into one or more of your trades, please submit an audit form through this link Audit Form and our audit committee will follow up with you as soon as possible.
You guys are giving me to much credit and thinking I have come up with something complicated.
I get home from work and start up my platform. Take a look at the balance its $435.78 I multiply that times .02(2% risk) that’s $8.72. I muiltiply 435.78 times .04(4% gain) that’s $17.43. If I lose $8.72 or my balance including [B]any open trades[/B] gets down to $427.06(435.78 - 8.72) I quit for the night. That number ($427.06) does not change until I lose 2% or make 4%. If I get my balance up to $453.21 I stop thats a 4% gain. If either situation is met to continue trading I redo the first calculation with my new current balance.
After a few small winning trades I might be up 1% now I am about 3% away from $427.06 if I wanted to I could risk 3% on one trade and still be in my MM rules. Risk is determined by trade size and stop placement. If I keep my trades small I can move my stops further away from my entry. The chaotic nature of the market makes a trade more likely to win if it has a small TP and a large SL. A trade is even more likely to be a winner if it has a small TP and a large SL and its in OB/OS territory and you are trading back to the center. The SL and TP on each individual trade is discretionary as long as my balance does not cross my risk or goal numbers I determined at the start of the day.
On a side note I was working outside in the pouring rain all day and you guys were making !thousands! of pips. Nice work:eek:!!!
So what pairs do you use this on, I’ve only looked at it on GBP/USD and it looks good so far. Oh, do you only trade this during certain sessions? Or any time during the day?
Current OANDA Spreads and Pairs - OANDA FXTrade
the 10 or so with the lowest spread;)
I am very cautious with usd/cad and aud/usd and gbp/jpy. Also I tried this during London session a few times. The discretionary nature of this and my inexperience with a high volume market caused me to bomb out pretty good. My trades were to big and my stops to small I need some more practice to take advantage of all that movement. For now I am sticking to what I know late Asian session.
Ok sounds good
In demo:
Was trying RCarter’s 4hr HA candle strat.
Was 10% his strategy and 90% demo account fun, looked at all the pairs trending in 4 hr placed long/short.
First 2 hours (this was wednesday night est) everything was about 50-60 pips negative.
I keep looking and going, ‘but but…trend is down…whah’…
Since the trend was going the way the sell/longs where placed I just waited, and watched some TV.
Low and behold next 2 hours, everything was 100-130 pips up…hahah
At the demo account dollars of 10$ a pip, i averaged about 8000$…Hhahaha…
Restating…Demo only…Wouldnt risk real money, was just goiing for the experience and learning.
That was my fun…Now…real questions.
Mr RCarter, thank you for your ideas/suggestions/well thought out methods, and your contributions.
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If shorting on the end of a 4 hr trend down…Do you get nervous about an instant retrace?
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If on that short, it instantly moves 10 pips against you, when do you start a long to hedge the retrace.
Congrats to everyone who made those pips.
Red
Speak for yourself; you are talking to one of the few people who actually lost money in the big moves yesterday! I was on the wrong side of every big movement, as remarkable as that sounds. :mad:
I do think I’m beginning to understand your MM rules, though. You have daily targets of no more than 2% in losses and 4% in wins. If the number of losing trades is equivalent to 2% of your starting balance for the day, you stop for that day. If the number of winning trades for the day so far is 1% or greater than your starting balance, you are willing to risk [I]that[/I] percentage amount - plus up to the 2% daily risk - on any subsequent trades.
One presumes that if you are up, let’s say 1.5%, and want to risk 3.5% on the next trade then that must be a trade in which you have particular confidence. Would that be the only circumstance under which you’d use your allotment of higher risk?
It seems to me, as a former blackjack player, that this MM would seem to be no more complex than “doubling down” on a bet if you are having a good run. Are there any other factors which weigh into you using the extra available risk?
The one thing I can’t figure based on my interpretation is how you grew your account so exponentially in just three weeks if your daily targets were never more than 4%. Did I miss something?
Laughable. You want to look into the real reasons do some research. That was no “fat finger” trade. Lol, I mean CNBC were talking about a guy pressing the B button instead of the M button as if that’s how trading is done. hahahahahahahahaha
Oh the market’s dropped 10% but it’s ok because the Fed’s Evans sees 3.5% economic growth in the US this year. Oh, we’d better start buying again. [B]Incredible load of crap.[/B]
Shr1k, now you gotta elaborate more on the entries :D. Followed the basic rules, but got stopped out because I entered too soon but correctly according to the system.
Ah thanks for the reply.
So, would you wait for a certain number of pips to cause you to enter a hedge?
Or would you wait for 1 15m candle to turn the ‘wrong’ color and then enter a retrace?
And then would you follow the retrace until the next color candle? and replay the whole scenario each time an ugly candle pops up?
Thanks again
Red
I try to post from time to time but it’s mainly daily analysis.
BTW, how many percent does it take for price to reverse before a Heiken Ashi candle changes colour?
Hola San Miguel que tal?
we don’t hear from you very often. How’s it going? you still trading bollinger bands and MAs ?
si senor.
I do but not intraday anymore, just swing trades on the Daily chart - that just suits my temperament a bit more 
Intraday, I’ve been trading simple support and resistance on a variation of things but I barely make more than 2 trades a day sometimes, I just watch a variety of instruments for the best set up. I do use MAs though on a slight variation from RCs theme here but it’s pretty close really. Having said that GU and EU have been pretty much one way recently!
Simple MAs, or LWMA MAs?
smoothed I think. I have tried them all I don’t think it matters.
The indicators are not used to pick the high or low and the perfect entry. just to find price at a relative extreme and pick a direction. A spike outside the BB or being outside the MA channel both indicate this. The more time frames this happens on simultaneously the more likely a retrace is going to happen soon. At least it seems that way to me. If your trades are small the MM allows plenty of wiggle room to average in or make some positive trades on a different pair while one may be running against you. Remember the goal is to make money by trading and managing positions not have individual trades get stopped out. I can not hedge with my current broker. I can chase a losing trade with a correlated pair cash in the second trade when the retrace starts then add to my losing trade to bring the breakeven point closer. I can do all that as long as I stay above my loss limit. Remember I said this is screen time to the max.
How does a market maker broker that does not necessarily chose when or what positions it has on the books make a profit (besides the spread)? Simple They decide when to close the positions.
It is unlikely a trend will continue forever without a retrace. Sometimes they go longer than I expected that’s what the loss limit is for. Most of the time I make the observation that I was wrong and would rather look for a better opportunity so I close a losing trade before I reach my limit.
A stop placed at a specific number of pips is not necessary if you are watching your balance. A stop placed at or near the point that will result in your loss limit being reached should be used. You never know when your internet of trading platform will go down.