I stay out at news time. closed my trades last night. I only play games where I can put the odds in my faovor like blackjack and poker. and hopefully forex.
If I donāt succede in forex I may drop back down a level and try threex
Blackjack, now thatās an interesting one. I thought the house always had 0.5% even if you played perfect blackjack? And with varying card deck sizes now, isnāt counting out? You seen the film 21?
Pokerā¦fair enoughā¦thatās a skill game.
With perfect basic strategy the house still has a slight edge, but with a little counting ātheoreticallyā you can tip the balance. But with multiple decks its such a small percent that itās not worth the effort. At best itās a dead even game, a good way to get a little entertainment and a free drink. I sound like an old pro but actualy only been to a live casino a couple times. And only play Texas holdem online and only for pennies
Iāll give you a game of poker sometime, one of my all time favourite games though I have been playing for a number of years online and live. I play far less often online now and live just for a bit of entertainment every now and then.
You can make money at that game but you have to devote your life to it and that means late nights every night, which is not my idea of just having fun now and then.
Itās been a while since Iāve played. I thought of doing that as a sideline money maker but other things keep getting in the way. Then I found forex and itās all consuming 
Zen master thought for the day:
If you walk into a department store and look at an escalator, do you need a moving average to know if itās going up or down?
How do you figure your TP and SL on one of those trades, Talon? I assume because youāre working and the trades can range up to 48 hours that you have some kind of guidelines.
No rigid guidelines, I set an emergency stop around 100 pips, in case of internet outage or nuclear war. The idea is to enter a trad when the MAs cross bollinger center line and exit when they cross going the other way. I donāt like setting a TP because that automatically limits your profit to that much so I like the idea letting profits run as far as it will go. with the price line rather than candles I look for a sharp point and widening MAs as a possible turn in direction. If it ālooksā like itās turning and I have a decent number of pips I may exit. Itās kind of subjective. Objective rules would be when MAs cross center bb. Being the 1h chart, things move slow and you have some reaction time usually. As much art as science, and Iām still new at it and not that good. Still learning to get a feel for the market. You can kind of recognize when itās starting to leave a trend and go horizontal and best not to trade that area, although I do try and thatās where I get my losses. When itās horizontal is a good time to do the boll bounces I think but hard for me to even attemp that with my schedule. I can only be in front of the charts during the Asian session and thatās when I try to play the 5m and 15m
While Iām working (desk job) I can check in occasionally and during lunch hour too. so I do have a sense of when entry time and exit time turning points are getting near. I also try to look at support and resistance areas. Like last night thatās the main reason I got out because it was in the nose bleed section up near some reistance and also the news coming up this morning. I try to keep in mind the high impact news items and not trade those.
Donāt think I mentioned it in that post but I also like using a trailing stop set maybe around 50 pips so that if Iām up quite a bit and something happens while Iām not watching hopefully Iāll get out with some profit or at least break even rather than loosing a 100 pips with that emergency stop. Iāve leaned to move stops to breake even or better as soon as possible to limit losses. Thatās half the battle.
Also Iāll mention on the Asian session when I can be in front of the charts. I basically just try to follow the MAs watching for wicks on the bb outer bands. Trying to stick to the program here
during that time I like to use a trailing stop of 20 or 15 or even 10, the candles are short and price moves slow but generally steady. Iāve had mixed reslults with that but still trying.
Hi TalonD,
Thanks so much.I have looked at it and it seems promising.Now,do you watch the S/R based on the 4hr chart alone or in conjunction with daily chart? I ask this question because while looking at the past days or months,the system seems to be fine but on few occasions where it appears nebulous.
Greetings.
not paying much attention to S/R is one of my shortcomings but Iām trying. One think I like to do with metatrader is on the 1h chart zoom out as far as it will go then you can see areas of S/R easier and same with 4h, I havenāt looked at daily much and maybe I shuold. Also Iāve been looking at fan trend lines. See the advanced s/r and ssd thread in the holy grail section, I posted a picture in there today that shows the resistance that I was looking at. Horizontal orange line at the top of the picture.
Baby pips school says switch to a price line and itās easier to see the s/r areas. I also noticed if you put the zig zag indicator on a chart it helps point out highs and lows that would be s/r I donāt know what else zigzag would be good for , Elliot waves maybe? but it seems good for helping to see the s/r areas.
I posted a pic back a few pages in this thread with s/r lines drawn asking if it looked like I had them in the right place, Dont remember what post number it is, but look back some and youāll see it.
Cool. I am somewhat comfortable with looking at S/R.
I remember the pics you were talking about.I think RC said then that the diagram was ok. I will still be on the look out for any additional inputs if the need arises.
Thanks for your help.
uhh no lol ā¦ive been studying a new method quite alot and tested it yesterdayā¦ testing will continue. nothing to do with the news lol
MikeG
Good day todayā¦ 304 pips all on the 5m chart with 20:2 and 5.1 boll. No other indicators. Def worth a ātiesā worth of beer tonight! May even take Monday off.
Well done. 
My London Breakout trade hit my T/P on 4h 2:20BB just now.
Bags of pips deserve ātiesā worth of beer.
Cheers.
Iāve just picked up a case of ESP and a case of Boddyās for you then CAS. Have a great weekend.
I didnāt get nothin today, stayed out poor old sod. Congrats you two. R.C. I thought you didnāt trade news ?
I donāt but as luck would have it I left my short on overnight and by the time I got in to the office I was up big timeā¦ just dumb luck but I needed some after missing that big move up last week.
well congrats anyway even if it was luck. Care to venture any forecast for next week?
have a great weekend everyone.
Wow what a drop, I played it safe and got in a little late, out a bit early for 115 pips and some sleep! Boy some crazy-ass london open, cable & eur bouncing all over the place! And ended up closing right back where we closed end of last week, go figure?