haven’t heard that one in years!
[B][I]Is it all broker are stopped and blocked our real account while We are going to take profit continuously…[/I][/B]
I know someone would take what I said the other day out of context.
I was referring to financial spread betting companies the other day… they tend NOT to like scalpers, especially high stake ones. I think you are fine using an FX broker… many of them actually tell you on their site that they accept scalping, or have special accounts for it.
And no your broker is not going to close your account because you keep winning, and I never said they would.
The SB firms have closed peoples accounts in the past because of high stake scalping and taking advantage of latency issues on their platforms… which is another thing the SB firms hate.
I wont mention the spread betting firms name, but when you have have their 1 minute chart open and a DMA 1 minute chart open at news times… this particular SB firms quotes tend to lag a fair bit, often by 3-5 pips and has been know during very fast news releases to lag as much as 10 pips… so people were taking advantage of this and they had their accounts suspended or closed.
What is pete-tong? 
a worn-out Friday is better than a Saturday or Sunday, so you can relax as others are still at work.
actually I have closed my longs …
have some sunshine cheers
Just looking at Eur USD and GBP. Closed all my long positions on both currencies . Took a long at the 38.2 Fib Today on Euro closed that one out near to yesterdays High. I will continue with the same strategy today. If the market goes short i will not short Will only take more long positions if i see pullback to an important fib level that shows support. I did not take a long on GDP as its consolidation was between the 23 and 38 Fib so was consolidating in fresh air. Tight stops are the order of the day, anything can happan.
Better than expected GDP for US, expected 1.4% actual 1.5%
At least that should push usd up and bring euro down a bit, hopefully enough to hit a few stoplosses and then its like Jenga :27:
Edit
Dow Jones:
Spain PM says - EU rescue has been ruled out!
Hi David!
Another big thank you for making this wonderfull and clear thread.
As I, for once, am a person who does read the whole thread from the start to the end (not even half way of the thread though). However I do already really want to know if I’m on the right way to understand your trading method or if I’m completely wrong.
This is the EUR/GBP 1h chart, is the blue area a correct BB zone? The 100 and 200 MA’s are really close to each other, close to the red resistence line I drew and close to the 50.0% and 38.2% fib lines. The big daily trend is bearish.
Thank you and I’ll keep on reading!
Yes that’s a correct BBZone as you have both the 100-200 in there, therefore, if price closes below and stays below then not only would the bias change, but also the trend.
When price dipped below the zone (which is allowed!) it didn’t sustain or hold or consolidate below… it immediately came back up… and that lovely reaction candle off the 61% was a great hint that it would happen.
To make it simple for everyone…
A correction zone is an area where you expect price to bounce from, but if broke and held on the other side, then the bias will likely change… normally the 100 sma is the only MA located here, but not nessaseraly.
A BULL/BEAR Zone is an area on the chart you expect price to bounce from, but if broker and held on the other side, then not only is the bias changing but also the trend… hence why its called a BULL/BEAR zone. Both MA’s are typically located here.
Thats a simplified way of viewing both zones.
Thanks for your fast response, David! It’s nice to hear that I’m on the right track. I really like this method:)
Looks like the resistence is holding, for now at least. I will continue keeping reading and might drop another screenshot or two in the next week to ask for confirmation, if you don’t mind!
Happy weekend already!
SMA 20 looks like moving together with Wma 14 on 1H , interesting.
but there’s also sma 50 which moved above 200.
Great example of a BBZ in action today in the CHF/J. (sorry i can’t post screenshots at all now!). The hourly 200SMA was just below 38% fib and above the 50% fib (yesterday’s hi/lo). PA came down to test it and rebounded long 90 pips so far. I was a coward and got out after just 40 pips! I will have to incorporate some more subtle exit strategy now that the wins are longer than my nerves will last! Lol. Thanks David
Oh I can upload screen shots again but still looks rubbish! sorry
Took it too… Was a nice one
David, please, what have you said about USD/ JPY? something about that… some just want to stay it under 79 ?
have a feeling that CHF JPY must breache that 81 resistance, else chf stays ugly as it is
Is this a joke or what. First, draghi say’s he’s gonna do anythin to protect euro and the price shoots higher and now merkel comes out and puts down the same statement and the price shoot’s higher…
Monthly S1 is @80.93?
38% fib retrace from 29/6/12 high to Wed Low is @80.74
Nice one Shoot! Would you mind expanding on what PA you used and your entry point for this trade?
ok, I just saw june the 1st daily high, it’s 81,20. if i would be chf i would attack it. but i’m not
I never said anything about 79.00.
I said the BOJ is bidding the 78.00 for the past week. So until they stop bidding that level then price will hold above (78.00).
I also tweeted this the other day: 1 week 78.50 USD call/JPY put option interest reported. The strikes will roll off a few hours before Aug 1.
Thanks a lot! sorry i’m scatterminded.