It is not always obvious if your broker uses New York close charts, there is a number of ways to check this firstly is a careful comparison of the charts with a known NY close broker on the 4 hour and daily charts.
The other way is to look at the brokers web site and see if they are NY close charts if they are gmt +3 they could be NY close, this will change by 1 hour for daylight saving.
The other way is to email and ask the broker or even ring them or chat online to them. As Johno has said the main reason for NY close charts is because:-
The London/Euro session has finished and the US session end then the new trading day starts with Asian session which is much lower in volume than others.
The big players who move the markets use mainly NY close.
The NY close daily candles have a 5 day week where as some non-NY close charts have a six daily candles per trading week, which comprises of a small Sunday candle(a bit annoying). NY close combine Sunday and Monday daily candles into one candle, because when the market opens in NZ it is still Sunday in the US.
The MT4 brokers that I know use NY close candles are Pepperstone, FXDD, FXPRO, Axi-Trader I am sure there are more these are just the ones I know about.
You are right about long term and short term trends, they can be a little confusing, if nice big PA action formed a bullish signal at 1.2600 I would be in long keeping in mind the over head strong resistance at VBRN at 1.3000, I would assess my risk reward ratio and take the signal as long as I worked out where price will struggle and then move my position to break even, in other words have a good plan to protect my capital and take some profit. At the moment price is in no man’s land at just above the 1.2700 area, but what I mean is if price went down in the next couple of days to the 1.2600 area and formed a 150 pip long, perfect pin closing at just above 1.2600 and I could see a very likely 200/300 pip bullish move it would be tradable.
Ambo
Yeah, it’s about half the normal volume. Sharp observation. I am watching the hour chart to see if I can buy when price dips lower. By the way, I am still on demo a/c.
EUR/USD isnt for me as the pin bar doesnt stick out from the other bars or ‘jump out’ form the chart in general. Also given that the trade would be against the longer term trend it needs to have very solid PA to justify an entry.
There is also pretty strong resistance at 1.3260 closely above
great to see the thread ticking over and all helping each other.
I hope everyone had a great break and now ready to get back to it. I decided to take the whole 4 days of and away from charts and emails and once I have caught up on everything I will be back around and helping out.
For me the AUDUSD is the better of the three as it has pulled back more. I would be worried as the other two yens are not from highs and trading from a low into a low. Nice trends though trading with.
On another note aren’t you already short the USDJPY with me?
I took the trade as well, 3 positions.
2 hit the intended TP, while the third (the ‘runner’ ) got stopped out at (my version of) break even (20pips profit)
Really simple question, when you refer to the ‘beeb low’ are you referring to the pin on the actual body of the candle? Eg ‘I am entering 10 pips below the beeb low’
I just want to say that like a lot of people this thread has been an absolute eye opener and thank you to everyone who has contributed, especially Jonathon (and his subsequent students). I will be signing up for the course very soon indeed and am very excited to do so.
When i say BEEB low, i mean the low of the entire candle ( every candle has open/close/high/low, right? )
So “10 pips below BEEB low” = 10pips below the lowest price of the candle
Hope that makes sense.
PS: that’s how i do it (i.e BEEB,BUEB,Pinbar entries). Others may have different entry strategies. @Others: kindly share.
Bad luck. Don’t be angry as I can promise you this: There will be more great setups!
Also I must warn you not to now fall into a very common trap traders fall into and that is revenge trading. Trying to now either chase a trade or trading something else just because you feel robbed.
Let it go and move on otherwise not only will you have missed a trade but you will lose money on another one you probably shouldn;t be in!
Lastly if you want to set alarms for yourself for when price does something you need to know about such as when price reaches a level, you can go here and set them up for free: Alert FX - Forex Alerts for Free
Interested in knowing how (or whether) you guys/gals keep trading journals.
Do you simply keep a spreadsheet with entries of trades taken? or do you use an online service? (is it any good? ). Do you include comments on psychology/behaviour noted when the trade was taken? How do you track/evaluate your trading progress?
