Do anyone here using Alpari UK to trade price action? Because I plan to open an account at Alpari UK since they are using the 5 days chart too. Any idea about that?
Their charts are NY close for most of the year except for a two week near the time when daylight saving starts and another 2weeks when it stops. This is due to discrepancy between US and UK daylight saving times.
The effect of Mondays on the currencies market is huge, since this is the first days of trade in most of the stocks markets.
these are the market opening as fr this morning:
BP £ EUR € USD $ JPY ¥ Australia 1.00 AUD
0.61190 0.72120 0.96120 90.96000 Canada 1.00 CAD
0.62640 0.73830 0.98410 93.12000 European Union 1.00 EUR
0.84830 N/A 1.33260 126.10000 Hong Kong 1.00 HKD
0.08202 0.09667 0.12885 12.19270 Japan 1.00 JPY
0.00673 0.00793 0.01056 N/A
Well , fr those 3-4 weeks u wont hav perfect charts. My suggestion is to open with them if u really like them. U can always download another NY close demo for charting during the affected weeks and still place live orders with alpari.
Just to get some idea from all of you, since I am new to PA , my live account basically trade based on Pin bar only. While other PA method such as engulfing bar, I still haven’t master it so I still try on the demo.
But, if I only trade based on pin bar, approximately how many pin bar formation will usually formed per month?
I know there is no actual answer on that, I just wanted to know the minimum formation. Will it be none of the pin bar formation for a month? Or at least it will formed 1-2 ?
Well, a 2bar or engulfing bar seems to form at daily resistance on 4HR chart. Although the PA is big enough, i find it too choppy below and doesnt have a good feeling to trade it so ill pass it. Although many will say that “if you hesitate to trade it , then dont trade”, i still love some of you to give me some comments on this. How does it look to you guys?
Daily pin bar formed at round number in EUR/NZD n it goes along with the uptrend, looks good?? I noticed the NZD/USD setup too, but was a bit concern with the recent up swing momentum n the decline of usd (FED comin up) so think if u wanna short the Kiwi then EUR/NZD looks safer. Any opinion??
Well Said! Its like the light in a tunnel! So inspiring and motivating. It helps me understand more about forex. When we start live with small account, we are basically training to control our emotions well and follow our usual trade plan. After a long while of experience in live, we then invest an good amount of money and earn 10% a month, which is good enough for your living expense and extra money to spent. Growing your account with compounding is possible but it is very difficult. Thats why there is a debate on whether Fix $ Risk or Fix % risk.
Sorry if this doesnt make sense, but i just thought i should share this as it is very enlightening to me.
I like Jacksons answer, but to be a little more accurate, some more information is needed…
What time frames will you be trading and how many pairs you will you be watching? Will you be trading pins on FX only or will you also throw in indices and other markets like oil etc as well?
First of all, yes plenty. Instaforex is one that uses MT5 Ny close charts. Go markets is another all though not sure if there are working at current time, but there is about 8 of them at the moment. I can tell you instaforex works and they have a ton of pairs and are NY close.’
As for your next points and questions. Firstly I have recently made an article on this because I know it is a point of confusion for traders so I made a tutorial on it to clear it all up on how to trade multi day on how to use daily levels on intraday charts etc
What traders tend to get confused about is what levels to trade from and then when not do go down in the time frames. They get confused because they get told it is okay to mark up their daily levels and then go down to look for trades on smaller charts, but DO NOT go down to smaller charts to manage trades.
So basically all this means is: Mark all your levels on the daily charts. All your 1hr/4hr/8hr/12hr trades etc should be traded from levels that have been marked on the daily chart. This will keep you in trades that are only in great areas and not in trades in no mans land.
What we avoid is not going down time frames to manage trades. All this means is when you get into a trade you don’t then start dropping down time frames to manage stops and to look for targets etc This is a big no no. Moving down time frames in this situation will cause you to start seeing Support and resistance that you could not see on the original time frame and also cause you to over manage and jump at shadows. Over managing is just as bad at over trading, if not worse.
This last thread is so realistic that is not funny. For all those out there that think they are going to make millions on a small account in a short amount of time better think again. Keep it real…
[QUOTE=“tonyro44;501005”]This last thread is so realistic that is not funny. For all those out there that think they are going to make millions on a small account in a short amount of time better think again. Keep it real…[/QUOTE]
Mate just because you have had bad experience don’t try and pass it on to others. There are people who make very good livings doing this. It does take time yes, but if you are disciplined and have the will to learn it can be done so if you wanna troll go and find another place to do it
