It was a nice A+ that gave my hopes back. FROM PULLBACK : -) I played it with 2 lots because it was a nice A+ setup.
Yep nice trade. Super obvious PB and from a super obvious level. I hope plenty of people got in on this one. This is about as hard as trading has to get. Iâm personally targeting your blue line to take a 2nd lot of profit and leave a third portion open as potential runner simply because this is a signal with a nice strong downtrend.
Letâs see how it goes. Either way i hope everyone has at least locked in to BE and is riding a free trade.
Tell me about it, this is just super straightfoward, super simple, and super in profit atm. I also hope others got in on this one.
I also got in on the EUR/NZDâŚbut I am still on demo account ^^
AnywayâŚ2 questions:
-I put the SL at 2/3 of the pin bar because it was a long one. Was it wrong ?
-When you guys âtake partial profitsââŚdo you open 2 different orders with different TP or do you open a single one and then close a part of it when it reach TP1?
I personally open 2 separate orders. Or 3 in this case.
Hello Bhops⌠can you explain this strategy?
In a nut shell, letâs say youâre going to place a trade of 4 lots, you split it into 2 2 lots, each one with different TP.
You can also open 4 lot at once and once price reach each of you target, you modify it and decrease lot size. This will close part of your position for partial profit.
If you use cTrader, it has a pretty easy to use multiple TP thing you can drag n drop right in your chart. You need to keep the software running tho, unlike multiple order where you can set it and turn off your PC.
Got it!.. thanks a lot
In the USA when you split up your lots it works different, example if you have a 4 lot trade and split it 2+2 you can go in at different entry level but your stop and your take profit would have to be the same. That sucks so is not easy to do, and you have to be more careful.
Hi Jason - I agree with your statement regarding trading station desktop
however, I compared trading station D1 NY close charts with FXCM MT4 and the MT4 D1 charts are not NY Close - there is an extra candle showing (sunday) - and this is even after I uninstalled and re-installed the FXCM MT4 platform from your websiteâŚcan you explain how we can get FXCM MT4 NY close without having to use the converter?
Thanks
Great to see you making a nice trade here Fjanos! Just keep it simple and obvious and donât try to make it too advanced just like this one.
Great job and keep up the good work. :35:
Johnathon
Heya Derek,
donât worry about being on a demo account. Donât make the mistake most do of making a few winners on their demo and then getting impatient and thinking they are a profitable trading and jumping to a live account only to find out they are actually not a profitable trader.
An edge is not built from two or three trades but many trades and the thing about this edge is we donât know when out winners or loser are going to come. All we can know is that if we do have a profitable edge on the market, we just need to make enough trades and our edge will come out on top.
Because you have not been trading with this particular method for long enough yet, you are not yet sure if you have a profitable edge or not. You may have played some winners but what you donât know is whether they were just a bunch of winners and a losing streak is coming and overall you wont make money?
What I am getting at is you (and everyone reading this on a demo account) need to do it logically and work out first if you have an edge on your demo and then once you have proven you are a profitable trader on a demo, then proceed to a live account. This will also kill a lot of doubts when trading on a live account as well.
On your other questions; sorry trade management is not something we discuss in here.
If you have any other questions let me know.
Johnathon
I also thought about this setups also because the levels the setups was rejecting was good, but also passed it for the same reasons you have posted here mainly your first blue level.
Sometimes these levels will hold and sometimes they will just cut through like a hot knife through butter like this did. Price at first held and rejected this level and was looking to hold, but then that knife got a hold of it and the level went to butter! :22:
The thing is traders should never either trade for levels to break or enter trades when in doubt because when traders get into a trade in doubt and it goes slightly against them then all sorts of questions start popping into the traders head and they start looking for anyway out of the trade and this normally ends badly.
Did everyone notice that this was actually not a pin bar? Still a valid signal, but was an engulfing bar. For those that did play it; it was not wrong to play. It was rejecting to key levels and making a false break of one and if you are going to play in a ranging market the best place to make a trade is either up at the high or down at the low and not in the middle, but in these choppy markets where trades are going into especially is important.
CADJPY Daily Chart
Johnathon
Where are you in the world? Some members were having this issue the other day and were discussing it⌠I think they said something about switching servers. A member posted in the forum that not all FXCM MT4âs servers are NY close. The server he was using was âFXCM-USDDemo01â which was NY close and he said he had no complaints with the charts.
Obviously Jason will know a heck of a lot more than me about this and you will be better of speaking to him, but you should try changing your servers in your MT4 down the bottom right. You will probably also have more luck speaking to Jason if you PM him because I am not sure how often he would go through all the threads.
After you find the answer can you then please post the results in here for others so that they may no your findings please.
Safe trading,
Johnathon
ny close looks like gmt - 5 to me.
my server is gmt +3 and it plonks it somewhere between london and moscow which is a pain. i need to change which is also a pain. otherwise the broker is very good.
Hi, Although I did not play CADJPY, I was going to had I not been in the EURNZD.
My reason is because it had hit the 50% Fib Line if anyone noticed, from the top around 99. I would have moved to BE or taken profit at 93.5 as that was where I saw the most reliable support imo if it were to break 94.
if youâre on a real account , just use another broker for your demo and take your positions on this broker .
Has anyone actually done this before over a sustained period, and faced any sort of discrepancies before?
i did, first, i had live account on FOREX.COM in UK, when i went to PA with Johnathon a year ago, i opened demo account on AXITRADER to analyse martket. its ok but not really convenient, so after some months, i opened live account on AXITRADER and trade on it till now.
What do you think about AXITRADER? I saw AXI and got semi interested in them. One thing that bothers me is that there is a fee of $25 per withdrawal, which although isnât ALOT, but still eats into the profits. While my current (Oanda) doesnât charge a fee.
Anyway, when using 2 different brokers for charting/trading, has there been numerous occasions where you get stopped out when you shouldnât etc?