Mine does all the time. Pleasing her day to day is like a fx newbie chasing a choppy market at 100:1 true leverage.
As a newbie chasing a choppy market with 100:1 leverageā¦what is the best leverage for this system?
rrram2 and I will most likely have different but similar view points. I will let him answer because this is his strategy. My opinion is if you are sweating the outcome and fearing the wipsaws that you are playing with to much.
Each order I do is 1:1 true. Yet if I have 10 orders on, I am now at 10:1 true.
All but 9 sold. MY swing trade is gone for a small profit.
I am up 583 pips for the month so far. MArgin is back in the 4 range.
I scalped a few today which hit my buy price then sold at my sell price,
automatically while I was away. I have added more longs .
I expect that old fib at 205.96 to hold for now.
As Always especially overnight tonight I expect a 100 pip run down between 2am-5am EDT. I will buy a few more up around 206 then I am not buying until we get down near 205.19 205.09 204.99. Those orders will be set.
I normally am not sitting here from 2am-5amEDT, normally I am sleeping then
at least usually until 430 unless she wakes me from my sleep for some lame report, that she wonāt react too.
The Cable does affect GJ. GBP/USD sure is part of it but it more closely correlates usually with UJ. gj is nothing more than UJ X GU.
It does matter how weak the GBP is. The JPY is normally significantly weaker than GBP so it seems insignificant usually.
So it also stand to reason and if I have not said it yet.
USD is inversely proportionate to GOLD. SO this means if Gold is going UP you can be assured GJ is going down. But I donāt watch gold too closely.
Nor do I more than ocasionally study UJ and GU charts as this often messes me up. I never mastered the UJ and it too took me for a ride once on some
shorts 3 years ago for 3G. Nothing like paying interest every day to stay in a trade then getting run down and out. Those were the days when I played
with maximum margin. Nothing crazier than trading with your margin useage pegged at 100%. I have done it and lived, but normally you get sold out.
The GBP is worth pretty close to twice as much as the USD. So if I havenāt said it before. ONe UJ pip up is usually 2 GJ pips up but again NOT always,
but normally.
And she wants to be like the cable instead of the cheap chick she is at heart.
She doesnāt LIKE to go downā¦Did I mention that before?
The best leverage with ANY system is going to be the HIGHEST leverage you can get. You are ok at 400:1 leverage if you maintain a 1-3% margin useage.
But if you are at 25, 40, 50 60 ,80,90 % or spme crazy margin useage then
400:1 is NOT a good idea as trading useing the majority of your margin will costs you dearly over a lifetime of trading.
I have lost 80% of my account a handful of times in my life, where my broker sold me out, but ultimately it was my own ignorant excessive useage of an amount of margin that was quite clearly WAY too HIGH for my account.
My dad trades 1:1 and has no margin calls, but he can afford it.
I have all my money tied up and working at all times. I donāt have any extra sitting around not working for me. One of the fastest ways to wealth is clearly through the use of OPM (other peoples money) [your brokers].
FOr a minute there I thought we were heading way up in light volume and I could scalp some major pips but she stopped at 206.57.
2am frankfurt comes in 3am london comes in it is the interrtsecting of these two that makes for wild GJ sailing down in that 2-5am EDT range.
I am outta here my orders are in. May all your pips be banked.
THE GBP news OBVIOUSLY EFFECTS GJ. I am expecting some good news and up up up of course 
then we should be heading back towards 208. Another busy day with all sorts of news. We are in that good time to get long area.
I think it is safe to say we should be heading back up now.
Yes the 24M is wierd, but I like it.
I use 2,6,12,24,48,60,240M charts lately and sometimes the daily but I do NOT make long term plans based on the daily.
Do you think we have hit a bottom somewhere around 204.70? I want to go to bed!
Hi Guys!
Been awhile since I last posted. The price does seem to stagnate around 204.70, BUT if you compare the pounds strength against the other 7 major currencies, the pound is tcurrently he [I]WEAKEST[/I].
What does this mean? Sorry, but the price is likely to continue south. However, th GBP/JPY can snap back in a hurry, so I am definitely buying some longs, albeit with some discretion.
Happy trading!
Hereās a current chart with nothing but price, 2 fib fan series (one yellow; one a shorter TF in red w/speed lines) and some wider TF fib retracement lines - I run other charts for G/J concurrent with this one, but think this is the simplest and one of the most telling at the moment. If we hold a break below that bottom fan line (dancing around it now), we could see a return to ~204 or below. But, that said, the Guppy has been swimming around within the bounds of this smaller fan. Iām currently flat (concentrated on some other pairs last night) here, but maintain a short bias (
), although I remain watchful of a larger move up because the pair is establishing higher lows.
In my experience, humility before the market has come to mean always remaining somewhat tentative regarding direction - taking positions on a probabilistic basis and acknowledging the misgivings, however minor, that persist in your analysis - this way pips can, ideally, be made in both directions. I find Elijahās method pretty interesting and think it is viable if played conservatively, but have a hard time reconciling myself to entering trades countertrend when the pair may be as likely to continue down as turn up - itās hard to watch all those pips go by.
andrew, are you on a mac? And what chart is that, it is not MT4 ā¦ is it GTF?
Lastly ā¦ how do you draw fib fan lines? Actually maybe strike that one, not sure MT4 allows itā¦
way positive USD news on that ADP payroll!!!
Hmm ā¦ just hit a snag with MB Trading ā¦ I just opened an account & was going to fund it but found they are stuck in the last century, only want a personal check & hold it for 10 days or a wire transfer which costs $25 min a pop! So ā¦ maybe I need to go with FX Solutions after all ā¦ anything I need to know before opening an account there? Anyone here (other than Elijah) with themā¦ and happy?
First glitch ā¦ canāt download the GTS Pro platform, the web page wonāt open. Do people use the web based platform or the one downloaded to computer??
Yep, I run a Mac. Intel processor and a partitioned hard drive w/Windows OS on the other side allows me to run MT4 on my machine - a bit cumbersome, but I only use MT4 for charting, backtesting and demoing whatever method Iām curious about, so most of what I need can be done on a web-based plat. The chart was from Oanda, actually. They do have very limited capability (really their platās single major flaw), but it usually suffices.
I draw fans much similarly to how I draw other fib studies - but typically with fans (and arcs) I pull in wicks, whereas with retracements and expansions I use bodies only. Speed lines are helpful on shorter TFs; otherwise they just clutter stuff up. I also draw fans within fans to look for collinearity or āconfluenceā, i.e. overlapping lines.
MT4 will let you draw fib fans one of the menus (āinsertā? Working from memory) lists āfibonacciā and allows you to select from a variety of studies.