Inner Circle Trader's Pro Traders Club 2012 - 2013 Series

[jonnycab]

For those who think they are the only ones who miss the big moves, I present to you, my trading this week:

(click images for larger view)

EUR/USD:

GBP/USD:

Oddly enough, Fridays trading was the best LOL.

Broke the rule about 3 trades a week, first Cable trade in a while, was lucky I didnt get bitten (analysis of why posted a few pages back).

I hope these charts illustrate the following:

• You dont need to catch the weekly range to be in any way profitable.
• You dont need to trade excessively to be profitable.
• You DO need to trade WITH the trend (think Market Structure).
• You DO need to markup the HTF levels before the next week of trading.
• There will always be opportunities for getting back in sync with the higher time frame.

So, ideally, this is how I would have liked the trades to go (I’ll describe the Fiber trades only, as I don’t usually trade Cable and essentially got the Cable trade wrong):

Tuesday - NYO Long trade [SMT divergence] - I wasn’t at my desk for this one and didn’t have a limit order set, on the push up, I bought @ market and didn’t have 2 orders split, so I only had 1 TP set which was tagged as I wasn’t around to manage the trade properly. Ideally, I’d have closed 50% @ 30 pips, the remaining 50% closed @ 1.3480.

Wednesday, no trading, no obvious entry points - flat all day.

Thursday - LO Long [OTE from the small range 1.3535 - 1.3590 + HTF support confluence] - Back in sync again, closed (+13 pips) when it spiked just after NYO, after very lack luster price action all day. Should of had more patience. Same deal again, 50% @ 30 pips, 50% @ 1.3600 in an ideal world.

Friday - LC Long [OTE zone from range: 1.3550 - 1.3670 + HTF support confluence] - Again in sync with the HTF, I don’t think I’d have managed this one any differently, I opened it, closed 50% @ 30 pips, the final TP @ 50 pips. Reason for closing at 50 pips was that it was a Friday, and I wasn’t really sure we were going to see a massive push up, typical!

Overall, quite poor trade management and even if I had of traded as described above, I’d still have missed a ton of pips (the big push up on Wednesday). This is why having low targets is useful (and realistic). You still get a star if your trade management is as poor as mine

Am I worried? Not even slightly. Yes, if you offered me all those “missing” pips I’m not going to say no, but once you have your focus on the market aimed correctly, you can then start to focus on your trade management. If you cant get good entries, you’ll never have any opportunities to practice trade management…

Roll on next week!

[Piparella]

Go RAVENS!!!

[rod178]

is that mt4? or their own platform? is the demo account unlimited (timewise)?

MT4 - I prefer to keep as much as possible in an MT4 interface
Demo account, which is limited to 30 days

[rod178]

installed Bonds… T-Bonds… Capital T-Bonds

on mt4, demo account, recall how Rod mentioned in prior message that demo was limited to 30 days. maybe they allow to open another account when this one expires from the same platform. Time on it is gmt+1

The time stamps are different between the British, German and US Bonds, at least in the Demo account

[rod178]

Wow, 100 pips, who told me to sell @ 50?

I have to thank Rod for his initial post on bonds todays before the drop, I pulled up the chart and drew some Fibs. Do bonds obey the Fib OTE zones? Do they have insitiutional levels? They seem to

jonny

which Bond feed/ platform are you using

Also - what are the advantages of the SpotFx platform and feed over other brokers

[rod178]

So far I have found three

AFX Capital Forex trading | CFD Trading | Online Forex Broker | AFX Capital some brief details previously posted

markets.com Trade Bonds
Finexo,com Bonds

So far I’ve only applied for a Demo account with AFX Capital. The minimum for a live account is $200.

The latter two seem to offer similar (maybe identical) MT4 Bond feeds as AFX Capital. I will not apply for these Demo accounts until AFX expires. I’d be interested to note any feedback from others experiences with MT4 (or others such as IG Markets) Bond feeds.

PS These brokers do not seem to offer US 5Year.

[hopiplaka]

@"rod178"

So far I have found three

AFX Capital Forex trading | CFD Trading | Online Forex Broker | AFX Capital some brief details previously posted

markets.com Trade Bonds
Finexo,com Bonds

So far I’ve only applied for a Demo account with AFX Capital. The minimum for a live account is $200.

The latter two seem to offer similar (maybe identical) MT4 Bond feeds as AFX Capital. I will not apply for these Demo accounts until AFX expires. I’d be interested to note any feedback from others experiences with MT4 (or others such as IG Markets) Bond feeds.

PS These brokers do not seem to offer US 5Year.

I’m using the bonds in Oanda, suits me well.

If you cannot find them, open market watch window, right click any currency pair and choose show all.
The 2, 5, 10 and 30 bond prices(not yields) will be visible.

[forexnerd12]

I have ademo account even I choose show all I dont see any bonds included

I’m using the bonds in Oanda, suits me well.

If you cannot find them, open market watch window, right click any currency pair and choose show all.
The 2, 5, 10 and 30 bond prices(not yields) will be visible.

[rod178]

I’m using the bonds in Oanda, suits me well.

If you cannot find them, open market watch window, right click any currency pair and choose show all.
The 2, 5, 10 and 30 bond prices(not yields) will be visible.

Is that Oanda Demo, or from the website

[TommyL]

I have ademo account even I choose show all I dont see any bonds included

Just checked my demo account on Oanda and I see them.

[sparky897]

Just checked my demo account on Oanda and I see them.

Is Oanda demo unlimited?

[TommyL]

Is Oanda demo unlimited?

I’m not sure to be honest Sparky, I’ve had it since 03-01-13 and only opened it twice as I decided to stay with Alpari.

[SmallTownMisfit]

Is Oanda demo unlimited?

If I remember correctly the demo account doesn’t expire. Mines only been active for a bit over three months but no problems so far.

[sparky897]

If I remember correctly the demo account doesn’t expire. Mines only been active for a bit over three months but no problems so far.

I guess i’ll have a look at it and give it a try.

[forexnerd12]

Its wired I can’t see any bonds in my account.

Just checked my demo account on Oanda and I see them.

[TommyL]

I’m goin 50/50 each Way on Wales in the Six Nations, it’s like a 15 pip scalp, with your SL at 10, and your Grand Slam chances at 200 PIPS, One Championship, one winner, one…

If they ain’t betting against Rugby structure I don’t know what is!

[forexnerd12]

I have figured out why i cant see bonds. coz i was using OANDA asia pacific account which they dont offer bonds. so I have created european account so i can see the bonds now.

Its wired I can’t see any bonds in my account.

[TommyL]

I have figured out why i cant see bonds. coz i was using OANDA asia pacific account which they dont offer bonds. so I have created european account so i can see the bonds now.

I should have checked here before I did the screenshots, ha ha. I was in the gym earlier so couldn’t post.

I’ll post for anyone else who might need them anyway.

image sharing

[green_as_grass]

Is Oanda demo unlimited?

I’ve had Oanda demo ever since they have had MT4 & it’s unlimited (time) Gave up with Alpari because if you don’t trade once in a month your account expires :15:

My Demo doesn’t show bonds, must be Asia Pacific.

[jonnycab]

jonny

which Bond feed/ platform are you using

Also - what are the advantages of the SpotFx platform and feed over other brokers

This is the feed from IG Markets. They only provide 3 months worth of data for this feed though (I think). I think this is a three month futures type contract, valid until March 2013 in this case, at which point it resets. I’m not sure how it works exactly, I haven’t looked into it much. When I’m back at my workstation Ill have a quick look to clarify. They provide 2 Year, 5 Year and 10 Year US T-Note feeds.

I’ve used IG Markets for a while now. I started off trading stocks (and still do a bit of this) and then I started looking at the Forex stuff and ended up here at BabyPips. Seeing as I was using IG anyway, I kept using them. I’ve found their feed data to be pretty accurate/reliable [pretty much the same as most others feeds on here] and their spreads are low, 0.8 or 1 pip for the Fiber (minimum 5 pip stop), 2.2 for the Cable (minimum 7.5 pip stop).

The main reason for using them was that I cannot run MT4 on my main workstations (I run Linux on all my machines), so no native MT4 support, so I had to go with a web based service.

This is an interesting point, because of how I trade (naked :> - pure price action essentially), I don’t really require all of the fancy stuff that MT4 (or the IG platform for that matter) can provide. I mark up the charts, plot my levels and thats it really. I’ll draw the Asian ranges on myself in the morning, doesn’t take too long and thats it really. I’ll try to spot the swing points etc… myself, good training I think to get to grips with market structure. As with MT4, IG do offer a big list of indicators too, RSI/MACD/Stochs/etc… all the usuals, I don’t use these in my trading, but are available.

One thing that annoys me the most is that you cant add custom levels to the default fib tool (as you can see in that bonds pic) on the IG platform, unless you pay for their advanced charting - £30 per month, which is refunded if you make 4 trades or more per month. So essentially I could have the advanced charting for free, but I didn’t bother activating it on my account, mainly because of the reasons above. I don’t really require it. My trading style is very simple (thanks to ICT) and uncomplicated in terms of charting. I like simple

I don’t mind not being able to set the 70.5% and 79% Fib levels really, I wrote a script that will do this for me, given a high and a low price, it will give me all of the levels I need, including extension and reflection points. I’ll keep an eye on those price levels and usually they will line up with HTF levels.

Sorry for the lengthy ramble