Hi
This is my first post!!!
I have an extremely new approach to forex trading, one which needs you to know the strength of the market.It works when the market is weak and is ranging. I use pending orders specifically limit orders and i set orders for all the pairs at once. I set them four hours to the end of the day, i set both ask and bid orders simultaneously, and i set them 10pips from the price and put a take profit at 10pips from the entry point. This strategy though does not work for all the brokers, i realized that for some it does not work. I intend to work through the whole of this year with it but working with any one interested. Check the attachment for details of performance
…I just feel your a bit contradictory when you say “it works” then say “it works all the time” "only some traders " etc etc.
Okay now that I got a shot of sugar I can now address the individual things I saw
“I have an extremely new approach to forex trading, one which needs you to know the strength of the market.”
Okay, I’m always up for something new and knowing the strength of the market is also good.
“It works when the market is weak and is ranging.”
I already have a strategy for those kinds of markets but go on.
“I use pending orders specifically limit orders and i set orders for all the pairs at once.”
The revolutionary technique and approach of the century…
“I set them four hours to the end of the day, i set both ask and bid orders simultaneously, and i set them 10pips from the price and put a take profit at 10pips from the entry point.”
Okay now which open I ask? Are you making your orders like this Long | Current Price | Short so your telling me your putting your orders on opposite ends so that either way if it breaks out to a point your not gonna lose… I’d like to see your orders against heavy news items that make the markets whip or crazy times before it as well.
“This strategy though does not work for all the brokers, i realized that for some it does not work.”
Huh? Explain.
“I intend to work through the whole of this year with it but working with any one interested. Check the attachment for details of performance”
Okay I’m not opening your attachment until someone else does because I am paranoid about trojans. So how long have you been testing your strategy.
Wawoo!!! Tansen, thanks for identifying those parts of my statements.
I put my orders on opposite ends not because am using it as a hedge but rather am tapping any movement of the pair any direction. About the news, am specific about the time of entry and i try to gather enough fundamentals. If you have been observant , 4hours to the end of day there are few news releases but then i make sure i avoid those days when their are news releases around that time. About the broker, its true, read about the different types of brokers there is, ECN, STP, NDD, DD. This strategy is more less of a scalping one, so if there those brokers with dealing desks or bigger spreads for their pairs, trust me you will not realize the expected results. I have practiced with it for the last 8 month though i was not focused on it alone, i was applying it with many other strategies and with different brokers. it is this year that i have decided to use it alone and i want other people to test it and give me their views so that it can be polished to our advantage.
Hi Haley12
You need to check whether you are broker is an ECN or check the spread offered. if the spread is bigger for the currency pairs or if they have a dealing desk, it may not work. otherwise first open demo account with them and see how it performs. send me mail so that i can send you the e.a i use to set the trades
The end of whose day? Mine in Europe? A trader in NYC? One in LA? Or one in Tokyo maybe? While I know that you most probably mean four hours before the NY session ends, it wouldn’t hurt to be a bit more specific in your statements.
You’re using time-based limit and stop orders to ‘scalp’? O-kaayyy.
