First, let me say thanks for all the help I have received so far. You have given me some much needed insights into my personal growth in the market.
I think I will need some help navigating MT4 for a couple pointers until I get familiar with the platform… i.e. how to set up my personal indicators and where to download that custom indicator of yours… Thanks in advance.
Also, as this is the first time I will mention them, please give my best to the sisters.
Chubs,
P.S. I pulled in my best trade to date last night… only took 35 pips of a 100+ pip move, but I had 3 full lots open. GU in the early hours of European…
hey dan, historical data you may find usually in some forums as this, if there are not just open a new thread and you�ll get it. It means you are used with mq4 and that kind of languages? Is that easy? Hope to know more about it. Jess
I�ve found some doing a random on websites but seriously I don�t use those, sometimes it is better go and explore the platform (mt4 as yours), there are several indicators really useful but we ignore them. Check those out and let us know your thoughts
make sure youre following proper money management rules (ok, thats one i will accept if one does not have the luxury of a VERY large account) and DONT set a stop loss !
How do you follow money management rules without a stop loss? In other words, how do you size your position according to any rules if you have no idea how much you can lose?
first allow me to state that was an answer to a specific question and i DO NOT suggest newbs go out and try this !
I size my positions identically and not based on arbitrary rules, although YOU must learn the rules before you can break them — your money management depends totally on percentage of equity you use for a trade, and there is plenty of information on that subject.
you need to respect the concept that (especially on the longer term trades) you will have to suffer thru drawdowns, and be fully prepared for this.
MY problem is so many newbs lose money during these drawdowns and i feel that is one of the major problems when starting, and its caused by the stop loss just sitting there waiting to be hit.
if you DO NOT overtrade, and keep your margin low (hedging is one great way to accomplish that) and FOLLOW the well documented rules of equity involvement, you do NOT have to figure out “risk/reward” as a basis for trading. After all, its not like ROBBING the bank, and figuring the gains you could get versus the jail time if caught !
the whole idea of trading is to be on the winning side, NOT on the side that gets caught, so that is a concept I have never learned and have NO knowledge of, simply because i dont wear the black clothes with hoodie, black balaclava mask and carry an AK47 !
I TRADE, and i try to have my route plotted BEFORE i enter the trade !
But i offer this ONLY as an explanation to your question — PLEASE do not try this method at home — not for a few years anyway !
I started not too long ago with a demo platform form tradeviewforex, for me it is the best way for a newbie starting on this market. What about testing advices from you, even for forex guides on this kind of platforms?
some may have noticed that i speak of “reversal” times that occur at specific times of the day, and usually last for 1.5 hours before they change BUT WITHIN those 1.5 hour segments there are also TWO 45 minute segments that ALSO REVERSE. I guess forex just wants to supply tons of fun !
Normal reversals are at 7:30am, 9am, 10:30am, 12noon, and so on for the day with noon (EST) being a TREND direction (from long to short or vice versa) move.
Inside each of those blocks lies a 45 min change, which doesnt alter trend (because the move remains within the trend) but does alter the direction of the trade.
While this info is more important to scalpers and short term traders, it will show those who do longer term trades WHAT appears to be craziness, really IS !
after all the studies and all the learning, its just a funny game played with the clock !
enjoy and trade well
use the LRC, S+R and the ZIGZAGS and youll know it all !
mp
[B][I]Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence – BUT I KNOW WHERE THEY HID THE KEY !!
[/I][/B]
To be honest, I am feeling like a moron. I have been looking for these trends for quite some time, especially the 1am and 6am mentioned on the first page. For whatever reason I just do not see it.
Here is the 5m for Jan 5, with vertical lines at the 1am EST and 6am EST marks. Could you please help me clarify these times and reversals based on this chart?
i have been noticing the 5.40am 6.40am 7.40am (london time) retraces in the gbp/jpy that last about five minutes but often can move 40 odd pips…(as you stated earlier i think 7.43am). Actually paying more atention to the clock now since youve given the secrets out!
Also notice that 10minutes prior and 10mins after the hour usually see some good momentum.
Is EST new york time?
to tell the truth it does my head in these times!
My time is that i am 1 hour behind london and 4 hours ahead of New York but then add/subtract 12 hours to both of those and you will have my time!
is it correct to say that with your theory - tomorrow morning the BOE is poised to lower interest rates a a further 0.5% therefore overnight the currency should be slowly going up so that when the news is announced it has room to go down as it should when interest rates are lowered.
If the reverse of this happens would it be fair to say the BOE will keep the rate unchanged?
FUNNY — i dont see nuthin on your charts either so i shall use mine, which are gen e u ine high falootin expensive charts with bank feeds and all bells and whistles which i probably dont need but have bragging rights to !
vertical white lines point to the times specified and you may just pick outher stuff off them also.
Thanks MP, I think I am starting to see it. I am thinking the EURUSD may have not had the normal action on the 5th. Either way, I noticed the ODL Demo charts for GPDUSD were similar to your high brow charts. There were some differences, which enforces my happiness that brokers like MB are starting to embrace the MT4 platform.
After I started looking around, I definitely am picking up on H1 7am and 12-1pm reversals. I still do not see the 45 minute reversals, but probably like anything else, as time goes by the image will get more clear. I did notice what looks like a 5 day reversal trend on the USDJPY, so I will see if that holds true over time.
On a related note, I can see why new traders can loose big in their first months of trading if they go live. My first few weeks of trading was very messy, like a virgin on prom night. Going into the first month I started working my way towards some good trades, but then all of a sudden I start giving back pips over the past few weeks. Luckily I am in demo heaven, and I decoupled my EA from my manual trading so that the results do not get intermixed, allowing me to look more critically at my style.
Anyway, thanks for keeping the thread going, and maybe someday I can buy a big cup of coffee with my pips
you would see it easier on a one min chart that is zoomed in a bit more than the one i sent ---- trade the 1.5 hour thingies and watch when youre into the trade for 43 minutes (which is where you should be out of present position and ready for new position)
or simply hold your position and watch the market move away in the other direction — you pick !
i have just gotten the chance to try FXCM’s trading platform, and you CAN hedge the same currency on the platform ---- APOLOGIES to anyone I may have confused with any prior statements !
MP, kind of a personal question, but how many pips do usually average per month? I see so many different answers in the forums, most are in relation to % of account. Personally, I would like to aim for something high, yet realistic.
On another point, I assume from your threads that your main trading is based on swing trading, but also play with the daytrading to keep yourself ammused.
charts. There were some differences, which enforces my happiness that brokers like MB are starting to embrace the MT4 platform.