Yea, I jumped on it too. Will keep watching it to see where it will go. Will also keep in mind that you mentioned UK is to announce the interest rate drop.
Dale,
I can see where being patient is key. I’m not trading live, but I’m trying to pretend that I am… attempting to get into the frame of mind when one is trading live. Well, I’ve held a long position in AUDUSD for some time now and it’s really tempting to take the “profits” and run. I keep having this feeling that it will inevitably start to drop and I want to beat that… however, I still have this nagging feeling that it will stay on this trend and that I need to just stay in and see what happens. Well, I will because it’s a demo account and I really want to see what happens… but if I was live, I think I would’ve totally closed the position and taken the profits.
Yea, I jumped on it too. Will keep watching it to see where it will go. Will also keep in mind that you mentioned UK is to announce the interest rate drop.
Rob,
Let us see what will happen but i think we need some patience on these pairs as the market will be dam slow today coz it is a vaction in the far east today.AND i think till the end of this week i am not sure may be Bocajunior will tell us about this?
EUR/GBP looks good except for the Stochs not very high. BTW guys with Oanda which line should I use, the blue line or the white line for getting the number for stochastics. Since I’m 10,3,3 I’m assuming its the white line. One more to review from either pipsology school or the platform.
The GBP/CHF has a nice MACD upswing and cross. Stochastics above 50, in fact already at 92 on my chart. Does this mean that the pair is too overbought for the trading rules, or should we enjoy the MACD ride.
2 new PSAR entries today. EUR/GBP Short and GBP/CHF Long. I have also re-opned my XAG/USD Long position as I was stopped out on this on the 3H timeframe for a large profit and now the 1 day trend is going back in it’s original direction.
[U]Open Positions[/U]
AUD/JPY Long (Re-opened position after reversal signals on 3H time frame)
EUR/AUS Short (SL set on 3H timeframe to lock in profits)
EUR/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/CHF Long (SL set on 3H timeframe to lock in profits)
EUR/GBP Short (New PSAR entry)
GBP/USD Long
GBP/CHF Long (New PSAR entry)
NZD/USD Long (Re-opened position after reversal signals on 3H time frame)
XAG/USD Long (Re-opened position)
All of the above are showing profit with the exception of EUR/GBP, GBP/CHF and XAG/USD as they not moved enough yet to cover the spread.
[U]Closed Positions[/U]
GBP/USD. Closed manually for a loss after Fed rate cut. -50 pips
USD/CAD Short. Stop Loss on reduced time frame for +350 pips
XAG/USD Long. Stop Loss on reduced time frame for +5000 pips
AUD/JPY Long. Stop Loss on reduced time frame for +180 pips
AUD/NZD Short. Stop Loss on reduced time frame for +100 pips
NZD/USD Long. Stop Loss on reduced time frame for +190 pips
Ok, so I took GBP/CHF Long position today based on signals on my Oanda platform. I also have a demo account over at Northfinance with an MT4 platform so I thought I would take a look at the charts there.
Playing around with the trendlines (I’ll be honest here, I don’t really not what I am doing) I drew a channel and it is possible that the upper trendline could be used as a profit target for this pair (2.0470). Whether I use this or not is another story. Have a look at the attached chart.
I have some platform questions if anyone is using Northfinance or MT4.
MT4 is a platform that is used by many brokers. Is that correct?
On Northfinance, there are only 12 currency pairs. Are there any more?
I find the charting elements on MT4 to be excellent. The account management of your positions etc is not so good though. All opinions welcome.
Hey Rob,
Thanx for the image and explanation, it does help a lot, I just need to get that customized MACD in to use and will see how it goes.
Unfortunately I am still doing my daily job and (DEMO) trading just when I have free time, so I will try to get this indicator in to use today eve when I get back home, I am +3 GMT BTW.
Thank’s again,
Will talk to you soon,
Best regards,
Timbaboy
No problem at all. Glad to help. Yea, I didn’t understand what they meant by MACD Cross till I got the little download. Then I was like, ooooooh! And my world changed! LOL
Bocajunior,
I enjoy MT4 very much, though I haven’t really used any other platforms other than some of the ones that come with demo accounts. I’ve yet to go live with it, or with anything for that matter as I’m still new and would really like to wait before I am sure about going live. With MT4, I enjoy being able to customize everything, I can easily draw and make symbols on my charts, they have a good selection of indicators and the ability to customize and add to them, and I can quickly manage orders by right clicking on the charts or in the history bar and I can easily hit F9 to bring up the order menu. I enjoy being able to create profiles and chart templates to easily bring up your chart setups when you create a new chart. This is also where my complaint comes in. It does get rather annoying when creating a new chart, you have to go through and pick your template and then time frame… it doesn’t have the option to use a default chart template. Other than that, I don’t really have any complaints.
Currently I’m using the demo account through MetaTrader with MetaQuotes. I didn’t receive through a broker, so I’m not sure how it will work with other brokers and what not. I can tell you that I currently show 34 currencies and that is if I right-click on the Market Watch bar and select Show All. Not sure if brokers who use MT4 as their platform control this or not as what currencies you are allowed to trade and what not.
My next step is finding a broker and I prefer to find one that uses MT4, but I think if I find another broker that is really good that doesn’t use MT4, I’ll end up using MT4 for all my charting needs.
I’ve been searching brokers and reading broker reviews, but maybe you all could give me some tips? I know who Dale is going to tell me to go for! But I just want to check out all options and hear all opinions before making a decision. It just seems when you read reviews, you get just as many for a certain broker as you do against.
Thanks for all that info in MT4. I will go back through my plaform and see if I have the options you mention. For charting, Mt$ seems to be excellent.
I am also looking at Delta as sugested by Dale and by looking at the charts he has posted here, it does seem to be a good broker with a lot of choice. The navigation of the platform requires further study though as I am fining it difficult to find my way around. I really nee dto sit down with a cup of tea and and have a good run over it.
Today I have gone through the application process at Oanda to open a FX trade account. I am already there on demo and I like the easy to use plaform. Charting is not the best but I can chart on demo on other platforms etc so is not a big problem. I am not saying this will be my only account as I may open others to gauge them etc.
I have also used platforms at FXCM and Forex.com and while both are ok, I likes Oanda and MT4 ahead of them.
Hey Rob,
When I read your posts I laugh, because you always mention you so new to this and yet you seem to be very experienced and helping, after I hear that you are new I don’t even know what to think of my self anymore LOL
Ok, but 1 question, why would you need a broker if using this system, because it doesn’t actually require to seat all day long in front of the monitor, but just a little while per day. Maybe I am wrong in this, please correct me if I Am.?
Don’t get me wrong - it will - in all probability - turn into a good trade - especially if the BOE keeps rates the same or lowers them (of course then you have the ECB to worry about as well on the other hand).
Edit:
Ignore the above statement - I’m talking nonsense - lack of sleep - no concentration!!! If the BOE keeps rates the same or lowers them - this trade is going to go ‘sour’ i.e. the EUR will STRENGTHEN against the GBP - NOT the way I described it above!!! If - on the other hand - the ECB keeps rates the same or lowers them - THEN it would be a good trade!!! Sorry - my mistake - only noticed it now.
The pair ‘appears’ to have found strong resistance at around 0.7026 or thereabouts which also favours the trade BUT - like I said before - especially lately - I seen the MACD MA’s ‘just’ touch and then move away from each other and leave you either holding on to a losing position for longer than is necessary OR at worst case you get stopped out AND EVEN WORSE you get stopped out AND THEN the price almost immediately goes in ‘your favour’.
And again - do not overlook the importance of RSI or Stochastics - just have a look at EUR/CHF to ‘get the picture’!!!
GBP/CHF - I don’t know - ‘ALMOST’ seems ‘right’ - just this ‘looming’ BOE interest statement is ‘bugging’ me. If nothing else - it MAY retract - and then take off - in which case you’d be getting it at a better price anyway.
(It’s amazing how far from ‘pure’ Parabolic SAR we (I) have come is it not)!!!
And yes - it IS ‘killing me’ to not take trades - but - at least I’m not in ‘bad’ trades.
As far as the Indices go (for anyone interested): 3-Q earnings / results have started coming out of the USA with a ‘mixed bag’ of results (some ‘big ones’ reporting ‘less than stellar’ results). I don’t think it’s going to take too much to push the Indices ‘over the cliff’ and - if they DO go up - it won’t be for long.
I’m glad I am able to make you laugh! Yes, don’t take me as someone experienced in the ways of FOREX. I’m very new at it all. In fact, I just started using demo accounts last week and spent the week before that studying and reading about it all. I’m sorry if I misled you or anyone else as if I was experienced. I think it seems that way because I just understand this system really well. I caught on to this system a lot quicker than any other. And I’m always just willing to help with whatever I can.
I’m still very much a noob with it all. I’m still having a hard time wondering when I should exit. I know theory is to exit when everything reverses… but it is so tempting to exit before. I mean, who’s to say that I can’t get out when I feel like it… but on the other hand, it’s tempting to see where the thing goes, i.e. more profits. I’m just glad I’m on a demo account.
Capt. Findus,
I started cracking up when I read your post because I felt the same way. I felt the same way when I entered GBP/USD two days ago, but now I’m like, I love you GBP/USD! LOL. Now when I look at EUR/GBP, I’m not too worried. Everything is going my way… for now.
Maybe I’ll post what I’m seeing right now. I like to compare charts with Dale’s platform because it’s amazing to me how different MT4 is with Delta.
I’ve been playing around with Oanda’s platform. Not too bad, I must say. In fact, I like it a lot. I could use it along with MT4 for sure. I could see using it alone, but I feel that MT4 charts and indicators are more responsive… though I guess this could be a good thing and a bad thing. Suppose a less jumpy platform would keep me in or out of a trade.
Anyone have any comments/complaints about Oanda as a broker? They seem pretty good. I think I might go with them for my first time out.
Hey Dale, you ever consider setting up a forum group through Yahoo or some such thing? A place where we can all talk business and pleasure without confusing a lot of newer folks coming in looking for a new system here? I mean, we could still post system stats and progress here… but have another spot for the converted PSARists to go without jamming up this thread with chatter on football and music? Or should we let the non-psarists dredge through the piles of chatter as an initiation? LOL… Anyway, would be kind of fun if you or someone was able to set that up. Just a thought.
Have a good night… morning… afternoon… evening, wherever you may be on this blue marble floating through space.
Hi guys,
Since I have started to follow this thread and the system, I have entered in 5-6 trades and I am in positive balance in all of them, it might be luck or coincidence, but I just followed the rules nothing else.
My questions are:
What are the rules for exiting the position?
Except for the moment when everything turns around, it might be too late to pick up the profit.?
Do any of you make a living out of this?
Did any of you make a fortune out of this :)?
Of cores the last two questions are not important, just curiosity, nothing else.
We had a long holiday weekend over here. Hence my absence. Dale, I thought you had a better sense of humour than that * a la the Ingot postings*
I got stopped out of my long EUR/GBP position for a profit. EUR/NOK went to hell and I closed it out this morning. AUD/USD Long is still going strong but I’ve locked in profits just in case. I took the EUR/GBP short trade a couple of minutes ago because MACD has crossed, Stochs broke out of the overbought zone and there’s a second PSAR dot to go short. Also took GBP/CHF long cos MACD has crossed, seems to have done that a couple of days ago, Stochs is heading up, it’s currently above 50 and PSAR has 3 dots. Let’s see how things work out.
