Currently i’m +23 pips on that one. If it turns and hits my stop limit (SAR point), i will let it 
another hard lesson about stop loss too strict.
stopped out this morning from L gbp/chf and S eur/gbp…
now i would be in gain…
hello forexology,
thanks for posting your results but i am still don’t know why u r not having a profIt with the EUR/GBP i mean they seem to have nice 33 pips profit so far.
Any ways i think i will close this position tonight.
I got some ideas also for 1 day trading which has nothing to do with the PSAR or what we r following for tom only.
I think there are lots of people who are talking about UK intrest rate.What i am thinking about is that there will be only 2 thing that UK will do tommorow
1- is the intrest rate will be dropped
2- is intrest rate will be the same (which i am expected)
Both things leads to 1 thing which is the sterling is going to be dropped down for tommorow ALOT!!( THIS IS WHAT I AM EXPECTING!!)
SO THAT TELLS ME WHAT?
IT tells me that i have to go shot for all the postions for the GBP but i will just pick the usd as they are the ones which traded by lots of people .and i am expecting that if things goes well i will be able to make 50 to 80 pips!!!
once i will close the EUR/GBP i will go short for the GBP/USD there is nothing like 100% sure from this busniess but i think this trade is an easy grantee one!! (i hope so)
So what do u think Bocajunior,Rob forexology,DOC Z ,Dale MY LADY FROM Nigeria or any one who is following our thread? will u do that guys with me???!!!
Dale no offense please as i will do something different than your holly grail!!
Regards,
Akram
Forexology,
I agree that the silver is not good right now but it is not bad too.beside we to have some patience.
Dale i think we r not getting used to see u not posting much posts r u ok my friend???!!
Regards,
Akram
Hey fellow FOREX traders!
I love to see all the action going on! Looks like a lot of people are starting to get it, thats cool. Learning a lot just by reading what everyone is doing! I know that I really need to start focusing on risking only 1 or 2%. I tend to just grab everything I can throwing caution to the wind. Exactly why demo is good!
Dr. Z,
I’m not signed up through any broker with MetaTrader 4. I actually downloaded the program from the developer Forex Trading Software: Forex Trading Platform MetaTrader 4 and I’ve just set up demo accounts through that. I feel the same way on having one more source of information/confirmation. Typically, before I enter a trade with the indications (1 PSAR dot, MACD Cross, etc.), I usually wait another day for extra confirmation and usually by that time, OANDA’s charts have a PSAR dot showing when it didn’t before. Does that make sense? But I think it is important too that you learn the platform(s) you want to use and stick with them.
Hypechic,
Good for you for waiting on the EUR/USD trade there if you didn’t see all the indications up, that always took me in the wrong direction if I jumped the gun. I’m wondering though, what platform are you using? I just remembered I took that trade earlier this morning as all my indications were screaming at me to take it.
forexology,
I’ve been feeling the same way! Not sure what to do with this one. Figure I’ll stick according to the system and see what happens. Just realize we all will win some and lose some.
Well seems like everyone is getting into and having that forex high like I am! :eek:
Good luck all!
Guys i missed u alot!!!
Babypips was down i couldn’t send u guys any posts! anyways a i told u guys i will close EUR/GBP and i did that with 37 pips gain not bad it is ok for 3 days of trade coz this pairs means double in profit 37 x 2!!!
So another thought that got to me while i was checking our wishlist i saw another posibble vailed entry which is the EUR/USD and to be honest with u this trade i am gambling alot on it as tec. it is vailed and fundemently it is vailed too!!!
Why i am saying that tommorow morning after UK intrest rate with in 45 min. europe is going to announce there intrest rate too and it seems that they will keep their intrest rate as it is that means the currency will be dropped down.(I hope that) SO what i did i opened right now 2 postions the GBP/USD and the EUR/USD hoppfully it will pays off last month!!
Yes i think u might say i am gambling for the GBP yes i am and no i am not.!!
Anyways let us see how thing will go.
Good luck guys and any thoughts will be good for me and for all of us although it is too late as i already opened both postions!!
Regards,
Akram
LOL Akram
I would say yes you are gambling with GBP. I wouldn’t touch that with a ten foot pole. EUR/USD on the other hand, I got in earlier today.
We shall see what happens with that GBP!
Good luck!
Sorry, me again filling up the thread with random thoughts…
I was just thinking how for those of us new to FOREX and even new to the system can really see how news and events, such as UK and EU announcing interest rates, can effect the market. This will actually be my first somewhat major “news” event that could effect positions I’m in, so I’m really interested to see what happens.
Thanks for reading my randomness.
No it is not a gamble it will be dropped Big time AND IF IT WILL NOT BE DROPPED SO WHY DID I CLOSE EUR/GBP THEN!!!
ok let us see how things will go
Regards,
Akram
Akram:
I got in late on the short trade EUR/GBP so its been in the red. I just closed it for a small loss. I thought I’d closed it earlier but did not submit the ticket.
I’m already short four lots on Oanda the GBP/USD and still open. The PSAR dot not yet but the other indicators prompted me. Two are in over 90 pips profit, two are still in red. Should I close the ones in profit since the PSAR dot has not appeared?
I confess I’m so anxious for pips that I tend to jump in too early or too late, and as said earlier even when I know it’s too late to catch the trend unless the trend extends. Nervous about the upcoming news on those lots too.
Glendon
Akram:
Right about that one for sure.
Gold +555 pips still open
Silver +350 pips still open
It takes nerves of steel to keep the positions open. How much longer should I let commodities run before I close? I know! Do my own backtesting!
What I need to find are pivot charts for commodities. Do they behave like the regular pairs?
Glendon
Hey Dale,
I’ve been looking into Delta Stock. I think the thing that appeals to me is the multiple forms of trading through one broker. Another big thing is that our funds are protected… whereas with OANDA, they are not. If anything were to happen and OANDA fell into a void, well say goodbye to any funds you have with them. At least with Delta Stock, you are protected. They also seem like a wholesome, professional company. The reviews they receive are also high up. And, they seem to be a progressive company with conservative standards… I mean that that seem to stick with high standards and a regard for their clients while looking to the future of trading.
They are on my list of consideration for my future broker. As I can trust you have put together a good system and have years of knowledge and practice, I believe I can trust your recommendations on DeltaStock Inc.
Oh, question before I go… do they have any fees like for holding positions overnight or any other fees? Can’t seem to find any info. on that and was wondering if you could tell me about it.
Thanks man!
-Rob
Afternoon all
Here’s the latest on my positions.
EUR/USD Short was taken today with all the indicators lining up on both Oanda and MT4 daily charts.
I’m considering closing down both GBP positions that are in profit just now as could we see a weaken in the GBP later with BOE and ECB rate announcements later? Decisions, decisions.
[U]Open Positions[/U]
AUD/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/AUD 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
GBP/CHF Long (SL on 3H time frame to lock in profits)
EUR/USD Short
USD/CHF Long
All of the above are currently in profit.
[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
XAG/USD Long. Stop Loss on daily PSAR. -5000 pips
NZD/USD Long. Stop Loss on reduced time frame for +50 pips
GBP/USD Long. Stop Loss on reduced time frame for +100
GBP/USD has been stopped over night for a 100 pip profit. I moved the stop loss closer to current price as fears over possible GBP weakening due to possible rate cut ahead.
Cheers
Good morning everyone,
Still here - just feeling a bit ‘down’ lately - mainly because I’m not making money - and need to - badly.
I have a few positions open at the moment based purely on our system - waited for ALL our criteria to be met before entering - and these positions just seem to be ‘see-sawing’ between a $1K and $2K nett profit - nothing spectacular - and CERTAINLY not enough to pay last months bills!!!
What makes it SO bad is that I have followed EVERY SINGLE RULE that we have come up with so you just expect that now - because you’re actually sticking to the rules - you should be making HUGE profits and NO losses. I REALLY thought that by following all of our rules I’d have NO losing positions BUT - not so - and it sort of ‘takes the wind out of your sails’ as it were. As an example: EUR/RON is currently at a $4K loss for crying out loud and EVERY SINGLE one of our criteria had been met on this one (and to make matters worse the potential loss if stopped out by Parabolic SAR is nearly $12K).
The above I must just tell you REALLY highlights the fact that we HAVE to somehow ‘weight’ the pairs against each other i.e. you CANNOT simply set your lot size to 100 000 for example and then just buy a single lot of 100 000 units of each pair when you get a signal. In other words - your lot sizes HAVE to be varied according to the instrument that you are trading - otherwise - you land up in a situation like I am where the loss made on a very high yielding pair is negating most of the profits on a number of low yielding pairs i.e. the loss that I’m showing on EUR/RON is not ‘proportionate’ to the profits being made on other pairs. If anybody knows a ‘simple’ way of doing this then please post. I did as MY Customer Support at Delta and they told me how to do it BUT it’s not really a simple task I can tell you ESPECIALLY if you have to do this for 44 pairs AND update it or maintain it on a daily basis.
Now - I see a loads of ‘talk’ about the upcoming BOE and ECB rate decisions - so - I’m just going to ‘throw in’ my ‘trillion dollars worth’ here.
Basically - if you don’t already know it - you’re trying to ‘trade the news’. While this is a perfectly valid way of trading (some people ONLY ‘trade the news’ for a living) there are one or two pitfalls that you had BETTER be aware of RIGHT now.
One of them depends on which broker you trade with. Why should this make a difference? Well - at your average ‘bucket shop’ broker - don’t think for one minute that you’re going to go short GBP this morning and then close out the position a couple of seconds after the announcement at a huge profit - it’s not going to happen!!! Yes - you can get in before the announcement BUT a ‘bucket shop’ broker will NOT execute your exit order immediately and will hold that order until the end of the retractment (there is ALWAYS a retractment after the spike) - and - if you’re lucky - you’ll break even - and if you’re unlucky - if the retractment is severe - you’ll lose money - and DON’T make the mistake of thinking that if this does NOT happen on your demo account today then I must be talking nonsense - trust me on this one - this strategy WILL work on a demo account but it WILL NOT work on a live account - again - depending on your broker.
You must also remember that for the most part interest rates are already ‘built in’ to the current price anyway so trying to make a ‘quick buck’ on announcements like those coming out today are just that - a ‘quick buck’ - and that’s why - if you’re trading the daily timeframes or longer - you’re normally able to ‘ride out’ the inevitable ‘spike’ that comes just after the announcement without getting stopped out - and then things keep going in the direction they were going in the first place (although this MAY not be true in the case of GBP given the current situation with the USD).
To answer some specific questions:
forexology:
What do you mean by ‘pivot charts’? If you’re using pivot points you can (should) manually calculate pivot points each day and yes - pivot points are valid for commodites, metals, stocks, indices, etc. etc. in exactly the same way (remember that these instruments AND pivot points were around LONG before people were able to trade forex pairs).
capt.findus:
I can only assume that you were not trading the daily timeframes otherwise there is no way you’d have been stopped out of these two positions - at least not yet. If you look back on the thread you’ll find that the idea was to switch to a shorter timeframe only AFTER Parabolic SAR had locked in profits on the daily timeframe.
Anyway - I sincerely hope that today brings some REAL profits for everyone.
Regards,
Dale.
Sorry robstyle1980 - ‘overtyping’ again.
What you’re actually referring to is interest paid or interest received on overnight positions held.
Yes - Delta PAYS YOU interest and YOU pay Delta interest depending on the pair and the position held i.e. long or short. They are also the only broker that I know of that does not ‘discriminate’ between ‘normal’ accounts or ‘mini’ or ‘micro’ accounts i.e. they don’t have ‘mini’ or ‘micro’ accounts - ‘an account is an account’ - that’s it. The reason I mention this is because there are some brokers that will not pay you interest but will only charge interest on a ‘mini’ of ‘micro’ account regardless of the pair or position held.
Anyway - here’s the link to Delta’s ‘Rollover’ (‘Interest’) page:
http://www.deltastock.com/common/rollovers_forex_delta_trading.asp
Regards,
Dale.
Thanks Dale
Yeah, I actually did read that on the site. Just wondering if they had any other account fees of any type or whatever.
Downloaded the platform and started messing around. I like it a lot, actually. Pretty customizable with everything.
The one thing that concerns me is the PSAR representation. I know its what you’ve been basing the system off of, but it is totally different than MT4 and OANDA. I mean, its kinda scary how different it is. I’m getting like opposite readings from it even when MACD and others come up with correct readings. When I looked to change the settings, even those are totally different from what I’m used to (what the other platforms use). Not sure what to do.
I’m posting a couple images to show the difference of USD/CHF. I mean, I think you already know about this and its been talked about… but I just want you to see the difference. I’m not sure how to save an image with OANDA, but its basically like MT4 anyways. First image is from MT4… second is from Delta.
Oh, and I was wondering how I could program the ol’ Alligator into the thing… did you know how to do that?
Thanks again!
-Rob
Hi,
Yes - the difference is concerning me too - MORE than just a little. I think I know what the problem is (see my previous posts on this) but I can’t fix it because Delta’s ‘SAR’ is a hard coded into the system (although you can change the parameters you can’t change the way it performs the calculation). The only other thing that I can try is to actually ‘create’ a ‘Parabolic SAR’ indicator based CORRECTLY on Wilder’s formula but I can tell you that this is NOT going to be a ‘walk in the park’ i.e. not only is the calculation of Parabolic SAR complicated BUT actually ‘programming’ the thing in Delta’s platform COULD be a ‘nightmare’ (I have ‘programmed’ some very ‘simple’ things - like our ‘Alligator’ - but I’m still learning / testing what each of the functions in the forumla editor do and how to use them and unfortuanately the manual does need some ‘beefing up’ in this area).
I contacted them yesterday and sent them examples of what I THINK is the problem but I have not had reply from them yet - but - I’ll follow up now.
You need to go back a couple of pages for the ‘Alligator MA’s’ - I posted a WinZip file with instructions (for ‘Hypechic’).
By the way - thanks for posting the link to ‘brokersmatrix’ - absolutely fantastic site (I’ve been looking around there to find out why the ‘f**k’ I’m sitting with a (now) over $5K loss on EUR/RON (Romanian Lei - and that’s REAL money my friend) but I can’t see any possible reason for this. It’s the EUR that’s strengthening against the RON - which does not make sense to me - especially not if the ECB is going to keep rates unchanged or signal a rate cut in the near future - this pair SHOULD be making a small fortune right now - not the other around).
Actually - that ‘begs’ a very good question: The ECB is the ‘European Central Bank’ not the ‘Euro Central Bank’ - so - what effect does their decisions have on other European currencies - like the RON, NOK, SEK, etc. etc. etc. - I mean - it’s not just the EUR that’s affected by their ‘shinanigans’ is it??? I don’t know - and I don’t know where to find out. I’ll tell you one thing though - I’m starting to think that maybe I’ll just trade the EUR/RON on the 30 minute timeframes from now on. Where else can you make / lose $5K in 24 hours??? If I could consistently get on the right side of this pair I’d only have to work two or three days a week PER MONTH!!!
I’ll tell you one thing: my beloved ‘Parabolic SAR’ had better be every bit as ‘fg’ good as I said it is otherwise I’m ‘f***d’!!! Like I said - the potential loss - with the stop loss based on ‘pure’ Parabolic SAR - on this position is over $12K!!! Put it this way - I always ‘assumed’ - now I’m ‘sure’ - I’ve got 'titanium bals’!!! Either that or I’m just plain 'fg’ stupid to not just take the $5K loss now and move on!!! ‘Sh1t’ - I’ve even got it open on the 5 minute chart to ‘calm my nerves’ here!!!
Regards,
Dale.
yes dale,
i wasn’t follow the psar stop loss rule.
Was more like a random SL placement!
I’m using Delta so I’m sure you now know why I couldn’t take the trade yesterday. However, all the indicators lined up to day so I’m currently short 1 lot of EUR/USD.
I got stopped out of AUD/USD for +600 pips. Pretty good if I may say so myself. The pair seems to be shaping up nicely for a reversal so I’ll watch it closely.
My EUR/GBP can’t seem to make up it’s mind, it’s been fluctuating between 15 pips in the green and red. Currently it’s 7 pips up and I’m wondering whether to close it…
GPB/CHF is currently 47 pips up.
USD/CAD seems almost ripe for a long position too. Thoughts on that anyone?
Akram,
I’m with Dale on this one. You’re trying to trade the news and if you’re not using an ECN broker then you could be in big trouble. I’ll stick with our rules for now…There’s no point me trying new things when I haven’t mastered the old ones yet…does that make sense or am I rambling?