I hang out in the chatroom infrequently. I would be there more if they offered a mobile solution. My computer at home is also the large flat screen in the bedroom and my wife watching her shows trumps all of you. The computer at my office doesn’t allow for certain applications to run on it for security purposes. Apparently, that would also include the java based chatroom Babypips has.
So I suppose if you see me in there, then all the best. But I don’t intend to host informational hours or anything like that. As long as this flows at my pace, then I’m fine with it. When it becomes a obligation, then it’s no longer just a hobby and if my time is demanded and expected then it needs to have a financial value, and that’s something that I’m contractually limited to by my professional associations.
I’m thinking about taking a counter trend long AUD/NZD, based on the what appears to be the formation of a low off of a pinbar on the daily. As discussed yesterday, I agree that market structure is bearish, but I like the potential for bagging some pips off the pinbar. I’m going to aim for about 60 pips profit and keep my stop loss under forty, which is not great, but I like my chances in this couter-trend retracement.
I’m still riding that one short, but I do intend to put a stop loss at the end of the close tomorrow if it keeps rising like it is. I’m not one to counter trend trade or set take profits, so I’m not going to provide any direct feedback as that’s outstide the scope of how I trade. Maybe we can still both pick up some pips here. I don’t mind losing my 60 to you and closing out 90 pips ahead.
I know I should have used my Oanda demo acct but I have placed two Buy Stop orders “live” - $/Y @ 94.30 & E/Y @ 128.09. I want to see if this is enough room above current to ensure price goes my way, UP. And now to bed.
edit (2/7 06:18) - neither Buy Stop hwas hit during the night but I will keep them open in hopes the trend resumes.
Hi MG as you have said you leave trades on sometimes for long periods and just go with the direction,they would inevitably go through support/resistance levels,would you normally just ignore these levels.thanks for your time.
No. Each trade I’m in I stop to look at everyday. I watch how price reacts to those levels. Naturally, it won’t always just barrel through, and it won’t always reverse a trend.
Oandas MT4 dosnt support position less than 0.01 lot size(1000 units), and only supports steps of 1000units. But Oanda’s own platform FxTrade does. there you can buy 546units, or 600units or whatever you like
PS. just tested it now, opend long on euro for 345 units On FxTrade
I’m not very certain of the E/$ direction right now, I would have waited for the price to close but if one is not using a SL then one can wait it out. I am going to make another mug of coffee and reread the whole thread as this is quite radical for my indicator short timeframe laden mind.
Good luck with your trade, I hope your acct gets a good increase in equity.
MG…I been through the thread a couple of times looking for other answers and now I have another but don’t recall seeing it or relish going through it again…hurts my brain If you/ve already mentioned anything about putting in a stop at breakeven at a certain point in profit, pls point me to the post, or put a link to it in your first post TOC or if you haven’t, do you put a stop at BE at any certain point in profit?
I’ve got a long in EURAUD -110 and long USDCHF +70 = -$4.00
Ok it’s ll yours now. I got into this trade as a counter-trend move, so I wasn’t expecting much. However yesterday’s pin-bar is a solid one, as is today’s bullish candle, which makes me think I should be watching to see if momentum stays bullish for another long.
I want to better understand how you interpret what the market is telling you. For this pair as an example I would look for the structure of the market to become bullish, which to me means looking for the prior high that started the down trend to be overtaken by current price, meaning that price goes above the 1/29 candle and possibly the 1/16 candle. You’ve said that the first thing you look at are what the candles are telling you. If today’s candle closed near the high of the week, like 1.2392 or so, what would it take for you to enter a long on this pair?
I would also add that I like this longer term style of trading. I live on the east coast of the US, and I look at charts between 9-11 pm during the week. I just can’t trade the London open. With this method, I don’t feel like I need to take days off to trade
Well I got stopped out on USD/JPY when it took a nosedive this morning. Still netted 41.6 pips, would’ve rather it been closer to the 140 I was up at one point, but a win’s a win. I still think there’s room up to 95.00 if it will just break the 94.00 resistance. Guess I’ll be watching until it does. You still hanging on in this one?
MG, do you take into consideration the swap when deciding whether to place a trade? If one is going to hang on to a trade for days or so, wouldn’t one want to earn it rather than pay it?
With such huge changes we’ve seen in the markets today 07/02/2013 due to the ECB press conference,surely anyone with multiple trades running must have got burnt,If youve got no stops and comments being made so quickely how can you possably protect yourself from that what do you think MG ?
Just found this thread today very interesting, I agree with your system and trade in a very similar way.
Forex isnt random but the only way I have found one can succeed is by letting your winners run and cutting your losses when price action is running your way.
The only thing I do different is cut my winning trades when the price rejects off a s/r level when candle is closed of course.
First Let me say thank you for taking the time to share your experience and knowledge with the rest of us. Now my question is ,not necessarily in the form of a question. I know you like the trend to get a good start before you join in. Do you have a certain number of candles you typically use to confirm direction on the daily chart?
I am fully aware hes covered this so no need to coment really,but if you read the post properly todays jumps were a little out of the ordinary. anyway thanks MG for your “asked for” comments.
If you/ve already mentioned anything about putting in a stop at breakeven at a certain point in profit, pls point me to the post, or put a link to it in your first post TOC or if you haven’t, do you put a stop at BE at any certain point in profit?