my broker is very reliable is forex.com.
but even so is very strange that someon borow you 100 dollars for every one you have and only take in exchange a couple pips.
i hope it´s true because i´m making good money with forex and i´m pointing for big goals in the future… but i´m still suspicious:p
check out ECN brokers… they charge a commission but not trade against you…
can anybody answer these questions? and what about that chat room?
hi sory for only aswer now.
1- i had already said that is yes, if i see the both pairs sending the same signals.
2- i being trading high and lows for about 3 months now, i had try a lot of indic during this time and i trade with a naked chart now…
3- i said i´ve take 5 losses in a row in the same pair, my overall straight losses in a day was 12 i think. and i gain back my losses in the next 3 winnings. that´s why i risk very low… don´t whant to lose my confidence in a real bad day.
about the chat room next week will be a better week… this week has been a hell, i almost haven´t time to eat:(
Ruilima, forex.com is ok, but it still is a market-maker. Once you get into the big league, i.e, build your account to 6 digits, you must move to a ECN/Currenex account. Once you move further up, consider opening an account with the big banks (JP Morgan, Deutsche Bank). Once you start making serious and consistent money, market-making brokers like forex.com will give you a lot of trouble. So, making big money in FX is quite possible, but with the proper broker.
ruilima, you sould leave forex.com as soon as possible reason is the spread is highest in this broker its 3 pips EU when others are about 1.5 pips this is a huge 50% more so its not advisable to trade with them.
i know they have big spreads but i prefer a non us broker. my 2 options when i´ve open my live account has forex.com and alpari uk, alpari have small spreads but they don´t have support in portuguese and forex.com at the time had a great support by live chat and by fone all in my language what is a lot easier for me to take all my questions.
now that i´m already very familiarize with this forex stuff i´m thinking about change the broker… but i don´t know how alpari is and i don´t know no other uk broker that is reliable and have a good support for who don´t speak english very well.
I hear FXCM uk is good but don’t know about their language support.
i will try to know that.
this day is a BE day. i got 2 good trades(for 70 pips) and 4 BE, and i think the 2 trades i´ve open now will get BE too
made more 53 pips in those trades.
120 pips during a litle break in study. very good:D
my bigger SL today has 15 pips. i had played to a rr of 1\1.5 because don´t have much time and had good results
Not sure if I understand completely but when the price was below the red line yesterday, I should look for it to rise above it today. Do I have it correct?
Price will spend most of the time between the lines. When it goes outside the lines look for higher lows or lower highs on a 5 min chart that are moving in a direction to bring price back into the 2MA on the daily chart. You have to watch PA on a 5min chart and its really a discretionary entry. You are not waiting for a candle to close or any other signal on the daily chart when price is outside the MA’s its “overbought” or “oversold” take advantage of that situation. By watching many pairs many potential trades develop in a day. Often trades will develop in pairs with a high correlation positive or negative be aware of this fact and size your trades appropriately.
Of all the simple methods I have looked at this one is working the best for me:D.
Thanks for the info. What does the 5 min chart show me that I can’t see on the daily chart? Aren’t I looking for price moving in a certain direction?
I will lay out how I have been using this its a little different than Ruilima22.
I trade on OANDA I chart with a MT4 demo. I have 10 pairs set up to watch.
I picked the 10 with the lowest spreads at my broker.
I have a daily chart of each pair with the 2MAs. I look at each pair if price is outside the MAs on any of the pairs I draw at the level price crossed the MA. The line is approximate I draw it on the daily chart its not used as an important price level once its drawn I just like to see it on my chart. Then I drop the chart down to a 5min the 2 period MAs are now on the 5min chart.
I will use a short trade as an example. I watch the MAs on the 5min when they start to slope down I wait for price to be at or above the high ma. Thats my entry, usually price will clear the spread pretty fast. I try not let a trade go negative after it breaks the spread. If I have to close a trade at 1/2 pip profit and reenter when price gets back to the high MA that’s ok with me. If price never clears the spread I have a money management system I use to decide when to close trades. its posted around here somewhere. I try not to let a trade go very far against me I do use stops but they are outside of the point when I will manually close a trade.
I exit (profit) when price starts to move back against me. If price goes 10 pips my way it might move back 5 or 6 or more before it goes further my way. I will bank the 10 or what ever I can get when price stalls. Then wait for my entry again. On my OANDA chart I have a 20:2 BB I call it quits on reentering when price on the 1hr makes it near the lower BB. The way I do this I have to watch the open trades. I have bad luck or no skill at setting TP and SL and walking away:p. This has worked very well for me.
one more thing. when I drop a chart down to a 5 min I draw an arrow in the direction I am waiting for the MAs to slope. When I am looking at 4 or 5 pairs waiting for entry signals its easy to forget which way I am trying to go and its not always apparent on a 5min chart that’s zoomed in.
I like to look at the daily charts to get a big picture(kind of funny going from a daily to a 5min chart but its working;)) that’s why I am not using the indicators posted for the 5 min chart. Hope I don’t cause any confusion about the method I just thought I would share a variation that works for me. I am basically scalping on a 5min chart in a direction and at a price level that is dictated by a daily chart.
Could you please annotate a chart and post it? I can’t “see” what you are talking about.
this is a short trade situation 5 min chart
Red line = lower highs
blue horizontal line = high daily 2 period MA when price is above this line look for short opportunities.
blue sloped line = general direction of 2 period MAs on this 5 min chart eyeballed with varying degrees of accuracy. This is harder to draw or guess at when you can’t see the future like I can with this example;)
red circles = some points when price is near the top MA, might be good opportunities to go short.
If you want to go short and you want to make back the spread back fast wait for the MAs to be sloping/moving generaly down and enter when price is near the top MA. This is Bollinger Band 101 just with 2 MAs. I don’t draw this stuff on my charts when I trade but this is some of the stuff I watch for.
Thanks a bunch. You have me thinking about another version of my QuickChange indicator.
First try. Top row indicates when high is above the average of the high or the low is below the average of the low. The bottom row indicates if the average of the close is up or down.
Second attempt.
Top row indicates when high is above the average of the high or the low is below the average of the low.
Middle row indicators higher high or low high.
Bottom row indicates higher low or lower low.
