OK guys, that was my confusion. I was thinking of the hl and lh as individual candles. I guess that’s where I was going wrong today. I had a 50% win rate and just broke even on the day, trading mostly GBP/USD.
I think I’ll need to go back to the drawing board and try and get a better idea of what the hl and lh are and how to ID them.
Correcnt and totally agree. i have placed the stop just after the screenprint. Pitty it was so late at night, I had to place a TP which hit but could have managed better had I been awake.
Now, I need to ask you this:
Do you mainly use the trend indicator to show you high/lows eg when it change colour, it has made a new high/low?
Correcnt and totally agree. i have placed the stop just after the screenprint. Pitty it was so late at night, I had to place a TP which hit but could have managed better had I been awake.
Now, I need to ask you this:
Do you mainly use the trend indicator to show you high/lows eg when it change colour, it has made a new high/low?
A series of little lower swing highs on a five min chart would be LH. price does not move in a straight line if the high points of the “wave” are successively lower than price is moving generally lower. I try to get in when price is moving generally down at one of these high points. This would be for a short trade.
have being at the chat all aftermoon. graet trading day.
next week will be there all days from 8am gmt time. explainig how this system work. when to trade it when to not trade it. if there´s some questions just come to join us.
merchantprince eur aud made me 90 pips in less than 1 hour:D
great trade to end the day
yea, i like this system but figuring out when to enter a trade after the price crosses the daily MA is very tricky!! most of the time the price does tend to retrace, but its finding out exactly when and hoping your SL isnt reached thats tricky!
this morning i went short on the USD/JPY, as it crossed the daily high MA. my SL was reached by 1 pip! i came back from class to see the price had made a huge drop! i got in short around 7:15 EST and my SL was hit around 8:25. had it not hit the SL i would have been +100 pips right now! just wondering if anyone got in on this trade?
i´ve enter the trade then i give up of the trade with a loss of 7 pips some time later the price just made this hudge drop. no one could imagine it will do that
Thanks, Shr1k! I think I am starting to get it now.
It would definitely help to chat more and see more examples of when NOT to take the LH/HL movement as an entry. Rui mentioned staying away when the candles are stubby with long wicks, indicating more sideways indecisiveness. Tips like that really help.
Yeah, I was confused. I have 14 pairs to trade from my broker, FXCM, but no EUR/AUD.
But was still my best day as a trader since going Live, though!
Had some rough trades in USD/JPY today (two losses for -17 pips) but GBP/USD was sweet for 55 pips and I just caught this monster move in EUR/USD. It shot up 80 pips in 3 minutes, but I’d set my TP only to the mid Boll on the 15m - so I only grabbed a modest 15 pips!
Oh well, I am still getting the hang of this – but am having fun trading again! Looking forward to more chats next week. I hope we can see some of the other regulars in this thread on the chats. Rui and I had a good time today.
i’m on the demo account for FXCM, and there are many other pairs that are available, including EUR/AUD. you just have to go the SYMBOLS tab on top and check the pairs you want to see. there is a max of 20 pairs at a time, but the default only shows 14, so u can add a few more.
i’m not sure how the real account is or it differs when you’re actually using a broker and real money but the pair is available for me
