Anyone good with Excel? I have to refer to the position size calc on babypips every time I wanna measure my risk according to pips etc but would prefer to have it all in a spreadsheet.
Ideally what I want on the top row is account balance - risk % - gbpusd price - gbpjpy price (account is in GBP so need these inputs)
Then a column of all the pairs I tend to trade with the right position sizes for 20 pips, 30 pips, 40 pips etc.
If someone could just give me the relevant formulas I’m sure I can put it together. Thanks
Just wanted to throw these quick charts on here as look at a trading idea taken purely and simply from the candlestick patterns.
I know that a trade should never be taken off the back of one signal alone, and I also realise that we are not finished with today’s session yet, but I thought it was worth putting these up.
Yesterday I posted the Bullish Engulfing on the EU daily that had formed. This is how the chart looks now;
I posted the weakness showing in FXCM’s own Dollar index, this is how that chart stands right now;
And the USD/CHF daily chart, which I mentioned I thought had a negative correlation to the EUR/USD, now stands like this;
It should be pointed out just now that these were NOT 3 separate trade ideas but the Dollar Index chart and the USD/CHF chart were being used to add extra levels of confirmation to the EU long trade which I have just closed for +50 from London open.
Trade idea was taken from DAILY charts only. I know I didn’t take the trade until into the London session, but the idea was formed from an end of day set up last night.
Data due out for Germany, UK and US tomorrow has me wondering if it wouldn’t be better just to sit on my hands and do nothing for the meantime. Certainly the German CPI data comes out pretty early (7am UK) and may well scupper any trade ideas either way.
UK jobs due out around (9:30am UK) and while I’d be stunned if there was any good news to come from that particular little shot of gloom and doom, you just never know.
Into the afternoon and we have the FOMC decision and later Uncle Ben takes to the microphone. That hasn’t gone well for me in the past.
Twist my arm up my back right now and I’d probably go for a GBP/AUD short being the best option I can see right now. But I don’t think I’l be taking anything tonight except a large cup of tea and a couple of hobnobs.
Do like the USD/CHF candle that has formed, but as I’m working on this negative correlation to the euro dollar idea, the EU don’t look so clean right now.
Trust me Mr Templar, it was sooooooooooooo tempting, especially with my penchance for a bit of mischief, but i think we’re better off sticking with this thread LOL!!
Anyway, after Uncle Ben gave his usual “weaken the Dollar” speech, I’m left wondering if it ain’t better to stay on the sidelines and let the dust settle for a while, or is it a case of “price is where it is now” and we crack on regardless???
Interesting to see if the EU retraces some of the gains or does it march on up towards 1-32
Trying to get a long entry on USD/CHF right now. Set entry at 0-9266, price hovering 3 pips above that right now. All other levels as shown in the picture.
The pair seems to be at the bottom of a range right now, with Wednesday’s low coming within a few pips of that figure around 0-9240 ish. Just simply trying to play the range with this trade.
Might be slightly late to the party but I still think it’s worth a few pips if my entry ever gets taken in.
I realise that going long this pair is as good as shorting the euro dollar, which I’m never keen to do this weather, especially after Uncle Ben, but like I say, just going with a range play here.
Will leave it here over night if it doesn’t get filled before I go to bed, which will be shortly. Will look at it again in the morning.
Also liked the look of a Pound/CAD short and an Aussie/CAD short. Probably pound CAD being the favourite of the two. As a matter of fact, had the USD/CHF NOT been at the bottom of this range, I would probably have went for the pound/CAD short
Got filled during the night for the USD/CHF long. Come 9am this morning though I had totally lost faith in it and closed it myself for -10. Can it be argued that if nothing fundamentally had changed for the reason to get in in the first place then I shouldn’t have interfered?? Guess you can always make that argument, but nevertheless I had lost faith in it and at the time I thought -10 was worth a bit of peace of mind.
OK, turned out to be a decent enough decision to bail on the USD/CHF. Still think the reason for getting in was right, just that the trade didn’t go as planned. I’m happy with it overall though, even though I made a slight loss.
Managed to take +19 from the move up on the EU. I know I have said recently that I am now trying to stick to an end of day strategy, but price (EU) today fell into a level I had marked a week or so ago and going by some of the things Chris Lori teaches (Oh no, please don’t mention Chris Lori again HoG, I mean, how many times can you hear the one guys name on a forum without throwing up???) I thought it was a good long opportunity.
Admittedly grabbed at the +19 a little too soon, probably a bit too keen to recoup earlier losses, as I went long from 1-3049 (high of 1-31 reached later). So slightly up for today, will be looking to go long again end of day depending on action between now and then as I do think we’re on the move to 1-3250, with a little muddling about 1-3125 to 1-3170
Agreed Hog. I’ve got a sell limit that’s been sitting at 1.32ish for days now on the EU lol.
I’ve watched the first two DVDs of chris lori and there’s decent information in there. Been bit busy but will watch more soon. Have you watched all of it? What did you gain from it personally? Question time over lol
Well that’s a shame, a real shame, as I would have loved it. Suffice to say, you know you have an eager supporter here should you ever change your mind!
For what it is worth, I think that it was a solid enough idea. I have 0.9215 marked on my chart, too, and could be tempted by a long if sufficient factors line up around that level. So could be worth another shot depending how things play out. Also a great discipline to have, cutting trades early if the picture changes or you lose faith in them.
Good to get 19 pips… but how many pips did you risk to get there? I think posting Entry levels is interesting, but much more so with your SL level posted, too. Risking 50 pips to make 19 is vastly less likely to pay over the long haul than risking less than you are targeting, imho.
I haven’t watched all of it as some of the later discs are “real time” examples of him using the things he showed in the earlier discs, but I wil get round to watching all of it over the holidays when I have some time to myself.
Personally I thought disc 2, which dealt with S&R and how price moves in the ranges was the gold. S&R and patience I reckon will get a guy a long way in this business.
I seem to be having problem with the videos. I get the audio but no video. I will have to try to re download them again. Cross my fingers and hope for the best. And how happy trading guys
Maybe the video is subconsciously mimicking your BP login - on here you use text but no avatar, so the video senses that and gives you audio but no image.
Once I prove my worth in my own right at this business then that thread is a go-er, TRUST ME !!! LOL.
Yeah, like I mentioned ST, I’m still happy with all of the original decisions, only thing my stop was maybe a bit too large in the first place, but reasons for entry and reasons for bailing I’m still good with.
I have to be quick answering you boys, I’m up at the ice-skating with the youngest HoGette right now, typing away on the mobile office when I’m supposed to be watching an axel and a toe loop !! LOL.
Risked 15 pips on the EU long. The bottom of the range I had marked earlier was at 1-3044, so I gave it 10 pips below that. But you are totally right, all trade details including entry, reason for entry, stop and target will be added in future. As well as any reasons for bailing, again !!
In all do fairness I did attempt to put an avatar but just could not get it to work. So I guess your right this could be my problem lol. I might be something wrong with my software on that laptop. I am buying another one for my christmas present to me so hopefully I can get it all cleared up then
That’s a pity bobmaninc, there are loads of naked girls cavorting across the screen as Chris describes the true meaning of Support and Resistance LOL !!!
hmmm it would be just my luck. But honestly I have had my fair share of support and resistance on that topic lately. Oh well I guess I will figure it out sometime. For the better as I am remodeling my trading lair. Since there is no Ms Bobmaninc I have decided to expand my lair. New 75 gallon reeftank to look at going in. New desk laptop and some screens.
