There is a MT4 indicator titled sweetspots.mq4 which allows you to set lines at fixed levels, for example set for 20 pips you would get a line at the .xx20 - .xx40 - .xx60 -.xx80 - .xx00 levels.With a 5 digit broker 20 pip = 200 setting.
Also there’s another one and I think is titled gridlines.mq4, works similar as sweetspots but also has a setting for the daily start.
A quick google search and you should be able to find them.
Sorry the info isn’t more complete, I’ve just moved into a new apartment and haven’t set up the desktop computer with all the MT4 stuff.
If you can’t find them via google remind me in a few days. By then I should be up and running and I’ll attach them to a post.
Just left a sell GU @ 1-5920, Target 1-5890 and stop @ 1-5935. If I get to one of the bigger computers in the house before I go to bed I’ll stick up a chart and show why, but price just now close to the February 8th high around 1-5929
This is perfect! Just set it up and adjusted my colours accordingly…
Getting a small problem where the ‘sweetspot’ lines tend to disappear randomly though, i have to go into the edit settings and then return to the chart for them to return…
But it works nonetheless…
Thanks for your help, and good luck setting up the new place
1.5920 has been a good area of support and resistance over the past couple of years - there’s a fair chance that interest will pick up around that level.
I’d just be a bit concerned personally that the PA leading up to that entry point doesn’t look particularly bearish to me. That big pinbar at 3pm today on the 1H would have me looking to buy dips.
I dunno about EU long… statistically PA breaks to the high or low of the days range on the open retests, then retraces… were pretty near top of todays high gents.
I’m flat myself. The LTRO announcement tomorrow morning between 8:15am and 10:15am and all the front-running these past few days has me cautious. I could see it popping up past that 1.35 barrier before selling off after maybe. Time to hit the hay here too. Good luck chaps.
Set them up how you want, and then make a template and save it. If a line disappears, you can just go hit the template tab, and refresh it with one click.
Ended up cancelling the GU short before I went to bed. Just as well really because I see it would have been stopped out by a couple of pips. Just looking at the overnight ranges and I see nothing has moved too much probably because of LTRO. So nothing happening from me until that is over with.
Yes, but it depends on the depth of the low you are envisaging, imho! I was lucky in having an understanding Mrs Templar at home with a proper career job, who agreed to support us for two years while I stopped bringing in a salary and largely stopped assisting with the running of our other business. So I was able to start full time from the outset. I also took training, which is controversial on here from time to time and has had me flamed a little (just ask DevZero, I think he thinks I’m a con artist!) but worked for me and I do think that it let me avoid some of the missteps and blind alleys that befall many new traders. I started with a workable strategy, so got to cut straight to the refining/psychology stage. The training stands us at just under £4000 all in, so if that counts as a drawdown that can go off my figures. My initial trading account was £2000, we upped it to £5000 when things started going well and I wanted to cover larger Stops. I always risk 1% per trade, so have never risked less than £20 and quickly went to £50 a trade. I did have a lot of psychological hurdles to overcome, I once took seven losing trades in a row on my £5000 account, which was obviously 7% of the account gone in a week which was a bit of a smack in the chops. We then reseeded a third time to £20,000, and I was amazed, it really showed my how much I had come on. I took three losing trades in a row, so £600 in the hole, in two days, they were my first trades at the new account size, and I was surprisingly philosophical. I ended that month up overall. We then invested a fourth time, and now I just increase the account through compounding. I’m rambling badly, but trying to answer HoG’s question: I started quite small, with an investment of just under £6000 (training plus first account), I knew nothing before I started trading, and came from an unrelated career, yet I have never blown an account, have never had a double digit losing month and have never had two losing months on the trot. I am still trading my original broker’s account. I have made all my costs back. So while I did have losing days and weeks early on, and the odd losing month, I really don’t feel as though I particulaly visited the lows, I learned from the losses and they were not that bad in the grand scheme of things (although obviously I felt as though I had lost until I made back my training costs), so personally I really do believe that it is possible to get to the highs of trading without visiting the lows.
(And this is [I]not [/I]a sales pitch for training courses, they don’t suit everyone, I get that - I am making a wider point: success in trading can be achieved from a standing start without suffering enormous drawdowns, divorces, ulcers whatever.)
But let’s none of us forget that beautiful moment when HoG’s affection for Yunny1 bubbled to the surface, however briefly.
Didn’t put me to sleep at all, was interesting stuff: it echoes pretty exactly what my coach tells me, so was good to hear it phrased slightly differently. My own threshold for dealing with losses has completely changed during the course of my trading. I went through a period early on when I was genuinely surprised when trade hit my TP. These days, I sit down expecting to end the week ahead. Complete different mindset.
I trade a lot of Pairs (22 I think), and don’t tend to think too much in terms of sessions for all my trading, as it depends, for me, on what sort of move one is looking to capture. I trade 0530-1500 (UK) most days (not that early on a Monday) looking for intraday setups, where I typically target anything from 20-100 pips. But for my end of day trading, looking at longer TFs (maybe 240, certainly Daily, Weekly and Monthly) I scan for trade setups in the evening, any time between 2000 and midnight, depending on what else I am doing that evening. These are not session specific trades, I am entering simply on the back of Technical Analysis - I don’t worry too much about the news for these. This approach would suit your hours. So it really depends what style of trading you prefer; I am very fortunate in being able to be full time at this, so am able to trade both styles, but each on its own would be profitable so could work around other commitments. For instance, when I go on holiday I drop the intraday. I’m currently short EUR/GBP which was an end of day setup, that’s my only one so far this week, but with so many Pairs in my watchlist there are generally 1-3 opportunities a week, more if I were less fussy/risk averse - personally I like steady, dependable pips rather than being in the market more often.
Good call! Had I seen your first post floating this trade idea, I would have said that I have a level of soft S&R on my chart at 1.5936, so for me your Stop was certainly a little tight on that one. That level has had several touches, beginning of Feb, last March, June and September, maybe today - so that SL felt a little low to me, glad that you went the same way before turning in. Not trying to be preachy, just my opinion.
I’m writing this on my phone so can’t really use quotes, which I’d much prefer to do with this reply. However, you’re right ST, the “hunny” incident (or ‘hunnygate’ as it will be known from now on) was special, regardless of how much it rocked the community.
And as a second point, is that the first time you’ve ever apologised for your extreme length ?? LOL !!
Long from a bit above the 61% retracement level. Not looking for too much from this trade. Looks like risk is starting to slip a bit after the LTRO announcement. If the Americans want to knock it down as they arrive in I’ll nip out at B/E probably.
Ive tried that but i keep having the same problem… I hope im allowed to post this - made a short video showing the problem exactly, even when i put my template on, and go to edit the indicator, they disappear seconds after… Dont get what im doing wrong…
Sorry to hear that. I know that noone likes to hear about the other side of a trade at these moments, but Bernanke has helped out my EUR/GBP Short from Monday no end, it has suddenly woken up from 36 hours of slumber and decided to move. I pondered killing it off for a small profit yesterday out of sheer boredom - I stuck with it and reinforced another lesson.
Today sums up why I am avoiding EUR/USD at the moment, the combination of those two currencies has just gone a little volatile for my liking.
