What Every New & Or Aspiring Forex Trader... Still Wants To Know

Yes,you’ve answered your own question…the important thing is the divergence between the two pairs warning of a move up.So you can take the pair offering the best technicals.

Asian (Tokyo) range starts at 2300GMT and ends 0700GMT = Midnight to 8am Sussex time :13:

…until DST ends here in UK when the GMT times are correct (Japan doesn’t have DST)

Ok great thanks Dess :slight_smile:

No you didn’t read the fib right, you are looking for a 62-79% retracement, to enter. With the fb you have you would enter SHORT once price reached past the 61.8% level up to 79%

any word from the main man?

His got a few problems atm:-
Tweet from ICT “Just checking in folks… We had to relocate due to water damage. Several broken pipes and just a lot of cleaning to do. Lost a lot as well.”
“I will keep you posted as to when I will be returning to trading and Babypips… This is just a speedbump not a roadblock. ;). GLGT”

All the best Michael…I can sympathize fully as we are currently being hit by the worst typhoon in years.

Yes, but where I’m confused is where do you go long? Right now everything is in a downtrend after a drop over last week’s activity. Is it appropriate to be in a long position?

Demo trade until you’re consistently profitable. Risk very little of your account per trade, like 1%. The videos at the beginning of this thread are a good start.

The MT4 time zone depends on your broker. Subtract mt4 time from your time to see how many hours you’re behind mt4. Then add 8 to get how many hours London is behind mt4 time. This is the shift you use to have the pivots start at London midnight. Then subtract another 5 to get the shift you use to have the pivots start at NY midnight.

For example, if it’s 0800 on the west coast and mt4 says it’s 1700, then you are 9 hours behind the server, so London is 1 hour behind the server. So use a shift of -1 to have the pivots start at London midnight, and a shift of -6 to have the pivots start at NY midnight. These are actually the right shifts if you’re using Alpari like me.

(If ICT uses -5 to get NY midnight, that just means his broker is on London time. It doesn’t have anything to do with where he lives. Also, it’s better to think in terms of London time and not GMT because we’re all on DST so London is not exactly GMT right now.)

Hope that helps! :slight_smile:

In case anyone forgot/did’t know, Monday is a bank holiday.

In which country?

  • just pulled my EU long trade for -15pips btw…

I seem to be consistently unprofitable… aaaahhh… sticking with it though, come what may…

In the US - it is Labor Day.

ST

Sorry to be slow to this one, builders are knocking the house around at the moment so have been less regularly at the screen.

Thank you for the kind words, ‘blue chip wife’ was hilarious, we both like that one, could stick. Blue chip wives are great, I can highly recommend them, but you are obviously right to say that they are not essential - steady improvement and consistent learning, combined with an inherent knack for it (which you have demonstrated through your posts on here) is really all there is to it. It seems amazing, to think that this stuff can work and lead to financial freedom, but it is true.

Interesting that we both went live at 35 - maybe it’s the new 21. I’m not as old as I appear, evidently - I must just exude wisdom and experience beyond my years. Or perhaps I just ramble incessantly and sometimes forget things…?!

It sounds as though the profile of your trading, feeling that there is increasing consistency and profitability, does have you about where I was at when it all started making sense to me.

That’s a very nice thing to say, thank you.

And yes, I finally learned how to multi-quote.

ST

Hey guys,

as you can see my trade idea went really great since 02.09. Carried the short over the weekend and closed it when I saw the gap. When I saw it was failing to fill the gap at 50% I looked for a short in LO and set my TP to 1.6050. And again my target got missed by exactly 10 pips :frowning: I should really really take my profits 10 pips earlier! Out for 83 pips, but again I could have gotten 120 ;(

So I squeezed 280(350 if managed right) pips of this move already, I think there’s more to come, but EU has seen 5 down closing days in a row and I think it’s likely to see a pullback before a further move to my target occurs. EU has also hitten the bottom of the range it stucks in. So I’ll wait and see what will happen.

But it’s a great day for me because I’ve managed to increase my equity by 50% since May where I went live. Between my graduation, vacation and now my military service :slight_smile: I hope I can hold this success and if I can do it till end of this year I’ll increase the size of my account :slight_smile:

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greetings

Here’s an aussie trade I’m looking at. Market flow is up on the daily and 4 hr. We just made a weekly low. There’s a good chance we fill the gap, a weekly high to aim for, and no resistance after that. Here’s what it looks like on the 4 hr chart.

The aussie might be a good pair to trade for the Tokyo open for those of us who sleep through the London session. It looks pretty active at that time. Plus you could use the SMT with the aussie and kiwi.

What do you guys think about that? Is anyone else trying to trade the Tokyo open? What’s your general strategy?

Heyo,

here’s my point of view of the Ozzie, I’ve been watching it closely too and looking for an OTE to short it! Wasn’t at home when the bounce occured.

Another question: Did anyone catch the move of EURCHF? As I said, wasn’t at home when I read the news on my mobile phone… WOW! 1000 pips in 2-3 hours, that woulde have been the trade of my life :slight_smile:

And finally: GU offered yet another short oppurtunity in LO - It’s definitly trading down into mid September low, commercial are increasing their longs. I’m getting ready for a big move in 1-2 weeks! Didn’t take another trade today, was quite sure because as I mentioned yesterday EU didn’t see a upclose for 5 days and it was very likely that GU will get in line with EU when it tries to do so, so I watched from the sidelines in LO. Currently I’m looking for a short at 1.6100 - NYO should continue down movement and I’d like to enter on this level - 50% retrace of last swing. The try to catch up to the EU was there, but did fail. EU also bounced of the bottom of the range, I think it’s gettin ready to break through. EDIT: It’s broken ^^

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greetings

I had to enter twice but did catch the aussie move up to 1.0625. It exactly filled the gap. But it does look like I was on the wrong side today. The dollar’s making something of a comeback.

edit:
Wow, the franc moved 600 pips in 15 minutes. That’s the problem with the franc and the yen, you never know when the central bank is gonna get fed up and put in some huge counter-trend move. Pretty exciting, though.

Thanks Couriermike… this is exactly what I was looking for.

cheers

Jeez, I’ve been reading the first two days of the week totally wrong and we seem to be in a huge downturn.
Where are you guys getting data for the seasonal tendencies?