2nd trade tonight.
+11 on another short. +1 for the night
Alwayz
Oanda did not fill u? I trade with them have not had any problems. I suggest you call them as the price hit 20-21 on my MT4 demo I am sure there spread would have hit you. I have used GFT to trade euro tonight so not sure on Oandas prices.
just checked GFT they had a high of 15726 so not what happened there u should contact them. what high did they show? and the spread at the time. I think the ask/sell price would have had to hit 17219 to fill u.
what was there spread during your trade?
Well Oanda did not fill me because on the chart it did not reach my take profit level. The high on my chart for the day is 1.57272
I think Oanda's spread for EUR/USD is usually 1pip.
So yeah, maybe there is a difference between your MT4 demo and Oanda?
Mind you I am using the Oanda demo (simulation) trading account and not a live trading account. I have never traded Forex live at any stage.
I won't be trading live until I can be sure that I have positive expectency and a consistant trading method in general. It sure is fun learnin though
Prof,
I only use that chart set up on that time frame, as it's my method. I was using a 15min but false trades were cutting me to hell.
with my method i either win or lose don't complain as long as my winners out number my losers.
Sure tonight is flat but if i get a entry I will take it. I think I am done for the night. Liquidity will just worsen as we move into US session.
Cheers
all good! A bit of an unhealthy obsession isn't a bad thing
all good mate, just thought I'd throw myinto the mix
If you don't mind me asking, how many trades a day do you do trading off of that timeframe? I find it very hard to sit down trade off of those higher timeframes exclusively, probably has a lot to do with my short attention span!
I'm much happier trading the shorter wiggles within the bigger swings with a view to holding for longer if I manage to catch a major turning point. Well that's what I try to do anyway
Good luck with your long banner boy, and don't spend that pip all at once
you're very welcome Prof. I always enjoy your feed back and your posts mate!
I mainly focus on another method to trade on 1 hour. this was developed and taught to me by Wavepicker. that's the main system i am learning now.
My method i post.
I may get 1 trade or 5 trades a day or none depends on the market mate. I am picky as hell I only use two - three patterns to make a entry off on the MACD plus trend has to be in line and Pab sar has to be in agreement with the trend. Price has to be right side of nom line in line with the trend. Heiken Ashi indicators determine the trend and direction I will trade.
I watch the chart and tv same time so each time half a hour is about up i look at the chart. I only trade from paris open to uS close. due to work I can only trade from 6:30pm to 11:30pm on this method. I gave real short term stuff a go but I suck. I have been developing this method since March. It's capable of give 10-30 pips a day on average which is great but I can't spend that much time watching it due to work. it's a bit of fun and it's working so I am happy.
I also look for small wiggles mate, most trades will last 3-15 min as soon as I get 10-12 pips i am out of lot 1 at limit lot 2 goes to break even and I let it go . if i am stopped I am stopped. I adjust my stop forward as I get more profit up. it's the second trades that cover my losers, that's why I trade two lots so I can average 10-20 a day in theory if I did it full time. really this is 30min scalping.
each to there own as I said I spent a month on 15 min but I could not make the same win loss ratio as i had on 30min, so i stopped 15.
If you can make in on 1m 5m great stuff, trade well!
another member and I had a little run in. I was called me Banner boy in a exchange. I had Alpari as my sig when I traded with em. I liked it so i thought I would use it.
o yeh that 1 pip was great! I will try not to ; )
Peace Proff
USD/JPY
I went short at 106.696
take profit at 106.596
AUD/USD
I went Long at 0.96386
take profit at 0.96486
EUR/USD
I went long at 1.57027
take profit at 1.57100
EUR/JPY
I went long at 167.341
take profit at 167.351
I am currently -81 pips at the moment but expect them to retrace into profit
thanks for the answer BB, appreciated. Gotta focus on what works for you and what your comfortable with
AL,
If you don't mind me asking, why long on the EURUSD this morning(I'll ask about that one as it's pretty well the only pair I trade these days- not really following the others closely). What timeframe are you looking at here?
Well, bear in mind that I'm using a demo account
Ok here is what happened lol, I had two open positions with the EUR/USD from last week. I expected it to retrace up to the 1.57071 some time today or by tomorrow.
But the thing is at the moment I would never have been long I did not have those open positions, I would have waited until about 10 or 10:30am and gone short.
But I'm very confident of that retracement level back up to the 1.57071 level so I am staying long.
I have made a mental note to close all positions before I go to sleep lol (this was a dumb idea of mine to keep open positions over the weekend).
I could have just closed my positions today for a 20pip loss but at that time japan had not opened and liquidity was low so I figured that anything was possible once japan opened.
Gambling is to be done with real money at a real casino with REAL beer
Demo, or no demo, if you want to learn how to trade then you should take it seriously(well at least a bit!). If you just muck around and say "it's only a demo account, it doesn't matter" then all you are doing is playing in a pretend casino, which IMO is not really fun at all. Gambling is to be done with real money at a real casino with REAL beer
So you've entered at 5702 looking to make less than 10 pips, and you've let it run 70 pips against you??
Holy bad R:R ratio batman!
So where do you admit defeat on this one?
Sign of a true trader.
Thanks for the response Professor_frink, you are correct. I'm still working out those details. At the moment I'm trying to build a basic edge from pure reading of the charts. Once I have an idea about my wins vs losses, I will then look to fine tune and build a money management strategy to enhance that edge. But i'm at the stage where I'm looking to see what the market does. -60pips is not good.
As mentioned earlier I could have closed that open position from the weekend at -20 pips and then gone short and and I'd now be +20pips. (This further emphasises your point).
lol, my answer is that I'm working on it (totally agree with you)
which part, the boozing or gambling? Or both?
that's alright glad to help.
In regards to chart reading, did you see the chart I posted on Friday night that was covered in pointless drawings,err, "technical" analysis??
The uptrend that peaked on the 3rd, had turned into a downtrend by this morning - pretty well every timeframe from 1 minute to the daily was saying get short if your not already. IMO when you are learning, you should try and trade in sympathy with larger timeframe trends. You can still get chopped up trading this way, but are less likely to step in front of a steam train that is trying to decimate anything in it's path.
BOTH!
If you're anything like me you'll do it quite a few more times before you finally get it. Just keep plugging away!Yeah you are right. I realise the error now so I'm looking to learn from it and improve
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