10.3 SCALPER/RANGE TRADE SYSTEM

[JoaoF]

...And sharing here is about getting my own mind more clear about that.

Make money or don't; I'm a Barefoot Taoist, not your friend.

Phil

Phil,
Thanks for the great trading ideas! Really!
And, the philosophy....Well, everybody has a right!
Couple of questions:
1. Are you a barefoot Taoist in the winter, also?
2. Do you have any friends?
Thanks, again, for the trading ideas! I found them very helpful!

[SWG123]

I do enjoy a good rant

Entertaining posts, Phil, but valid points too.

[marsie]

Today results:

13 trades
10 win
03 loss

136 pips win
19,6%

Marsie, is that 19.6% equity profit for the day?

Yes.

[nanningbob]

I just got an email from axis trader. They have formed a USA division and am curious. I downloaded their platform and I could hedge a trade. Comments??

[bshoe24]

I just got an email from axis trader. They have formed a USA division and am curious. I downloaded their platform and I could hedge a trade. Comments??

Some brokers in USA have found ways around the restriction. I know ATCBrokers (a great FXCM IB) allows hedging. Details are in their FAQ > http://www.atcbrokers.com/forexresources/faqs.php

PFGBest used to allow intraday only hedging i remember. They're no more of course though. MBTrading prevents it and Cowboy IBFX too i believe. I don't know any others that allow it myself though.

[JoaoF]

I just got an email from axis trader. They have formed a USA division and am curious. I downloaded their platform and I could hedge a trade. Comments??

Have you checked out ATC Brokers? They're IB's for FXCM and seem to have a pretty good reputation.

They were charged recently by the NFA with introducing account holders with over $20K to a third party unregistered, underfunded broker and were fined.

I read their response and it sounded credible to me, but it might be worth checking out.

FXCM was recently charged with crediting their accounts with the negative slippage and not giving credit to traders for positive slippage. They were given a stiff fine and had to refund all slippage due to traders, which cost them a few millions.

They're publically traded, of course, like IB and more sensitive to negative press, so they may be more motivated to clean up their act.

The reason I mentioned ATC was that they have found a loop hole to allow hedging and non-compliance with the FIFO requirement. They're U.S. based, but take foreign accounts. Their FAQ's say that leverage of 200:1 is allowed for all accounts not located in the U.S.

I've been using their demo, and it pretty much mirrors the one I have from FinFX in Finland, which also accepts U.S. accounts and allows hedging and no FIFO, leverage to 100:1 for an ECN account ($1K minimum initial deposit) and 100% before a margin call.

I've chatted online with a trader who lives in the area and has gone to check FinFX out personally. He gave them positive reviews. They use Currenex with Empty4.

I'm not, of course, recommending either of these brokers, as I've only used their demo accounts. Just passing on the research I've done in trying to find an FX broker.

Thanks for the system. I've been researching price action, and think I'm on to something, but will be a bit before I'm ready to say it's as good as it looks. If it pans out, I'll share it.

Have a great holiday!
JoaoF (aka Ever E. Man)

[JoaoF]

...And sharing here is about getting my own mind more clear about that.

Make money or don't; I'm a Barefoot Taoist, not your friend.

Phil

Phil,
Thanks for the great trading ideas! Really!
And, the philosophy....Well, everybody has a right!
Couple of questions:
1. Are you a barefoot Taoist in the winter, also?
2. Do you have any friends?
Thanks, again, for the trading ideas! I found them very helpful!

1 It IS winter here. I walk 3 hours or more every day; at least 12.5% of my life. It is my thinking time, and I do love to think. My feet are bare except for my sandals at those times, but I am kind enough to wear clothes for my walking times.

The other 87.5% of my life I live totally naked. I really do dislike the feeling of clothes on my skin.

2 Wasn't it Gordon Gecko of Wall Street fame who said "if you want a friend, buy a dog". I'm saving a kitten later today, to help an ex g/friend out; they make great friends too and it will be my 3rd kitten saved in the last year.

Friend's are the only people who can betray you. I live a relaxed and peaceful life spared the angst of having to watch my back. Seen too many Mafia movies to ever get a double tap in the back of my head, care of a human friend.

You are welcome to the trading ideas; but that is all they will be until you use them. The more they are used by others, the greater the power and reality the accumulated trading weight.



Phil

BTW that old saw, "if you want a friend, buy a dog", was used on a radio commercial when I lived in Seattle in 1976, quite a few years before Wall Street came out in 1987. I was 33 and had a 2 year old son, who is now probably older than you are, I'm guessing!

The commercial was for a savings account at a savings and loan, and as I recall you got a free toaster when you opened an account.

Incidentally, I began studying Taoism and Buddhism in 1960, and continued for the next 30 years, both in Japan and Hawaii, and IMHO yours is an idealistic and personal interpretation (like mine was ). Not that there is anything wrong with it, of course, but it can be used to justify a lifestyle, instead of gaining insight. At least, that's the way I used it.

I also wear sandals year around (which is not too hard here in South Florida ), but wouldn't call myself "barefoot".

Your rant might be saying more about you and your background than the ones your ranting about. Mine always did!

You remind me a bit of the guy in this video, before his near death experience, when he was living a "relaxed, peaceful" and self-involved life :
http://www.youtube.com/watch?v=sTU7MfOgDKM

"So very young what will you leave us this time?
You're only dancing on this earth for a short while.
And though your dreams will toss and turn you now,
They will vanish away, like your dad's best jeans.
Denim blue fading up to the sky...." ~ Cat Stevens

A true friend can never be "betrayed", because it's about being a friend, not having a friend.

Thanks, again, friend, for the market wisdom you've shared with your non-friends!

[nanningbob]

OK now this is life. Not much trading but in my favorite hotel, have a computer, connected to the internet, went to my favorite restaurant in China, slept until 1030. Will trade today. I think I had two yesterday and both were winners. I have had a good week and look forward to the open. I have Baluda's update but need to make a couple of changes for now. I may put up a simple version now and get to the harder parts later. I see Phil is having a good time. This is working.

[nanningbob]

Here is another pivot indicator you can use to adjust to whatever time zones, broker times, fib lines, etc etc. Enjoy. Lufkindog contributed this indicator:
Noticed a lot of discussion about pivots, daily open etc on your thread.

I am attaching the pivot indicator I use daily....

You can set:

Daily open Line: user input for the start time(NY Open, London Open etc)

Pivots: Daily, Weekly, Monthly

Fib Extension Pivots: Daily, Weekly, Monthly

Previous Days High/Low

Round Numbers(Sweetspots)

Customize all Line colors/stye

You probably have already look over this indicator since it is available over
at FF..

[Mortiiy]

Greetings Bob, Steve, members...
@ dancingphil

Your trading thoughts and methods combined within Bob's 10.3 frame work is refreshing. I find considerable harmony with it with regard to my own style. 5m EURUSD, CT trades in relation to 10.3/fibs etc.

I do share the view that specific 10.3 timezone variables are not more important than having a SIMPLE daily reference point/s and engaging these relative levels consistently based on statistics.

I have always put hedging as a strategy in the drawer for later review and now, noticing your reference to a particular hedging method combined with a common playing field (10.3), I thought it would be a good time to consider it. Kindly refer me to your particular method of hedging as mentioned in recent excellent posts here.

Regards
Mortiiy