fx8000 wrote:EU short from bounce from 50 ema (green line). Let's see what happens.

About 18 pips on offer (using my II_supdem indi).

fx8000 wrote:

fx8000 wrote:EU short from bounce from 50 ema (green line). Let's see what happens.

About 18 pips on offer (using my II_supdem indi).

Trade taken after 10am GMT, lacking momentum. Price dropped only 5 pips, then retraced to the daily open (-14 pips). My 20 pips SL is just the upper limit of the supply zone.

Will price starts to drop again from here ?

As this is a momentum trade, probably best to trade at stock exchanges open only. In this instance, from 7 am to 10 am GMT.

peter

spyderman wrote:Okay,

Here's my first foray into the 10.3. And many thanks to you Bob.

Placed these trades last night before slumberland time, which for me is late Tokyo - Pre London.

6 trades setup:

Gby/Jpy buy - closed out for +38
Gbp/Usd buy - closed out for -13
Eur/Gbp sell - closed out for +26
Nzd/Jpy buy - closed out for +28
Aud/Nzd sell - open at +22
Usd/Jpy buy - open at +11



Just like McDonalds...I'm lovin it.

Question for you Bob on retraces. How late in the day will you take a trade. Let's say we have a buy setup and price has moved north early then retraced under the daily open. Will you still take a recross back up through the DO?

Thanks again

nanningbob wrote:Also putting a trailing stop on Empty4 is possible after you have the pending trade. So I have yet to hit my full SL. All my SL have been small and reduced by the trailing SL. So if you start at 15 and price goes +10 before retracing to your SL it ends up at -5. This has worked in my favor on 2 trades so far. Ended up with much smaller SL when it didnt go to my TP.

cmeade2 wrote:

nanningbob wrote:Also putting a trailing stop on Empty4 is possible after you have the pending trade. So I have yet to hit my full SL. All my SL have been small and reduced by the trailing SL. So if you start at 15 and price goes +10 before retracing to your SL it ends up at -5. This has worked in my favor on 2 trades so far. Ended up with much smaller SL when it didnt go to my TP.

Bob

I can only add to the many thanks that have been offered here.

I have a simple question about operational strategy. Do you see this as a system where you only make the trade at the change of day based on the positions of the lines at the open. Or are there other opportunities to enter trades during the day.

Thanks

cmeade2

fx8000 wrote:

fx8000 wrote:EU short from bounce from 50 ema (green line). Let's see what happens.

About 18 pips on offer (using my II_supdem indi).

Trade taken after 10am GMT, lacking momentum. Price dropped only 5 pips, then retraced to the daily open (-14 pips). My 20 pips SL is just the upper limit of the supply zone.

Will price starts to drop again from here ?

As this is a momentum trade, probably best to trade at stock exchanges open only. In this instance, from 7 am to 10 am GMT.

peter

cmeade2 wrote:

nanningbob wrote:Also putting a trailing stop on Empty4 is possible after you have the pending trade. So I have yet to hit my full SL. All my SL have been small and reduced by the trailing SL. So if you start at 15 and price goes +10 before retracing to your SL it ends up at -5. This has worked in my favor on 2 trades so far. Ended up with much smaller SL when it didnt go to my TP.

Bob

I can only add to the many thanks that have been offered here.

I have a simple question about operational strategy. Do you see this as a system where you only make the trade at the change of day based on the positions of the lines at the open. Or are there other opportunities to enter trades during the day.

Thanks

cmeade2

nanningbob wrote:
I will be better able to answer this question after my studies this weekend but this is what I suspect. Certain currencies trade well at certain times. For example usd/cad is basically a US session pair. Aud and NZD trade well at aud open times and usa times. Eur/jpy is all day. I will have to go back and see if my study of 5 years ago still holds about when currency pairs move the most. That is if I can even find it. Right now I would take trades as I see them. A pair may run up and then retrace for a news story making it a good trade again. My first AUD/NZD trade today hit its TS but now made a drop so I missed the drop but my loss was -6. So .............. The problem is forex can move at any time. JPY trades probably at the beginning of the day because it is their session. Eur trades in the middle of the day with USA pairs coming in later. AUD and NZD hit at the end. Time will tell. 36 hours into this thing and I am trying to sound like an expert. How weird is that.