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Or that works too - LOL
I can forward the files to you via e-mail if you like....bear in mind the lines are very dark in the existing versions, so you may not see them when you add them to your chart.
ST which COG and SDC indies are you using?
well I was just being nice lolol gett'er going now!!!!!!!!!! lolol
You guys are more patient than I am...I want to work on it until I find the keys to the kingdom...fund the account and let her rip!
well we are patient, you do your thing girl lolol
Probably is...the key is getting the execution right....I should have time to get something done today. Fighting 1099 corrections right now....
I say it's a winner but what do I know, I failed kindergarden lolol
The proof will be in the pudding...need to get the params in the EA and see
yeah I am very impressed by what I am seeing so far with it. looks good doesn't it
Ahhhh - my trouble is I can't see the lines very clearly. Once I added the two indies to my own chart and changed the colors to be neon, I understood your point(s) - LOL
Going to play with that some too...good exit strategy!
my email just conked out on me for some reason. here are my pics
COG chart
SDC chart
It's because of the cross rates between Eur/jpy, eur/usd, aud/usd, aud/jpy and all other x/jpy pairs. When risk is up, aud gets outbought as compared to the eur. In turn, aud/jpy eur/jpy, gbp/jpy etc. gets bought thus driving down the jpy and up eur/jpy while aud outpaces the eur, thus a drop in eur/aud while there is a rise in eur/jpy. Its similar to when eur/usd is going up while usd/jpy goes up. Confusing explanation I know, but I hope it makes some sense.
This is wierd. I've been watching EUR:JPY and EUR:AUD most of the day and they keep moving opposite each other.
I think I have everything figured out how to check the longer term trend on say a 30 min or 1 hr chart, and then have an EA running on the 5 min for entries, so that, combined with the underlying should make for a nice signal...
Not a bad idea. It's definitely safer when you can verify who's driving the move.
I dunno - if you can get it figured out and play the chart correctly, it will make your account look really nice. One of my EA projects is to make one just for the beast that watches for the underlying pairs and the beast itself to all be moving in the same direction to take advantage of those bigger moves and avoid the scarier ones.
LOL! If only we could do that!
Currently shorting the beast. Doing ok, but frankly shouldn't come within 100 feet of this pair.
I need to heed my own money management suggestions and get busy....
And they did - the games have already begun....
Summary Outlook: At 0700EDT/1100GMT Thursday, the Bank of England is likely to announce a steady interest rate decision, keeping base rates at 0.5%, in which case it traditionally does not issue any other statement. We think the BOE rate decision will be a non-event.
At 0745EDT/1145GMT, the ECB is expected to cut rates 25 bps to 1.00%, which the market has fully factored in. The key to the ECB decision, however, is likely to come at the 0830EDT/1230GMT press conference, where ECB Pres. Trichet may announce additional 'unconventional easing' policies, though we cannot rule out that any such announcement may accompany the earlier interest rate decision.
The outlook for additional 'unconventional easing' is exceptionally mixed. At his last press conference, Trichet promised an important 'rendezvous' at Thursday's press briefing, but comments from ECB officials in the interim suggest significant disagreement among Governing Council members, such that consensus may not be reached on additional measures. We see three main potential outcomes for additional unconventional easing measures, with equal weighting as to their likelihood. In our first scenario, if no additional measures are announced, we think the EUR will benefit across the board, potentially sharply, as fears of any monetary debasing are allayed. In our second scenario, if the ECB simply extends the term of interbank financing it has already made available (e.g. from 6-12 months or beyond), we would expect a positive EUR reaction on a similar basis as the first scenario, but perhaps more subdued. In the third scenario, if the ECB announce some form of direct asset purchases (quantitative easing), such as buying government or corporate debt to drive down lending rates, we would look for a negative EUR reaction, potentially sharply so, as the broader value of the EUR would be seen to be undermined.
If the potential outcomes of the unconventional easing debate are not complicated enough, we also have to contend with what the ECB actions suggest for the broader Eurozone economic outlook. If the ECB pursues a more limited policy shift as suggested in the first two scenarios, the lack of decisive action by the ECB may be seen as consigning the Eurozone to a longer and deeper recession, ultimately limiting any gains in the EUR, but not before a potentially significant move higher. Trichet's economic assessment also poses risks, as does the possibility he may signal that 1.00% is not necessarily a floor for rates.
Trading Strategy: In light of the variety of potential outcomes from the ECB, we expect intense volatility following the ECB announcements. If the ECB abstains from quantitative easing (Scenario 1 or 2 above), we think the EUR could extend recent gains and we would abandon the Weekly Strategy posted May 5. The first challenge comes in the 1.3450/1.3500 area, just above the highs so far at 1.3440 and containing the 200-day moving average at 1.3481 (likely a touch lower by tomorrow). Strength beyond 1.3500 may open up a test of trend line resistance from the 1.6030/40 all time highs, which will be at 1.3540/45 on Thursday. Strength above that level then brings the year's highs at 1.3740/50 into view. If the ECB announces some form of quantitative easing (Scenario 3), we would expect to see a rapid fall in the EUR. On the downside, key levels we will be watching are 1.3200/30 (Ichimoku Kijun and Tenkan lines), 1.3098 (Ichimoku cloud bottom) and 1.3000/20 trend line support from the 1.2450 lows.
Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Most definitely correct JB. If you compare the two side by side the difference is clearly evident.
Thanks for the tip, JRB!
I think that what you mention is laid out for us in Heiken Ashi candle charts. Basically, they give a much better representation of the trend. Instead of having to count the candles, the heiken charts use a different algorithm. So, on a standard candle chart, one might see 10 candles, 6 green 4 red. On the Heiken, it would likely be represented by 8-10 green candles. Check it out if you are not familiar.
That is quite an analysis, git, and I never looked at it that way before....when you look at past behavior, you are very tempted to label something as consolidating or in a particular trend....
The reason I say that is I think if you take any chart and compare the red candles to the green candles it will tell you the trend. On a bear chart, the red candles should outnumber the green candles and vice-versa on a bull chart (at least that is my theory, I have not written an MT4 indicator to compare the two YET but I intend to as a tribute to my past blown out accounts lol).
So if that assumption is correct, if one were to play the probability percentage to your favor just like counting cards while playing blackjack at the casino then long term you (theoretically) should come out a winner.
Discipline villas. That is the key. And I will tell you that every trader lacks it, wants more of it, wakes up everyday with the intent to trade by it, blows out accounts for lack of it, etc.
But every time you look at the chart you see what has passed you by and you want it. You see that high or low and you envision your pair revisiting the past support or resistance. That uncanny ability of the human mind to comprehend a paragraph with the first and last letters of every word changed is the undoing of us all because we interpret.
I think there are only two candles you need to look at, the one now and the one before.
I'm still around - I have just been engrossed in the EA coding and testing...
can't find it, do you have a link
most of the talk and calls are on simple green room
So what is happening here? Are we gonna use this board for chat or it it gonna end up dying???
I just got a sub for Ihub and all the boards died!!
yeah but doing a lot of research today
Are you trading today strong??
I will pray for your bordom today lolol
Just for fun I thought I would put up a pic of my trading screen. I have a 22 inch monitor and this is what I watch when trading. Top window is the one minute and trading rates, next is the 15 minute and then two 5 min charts, usually EU/JP and EU/US.
I use a laptop as well for other charts or other info.
I am bored today LOL
Gee - where have I heard THAT before? LOL
I have always done better when I place the trade and walk away....
Good day/Bad day, unfortunately the good doesn't count!
Goes to show me that I need an account with at least $600 to be successful with my style of trading.
DEMO
Week 1 $306-$415 = + $109 or 36%
Week 2 $415-$530 = + $115 or 28%
This Week $530-$1008 = + $478 or 90%
Daily average is now $58
LIVE
This Week $289-$324 = $35 or 12% (Thurs was a disaster)
Daily average is now $12
What the heck, this is the Live account. I don't have enough wiggle room in this account so I got nervous and took big losses thinking I was protecting margin.
Demo account, todays trades, turned out well. My live account got destroyed, won't even show those trades.
The one thing I noticed today was that I was in so much trouble with the Live account I didn't pay so much attention to the Demo.
Also, going back and reviewing trades on the Live showed me that if I was not so worried about getting margined out and over trading, the first trade of the day would have netted me $80 if I had just let it ride!
Nicely done - it sure picks up steam when you have more capital, doesn't it - LOL
Midweek happiness, sure hope I can keep this up!!
Today I only traded EUR/JPY on both accounts. I know I left alot on the table but I still don't have enough capitol to let some trades ride through the downturns.
DEMO
Week 1 $306-$415 = + $109 or 36%
Week 2 $415-$530 = + $115 or 28%
This Week $530-$904 = + $374 or 70%
Daily average is now $48
LIVE
This Week $289-$386 = $97 or 33% (Tues was a wash)
Daily average is now $32
lol sometimes it is like that.
Special of the day for me on the live account, buy at the top and sell at the bottom!! LOL
Worked hard today to lose $10!!
I've been testing out the third example of money management above, and it is really working out nicely. I will say I went in heavier on a couple of the trades just because I wanted to see if I could get off the bottom a tad faster, and am sitting at 2 out of 3 winners for a net of 80 pips (2 gains for 100 and one SL for 20).
Will keep you posted on my progress....
Yep - and I want lots of lots!
LOL all a matter of lots...pips is pips...hehe...Nite sherri
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Welcome to Currency Chat - The lounge for the bored or chatty Forex trader. Posts of any kind, including off-topic, will be allowed here, with particular emphasis on money management, and the psychology of trading. In short, when you blow out your account and need to vent, we're listening!
MONEY MANAGEMENT
OK, so we are obviously all trading to make money besides the comraderie and adrenaline that goes with it....so how do we get from point A to point B? Well - that is simple - you learn how to make winning trades and employ good money management skills. For the winning trades, I highly recommend you visit these sister sites for the best assistance on everything from technicals to full trading systems.
http://investorshub.advfn.com/boards/board.aspx?board_id=5392
http://investorshub.advfn.com/boards/board.aspx?board_id=5125
For the money management, I hope you will review some of these examples and see that compounding small gains is the key.
Trades | Starting Capital | Ending Capital |
1-50 | 1000.00 | 1628.35 |
51-100 | 1644.63 | 2678.03 |
101-150 | 2704.81 | 4404.38 |
151-200 | 4448.42 | 7243.58 |
201-250 | 7316.02 | 11913.03 |
251-300 | 12032.16 | 19592.54 |
301-350 | 19788.47 | 32222.52 |
351-400 | 32544.74 | 52994.18 |
401-450 | 53524.12 | 87155.91 |
451-500 | 88027.47 | 143339.38 |
501-550 | 144772.77 | 235740.50 |
551-600 | 238097.91 | 387706.33 |
601-650 | 391583.40 | 637634.17 |
651-700 | 644010.52 | 1048673.45 |
Now, I'm sure some of you are saying, "yeah that is 700 days or 700 trades", but how many people realize the power of that little 1%, and instead aim for the fences? To illustrate another money management methodology from a wise young trader, strongtower, you can also establish a "per pip" goal.
Month | Amount of Trade | Dollars Per Pip | Daily Gain | Ending Balance |
January | 10K | 1 | 25 | 1500 |
February | 10K | 1 | 25 | 2000 |
March | 30K | 3 | 75 | 3500 |
April | 30K | 3 | 75 | 5000 |
May | 60K | 6 | 150 | 8000 |
June | 60K | 6 | 150 | 11000 |
July | 80K | 8 | 200 | 15000 |
August | 80K | 8 | 200 | 19000 |
September | 100K | 10 | 250 | 24000 |
October | 100K | 10 | 250 | 29000 |
November | 150K | 15 | 375 | 36500 |
December | 150K | 15 | 375 | 44000 |
January-??? | 200K | 20 | 400 | 52000 |
Now, for those of you experienced in Forex, you will probably notice that mid-year in the above chart, you have plenty of capital to be trading with more risk. That is something to decide from your own comfort level, but you can see clearly that a small amount of units with a consistent daily net of 25 pips will earn you a nice income! Notice I said net....if you think for one moment that you will never have losses, you should go back to your demo account immediately and start over. The important point is NET. You may also have a down day and have to "make it up" another....still, you get the point of the illustration. CONSISTENCY IS KEY!
Our next example is far riskier, but when you look at the results, you will be tempted....this is NOT for the faint of heart, nor should you attempt this unless you have a very high percentage of winners first. Credit goes to Ataglance2 and Daiello for the idea - thanks for the input!
Trade Number | Starting Balance | Traded Units | Margin Required | Gain/Loss | Ending Balance |
1 | 1000.00 | 30K | 300.00 | -60.00 | 940.00 |
2 | 940.00 | 25K | 250.00 | 125.00 | 1065.00 |
3 | 1065.00 | 30K | 300.00 | -60.00 | 1005.00 |
4 | 1005.00 | 30K | 300.00 | 150.00 | 1155.00 |
5 | 1155.00 | 35K | 350.00 | -70.00 | 1085.00 |
6 | 1085.00 | 35K | 350.00 | 175.00 | 1260.00 |
7 | 1260.00 | 40K | 400.00 | -80.00 | 1180.00 |
8 | 1180.00 | 40K | 400.00 | 200.00 | 1380.00 |
9 | 1380.00 | 40K | 400.00 | -80.00 | 1300.00 |
10 | 1300.00 | 40K | 400.00 | 200.00 | 1500.00 |
11 | 1500.00 | 45K | 450.00 | -90.00 | 1410.00 |
12 | 1410.00 | 45K | 450.00 | 225.00 | 1635.00 |
13 | 1635.00 | 50K | 500.00 | -100.00 | 1535.00 |
14 | 1535.00 | 50K | 500.00 | 250.00 | 1785.00 |
15 | 1785.00 | 55K | 550.00 | -110.00 | 1675.00 |
16 | 1675.00 | 55K | 550.00 | 275.00 | 1950.00 |
17 | 1950.00 | 60K | 600.00 | -120.00 | 1830.00 |
18 | 1830.00 | 60K | 600.00 | 300.00 | 2130.00 |
19 | 2130.00 | 65K | 650.00 | -130.00 | 2000.00 |
20 | 2000.00 | 65K | 650.00 | 325.00 | 2325.00 |
21 | 2325.00 | 70K | 700.00 | -140.00 | 2185.00 |
22 | 2185.00 | 70K | 700.00 | 350.00 | 2535.00 |
23 | 2535.00 | 75K | 750.00 | -150.00 | 2385.00 |
24 | 2385.00 | 75K | 750.00 | 375.00 | 2760.00 |
25 | 2760 | 80K | 800.00 | 400.00 | 3160.00 |
Now, the system above does have a couple of additional rules, if you will. The author recommended starting with 5K, and using the same calculations over 20 trades would net you around 38K. Since so many people reading this board are trying to start with smaller numbers, I used 1K if for no other reason than to show good money management is CRUCIAL! You can be wrong 50% of the time and still come out with a 200% return (if you have one additional trade for 50 pips go your way over the 50% win ratio). But you MUST limit your losses and be sure they are significantly less pips than your gains.
More to come....
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