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  #78161  
Old Oct 22, 2010 12:01pm
nasir.khan's Avatar
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Quote:
Originally Posted by ertorque View Post
Still learning the trick and trades of Touch Trading.
Dunno if I understand the method correctly but would the intersection of 1.36 and TL result in a possible Kaboom?
Let me make it simple for all of you.

1-Dont take a touch trade until u have at least 3 confluence factors.

2-Dont take a touch trade without a clear daily (or above) PPZ.

I took this Echf setup and got stopped out. There was this TL, PPZ,Double top in 1h, and Divg. But could have passed it easily cause that was really a poor PPZ.

This one is a classic rac setup, See clear PPZ, 50 Fib and TL.

P.S: I was just reading Rac's posts i think it's the 6th or 7th time i am doing this. It really clears my mind looking at his clean charts and PPZ's.
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  #78275  
Old Oct 24, 2010 8:52am
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Originally Posted by ghous View Post
Since its a first degree its a Bachelors in Business Administration (BBA) degree. MBA would come later if i wish to pursue it, which seems highly unlikely. I am more inclined towards going for a professional certification like CFA.

g.
I have worked in the financial sector here and let me tell you there is s high demand for CFA's also a lot of people get fail in CFA level-2 but i am sure you can do it.

Anyway good luck.
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  #78300  
Old Oct 24, 2010 1:12pm
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Ok somebody PM me this question regarding Touch trades.

I was looking at your USDCAD trade , that touch trade. I understand that touch trade is based on confluence of many factors (eg: ppz, tl, fib).

But when you are first looking for touch trade, what is the first thing that will draw your attention that saying that "Ok, this thing has pontential for touch trade"?

Like when you are looking at the UC chart? What is the first thing that made you analyze the chart for touch trade?

I've been looking at your chart and rac's chart. When I see you guys posted the touch trade, it all makes sense, with all the factors line up nicely. But when I analyzed the charts myself, I am having hard time to find the chart with potential for touch trade.


I reckon i will have to put some time and thoughts in this response so it may help others too if i post it on the thread. I am not a senior nor a very successful trader (like rac) u should listen to but i hope i could give it my best.

The first thing is that when most NEW people approach touch trading they think like its really a discretionary method and you could look at naked charts and take trades of TL's and Fibs and PPZ's whenever you feel like or whatever and there are not many rules and quality control points assigned to these trades like PA trading have and this why they miss trades, get into bad ones and sometimes have no idea what they are looking for. (Anyone one can disagree but i am talking off my own personal experience as a touch trader)

But it's really not like that. You need to know "what" exactly you are looking for "where" and "when".

1- You need rules
2- You need solid high TF PPZ's placed on your charts
3- You need to know what market are you trading in
4- You need to know what kind of trade you are just gonna take to assign a management plane to it
5- Most importantly u need to get your MM and FTA's in the place

1- The rules,

Ok as i said in my earlier post that you have to know what you are looking for so you need rules and a system to do that. Ok lets take a type of touch trade setups for a start. So when you are looking at your charts u have to tell yourself this.

1- I need a strong trend, I need a consolidation or a PPZ in the way of the trend or BOTH, I need a breakout, I need a retrace to that breakout zone.

Next i will calculate my risk and see a reasonable place to hide my stop. I will also check out for additional confluence to have more confidence in my trade and further tighten my stop for example if there is a BRN or 61 fib level right near that retrace area where i am gonna take that touch trade it would be easy pick a stop level like 20-40 pip below that fib or BRN.

Now open a daily trending chart now and apply the rules above and see if it makes sense.

2- High TF - PPZ's placed on your charts

See next post.
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Last edited by nasir.khan, Oct 24, 2010 1:23pm
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  #78301  
Old Oct 24, 2010 2:07pm
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2- High TF - PPZ's placed on your charts

Ok the most important thing regarding PPZ's and Confluence zones is that when you place them and when you look at them later when waiting for price to hit them. DONT TREAT THEM LIKE BUY/SELL SIGNALS. Place them and observe how and what price does around them Yeah i know what are you thinking now but it requires observing charts for hours, practice and experience. (what does't require these to be successful???) But i will post some charts to give you a guideline or example.

Here are some charts i prepared today for next week. What i am looking for are clear flip zones that are flipping price over and over again. Some them are clear and you can pick them up straight away and these are the best ones while others are a little tough to highlight and i had to go up a TF or two (weekly, Monthly) to see their impact back in history and than again go down too 4H and fine tune them a little to adjust them to latest price action.

Next i will observe what price does around them i.e with how much momentum/speed price hits them how it behaves afterwords do i get other confluence around them in in 4h or 1h like double bottoms and tops or TL's or if price breaks them i would than like to see if i could get some retracement entries.

See next post.
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  #78304  
Old Oct 24, 2010 2:33pm
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3- Know what market are you trading in

So when i am analyzing these areas i also look out for the market condition i am trading in.Like is it ranging hard, trending hard or a little consolidation in between a trend etc.

GBP/USD: Now i can see that price was in a trend and now its in a rang and could break to either side. You can see a lot of blue rects and some horizontal S/R. Now Blue area's are PPZ's but i am not sure if would be able to place touch trades on them straight away but it depends if i get some confluence in 1h - 4h when market opens but again have to be careful with them being inside consolidation. on the other hand there is 1.6100 zone where i could place a short entry or wait for break and retrace to continue with the trend, there is 1.5500 where i can place a long order cause it is damn nice PPZ see how it flips the price and also a BRN, there is 1.5300 where i can also put a long order or wait for a break and retrace cause if price breaks it the trend is over IMO.

USD/CHF: Clearly price is was in a downtrend broke the Longterm trendline and now may come back for a retest.Now this is where i am sure what i am gonna do (see chart) but again price may never come back when market opens or anything could happen. Now i was not drawing any TL's when i was dressing my charts but this one was so much damn obvious that i had to put it there than automatically i see the break and than i found the PPZ around area where i can wait for a retrace went down to 4h and draw that FIB and TL and now every thing is just in place all i need to do is wait.

BUT AGAIN THIS IS NOT A TRADING RECOMMENDATION THIS JUST WHAT I SEE AND WILL OBSERVE PRICE ACTION AROUND WHEN MARKET OPENS AND MAY CHANG MY VIEWS.
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Last edited by nasir.khan, Oct 24, 2010 2:50pm
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  #78305  
Old Oct 24, 2010 2:59pm
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4- Know what kind of trade you are just gonna take to assign a management plane to it

When you are just about to place a trade you need to recognize what kind of trade you are taking. If you are taking a CT u need to be careful and picky and need to do some thing on FTA to protect yourself may it be closing full postion, taking half out and rest to BE, Moving stop to BE or etc but make sure with CT's that you eliminate risk every time on an FTA.

Than if you are taking a trade with the trend you need to act again on FTA but this time make sure this trade or a portion of this trade to remain there to reap the trend so it could pay for many looser if it runs.

Than there are trades you take in Ranges, make sure you are trading on the edges of the range and there is some nice room to the other edge and also to ur FTA.

Or some times there are trades right inside those ranges but never touch them without confluence and make sure they are very clear flip zones like one in GU @ 1.5500.

5- Most importantly u need to get your MM and FTA's in the place

Yep when you are doing touch trades make sure you got excel sheet in place to calculate different risk scenarios etc. I mean the best touch trades are ones who take ur order and never come back so u need to be ready for them i.e dont miss them while calculating ur lotsize or take wrong positions sizes in the thrill or even take the trades first than calculate what you did.

Remember no matter how many conflunces u had or how much damn good was that PPZ no trades is worth more than it's FTA. So make sure u always have ur FTA's in place before u put on the trades and ACT ON THEM.

Ok this is it. I hope i did not confused any body or btw u can always skip my posts i am an idiot with an internet connection.

Also if you are NEW to this stuff dont try this LIVE and dont try this on Lower TF's you'll gonna burn,... believe me.
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  #78306  
Old Oct 24, 2010 3:30pm
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Her is one i missed.

Opened the daily, Saw a trend straight away, consolidation and break out, placed my PPZ than looked further above and below and added some more. went down to 4h and got this small TL and off course there is a FIB too but we not know if we could just place it now cause price can further move up before retracing if it does.

EDIT: Went back to daily again after posting this and found this TL (actually the same but diff TF's). So see it all happened in some 5-10 minutes.
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  #78309  
Old Oct 24, 2010 3:41pm
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Quote:
Originally Posted by Adilius07 View Post
You mean you missed 4H PB? that one look as being at swing high instead of low... could have fallen down - that way would have been a successful IPB...
I meant the chart i missed to post,.... not any setup that i missed. lol

P.S: It's 12.40AM here. lol
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  #78362  
Old Oct 25, 2010 6:22am
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Originally Posted by Jey View Post
In life, even walking down the street can be dangerous. You'll never know when some drunk idiot will come driving and squashing you to a pulp. Does it mean you never ever go out for a walk?
But it doest't mean u should do Jaywalking straight away or ever. lol
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  #78369  
Old Oct 25, 2010 6:52am
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Originally Posted by joelcf View Post

If Mike and JimJarroo can limit themselves to good bars in good locations, the rest of us trying to use MIT triggered option spreads to to touch trade a fib retracement on a trendline intersection with a PPZ because we see confluence with the Nikkei...well, we look kinda like a 14yo kid at McDonalds trying to cook like Keller.
I do that sometimes.

lol......j/k

P.s happy birthday PB.
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  #78442  
Old Oct 26, 2010 3:08am
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Originally Posted by jarroo View Post



[b]


Great posts nasir. I appreciate your time it took for you to put this together. . . .I know it was alot.

Very good infrormation here.

Thanks again . .


Jim
Thanks Jarroo.
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  #78469  
Old Oct 26, 2010 6:34am
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Originally Posted by jarroo View Post
Interesting to see if that low of that little PB on the Cad will be taken out.

Here's a Higher time frame perspective, nasir.

The blue is your PB.
Hmmm got away with it.

How bout this one. Area was marked, price went near, checked for confluence, found fib and tl. Thats all.
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  #78470  
Old Oct 26, 2010 6:49am
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Originally Posted by nasir.khan View Post
Hmmm got away with it.

How bout this one. Area was marked, price went near, checked for confluence, found fib and tl. Thats all.
.
Ok whats next?

Now 1H candle will close in some 10 mins and I want a reaction that this area deserves, a PB would be ideal but does't seem like it anyway a poor close like close in half of its size would be enough to move my SL to high of the bar.

Have to reduce risk, that's what i concentrate after i enter the trades.
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  #78473  
Old Oct 26, 2010 7:37am
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Originally Posted by supremeChaos View Post
interesting trade.
i just checked gbpjpy chart.
gbp has been strong today. gbpjpy displayed that strength too.

the H1 close was pretty strong. no good, quick reaction off that area.
i think price needs to make a strong move through 128.40-70 area.
so far price is stalling.
it's your call...manage it well,

Haha its the way it is.

But reducing risk can be painful if u dont use your brain much and be fearful of loosing money. lol

Look at that trade it dint closed well and i dint even waited to let it take out my stop loss which was just 18 pips below. I cut it and it blew up for some 130 pips now.
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  #78477  
Old Oct 26, 2010 8:06am
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Originally Posted by supremeChaos View Post
haha, we all experience that.
for gbpusd, dont worry, i got a good chunk of it for u

btw eurusd looks terrible now. i can now see possibility of move towards 1.3700 area.

we just keep learning, practicing, studying
You cant ignore 3858 that's my TP atm BUT with gold hovering near 1328 any thing could happen now.
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  #78484  
Old Oct 26, 2010 8:57am
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Originally Posted by squeezy View Post
hey Supreme,
did u reverse ur initial long .......
I dint had guts to go short even on that IB but you just loaded up on the touch. Well played sqeezy.

I am not comfortable actually when a FIB is tested once or twice before to take a touch trade on it. In this case the 50 FIB is tested once before and most of the times price proceeds to the next fib level after shoeing a small reaction when that happens.
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  #78486  
Old Oct 26, 2010 9:07am
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Originally Posted by squeezy View Post
thnx Ghous
i got some serious nitro
reduced my stops as im rushing out to class now



nice one Supreme
told u i found his cave, do u know where it is????
stay tuned Supreme ....more hints on where to find it?

cheers

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  #78488  
Old Oct 26, 2010 9:12am
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  #78495  
Old Oct 26, 2010 10:52am
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Originally Posted by Pinbar View Post
Thanks Nasir

I have seen that before and I am not sure of the relationship, as Mike is talking about Huge bars, and why the IPBs work. Yeah, he is also talking about the order flow but, I don't really get the connection.

Are you suggesting that this selling is not true selling?
i don't know about it if its true or false. lol

Anyway my view is that,

There was this strong resistance and price was not able to break it in many attempts. So when it broke through it there had to be a lot of buying power to do that,...no?

and when price broke through it a lot of buying was done for that and in the end the buying went exhausted as you can see what happened quickly after that 4h bar broke through it.

So when price came back there was simply not enough buy power left to continue that up move.

What do they call that WAR where you do WIN but you have consumed so much resources to win it that you have nothing to eat now and you die of hunger??lol

This is what i think. But i hope Mike or Jarroo can correct me.
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  #78497  
Old Oct 26, 2010 11:20am
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Originally Posted by HanSolo View Post
Do you mean a Pyrrhic victory? LOL. Very nice explanation, Nasir. Thank you.

Do you pay any attention to former triangle lines and TL like the ones on my chart? Aren't those places where many sellers may come in?
Yeah that is the one i was crushing my head around the internet to find the name.

Well thats confluence Hans!

More confluence more reasons to sell. Now some people saw that PPZ and sell it,.. some would have saw the TL and sell it some,.. would have saw the 50 ret and sell it, some saw all of them and sell with more confidence.
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  #78500  
Old Oct 26, 2010 11:58am
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Originally Posted by HanSolo View Post
Hi Anthony, thanks for your help. You're right: EURCAD is up. I was to impressed by the overall downtrend on monthly and - depending on zoom factor - weekly. I judged a daily trade by what I saw on weekly and monthly and I totally ignored the fact that daily shows a clear uptrend - big mistake. Man, I feel like I have to go through kindergarten again. When does this incompetence end?
Whenever i think of Trendlines,......I think they should be drawn in a way that they must show you the PATH OF THE TREND.

Looking at EURCAD price was in a range in that blue box. than it broke down and set a bearish trend.

Now IMO the orange TL is showing what actually is the path of the trend. You can see how price followed it. While the white line is intact but price really not following it.

Than price broke the orange TL or say it's path of the trend,... no i am not saying that trend got over when TL was broken but the trend halted.

Next,.. most of the times when a TL is broken there is range to follow and in that range price have to decide if it should continue the trend or start a new trend. Now you can see what price decided next........

So IMO yes we are in bearish trend in the long term (monthly) but bullish in medium and short term trend (weekly and below).

Just my 2cents.
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  #78503  
Old Oct 26, 2010 12:23pm
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Originally Posted by mbqb11 View Post
You have to remember pin that that entire area you have marked is really a "zone"....
Yeah i do get caught up in zooming out those large PPZ boxes into a single horizontal line for my touch trades and do get wrong at times.

Thanks for the comment.

Back to simplicity.
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  #78506  
Old Oct 26, 2010 1:01pm
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Originally Posted by ehrek View Post
Haven't posted here in a long time, yeeeeeellow everyone.

Chart of the day for me!

Been long on the greenback all day today, UJ scalps, UCAD, and held onto this winnar!
Lowest drawdown???????

Ohhh now i got it.
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  #78517  
Old Oct 26, 2010 3:05pm
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Originally Posted by bluetrader View Post
Since I won't be watching the World Series (Thanks Rangers), I'll be doing more of this. Is this a good distance?
no this one!!!
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  #78519  
Old Oct 26, 2010 3:12pm
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Originally Posted by bluetrader View Post
I think his stop was just taken out... at least that's my reaction.
I think he took that GCHF touch trade,.... sorry dude this is not a signal service. (or should have moved you stop to BE)
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  #78522  
Old Oct 26, 2010 3:18pm
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Originally Posted by ehrek View Post
hehehe

Low drawdown, and leverage the shit outta it!!!!! Booyeah.

Hopefully enough, that dukascopy will contact me and give me one of those fancy 15,000CHF watches... Mmmmmmmmmmm.
Make money and win watches with your name one them.
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  #78524  
Old Oct 26, 2010 3:22pm
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Originally Posted by ghous View Post
Rock N' Roll!

g.
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  #78611  
Old Oct 27, 2010 10:02am
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Originally Posted by Edonya View Post
I
Could like to thank all the posters of FF and mostly the James16 thread, among them JAMES16,Jaroo, Ghous,mbqb11,Nasir among the many. The list is long.
i didnt know that one day i will be able to analyze charts in my own way the way i am doing right now. What i did i started an account with 100$ on 21 Oct 2010. My aim was to blow it with overlevarage but using only price action,Fibonnaci, S&R and some MAs i learned from Phillip Nel. To my surprise i have made almost 300% within that one week. I cant belief and i dont trade now with emotions...
Does that sound something similar?????

Here is Mike's response.

Here is the result....

I dont want to sound harsh and i dont want to spoil the party. I am just being honest.

But be very careful my friend. Yeah i know it's just 100$ who cares,......

BUT ITS ABOUT THE HABIT,.. RISKING HIGH % IS A BAD HABIT.

Bad habits should not be practiced (need a better word) cause they get stronger as you keep practicing them and than its so hard to get rid of them that it could take months to years.

Been there done that.

Good luck anyway.
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  #78745  
Old Oct 28, 2010 1:46pm
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Originally Posted by relyt View Post
Since I use Oanda and can't use an EA, as bluetrader suggested, is there any free alert service that I can have send me a text or an email when a certain level (my FTA) is hit? If so, then I would be able to wake up and move my stop from my phone, without even leaving bed.

I have seen people talk about having alerts sent to their phone, but I don't know what the website is and if there are free services that do this.
Why dont you use MT4 for alerts and place same trades on it as like you do on Oanda?
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  #78747  
Old Oct 28, 2010 2:20pm
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Originally Posted by ts63 View Post
Isn't she lovely ?
Yeah but 2 things to ponder.

The bar on the left is huge and could have been better if it had formed on the BRN @ 1.6000.

IMHO.
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  #78753  
Old Oct 28, 2010 2:57pm
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Originally Posted by spookie94 View Post
Ive started to look at trading 4Hr charts. I normally use FXPro for my analysis on Daily and Weekly then place trades with IBFX because they allow a smaller lot size. I noticed a big difference in PA on the 2 platforms. Below is an example of Gbp/Usd and Aud/Cad on the 4Hr for each. How would you suggest I deal with this issue? Should I just stick with one charting software for lower TFs?
If you are new, Stick with only one platform for analysis and place your trades on whatever platform you want to but don't pay attention to it's charts.

However if you think you can deal with it and wont be overwhelmed, u can use 2 or even more different brokers with different timezones so you can get a 4h close every hour.

But as you said you have just started looking at 4h i would prefer to stick with FXpro with charting and place just your trades on IBFX.

Quote:
Oanda has a 3hr not a 4hr if thats his TF of choice. Their platform is easy to use but I switch to IBFX for the same reason, I waited to get text alerts from my cell. I had the alerts mailed to a seperate email account used solely for this purpose. I used GMX.com to forward to a hotmail acct. which sent it to my phone. On avg. only a 5-10 sec delay.
I think he just needs an alert for a specific price level so it does't have to do anything with TF's
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  #78754  
Old Oct 28, 2010 3:11pm
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Originally Posted by treyisdaman3 View Post
I have an odd feeling it might still rally after the large move earlier in the day. And even if it does break, where do you think it might go? It just does not seem to have enough room to move for me to risk it. At least, you have your entry below the break of the pin . I myself am eyeballing the inside bar on 4hr Aussie
Nice first post Trey,

Yeah there is not enough room compared to risk.

Welcome to the thread.
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  #78841  
Old Oct 29, 2010 12:11pm
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Originally Posted by esbatu View Post
Hi guys, I've been scratching my heads over these two PB. They are quite similar, both located at swing low with divergence. They are only 30pips different in their low. The first one worked out, in terms of reaching the FTA, but the second one worked out even better. I think, I read in some posts that some of you take the second one but pass on the first one. Anyone like to share the idea why?
First things first, We are inside a Range box. So i'd like to have my PA bar at edges i.e 1.4160 or 1.3686.

Second if not at edges than i'd like to have my PA at good confluence zones. 1.4000 is good location for a confluence trade with PA, inside the range.

Now i'd pass both of those PB's. First one is on a PPZ but close was not good enough. Second one a good close and is on a TL but no PPZ and size is not good enough for me.

Third,..... there is no divergence.

Hope it helps.
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  #78851  
Old Oct 29, 2010 1:03pm
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Originally Posted by Jey View Post
Hey Guys,

I need an EA that can close 1 lot at 20 pips ( I need to be able to change this figure too) and move my Stop to BE, then get my 2nd lot to TP at 30 pips then my final lot to trail at 15 pips. DO you know any that I can use? A simple one will do. Thanks.
Here you go.

http://www.forexfactory.com/showpost.php?p=3258062

It may not do the trailing stuff but do search around for something like trade manager u will find it.
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  #79086  
Old Nov 2, 2010 6:25am
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Quote:
Originally Posted by nasir.khan View Post
First things first, We are inside a Range box. So i'd like to have my PA bar at edges i.e 1.4160 or 1.3686.

Second if not at edges than i'd like to have my PA at good confluence zones. 1.4000 is good location for a confluence trade with PA, inside the range.

Now i'd pass both of those PB's. First one is on a PPZ but close was not good enough. Second one a good close and is on a TL but no PPZ and size is not good enough for me.

Third,..... there is no divergence.

Hope it helps.
.
I told ya people.

Whats next?
Break out and retest maybe...
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  #79089  
Old Nov 2, 2010 8:37am
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Originally Posted by jarroo View Post
Something to watch . . .Gbp/Cad

Some bullish PA on . .say .. the Daily could remove my question marks concerning the 1.6200 as Support.
here's more,
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  #79092  
Old Nov 2, 2010 8:56am
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Originally Posted by Adilius07 View Post
Can someone please suggest some broker? Where I can use our RR% to the best? I want to start very very small... kind of demo but with live touch to it. Thanks
Hey Adilius,

Two of them,

Oanda, You can trade as small as small its' possible, like you can buy a 1$ = 0.001 MICROLOT to start with. So i think you can trade with 10$ and can risk 1% and trade easily and considering the granularity the spreads are awesome. But you have to adjust with there web charting and there is no Credit card deposit.

IBFX (Mini Accounts), You can't buy/sell 1$ like Oanda but if you open a mini account with 100$ you can still apply 1% money management rule easily they let you trade lots from 100$ = 0.1 MICROLOTS. There is Credit card deposit and also u have MT4.
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  #79109  
Old Nov 2, 2010 4:23pm
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Originally Posted by ppfx View Post
haha just saw your post, looks like it works both ways (you selling, me buying), as long as we're both in profit thats good
No i dint sell, i was moving my home so was away from charts and this is the reason u got a profit.


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  #79343  
Old Nov 5, 2010 5:15am
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Originally Posted by nasir.khan View Post
I told ya people.

Whats next?
Break out and retest maybe...
.
here is the next prediction....

Just kidding

It's justonly a zone to watch out near NFP.
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  #79346  
Old Nov 5, 2010 5:31am
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Quote:
Originally Posted by Pinbar View Post
Have you watched the intro to pivot zones in the free guest area.

http://www.james16group.us/Guests/guestmaterial.html
PB i think (just a request not an order) u should save all the posts between you and Jarroo regarding drawing PPZ's, ZIP them in a folder, and whenever a new guy ask for help about drawing the PPZ's,....(Pull the trigger)

(i mean send him the file. lol)
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  #79449  
Old Nov 7, 2010 10:45am
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Quote:
Originally Posted by nasir.khan View Post
here is the next prediction....

Just kidding

It's justonly a zone to watch out near NFP.
.
Still in play and with more confluence....
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  #79461  
Old Nov 7, 2010 3:20pm
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Quote:
Originally Posted by ppfx View Post
you want some more confluence? ....

...here you go

definitely one of the best setups for the next week...

Attachment 575284
Hey PP,.. i have both BRN and 50 Fib marked on my chart......

or maybe i am missing something?

Anyway another one before i go to sleep.
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  #79491  
Old Nov 8, 2010 1:36am
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Does anybody have some bearish 4H PA on their feed, on Ucad?

Thanks.
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  #79494  
Old Nov 8, 2010 1:46am
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Originally Posted by forexben View Post
Not on my FXpro
Yeah i have FXPRO- IBFXAU-FXOPEN-AlpariUK. But any other than these?
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  #79499  
Old Nov 8, 2010 2:48am
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Quote:
Originally Posted by ppfx View Post
you want some more confluence? ....

...here you go

definitely one of the best setups for the next week...

Attachment 575284
See this where risking 1% save our a$$. Cause what we think maybe the best setup could also fail.

Well same pic but with opposite direction.

P.s I was sleeping so i missed out to take a loss on this one.
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