This is certainly important for someone to remember if they are a scalper. You really have to trade at the correct times. I don't trade for five or six pips at a time. If I did I would take the hourly ATR and devise a stop with that in mind. It ...

Ramblings of a Forex Junkie

I don't label mine although I do color code so that I know what they are at a glance. I think the labeled lines were a creation of Square 1. Not a problem to make them appear automatically if you know you want to trade them automatically. Also have ...

Ramblings of a Forex Junkie

I am watching Top Gear on TV curently. Those of you who live on that side of the pond are lucky to have such good programs. Top Gear might be the best show on television. New essay soon. I hope the description of my stop placement is more clear now. ...

Ramblings of a Forex Junkie

There is a theory that moving averages should have a correlation to the trading activity you are averaging. In simpler words you should make your moving average a multiple of the time frame on which you are using the average. For example, fifteen ...

Ramblings of a Forex Junkie

Some brokers will allow you to customize your timezone but if not you may just have to make the compensation yourself. If you want to key all your trading off London just set the times in your mind that you want to begin trading. Draw a vertical ...

Ramblings of a Forex Junkie

Thank you for the thought.

Ramblings of a Forex Junkie

That is what you need Square 1. Whether your open time is the same as mine is not important. The important thing is that you have tested your chosen time and you believe in it. I know a trader who uses 01:00 Eastern as his start of day. I would ...

Ramblings of a Forex Junkie

Yes that is a qualified entry. I generally like to see a little more separation but I would have taken that long trade had I been awake.

Ramblings of a Forex Junkie

When you are close to the weekly open and close it is a little busy. When we trade away from this area the chart will only really have four basic levels each day. Previous high, previous low, today's open, and previous close.

Ramblings of a Forex Junkie

My close is .387 and my open is .208 your numbers may vary a little. I generally use these levels for a guideline in my trading. I will trade off them but I will generally shoot for a larger target if short below these levels or long above. I hope ...

Ramblings of a Forex Junkie

For me the weekly open is midnight Monday morning eastern time zone. This is currently 5AM GMT. I discount Asia for the weekend trading. I like to consider the week started when the middle eastern traders and Russia join the market. The volume ...

Ramblings of a Forex Junkie

One of my boys has a doctor appointment today so I will be away for a while. New essay on the way later today. I also want to speak a little about stops and how I believe they should be handled. I am not sure I have gone into enough detail on the ...

Ramblings of a Forex Junkie

That's correct. I also have the close from last week and the open from this week. There are other trades that I make which I don't go into here but all my trades are based on specific price at specific times. I don't trust just any S&R level. Trade ...

Ramblings of a Forex Junkie

Ok NY has made the lower low. I had hoped that London would retrace to the Friday low and I could short it there and ride NY down for the lower low. I will probably call it a day with EU as there is no reason to think NY will go any lower than they ...

Ramblings of a Forex Junkie

Thank you.

Ramblings of a Forex Junkie

I have no doubt you can trade Dan. The problem is you aren't telling people the pitfalls of divergence trading. You are not telling people that they have to be very careful with it. You aren't telling people how unreliable it is on shorter ...

Ramblings of a Forex Junkie

Ok, divergences. At best divergence when traded alone is a fifty fifty proposition. Can you make money with it? Sure, you can make money with anything as long as your money management is good and you can be right a decent amount of the time. I am ...

Ramblings of a Forex Junkie

Ok square nice short. I am stopped out from the long at the low and waiting for the retracement to get short. I was asleep when the market opened I may have shorted up there too as price retraced almost to the close from last week which woud have ...

Ramblings of a Forex Junkie

He is trying to make me look bad by pointing out how the divergence is working so well for him. He will fail to point out all the times that the divergence failed in the past though. He will not point out how it signals entries again and again in a ...

Ramblings of a Forex Junkie

Trust but verify is a good policy. Spend some time with charts, think outside the box. Look for recurring themes. A clean chart with no moving averages of indicators of any kind will open the entire landscape and allow you to see the patterns that ...

Ramblings of a Forex Junkie