Quote:
Originally Posted by mpower
gbp/usd doing fine so far(+70 now, looks like everything that i traded today worked):-)
I would digress here for just a second. One thing that I agree with Mr. Oily/Shady character is the relation of one currency and its crosses to another. I always have up eur/jpy, gbp/jpy, eur/gbp, eur/usd, usd/jpy, gbp/usd. If one of the 2 pairs that i trade mainly e/j and g/j, sometimes i trade g/u and e/u like today, move in opposite directions, I check the crosses, it helps me see the light through the tunnel of this FX mumbo jumbo, sometimes it seems really confusing and it is actually not.....
Just wanted to give you heads up at what I look to when I am confused, sorry Simba for the distraction. Otherwise, I look forward to the next patterns. I am also waiting to recieve the book, like a kid in a candy store  |
1-GBPUSD TRADE CLOSED:+71 pips.....number 3(by hand) at the statement attached
2-mpower..no problem,just the opposite ..your opinions are always appreciated and very often taken into account
,yes currencies,have a different volatility than some Futures..and one of the tricks with them is to take care to check several pairs and pair combos...and look for the strongest and the weakest currencies...ie:if your system tells you that gbpusd up,gbpjpy up,gbpchf up,eurgbp down...we have a strong one :gbp...then if eurjpy up usdjpy up chfjpy up...we have a weak one jpy...so we look to go long gbpjpy...more often than not things are not so clear,but a few times they are.
3-There are no more open trades left,see second pic,I had some nq(nasdaq) and es(sp500) open trades but they are now closed..so,starting account of 25k usd,at 20 Jan 2008, is now,26 Feb 2008, at 102.9k$..I will use this account to show the trades taken,and since there are going to be other trades there too,besides the patterns,I will mark the ones I take according to the patterns.
4-some of the exits I take here are not "according to the rules"..my rule is that if I can not monitor a trade(I have to go to sleep now),I close it unless I can use a clear stop point...the rules of MSH require constant monitoring, h1,h4 closes in the 2 cases traded.
Good night my friends