Thanks for the insights guys (if you are guys )

EURUSD
>09:00cet: Level 4 short @1.2714, made a low @1.2686 (>09:30cet) => +28 pips**
15:30cet: Level 1 long @1.2752, made a high @1.2871 (>18:30cet) => +119 pips**

USDCHF
>08:30cet: Level 4 long @1.2255, made a high @1.2304 (>09:30cet) => +49 pips**
15:30cet: Level 1 short @1.2217, made a low @1.2087 (>18:30cet) => +137 pips**

GBPUSD
11:30cet: Level 1 long @1.8628, made a high @1.8675 (>12:00 cet) => +47 pips** - if this was stopped out another chance was at
14:30cet: Level 4 long @1.8676, made a high @1.8855 (>17:30cet) => +179 pips** - that was a very profitable but certainly not a classical level 4, because there was no longer sideway consolidation (only 5 bars) but a very good strength indeed.

** maximum favourable excursion ex spread / not equeal with realized pips

mibl

__________________
Never trade with money which you need to make a living *** I trade with my money based on my decisions *** Please decide for yourself.

hi mibl
nice recap well done.i have a question:
have you closed the positions or they are still open?
thanks
mimi

Hi. mates!!

Thanks for your well done and documented recap, Mibl.

What a day, friends!!!!

CatFX50 gave pips again. Day after day we get money and that's what it is all about. And we learn too. Do you know what is the most difficult thing in trading?

To know yourself. If you think you know yourself demoing, you are wrong. I lose money. I do lose. But do you know when I do lose more? When I do not follow the system. When I bet. When I guess. When I get too confident. When I think I'm the big winner.

You have a system here: CatFX50 and all its trade levels. Master them, but, mates, fight to know yourself.

I wish you all the best.

BTW, posted a long time ago:

EURUSD, while above 1.2345, its way is up to 1.2594. If then it keeps above 1.2550, it will be set to go to 1.2640.

Upwards: 1.2550 and 1.2640 are levels to watch. Breaking 1.2640 and keeping above 1.2550 it will take us to 1.2880.

High on EURUSD today: 1.2873. Just 7 pips shy of my target.

Nina

Hi reemul99,

currently I use scalping to get pips on shorter and longer moves. Close f.e. 15 pips on 1/3 of the trade and let the others go on, close the next 1/3 on about 40 pips, let the rest run until stopped out by trailing stop.
(sometimes a little more or less)
Sometimes I use other scaling parameters (1/2 to 1/5 and other target profits), depending on what I think about the constitution of the market and what the long term charts say.
When the trade runs agains me I do a little scaling too, depending on what the indicators look like and how risky the trade is and exit some part earlier. With this and the opposite catfx signals I can avoid to loose to much on the way to -34 pips which could been only the warm-up for a run in your direction.

Advantage: You earn pips on more kinds of signals catfx50 generates.
Disadv.: You close a part of your position which perhaps could have been even more profitable.

This is my current strategy (not only on catfx) - my first rule is to protect my account by minimizing risks even if that will cost me some not earned profitable pips. But other time other chances. Money which is lost is lost.

The exit strategy depends on the expecations you have for the move - how many pips do you want to earn when a move is successful? How many room you will give the move to evolve? What lot size you are willing to throw in? What risk you are willing to take - all that cohere.
It is a question of what is your target?
IMO you will never get only nearly the maximum of all moves - when I am wrong I'd love learning from you.

Do not think in pips you could have been earned more. What you see on your account is yours. What you see on the chart could faster be away than you can look at it. Only think what is your target for today?
Could it had been more - ok that happens - other times it happens that you see your trade loose all profit after ist was in good profit.

In my trading platform I had closed my trade performance window for the single trades some time ago. I recognized that it made me very nervous to see in realtime how many pips I could have been earning if I currently closed the trade and what I could have bought for this money. It distracts me from my trading plan.

mibl

__________________
Never trade with money which you need to make a living *** I trade with my money based on my decisions *** Please decide for yourself.

Nina you are one of the most helpful traders around, and since joining this thread I have learnt a great deal and earned some good money. I am grateful to you and all Mates for sharing what you know for FREE. This thread is like a fountain of trading knowlege.

BTW, made 38 pips today. great stuff

Hi mimi,

look at my post one minute ago. I described my trading a little.

The recap I posted is not equal with my trades. That are all catfx signals with all maximum ranges the pairs moved.

Today I did the level 4 trade on swissy this morning and in the afternoon session I got the USDCHF and EURUSD level 1 based on a 1/3 scaling strategy. Because the first movement was so fast I did not use the 15 pips target. The first thirds in the afternoon I closed 5 pips before the fibo pivots. Second part 8 pips before fibo supp / resistance 1. In EURUSD I closed all at that mark. The third part of USDCHF is still running with a trailing stop of 40 pips. I didn't take cable today and when I did it I think I would have been stopped out on entry before the long move gots on.

mibl

__________________
Never trade with money which you need to make a living *** I trade with my money based on my decisions *** Please decide for yourself.

thanks for your reply.very helpfull.i have decided to trade just level1 signals then i'll trade the other levels.for now i have some difficulty with recognizing the level of the signals right.i hope that i will be able to trade other levels.
thanks for sharing
mimi

Dave1,

Here is the link to the articile about the volume of trading that occurs in each market.

Attached Files

Currency Day Trading.pdf (596.9 KB, 179 views)

hi all, thanks mibl for the recap, and to Nina thanks a lot for the trading system.
Mibl, is it possible that you can post o picture of USD/CHF for today trading. thanks. how did you enter this trade?
thanks in advance.