EUR-JPY the one that got away ....

[mcdirt]

Was watching this setup last night on the 12hour chart, waiting to see if it gave an entry - within 2x Typical Wave C (yes IMHO). Went to bed and missed the drop which was very sudden, now trading at 139.71 (past 2R). Oh well, wonder if anyone else got it?

rgds McDirt

[AlanD]

McDirt,

Sorry missed your setup as I generally don't look at crosspairs not associated with the USD but a nice setup it was. Thought I would pick your brain to find out through your analysis what timeframes were the most reliable with MTP for getting the best setups, R/R ratios etc? I'm still trying to find my fit with FOREX as it is different than what I'm use to with momentum trading equities. Thanks,

Alan

[mcdirt]

Alan, I leave eSignal running on 60min charts and every hour or so just bring up 120, 180, 240, 360 and 720min charts for a look and then check daily charts a couple of times a day. I have charts for 12 pairs all time interval linked. I rarely look at charts less than 60mins and have also tried tick charts but did not do much research there, must go back to that. Don't have a favourite as I have not found one particular time-frame that gives more setups, though I do think the longer time-frames are better. Setups only appear every few days, in my experience and always on different time-frames.

Just have to check multiple time-frames on multiple markets (Forex & Futures for me, gave up on E-minis as I live in Australia) and not try to manufacture trades, just wait.

Perhaps Steve or Tony will comment if they have found any particular time-frame suits best but I reckon you should check lots of different time-frames with 4x having such good liquidity and being open 24hrs.

rgds McDirt

[nqcruiser]

MC D,

I see you like longer term timeframes but from my own experience, trading off pivots and trendlies, there is more price action on the 30 minutes and 15 minute charts. Maybe u want to have those running as well. Whats your average total pips per month trading off MTP? I am seriously considering buying the new version but want to see a consistent number of pips generated on monthly basis. If I average 500 pips per month on the maors, I wont hesitate buying.