Forex Watchlist

[NHN123]

All times GMT, for BST +1

Date GMT Release Period Consensus Prior

11-May-2006 01:30 Unemployment Rate (Australia) Apr 5.1% 5.0%
11-May-2006 06:00 GDP s.a. (Germany) Q1 P 0.6% 0.0%
11-May-2006 07:30 ECB's Trichet, Liebscher Speak in Linz, Austria (EU)
11-May-2006 07:30 CPI- Headline Rate (Sweden) Apr 0.3% 0.7%
11-May-2006 08:00 Industrial Production (Italy) Mar 0.2% 0.8%
11-May-2006 08:30 Industrial Production (UK) Mar 0.2% -0.3%
11-May-2006 08:30 Manufacturing Production (UK) Mar 0.2% -0.2%
11-May-2006 09:00 GDP (QoQ) (Italy) Q1 P 0.5% 0.0%
11-May-2006 09:00 GDP (YoY) (EU) Q1 A 2.0% 1.8%
11-May-2006 12:30 Retail Sales Less Autos (US) Apr 0.9% 0.4%
11-May-2006 12:30 Advance Retail Sales (US) Apr 0.8% 0.6%
11-May-2006 12:30 Business Inventories (US) Mar 0.5% 0.0%
11-May-2006 12:30 Initial Jobless Claims (US) May 6 315K 322K
11-May-2006 12:30 Continuing Claims (US) Apr 29 2450K 2462K
11-May-2006 14:30 EIA Natural Gas Storage Change (US) May 5
11-May-2006 17:30 ECB's Trichet Speaks in London (EU)
11-May-2006 23:01 NIESR GDP Estimate (UK) Apr 0.6%

[Steve Griffiths]

In 8 years of being up and down in various markets with numerous strategies this system is as close to perfect as I've ever found...

The psychological relief that comes with an attitude that welcomes and embraces loss in the understanding that its wins are two to three times larger is more valuable than any trading system in the world. - My Opinion.

Hi Soap3000,

Absolutly brillinat observation. This is exactly what I teach, and why I created MTPredictor - as a way to trade easily with simple set-ups and - but (more importantly) with trades where the losses were small and the profits large............... This is the real Holy Grail of trading :)

Steve

[soap3000]

Hi Soap3000,

Absolutly brillinat observation. This is exactly what I teach, and why I created MTPredictor - as a way to trade easily with simple set-ups and - but (more importantly) with trades where the losses were small and the profits large............... This is the real Holy Grail of trading :)

Steve

No Probs Steve,

You're doing a great job - But most importantly - Thank you for sharing


NHN123 - EURCAD 240 - nice spot - great watchlist candidate.

[NHN123]

Maybe an important week for EURUSD in larger scale...

Most traders are wanting to buy the dips on EURUSD, so may not happen like this, but the techs are there - and the market apparently hugely long EUR - we have all seen what can happen in over positioned markets...

So, a break of this weeks low may trigger a huge sell off; prob for a wave C down longer term / correction to monthly long term uptrend...


Just one way of looking at it, obviously, there are others!

[durgesh147]

USDCHF is showing a TS1 on weekly , but we have still two trading days left in this week.

[durgesh147]

Taking it to the Daily charts... what can be seen a of now is a morning star candlestick formation... pretty powerful reversal signal... wht needs to be kept in mind is ...today's daily bar is also not complete...just in formation...

Dollar bulls back ? Dunno...:D

[NHN123]

Maybe an important week for EURUSD in larger scale...

Most traders are wanting to buy the dips on EURUSD, so may not happen like this, but the techs are there - and the market apparently hugely long EUR - we have all seen what can happen in over positioned markets...

So, a break of this weeks low may trigger a huge sell off; prob for a wave C down longer term / correction to monthly long term uptrend...


Just one way of looking at it, obviously, there are others!

Sorry, yes - as Durgesh said, we still have 2 days left this week - so the weekly red bar is not ready to trade yet....

[NHN123]

Taking it to the Daily charts... what can be seen a of now is a morning star candlestick formation... pretty powerful reversal signal... wht needs to be kept in mind is ...today's daily bar is also not complete...just in formation...

Dollar bulls back ? Dunno...:D
Durgesh, your brain is like a very big sponge!

How on earth do you learn about candlesticks, remember them, and spot them, after everything else you have learnt....?

I wanted to ask you; morning star needs gaps (not that I am expert on this, I had to google it!), but given FX is 24H market, gaps don't appear that often. So, in your experience, how good is using candlestick patterns like this?

And, how would you trade off it ? (I know you are only using this as a secondary, weight adding indicator, not primary) Would you have to wait for a break above the 3rd bar?

Appreciate you bringing your wealth of knowledge here!

[durgesh147]

TS3 sell forming on 1h chart... i closed my long for 2pips..:p

[Rimu]

Not the best ABC around but will see if I can hitch a ride.

[NHN123]

Not the best ABC around but will see if I can hitch a ride.

Are you still in that from the ABC down the bottom of your chart?

FYI, the new "ABC" would not be valid in MTP, but good luck anyway!

[Rimu]

Are you still in that from the ABC down the bottom of your chart?
No, I took half out at the quicker MA cross (white) and the remainder at the slower MA cross(red).

FYI, the new "ABC" would not be valid in MTP, but good luck anyway!
Thats why I'll be getting MTP as soon as the house renovating :( is done.

[Eddo]

Greetings all - well haven't you all been busy. I had to go off and give a Seminar Presentation today so have only just now managed to get back to the interesting thing - Trading.

Last night was typical wasn't it, my EURJPY got stopped out on the bloody Fed announcement only to bounce back after I had been dumped. My EURCHF trade did the same so I have had to lick my wounds .......... but my good old EURAUD is still hanging in there .......... just at about B/E now - great run Soapy, Nick I expect your USDCAD got booted last night but a nice spot today ................ and so now back in the saddle and ready to get down to work.

PS Thanks for the candle stuff Durgesh (something else for us all to think about eh !) :)

[David]

Hi guys, i'm new to this forum. Just like to share a few thoughts on this trade.
Being watching EURJPY for awhile and i think it wont be heading up above the resistance levels 141.75 to 142.27 just yet. Right now its still trading flat.

To trade this pair, i would suggest..buying at ard 142.10 and stop 141.28.Take Profit around 147.00 range.
MTP works great, but usually i will wait and see how the next 2 bar goes on after the triggered signal.

If trading close at 141.75 tommorrow, most likely to have a bull rush up to 142.30 ranges the following week, as a frenzy eur buying is on the way.

[martinrcox]

Hi guys, i'm new to this forum. Just like to share a few thoughts on this trade.
Being watching EURJPY for awhile and i think it wont be heading up above the resistance levels 141.75 to 142.27 just yet. Right now its still trading flat.

To trade this pair, i would suggest..buying at ard 142.10 and stop 141.28.Take Profit around 147.00 range.
MTP works great, but usually i will wait and see how the next 2 bar goes on after the triggered signal.

If trading close at 141.75 tommorrow, most likely to have a bull rush up to 142.30 ranges the following week, as a frenzy eur buying is on the way.

Hi David,

You might be interested in having a look at my post #182. I back tested all the daily setups that came up in this pair (both manually and automatically)over the last 8 months and the good news is that so far there has not been one false signal with MTP.

I hope that this is useful

[Rimu]

Well I'm out of there.. flying wedges rattle me. :eek: besides it's gone midnight here and I'm confusing myself trying to count waves when I should be counting sheep :D

[Eddo]

Hi guys, i'm new to this forum. Just like to share a few thoughts on this trade.
Being watching EURJPY for awhile and i think it wont be heading up above the resistance levels 141.75 to 142.27 just yet. Right now its still trading flat.

To trade this pair, i would suggest..buying at ard 142.10 and stop 141.28.Take Profit around 147.00 range.
MTP works great, but usually i will wait and see how the next 2 bar goes on after the triggered signal.

If trading close at 141.75 tommorrow, most likely to have a bull rush up to 142.30 ranges the following week, as a frenzy eur buying is on the way.

Hi David,

Yes I agree with this one too - only a small difference in my stop but will adjust that to the bottom of today's bar once its complete - thanks for your input and welcome :)

[durgesh147]

Well , there is so much discussion on EURJPY here ... so let me put my short trade in EUPPY here... i have circled the pivots for target calculation... hope i dont get stopped out in this one like the Aussie...:(

[Eddo]

Well , there is so much discussion on EURJPY here ... so let me put my short trade in EUPPY here... i have circled the pivots for target calculation... hope i dont get stopped out in this one like the Aussie...:(

Good luck with it Durgesh - this is my take on the Daily - would I be correct in thinking you don't like the look of this Long trade then ? :)

[NHN123]

First, I am not in the EURJPY yet, but like the long side. I am looking to get in above the high of two days ago (141.99). Only time will see.

Now I have found a potential TS1 short on EURCAD 4H

Long term trend is deffo down, but at the moment, it is flattish.... not sure about it, but nice pattern etc... no rev bar yet....

Any thoughts anyone?

[Eddo]

First, I am not in the EURJPY yet, but like the long side. I am looking to get in above the high of two days ago (141.99). Only time will see.

Now I have found a potential TS1 short on EURCAD 4H

Long term trend is deffo down, but at the moment, it is flattish.... not sure about it, but nice pattern etc... no rev bar yet....

Any thoughts anyone?

Same with me with EURJPY - I think we might all be on that one if it triggers, anyway my order is in :)

My eSignal data feed has gone down :mad: so I havent got the latest bar on your EURCAD 4 hr but it looks good to me

[martinrcox]

Same with me with EURJPY - I think we might all be on that one if it triggers, anyway my order is in :)

My eSignal data feed has gone down :mad: so I havent got the latest bar on your EURCAD 4 hr but it looks good to me

Hi Chris,

I have got the sme problem with esignal. Does it happen often ?

[Eddo]

Hi Chris,

I have got the sme problem with esignal. Does it happen often ?

Hi Martin - no, its very rare for it to go down - lets hope it won't be too long
Sometimes if you log off and then re-log on you get a different server and that might work for you

[durgesh147]

Good luck with it Durgesh - this is my take on the Daily - would I be correct in thinking you don't like the look of this Long trade then ? :)

haha... no way ..i am not emotionally attached to EUPPY on either side...all i want is a good setup with high probability... if i get stopped out on this hourly...nothing doing..i am short only one lot....if the daily triggers...on the long side...i can go in with multiple lots.....as of now...the daily bar is not complete... and we have to buy one tick above the entry trigger...we cant take it for granted... look at the morning star candles in Swissy...vanished without a trace....:D

[David]

Hi guys,

looks like esignal data are all down. Even their support website is down.
Anyone experiencing the same problem?

[richbois]

Hi guys,

looks like esignal data are all down. Even their support website is down.
Anyone experiencing the same problem?

Yes mine is down too for about 1 hour now comes on and off , I am on the west coast

[gfg1]

Yes down here too.

GFG1

[NHN123]

I would like some advice please.

Durgesh once said he doesn't take hourly set ups after mid US session has begun (or something like that anyway...).

Does anyone not take 4H set ups after a certain time? i.e. asian session.

I ask, because of the possible 4H set up on EURCAD, that might unfold, maybe at close of this bar, which will be 12 midnight London.

Asian session is very often quiet, and things just flip flop around, triggering things, and then reversing....

Would be very interested to know what you all think....

Thanks
Nick

[NHN123]

Data for tomorrow:

All times GMT, for BST +1 hour
Date GMT Release Period Consensus Prior

12-May-2006 05:00 Eco Watchers Survey: Current (Japan) Apr F 57.3
12-May-2006 05:00 Eco Watchers Survey: Outlook (Japan) Apr F 56.2
12-May-2006 06:00 CPI (Germany) Apr F 0.4% 0.4%
12-May-2006 06:45 CPI (France) Apr 0.4% 0.3%
12-May-2006 10:00 OECD Leading Indicators (EU) Mar 108.4
12-May-2006 12:30 Trade Balance (US) Mar -$67.0B -$65.7B
12-May-2006 12:30 Import Price Index (US) Apr 1.2% -0.4%
12-May-2006 13:45 U. of Michigan Confidence (US) May P 86.0 87.4

[richbois]

I would like some advice please.

Durgesh once said he doesn't take hourly set ups after mid US session has begun (or something like that anyway...).

Does anyone not take 4H set ups after a certain time? i.e. asian session.

I ask, because of the possible 4H set up on EURCAD, that might unfold, maybe at close of this bar, which will be 12 midnight London.

Asian session is very often quiet, and things just flip flop around, triggering things, and then reversing....

Would be very interested to know what you all think....

Thanks
Nick

in my experience CAD dont usualy move much after the US session is over and in Asia however if the euro starts going and the USDCAD dont move then your EURCAD could move

[NHN123]

in my experience CAD dont usualy move much after the US session is over and in Asia however if the euro starts going and the USDCAD dont move then your EURCAD could move

thanks. That was certainly true of the CAD the other night (it was the first time I held a CAD position overnight).

[Eddo]

I would like some advice please.

Durgesh once said he doesn't take hourly set ups after mid US session has begun (or something like that anyway...).

Does anyone not take 4H set ups after a certain time? i.e. asian session.

I ask, because of the possible 4H set up on EURCAD, that might unfold, maybe at close of this bar, which will be 12 midnight London.

Asian session is very often quiet, and things just flip flop around, triggering things, and then reversing....

Would be very interested to know what you all think....

Thanks
Nick

I am too new to the Forex mkt to give any constructive input I'am afraid, however I do have a really basic question and that is when does the daily bar complete ? With us all on different time zones I am now totally confused as to when one day finishes and the next begins - I thinks its midnight GMT but would really appreciate some help - many thanks :confused:

[richbois]

I am too new to the Forex mkt to give any constructive input I'am afraid, however I do have a really basic question and that is when does the daily bar complete ? With us all on different time zones I am now totally confused as to when one day finishes and the next begins - I thinks its midnight GMT but would really appreciate some help - many thanks :confused:

Hi Chris

on Esignal the day candle is based on New York close or GMT-4 at the moment.

the only problem with esignal's day candle will be that it continues to run on the same candle until you reach midnight in your time zone the the new day start and the candle splits back in time to NY close

this is hard to explain but you being in UK you only have to wait 2hr after NY close to get the right picture. I have to wait for 10 hrs.

I also noticed that sometime I have to refresh the chart at midnight to get the right picture

MT4 data is a little different I think its either on NY close or an hour later

IDLe is on NY close

hope that helps

[Eddo]

Hi Chris

on Esignal the day candle is based on New York close or GMT-4 at the moment.

the only problem with esignal's day candle will be that it continues to run on the same candle until you reach midnight in your time zone the the new day start and the candle splits back in time to NY close

this is hard to explain but you being in UK you only have to wait 2hr after NY close to get the right picture. I have to wait for 10 hrs.

I also noticed that sometime I have to refresh the chart at midnight to get the right picture

MT4 data is a little different I think its either on NY close or an hour later

IDLe is on NY close

hope that helps#]

Many thanks Rich

I am thinking that the answer to all of this will be to set my trading computer to EST (New York time) and just leave it to think its in the USA - I think thats what Steve does.

Again very many thanks for your input and happy hunting :)

[NHN123]

Here we have a wave 1 down, which subdivides into 5 minor (impulsive).

So look out for an ABC correction on this pair 4H chart (I think we have A of the correction already...) to sell for a wave 3 target...

[richbois]

#]

Many thanks Rich

I am thinking that the answer to all of this will be to set my trading computer to EST (New York time) and just leave it to think its in the USA - I think thats what Steve does.

Again very many thanks for your input and happy hunting :)

If your thinking FX only then setting it on NY is no good you are better to set it on GMT+2 that does the trick for me, then restart Esignal

basicaly when its 5pm in NY you want it to be midnight

[Eddo]

Here we have a wave 1 down, which subdivides into 5 minor (impulsive).

So look out for an ABC correction on this pair 4H chart (I think we have A of the correction already...) to sell for a wave 3 target...

Wow Nick - now thats what I call spotting em early :rolleyes: I will keep my eye on it as well ............... btw do you ever go to bed ? no wonder your rabbits are always jumping about, your keeping them awake

Bed for me now - have to go to Heathrow tomorrow to pick up son who is returning from Uni in USA.

Happy hunting :)

[Eddo]

If your thinking FX only then setting it on NY is no good you are better to set it on GMT+2 that does the trick for me, then restart Esignal

basicaly when its 5pm in NY you want it to be midnight

GMT +2 it is then ............i'll give that a try ........... many thanks again

[soap3000]

Here we have a wave 1 down, which subdivides into 5 minor (impulsive).

So look out for an ABC correction on this pair 4H chart (I think we have A of the correction already...) to sell for a wave 3 target...

Nice spot nick. Will keep an eye...

Triggered EURJPY long on the daily.

EURCAD 4H short setup is getting close to firing also.

Gonna be in a few over the weekend again it seams...

[Eddo]

Good Moaning all :)

MTP EOD advanced ABC module came up with this EURCHF for me which I thought might be worth putting on the radar. The Major ABC on the 4 hr has us sitting right in Typ Wpt but with no blue reversal as yet.

The Daily is also sitting right on the Typ Wpt but with yesterdays bar red not blue - if however we can put in a blue reversal today I thought going long at around 1.5630 with stops in at 1.5550. Using the WPT1(A) manual module I then get an initial target around the 1.5850/1.590 point which would be a nice 3:1 reward -

Any thoughts ? :)

[martinrcox]

Good Moaning all :)

MTP EOD advanced ABC module came up with this EURCHF for me which I thought might be worth putting on the radar. The Major ABC on the 4 hr has us sitting right in Typ Wpt but with no blue reversal as yet.

The Daily is also sitting right on the Typ Wpt but with yesterdays bar red not blue - if however we can put in a blue reversal today I thought going long at around 1.5630 with stops in at 1.5550. Using the WPT1(A) manual module I then get an initial target around the 1.5850/1.590 point which would be a nice 3:1 reward -

Any thoughts ? :)

Hi Chris,

The only thing that makes me slightly concerned is the amount of time that it has stayed at this level and I do not whether Steve has any rules for this. In some ways that is showing support but I cannot remember whether that invalidates the set up> I suppose the good thing is the entry point is quite a way up so if it moves up that strongly there is a reasonable probability it is making a decisive move up. Are you also long on EUR JPY. The other one which was hovering around the typical wave wpt and seemed to trigger and then has reversed is EUR GBP

[NHN123]

Nice spot nick. Will keep an eye...

Triggered EURJPY long on the daily.

EURCAD 4H short setup is getting close to firing also.

Gonna be in a few over the weekend again it seams...

I decided against the EURCAD 4H, as it closed above the WPT, went higher still (too far for me...), and the did not reverse back into the WPT (even though it was a reveersal bar). Lucky I did

I'm in on the EURJPY. Don't like what it is doing at the moment, but the fall stalled overnight at 61.8% retracement (exactly) of the up swing from 141.03 - 142.14, so I hope it is just a correction. But as always, we can only take what the market gives us... we shall see what happens when london and europe get going

good trading all

[martinrcox]

Here we have a wave 1 down, which subdivides into 5 minor (impulsive).

So look out for an ABC correction on this pair 4H chart (I think we have A of the correction already...) to sell for a wave 3 target...

Hi Nick,

I thought that it was worth showing you the daily chart which now shows that a TS1 has formed using manual analysis. This must be one of the few currencies for which the dollar has been strenghtening until very recently. As you can see the wave (2 or B) ended at the wpt level as shown and there has been a blue reversal bar. I might wait for the moving averages to kick in for added confirmation

[NHN123]

Hi Nick,

I thought that it was worth showing you the daily chart which now shows that a TS1 has formed using manual analysis. This must be one of the few currencies for which the dollar has been strenghtening until very recently. As you can see the wave (2 or B) ended at the wpt level as shown and there has been a blue reversal bar. I might wait for the moving averages to kick in for added confirmation

Very interesting indeed - thanks.

The up on the daily also subdivides into 5 impulsive waves.

With that in mind, what I will probably look to do is wait for the 4H ABC up to unfold, trade it as a wave C only. Then switch to the daily chart where there should be an ABC correction to the wave 1 up... What a perfect world I live in!

Now back to reality; we have a confusing picture here, as the prior downswing on the daily was 5 wave impulsive, so this wave 1 up might be a wave A... in any case, the signs suggest up (eventually, at least) for a wave C correction to the first 5 wave down. What of course is just as likely is for none of this to happen at all.

Let's see what the market gives us...

[NHN123]

Poss GBPCHF set up on 60 mins (bar not complete yet)

Maybe trade for a wave 5 target, as there looks to be a wave 3 prior to this ABC

[Eddo]

Hi Chris,

The only thing that makes me slightly concerned is the amount of time that it has stayed at this level and I do not whether Steve has any rules for this. In some ways that is showing support but I cannot remember whether that invalidates the set up> I suppose the good thing is the entry point is quite a way up so if it moves up that strongly there is a reasonable probability it is making a decisive move up. Are you also long on EUR JPY. The other one which was hovering around the typical wave wpt and seemed to trigger and then has reversed is EUR GBP

Hi,

My EURJPY triggered last night and I am in on that one and like Nick am currently less than impressed - having said that it is very early days. I am also still long EURAUD which at last after days looks like it might be doing what I told it to do :D

I was thinking really of the Daily rather than the 4 hr on the EURCHF potential that I posted. Yes the 4 hr has been consolidating for a good time but 'if' that consolidation can break to the upside I believe that it will just add to the weight of the Daily long - lets watch it

[Eddo]

Poss GBPCHF set up on 60 mins (bar not complete yet)

Maybe trade for a wave 5 target, as there looks to be a wave 3 prior to this ABC

Morning Nick,

That looks like a very nice pattern to me - I am however worried about taking another 1 hr trade - my limited experience in this market is that they wipsaw too much for my blood and my first 2-3 1 hr trade went south so I think I will pass on this one if it triggers .......... but wish you well with it

[NHN123]

Morning Nick,

That looks like a very nice pattern to me - I am however worried about taking another 1 hr trade - my limited experience in this market is that they wipsaw too much for my blood and my first 2-3 1 hr trade went south so I think I will pass on this one if it triggers .......... but wish you well with it

I don't trade them either, the 60 mins. Just being a kind hearted soul and posting them here for others...

That EURJPY, it's very interesting. I was expecting the EURUSD to come under pressure 1.2891 (61.8 retracement of 1.3666-1.1638). The EUR did come under pressure around there, but not in EURUSD, it got beaten up in the crosses. This really says alot to me about the greenback! Despite a weakening EURO, it still can't hold anything....

[martinrcox]

Very interesting indeed - thanks.

The up on the daily also subdivides into 5 impulsive waves.

With that in mind, what I will probably look to do is wait for the 4H ABC up to unfold, trade it as a wave C only. Then switch to the daily chart where there should be an ABC correction to the wave 1 up... What a perfect world I live in!

Now back to reality; we have a confusing picture here, as the prior downswing on the daily was 5 wave impulsive, so this wave 1 up might be a wave A... in any case, the signs suggest up (eventually, at least) for a wave C correction to the first 5 wave down. What of course is just as likely is for none of this to happen at all.

Let's see what the market gives us...

Just to confuse the picture even more if you look back to my posting # 141 you will see that MTP was showing the beginning of a wave 4 for this pair although the pattern was not very even. I have just been looking at NZD JPY which seems to have followed a similar patern

Interested in your thoughts

[Eddo]

I don't trade them either, the 60 mins. Just being a kind hearted soul and posting them here for others...

That EURJPY, it's very interesting. I was expecting the EURUSD to come under pressure 1.2891 (61.8 retracement of 1.3666-1.1638). The EUR did come under pressure around there, but not in EURUSD, it got beaten up in the crosses. This really says alot to me about the greenback! Despite a weakening EURO, it still can't hold anything....

Your right it does (re the US$), however, I have this funny feeling in the pit of my tummy that we are very close to it making a big correction - no tech grounds for saying that but sometimes my tummy works better than the technicals :rolleyes:

[NHN123]

I'm clutching at straws here, and probably seeing things that aren't there...

BUT, is there a modicum of hope here for our EURJPY long?

[Eddo]

I'm clutching at straws here, and probably seeing things that aren't there...

BUT, is there a modicum of hope here for our EURJPY long?

I bloody well hops so - lol :) :)

[David]

Hi guys,

EURJPY is on a temporary selling off from Japanese CTAs and Banks, In view of weaker US Sentimentals.

The next half of London session, we would see a strong buying of EUR frenzy as the EUR will go strong against the Dollar.

Hold on to the EUR as now the market is playing with the resistance level 141.46 to 141.71.

once we hit Lodon time noon onwards, we will see and strong bull on the EUR pairs.

[David]

Just like to share some thoughts on forex time frames.
Observed most of the time frames, ie 30mins,60mins,240mins, Daily.
I have found the daily charts on forex most realiable.

How about you guys, what time frames do you like trading in?

[Eddo]

Just like to share some thoughts on forex time frames.
Observed most of the time frames, ie 30mins,60mins,240mins, Daily.
I have found the daily charts on forex most realiable.

How about you guys, what time frames do you like trading in?

Hi David,

For me the daily and 4 hr times seem to be the best - had a terrible time with the 60 mins - having said that I am very new to this market - but think Durgesh also said somewhere that he likes the daily and 4 hrs as well

PS Hope your right about the Eur - if your not, you know I will have to hunt you down and kill you like a dog ! :)

[Eddo]

I'm clutching at straws here, and probably seeing things that aren't there...

BUT, is there a modicum of hope here for our EURJPY long?

A sign of life perhapse - backed up by David's comments - were home and dry arn't we :confused: :rolleyes:

[NHN123]

Hi David,

For me the daily and 4 hr times seem to be the best - had a terrible time with the 60 mins - having said that I am very new to this market - but think Durgesh also said somewhere that he likes the daily and 4 hrs as well

PS Hope your right about the Eur - if your not, you know I will have to hunt you down and kill you like a dog ! :)

LOL:D

I never trade 1H charts. Well, hardly ever - only if I really really like it!

Daily is deffo more reliable, 4H next best - 4H have made some lovely trades lately. (weeklys and monthlys are best, but who has the pockets for 300-400+ stops?...)

Generally though, the higher the time frame, the more reliable the signals are.

[David]

we should see some bull rush on the EUR pairs when the Europe and US sessions overlaps.
8am to 12pm (est).

[NHN123]

Durgesh, your thoughts would be appreciated on this one...

Major swing down, intermediate ABC swing up.

Is this valid please?

Thanks
Nick

[abc_trader]

so according to using of high/low to identify entry/stop then all who took the eurjpy long @142.09 should have been stopped @141.25 for 80 pips loss, correct ?, I noticed here that most of the time only winners are mentioned, losses are mostly ignored.

[NHN123]

so according to using of high/low to identify entry/stop then all who took the eurjpy long @142.09 should have been stopped @141.25 for 80 pips loss, correct ?, I noticed here that most of the time only winners are mentioned, losses are mostly ignored.

Not so, my dear chap. It's no secret that we get stopped out frequently. We do say when we get stopped out...

I'm still in on the EURJPY 1 daily chart. My stop is at 141.02 (long at 142.03 inc spread (I put an extra day's high filter on that too - would have been long at 141.89 or something like that...)).

The problem with other people, such as yourself, monitoring trades other people are in, is the data. your daily low must have been higher than mine for stops

[Steve Griffiths]

Hi Guys,

Can I ask a quick question, I am slightly confused on the trade entry you are using for the Daily EURJPY. As far as I can see, the high of the blue reversal bar has not been exceeded, so no long trade yet ?

Steve

[jswin]

Hi Guys,

Can I ask a quick question, I am slightly confused on the trade entry you are using for the Daily EURJPY. As far as I can see, the high of the blue reversal bar has not been exceeded, so no long trade yet ?

Steve

Hi Steve, just thought I'd drop my thoughts in here. I use Genesis data and I was not given a blue bar either, but I noticed that other charts posted on the forum were painted. I guess it is a data-provider discrepancy?

[Steve Griffiths]

Hi Jeff,

I have a Blue buy bar for May 11, the last completled daily bar from my Genesis data (?)

I get no automatic T set-up in MTP EOD because the Wave C swing is too short (we have slightly more aggressive set-ups in eSignal and TS8 when compaired to MTPEOD), so that could be the difference ?

A "minor" Advanced Wave C Low though...............

Steve

[NHN123]

Hi Jeff,

I have a Blue buy bar for May 11, the last completled daily bar from my Genesis data (?)

I get no automatic T set-up in MTP EOD because the Wave C swing is too short (we have slightly more aggressive set-ups in eSignal and TS8 when compaired to MTPEOD), so that could be the difference ?

A "minor" Advanced Wave C Low though...............

Steve
Hi Steve,

This was manual, as no auto set up came about until yesterday. I did have blue bars two days in a row prior to it though.....

I have magnified it for your viewing pleasure.

It must be to do with the data, and probably the time zone on the daily close

[jswin]

Hi Jeff,

I have a Blue buy bar for May 11, the last completled daily bar from my Genesis data (?)

I get no automatic T set-up in MTP EOD because the Wave C swing is too short (we have slightly more aggressive set-ups in eSignal and TS8 when compaired to MTPEOD), so that could be the difference ?

A "minor" Advanced Wave C Low though...............

Steve
Sorry I was not very clear there - Yesterday I had put a buy entry order at the high of the first blue bar (9th) and a contingent stop at the low of the 10th to give some wiggle room. The entry was filled yesterday... in any case, the pair looks to be out of the blocks now :)

[Steve Griffiths]

Hi Nick,

Yes, different data - again :confused:

But the good news is that the EURJPY is going up nicely at the moment :)

Steve

[NHN123]

Hi Nick,

Yes, different data - again :confused:

But the good news is that the EURJPY is going up nicely at the moment :)

Steve

A bit more praise for MTP system, if it were needed (sorry if I sound like I'm an MTP salesman - I am not!)

What I find remarkable, is how 99% of the time markets find support / resistance at the levels MTP says it will - even if there is no good set up as such, or if there is, it doesn't always work out - but the point I am making is that MTP nearly always predicts areas where the market will at least stall and faff around for a bit....

Here is an example of this - not a good set up, as the R/R was not good, but support came in where it said it would and has taken off nicely since.

And now look, it's faffing around again, just as it hits the projected resistance levels....

[abc_trader]

I never went into it.

It wasn't the best pattern, but I thought to take it. Then I saw that there was oz data out over night, so I passed it cos I didn't want to get in on a data spike, and then get stopped out straight away (plus, if I snoozed off, I have no speakers - those bloomin rabbits!)

congrats on great trade on EURAUD, I bought 1.6500 but when it dipped to 1.6440 I lost faith in it and sold when it went back @1.6550

[durgesh147]

He that can have patience can have what he will.

- Benjamin Franklin -


The Disciplined Mindset

You're in the midst of a perfect trade. You entered where you had planned, and you know when to exit. All you have to do now is wait for the price to reach 53 and sell. But it's not moving fast enough. It seems to be hovering around 51 and 50. You're starting to wonder whether or not it will ever move up. Panic sets in and you sell. About an hour later, the price hits 53 and it now seems obvious that you should have waited. Why didn't you wait? Why did you impulsively sell? If you have trouble maintaining discipline, you're not alone. It's a common ailment.



It's quite possible to have a trading plan all worked out, but fail to follow it. When you plan out the trade in a logical state of mind, you have every intention of following it. You know exactly what you will do and when. At a critical moment of trading, however, something in your psyche goes awry. When you should be especially focused on sticking with your plan, you abandon it. Why did you make such an impulsive decision that you may regret later? Some traders feel that everything happens so quickly that there is very little they can do. To some extent they are right. Your mind and body tend to react so instinctively that you can't slow things down and stop yourself from making an impulsive decision. However, you can practice slowing down the processes that precede an impulsive move. You may not realize it, but every action you take is preceded by thoughts. You have an internal dialog with yourself as you trade; it's sort of like having a conversation with yourself. Sometimes it may happen so quickly that you are unaware of it, but it happens nonetheless.

What you say in this dialog dictates how you feel and how you act. For example, if you tell yourself, "The price isn't moving the way I want. It never does, and I'm a fool for believing that it will," you will obviously feel uncertain, frustrated, and ready to close out your position. In contrast, if you think, "The price isn't where I would like it to be, but it's too soon to tell what will happen in the end. I need to relax, trust my trading plan and see if it comes to fruition," you will be more likely to stay disciplined and stick with your plan. It may seem obvious that what you say to yourself will dictate how you feel and act, but many people underestimate the power of the internal dialog. They don't realize that thoughts can pop into their head at the wrong moment and seriously impact what they do. If you are not keenly aware of what you are thinking as you trade, you are prone to fall victim to your unproductive thoughts. It is vital to monitor your thoughts, and when you engage in an unproductive dialog, replace it with a more productive dialog. For example, when you find yourself thinking, "I know I should wait, but I'm not making any money and can't stand feeling uneasy and uncertain," you may want to refute this unproductive dialog by thinking, "It's not time to panic. I can wait if I try. I just need to wait and see what happens." It may seem simple to do in theory, but it's hard to do in practice. It may be necessary to write down a script to read in times of uncertainty and uneasiness. By reading the script you can transform an impulsive state of mind into a disciplined state of mind. It's easy to get thrown off balance by unexpected market events. As much as we need to go where the market takes us, we often want to force the markets to meet our expectations. It can be frustrating at times, but it is vital to take control of your feelings. By monitoring what you are thinking and feeling, and making sure that you stay calm and disciplined, you'll be able to follow your trading plans and increase your odds of financial success.

[gfg1]

durgesh:

Thanks for putting this down on paper. I am bookmarking your post and will reread it every time I look to pull the trigger on a trade too early.

Gfg1

[Eddo]

A bit more praise for MTP system, if it were needed (sorry if I sound like I'm an MTP salesman - I am not!)

What I find remarkable, is how 99% of the time markets find support / resistance at the levels MTP says it will - even if there is no good set up as such, or if there is, it doesn't always work out - but the point I am making is that MTP nearly always predicts areas where the market will at least stall and faff around for a bit....

Here is an example of this - not a good set up, as the R/R was not good, but support came in where it said it would and has taken off nicely since.

And now look, it's faffing around again, just as it hits the projected resistance levels....

Here Here !!

Just another example of what Nick is saying ............. and I am not an MTP salesman either :)

[Eddo]

Hi Guys,

Can I ask a quick question, I am slightly confused on the trade entry you are using for the Daily EURJPY. As far as I can see, the high of the blue reversal bar has not been exceeded, so no long trade yet ?

Steve

Actually Steve I had been in this one since 5th May. I found a set-up using the Advanced ABC module in MTP EOD on 4th May. It had its blue bar as was just about at the Min WPT. My buy order was filled the following day and I was in and waiting since then. You will see from my posts that I even got to the point of calling it 'my good old EURAUD is still hanging in there ...etc etc' - it took its time but yesterday ............va va vooooooooooooom :) :)

[Eddo]

Actually Steve I had been in this one since 5th May. I found a set-up using the Advanced ABC module in MTP EOD on 4th May. It had its blue bar as was just about at the Min WPT. My buy order was filled the following day and I was in and waiting since then. You will see from my posts that I even got to the point of calling it 'my good old EURAUD is still hanging in there ...etc etc' - it took its time but yesterday ............va va vooooooooooooom :) :)

Ops sorry all - I have just realized that Steve's querry was on the EURJPY trade and not the EURAUD ........... I really must get some new glasses ;)

For what its worth Steve, I got into the EURJPY on the same basis as Nick and I think Soapy .......... based on the manual setup that was discovered and posted in the forum and not the automatic 1 hr set up that came in a little later -

[Eddo]

so according to using of high/low to identify entry/stop then all who took the eurjpy long @142.09 should have been stopped @141.25 for 80 pips loss, correct ?, I noticed here that most of the time only winners are mentioned, losses are mostly ignored.

Thant's not right ABC - we post losers all the time - heres one of mine for example !

'Greetings all - well haven't you all been busy. I had to go off and give a Seminar Presentation today so have only just now managed to get back to the interesting thing - Trading.

Last night was typical wasn't it, my EURJPY got stopped out on the bloody Fed announcement only to bounce back after I had been dumped. My EURCHF trade did the same so I have had to lick my wounds .......... but my good old EURAUD is still hanging in there .......... just at about B/E now - great run Soapy, Nick I expect your USDCAD got booted last night but a nice spot today ................ and so now back in the saddle and ready to get down to work.

PS Thanks for the candle stuff Durgesh (something else for us all to think about eh !)

[Eddo]

My MTP EOD scan came up with this GBPJPY (4 hr) setup and I have an order in to go short at 208.20 however the eSignal efs (v3) has not found it ............ does anyone have any thoughts on this please :confused:

[timo4sho]

Nice bearish ABC formed! Wait for coloured reversal bar, then go short! Trade would be in line with daily and weekly downtrend!!!


Normally, I would like to post my chart as well, but I do not know how to do this :o

Could anyone explain?

[martinrcox]

Nice bearish ABC formed! Wait for coloured reversal bar, then go short! Trade would be in line with daily and weekly downtrend!!!


Normally, I would like to post my chart as well, but I do not know how to do this :o

Could anyone explain?

Hi Timo,

Here is a link to the thread that provides advice on this.

http://www.mtptrader.com/showthread.php?t=37

When you are in MTP and have a chart that you want to attach if you go to print, choose JPG under export, choose file under export destination, and select 660 width / 355. Then click on browse and choose the file directory you want to save the chart in.

The link will tell you how to attach the chart to your message.

Sometimes depending upon the amount of information on the chart you may be able to make it a bit bigger (860 / 460 is a good size). If you make it much smaller than 660 / 355 it will be difficult to read. Sometimes you just have to play around with the size and amount of information until it is under 97.7kb

I hope that this helps

[stevej]

My MTP EOD scan came up with this GBPJPY (4 hr) setup and I have an order in to go short at 208.20 however the eSignal efs (v3) has not found it ............ does anyone have any thoughts on this please :confused:
Isn't the trend in the larger timeframe mor up than down?

[Matt Bowen]

Hi Timo,

Get a copy of Snag-it and use this to do your screen captures. It's by far the best program out there to handle placing pictures here.

http://www.techsmith.com/snagit.asp

You have absolute control over everything including: file size, picture size. With SnagIt, capturing anything on your screen is a few simple clicks away. At the same time, SnagIt is powerful enough to handle all of your custom capture needs. I use it everyday to capture those important pictures like this:

[stevej]

Or if you don't want to pay, try ScreenHunter

http://www.wisdom-soft.com/

[Matt Bowen]

Hi Steve,

Chris might have himself a good short-term trade (on the 4 hour chart), but I would not want to be building a campaine against the GBP. Look at that spread (I still have a hard time calling them cross rates because I've been doing spreads for so long :) ) on a weekly chart below. The British Pound has blasted off for the last four weeks and is probably headed for the 1.91 - 1.92 level...(That's last years resistance). This may take a month or so, but keep your eye on it.

The day traders are probably going: "Gee, thanks Matt". Hey man, you gotta think long term...that's the only way the big money can think, they don't have the advantage of going in and out of positions. If the big guns don't see a big enough profit target what's the point of putting the trade? They have a cost of doing business too!

[stevej]

I thought it didn't look too good on the daily bars either - hardly a strong uptrend but messy rather than down.

[Eddo]

Hi Steve,

Chris might have himself a good short-term trade (on the 4 hour chart), but I would not want to be building a campaine against the GBP. Look at that spread (I still have a hard time calling them cross rates because I've been doing spreads for so long :) ) on a weekly chart below. The British Pound has blasted off for the last four weeks and is probably headed for the 1.91 - 1.92 level...(That's last years resistance). This may take a month or so, but keep your eye on it.

The day traders are probably going: "Gee, thanks Matt". Hey man, you gotta think long term...that's the only way the big money can think, they don't have the advantage of going in and out of positions. If the big guns don't see a big enough profit target what's the point of putting the trade? They have a cost of doing business too!

Well thats certainly put me in my place :o - only joking and yes I understand the long term view but this trade is only intended to be a quick in and out :)

[stevej]

only intended to be a quick in and out :)
Gosh! Naughty naughty.

Seriously though, don't be put of by me - I've done stocks for some time and futures for a short while but I'm a forex virgin.

Steve

[Matt Bowen]

Hi Chris,

Well thats certainly put me in my place :o - only joking and yes I understand the long term view but this trade is only intended to be a quick in and out :)


I'll second Steve's comments. Looking longer, term the funds will probably look to add on dips

I'm just not interested in that in-and-out game. I'm turning into an Old Man :eek: ha ha!!! Seriously, I'm just much more relaxed trading from the Daily/Weekly time frame. Who Knows, that BP has had a massive 4 week run you might have yourself a great fish on the line(reel it in if you get the chance).

-If it triggers, Go for it (Don't listen to this old-man :) )

[durgesh147]

My MTP EOD scan came up with this GBPJPY (4 hr) setup and I have an order in to go short at 208.20 however the eSignal efs (v3) has not found it ............ does anyone have any thoughts on this please :confused:


Wave C is too short to be shorted at minimum WPT...

Wait for it to atleast goto typical WPT and then reassess..

Just my thought...

[NHN123]

Date GMT Release Period Consensus Prior

15-May-2006 08:00 Trade Balance (Norway) Apr 33.0B 31.1B
15-May-2006 08:30 ODPM UK House Prices (YoY) (UK) Mar 4.0% 3.6%
15-May-2006 12:30 Empire Manufacturing (US) May 16.2 15.8
15-May-2006 13:00 Net Foreign Security Purchases (US) Mar $79.7B $86.9B
15-May-2006 14:30 Leading Indicator Index (UK) Mar 0.8%
15-May-2006 23:30 RICS House Price Balance (UK) Par 15% 13%
16-May-2006 05:00 Consumer Confidence (Japan) Apr 49.9 48.2
16-May-2006 06:00 Machine Tool Orders (Japan) Apr F
16-May-2006 06:00 EU 25 New Car Registrations (EU) Apr 4.1%
16-May-2006 07:00 GDP (Total) (hungary) Q1 P 4.5% 4.3%
16-May-2006 08:00 CPI - EU Harmonized (MoM) (Italy) Apr F 0.9% 0.3%
16-May-2006 08:30 CPI (MoM) (UK) Apr 0.6% 0.2%
16-May-2006 08:30 RPI (MoM) (UK) Apr 0.7% 0.4%
16-May-2006 09:00 ZEW Survey (Econ. Sentiment) (Germany) may 60.0 62.7
16-May-2006 09:00 ZEW Survey (Current Situation) (Germany) May 5.0 2.9
16-May-2006 09:00 ZEW Survey (Econ. Sentiment) (EU) May 55.5 58.7
16-May-2006 12:30 PPI (US) Apr 0.8% 0.5%
16-May-2006 12:30 PPI Ex. Food & Energy (US) Apr 0.2% 0.1%
16-May-2006 12:30 Housing Starts (US) Apr 1950K 1960K
16-May-2006 12:30 Building Permits (US) Apr 2040K 2094K
16-May-2006 13:15 Industrial Production (US) Apr 0.5% 0.6%
16-May-2006 13:15 Capacity Utilization (US) Apr 81.5% 81.3%
16-May-2006 21:00 ABC Consumer Confidence (US) May 15 -16

[Eddo]

Gosh! Naughty naughty.

Seriously though, don't be put of by me - I've done stocks for some time and futures for a short while but I'm a forex virgin.

Steve

Thats what day trading is Steve - in and out - trading not investing

[Eddo]

Well, having been comprehensively shot down in flames for having suggested that the GBPJPY (4 hr) might be worth looking at, I am pleased to report, as a final post, that having been triggered, this trade has now got to 100% Initial Risk and I am now in this one for free :)

I guess it must have been luck because as has been pointed out to me the trade was against the daily and weekly trends and I shouldn't really have looked at it. Having said that it does seem from Matt's excellent report (a part of which I have attached below) that if I were to only take setups that are with the longer term trend, the chances of a profitable MTP setup would be less than 40% !

Which all goes to prove to me that the real key to all of this is not so much on how you select the trade but rather if you have got your position size relative to your risk and reward correct - in my view if get that right and the rest follows.

Good luck to you all :)

[martinrcox]

Well, having been comprehensively shot down in flames for having suggested that the GBPJPY (4 hr) might be worth looking at, I am pleased to report, as a final post, that having been triggered, this trade has now got to 100% Initial Risk and I am now in this one for free :)

I guess it must have been luck because as has been pointed out to me the trade was against the daily and weekly trends and I shouldn't really have looked at it. Having said that it does seem from Matt's excellent report (a part of which I have attached below) that if I were to only take setups that are with the longer term trend, the chances of a profitable MTP setup would be less than 40% !

Which all goes to prove to me that the real key to all of this is not so much on how you select the trade but rather if you have got your position size relative to your risk and reward correct - in my view if get that right and the rest follows.

Good luck to you all :)

Hi Chris,

The Yen seems to be strong across the board and the EUR JPY trade is not looking too hopeful. :( Unfortunately I am not on EUR AUD which is having a great day :)

[NHN123]

Stopped out in EURJPY. I fancy some of you are still in, due to "wiggle room". Good luck to you - you never know with pair at the moment....

[David]

Was stopped out on too on the EURJPY. if the pair closes below141.15 today, we might see a dip to 140.75 on coming days.

[NHN123]

Not a text book one this, but possibly worth a go....

On daily charts we have an up swing, then a down, possibly a correction.

Take it down to the 4H charts, we get a 5 wave up swing (major settings). Then if you take the last two swings (wave 4 low, wave 5 high) we get a wave 1 or A WPT, which is where we are now.

Also, we have a min wave C WPT - double support.

Not the best looking ABC, but there are deffo swings. Now what I propose it to trade this as a wave B (this is why I say not text book) and go for a quick one to the 61.8% retracement of the down swing on the 4H...

What do you think guys (and girls)?

[David]

on the EOD EURJPY, TS3 buysetup is found.

Buy at 142.47
Profit taking at 146.65
Stop loss at 141.03


will give it another go on this if it can hit 142.47.
Current trading at 141.19. Will do a long buy at 141.20,stop 140.99.

[David]

Strong EUR is still expected ahead.

[martinrcox]

Not a text book one this, but possibly worth a go....

On daily charts we have an up swing, then a down, possibly a correction.

Take it down to the 4H charts, we get a 5 wave up swing (major settings). Then if you take the last two swings (wave 4 low, wave 5 high) we get a wave 1 or A WPT, which is where we are now.

Also, we have a min wave C WPT - double support.

Not the best looking ABC, but there are deffo swings. Now what I propose it to trade this as a wave B (this is why I say not text book) and go for a quick one to the 61.8% retracement of the down swing on the 4H...

What do you think guys (and girls)?

Hi Nick,

Sorry to confuse matters but here is the weekly chart. To me it looks like it is going to continue its leg down. However what do I know I expected the set up in EUR JPY to come up trumps !!. It also looks like the USD is ready for a small correction

[NHN123]

Hi Nick,

Sorry to confuse matters but here is the weekly chart. To me it looks like it is going to continue its leg down. However what do I know I expected the set up in EUR JPY to come up trumps !!. It also looks like the USD is ready for a small correction

Thanks.

I decied not to trade this - like you said, a very confusing picture, and I was deviating from the MTP set ups, so I thought I should just stick to the system...

[durgesh147]

A TS3 might develop in this pair....

[Eddo]

Greetings Forex friends !

I have just had an email from Matt (US Sales Director for MTP) and in it he tells me that the overwelming majority of requests for his excellent daily report have been from Forex traders.

He thinks he will start it with Forex next week - and that great news I think :)

[martinrcox]

Not a text book one this, but possibly worth a go....

On daily charts we have an up swing, then a down, possibly a correction.

Take it down to the 4H charts, we get a 5 wave up swing (major settings). Then if you take the last two swings (wave 4 low, wave 5 high) we get a wave 1 or A WPT, which is where we are now.

Also, we have a min wave C WPT - double support.

Not the best looking ABC, but there are deffo swings. Now what I propose it to trade this as a wave B (this is why I say not text book) and go for a quick one to the 61.8% retracement of the down swing on the 4H...

What do you think guys (and girls)?

Hi Nick,

I have done some manual analysis which shows how a long trade at this point would still fit into the overall downward trend. Here is one potential outcome

Interested in your thoughts

[NHN123]

Hi Nick,

I have done some manual analysis which shows how a long trade at this point would still fit into the overall downward trend. Here is one potential outcome

Interested in your thoughts

I can't say much about that, apart from that is exactly what I think....

There is possibly one set up already on the daily charts, like you have pointed out. No ABC though. However, there was one on the 4H charts yesterday, which was confirmed and is still running (albeit slowly..)

If you want to trade using other things, There are a couple of trendlines, supporting it right now, and it has bounced off the 61.8% retracement of the last upswing (see chart). And for entry, we may have an inside day today, so you could play on that.

I know it's not strictly MTP, but the most important thing is there - risk management.

[martinrcox]

I can't say much about that, apart from that is exactly what I think....

There is possibly one set up already on the daily charts, like you have pointed out. No ABC though. However, there was one on the 4H charts yesterday, which was confirmed and is still running (albeit slowly..)

If you want to trade using other things, There are a couple of trendlines, supporting it right now, and it has bounced off the 61.8% retracement of the last upswing (see chart). And for entry, we may have an inside day today, so you could play on that.

I know it's not strictly MTP, but the most important thing is there - risk management.

I don't know whether I was clear or not when I referred to manual analysis I did not meant that I entered all the information shown on my chart onto it by hand. I used the find elliot waves and wpt functions and MTP came up with the results shown on the chart

[Steve Griffiths]

Hi Guys,

I presume you have all seen the 60min JYP ?

Steve

[David]

Hi steve,
i've been looking at the chart for awhile, what do you think on the USDJPY 60min? A good setup?
:confused:
Thanks.

[Steve Griffiths]

Not triggered and now moving lower, so no trade yet.................

Steve

[durgesh147]

Its triggered now.:)

[abc_trader]

Its triggered now.:)


and stopped now :)

[Rimu]

USDJPY... Going on the 240 looking for a C leg it may go yet, but the overall trend is down???

[Rimu]

USDJPY240... Potential "B" has gone too far for mine,(longer than "A"), so it's back to following the"3".

[Steve Griffiths]

Agreed,

looks like we are back moving lower off the prior Advanced Wave C high..........

Steve

[Rimu]

May pay to watch and see if it develops a "C".

[Eddo]

This one is moving beatifully and I hope every one else managed to climb on board. Already at 100% initial risk so stops are at breakeven and from now its a free ride ........... :)

[NHN123]

This one is moving beatifully and I hope every one else managed to climb on board. Already at 100% initial risk so stops are at breakeven and from now its a free ride ........... :)

WOWSER!!!

You took the short trade at the high, the long at the low - have you invented a time machine or something??

Credit to you, Chris. I never even saw that trade, and even if I did, I would never have taken it! It looks like 1 swing down to me...

[Eddo]

WOWSER!!!

You took the short trade at the high, the long at the low - have you invented a time machine or something??

Credit to you, Chris. I never even saw that trade, and even if I did, I would never have taken it! It looks like 1 swing down to me...

No Nick - its like I said in my note to u this morning - I just look for the ABC's that MTP comes up with and if it looks right, in I go - and remember that even with 65% losers if the position size based on the trading pot it right, the pot keeps growing - don't forget to play the Marble Game ! :)

[NHN123]

Evening all.

I attempted this trade earlier, which failed because the trendline proved too strong, from top of upswing, to top of B.

Now, MTP still counts this as a valid set up here (according to the pivots).

Would any of you take this trade, given the fact it failed once already, and made the pattern a bit uglier? Also, a sort of downtrend / supply line has been established with 3 trys at it which failed....

Thanks

[stevej]

This one is moving beatifully and I hope every one else managed to climb on board. Already at 100% initial risk so stops are at breakeven and from now its a free ride ........... :)
But, as they say on Bank station - "Mind the gap"!

[Eddo]

Evening all.

I attempted this trade earlier, which failed because the trendline proved too strong, from top of upswing, to top of B.

Now, MTP still counts this as a valid set up here (according to the pivots).

Would any of you take this trade, given the fact it failed once already, and made the pattern a bit uglier? Also, a sort of downtrend / supply line has been established with 3 trys at it which failed....

Thanks

I wouldn't have taken it at the first blue bar at the Typ Wpt 'coz the R:R would have been too big, but I would be happy to go for it based on the last bar which would give me a much lower R:R

[Eddo]

But, as they say on Bank station - "Mind the gap"!

Yes your right but my stop is already up to B/E so I have nothing to lose (except of course for the current profit) .......... but I would rather let it run than take the quick gain

[NHN123]

I wouldn't have taken it at the first blue bar at the Typ Wpt 'coz the R:R would have been too big, but I would be happy to go for it based on the last bar which would give me a much lower R:R

Sorry, I didn't explain that properly.

I took it at about 8 o'clock this morning, when it was at the min wave C. R/R was good, but it failed.It went well to start with, so caused another little swing (although it isn't classed as a swing on MTP).

My question is to anyone who has more experience than me, would you take the trade at the typ wpt now, even though the ABC is not perfect because of the little up following the support at min wpt?

[stevej]

my stop is already up to B/E so I have nothing to lose
Hi Chris

Are you using a guaranteed stop? If so, what premium are you charged for it?

Steve

[abc_trader]

Agreed,

looks like we are back moving lower off the prior Advanced Wave C high..........

Steve

it rocketed to 110.60

[abc_trader]

EURUSD, 2H, sell setup which worked great

http://www.slibe.com/images/179780d8-ScreenHunter_168.jpg (http://www.slibe.com)

[abc_trader]

same for the 2H USDCHF

http://www.slibe.com/images/9e01212f-ScreenHunter_167.jpg (http://www.slibe.com)

[abc_trader]

possible buy setup on EURUSD, 2H

http://www.slibe.com/images/80b05801-ScreenHunter_170.jpg (http://www.slibe.com)

[Rimu]

Looks like it may be off and running.... well a slow walk anyway.

[abc_trader]

sell setup on GBPJPY very close to triggering

http://www.slibe.com/images/acd4a4ab-MyScreenHunter_j.jpg (http://www.slibe.com)

[Eddo]

Hi Chris

Are you using a guaranteed stop? If so, what premium are you charged for it?

Steve

Hi Steve, no I don't use guaranteed stop - I'am too tight to pay the additional fee by spreadbet coy charge ! Sometimes this can be a problem but my experience is that mostly I get filled/stopped out at the price I have placed.

[Eddo]

This one is moving beatifully and I hope every one else managed to climb on board. Already at 100% initial risk so stops are at breakeven and from now its a free ride ........... :)

Good Moaning all,

Just to finish up on yesterday's Long trade on GBPJPY, I got a TS3 Sell Signal last night so, having hit my 1st profit target, I put in a close and reverse order at 208.60. During the night the Long psn was closed with a 1.61 R:R gain and I am now short from 208.60 with an initial tgt (based on the Wave 1 or A module) at 205.90. From reading the other posts re this pair I think I am now 'going with the flow' ?? :confused:

[Eddo]

Good Moaning all,

Just to finish up on yesterday's Long trade on GBPJPY, I got a TS3 Sell Signal last night so, having hit my 1st profit target, I put in a close and reverse order at 208.60. During the night the Long psn was closed with a 1.61 R:R gain and I am now short from 208.60 with an initial tgt (based on the Wave 1 or A module) at 205.90. From reading the other posts re this pair I think I am now 'going with the flow' ?? :confused:

:( stopped out for a 1R loss ............... next !

[NHN123]

Poss on the EURJPY 60 min or 240 mins whichever you like to trade best.

I'll be waiting for the 240 mins personally.

[martinrcox]

Poss on the EURJPY 60 min or 240 mins whichever you like to trade best.

I'll be waiting for the 240 mins personally.

HI Nick,

Just to confuse you even more this is at odds with the daily which has triggered an automatic buy coming off the typical wpt.

[martinrcox]

HI Nick,

Just to confuse you even more this is at odds with the daily which has triggered an automatic buy coming off the typical wpt.

Sorry here is the chart

[NHN123]

Sorry here is the chart

Thanks... I realise that. I had to let this one go last night, cos I was up to my limit on open positions. Nevermind. I hope it works out for you, if you are in it.

[martinrcox]

Thanks... I realise that. I had to let this one go last night, cos I was up to my limit on open positions. Nevermind. I hope it works out for you, if you are in it.

No I decided to give it a miss once bitten and all that. Likewise I hope that your 4hr works out if it triggers

[abc_trader]

update on post#375, EURUSD buy setup on the 2H timeframe is working nicely

http://www.slibe.com/images/952d7a85-ScreenHunter_171.jpg (http://www.slibe.com)

[NHN123]

update on post#375, EURUSD buy setup on the 2H timeframe is working nicely

http://www.slibe.com/images/952d7a85-ScreenHunter_171.jpg (http://www.slibe.com)

You get some nice set ups on the 2H... I have never used them.

Thanks for posting them!

[abc_trader]

You get some nice set ups on the 2H... I have never used them.

Thanks for posting them!


I noticed that a lot of ABC setups can be found on the 2H, 3H, 6H, 8H, 12H timeframes, I don't know why metatrader is limited to 1H and 4H, what is the magic about 4H why not 6H or 3H ??
but you can easily get them using this indicator
http://www.mtptrader.com/showpost.php?p=2792&postcount=11

just open the 1H chart and attach the indicator to it, make sure you have at least 1 year of data displayed on your 1 hour chart to get enough bars on the 2H,3H,.......

[NHN123]

I noticed that a lot of ABC setups can be found on the 2H, 3H, 6H, 8H, 12H timeframes, I don't know why metatrader is limited to 1H and 4H, what is the magic about 4H why not 6H or 3H ??
but you can easily get them using this indicator
http://www.mtptrader.com/showpost.php?p=2792&postcount=11

just open the 1H chart and attach the indicator to it, make sure you have at least 1 year of data displayed on your 1 hour chart to get enough bars on the 2H,3H,.......

Excellent - thanks. Have made it into a custom indicator...

How do you make the charts into 2/3 hr charts?

Sorry....

[abc_trader]

Excellent - thanks. Have made it into a custom indicator...

How do you make the charts into 2/3 hr charts?

Sorry....

I modified the indicator to write the date and time correctly,
I'm attaching it (make sure u rename it to .mq4),

first open the 1H chart of EURUSD, make sure you have enough data loaded (for example 1 year of data, you can keep hitting the 'page up' key till you reach a one year of data) then attach the indicator set the input paramter zarib to 2 to get 2H chart, 3 to get 3H chart, .....
, now you will have a file under "experts/files" named EURUSD120.prn,
go to mtp and define your ascii format as:

date
time
open
high
low
close

date format is yyyymmdd, time is hh:mm

try this on the EURUSD and see if u get the same setup I posted earlier, let me know of the results

[NHN123]

Just took my chips off the table on this one @1.4362

It may well go higher, but I'm not brave enough to go for it. There are a lot of reasons why it may not, so I bailed out for a profit...

There is divergence on daily / 4H charts on RSI, CCI, Stochastic (although the new high is not show on this chart cos I print screened it on the last bar, before the high ...) Also, at a very important daily high, which has proved impossible to breach significantly since Sept 05.

Profit of 2.3

[NHN123]

I modified the indicator to write the date and time correctly,
I'm attaching it (make sure u rename it to .mq4),

first open the 1H chart of EURUSD, make sure you have enough data loaded (for example 1 year of data, you can keep hitting the 'page up' key till you reach a one year of data) then attach the indicator set the input paramter zarib to 2 to get 2H chart, 3 to get 3H chart, .....
, now you will have a file under "experts/files" named EURUSD120.prn,
go to mtp and define your ascii format as:

date
time
open
high
low
close

date format is yyyymmdd, time is hh:mm

try this on the EURUSD and see if u get the same setup I posted earlier, let me know of the results
That is quality!!! Thanks

Yep, got the same result, works a treat.

Thanks very much!

[abc_trader]

major 6H buy setup on EURJPY working nicely

http://www.slibe.com/images/b74263b0-ScreenHunter_173.jpg (http://www.slibe.com)

[abc_trader]

sell setup exactly at typical WPT on GBPJPY, 6H

http://www.slibe.com/images/e1c6a52c-MyScreenHunter_j.jpg (http://www.slibe.com)

[Rimu]

Still in long the audusd 240 with possible confirmation in the 1 Hourly looking like a 5wave up with a 3wave correction just about formed.

[Eddo]

This one has triggered and I have been filled, however, I am still somewhat confused about the No Trend=No Trade. The 20 period trend on the 4 Hr and the Daily is clearly up on this one, so I guess this really should have been a No Trade !

But what I really don't understand is that MTP is picking market turns which means surely that we are about to take a position which is running against the current trend (mostly) - if we only take a trade on which both its trend and its next time frame up (i.e. 4 hr and daily for example) are in the same direction as the potenital trade - we will get very few setups passing the test? ........... or am I missing something :confused:

[Eddo]

This one has triggered and I have been filled, however, I am still somewhat confused about the No Trend=No Trade. The 20 period trend on the 4 Hr and the Daily is clearly up on this one, so I guess this really should have been a No Trade !

But what I really don't understand is that MTP is picking market turns which means surely that we are about to take a position which is running against the current trend (mostly) - if we only take a trade on which both its trend and its next time frame up (i.e. 4 hr and daily for example) are in the same direction as the potenital trade - we will get very few setups passing the test? ........... or am I missing something :confused:

Suddendly spiked up through my stop and kicked me out for a 1R Loss :mad:

Now heading south again (typical) however if anyone (Steve or Matt please) add a little to the No Trend= No Trade confusion I have I would be grateful - many thanks - Chris

[David]

I've been trading a few setups using the MTP EOD and Esignal and there is one thing i noticed. I've more losing trades than profit trades. I think the ratio is about 25:1 (25 loss and 1 win). Most of the trades are stopped out due to high vol before reversing back into the typ WPT. this is quite sad.

At such rate, even i have kept my loses small. I am still unable to break even the loss vesus the win. Maybe MTP is not very geared in Forex yet.

[NHN123]

Suddendly spiked up through my stop and kicked me out for a 1R Loss :mad:

Now heading south again (typical) however if anyone (Steve or Matt please) add a little to the No Trend= No Trade confusion I have I would be grateful - many thanks - Chris
You know something, this pair (GBPJPY), every single trade I have done has been stopped out! Usually hits my stop exactly!

Incredibly frustrating. I thought that this time I might be due some luck, but alas....

[Eddo]

You know something, this pair (GBPJPY), every single trade I have done has been stopped out! Usually hits my stop exactly!

Incredibly frustrating. I thought that this time I might be due some luck, but alas....

Yes - even with a cpl of points wiggle room it happens - I agree v frustrating to immediately see them zooooooooooom off in the direction they should have been headnig - look at GBPJPY now back down to 209.65 !

[NHN123]

I've been trading a few setups using the MTP EOD and Esignal and there is one thing i noticed. I've more losing trades than profit trades. I think the ratio is about 25:1 (25 loss and 1 win). Most of the trades are stopped out due to high vol before reversing back into the typ WPT. this is quite sad.

At such rate, even i have kept my loses small. I am still unable to break even the loss vesus the win. Maybe MTP is not very geared in Forex yet.
I'm in the same boat, David, though not as bad as your win loss ratio. I'm losing about 5 to every 1 win. Not breaking even....

However, I think it must be something we are doing wrong, because other people are clearly making money (and post the trades at the time, with no hindsight). I am now going to keep comprehensive records of EVERY set up (including the ones I don't take) to see where I am going wrong. I have passed on more trades than I care to remember that have been winners. I think down to fear of losing another trade!

I have got my win / loss ration better since not taking 60 min set ups, however.

[David]

You know most of the time 97% MTP is right about the direction of the trade.
Only problem is due to high vol spikes, we are stopped out.

So i've come to a silly conculsion on this, MTP direction on the trade is correct but i think we need to manually relook at the typical WPT levels and the entry points and stop loss point.

So here a few examples of what i am doing.
At present the trade orders are:
1) EURCHF - MTP esignal - TS3 Sell (240Min)
MTP EOD no data yet.

My personal settings on this trade setup.
Sell - 1.55694 (just above the typ WPT- high is 1.5567)
Stop - 1.55754 (60 pip wiggle room - in any case a spike was to occur)
profit - 1.5310

2) EURJPY - I believe many of us tried and got stopped out these few days.
( i was stopped out 3 times!!) So this was personal setup was my 4th try 2 days ago. So far it worked well.
MTP EOD - TS3 Buy- Daily
Esignal - TS3 Buy - Daily

My Personal settings on this trade setup.
Buy - 140.70 ( Just above the typ WPT of 140.50)
Stop - 140.10 (60 pip wiggle room )
profit - 145.04

* I guess the guys who are making money using MTP are mostly on the indices and stock market.

[martinrcox]

I'm in the same boat, David, though not as bad as your win loss ratio. I'm losing about 5 to every 1 win. Not breaking even....

However, I think it must be something we are doing wrong, because other people are clearly making money (and post the trades at the time, with no hindsight). I am now going to keep comprehensive records of EVERY set up (including the ones I don't take) to see where I am going wrong. I have passed on more trades than I care to remember that have been winners. I think down to fear of losing another trade!

I have got my win / loss ration better since not taking 60 min set ups, however.

Hi Nick,

I don't know whether you are purely looking for TS3 set ups. I have found that the TS1 set ups work the best. So far I have been looking exclusively at daily charts but here is one that I spotted on the 4 hr charts for USDCHF which came up on Wednesday. You can see on this one if you had decided to take the TS3 you would have been stopped out at breakeven (I do realise that there was no red bar) whilst the TS1 trade is still continuing in the direction of the trend. I do appreciate that the daily trend is still down but it appears that there is going to be a correction at this point.

I am not saying that the TS3's set ups do not work becuase they do as you can see from EUR/JPY which is now moving up (after I go stoped out like everyone else when it triggered at the min wpt). My point is that if you traded exclusively TS1 set ups whist you would not have as many trades, from my analysis (depending on the pair) you would win more than you lose.

Here is the link for another example of a number of TS1 set up's I posted yesterday for daily AUD/JPY. The post is #26

http://www.mtptrader.com/showthread.php?t=693&page=3

[Eddo]

This one has trigged for me and I am now short this one. MTP EOD came up with trades on both the 2 and 4 hour charts and on this one the 20 MA trend is down (same direction as the trade !) ............. so stops are in (Ia'm not going to say where incase 'the stop picker in the sky' is watching !! :) BTW the eSignal efs's didnt' find it on either time frame.

Lets hope this one is a winner - coz I am totally teed off with the earlier trade.

[Eddo]

You know most of the time 97% MTP is right about the direction of the trade.
Only problem is due to high vol spikes, we are stopped out.

So i've come to a silly conculsion on this, MTP direction on the trade is correct but i think we need to manually relook at the typical WPT levels and the entry points and stop loss point.

So here a few examples of what i am doing.
At present the trade orders are:
1) EURCHF - MTP esignal - TS3 Sell (240Min)
MTP EOD no data yet.

My personal settings on this trade setup.
Sell - 1.55694 (just above the typ WPT- high is 1.5567)
Stop - 1.55754 (60 pip wiggle room - in any case a spike was to occur)
profit - 1.5310

2) EURJPY - I believe many of us tried and got stopped out these few days.
( i was stopped out 3 times!!) So this was personal setup was my 4th try 2 days ago. So far it worked well.
MTP EOD - TS3 Buy- Daily
Esignal - TS3 Buy - Daily

My Personal settings on this trade setup.
Buy - 140.70 ( Just above the typ WPT of 140.50)
Stop - 140.10 (60 pip wiggle room )
profit - 145.04

* I guess the guys who are making money using MTP are mostly on the indices and stock market.

Many thanks for the input David

[David]

i was stopped out on this one after going with the sell setup on MTP esignal.
Review in EOD and i found nothing yet.

For this trade i am doing my personal settings on my next try.
Sell - 210.20 ( Just above the typ WPT - this is where i was stopped out)
Stop - 210.70 (50pips for this one)
Profit - 206.00

[pbb]

Suddendly spiked up through my stop and kicked me out for a 1R Loss :mad:

Now heading south again (typical) however if anyone (Steve or Matt please) add a little to the No Trend= No Trade confusion I have I would be grateful - many thanks - Chris

Hi Chris,

I am in the gbpjpy 240 as well and the chart you posted was exactly the same as mine at the time my entry was triggered. Now however, the chart is
completely different and I would not have been triggered. The eurusd 240 chart also changed. Can you confirm that your charts are also changed?
This is very odd, I never seen this before, the prices at which the gbpjpy traded this morning just disappeard and the automatic set-up for the eur240 is not valid anymore (mtp eod).

Kind regards,

Pieter

[Eddo]

Hi Chris,

I am in the gbpjpy 240 as well and the chart you posted was exactly the same as mine at the time my entry was triggered. Now however, the chart is
completely different and I would not have been triggered. The eurusd 240 chart also changed. Can you confirm that your charts are also changed?
This is very odd, I never seen this before, the prices at which the gbpjpy traded this morning just disappeard and the automatic set-up for the eur240 is not valid anymore (mtp eod).

Kind regards,

Pieter

Hi Pieter

Attached are the current charts I have from both eSignal and MTP EOD - the MTP chart is of course 1 bar behind in that the bar which started at 8:00 GMT will not be drawn until 12:00 GMT - they look the same as before I think

Hope that helps - Chris

[Eddo]

Hi Pieter

Attached are the current charts I have from both eSignal and MTP EOD - the MTP chart is of course 1 bar behind in that the bar which started at 8:00 GMT will not be drawn until 12:00 GMT - they look the same as before I think

Hope that helps - Chris

Pieter

I think what you might have done when you tried to get the scan again in MTP EOD is have the wrong 'button' checked in the Trade Set Up window - if you have the Level set to INT you should get the set up - if you have it on Major - you won't get it - give that a try

[Eddo]

I'm in the same boat, David, though not as bad as your win loss ratio. I'm losing about 5 to every 1 win. Not breaking even....

However, I think it must be something we are doing wrong, because other people are clearly making money (and post the trades at the time, with no hindsight). I am now going to keep comprehensive records of EVERY set up (including the ones I don't take) to see where I am going wrong. I have passed on more trades than I care to remember that have been winners. I think down to fear of losing another trade!

I have got my win / loss ration better since not taking 60 min set ups, however.

Hi Nick and David,

As you know I only started trading Forex markets last month (May) and so I am an absolute novice in this area, however these are my stats to date which I hope might be of interest:

Total forex trades taken to date: 19
Number closed at B/even 2 = 10%
Number of winners 6 = 32%
Number of losers 11 = 58%

Profit/Loss - I am just in profit on these trades.

I have not however been using the No Trend=No Trade filter and so have clearly had trades which stricktly speaking I should not have taken if I follow Matt's thoughts.

I reckon that if I could get my winning percentage up by just a tad (say 2-4%) I would be home and dry and well into profit

[pbb]

Pieter

I think what you might have done when you tried to get the scan again in MTP EOD is have the wrong 'button' checked in the Trade Set Up window - if you have the Level set to INT you should get the set up - if you have it on Major - you won't get it - give that a try
Hi Chris,

The data in esgnal has changed, different high/low then a few hours ago.
I guess esignal did an update or changed servers or so.
The 05/19 06:00h bar (brussels time) has a low in my current chart of 209.31
I have seen it trading under 209.20 before that bar was closed at around
09:00h (also brussels time). Even if I switch timetemplates in esignal or on my server it doesn't differ, there is still a low of 209.31.

Pieter

[pbb]

Hi Chris,

Maybe this has something to do with it:

http://www.elitetrader.com/vb/showthread.php?threadid=69322&perpage=6&pagenumber=1

Esignal released a new version and changed some things in the forex data subscriptions. I don't know for sure, but I can imagine that that caused some changes in the current data.

Obviously you have got other data then I have, have you restarted your computer or esignal since this morning, cause it only occurred after I restarted esignal.

Pieter

[Eddo]

Hi Chris,

Maybe this has something to do with it:

http://www.elitetrader.com/vb/showthread.php?threadid=69322&perpage=6&pagenumber=1

Esignal released a new version and changed some things in the forex data subscriptions. I don't know for sure, but I can imagine that that caused some changes in the current data.

Obviously you have got other data then I have, have you restarted your computer or esignal since this morning, cause it only occurred after I restarted esignal.

Pieter
Hi Pieter,

No I haven't re-started today but no doubt when I do Iwill get the same data as you !

BTW - I have just been stopped out on the EURAUD for a 1R loss :mad: I can't believe how fast the Forex prices move - clearly they need great care in trading them :eek:

[Eddo]

This one has trigged for me and I am now short this one. MTP EOD came up with trades on both the 2 and 4 hour charts and on this one the 20 MA trend is down (same direction as the trade !) ............. so stops are in (Ia'm not going to say where incase 'the stop picker in the sky' is watching !! :) BTW the eSignal efs's didnt' find it on either time frame.

Lets hope this one is a winner - coz I am totally teed off with the earlier trade.

:( :( Stopped out ................ again

These Forex prices move and change direction like lightning - I was in profit on this one and five mins later taken out for a 1 R loss .......... next !

[abc_trader]

You know something, this pair (GBPJPY), every single trade I have done has been stopped out! Usually hits my stop exactly!

Incredibly frustrating. I thought that this time I might be due some luck, but alas....

That is why mtp isn't a closed box, if it is a closed box then it will end losing,
I think instead of posting setups which we all have we should cooperate to find a better way to enter/stop trades other than high/low of reversal bar, a way which give us at least a 40% win ratio, also find a better way for exit,
should we exit at 100% risk or @ the 2-3 profit target or the typical WPT, prices don't move in straight lines, sometimes you set stop at break even after we reach the 100% risk and then prices fall to break even and back up again to max profit target, look athe eurjpy recent daily signals, 2 setups were stopped out for roughly 150 pips total and the third setup made a maz of 130 pips profit and now sitting at 70 pip profit, I think instead of sharing something which we all have like chart setups we should share our trading plans.

[Eddo]

That is why mtp isn't a closed box, if it is a closed box then it will end losing,
I think instead of posting setups which we all have we should cooperate to find a better way to enter/stop trades other than high/low of reversal bar, a way which give us at least a 40% win ratio, also find a better way for exit,
should we exit at 100% risk or @ the 2-3 profit target or the typical WPT, prices don't move in straight lines, sometimes you set stop at break even after we reach the 100% risk and then prices fall to break even and back up again to max profit target, look athe eurjpy recent daily signals, 2 setups were stopped out for roughly 150 pips total and the third setup made a maz of 130 pips profit and now sitting at 70 pip profit, I think instead of sharing something which we all have like chart setups we should share our trading plans.

Absolutey no problem with that ABC ............... but this particular link is a [B]Forex Watchlist link, not a Trading Plans link. I suggest that you start a Trading Plan link here in the Forex forum so that you any anyone else who has something sensibile to contribute on that subject can post in that place -meanwhile I have to say I like seeing other people's setup's and thoughts on those.

[martinrcox]

That is why mtp isn't a closed box, if it is a closed box then it will end losing,
I think instead of posting setups which we all have we should cooperate to find a better way to enter/stop trades other than high/low of reversal bar, a way which give us at least a 40% win ratio, also find a better way for exit,
should we exit at 100% risk or @ the 2-3 profit target or the typical WPT, prices don't move in straight lines, sometimes you set stop at break even after we reach the 100% risk and then prices fall to break even and back up again to max profit target, look athe eurjpy recent daily signals, 2 setups were stopped out for roughly 150 pips total and the third setup made a maz of 130 pips profit and now sitting at 70 pip profit, I think instead of sharing something which we all have like chart setups we should share our trading plans.

Hi There,

I have been developing my trading plan which I have outlined in this thread post # 403 and on another thread the link is below

http://www.mtptrader.com/showthread.php?t=693&page=3

Posts # 21, 23 and 26

Any thoughts greatly appreciated

[richbois]

Hi all

As everyone else I too took this GBPJPY short however I was'nt stopped.

The reason that I was'nt stopped is that I believe that we can't take the numbers that MTP comes up with just for granted. In this case here the stop was at 210.21 but this pair has a large SPREAD so we need to add the spread to the buy side of our entries or exits. I do that to all my trades specialy on the stops.

just my opinion

[NHN123]

Hi all

As everyone else I too took this GBPJPY short however I was'nt stopped.

The reason that I was'nt stopped is that I believe that we can't take the numbers that MTP comes up with just for granted. In this case here the stop was at 210.21 but this pair has a large SPREAD so we need to add the spread to the buy side of our entries or exits. I do that to all my trades specialy on the stops.

just my opinion
I always include my spread for stops. Also for R/R calculations. Afterall, you are losing money whether it be by way of spread, or a plain loss - it all effects your overall profit/loss.

I was stopped out....

[Eddo]

Hi all

As everyone else I too took this GBPJPY short however I was'nt stopped.

The reason that I was'nt stopped is that I believe that we can't take the numbers that MTP comes up with just for granted. In this case here the stop was at 210.21 but this pair has a large SPREAD so we need to add the spread to the buy side of our entries or exits. I do that to all my trades specialy on the stops.

just my opinion

A good point indeed Rich but like Nick I also add for the spread - unfortunately on this one the wiggle room just wasn't enough -

[richbois]

I must have been lucky then I had my stop at 210.30 and my platform went to 210.27 and FXCM at 210.29

at this point the trade isnt looking that great anyway

[Rimu]

Pretty hard to take a stand against the $ but the evening doji helps.

[David]

keep a lookout for USD/HKD for a TS2 buy setup.
on the 240min buy setup is forming, should see it on the 360min soon.

USD is set to strengthen over asian currency over these 2 weeks.

[NHN123]

Maybe due a correction on EURJPY for a couple of reasons.

minor 5 wave sequence up could complete here, it is at min wave 5 wpt, and at trendline. I would like to see an ABC here to get in and aim for the daily target of 146 ish....

Could be wrong though... so don't do anything on my shoddy analysis...

[NHN123]

maybe a buy set up on USDCAD 4H

Initially wave 1 or A target - not complete yet, but keep it on the watch list

[NHN123]

Hi Boys and Girls,

Long time no post....

I found this...

30 min chart, so trade at your peril... but it does have some hidden/rev divergence to back it up....

[Rimu]

AUDUSD Daily...A bit early yet but may be one to watch out for...

[Eddo]

Hi,

I'am sure you all have these but my scans have come up with two potential trades based on Matts 'No Trend No Trade' rule. Neither have triggered yet.

[Rimu]

Taken a short on the AUDUSD 60 min as I think the daily "C" will continue down to 100% of the "A" leg, rather than stopping/reversing at the 61% zone.

[mrkam]

Good to chat again.. Big and deep issues this time... How did you get that way cool background on MTP??? I am sure I can double my gains with a cool background....

And, what is Matt's no trend-no trade rule... I have been out of the loop on daily stuff... being mostly a 3/5 min trader...

Nice to hear from you,

Mark

[Eddo]

Good to chat again.. Big and deep issues this time... How did you get that way cool background on MTP??? I am sure I can double my gains with a cool background....

And, what is Matt's no trend-no trade rule... I have been out of the loop on daily stuff... being mostly a 3/5 min trader...

Nice to hear from you,

Mark

Hi Mr K

Ok ............. the cool background.

1. Open up MTP and Right click on any chart which brings up a 'pop up box' from which you select Viewing Style.

2. In viewing style, select (tick) Color, Bitmap/Gradient Style and Light Shadow

Hey ho you have it :)

Matt's No Trend No Trade rule - ok sign up for Matts daily report and re-join the gang. He has just started trading a Forex portfolio wef 1st June so it should be very interesting.

My potential trades:

CHFUSD and EURCHF setup have now both been taken off the radar for the time being with neither getting filled however my EURNZD is going nicely for the time being with stops now at B/W so a free ride from here on in

Best wishes - Chris

[mrkam]

When is the "end" of the trading day? Or at least the time you download data to do your EOD analysis...

Do you trade any shorter time frames? 4 hr, 1 hr?? shorter??

thanks,

mk

[Eddo]

When is the "end" of the trading day? Or at least the time you download data to do your EOD analysis...

Do you trade any shorter time frames? 4 hr, 1 hr?? shorte