pipMonster

Closed GJ @ 178.55 for +200 Good start to the week.

GJ LONG 176.55 Let's hope this rockets up!

Wasp, are you trading this week? You've been very quiet. It's been an up and down week with a couple of nice runners to keep me in the black while I took a few losses. Overall, I feel it's been another difficult week in the market. We have visitors next week which will impede my ability to monitor the markets. Hopefully, I'll be able to be at the screens in time for the London open plus another three to four hours.

You're right! I hadn't noticed that it didn't drop to 168 on Alpari. I saw a longish wick and assumed it dropped the same. I'm with you regards Oanda. If they're going to start with that kind of shenanigans, they won't have my business much longer. I was looking at HotspotFX today. It looks pretty good and even has an API to hook up Metatrader 4. I'm not a programmer of that level so I'd have to use their regular interface. I also couldn't find what their spreads and commissions were either.

I thought the rejection off the daily down trend line was pretty a pretty good signal. I scaled my trade at +300 and closed at +197. The damn thing retraced close to 100 pips is like 5 seconds at when price touched 168.00. I was at +378 at that point. It's really difficult to for me still to decide when to close out. I'm still quite happy with the results none the less.

That's what I was shooting for, but I wanted to see if this was going to shoot up at the open of this hourly candle.

GJ short 171.94 Update: Retrace hell from +102 to +41. Bloody bastards!

Good call on keeping an eye on the daily descending trend line. I've attached an hourly chart with trend lines and horizontal support. There is resistance from the daily descending trend line and horizontal support from 174.35 via the 240-min chart.

Thought so. Glad to meet you here. Are you still finishing school or are you into this full time now? Tell them and your uncle Mark that Jack says "Hi".

Bobby, do you know Anna-Maria, Tess and Jocelyn? You're style of annotation is very similar to what they've posted on other threads. Just wondering... :\

I, for one, am damn glad this week is over. :doh: It been very trying and confusing. A lot of false signals in these last two days. Lost about 1/2 my profits from the week. Here's to hoping next week is trending toward the 'normal'.

Yippers...Nice trade there Cowpip! I got a good one earlier taking a short position from 173.85 and scaling out 2/3 at +87 before price retraced all the way and took out my remainder at my entry. Oh well. At least something for my troubles.

Thanks for the charts, Wasp. I've been following your strategy for a couple of months now and each week up to this point has been very profitable for you. This week, in fact, up to the point you posted the charts would have been break even had your laptop not died. That's not a bad thing with the market being as whippy and wild as it has been this week. Your strategy has been consistent as long as I've been following it. Every setup now and again meets a market that seems to thwart it's every signal. This is one of those weeks for you. DON'T MAKE ANY CHANGES TO YOUR STRATEGY! Nothing is proven in one week. If next week brings on the same kind of problems, then start considering making some changes. Cowpip's observation of moving the strategy to lower time frames looks to be a reasonable proposition. Right now, we're trading during the most unstable financial time in nearly 100 years. We still have not seen capitulation in the US stock market. I'm not changing too much, if anything, about how I trade this market with your setup. I'm up for the week and most likely because I'm being very picky in my entries(though I got wacked pretty good last night) which has reduced my trading frequency. If that's what it takes, so be it. I'll continue to let this rattle around my brain, but for now, I don't believe any changes are necessary.

So far I've been hit tonight for -92 on 2 losses and 1 win. :missy: :crap: This is a very difficult environment to trade tonight.

In this instance, yes, I'm taking the entry off the hourly chart from how price reacted after passing through the trend line AND how the beginning of subsequent candle reacted to that. My stop loss was set at 61 pips. It's as far as I can put it away from my entry per my RR and MM rules. This is a very tricky market to trade so I consider getting out of the trade at the first sign of danger. Yes, Alpari does offer free charting as a demo. I feel Oanda is the best of the non-ECN/STP brokers. They're far from perfect. Their execution is wicked fast for the size I trade. The entry system is very simple and easy to understand. Their news wire is not too bad. On the bad side, they widen spreads to the extreme at certain news events at the very last second before data release.