₦airaland Forum

erniok: i enjoy discussing with you toks. also notice that EU has formed a double top with bearish divergence on 4hr frame. hoping the jackson hole doesnt invalidate it.

Na wa o! which one be michael jackson hole lol! anyway euro is expected to crash like packs of card if supp 12500/12480 gives way else we may see a bullish rally during asian time.

Nevertheless we just might see the Non farm news pushing euro far down to supp 12340 if the bearish break out does not happen before 2:30pm on friday..

erniok: Toks, you are looking at 1.2500 while i'm looking at a selling once we are below i.2480. but i think friday will determine that.

12500/12480 still ok

erniok: wouldn't it be better to stay off all usd pairs till friday is over so that a defined trend can come in. BB has been squeezing and it will be explosive.
my personal opinion.

You have a point there but as i wrote before, i don't care about news release as i use 100% tech analysis. Nevertheless, news release are very vital in pushing price action swiftly in the[b] trend direction.[/b]

So we are very likely to see euro glide down smoothly once that supp is breached so no confirmed bearish trend until that supp gives way.

a breach of supp 12500 will set the bears in motion and we may see a bearish surge on euro to supp level 12424. so traders should sell with peace of mind once supp 12500 is breached.

Trade with care.

Euro traders should still look in the bears direction as we may see a retest of supp 12510/12494 so trade with care towards these levels and lets see if euro will break the significant supp level to sell for good to supp 12340.

Use good mm as this remains the only viable means of making consistent and sustainable profits from the fx business.

Happy pipping

Euro traders should be gearing up for a significant bearish surge if the bulls fail to break res 12601 before supp 12500 get breached and should the bears take over , we are likely to see euro make a smooth glide down to supp 12340 so aggressive traders can just sell euro right away with a top loss at 12601 and tp at 12510/12470/12345 now hovering around 12540. While conservative traders can place a pending sell at 12500 using same sl and tp parameters

Trade with care and use good mm which is the only way to make consistent and sustainable profits.

Happy pipping

We are still very much in he tbears territory so traders should still wait to sell as euro may make an intraday retest of res levels 12495/12507/12526 which are good price points to sell back.

Happy pipping

fxbomovi: Hi fellow traders. I really need your advice or suggestion on this issue that has been a concern to me.

Is it better to adjust my stop loss to my entry price when price has moved in my favour? Or is it better to leave the stop loss and allow price to either hit the stop loss or take profit. Your advice will be appreciated. Hi fellow traders. I really need your advice or suggestion on this issue that has been a concern to me.

Is it better to adjust my stop loss to my entry price when price has moved in my favour? Or is it better to leave the stop loss and allow price to either hit the stop loss or take profit. Your advice will be appreciated. Hi fellow traders. I really need your advice or suggestion on this issue that has been a concern to me.

Is it better to adjust my stop loss to my entry price when price has moved in my favour? Or is it better to leave the stop loss and allow price to either hit the stop loss or take profit. Your advice will be appreciated.

It depends on your style of trading.

Scalpers go for 10pips or less and such aggressive trading requires aggressive stop loss modification which most times may be difficult to do. I explained somewhere on this forum in 2008 on how to place a stop loss.

Toks2008: Hi Everyone,

I got a mail from someone asking me to enlighten him about using stop loss order.

The fact is that many traders are very fearful in this aspect due to many instances where there stop loss level is continuosly hit before the price action goes in their anticipated direction.

You can't really do anything about this since price action in currencies have a crazy way of moving but you can reduce the chance of this happening.

USING STOP LOSS ORDER EFFECTIVELY

The first question you should ask yourself is this: What type of trader am i? A scalper, a day trader, a swing trader or position trader.

The type of trader you are will have great impact on how you use stop loss orders.

1. SCALPER: If your intention is to get a little pips here and there then leave the trade then you need to set your stop loss in relation to the time frame.

2. If you are a swing trader then you should be able to know the support and resistance points then set your stop loss 5pips above resistance if selling and 5pips below support if buying. and This goes for position traders too.

3. Day trader open trdaes and closes same day hoping to get the best from the trend of that day so your method should be a trail stop.

But where exactly should you set your stop loss

This question is very tactical and before i answer this question, i would like to advice that you try all you can to avoid impulsive trading(Placing a trade by instant execution). You see a chart and it seems a trade is going bullish and you enter long immediately and price starts reversing.

If you are this type of trader then you should be ready to have your stop loss order getting hit over and over again.

You should also plan your trade such that you place only pending buy or sell orders so that the price action picks your order and not you chasing price action.

So any time you place an order, whether you are scalping,daytrading, swing trading or position trading, inrrespective of the time frame you are using, always check the candle stick or bar that picked the trade you placed.

If you placed a buy stop place your stop loss 5 pips below the low of the previous candle to the that picked the trade and above the high of the candle if its a sell stop.

It now depends on you to trail your stop or leave it. If your stop loss is hit,then you are very sure that the price action has reversed for good(At least for a long time to come if it will ever reverse back).

But if you decide to trail your stop loss, always trail it buy shifting the stop loss to 5pips above or below the most recent candle towards your present price level.

For instance you are using 1hr chaty and you placed a sell stop at 7.00am, the 8a.m candle stick picked the trade, put your stop loss 5pips above the high of the 8am candle stick.

At the end of 8a.m candle, you may be fearful that the price may reverse but you don't have to since the price action picked the trade itself so at leat it should continue for some time so you wait for 9am candle and at by 10am you are fortunate that the stop loss you placed is still intact,simply shift your stop loss 5pips above the high of 9am candle and watch for another hour.

So this applies to all time frame even i minute but note that reversal on a lower time frame might just be a correction on a larger time frame so its up to you the time frame you use.

By this method you are sure to get the best from the trend of the day.

Have a lovely trading experience.

Hope this helps

Manweysabi: na loss be that o!

In fx trading, no trader in the world can say for sure the direction of a giving currency in the next 1hr/30mins but we can only speculate the possible direction. Price movement has a life of its own and it decides when to move.
I would advice that no matter the type of betting you choose, its safer to use 24hrs or maybe 12hrs period to allow for crazy price reaction.

Toks2008: As we start a new trading week, euro traders should look in the bears direction once supp 12480 get breached and should wait to sell only as we may be journeying down with the bears to supp 12394. Trade with care.

The bulls may give the bears a good fight at supp 12434 so intraday traders should consider exiting their sell positions anywhere before that supp.

Trade with care.

The 20pips hacker test account has 3 positions opened gunning for 20pips each while the swing Eas are poised to rake in maximum pips in a trending market.

http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461
http://www.myfxbook.com/members/ForexRefuge/short-term-swing/368753
http://www.myfxbook.com/members/ForexRefuge/long-term-zombie-swing-trading/239420

Now talking about trade alert, i explained that these test accounts you see represent my trade positions meaning if im to send a swing trading alert i will not send anything better than what you are seeing on the swing trading test accounts and the 20pips hacker account updated every 5mins is designed to rake in as many 20pips as we can from the market using intraday trend so you may decide to use any of the links as a yardstick to compare with your trade decisions. I may not have the time to post alerts here so simply monitor the trade activities with myfxbook link pasted above.

Use good money management which is the greatest secret to success in this very profitable but extremely risky business.

Happy pipping

As we start a new trading week, euro traders should look in the bears direction once supp 12480 get breached and should wait to sell only as we may be journeying down with the bears to supp 12394. Trade with care.

This is so so sad. I am weeping in silence.

jtmoneyjt: ok nt bad bt b wary of news it cld go either ways and scatter everytn 4 u. Mayb u try ur strategy on currency without news

Nice one. I only deactivate the EA during NFP which comes out every first friday of the month. Every other news release is no threat

mkmyers45: Touch/No Touch works with 24 hours above...

Actually i have been using 24hrs to do this and never tried lesser period just taught you could use 12hrs. As it stands then 24hrs will be ideal. This means you will be placing bet about 4times a week which is not a bad idea.

mkmyers45: How many positions do you open a day? What is your recommend time-lag?

Good question.

Making one bet using 12hrs is ok if you are using intraday forex charts to make your bet. And this will be ideal if you want to use the 20pips target test account position as a yardstick.

mkmyers45: Thanks..Have you got anything on Fibo?

scroll down the page on this link. I wrote something on fibo yesterday.Hope it helps.

https://www.nairaland.com/1013803/forex-trade-alerts-season-9/49#11917909

From what i can see on bet on markets, its not different from fx trading just that when you place the bet you have made your decision. Just wait for profit/loss but in fx trading you have the opportunity to mess things up more due to emotions.

In bet on markets, i prefer to use touch or no touch using 24hrs period.

In view of this i would want any interested Binary option trader to use the positions opened on this test account to place bets.

If you see a position open then go to bet on market to place a touch bet using the tp as touch barrier and you can use 12hrs period. This link is updated every 5mins so all you do is refresh your browser to see real time updates.

http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461

Happy test betting.

puskin: It must be that the .apk file U want to download is not currently supported on your android device.

thanks,so what should i do?

I have an android phone and i tried downloading a trading platform on it but it keeps giving me no supported file response. Please what do i do?

I have an android phone and i tried downloading a trading platform on it but it keeps giving me no supported file response. Please what do i do?

danna: a honest advice, i think traders here should be concentrating more on developing their trading IQ's more than talking much about EA, remember best and lasting EA's generate trade only, then the trader decide to take or not.
EA= Emotion Absence

but remember Emotion is a blessing.... Guys lets develop our emotional intelligence. May the green PIPs ever be with us all!

Emotion is a blessing if it can be controlled but a curse if it controls you. My experience in fx trading is that many people can't control this emotion hence can't make it trading forex..

For instance look at euro. If it breaks supp 12480 then we are almost certain to see it down to 12420. Now i will look stupid to place 2% or even 5% on that in the name of good mm(greed).

Then i risk say 30% and then random moves begin which is very inevitable in price movement and panicking begins and trade is closed prematurely at huge loss.

But with EA trading same method, a minimal stop loss already imputed will be used and no emotion whatsoever attached which means you will likely get the best from that trade position. So develop your iq which is most essential then perfect your trading method then put it in codes(EA) to trade for you if you cant control your emotions.

erniok: Let me be sincere with you all. I am not a super star in this business. I have blown accounts just like very other trader here. In-fact i tried my hands on fund management and i have failed in two instances not to mention my own personal losses which i can't really quantify.

But believe me, i have 95% understanding about this business in terms of charts reading and trend as well as other aspects of fx trading. But i have realised that i may be wasting my time trading manually due to greed(i can make 50% of my account in one week and lose 20% the next week due to greed and this is why i decided to develop an EA which i have done and i see nothing bad in testing this with fellow traders.

The best i should get is encouragement because this business is not easy to succeed in and anybody trying to find a way to make consistent profits should be encouraged so that we all can gain from each other.

We will get no where with envy,pride,hate and destructive criticism.
i appreciate your presence here. this is a trade alert. thats why i like pple like frechie and naijababe that can analyze most calls and guide us. i miss blogicon, guess he got fed up with our bickering instead of brotherly love and encouragement.
most traders blow accounts because of the excitement in 20-20 pips. i think with your years of trading, you should be going to higher timeframes or what do you think.

Thanks for your comments.

I am actually a swing trader meaning i trade long time.and i actually use daily timeframe to guage my trade direction.
I also developed an EA for long term trading which i have also been testing for sometime now.If you check the links you will see that i gather as high as 180pips on open positions sometimes.I only developed the 20pips hacker trading method to make fast 20pips from the trend after pullbacks which can be used to build account faster in a conservative manner.

http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461
http://www.myfxbook.com/members/ForexRefuge/short-term-swing/368753

By next month i will be going live with these automated methods.

Let me be sincere with you all. I am not a super star in this business. I have blown accounts just like very other trader here. In-fact i tried my hands on fund management and i have failed in two instances not to mention my own personal losses which i can't really quantify.

But believe me, i have 95% understanding about this business in terms of charts reading and trend as well as other aspects of fx trading. But i have realised that i may be wasting my time trading manually due to greed(i can make 50% of my account in one week and lose 20% the next week due to greed and this is why i decided to develop an EA which i have done and i see nothing bad in testing this with fellow traders.

The best i should get is encouragement because this business is not easy to succeed in and anybody trying to find a way to make consistent profits should be encouraged so that we all can gain from each other.

We will get no where with envy,pride,hate and destructive criticism.

unclenna: b4 u can comment on an Ea u hav 2 first know d principle behind d Ea. Hw it generates its signal. But u decided 2 keep it secret mayb u think is a guided secret(lol) if i kn hw it works i will make suggestions. The stoploss is much...should d market go against u it will blow d acct bt d only tin keepin d acct is d low lot size u r using.

For petes sake how long do you want to continue this way?

I have written many times here that you should ask what is not clear to you about the strategy im using but you would rather prefer to cast aspersions. Have you ever seen any trade history record where we got stopped out at -100pips?

I gave a hint of the logic behind the way the EA operates here but im sure you did not see that yet youdid not bother to ask.

Toks2008: A new 20pips position has just been triggered on the hacker EA test account so lets see as it goes.

3 different supp/res levels are usually used to initiate the trades. If euro moves lower to supp 12524 then another position will be opened and if euro descends even further to tests supp 12498, the last position will be opened with all 3 positions having a maximum risk exposure of 5% using 100pips as standard stop loss to give room for random moves. The sl is modifiable with hedging options.

so lets see how it goes.

I am still waiting for direct humane questions regarding how the EA works and i will explain to any one who is interested.http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461

After taking a closer look at euro, we just might see a long intraday pull down to supp 12492 but traders should watch supp 12524 and sell with utmost care if further bearish move occurs but the bullish pull on the daily chart still looks formidable.

Join you later in the day.

Happy pipping

nolly042: gu buy limit @1.5800. just hope am right

The fear of GU is the beginning of success in fx trading. This pair from experience does its own thing. It has no regard for indicators so i tag it the craziest pairs in fx world and infact i advise traders to avoid all these gbp base currency pairs. Too volatile and erratic in movements especially, Gbp/aud, gbp/usd,gbp/chf.

Toks2008: Another 80pips was banked today on the intraday 20pips hacker test account.
http://www.myfxbook.com/members/ForexRefuge/20pips-hacker/349461

As we approach the Asian session i will like traders to see look in the bulls direction on euro but we just might see the intraday bears pushing euro down for a retest of supp 12523 if supp level 12549 is breached.

Traders who want to sell euro should do for for 20pips by placing a sell stop at 12548 with 20pips target and buy back at a retest of supp 12524.But sell only if supp 12548 is tested.

Good night.

so we are going for 20pips right now with the bears.

Trade with acre.

ncpat: @toks2008 demo is different from real, no matter what u can`t exhibit same discipline on both a/c, i don`t mean to be rude, infact you are doing a good job,from my experience in demo and live a/c, i`m always good in demo and bad when it comes to live

You are perfectly right but that is talking about manual trade decisions.In manual trade decisions emotions set in(fear and greed) and i have written many times that even myself with all my knowledge in this business finds it difficult to make millions from this business because of greed which is a factor of manual trade decisions and this was why i advised that traders should code their manual trading method which i have done and testing them.
I repeat '95% of traders will never make it trading manually and i don't care what you think about this fact" so get the proper training you need, develop your own manual trading method that you trust and code it into EA to trade for you just as if you are the one trading manually.


All the test account im running are done with EAs and as you know, EAs have no emotions. What you see now is what you will see on real account. It is only normal for me to test the EA on demo first to see if its functioning as coded.

But just be patient as i wrote, lets make observations and recommendations if necessary on the test account. When i go live by September, we all will be around to see how it fares.

lari03: Just got this fibonacci indicator from an indian forum, need to share for more intense scrutiny from other traders.

There is one secret in using fibos.

As the name implies, fibos are used to ascertain retracement levels and not trend direction of a giving time frame.
lets take this practical case study.
we know that euro is bullish at the moment on the 4hr as well as daily chart.Now if you go down to 30mis/15mins chart you will see a possible pullback emerging. Now this is very important.

-Before you use fibo to make your trade decision, you must first confirm that a retracement has began.
-If you want to use fibo to trade on say 30mins chart, you need to use the fibo levels of a higher time frame.

Now lets approach this in a do it yourself manner.
-Assuming i want to sell euro today knowing it is presently bullish, i will use the 4hr chart to check the retracement status.

1.I will wait for a 4hr candle to close bearish(heiken ashi candle is good to confirm trend change as it filters out false trend and you can attach this to your chart from custom indicator section)

2. i will wait for another bearish candle to form and break the low of the first closed bearish candle by 10pips(attach data window to your chart by clicking on view on the menu bar on your mt4 platform and choose data window. you will be able to see the high/low/open and close price of a candle)

3.Now once you have waited for the 4hr candle to close bearish and a new candle breaks the low of that first closed bearish candle by 10pips you will follow this next step/

4.attach a zigzag indicator to your chart(you will see this under custom indicator).then go to the menu bar and click insert then Fibonacci then retracement.

5. Now carefully place your cursor on the most recent low peak of the zigzag on your 4hr chart euro and carefully bring the cursor up to the current high pick and you will see the fibo levels.

6. Go to 1hr/30mins and you will clearly see where euro retracement may get to and place your trades accordingly.

attached is the picture you will get when you draw fibo on the 4hr chart and the picture it gives you on the 1hr chart

You will see that on the 4hr we have seen a candle closed bearish but no other candle has broken the first one by 10pips so we cant confirm retracement. But if this happens you simply go to 1hr chart and you can ascertain that the next lower fibo boundary might just be tested before the bulls continue their move.

i hope this helps. you can ask questions if you are not clear on any point.