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Business › Re: Forex Trading - Season 13 by XHTML: 11:21pm On Jul 14, 2013

Buystop Aud/Usd 0.9090. SL 20pips. TP 0.9184.

Business › Re: Forex Trading - Season 13 by XHTML: 7:59pm On Jul 14, 2013

Igwe OO: FTA amaka. lots of beautiful people sharing ideas for the benefit of all. Una thank you very much.

Yea, its hard coded hence I couldnt find where to modify it to 14days, to check the difference between 7 and 14 days. Earlier today, I attached both (ADR and ATR) on oil chart and there seem to be a little difference in there daily range projection but not that it matters much. As you mentioned, you can upload the modified version (14days) for the benefit of all interested.
Me, i would be using both. ATR lets you know where to add more position. ADR, where to take profit and sometimes too, lets you know price direction.

Thanks bro. Ya dikwara gi nma. (let it be well with you)

We can only but try to beat the odds, bro. I've found both tools very essential for my intraday trading.

Find Attached. 14Day ATR Projections and 5day ATR Projections. You can find which one is more convenient.

teeboy4x: Please help me with the swing points indicator
Thanks

Find Attached. The Swing Points Indicator. If you want to draw Fib. Lines, you'll find this very helpful.

Business › Re: Forex Trading - Season 13 by XHTML: 9:31pm On Jul 12, 2013

yomex_y2: it really feels nice to have a story behind a trade i intend to take and to see the story play out the way i wanted.i have a buylimit waiting at 2/8th. for those wondering what those lines are... Google murrey math and read it up. Enjoy your weekend friends

Very interesting, Murray Math Lines. From the Top of the Octave to the Baseline. I'll be looking further into this during the weekend.

Business › Re: Forex Trading - Season 13 by XHTML: 8:24pm On Jul 12, 2013*

Igwe OO: Thanks bro for the insights. Reading this, its more like we share similar trading strategy (buying/selling based on resistance and support) and also, similar indicators. Also, based on what I have seen, combining the ADR and ATR would make for a profitable trade. The other thing I want to ask is, in terms of the projections/daily range by both the ADR and ATR, there seem to be a very little deviation and you wrote earlier that you adjusted the ATR to 7 days where as the ADR is for 14 days, i just want to know where I can be able to adjust it to 14 days. I only want to compare both (7days and the 14days) to see the level of deviation.

Oh yes, Support/Resistance zones are key to my trading system too. Both the ATR and ADR are similar (the ATR can be applied to any TF though while the ADR gives the average range for the day only) but I don't use them both at the same time. (I think what I wrote was I adjusted the ATR to 7days, but some traders using the ATR are comfortable with 14days)

The ATR indicator I attached on my other post is modified and hard coded to show the ATR of the past 7days and the current day's range. Settings weren't really provided to easily switch the periods, but I'll try to upload a modified version of this based on 14days.

If you want something quick to glance at, you can use the default ATR on the MT4 platform, and switch the period to 14 on the daily Timeframe. The screenshot attached shows the ATR (14days) on AUD/USD at 133, (couldn't position the price label at the exact spot) while the ATR (7days) is 140.

To get the 'ATR Projection Up' (on a 14day setting), you'll simply add the 133 to the days low (i.e 0.8996) = 0.9129 (as against 0.9137 with the 7day period) and 'ATR Projection Down', subtract 133 from the day's high (i.e 0.9189)= 0.9056 (as against 0.9049 with the 7day period).

*Thought I'd add this too - The ATR (5day period) for today is 148 on this pair. Similar to what you have on your ADR indicator, right? If true, that means your ADR is calculating based on the last 5days.

Business › Re: Forex Trading - Season 13 by XHTML: 4:57pm On Jul 12, 2013*

elewedu: bros u be institutional trader....abi that ur profit is in cents(just musing aloud)

Nah, I wouldn't upload a chart with profit in currency, it's all in points (pips i.e).

All thanks to the bullish trend on Gold . I clung to it till I was stopped out this morning (my target was 1275.xx anyways). Strategy was same as always, move the SL along new support zones (focus on the H4 timeframe).

Indicators
-Heiken Ashi - replacing the default candles, filtered out the noise, and helped me visualize a clear trend.
-Parabolic SAR (green dots) - used this as a buy confirmation and as an exit confirmation (I have to say this is a lovely combo with the heiken ashi).
-Support/Resistance - crucial this one, since it was a bullish trend, I used this to visualize key support levels so I could move my stop loss along (and trap in the profits as I followed the trend)
-Swingpoints (red/blue arrows) - useful to get the high/lows, didn't really need this but I always have it on, incase I need to draw up a quick Fib. Line or the likes
-MACD - used this in conjuction with the parabolic (also to identify overbought levels)
-Fisher m11 (blue/red histograms in the Macd window) - had this so I could detect a change in that trend and possibly exit in time.

Little offline engagements took me away from the screen but I checked the trade a couple times daily to see how it was doing or spot a good entry point to add positions (if I got alerts).

Decided to close the trades this morning - notice the change in trend (Fisher m11) and the MACD indicating overbought levels. Moved all SLs to my target and they got closed out - 23,000pips from all 4 positions.

Business › Re: Forex Trading - Season 13 by XHTML: 4:14pm On Jul 12, 2013

fxbomovi: thanks for the explanation. I bought uj. Tp is at 99.5x. But atr says 99.7x. Am watching to see if price will reach atr level

You seem doing just fine with it. The indicator doesn't give you directions however, but projects a possible range in which a currency or pair can move.

There are three bands that will be displayed on the chart. The outter bands in plain black is the 100%, followed by the 70% and the mid 50% band. (or the High 1, high 2, high 3 and Low 1, Low 2, Low 3 respectively) - whichever way you like to call them.

On a conservative level, you'd want to have your TP at or a little above the 50% band level, If price breaches the 50% band towards the 70% and the band does not move along, it would indicate that momentum might be slowing down - around this point I most times take part profit, if possible (or switch to trailing stops).

If price breaches the 70% level up to the 100% band and the bands don't move along, then clearly momentum is slowing down and you'd want to be cautious about taking any new trades from that point unless you have a strong reason to (fundamental triggers and the likes).

You can see what happens in the attached chart (audusd) for example.

I got in after the support was breached, took part profit 0.90409 and closed the remainder at 0.90104 as clearly the bearish momentum was running out.

You can see that even though price surged down below the 100% band, it retracted, with price closing for the hourly candle at 0.90325. Anyone taking a further sell position below the 100% band level would be lucky to escape with no loss. When I opened the position, the Low 2 was around 0.9075x but you can see where it is now.

Since my core trading system revolves around selling the tops and buying the bottoms (especially in ranging markets). (I've long found out that I often get into trouble when I try to jump in mid-way), this is one of the useful tools in my arsenal.

Also, see the Usd/Jpy chart attached. Notice how the ATR projections might've helped one trade with precaution.

I'm not close to my storage device I'd have attached some concrete pdf materials on this but well, here is one I could locate at the moment (see link), you may pick up some points from it).

http://www.filedropper.com/tradingwithatrprojections

Business › Re: Forex Trading - Season 13 by XHTML: 10:35am On Jul 12, 2013

Just in. This is a good read:
http://www.dailyfx.com/forex/education/trading_tips/chart_of_the_day/2013/07/12/Entering_Trends_At_Great_Prices_With_Corrections.html

Business › Re: Forex Trading - Season 13 by XHTML: 10:29am On Jul 12, 2013*

emmykpes: Thanks very much XHTML for this indicator,but pls lets know how to interprit these datas it gives to place our trades? we need you to school us we be newbie o!

Odionastron: PLS on this ATR indy , what does these values stand-for?
Today
ATR
Pip Value
ATR projection Up
Atr Projection Down

Today = shows the current day's range (in pips)
ATR = Shows the average daily range over the last 7 days (I use 7days as it's convenient for me, some traders use 14days)
Pip Value = Well, basically showing you profit per pip on the pair you're viewing - cosmetic inclusion, nothing major.
ATR Projection Up = well, basically this is a calculated value of the low of the day + the ATR
ATR Projection Down = calculated value of the high of the day - the ATR

As per usage, this is very key to intra-day trading within the statistics, with what's feasible, so you know how to be prudent in your profit targets and most importantly you can gauge if entering into that trade is a little late.

Most times we often see a price surge and we jump in, only for price to reverse or continue sideways - I know it's happened to everyone at some point in time.

In a little while, I'll post some more details on how I use it along with some charts but it's basically just a gauge to show what was applicable in the last X number of days on average, so for example, if price reached the ATR Up projection, you would be cautious about taking a long from that point - unless you have a strong reason to, and vice versa for the ATR Down and entering a short position after price exceeds the projection.

Business › Re: Forex Trading - Season 13 by XHTML: 9:26am On Jul 12, 2013

naijababe: Exited my longs at +3pips, everything is pointing to a southern move on oil. Bearish rail road on the daily, price currently sitting on upper channel trendline on the 4h and potential head and shoulders on the hourly.

Precisely so. I'll be patiently waiting for a penetration of the 104.xx support - Targeting 102.2x and possibly under 101.xx.

We may see low volatility today though.

Business › Re: Forex Trading - Season 13 by XHTML: 7:52am On Jul 12, 2013

Sell Stop 1273.93 on Gold. Potentially TP 1259.xx, SL above the previous support (1278.53 good) or 400pips.

Business › Re: Forex Trading - Season 13 by XHTML: 7:34am On Jul 12, 2013

XHTML: Yes, this is valid. Soon as that resistance is breached.

Left my positions over the weekend. And I still have my TP at 1275.xx

Target Achieved on Gold. However, Rather than exit, I moved my SL to the TP - just under the 1277.xx support.

Business › Re: Forex Trading - Season 13 by XHTML: 10:31pm On Jul 11, 2013

fxbomovi: pls attach the atr indicator

See the Attached. I saw some posts about the ADR some pages back (good tool). Well, This is what I use.

Modified version of the original MT4 ATR to show levels/calculated projections (the default MT4 ATR many find to be a little hard to read). I'd recommend every intraday trader to incorporate any of the two(ADR or ATR) in their trading systems. I personally find the ATR a very vital tool for intraday trading.

Hope that helps.

Business › Re: Forex Trading - Season 13 by XHTML: 8:23pm On Jul 11, 2013

naijababe: Watch out for the daily, I still have a pending short at 106.30/50 area.

The support at 104.18 appears to be a keen one. Not breached. Exited my short at 104.49 though.

Watching for a breakout in either direction (Above 105.50 longs, Below 104.00 shorts).

Business › Re: Forex Trading - Season 13 by XHTML: 3:13pm On Jul 11, 2013

XHTML: Sell Oil at market price (I got in at 107.03). Have your SL above 107.50.

I'm going to leave this one out till tomorrow.

ATR Projection reached (didn't think it would happen today). All the same, SL Modified. Looking to TP still at 104.49 unless I'm convinced I should leave this trade on till tomorrow.

(It appears the bears are loosing a bit of steam however).

Business › Re: Forex Trading - Season 13 by XHTML: 12:31pm On Jul 11, 2013

^ Well, Apply caution too. We've got US Unemployment claims data reeling out in an hour time.

Business › Re: Forex Trading - Season 13 by XHTML: 12:04pm On Jul 11, 2013

ehizmac: i was selling EU but secured it at 15pips...now EU is heading north...

Hmm, I'm not entirely convinced. Bullish in the long term - likely, but price going above 1.313x for a second time today, not likely.

Let's just see what happens when the New York Markets open. Just my view though.

Business › Re: Forex Trading - Season 13 by XHTML: 11:46am On Jul 11, 2013

XHTML: Sold Eur/Usd at 1.3059. SL 1.3071 - Should head back under 1.3000

SL hit. (took part profit at 1.3031 anyways). I'll wait till the New York market opens before revisiting this pair.

Business › Re: Forex Trading - Season 13 by XHTML: 10:38am On Jul 11, 2013

I think a lot of us will this this a good read.

http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2013/07/11/Trading_Well_When_The_News_Hits.html

Print and digest!

Business › Re: Forex Trading - Season 13 by XHTML: 9:46am On Jul 11, 2013

naijababe: Boss, finish ke? Make e enter 110.xx jare, then i go happy wella.

You sure have rode that trend nicely from the 90s. The HMRC must be joyfully anticipating a little something. wink

I've been watching for a good spot to sell from the top. The fundamental tensions appear to be easing.

Business › Re: Forex Trading - Season 13 by XHTML: 8:33am On Jul 11, 2013

Sell Oil at market price (I got in at 107.03). Have your SL above 107.50.

I'm going to leave this one out till tomorrow.

Business › Re: Forex Trading - Season 13 by XHTML: 8:27am On Jul 11, 2013

Looks like Bernanke's attempt to clarify the QE timeline may have spurred a lot of confusion.

Congrats to those who profited from those surges!

Business › Re: Forex Trading - Season 13 by XHTML: 8:09am On Jul 11, 2013*

Sold Eur/Usd at 1.3059. SL 1.3071 - Should head back under 1.3000

Business › Re: Forex Trading - Season 13 by XHTML: 8:00am On Jul 11, 2013

iheanyiebeneze: in just 2 hours EURUSD moved 200pips.

Which is good for me. Left a buystop at 1.2819 yesterday.

Feels good to see gold getting it's shine back. All my 5 long positions doing well.

Business › Re: Forex Trading - Season 13 by XHTML: 11:21am On Jul 09, 2013

And if I may add to the new/intending traders, I don't think this is a thread to Learn the basics of forex trading. This is practice, more like the battlefield.

So do yourself a favor and do a little reading, go through courses and get a little proficient in reading/understanding the charts so that when one posts an alert or trade call on the thread, you'll be able to analyze it, decide if you can go in or not and maybe provide an opinion.

You have to get the basics right beforehand. #My two cents.

Business › Re: Forex Trading - Season 13 by XHTML: 11:04am On Jul 09, 2013

I don't believe it. What's all the squabble about? You want to show you're really on top of your game, link your account to Myfxbook or the likes, and let the ROI speak for itself.

I presumed this thread was an avenue for traders to share ideas, give opinions and insights to any trades they took, not compete. That one trade went in your favour doesn't mean you're king of the hill, neither does one going against you make you a complete newbie. The whole trader rank thing is just a fallacy. It will be evident in the long run if you know what you're doing or not.

I'll be shocked if there's anyone waiting on the sidelines and initiating every single trade alert posted without cross-checking, because as it implies it's an alert - a little something to inform or warn you of possible price moves from another traders' perspective.

So let's respect each other's opinions on here. Everyone is entitled to showing their perspective of the markets, no matter how they analyze it. The actual trading decisions and churning of profits lie with each individual trader.

3 Likes

Business › Re: Forex Trading - Season 13 by XHTML: 8:45am On Jul 05, 2013

Missed all the action yesterday and got stopped out on my last trade. Let's see what today holds.

Business › Re: Forex Trading - Season 13 by XHTML: 10:19am On Jul 04, 2013

Buystop Eur/Usd - 1.3012, TP 1.3094, SL 15pips.

Business › Re: Forex Trading - Season 13 by XHTML: 10:16am On Jul 04, 2013*

I'm off gold for today. IMO, we won't see any major moves, and I don't think there's any valid selling opportunity, unless you're looking to scalp. This is Xau/Usd remember?

Just preserve some capital for tomorrow's kill.

Strong resistance, time to close my long position on the Nasdaq E-Mini, sold Nikkei, expecting TP at 13995 (might roll into tomorrow however)

Business › Re: Forex Trading - Season 13 by XHTML: 9:02am On Jul 04, 2013

Wouldn't sell Eur/Usd now. I don't think there's any momentum on the downside. Not even to 1.2974

A lot of market participants are on the sidelines. Best to wait till 10am (nigerian time) upwards so we may get a clear outlook.

Business › Re: Forex Trading - Season 13 by XHTML: 4:44pm On Jul 03, 2013

naijababe: News is so super positive for oil, just got out of my sell and standing aside.

Yeah, besides that, there's some uproar in Egypt, causing quite a lot of tension especially regarding the Suez Canal.

Growing demand all in all.

Business › Re: Forex Trading - Season 13 by XHTML: 1:45pm On Jul 03, 2013

^ Not sure which news event and currency pair you're referring to, but the Trade balance and Unemployment claims show a decline below the forecast.

Anyways, the data gives me a little confidence to leave my long positions on Eur/Usd and gold running.

Politics › Re: Fuel Scarcity Hits Lagos As Petrol Stations Shut Down by XHTML: 9:51am On Jul 03, 2013

This is quite serious. Just as oil theft is hampering down on operations.

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