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LondonUSTrader, The way I do it (did it) is to go in with my scalpers/daytraders mindset just like I would with any trade - 13-15 pip stop on euro, but instead of getting out at the nearest pivot point, I hold of for 100 pips. The 4 hour chart for example tells me that I should hold out for...

I hold a similar opinion to you L.U.S.Trader, and am a daytrader, HOWEVER, at the end of the day, if you are good, there is not much in it between swing/micro-swing and day trading. For example, just for arguments sake, suppose a trader decides to take signals of the 4 hour chart (when it is...

Hey JJ, We are all students in this thread. Hopefully you find your "instrument of choice" be it 6E, ES or whatever. You seem to be doing ok with indexes though - will you shift over completely or partially or in a small way for diversification? Myself I have rediscovered the magic in the...

Your little green alien would either end up like the guy who invented the motor car engine that runs on water or get bought out by UBS for $300 million like they did a while back to that genius thinktank that came up with "a good trading system". Either way, trader alien ain't gonna trade it...

Gotta admit, I hesitated a little but when that spread widened it scared the bajibas out of me as I was about to click sell - and I had to wait for the pullback. At least now I know for sure that they do the spread party trick only 30 seconds before and not 45 seconds before the numbers lol.:p

Glad this thread has really got me foccused on my Pivots again. Today another classic day on the euro. Zig-zaged around weekly pivot at the european open, up to daily pivot - bounced of it once, twice, three times.....a winner. Actually you had exactly 20 seconds to get in short before...

You've touched on a very important point here - sticking through thick and thin with a market you are comfortable with. If it ain't truely broke, why fix it? When I started off trading, I only did Eur/usd and although I have tried other things since then (other currencies, commodities) I...

Also you could look at trading euro on a spot platform. With commission free spreads at 1.5 pips (Oanda) and pretty decent leverage (you can set the trade size to whatever you like - not dealing with "lots" or "contracts") you get virtually the same product to futures with ENORMOUS liquidity, 24...

Good question BlowFish. I use GMT midnight as it is 8 am in tokyo and 9 am Sydney. The daily chart on esig (the charts I use), will automatically use this time as well when deciding the "close".

Always wondered about the European open ES. 2am ET (7am GMT) is sometimes a tad late I find - I like to hit the decks an hour earlier as the moves often start between 1-1.45 ET (6-6.45am GMT). Remember that at 1 am ET it is 2 pm in Tokyo and 3 pm in Sydney - traders have come back from...

eur/usd weekly pivot just got torn to shreds. R2 to S2 (isn't it R2D2:confused: :confused: :confused: )

They work fine on the eur/usd. Todays interest rate announcement was a classic. European open price bounced of S1 (which was sitting just above weekly pivot), moved to PP, quickly went to R1, zig-zagged around R1 for a bit then shot up to R2, bounced of it once, came back up bounced of it a...

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The structre of fx brokers (Interbank and ECN) – a short essay excerpt from: http://www.forexfactory.com/forexforum/showthread.php?t=7484 An ECN operates similar to a Tier 2 bank, but still exists on the third tier. An ECN will generally establish agreements with several tier 2 banks for...

Why do people trade when the failure rate is so high? Why do people form bands when the likelihood of stardom is almost zero? Why do people marry when divorce rates are 60%? Why do people start restaurants when the failure rate is 90%? Why do people get into politics when they have almost...

Historically, USD/JPY has been one of the most politically sensitive currencies because of the perpetual trade surplus Japan runs against the U.S. and other major economies. This made the yen a strategic bargaining lever as U.S. officials sought to open Japanese markets to foreign products, and...

Thanks for that.

Dude, Great trading - H+S's everywhere on that trade (Not to mention business confidence numbers that sucked for NZ) - f***. I missed it (had my eye on a gold long that never eventuated). I need to upgrade my home office and get myself a trading room like NASA's mission control to keep my eye...

At the moment I'm waiting for a long signal - yesterdays noon (ET) onwards price action on the hourlies to me looks like a change of direction for now. Thinking to enter the pullback by early US trading time - and hold till 634. Waiting for price action to confirm.

Great work Poh poh your way ahead of me in absolute dollar terms. Re being conservative or staying in high gear - I feel do what feels right as you can only know if you really do it with feeling. If you feel both equally then take the middle ground. I also just completed my first full time...