PeterFM's Posts - Page 3

Alpari Demo Managed Account in Trading Systems Nov 16, 2009 at 19:20

Small loss on the AUDUSD short - I couldn't be around for the news release and when I got back to the computer I found I had missed a winner just by the amount of the spread. My TP was set at .9325 and on my chart the Bid hit it but the Ask missed. Maybe if I'd been around I could have closed before price retraced all the way back to the stop.C'est la vie!Next.

Alpari Demo Managed Account in Trading Systems Nov 16, 2009 at 12:35

My take profit on these AUDUSD trades is 0.9366, around the last rejection. The reason for the Sell order is to try a new approach to my trading. Up till now I have only traded with the trend and stayed away from the retracements back to Support (assuming an uptrend). What I'm looking to do is pick up small contra-trend trades at key points at S/R levels.On average there is a 50/50 chance that price will pull away from Resistance simply due to the amount of Sell orders that could be waiting there. I'm extending this to any pair I trade on this demo account so be advised that this is ex...

EURUSD in Trading Systems Nov 13, 2009 at 13:36

Hi, I've never watched any other markets. I'm aware that some folk base their trading on Indexes but not me. That doesn't mean it's wrong it's just that I look at my charts and base everything on those.I used to try and get a feel for all this other stuff but I found myself second-guessing what I was planning to do. So, like everything else I've tried over the years, I consign them all to the bin.If you think it helps you, then stick with it but I can't offer any advise as it's not part of my arsenal.

Alpari Demo Managed Account in Trading Systems Nov 11, 2009 at 14:20

Couldn't be bothered. What I'll do is just change the order price to a new level - just done it as price might be pulling back.I've adjusted my stops on one of the running Loonie trades to match the new stop on the new trade.----------<a href=http://www.myfxbook.com/files/PeterFM/usdcad_Nov._11_2009.gif target='_blank'><img src=http://www.myfxbook.com/files/PeterFM/usdcad_Nov._11_2009.gif /></a>

Alpari Demo Managed Account in Trading Systems Nov 11, 2009 at 14:07

Basically, both the EURUSD and the AUDUSD were at major Resistance levels so I wanted to protect the small Aussie trades from taking too big a hit. The two larger trades had good profits locked in anyway. I also moved my trailing stop a bit closer on one of these positions in case there was a strong rejection during the night.I often have long-term positions running and once they have profit locked in I will take short-term trades if I see an initial pullback from a S/R area and play these small trades back to those levels for quick gains. With the Aussie ones it appeared that there was some h...

Alpari Demo Managed Account in Trading Systems Nov 10, 2009 at 09:13

I've two trades running on AUDUSD that I entered on 27 & 30 Oct, check the open trades in Alpari_Demo2.I'm not a big fan of GBPUSD as, living in the UK, all I hear is bad news so I would carry a negative mental approach to Sterling. I know you should simply trade the charts but, heck, I'm human not a machine. 😭

Alpari Demo Managed Account in Trading Systems Nov 09, 2009 at 14:56

Sorry fella (?), I missed this post.No I don't have any threads as there is no method as such. It's all about the trend, S/R locations, position sizing and patience. There aren't too many new traders who would understand what I do and experienced traders are all off doing their own thing so couldn't care less about me.Multiple TFs are key to what I do. The main trend is found on the Daily chart, the S/R levels are found on the Monthly, position sizing is 1% or less and patience is just a very nice girl friend 😁 who really helped me start to make money.Once I have the S/...

Alpari Demo Managed Account in Trading Systems Nov 09, 2009 at 14:34

All I can say is that I'm in for the long haul 😀. I did close one trade at the 1.6000 level just to pop some profit in the bank but the rest are still running.What you could do is stick an ATR on your daily/4-hr chart and set a trail based on that (daily is around 150 pips). I don't like offering this sort of advice as I may get you out of your trade too early or too late. There are two areas you might look for problems; at the next bar highs/lows around 1.5400 and then 1.4300 if you are still in your trades.Learning to hold on to these long-term trades is the hardest thing to ...

Alpari Demo Managed Account in Trading Systems Nov 09, 2009 at 12:09

Another add-in trade on AUDUSD.The 0.9270 level is the lower barrier surrounding my main Resistance point @ 0.9317. I've entered on the pull back to .9270 as I'm still bullish on this pair and am using the straddle entry method that is part of the current demo. I simply place Buy Limit orders 5 pips above Support and 5 pips below Support aiming to pick up a better average price if the market goes stop hunting below Support. If I'm dealing with Resistance then, of course, I would be placing Sell Limit orders.The other two main trades are still live on this pair and all the trades on...

EURUSD in Trading Systems Nov 07, 2009 at 21:46

The idea behind the new demo was to prove some things to me and any new traders who might look in on the account.For roughly 12 months I had traded nothing other than GBPJPY (demo while training myself to master S/R trading) and once I felt I had a good understanding of what I was trying to achieve I then started trading EURUSD in the live account. Obviously EURUSD requires smaller stops, generally, but the principals were exactly the same; (1) Determine the trend(2) Spot a trading opportunity(3) Calculate the place to hide my Stop - somewhere that the Trend had to reverse to take me out(4) Ca...

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 20:52

Please click on the link below to join my Mikogo sessionhttp://join.mikogo.com/?sp=&sid=515716413Please enter the following session information when required:Session ID: 515-716-413Session Login: http://join.mikogo.com

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 20:44

I'm here now if you want to chat.

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 20:07

Looks like I missed you. I meant to say to be on Skype at 8:00 gmt.

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 18:27

If you are ready on Skype I'll post the details then.

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 15:36

I'll also be online at 8:00 UK time - I'm doing a screencast with someone else but you're welcome to join in.Let me know and I'll give you the log in details

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 14:55

I'm around now for a bit

Alpari Demo Managed Account in Trading Systems Nov 06, 2009 at 11:03

First, please cut out the MR Peter stuff. A simple Peter will do fine.It's hard for me to guide you on stops without seeing your charts and time frames. There are two mental and technical reasons why stops get hit.On the mental size we have greed and fear. You start out setting stops too close so that you can pile on the largest position size you can but without any real consideration of where you should place the stops. This is as a result of many peoples' intro to trading, where you are shown 10-pip stops and 100-pip gains. All these promises of 100s of easy pips (ie MONEY), at no ri...

Alpari Demo Managed Account in Trading Systems Nov 05, 2009 at 12:53

Here's a trade in the live account (EURUSD). This time I'm trading Long from the 1.4835 Support level - marked with the thick green line.I've locked profit in as we are getting ready for NFP so don't want to take any chances. You can see the entry orders for this trade straddling the 1.4835 line.----------<a href=http://www.myfxbook.com/files/PeterFM/eurusd09_Nov._05_2009.gif target='_blank'><img src=http://www.myfxbook.com/files/PeterFM/eurusd09_Nov._05_2009.gif /></a>

Alpari Demo Managed Account in Trading Systems Nov 05, 2009 at 12:23

Here's a classic example on the EURUSD. Price rose up to meet Resistance at 1.4835; 2 orders would be placed (1) 10-pips below and (2) 10-pips above.In this case the highest order missed being activated by 1 pip but price was quickly rejected at the Resistance level and after a quick retest fell nearly 70 pips. You could take your profit there or add in on the retracement at 1.4754.If you had a 50-pip stop, that would have been a decent return on a small trade. You see this sort of thing happening on every chart, it's just a question of deciding where your stops need to be and maybe us...

Alpari Demo Managed Account in Trading Systems Nov 05, 2009 at 11:57

Your English is fine.Yes you have it exactly right but remember to base your lots on the worst case scenario. By this I mean that you must first determine your number of lots as if you were only placing one trade. So, if you decided that price was likely to come down to test Support at 1.4600, for example, you might normally place a Buy Limit order at 1.4610 with a stoploss at 1.4560 (50 pips). Let's say that this allowed you to trade with 10 lots at 1% risk.What you do is place 5 lots at 1.4610 and another 5 lots at 1.4590 (average price 1.4600). The idea has two things in its favour. Fir...

EURUSD	1.04409	GBPUSD	1.25806	AUDUSD	0.62585
USDJPY	156.626	USDCAD	1.43559	USDCHF	0.89349

Posts by PeterFM