PeterFM's Posts - Page 4

Alpari Demo Managed Account in Trading Systems Nov 05, 2009 at 10:28

Hi KKThe second 0.1 position was added at a pullback to a Support area and also suffered some drawdown. I closed it on a tight trail placed just below a Resistance area (which I was looking to provide Support) after price had broken above. So the 2nd 0.1 trade was by design.In this newer method I'm simply looking to exploit the overshoot that happens at S/R areas and splitting my position into smaller lots and placing them above and below my designated levels. It has the advantage of keeping your risk the same for the trade while offering the chance to enter with a better average price ove...

EURUSD in Trading Systems Nov 04, 2009 at 23:32

No probs Phil, I'll try and keep my stuff a little more up to date. I'm also posting stuff in the Alpari Demo #2 account in case you want to see more of what I do.

Alpari Demo Managed Account in Trading Systems Nov 04, 2009 at 21:08

Here's a short overview of the new trading method. I still use S/R but it's apparent that on those occasions that price comes back up to re-test one of these areas there is often an over-shoot. In the past I've placed blind orders 10-15 pips above/below a level with the stop set beyond the next major S/R area. Once this has been determined I know how many lots I can place on this trade. As well as blind entries I will wait for certain chart patterns to form before committing to a trade so the entry method I'm going to discuss here would not apply to these sorts of trades at the...

Alpari Demo Managed Account in Trading Systems Nov 04, 2009 at 20:26

Sorry guys, when I got back from France I made some silly errors in entries and position sizing. I usually take at least a week before initiating new entries so I can get back into the rhythm of the charts again.I got a bit carried away (ego tripping, I suppose) and placed some blind entries compounded by careless over-leveraged positions. Before I went away I thought I'd set my default lot size to 0.01 but somehow set it at 0.10 - it's not the first time I've done that 😳 either.So, I've had to live with a large drawdown while I've been waiting for the trends to re-...

Alpari Demo Managed Account in Trading Systems Oct 27, 2009 at 09:40

Two short trades on this pair. The higher trade is a simple fade of the Upper resistance line and the lower one is a break of the Bearish Outside Bar. For my stoploss for these trades I have a maximum of 4 lots available; the initial trade carries only 1 lot and the same with the breakout trade.If the downtrend is confirmed I'll add the remaining 2 lots at pullbacks either in one hit or in separate trades.----------<a href=http://www.myfxbook.com/files/PeterFM/usdcad_Oct._27_2009.gif target='_blank'><img src=http://www.myfxbook.com/files/PeterFM/usdcad_Oct._27_2009.gif /&g...

EURUSD in Trading Systems Oct 26, 2009 at 19:25

OK, nor strictly a S/R trade but definite signs of a reversal with the three-bar highs on the 4-hr chart. The last bar just qualifies as a Bearish Outside bar (yellow arrow) so I placed a Sell Stop just below it.My first target is the most recent Daily Close at 0.9053 although I haven't set a fixed Take Profit at this stage; I want to see how this pair runs at that point.I've been waiting for some proper action on the EURUSD and earlier today things were so quite that I went looking for alternatives to trade. The EURGBP was one of the few that offered anything obvious. I've set my ...

EURUSD in Trading Systems Oct 25, 2009 at 11:06

The problem with reading different individuals methods is knowing how similar they are to you in psychology. Some of us are quick thinkers and can see opportunities on a 5-min chart that the rest of us can't - many are like me, tortoise slow and need time to assess a trading opportunity.I have no system as such and what I do is based on all the stuff I've read over the years and blended into a simple set of rules for deciding when to long or short. I'm not sure if I posted this stuff before for you but I'll do it again. I know you're looking at S/R but I think sometimes you...

EURUSD in Trading Systems Oct 24, 2009 at 20:48

Why would I mind, TT, we both know it's the truth 😉Hope to see you back in J16 sometime soon. Email me if you want to chat any time.

Xaron Oanda in Trading Systems Oct 12, 2009 at 22:33

Hey Xaron - Nearly as good as my results. Keep practising, you'll get there. lol

EURUSD in Trading Systems Oct 12, 2009 at 19:02

Is that Xaron, the Evil Kraut from FF?Thanks for the good wishes and it's nice to go on holiday and be able to forget about FX. All the main trades were closed today and I don't have to think about this stuff for a whole week 😀.PS: I see that all the trades are closed by their trailing stops. Even better, I can start afresh in a week's time.

EURUSD in Trading Systems Oct 12, 2009 at 15:41

OK, that's me done for the week. I still have 4 small open orders that are locked in at break even or better. So there will be a few pips to be added whether they get to my TP at 1.4835 or not.I'm away until the 21st so I wish you all good trading.

Alpari Demo Managed Account in Trading Systems Oct 12, 2009 at 15:32

Thanks biz0101There's a couple of other points that I should mention; If you look at the equity graph you will notice there are big bursts of profit and areas of consolidation. If you then look at the chart of EURUSD, for example, you'll see that my curve sort of matches that of the currency chart itself.I have learned that trading pure S/R allows me to profit whether the pair is ranging or trending. The market, as a rule, spends more time in consolidation than anything else, so it's vital to find a way of surviving these ranging periods and making even a little profit so that your...

Alpari Demo Managed Account in Trading Systems Oct 12, 2009 at 15:05

Hi KKSupport & Resistance is as old as trading itself. Someone else asked this morning if I could give any hints on how I trade. Although the answer is a bit more complicated than 'do this' or 'do that' the basics of how I approach trading is as follows:Hint #1: Open a Monthly chart on any pairHint #2: Switch to the Line chartHint #3: Zoom out as far as you canHint #4: Go back in history as far as you canHint #5: Start looking for all the major areas where price has made a DRAMATIC reversalHint #6: Note the CLOSING priceHint #7: Draw a horizontal line along that price point...

Alpari Demo Managed Account in Trading Systems Oct 12, 2009 at 12:57

So far there have been 77,679 views of the thread and I've heard back from about 50 new traders who have found it useful. I'm not sure about the rest of them - maybe they didn't like what I had to say - or maybe each one of them read it 1550 times each.Sheesh - that's enough punishment for almost anyone 😀

most realistic demo acc. broker when compared to live acc. in General Oct 12, 2009 at 11:05

If you are trading any sort of mid- to long-term strategy, that doesn't rely on an EA, a demo account is good for getting a feel for the mechanics of both trading itself and the broker's platform. Due to the price smoothing that you get on a demo feed there is bound to be a difference when moving into a live environment. To say nothing of the emotional impact that comes when a live trade is in drawdown!If you feel you have a solid method and it has been tested for a few months in demo then go live with the smallest account size you can get. If you can replicate the same or similar gro...

Alpari Demo Managed Account in Trading Systems Oct 12, 2009 at 09:38

Woohooo... Looks like another success story for PeterFM. It must have helped if you're still around after 2 years.Don't stop - lol

EURUSD in Trading Systems Oct 11, 2009 at 22:32

Thanks, it's nice to get another decent comment at last.

EURUSD in Trading Systems Oct 11, 2009 at 14:31

Thanks, it did cross my mind to suggest it but now I can go on holiday and put this behind me.Good trading to all.

EURUSD in Trading Systems Oct 11, 2009 at 13:35

Moderators, please, how long do I have to put up with this crap? I REPEAT, I AM NOT SELLING ANYTHING, NOR AM I OFFERING MY SERVICES AS A FUND MANAGER.I do NOT feel inclined to sit here every 4 hours justifying why I use this site and if there is no way that I can block this persistent idiot from posting in my thread then I will leave and close my section down. I'm not sure where you get your figures from but as you insist on calling me out I will state that I currently have 6 open trades at various lot sizes and these trades have a value the equivalent of +0.75% of my balance.I am more tha...

EURUSD in Trading Systems Oct 11, 2009 at 12:45

Tried to delete 2nd post but can't find a way to do that.

EURUSD	1.0433	GBPUSD	1.2576	AUDUSD	0.6253
USDJPY	156.509	USDCAD	1.43595	USDCHF	0.8933

Posts by PeterFM