Mickey's Journal

[kiravon]

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I'm also buying cable with no TP - just let it run.
I should be ok providing there is no good news from US next
week - thats very hard to imagine )[/color]

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When to get out without TP?

Knowing when to exit can be a life's work but crossing of 5 back over 10
shouldn't be ignored - usually spells reversal and good time to exit

One good thing about higher time frames is you usually have time
to check on this without having to be in front of the screen all day

RESULTS:
25.10 gbpaud sell +157
25.10 euraud sell +94
26.10 eurgbp sell +47
27.10 eurgbp sell -30
31.10 gbpjpy buy +30
1.11 usdchf sell +105
2.11 audnzd sell +57
3.11 eurnzd sell BE

[wiseambitions]

Another point is whether FCA registration affects their Binary Options
activities. I believe they have another trading name for their BO
so it could well be that FCA only cover legitimate forex trading

Binary Options isn't trading ie it isnt buying or selling, it's betting
on whether the outcome will be either higher or lower so no more
can it be viewed as trading than betting on the toss of a coin
which is also binary in nature.

I can't see that being regulated.

To be fair it isnt only BO scammers that cold call, there are
plenty of forex market makers who will hound you for money too,
usually under the guise of being your 'account manager'

So far, out of the scores of brokers and market makers I've trialed, only
two havn't cold called me - ThinkMarkets and IC, both ECN brokers
who are definitely not trading against me and IC are one of the really
big players who have been around 14 years.

Both Australian which can affect platform execution - that can be
an issue if you are trading M1 or M5 but otherwise they seem decent

OK the experience of a colleague of mine, there were 2 things he was upset with, on Binary Options.

One was that the company would find every excuse to never return any capital, but the bigger one was to say that their dealing price was often failing to move with the price behaviour seen at the same time on MT4 CFD brokers. And much to his detriment. I think that should be an aspect the regulators get tough on, because it's all very well being market makers, but they ought to more closely resemble what is happening in the outside world, not move the price a few seconds later to benefit themselves.
I'll never want to involve myself with these merchants, I've had enough phonecalls from Cyprus etc lately to write back and curtly tell a couple brokers they want closing down!

[wiseambitions]

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eg.JPG



I'm also buying cable with no TP - just let it run.
I should be ok providing there is no good news from US next
week - thats very hard to imagine )




gu.JPG


When to get out without TP?

Knowing when to exit can be a life's work but crossing of 5 back over 10
shouldn't be ignored - usually spells reversal and good time to exit

One good thing about higher time frames is you usually have time
to check on this without having to be in front of the screen all day

RESULTS:
25.10 gbpaud sell +157
25.10 euraud sell +94
26.10 eurgbp sell +47
27.10 eurgbp sell -30
31.10 gbpjpy buy +30
1.11 usdchf sell +105
2.11 audnzd sell +57
3.11 eurnzd sell BE

And none of us can predict what the dollar strength will be next week! I actually think the Dollar Index chart is otherwise a good one to add to the list of trade-able products.

[immy]

Just look at EUR/USD chart dollar index and that are completely the same just flipped vertically. IMHO

btw: the 25h oct fruit bar (pinbar) gave a clue as to what would happen and then a high risk event in the horizon, one would have expected some traders getting out of "dollars". now time to check is gold going up? hmmm now that is turning into a string theory...

[wiseambitions]

Dollar v Euro, v Gold, v Dollar Index......... all tell us which way the pendulum swings....... Risk "on" or risk "off".......

Expect the unexpected next week..........

Papers report £ had its best week since 2009. So what? There was a time perhaps 20 years ago when I used to get influenced by such headlines, and thought I'd have some of that too, which took another day or so to get organised, but hey with what we have learned here in the last 4 or 5 years we now know far better when it's time to get in or add or not add any more and get out of a trend......

[kiravon]

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+71 pips banked already and hoping to hit TZ1 for a further 43.

+ Gators up on H1, H4 and D1

- Arguably any trading is high risk this week

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[kiravon]

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If you check back to around 29th September I was interested
in ray's 5/50 type EMA crosses.

The bad news is that they usually lose

The good news is sometimes they run on for thousands of pips.

I wanted to test this to destruction, by really giving it all the
breathing space it needs

The Daily trend was new and up.

There was a major asian spike over the election that could
have finished us

but it rebounded and we're now +600 pips up by design

Meaning I've often made more than this but only by accident,
forgetting to close a trade and finding how demo rich I was
a few months later

Its an interesting experiment proving probably it can be done
and secondly that it isn't my trading style -

I prefer to be in and out within one or two days at the most

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[wiseambitions]

Hi, yes the 6/50 does usually lose, but there are filters which help. One of which I find is the MACD 6.50.50 Sorry it isn't Bill Williams Awesome, but it does seem to filter out most the bad ones.
I don't know why there should be anything special about 50 EMA. It is not Fibonacci nor a simple average.
I don't know why there should be anything special about UltraSignal (which I think is around 80 Linear MA)
I don't know why there should be anything special about the 200 day MA (which many trade commentators talk about quite a lot).
I don't know why there should be anything special about the alligator which works on smoothed not simple not expo not linear moving averages
I don't know why there should be anything special about 9 and 12 and 26 which are the standard settings of MACD
I don't know why there should be anything special about 5 and 34 which are Fibonacci numbers used in construction of the AO

However for some people they definitely do seem to work.
The amazing thing is if you stick to the same signal system on the same time frame and the same MM plan every time, trading will often work out quite good, the winners will far more than compensate for the losers, so long as it is not a ranging market. It is the ranging market conditions, which often prevail, which rip our money from us, and which we need to engage all powers to try and avoid.

[acceleratum]

I know the 200 MA and MACD and all those settings and indies work because people use them, and people are the market, so if everyone reacts to those "levels" they all move in that direction.

[kiravon]

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Like 50% retracement isn't exactly a Fib number, but its
treated as an honoury Fib number for the reasons Pedro gave.

I just read something in an ebook written by one of the most consistently
profitable traders I know -

' Do you want to know how I get the market direction
right so often? - I just guess'

and here was me thinking you ideally need to study technical analysis
for five years!

I'm intrigued by Ray's MACD filter - I'm such a sucker for anything like this,
- I just have to play around and test everything - but I suppose thats how you
learn

Earlier today Rita Lasker gave me a free indicator thats lets you know where
price will go next - but one arrow blue next one red alternating sort of thing

but using it with the EMA 5 and 10 the results have been staggering!

The truth is any of those type of indicators could have acted as a kind of
pre selection filter

you can actually make that stuff up in your head-

when ultra signal changes colour - check to see if EMA 5 and 10 highs and
lows are all pointing in same decisive direction

I haven't checked but you probably would win most of the time.

but the guy above who claims he just more or less guesses isn't quite
as cavalier as he sounds, he has a few very reliable filters

but the point he was making is you might as well guess, providing
you have the right MM.

Here is a sample - He aims for only 5% per day and stop or lose 10%
a day and stop which I don't think ever happens although of course it could.

I think it might be one those things that are as simple as they are genius

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