EURUSD: Level 4 Sell @ 14:30 CET @ 1.2554 Max low of 1.2514. Note that it also broke the 1.2550 level with strength.
GBPUSD: Possible Level 1 sell confirmed at 9:00 cet @ 1.8205 max low of 1.8159
Level 4 Sell @ 140:00 Cet @ 1.8210 max low of 1.8140
USDCHF: Level 2 Buy @ 14:30 Candle @ 1.2437 max high of 1.2490
Max pips possible today: 40+46+70+53=209 pips. YAY
CORRECTIONS ALWAYS WELCOME.
Did USDCHF have a Level 2 buy @ 9:30 Candle @ 1.2453?
Or EURUSD a Level 2 sell @ 9:30 Candle @ 1.2558?
CAn someone recommend something for getting over the fear of placing a trade. I mean, i'll place a trade and then i'll get a heart attack and exit with little profit. LOL.
The best way to get over that fear is to gather up about 50 trades that have been posted here on this thread, and then review them one by one using your MT4 terminal. Take notice of how long they took to produce profits, how many pips in the wrong direction some of them traveled before producing wins.
Take an entire day and go back to the particular time frame in your MT4 application, look at each trade on a case-by-case basis and make as if you are trading it. Do your best to achieve a conceptual and in-the-gut understanding of them. Pay very close attention to the ones that turned south, but then went in the right direction and produced profits.
Above all, calm down and just simply realize there will be losses, there's nothing that can be done about that. With time you'll come to understand that it's not the losses that count, but the ratio of wins to losses that does the trick.
That buy on USDCHF (09:30cet) is a level 1 buy. It is 21 pips above EMA50.
Let's say we bought it at 1.2453. It went against us 22 pips and it made a high at 1.2490. + 37 pips. At 14:30cet we had the chance to buy more (level 4 buy) at 1.2434 and it made the same high: 1.2490.
About EURUSD trade: It is a level 1 sell (09:30cet) at 1.2558, 21 pips away from EMA50. It went against us 17 pips and made a low at 1.2514: + 44 pips.
Then we had the opportunity to sell more (14:30cet, level 4 sell) at 1.2558 and more (level 4 sell 16:00cet) at 1.2542.
Where we have a lost of 34 pips is on cable if we sold (level 1) at 1.8173 (09:30cet). But then, we had a level 4 sell at 1.8205 (14:00cet). It made a low at 1,8140: +65 pips. We could've added more (level 4 again @ 16:00cet) at 1.8178.
Anyway, a nasty day but, if you had followed catFX50 rules you would have made pips today and only a lost of 34, right.
Yes, you are right. I also mean level1 on both signals and on my chart both open prices are 19 pips away from EMA50.
Look, these demo platforms have different data feeds. They are a mess sometimes. They give you a price 10 pips above/below the right one. It does not happen usually, but it happens. Try to demo this one and you will see what I'm talking about:
We use Neuimex here: http://neuimex.com/
What is yours?
i use neuimex for charting and FXCM for placing trades. And thanks for the Corrections nina, even though i havn't checked them yet. I'll let you know.
Nina, Wouldn't they be level 2 trades? it does satisfy these requirements.
Level 2 Buy:
1. Price is above 50 EMA.
2. Price crosses below 50 EMA.
2. Hist_StepMA_Stoch is green.
3. Price then opens at least one bar below 50 EMA while Hist_StepMA_Stoch stays in green mode.
4. When price opens again above the 50 EMA with Hist_StepMA_Stoch validating (green), we can buy.
Let me know what i'm misunderstanding here.
I am not Nina. It is just my understanding about the difference between level 1 and level 2 trade.
If the Hist_StepMA_Stoch turns from red to green and price opens above the 50 EMA it is a Level 1 buy trade.
If the Hist_StepMA_Stoch keeps i green, first, price goes down and price opens below 50 EMA on one or a few bars, then, price goes up and opens above the 50 EMA and we get a Level 2 buy trade.
Be extra careful trading tonight. There's much reduced volatility in the market because the big players are staying out, they don't want to have any positions open when FOMC data arrives tomorrow.
in this kind of market, i dont think worth it to apply this technique....just wait for FOMC