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============================================ 0.05 lot --- is that a mini ?
I think it is. Should equate to 5.00 per pip?
I think it is. Should equate to 5.00 per pip?
==============================
NAH --- 50 cents a pip
I wanted to make it hard on myself
MP
==============================
NAH --- 50 cents a pip
I wanted to make it hard on myself
MPSo 30.00 per day on the demo if you are doing six hedges. I think my math is right with the micro minis......
So 30.00 per day on the demo if you are doing six hedges. I think my math is right with the micro minis......
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based on 0.05 that is correct, but im also doing other trades on the demo.
the demo was intended to show rookies that a small amount of money, using the methods described on this forumn and throwing in some hedges, can grow nicely if watered, mowed and fertilized !
the hedge was a "throw away", although if one puts a few regular lots on it 5 X a day, it suddenly begins to look like real money !
and where do you think the "original" term --- hedge fund --- came from (before they all got greedy and wanted to be a bank) If they had kept to their original plan, they would be way way way ahead !
mp
MP -- what you may not know about GU
while not obvious when using a "brokers" charts, GU trades in FIVE places to the right of the decimal point for professionals and some very favored retail traders.
this means that instead of GU being 1.9599 as you see it, it can be 1.95993, and that 5th digit are counted as pips also.
so most brokers can easily offer ONE pip spreads because the difference between 1.9599 and 1.9500 is NOT one pip but rather TEN !
of course, if you have a million dollar accnt and are a private trader, you can probably join that world also, or you can use one or two brokers who do give you that extra digit (ECN's do it also)
mp
Wrong Fibo Mukesh....Sorry
Here's the really good one.....
====================================================
There is a better way to teach this, but Ill give you a quickie so you can play tonite, and teach it better as i can.
On this chart, the ziggies are the aqua lines and the LRC's are the 3 yellow lines and the three aqua lines (sorry, i goofed on color for the ziggies, as should have been something else, but youll get the idea !
one draws the LRC (using the tool in MT4) from THE LOWEST AND FURTHEST AWAY POINT on the chart --- it starts at the Ziggy bottom with the one white arrow to the lower left on the chart. One drags the LRC right to the present price -- THE 2 WHITE ARROWS ON THE LOWER RIGHT.
THEN ONE DRAWS ANOTHER LRC, from the HIGHEST POINT that is the CLOSEST to the present price --- that is the aqua lines and they started at the top ziggy where the 3 ARROWS ARE !
now we trade in the direction of the LATEST LRC (the aqua one) using the top and bottom of the LRC as support and resistance points if you are scalping the channel, OR WHERE THE TWO LRC'S MEET (the TWO ARROWS AGAIN), ONE TAKES PROFIT and waits to see if the downtrend will continue.
In this case, the ziggy has produced a stop and reverse exactly at the meeting line of the two LRC's, so one would be very safe taking profit there --- barely visible are the blue dots of the s+r overlay, confirming this.
Im presently using two ziggies, and the chart shows "swing zig zag" which shows the shorter trends within the larger -- one can decide how they like to trade, EITHER going with the longer trend and ignoring the little moves up or down, or have the ziggy that shows those moves, and take advantage of them --- i do both !
If i had shown the longer ziggy, you would see that the line went directly from the top to the present bottom arrow and dot, leaving out the up and down move that the shorter one shows --- as said, one can trade the ups and downs (which keep the margin more in line) or the complete down move from the top (which gives greater drawdowns on those short term reversals) but end up in the same place for taking profit !
as i say so often, theres more than one way to skin a cat (or forex) and while the dots and the arrows and the ziggys and the support and resitance all will show the same thing at the correct points, for overall forex trading support and resistance are the KEY ingredients and a combination of a few of these together will give you some great confirmations.
of course, through all of this, one does the same on the daily and weekly charts and that way you get to know what the REAL trend is and is how i go thru life with no stop losses ! Its an art and a science, but it aint brain surgery and it can be learned.
with just the overlays on the chart, one could prob trade with NO indicators at all, cause the road map is right in front of you !
the really impt part is how you draw your lines, as stated above --- if you draw your lines, and BOTH LRC's are heading in the same direction, youve got one heck of a good trend going !
bed time
mpDo you always draw the LRC's on the 4h chart? Then work your way down to the 5min? THanks
Here's the really good one.....
Yes...this is the correct one.
Thanks.
Mukesh
Do you always draw the LRC's on the 4h chart? Then work your way down to the 5min? THanks
================================================
well yes, no and maybe ! ------ sorry !
when i draw the LRC on the DAILY (which is very important to know overall trend, altghough H4 will work also) It appears on every timeframe, but as the original LRC --- it does not come out MTF unfortunately.
The process works best on the timeframe you tend to work in, so if you trade the H1, use the LRC on that timeframe.
IF YOU TRADE THE HIGHER TIMEFRAMES, there are a few ways to do it --- one of them is to go lower and lower on the timeframes to enable you to get the BEST entry point for your H4 trade, using the 5 or 15 minute to find the lowest point possible, for instance - - - - - -
If your H4 trade is a long, go down to the 15 min and see what direction it is moving in --- if its moving down and you want the MOST pippage from your long trade, wait till the 15 min hits the lowest point, hop over to the 5 minute chart and see if anymore downside (silverlinging and super signals arrows below the 5 min --- if the arrows are below the 15 min, they will prob be hit, but it will also take (usually) another cycle of the 15 min to hit, unless you are very close to a reversal point, where they may "rush" the trade to finish it before reversal ---- 50/50 on that one !)
Now this is ONLY to get you as low as possible in case the ziggy drops lower, but in reality, your H4 long trade will still be very succesful, without the need to get in at the LOWEST price possible, simply because of its length of run, so the above is the PERFECT way to do it, but FAR from needed !
if you trade one timeframe, then draw your LRC's on THAT timeframe and work with it that way !
the ADVANTAGE of the LRC's is that they give an IMMEDIATE and correct picture of whats happening with the price at any moment -- for instance, you may have a strong downtrend, BUT at that very moment the currency is moving UP in that down channel --- unless the price BREAKS thru the top of the channel, one can easily assume it will TOP, then BOUNCE back down --- this tells you first that the downtrend is in place and provides you with the highest possible entry point for your short trade.
other things may well do the same thing, but a strongly visual channel, that can be "seen" in a millisecond, beats anything else out there as there is simply NO guessing !
mp
MP -- more LRC
below is GJ on the H4 chart at the present trime.
the YELLOW LRC's are drawn from arrow one to the present price --- the WHITE LRC's are drawn from the two arrows (or the highest and furthest away point from the present price on the chart)
THE THREE ARROWS show the proposed intersection point of the two LRC channels and a great place to watch for a reversal OR breakdown
as you can see, the currency has been in a downtrend (WHITE LRC) WITHIN a slight up uptrend (YELLOW LRC) and all of that is contained within a distinct DOWNSIDE months long downtrend -- giving us MANY LRC's to trade from.
presently, the price appears to be hitting the bottom of its present short term downtrend within the downtrend, and "should" now bounce UP from the bottom of the WHITE LRC, continuing the up and down run of the zigs (AQUA)
if you look at it for a while, and put it under your pillow tonite, the "aha" moment may arrive more quickly !
gl
mp