The Hawk's journal

[Metalhawk]

I probably should have mentionned it, but as of this week, I changed to GMT time charts. So to that extent, I now use Interbank FX demo for analysis (that's the one you can register with by default with MT4).

As for the prices, they are fairly close. It's hard to judge with a demo account because it's not as up-to-the-tick with the market as a live account would be. However, keep in mind that they are both market makers, and therefore both make up their own individual prices. So unless you use the same charts for trading as for analysis, you're always gonna have discrepancies.

As for Oanda's charts, you can add to their uselessness the lack of historical data. I don't think you can go back more than a month or 2, and that's on the daily charts. Lower time frames limit you severly. I'm also not crazy about the fact that if you try to set a take profit or stop-loss by moving the line on the chart, any price change moves the entire chart up or down, changing the current location of the line you're trying to set.

So in retrospect, I believe that EFX will soon have a decent charts package, and I will move there once I decide it's time for the "big leagues".

[luxinterior]

Hi MH

Is the 100 pip a week target your own target or something Nick recommends and follows himself?

Lux

[NickB]

Well I have a 100 pip per week target but I did not recommend it to Metalhawk. I assume he came up with it himself or maybe he hear me mention it and thought it was a good target.

[luxinterior]

Ah OK Nick. Thanks!

Lux

[Metalhawk]

Originally Posted by luxinterior

Hi MH

Is the 100 pip a week target your own target or something Nick recommends and follows himself?

Lux

Sorry, I guess I missed your post. When I first started hanging around here, Nick had talked about having a weekly goal, and I know it was in the 100+, but I didn't know what it was, nor did I really care. I came up with the 100 pips a week by myself. I feel that's an attainable target, but still high enough to be worth it.

[Metalhawk]

First trade of the week, and it's not a good one. I missed the break on the down side of my 222.40 line, and so missed out on easy pips. A few hours later, the new candle crossed back above, and so I took it, but got filled a little late at 222.559. It then proceeded to gradually, but steadily retrace and force me to exit at 222.250. But of course, minutes later, after dropping another 20 pips, it turned completely around and would have reached my profit target.

Oh well. That's life.

Trade #11: -30.9 pips

Total for the week: -30.9 pips
Target for the week: 100 pips

[Metalhawk]

So it kept going up, and crossed my next line at 223.92, the pivot point at 223.98 and the psychological line of 224.00. So I get in long at 224.156, and get out at 224.456 for my 30 pips profits.

Trade #12: +30.0 pips

Total for the week: -0.9 pips
Target for the week: 100 pips

[Metalhawk]

Wow, 3 trades in a day. Not sure I like that. I am still undecided whether or not I should have taken this one. Just like my previous losing one earlier today, the candle following a breaking candle broke in the other direction. I got in short after a break of the psychological/pivot/S&R just like earlier. Got filled @ 223.824, got out at 223.524, for 30 pips profit.

Now I'm done until my farther away lines get threatened, that is 225.62 on the upside and 221.24 on the downside. Both those lines happen to be very close to pivot points support and resistance lines, so gotta be careful there. Lines at 221.06 (support 1) and 225.85 (resistance #2). I may change my mind if things quiet down for 3 or 4 candles...

Trade #13: +30.0 pips

Total for the week: +29.1 pips
Target for the week: 100 pips

[NickB]

Not bad man! You took a loss and won it back x2, that's good trading!

[Metalhawk]

Originally Posted by NickB

Not bad man! You took a loss and won it back x2, that's good trading!

Thanks! But the part I feel best about is that after the loss, I didn't just jump back in a random trade in an attempt to get even. That used to be my problem, and although I slipped last week, those stupid, blind trades happen less and less. I waited for a proper cross, got it (twice), and profited from it.

But Nick, what's your opinion on my dilema? Would you recommend taking an opposite trade on the following candle? Candle #1 crosses your S&R up, you enter, profit from it. A couple hours later, the next candle is now open and it crosses the same line, but down. Do you enter again? Or is it generally more risky?