mp6140
Recruit
- Messages
- 13
Mp -- 6.18.2011
350 PM EDST
Aint nothing moving around today so how about a lesson ?
should anyone notice, the majority of the time the price is running until Europe leaves the scene at noon and at that time it "usually" enters into "range trading", moving up to a resistance and then down to a support.
I dont really use MT4 because it limits my options, but the charting program I do use allows me to select ANY timeframe I want, and a good one for me is 1.5 - 2 mnutes, with the 5 minute chart as my "tops and bottoms and trend" chart.
Given that, if the trend is UP, I know that each and every resistance point on the way to the final TP is going to be hit and they are hit in the order they appear --- if the first resist is 0001, then the second will probably be 0002 and so forth.
Now there is a downside also in range trading, and each and every support area "usually" will be one unit LESS than the one before such as --- if the first support is 0001 then the next is 0002 and so forth. Rare indeed would be a situation where the bottom does not follow the top UP (or DOWN, if that is the price direction at that moment)
by simply selecting each one (or a few if you have the margin available) of the supports and the resistance points, you have set up a strategy that invariably wins you pips.
best to use with the new rules are "conditional trades" which are --- "if the price hits 0002, TP and go short to 0001" or whatever the numbers are in front of you --- this gets you around all the silly regs and allows you to trade in both directions with no penalties or FIFO's or any other dogs getting in your way.
Of course, someplace in there the banks are gonna reverse the play for a while (like half an hour before noon, which is almos written in stone), which of course allows you to trade the same TP point more than once ---- in that situation you can either dump your opposing direction trades and take the new ones or hold (depending of course on margin and equity) the "wrong" direction trades, knowing they will come back in an hour and a half "usually"
using MT4 with its limit of one minute will work, but you have to be quick and know your platform inside out so as not to make a mistake, but I check new brokers constantly using MT4 and it works, so I know others can do the same thing.
This range trading silliness is usually in effect right up to when the asians climb on board at night, and sometimes even continues if the banks do not wish to move the price quickly in any direction, such as waiting for news that night or the next day.
The big secret in making this work is to take a long trade when the price is DROPPING (taking it at exactly the correct TP is ULTRA KEWL and very rewarding, but like having you and your significant other both climax at exactly the same time, its VERY desireable but not often realized !) Anyway, the kama sutra is NOT the lesson for today, so take your long while the price is dropping and vice versa, and then you should be ok with the spread and all that stuff.
so grab a demo and try it --- sure you gonna make mistakes, but thats what the demo is for, not your real account !
350 PM EDST
Aint nothing moving around today so how about a lesson ?
should anyone notice, the majority of the time the price is running until Europe leaves the scene at noon and at that time it "usually" enters into "range trading", moving up to a resistance and then down to a support.
I dont really use MT4 because it limits my options, but the charting program I do use allows me to select ANY timeframe I want, and a good one for me is 1.5 - 2 mnutes, with the 5 minute chart as my "tops and bottoms and trend" chart.
Given that, if the trend is UP, I know that each and every resistance point on the way to the final TP is going to be hit and they are hit in the order they appear --- if the first resist is 0001, then the second will probably be 0002 and so forth.
Now there is a downside also in range trading, and each and every support area "usually" will be one unit LESS than the one before such as --- if the first support is 0001 then the next is 0002 and so forth. Rare indeed would be a situation where the bottom does not follow the top UP (or DOWN, if that is the price direction at that moment)
by simply selecting each one (or a few if you have the margin available) of the supports and the resistance points, you have set up a strategy that invariably wins you pips.
best to use with the new rules are "conditional trades" which are --- "if the price hits 0002, TP and go short to 0001" or whatever the numbers are in front of you --- this gets you around all the silly regs and allows you to trade in both directions with no penalties or FIFO's or any other dogs getting in your way.
Of course, someplace in there the banks are gonna reverse the play for a while (like half an hour before noon, which is almos written in stone), which of course allows you to trade the same TP point more than once ---- in that situation you can either dump your opposing direction trades and take the new ones or hold (depending of course on margin and equity) the "wrong" direction trades, knowing they will come back in an hour and a half "usually"
using MT4 with its limit of one minute will work, but you have to be quick and know your platform inside out so as not to make a mistake, but I check new brokers constantly using MT4 and it works, so I know others can do the same thing.
This range trading silliness is usually in effect right up to when the asians climb on board at night, and sometimes even continues if the banks do not wish to move the price quickly in any direction, such as waiting for news that night or the next day.
The big secret in making this work is to take a long trade when the price is DROPPING (taking it at exactly the correct TP is ULTRA KEWL and very rewarding, but like having you and your significant other both climax at exactly the same time, its VERY desireable but not often realized !) Anyway, the kama sutra is NOT the lesson for today, so take your long while the price is dropping and vice versa, and then you should be ok with the spread and all that stuff.
so grab a demo and try it --- sure you gonna make mistakes, but thats what the demo is for, not your real account !
Last edited:
