09:30GMT EURJPY Short-term:
02:15GMT Another climb UP is looking likely as market is holding back the DROP except EURUSD.
01:00GMT Good Morning friends, As you can see all our pairs are doing their best to complete Month-end cycle. We'll be seeing extreme ranges soon but to do that we need some consolidation in next few sessions. Most of the pair is thinking DOWN; EURUSD is already into DOWN gear.
How low do you see the drop in EJ? I see mid 112 in the next day maybe??
ReplyDeleteI think the first stop will be 113.50-30ish and then if it breaks the support then another 100 pips drop
ReplyDeleteHi Jeeson, thanks for your comments yesterday even though some of it was beyond me. Please comment on gbpusd as you see it for next 1 or 2 weeks. Have we seen the top? Thanks
ReplyDeleteRich - I think u mastered the strategy; small tweaking in targets ;D
ReplyDeleteMohi - Technique is different for hedging - not to do with channels i.e my channels concept in smaller time frames.
Regarding GBPUSD short-term target is already achieved i.e 1.56-57. I expect the start of month will be spikes UP & DOWN so its a good time to book profit on hedges. First target is 1.5480ish
My instinct says that we should try 1.53ish soon.
ReplyDeleteHi J, The problem is where do i close hedges? If I close it for example at 1.5620 (today's high) but when it rises - my safety hedges gets hit and I am stuck with two positions, perhaps with 600 pips gap or something. I am not in that position as already at several points in last 1 week, I thought I have seen the top and closed hedges and to have my safety hedges hit again, so while the market have moved 200/300 pips, I may only gained 100 pips or less as I have been fighting the trend.
ReplyDeleteI want to learn properly the intra day trading, where I want to follow Dr's strategies - sometimes it doesnt work such as it rises after 30 min of the session etc. This is how I got stuck into hedging positions. I dont want alcohol cocktail anymore.
Your envelop strategy hasnt worked for me. I put envelopes in my mt4, but I cannot see it working well for me perhaps I think I did it wrong. Can you put the whole thing from A-Z again pls, may be this will also help new comers here. Please assume I have zero knowledge, not beyond how to put RSI at charts. I have no scripting knowledge. It does not need to be done today or tomr, sometimes soon when you have some free moment. Appreciate your feedbacks and wish you well trading. Thanks, Mohi
Mohi,
ReplyDelete1.
I'll tell you a simple hedging strategy - take 15 mins chart of any pair.
2.
Mark levels of 82,68, 32 and 18 in RSI indicator
3.
At levels of 68 & 18 you should buy & levels of 82 and 32 sell. Profit taking 40 pips. This is certainly hedging but sensible one.
4.
try it for few weeks, don't panic if you get it wrong initially, try with smaller lots and do your analysis on all the trades you did with this strategy. Once you do your analysis for 1-2 weeks you can do it on any indicator or even just on prices.
I think the problem lies in the basic concept of hedging. Only experienced hands should get into that. It works to perfection only with 4 or 8hrs timeframe not with 5 mins. "I thought I have seen the top and closed hedges" -here you are looking into short-term in a long-term strategy; this will not work at any time.
I'll do Envelopes again t'mrrow - but for bigger timeframe. Meanwhile try RSI hedging
The RSI is for 5 or 14 but 5 is better.
ReplyDeleteI thought to add one more note - "what you focus on" matters in hedging than a random hedge entry.
ReplyDeleteGolden rules in hedging:
1.
Never hedge SELL/BUY at same price.
2.
Must follow a or combination of strategies (my 8hrs envelopes follows with RSI- RSI is key with ENV). Should follow the rules all the time even when you are emotional trading.
3.
Plan whether you want intra or swing trading. I do both but I can with stand upto 2000 pips -ve move in all four pairs. I plan my lots for pretty bad markets too. Years of experience will teach you this.
I've ten but listing only 3 at this time.
Thanks alot, doo list others pls unless you dont want to..regards
ReplyDelete