Friday, April 25, 2008
Steve wrote:
> Hi, Neal,
>
> Great charts in yesterday's update, and in your sneak preview. I am now starting to catch on as to
> how best to make use of your posts.
>
> Question that I thought might be helpful to others as well as me. Especially as I miss trade set
> ups, as I am sure others do, although I realize we are not, and cannot, catch all trades. But no
> need to answer unless you have some key important suggestion you would like to present, as I
> understand this falls well into the realm of individuality among traders.
>
> Would you care to comment on a trading "schedule" that would preserve our minds from burn out and
> empower us to be more effective traders? I know that you are not in front of your computer all
> day, and you are highly successful. So, what would be "one" example of a productive schedule? For
> example, would you recommend checking the 240m charts every 4 hours, then the 60/30/5 every hour
> once we see a 240m nearing a cross of the TRSI beyond 60 and 40 levels?
>
> Just a thought. No rush ... in your "spare" time :-) ...
>
> Steve
Steve,
The Daily Forex Charts service provides the best trading zones on many currencies, and provides that information in advance (sometimes days in advance).
My schedule varies dramatically from day to day, so I do not have a highly repetitive schedule. Life seems more enjoyable that way!
Most traders can't trade 24 hours a day. So the objective is to find the best trades during the time that is available for trading.
Generally, you should focus on currencies that are active during your available time. So if you are trading during the Asian session, look for trades in the Asian pairs (JPY). This is most true for traders of lower time-frames, say 30 minutes and below. These traders would then concentrate on the updates from DailyForexCharts.com that are for their favorite pairs.
For higher time-frames, where trades will extend over several sessions around the globe, your trading options expand to many currency pairs. You can trade a wider variety of charts, but your daily trading hours may be limited. In this case, you can look at the videos from DailyForexCharts.com and then watch your charts for trades that are confirming. If a trade is initialized during your trading hours, you may have to place an exit in the market to take you out while you are away from your trading desk.
There are websites that will send email and phone text messages based on alerts that you can define. Also, some charting software has this facility too. That will enable you to spend time on other interests, then pay attention to your charts when you receive an alert.
Other than that, if you trading hours are not limited, you could set a schedule to check your charts every few hours. Then watch more closely if your trades are setting up. The schedule for this would depend on the trader.
-Neal.
Posted by FibMaster @ 10:18 AM PST [Link]
Wednesday, April 23, 2008
I apologize for not participating on this group lately. I've been
totally absorbed in my new website http://www.dailyforexcharts.com
Below is a sneak preview of today's updates from that website. Not
only great trades in positive territory, but also answers to trader
questions. It's the questions and answers that can make a real
difference to your trading, so definitely watch these updates.
4/17 AUD/JPY
4/17 GBP/USD
4/17 GBP/JPY
4/17 NZD/USD
4/16 EUR/USD
4/16 EUR/CHF
4/16 EUR/JPY
4/16 AUD/USD
-Neal.
Important legal disclaimers:
DISCLAIMER
It should not be assumed that the methods, techniques, or indicators
presented in these pages will be profitable or that they will not
result in losses. Past results are not necessarily indicative of
future results. Examples presented on these pages are for educational
purposes only. These set-ups are not solicitations of any order to buy
or sell. The authors, the publisher, and all affiliates assume no
responsibility for your trading results. There is a high degree of
risk in trading.
NFA Disclaimer
Hypothetical performance results have many inherent limitations, some
of which are described below. No representation is being made that any
account will or is likely to achieve profits or losses similar to
those shown. In fact, there are frequently sharp differences between
hypothetical performance results and the actual results subsequently
achieved by any trading program. One of the limitations of
hypothetical performance results is that they are generally prepared
with the benefit of hindsight. In addition, hypothetical trading does
not involve financial risk of actual trading. For example, the ability
to withstand losses or to adhere to a particular trading program in
spite of trading losses are material points which can also adversely
affect trading results. There are numerous other factors related to
the markets in general or to the implementation of any specific
trading program which cannot be fully accounted for in the
preparation of hypothetical performance results and all which can
adversely affect actual trading results.
CFTC Disclaimer
Hypothetical or simulated performance results have certain inherent
limitations. Unlike an actual performance record, simulated results do
not represent actual trading. Also, since the trades have not actually
been executed, the results may have under- or over-compensated for the
impact, if any, of certain market factors, such as lack of liquidity.
Simulated trading programs in general are also subject to the fact
that they are designed with the benefit of hindsight. No
representation is being made that any account will or is likely to
achieve profits or losses similar to those shown.
Posted by FibMaster @ 02:13 PM PST [Link]
Sunday, April 13, 2008
In case you've been wondering what happened to me... I've been totally absorbed in getting my new website up... http://www.dailyforexcharts.com
The attached chart is from that website this week.. The chart says it all. Shorting zone where the red arrow is.. What happens? Many pips to the downside!
I'll be back to post more here in the future, but still need more time to get the new website established..
Posted by FibMaster @ 01:44 PM PST [Link]
