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Ian Coleman - First 4 Trading
Ian Coleman of First4Trading.net explains in a technical analysis of charts why he is trading EURUSD. Coleman is looking to sell EURUSD at 1.1660 with a stop at 1.1690. His target is 1.1565.
Squawk / 12 July 2016 at 19:56 GMT
Hi fxtime, so, I´ve been reading a lot of your trades.Can you post an example of a trade you are doing and maybe explaining a little the steps?? Thanks !!!!
1y
fxtime fxtime
No probs....the attached link is a trade set up from today and is still running. Explanations and charting is shown too.
https://www.tradingfloor.com/posts/attached-is-a-eurusd-chart-but-you-can-apply-to-most-liquid-markets-but-require-a-different-time-ref-7907468
1y
Estuardorlemus Estuardorlemus
Thanks fxtime, I am reading and testing this very slowly, you´ll see me asking here later ;)
1y
Estuardorlemus Estuardorlemus
Which indicator do you use as a guide to define a short or long? , by VaR yo mean Variance?
1y
fxtime fxtime
There are NO indicators such as RSI or MACD etc etc....the trade described is about a trading range ONLY. Should you see the charts price move beyond the high or the low of the 9 - 10am range then open a trade in the same direction. Probability suggests 84% of the time you will earn at the very least +5......ignore the VaR reference as that is for ex pro traders who know an old risk measure function called Value at Risk and this trade works on that theorem !
1y
fxtime fxtime
Estuardorlemus...a new trade has just been posted using this strategy..use the link above for details....hope it helps?
1y
Estuardorlemus Estuardorlemus
Really appreciate taking your time to reply, " Probability suggests 84% of the time you will earn at the very least +5" So you make +5 , do you close the position? , after that, when do you open again ? and when you say the stratefy trigger again what do you consider?
1y
fxtime fxtime
The risk aversion and money management is down to you. I simply state that you will earn NET a minimum +5pts....after which you close your trade and bank your profits or half your trade and let the trade run to earn more. The trade set ups I have been publishing overlay each other so you can mix and match them for a stronger trade set up. Safety triggers are ones that secure your profits by placing a stop that secures a small portion of profit and allowing a trade to continue onwards without being a risk to your trading account.
1y
Estuardorlemus Estuardorlemus
Ok, thanks. So when exactly do you enter a trade? in this case you use the EURUSD hourly chart, then when it breaks the high of the past hour you enter the trade or when? . Do you scalp in every change of the hourly candles?
1y
fxtime fxtime
The 9 - 10 candle range is your price breakout range. The eurousd currently has a spread of 1.5pips on my Saxo trade ticket so add 1 to that figure. Should the market move 2.5pips above or below the trading range you open a trade in that direction. Today we broke upwards so we go long at 1.1065 with the view that you will earn at the very least +5 which we have done and surpassed. So now put a safety stop in place say 1.10750 which ensures the trade can run and you eliminate risk. However at this late stage of the day I would also halve my trade now at 1.1105 securing an easy +40 so afr and let the remainder run without risk.
1y
fxtime fxtime
Remember the trade set up has a maximum time frame of 24hrs then you re-assess at the next 9 - 10 time frame. We have had a continuous up day which has a probability of occurring 1 in 4 trading days on average. We had the same yesterday but never think because the odds are 1 in 4 that they don't repeat as each day is an independent day and these tardes are not conditional on prior day moves which is why you reset your trades every working day.
1y
Estuardorlemus Estuardorlemus
Thanks for the explanation, will be paying attention to your articles. Have a good day fx time!
1y
fxtime fxtime
You too.

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