Forex Trader Chat

4 Hour Forex

Jim — Sat, 07 Apr 2012 03:13:31 +0000

More to come….

27 March 2012 – 0606 EST – GBPUSD Short

Jim — Tue, 27 Mar 2012 12:25:08 +0000

The 3 minute chart presented 2 opportunities for trades this morning during the London session on the 3 minute chart. I did not take advantage of the long trade at 0357 EST, but I did execute on the short at 0606 EST (actually entering at 0636 EST at the same place.)

27 March 2012 - 3 Minute GBPUSD Chart

I traded 3 contracts using the most recent swing high as my stop level at 1.5991, shorting at 1.5974. I used the ATR indicator on the 15 minute chart (below) to help determine appropriate target levels of 1.5966, 1.5956 and 1.5946.

27 March 2012 - 15 Minute GBPUSD Chart

I used to look for trend alignment on all timeframes and then enter in the direction of the overall trend, but often finding out that I was getting in at the very end only to get stopped out for a loss.

Lately I have been looking for counter-trend trade on the 15 minute when I get trade signals on the 3 minute chart. They seem to work out pretty consistently.

I still look to the 4 hour chart to make sure the there are no major support or resistance areas directly in the path of my trade.

27 March 2012 - 4 Hour GBPUSD Chart

2 Small Scalp Trades Today in EURUSD

Jim — Mon, 19 Mar 2012 22:16:57 +0000

There was low volume this morning in the 6E at the European market open (0300 EST) so I stood aside on the early morning trades. Just after 0700 EST, when the London and US markets start to align, I found a few trades to take advantage of.

0704 EST - 6E (EURUSD FUtures) Long Setup 450 Tick Chart

I was able to grab a few ticks on a long that setup at 0704 EST on the 450 tick 6E futures chart, utilizing the 1 range EURUSD FOREX chart for my entry.

19 March 2012 0704EST - EURUSD 1 Range Chart

The lack of activity caused a lot fewer tick chart bars to generate, and the next setup didn’t occur until just before 0900 EST for a short on the 6E.

0852 EST - 6E (EURUSD Futures) 450 Tick Chart Short

Again I used the 1 range EURUSD FOREX chart for my entry, so I could utilize mini contracts to better manage my trade. I left a few ticks on the table, but managed the trade profitably getting stopped out on my final contract looking for the possibility of a runner.

19 March 2012 0852 EST - EURUSD 1 Range Chart

Some real nice long trades setup later on in the morning, but the early morning choppiness prompted me to stand aside, unfortunately.

19 March 2012 - 1027 EST - 6E 450 Tick Chart

There will be more trades tomorrow…

GBPUSD 4 Hour FInal Chart, V2

Jim — Sat, 17 Mar 2012 01:11:32 +0000

Well, price never got to where I wanted it to go, but the stop loss was a good call too. Funny how price went to the other weekly pivot area. Weekly pivots ARE good with 4 hour charts.

16 March 2012 - GBPUSD 4 Hour Chart

Whatever I Fear…

Jim — Fri, 16 Mar 2012 22:49:29 +0000

Another interesting song, where the lyrics align with some of MY challenges in trading psychology!

16 March 2012 – 0706 EST – 6E Long Scalp Setup

Jim — Fri, 16 Mar 2012 12:06:11 +0000

Today might be a tricky day to trade the FOREX futures, because the volume in the March contract has now flipped mostly, but not entirely, to the June contract. Regardless, the image below shows the long setup in the 6E that I successfully scalped this morning.

16 March 2012 - 6E (EURUSD) FOREX Futures 450 Tick Chart

Also, because the delivery month is now 3 months away, the price of the spot FOREX and the FOREX futures are no longer in alignment. This makes it a little more tricky to trade the 6E setups with the EURUSD spot FOREX pair. I compensate for the disparity in price by eyeballing the current difference of the 6E Futures and the Spot EURUSD and then setup my 1 range EURUSD chart with a simple indicator (free if you want it) that helps me track the difference visually.

16 March 2012 - EURUSD 1 Range Line Chart

It’s not perfect, but it’s easier for me than trying to continuously calculate the price difference in my head.

Life’s What You Make It

Jim — Fri, 16 Mar 2012 01:24:24 +0000

15 March 2012 – 1022EST – EURUSD Long

Jim — Thu, 15 Mar 2012 22:43:06 +0000

I passed on this trade because some of the bars leading up to it were very…well…non-directional. It would have been good for 8 ticks plus a decent runner with a few opportunities to exit rather profitably.

15 March 2012 - 6E (EURUSD Futures) 450 Tick Chart

15 March 2012 – 0628 EST and 0821 EST- EURUSD Scalp Trade

Jim — Thu, 15 Mar 2012 12:59:31 +0000

I have been using a 6E futures 450 tick chart to scalp the EURUSD FOREX currency pair. I had a short signal on the 6E at 0628 EST this morning at 1.3049, I got in a little late at 1.3047 so I tightened my profit target to 6 pips (not 8.) Seconds later the 6 pips was reached and I was trailing with 1 contract.

Price pulled back to the top of the trade channel, so I shorted again at 1.3055 and I grabbed another 6 pips.

15 March 2012 - 6E (EURUSD Futures) 450 Tick Chart

A similar trade setup at 0821 EST where I shorted at 1.3054, taking 8 ticks rather quickly on 5 contracts and then trailing with 1. Price pulled back to the top of the trade channel and I should have shorted again, and price would have given me another 8 ticks.

I was stopped out on the last contract at plus 1 @ 1.5053.

15 March 2012 - EURUSD 1 Range Chart

Directional Call in GBPUSD – Final

Jim — Thu, 15 Mar 2012 11:59:23 +0000

Well, a bit of news pushed the CABLE up and hit our stop at 1.5781. 59 pips to the good.

15 March 2012 - GBPUSD 4 Hour Chart