EURUSD (By PeterFM)
The user has deleted this system.
EURUSD Discussion
Member Since Aug 20, 2009
216 posts
Oct 11, 2009 at 13:47
Removed by Staff.
Member Since Jul 31, 2009
1449 posts
Oct 11, 2009 at 13:47
PeterFM posted:
Moderators, please, how long do I have to put up with this crap?
I REPEAT, I AM NOT SELLING ANYTHING, NOR AM I OFFERING MY SERVICES AS A FUND MANAGER.
I do NOT feel inclined to sit here every 4 hours justifying why I use this site and if there is no way that I can block this persistent idiot from posting in my thread then I will leave and close my section down.
I'm not sure where you get your figures from but as you insist on calling me out I will state that I currently have 6 open trades at various lot sizes and these trades have a value the equivalent of +0.75% of my balance.
I am more than happy to email my account P/L to the site's moderators who will then be able to see that these figures are valid as posted.
I'm away on holiday in France next week (14th - 21st) and if I come back to any more of this bollocks I will have to close my account. I had hoped to use this site for my personal analysis and help in MY development as a trader but it seems that I'm spending more time justifying my private trading than anything else.
Peter, staphanus was contacted by our team regarding this matter.
As this is a delicate issue which can repeat with other members, we will be adding a blocking option so you could block messages of selected members.
Oct 12, 2009 at 15:41
OK, that's me done for the week. I still have 4 small open orders that are locked in at break even or better. So there will be a few pips to be added whether they get to my TP at 1.4835 or not.
I'm away until the 21st so I wish you all good trading.
I'm away until the 21st so I wish you all good trading.
All I need is Support and Resistance
Oct 12, 2009 at 19:02
(edited Oct 12, 2009 at 19:04)
Is that Xaron, the Evil Kraut from FF?
Thanks for the good wishes and it's nice to go on holiday and be able to forget about FX. All the main trades were closed today and I don't have to think about this stuff for a whole week 😀.
PS: I see that all the trades are closed by their trailing stops. Even better, I can start afresh in a week's time.
Thanks for the good wishes and it's nice to go on holiday and be able to forget about FX. All the main trades were closed today and I don't have to think about this stuff for a whole week 😀.
PS: I see that all the trades are closed by their trailing stops. Even better, I can start afresh in a week's time.
All I need is Support and Resistance
Oct 18, 2009 at 14:40
PeterFM is a reputed senior and helpful person from Forexfactory and the James16 private forum. If there is only 1 person on this whole site that i will believe, it will be him. To the outsiders who have not acquainted with him, i can understand the disbelief at his trading stats (i, too am amazed at it).
Peter - i hope you don't mind me posting this.
His profile on FF:
https://www.forexfactory.com/member.php?u=9037
My profile on FF (relatively new trader):
https://www.forexfactory.com/member.php?u=114431
Peter - i hope you don't mind me posting this.
His profile on FF:
https://www.forexfactory.com/member.php?u=9037
My profile on FF (relatively new trader):
https://www.forexfactory.com/member.php?u=114431
Oct 24, 2009 at 22:59
PeterFM,
Glad to see your doing amazing. I have been following you for a bit now especially on FF. I am currently still reading on FF and now this site. It seems the material never ends.
I am currently reading different individuals trading methodologies, and wondered if you could shine some light on my current position. Since the reading material never ends, do I just need to start demo trading? Create a basic trading system, like the example used on Babypips.com's training material?
My screen name is the same here as FF. Maybe one day, I can understand enough to take you up on your skype offer. I would love to establish great mentors like yourself and Xaron and so many others that provide so much material for free for new people to learn through.
Thanks again,
KK
Glad to see your doing amazing. I have been following you for a bit now especially on FF. I am currently still reading on FF and now this site. It seems the material never ends.
I am currently reading different individuals trading methodologies, and wondered if you could shine some light on my current position. Since the reading material never ends, do I just need to start demo trading? Create a basic trading system, like the example used on Babypips.com's training material?
My screen name is the same here as FF. Maybe one day, I can understand enough to take you up on your skype offer. I would love to establish great mentors like yourself and Xaron and so many others that provide so much material for free for new people to learn through.
Thanks again,
KK
Persistence with no other options
Oct 25, 2009 at 11:06
The problem with reading different individuals methods is knowing how similar they are to you in psychology. Some of us are quick thinkers and can see opportunities on a 5-min chart that the rest of us can't - many are like me, tortoise slow and need time to assess a trading opportunity.
I have no system as such and what I do is based on all the stuff I've read over the years and blended into a simple set of rules for deciding when to long or short. I'm not sure if I posted this stuff before for you but I'll do it again. I know you're looking at S/R but I think sometimes you're trying to be too clever with your approach. Yes there is money to be made fading S/R but I've made mine by doing the simple things. Anywho, I'll be in touch. In the meantime here's the basic model:
Hint #1: Open a Monthly chart on any pair
Hint #2: Switch to the Line chart
Hint #3: Zoom out as far as you can
Hint #4: Go back in history as far as you can
Hint #5: Start looking for all the major areas where price has made a DRAMATIC reversal
Hint #6: Note the CLOSING price
Hint #7: Draw a horizontal line along that price point
Hint #8: Wait for price to meet those price points and wait for confirmation that the S/R lines you have drawn have either held or failed; if it fails wait till price meets the next S/R line and wait for confirmation - wash and repeat until you find the S/R that does appear to hold
Hint #9: Trade the trend (Monthly - Weekly - Daily - in that order)
Hint #10: Trade based on price action around the Daily - 4hr chart
Hint #11: Stops below next S/R line
Hint #12: Use minimum position on entries and add in as the direction is confirmed
Hint #13: Prospective Take Profit area is next S/R area above/below your entry but be ready to get out if price stalls for too long before it gets there
Hint #14: It takes time to learn this so don't rush to make money too fast
Hint #15: Remember: All S/R areas are only potential turning points so be prepared to be wrong
Hint #16: Practice on one pair on demo for a couple of months to get a feel for how this works
Hint #17: You'll pick this up quicker if you have NO indicators on the chart and learn to read what price is doing around these areas
Hint #18: Always wait for price to make at least one Daily close above a Support area or below a Resistance area before entry on a new trade or closing an open trade. This means you'll have to hold for a much longer time than you are probably used to, that's why you enter with the smallest position size you can use and add in as the trend returns in your favour.
Hint #19: Always remember the old maxim - previous Support should become Resistance and vice versa
I have no system as such and what I do is based on all the stuff I've read over the years and blended into a simple set of rules for deciding when to long or short. I'm not sure if I posted this stuff before for you but I'll do it again. I know you're looking at S/R but I think sometimes you're trying to be too clever with your approach. Yes there is money to be made fading S/R but I've made mine by doing the simple things. Anywho, I'll be in touch. In the meantime here's the basic model:
Hint #1: Open a Monthly chart on any pair
Hint #2: Switch to the Line chart
Hint #3: Zoom out as far as you can
Hint #4: Go back in history as far as you can
Hint #5: Start looking for all the major areas where price has made a DRAMATIC reversal
Hint #6: Note the CLOSING price
Hint #7: Draw a horizontal line along that price point
Hint #8: Wait for price to meet those price points and wait for confirmation that the S/R lines you have drawn have either held or failed; if it fails wait till price meets the next S/R line and wait for confirmation - wash and repeat until you find the S/R that does appear to hold
Hint #9: Trade the trend (Monthly - Weekly - Daily - in that order)
Hint #10: Trade based on price action around the Daily - 4hr chart
Hint #11: Stops below next S/R line
Hint #12: Use minimum position on entries and add in as the direction is confirmed
Hint #13: Prospective Take Profit area is next S/R area above/below your entry but be ready to get out if price stalls for too long before it gets there
Hint #14: It takes time to learn this so don't rush to make money too fast
Hint #15: Remember: All S/R areas are only potential turning points so be prepared to be wrong
Hint #16: Practice on one pair on demo for a couple of months to get a feel for how this works
Hint #17: You'll pick this up quicker if you have NO indicators on the chart and learn to read what price is doing around these areas
Hint #18: Always wait for price to make at least one Daily close above a Support area or below a Resistance area before entry on a new trade or closing an open trade. This means you'll have to hold for a much longer time than you are probably used to, that's why you enter with the smallest position size you can use and add in as the trend returns in your favour.
Hint #19: Always remember the old maxim - previous Support should become Resistance and vice versa
All I need is Support and Resistance
Oct 26, 2009 at 19:25
(edited Oct 26, 2009 at 19:26)
OK, nor strictly a S/R trade but definite signs of a reversal with the three-bar highs on the 4-hr chart. The last bar just qualifies as a Bearish Outside bar (yellow arrow) so I placed a Sell Stop just below it.
My first target is the most recent Daily Close at 0.9053 although I haven't set a fixed Take Profit at this stage; I want to see how this pair runs at that point.
I've been waiting for some proper action on the EURUSD and earlier today things were so quite that I went looking for alternatives to trade. The EURGBP was one of the few that offered anything obvious. I've set my stop now at BE + so if there is any major action on the EUR before I get to my target I lose nothing.
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<a href=
target='_blank'><img src= /></a>
My first target is the most recent Daily Close at 0.9053 although I haven't set a fixed Take Profit at this stage; I want to see how this pair runs at that point.
I've been waiting for some proper action on the EURUSD and earlier today things were so quite that I went looking for alternatives to trade. The EURGBP was one of the few that offered anything obvious. I've set my stop now at BE + so if there is any major action on the EUR before I get to my target I lose nothing.
----------
<a href=
target='_blank'><img src= /></a>
Attachments:
All I need is Support and Resistance
Oct 31, 2009 at 12:28
Thanks a lot for posting this Peter, I'm just trading indicator free for a short time and your trading approach fits very well witch the method.
please keep posting some examples as you can spare the time...
merci
please keep posting some examples as you can spare the time...
merci
no system just an approach
Nov 04, 2009 at 23:32
Cyrillic posted:
Great job! Sencirely wish you the best. Thank you for posting trading rules, there is always somethings to learn and remember from people that know what they are doing.
Respect.
Phil.
No probs Phil, I'll try and keep my stuff a little more up to date. I'm also posting stuff in the Alpari Demo #2 account in case you want to see more of what I do.
All I need is Support and Resistance
Nov 07, 2009 at 18:13
Hi Peter, if I understand it all well
the difference between this account and the Alpari demo is just the way of entering the trade?
or do you take more high risk trades on the demo.
Like bigger stops and wait longer for a trend to retake his original direction?
Regards.
Hans..
the difference between this account and the Alpari demo is just the way of entering the trade?
or do you take more high risk trades on the demo.
Like bigger stops and wait longer for a trend to retake his original direction?
Regards.
Hans..
no system just an approach
Nov 07, 2009 at 21:46
The idea behind the new demo was to prove some things to me and any new traders who might look in on the account.
For roughly 12 months I had traded nothing other than GBPJPY (demo while training myself to master S/R trading) and once I felt I had a good understanding of what I was trying to achieve I then started trading EURUSD in the live account. Obviously EURUSD requires smaller stops, generally, but the principals were exactly the same;
(1) Determine the trend
(2) Spot a trading opportunity
(3) Calculate the place to hide my Stop - somewhere that the Trend had to reverse to take me out
(4) Calculate my position size - using 1-2% risk
(5) Decide on where my likely Target Profit area was
(6) Place the order
Sometimes these are just blind entries, sometimes not. If I place a blind entry I ALWAYS reduce my risk to the smallest lot size I can. As I sometimes place these buy orders (EURUSD) at intermediate Support levels I can expect and I'm ready for price to drop down through that level to find a lower one. As my overall risk on this type of trade is so low I can place another order at the lower level and still be within my 1-2% overall profile.
I always have a clear support level that represents the last line in the sand and if price closes below it I will be ready to close the trade before my stop gets hit.
It is impossible to trade this way on a mini account unless your fund is large enough to accommodate stops of around 250-300 pips and still be able to average in at multiple support levels. A decent size micro account would have the flexibility and an Oanda account would be ideal if your starting fund is small. This lets you trade pennies and gives the breathing space to hold a trade for several days.
So yes, I probably allow myself more flexibility in the demo account but not too much. If you look at the USDCAD trades you will see that there are 6 live trades at present. Each one is only 0.01 and my get-out point on this pair, if all trades failed, would be around 8%. The main fault with these trades is that I should have closed the first 3 at 1.0600 but took my eye off the ball for a couple of days when looking after my grandson. I would have been much stricter if these had been live trades.
Demo can do that to you sometimes, but I do have a long-term short bias on this pair so I'll hold on unless I get stopped out of course. I do honestly try and treat the live and demo accounts with the same degree of care in trading and use the same assessment method when considering a trade. If you flick between the live and the demo account stats you'll see similar holding periods for both - anywhere from hours up to several days.
Hope that helps.
For roughly 12 months I had traded nothing other than GBPJPY (demo while training myself to master S/R trading) and once I felt I had a good understanding of what I was trying to achieve I then started trading EURUSD in the live account. Obviously EURUSD requires smaller stops, generally, but the principals were exactly the same;
(1) Determine the trend
(2) Spot a trading opportunity
(3) Calculate the place to hide my Stop - somewhere that the Trend had to reverse to take me out
(4) Calculate my position size - using 1-2% risk
(5) Decide on where my likely Target Profit area was
(6) Place the order
Sometimes these are just blind entries, sometimes not. If I place a blind entry I ALWAYS reduce my risk to the smallest lot size I can. As I sometimes place these buy orders (EURUSD) at intermediate Support levels I can expect and I'm ready for price to drop down through that level to find a lower one. As my overall risk on this type of trade is so low I can place another order at the lower level and still be within my 1-2% overall profile.
I always have a clear support level that represents the last line in the sand and if price closes below it I will be ready to close the trade before my stop gets hit.
It is impossible to trade this way on a mini account unless your fund is large enough to accommodate stops of around 250-300 pips and still be able to average in at multiple support levels. A decent size micro account would have the flexibility and an Oanda account would be ideal if your starting fund is small. This lets you trade pennies and gives the breathing space to hold a trade for several days.
So yes, I probably allow myself more flexibility in the demo account but not too much. If you look at the USDCAD trades you will see that there are 6 live trades at present. Each one is only 0.01 and my get-out point on this pair, if all trades failed, would be around 8%. The main fault with these trades is that I should have closed the first 3 at 1.0600 but took my eye off the ball for a couple of days when looking after my grandson. I would have been much stricter if these had been live trades.
Demo can do that to you sometimes, but I do have a long-term short bias on this pair so I'll hold on unless I get stopped out of course. I do honestly try and treat the live and demo accounts with the same degree of care in trading and use the same assessment method when considering a trade. If you flick between the live and the demo account stats you'll see similar holding periods for both - anywhere from hours up to several days.
Hope that helps.
All I need is Support and Resistance
