Forex from scratch --a helping hand from pipshower...

[robin000]

hi
can anyone please explain when we talk about four trading sessions Sydney, Tokyo, London, New york, What does that exactly means cose the market goes on 24 hours. I understand it has something to do with their local morning times, and how important the opening time of a session is, does that has anything to do wid stock markets? I mean whats the idea behind these sessions?
I wud really appreciate any comments or views
Regards
Robin..

 

[pipshower]

Real acct and secret of success

sure we can...I guess we all have been waiting for your lessons for pretty long time...da ones u promised dat wud come by

And btw, from where are dese snapshots? Are they from some real account or some demo one?

Happy Trading

Ankit ,
First of all those screenshots are from real account and thats not mine but as i said there are other ways to generate cash from forex even though we cant trade them on our own accounts . This is one of my clients account where trades are placed as per my signals /analysis.

And Ankit , about lessons
Its pretty clear in the charts as i go on posting . Study them carefully and you will stuck on the simple goldmine that we keep ignoring thinking nothing can be simple and get too deep complicated . Its pretty clear out for everyone but we just lack those eyes to see the simple .
It reminds me of 2 great stories .
One about the black dot on white paper where we generally see only a black dot forgetting the whole white paper.
Second story about god deciding on where to hide the secret of "great power" so that man cant find it.

Anyways wish you all the best !
Happy trading!

Regards
Pipshower

 

[pipshower]

sessions

hi
can anyone please explain when we talk about four trading sessions Sydney, Tokyo, London, New york, What does that exactly means cose the market goes on 24 hours. I understand it has something to do with their local morning times, and how important the opening time of a session is, does that has anything to do wid stock markets? I mean whats the idea behind these sessions?
I wud really appreciate any comments or views
Regards
Robin..

Hey Robin,
You are right that forex is 24 hrs market .
But no trader can trade 24 hrs a day .He has so many other things to do. So the sessions represent that the normal times where the big traders are most active .And as the most big traders are from Us and london[europe] there is more movement during those sessions . Its just for understanding of the more volatility phase and times as per country these sessions are meant. You can no doubt trade anytime of the day. See london and US open has very high volatility as many traders put trades during that time. And yes these sessions coincide with their stock markets opening time -Just may vary an hr or so from it.
Hope this helps
Regards
Pipshower

 

[ag_fx]

Re: Real acct and secret of success

Ankit ,
First of all those screenshots are from real account and thats not mine but as i said there are other ways to generate cash from forex even though we cant trade them on our own accounts . This is one of my clients account where trades are placed as per my signals /analysis.

And Ankit , about lessons
Its pretty clear in the charts as i go on posting . Study them carefully and you will stuck on the simple goldmine that we keep ignoring thinking nothing can be simple and get too deep complicated . Its pretty clear out for everyone but we just lack those eyes to see the simple .
It reminds me of 2 great stories .
One about the black dot on white paper where we generally see only a black dot forgetting the whole white paper.
Second story about god deciding on where to hide the secret of "great power" so that man cant find it.

Anyways wish you all the best !
Happy trading!

Regards
Pipshower

Thanks for the reply. But I didnt get what you meant by the text in Red. There are 100s of SUCCESSFULL strategies for trading Forex. I personally have seen different traders employing different strats to trade. Also, what seperates wheat from the chaff is this ability to see only. Thats why we have teachers and we have pupils everywhere.

Mentors and teachers Teach & students follow....I am sure no kid can read "A B C D" by himself.... Teaching by example is the best way to teach...As we have seen here on Traderji..Some of the best mentors have taught with example...

Now coming to the GBPJPY trade....What you have mentioned here is just an entry price....There is no information on the Time Frame,The date and time of entry or any other indicator to decipher, why exactly that trade was taken.....I saw a double top forming on GBP JPY in daily charts, which was confirmed on 20th April(thats when you posted this trade). But, my entry levels are different from yours....
What you suggested from your example and quotes above is like going on a wild goose chase!!!
I appreciate the way you posted CAD trade about a week ago. Thats what make all of us Learn.
Anyways,

Happy Trading.

 

[ag_fx]

hi
can anyone please explain when we talk about four trading sessions Sydney, Tokyo, London, New york, What does that exactly means cose the market goes on 24 hours. I understand it has something to do with their local morning times, and how important the opening time of a session is, does that has anything to do wid stock markets? I mean whats the idea behind these sessions?
I wud really appreciate any comments or views
Regards
Robin..

Well, broadly we have only 3 trading sessions..Viz tokyo, London and New York. Sydney is a little less known and less traded session.

Now, these means the opening times at which these markets open. Generally 7-8AM(local time for the country) is the time when the markets open in these places. Think about this way, if you have to trade forex, what would be the time you would like to trade it? My guess is, day time of the country where you stay. Thats what happens. It is during these sessions that traders wake up and trade their own local markets.

How does this efect?

These sessions directly impact the Spreads and Liquidity in the market. More the number of traders in the market, more is the liquidity and better the spreads. As an example, you would find spread of EURUSD the least during the overlap of London & NY sessions(it is close to 1.5 pips). Also, in Tokyo session,the same spread goes up by 1 pip or so(close to 2-2.2 pips). For longer term players it doesnt matter much, but for scalpers(which are the reason for markets having high liquidity), this spread matters a lot.



I hope this answers your query.

Happy Trading

 

[robin000]

Thanks, Pipshower and Ankit

 

[pipshower]

Re: Real acct and secret of success

Thanks for the reply. But I didnt get what you meant by the text in Red. There are 100s of SUCCESSFULL strategies for trading Forex. I personally have seen different traders employing different strats to trade. Also, what seperates wheat from the chaff is this ability to see only. Thats why we have teachers and we have pupils everywhere.

Mentors and teachers Teach & students follow....I am sure no kid can read "A B C D" by himself.... Teaching by example is the best way to teach...As we have seen here on Traderji..Some of the best mentors have taught with example...

Now coming to the GBPJPY trade....What you have mentioned here is just an entry price....There is no information on the Time Frame,The date and time of entry or any other indicator to decipher, why exactly that trade was taken.....I saw a double top forming on GBP JPY in daily charts, which was confirmed on 20th April(thats when you posted this trade). But, my entry levels are different from yours....
What you suggested from your example and quotes above is like going on a wild goose chase!!!
I appreciate the way you posted CAD trade about a week ago. Thats what make all of us Learn.
Anyways,

Happy Trading.

Gbpjpy chart

 

[ag_fx]

Re: Real acct and secret of success

Gbpjpy chart

Thanks for the chart pipshower.But, it still doesnt match up with your entry point. A break of the shwon channel occurred close to 142 levels, whil you had entered at 148 levels.
Kindly enlighten us with the trade.

Thanks

Happy Trading

 

[pipshower]

Re: Real acct and secret of success

Thanks for the chart pipshower.But, it still doesnt match up with your entry point. A break of the shwon channel occurred close to 142 levels, whil you had entered at 148 levels.
Kindly enlighten us with the trade.

Thanks

Happy Trading

Ankit , this chart shows us the possible trade that we have for now.
My earlier short on Gbp/jpy was placed due to the touch of upper trendline of the channel giving away a pin . Followed by the retrace of the pin and inability to take on the 150 region which is PPZ . You can clearly see that on the chart . Just zoom it and you will notice the reason for entering .
Hope you get that.
Regards
Pipshower

 

[pipshower]

gbp/jpy breakout ..a nice entry point

Here is the expected breakout of the GBp/jpy
Nice place to load short
Here is chart