Forex Trading for Tuesday May 29th – GBPUSD, EURUSD, Currency Futures

29 05 2007

Hello, welcome back.  Hope you had a great weekend; holiday weekend for those of you in the U.S.

 We had quite a few requests for more forex videos, and in particular people wanted to see some “time” charts as well as what the forex currencies would look like, in addition to the spot currencies.  Today’s video we take you through it all.  The Pound and Euro currencies both on the spot currency market and the currency futures as well as show you the same trades on tick charts and time charts.  It’s an excellent overview of the options available to you and it happened to be an excellent trading session today which is always good to see coming off a slower holiday session.  The GBPUSD and EURUSD diverged today as well which was interesting as we were going long on the EURUSD while short on the GBPUSD but in all cases it was just a matter of using the exact same strategy – no matter how we changed the timeframe or the markets.  You can check it out here:

http://www.netpicksllc.com/videos/0529Forex.html

In case you haven’t yet, be sure to check out the blog post below as well titled:  Welcome To The First Ever Unveiling Of Our Newest & Most Versatile Strategy Ever… The Universal Market Trader!  It gives you a comprehensive overview of the strategy in case you are just joining us for the first time today.  As always, please feel free to comment on this video and ask questions by selecting the Comments link just below plus you can see what others are saying and asking in each of our posts that follows.  Thanks again.

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9 responses

29 05 2007
Lyle

I didn’t watch this latest video, but have a more general question for Netpicks.

With this latest strategy that you are bringing to market, would you ever consider having a “live trading room”, obviously with some sort of ongoing costs being passed on, pointing out to traders, where there is good trading action and where there is some high probability trades setting up? With all these different markets and different instruments to trade it would nice to become a more well balanced trader.

Thanks.

29 05 2007
Paulo

Hi,
The more videos I watch the more amazed I feel about this!
I would like to know if your custom indicators will work on GFT’s DealBook 360?
Thanks, and hurry up…

NetPicks Reply: What we’ll be doing after release is listening to the owner’s and finding out what platforms we should work on next. We expect to be doing that ongoing after release so we’ll give you several good options to use initially and then you can always change back after. Thanks for the question – more soon.

29 05 2007
m2invest

This mechanical system looks very flexible and very promising. The charts you’ve been showing us indicate trigger points and entries. Are those signals generated by the software or did you add those to your charts? Thanks and looking forward to more info.

NetPicks Reply: This is all rule based so you know to look for the cross-over, or where to add one number to another to get your entry. The exact entry is relatively easy once you know the rules. I’m placing the arrows on the chart as we are discussing the trade to pinpoint them. Definitely down the road we’ll look into more automation where it could alert you to set-ups — we are actually close on that already — you’d still place the trade on your own but it can definitely be set in the near future to at least find the likely set-ups for you and help you confirm them. Thanks.

29 05 2007
Rich

What you’ve shown us so far looks fantastic, especially the fact that you only need one chart per instrument.
I’m wondering how this system would perform as a micro-scalping strategy for the e-minis in very fast timeframes. For example, I would be interested in seeing a video of ER2 on a 233 volume, 144 volume, 89 tick, or 55 tick, or even a 21 tick chart.
I’m also wondering if a trailing stop managment strategy is part of the method for both before and after the calculated profit target is reached?

NetPicks Reply: The faster timeframes can work as well. We’ve shown the 233 a few times but I’ve had 144 up as well and even 89. The issues you want to watch for are since the timeframes are faster your target/stop projections get smaller — since it will pick up more turns/trades — and you know you’ll have some slippage and commissions on every trade – you want to ensure that you don’t go down too far in timeframe to where those small costs become a bigger part of your overall gain. Without that you could go down pretty far — however, you’ll definitely be able to look at the faster timeframes – just watch for that (less of an issue on the ER2 than the ES for example since 10 ticks per point vs. 4 ticks) — as for stops you’ll know where to put your stop before and then yes, we will be showing ways to trail as well for those who want to exit and trail a portion or even all the trade. Thanks for the questions.

30 05 2007
kimmer

Hallo !!
I have seen your videos and it looks good. I have a few questions I hope you will answe for me:
1) Using a 3 min or 233 tick chart how often does it trade the S&P e-mini (average) ?
2) Is the system 100 % mechanical or do you use personal judgement ?
3) is you setups based on 1 timeframe (chart) or do you use more charts for finding the setups ?
4) Do the system use fixed profit targets or do you let the market tell you when it is time to excit ?
Hope you will reply !!

NetPicks Reply: On your first question, I would say in the first 3 hours of the day, you’ll get 3 to 5 trades off of a 233 tick – and maybe 2 or 3 off a 3 minute. More of course if market is very active, and later in ther afternoon but typically you’ll have plenty to keep it interesting. On the second question the entry setups are mechanical — as are targets and stops. Do we ever use any “art” in trading? We like to at least know where the prior highs/lows were and there are times we personally might adjust a mechanical entry over a key level (for example in forex lets say a buy is right on 1.9800 — you can bet we’ll change that to 1.9802) — nothing being difficult at all just some very basic logic that we will also teach you. On question 3 you can use multiple timeframes if you like, even on the same market – no limitation on that. On targets, we have a projected target — we like to use those but you can definitely trail and we will show you ways to do that as well. Thanks for the questions.

30 05 2007
deanforex

Hi…where do we see the results that the system has produced for an particular forex market?
Thanks!

NetPicks Reply: We continue to mix in more forex videos and results for you — so keep checking back. It tends to be fairly consistent as well so on a day-to-day basis we do not have extreme variance. Thanks.

30 05 2007
Peter McDonald

Can you confirm the stop loss policy. It appears to be both fixed and trailing depending on the trade.
Regards
Peter

NetPicks Reply: There is always an initial stop you will have when entering. We do have a way of adjusting that stop if the trade has gone a certain distance in our favor — we do not frequently adjust stop since we find this isn’t worth the extra effort since we already have a finely tuned stop to begin with but there is an instance where we do cut the risk that you probably have seen in the video. That is all well defined for you as well. Thanks.

31 05 2007
dabefort

I have watched the videos and love what I am seeing. I can see where I will be able to get some consitancy in my trading. Would you please explain to me what you mean when you say the entry, stop lost and targets are mechanical? Does it mean it will actually place the trade for you on your platform or does it just display the information and you make the manual entries? Looking great!

2 06 2007
John Staples

Have you developed the indicators etc for MetaTrader4 charts? or esignal?
If not, what forex charting programs do you have up and running?
Also, what data feeds do you use or does it matter to the system?
What is the cost and how do we get it?
Thanks

NetPicks Reply: Yes, both eSignal and Metatrader will be supported immediately at the release. You’ll also be able to get forex data using Tradestation or Ninja Trader so any of those would work great for forex charting. Come by Tuesday to the live webinar for full pricing info as well as the the best chance to get a copy upon release. Thanks for your questions.

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