Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[Dave]

I started the process of closing my IG account and opening a live ECN mt4 account - the constant switching between platforms was an unnecessary diversion of attention.
Anyway, I have a question about setting orders with my new broker (which by the way is IC Markets, icmarkets.com)....
Given they are a true ECN broker and as such the spread varies between 0 and approx. 1 pip, where do you place your long POs? With a broker with a spread of about 2 pips its easy, spread + 1 so 3 pips above AIMS level. But when spread gets to 0 it seems awfully close to have the long PO at level + 1 (or even level + 1.5), and I may be triggered in on the smallest of breaks. Any thoughts? I suspect I'll just go with a set entry for all trades, say level + 2 for long and level - 1 for short, but just wanted to see if anyone has a better suggestion on how to manage the very small spread.
Thanks!

[Tomi]

I started the process of closing my IG account and opening a live ECN mt4 account - the constant switching between platforms was an unnecessary diversion of attention.
Anyway, I have a question about setting orders with my new broker (which by the way is IC Markets, icmarkets.com)....
Given they are a true ECN broker and as such the spread varies between 0 and approx. 1 pip, where do you place your long POs? With a broker with a spread of about 2 pips its easy, spread + 1 so 3 pips above AIMS level. But when spread gets to 0 it seems awfully close to have the long PO at level + 1 (or even level + 1.5), and I may be triggered in on the smallest of breaks. Any thoughts? I suspect I'll just go with a set entry for all trades, say level + 2 for long and level - 1 for short, but just wanted to see if anyone has a better suggestion on how to manage the very small spread.
Thanks!

Hey Dave, I have standard ECN account with variable spread and tackled the problem by writing a small indicator that draws boxes on the chart (you might have seen those in my journal). One box above and one box below AIMS level. Indicator is moving those automatically when AIMS levels are created. Lower box is always 1 pips in height. Above box height is 1 pip + spread. So, above box is changing all the time and I'm just eyeballing PO to match the spread.

Hope you got the idea! Not the perfect one as spread changes all the time, but the best solution I could think of.

[immy]

I started the process of closing my IG account and opening a live ECN mt4 account - the constant switching between platforms was an unnecessary diversion of attention.
Anyway, I have a question about setting orders with my new broker (which by the way is IC Markets, icmarkets.com)....
Given they are a true ECN broker and as such the spread varies between 0 and approx. 1 pip, where do you place your long POs? With a broker with a spread of about 2 pips its easy, spread + 1 so 3 pips above AIMS level. But when spread gets to 0 it seems awfully close to have the long PO at level + 1 (or even level + 1.5), and I may be triggered in on the smallest of breaks. Any thoughts? I suspect I'll just go with a set entry for all trades, say level + 2 for long and level - 1 for short, but just wanted to see if anyone has a better suggestion on how to manage the very small spread.
Thanks!

Hey Dave, I have standard ECN account with variable spread and tackled the problem by writing a small indicator that draws boxes on the chart (you might have seen those in my journal). One box above and one box below AIMS level. Indicator is moving those automatically when AIMS levels are created. Lower box is always 1 pips in height. Above box height is 1 pip + spread. So, above box is changing all the time and I'm just eyeballing PO to match the spread.

Hope you got the idea! Not the perfect one as spread changes all the time, but the best solution I could think of.

My Pro on Alpari and Edge on Pepperstone does the same. I just use 1 pip buffer plus half or 1 pip for EU and GU and 2 pips for EJ. for longs.

[Dave]

Yesterday's....

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[Dave]

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[Dave]

One from Friday that I forgot to post...

Screen Shot 2013-04-05 at 5.17.06 PM.jpg

Trailed AIMS level with SL and then when it broke lower AIMS level I moved to be just above lower AIMS level. Came back and got me.
For me, the best thing about this trade is that it is "into clear space". Need to always remind myself to look left!

[Bettina]

Oh great,
you have your new account in place !
Many pips on this one !
Bettina

[Dave]

One from just now.... it's +1 but that's effectively BE because of the commission.

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And two questions I ask before every M1 entry (writing them here so I NEVER forget).... I feel that this entry was in line with these questions.

"What does the direction of the HTF alligator tell you?"
"What does the momentum of the HTF AO tell you?".... take M1 entries when both of these factors support.

Dave

[Dave]

Yesterday's trades. Internet was playing up so couldn't post them yesterday. Not happy with the first EJ trade, was a bit keen to get involved, but very happy with the rest - even the small loss on the DAX... felt that the setup was valid.

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-8.9
-4.0
+31.8 & 27.1 & 19.2

Hope everyone got some pips on that big move!

Dave

[immy]

Just saw your trades Dave, sorry I did not congratulate you while in chatroom. amazing... fantastico!

well done mate... Rinse and Repeat