GBPUSD Trading off the “Tick Charts” +247 Pips
Mark | January 28, 2009Today we wanted to show you some “active” trading of the forex using the Universal Market Trader. Instead of focusing on time intervals (for example 5 minute charts) like our last couple of videos, today we’re going to discover “tick charts” – a number of traders are unfamiliar with these but they really provide some excellent trading set-ups. Tick charts have several advantages over time intervals including they are more responsive to fast moving markets – but also tend to handle slower moving/choppy market conditions better. We definitely suggest forex traders give them a look especially once you learn about the ideal timeframes to use.
You’ll notice as well from the video how we pick the “best of the best” – our focus is always to take the highest odd set-ups we can – without undue risk. Our strategy always has our reward greater than the risk. This is not a strategy where we are going to put on a trade then have a risk of hundreds of pips so we can pick-up 20 pips of profit. It’s the exact opposite – you will always know that if you’re target happens to be 20 pips – your risk will always be less than that. Not only is that comforting, it also enables you to use smart risk and money management. If you take a loss, you take a loss, and you move onto the next trade. We’re not going to stay with a trade until proven correct – that’s just stubborn trading an ultimately it will lead to a large drawdown and potential wipeout of your account. We take the exact opposite approach – no one trade is ever make or break for us.
Take a look at the trades on the video – even if you know very little about the strategy rules you can see that it’s not difficult to identify the trades, the targets and the stops. You just place the trade, and manage it per what you see on the screen. Check it out here:
NetPicks Reply: I put answers below each of your
Steven | January 28, 2009NetPicks Reply: I put answers below each of your questions…. thanks…
Very robust looking system you have presented but I have a few questions.
1. The 5 minute charts appear to have higher pip targets than the tick chart you presented and also a different layout look than the tick. Is the 5 minute recommended and is that system included?
NetPicks Reply: That is correct because those bars cover more time – the system knows to adjust for this – for example an hourly chart would have much larger target/risk than the 5 minute chart as an example. There are quite a few timeframes that can be used depending upon the direction/trading plan you choose.
2. The latest presentation for the forex module appears to look the same as the one presented in the umt sales webinar. Is this the same system but with more bonuses??
NetPicks Reply: Yes, that’s the key to all of this that we have this one overriding universal approach to multiple markets. However, this specific training is going to focus exclusively on forex so we can go into much more detail and not have to balance it with futures and stocks at the same time.
3. is this stricltly for fx or can other markets be traded with it?
NetPicks Reply: You’ll be able to take what you learn in the fx and trade other markets with it as the core strategy is the same. Thanks.
thank you 4 your time
hi will the price be the same as the umt
esther | January 29, 2009hi will the price be the same as the umt
Hi Esther, The price will NOT be the same as the
Mark | January 29, 2009Hi Esther,
The price will NOT be the same as the UMT… tune into the FX Live! Webinar to get the exact figure (don’t worry, it’ll be good news!)
http://www.netpicks.com/iloveforex
Thanks.