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Managing a Forex Business
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Managing a Forex Business

  #1 (permalink)
Elite Member
Nampa, ID
 
Futures Experience: Intermediate
Platform: TradeStation and Ninja
Broker/Data: AMP - Zenfire
Favorite Futures: ES
 
Posts: 39 since Jan 2011
Thanks: 22 given, 29 received

Managing a Forex Business

Wanted to start a discussion on the practical aspects of trading higher time frames with the Forex market. I am most interested in trading a 1 hour time frame and have had some early success just using price action. The problem is I live in the mountain time zone in the US, and need to sleep sometimes, so I can easily miss the action that takes place during the European session. This is less of a problem for futures traders who trade a 5 or 15 minute chart, but if you want to use a 1hr, when do you sleep. It isn't much better if you go to 4 hour bars. I guess you can get up at the bar close, but it still means you miss a ton of the action.

I have been thinking about maybe looking for an alert service or something that would notify me if a key area is breached, but thought that maybe the forum would have some ideas.

Look forward to some ideas on how to manage the practical side of the business. Thanks

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Intermediate
Platform: TOS, IB
Favorite Futures: es ym etf's
 
Cerberus's Avatar
 
Posts: 31 since Feb 2011
Thanks: 21 given, 20 received



RambleDog View Post
Wanted to start a discussion on the practical aspects of trading higher time frames with the Forex market. I am most interested in trading a 1 hour time frame and have had some early success just using price action. The problem is I live in the mountain time zone in the US,

I have been thinking about maybe looking for an alert service or something that would notify me if a key area is breached,

Came across your post because of your comment on Richard Weissmann webinar

Don't know if you found what you were looking for.
I happen to enjoy 1 hr and occasionally 4hr fx trading.
I live PST and Frankfurt London open ok for me as I am a night person. But any time
should be ok other than between NY close and 1st hr Tokyo

Trading 1 hour PA with candle formation alerts (engulf pin inside etc) can easily be set up
with Meta 4. You can trade with a different platform, use Meta4 for signals only.

Please adv if you are still interested; I can direct you to a discussion specifically about this
topic. If you are familiar with Meta4, alerts for various fx pairs can be set up in no time.
Not a pay service, just some people who like to come up with ideas and share them same as
here on futures.io (formerly BMT) forum.

C

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  #4 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

I would recommend trading the 4hr and daily charts......if your afraid of possible larger losses just trade smaller size.....the 1hr and smaller are less reliable.

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