Friday, April 15, 2011



Anonymous said...

Hi Forexbird,
Have you grown a bit tired of your blog or somethin? I have missed your daily posts for some time now, you seem to batch-post the entire weeks tradring instead of posting one-by-one?
Any particular reason for this change?

Anonymous said...

Hi Forexbird,

I am very impressed by your work building this blog (have read all of it!) and with your accomplishments as a trader.

It seems your style has developed quite a bit over the years. Would you care to summarize your trading strategy as of now? Having read the entire blog I have a pretty good idea but still would love to hear you express it with your current thinking.

I have put in a few questions, feel free to use them as inspiration or share what you think is needed :-)

1. It seems you almost always have nice action going on your charts. Do you select volatility using more that ADX like for instance chose timeslots around news releases?

2.What are your entries? I interpret you as a trend-follower/break-out trader…as soon as price has moved a few pips in a certain direction or broken a range you go in. Is this assumption correct?

3.What are your exits – as soon as price stalls or moves against you it seems?

A bit about my humble self: I have traded forex for a few month’s time but have recently moved into forex futures (6B, 6E and 6J) due to the better commissions structure and not having to suffer fixed pip-spreads in the futures markets. I trade a small retail account and I dream about building this interest into a steady additional income stream alongside my daytime job as an engineer. I am using ranges like you but prefer 1-range over your 3-range charts on NT. I am based in Scandinavia, have a wife and 3 kids whom I love above all.

Hope you care to answer.


The forexbird said...

Hi Thomas,

Lots of questions to answer in the hotel room, with the kids screaming to go out for the day...
Anyway, you are correct, I am a little tired with my blog, I wonder if that makes sense or helps anybody..
1.I always have a look at ADX for better action. But many times I trade in a tight range and I suffer because of this - look at the ugly trades section...
2. I am a trend follower, I wait to enter in the direction of the trend, not at the breakout (which I do also) but earlier.
3. You are correct about my exits.

I also think to pass to 6E one day. How much do you pay for this. The problem is that I will not be able to use MT4 as auxiliary charting tool as I do now.

I would be glad to hear to your remake about my blog, please email me if you like.

Happy Easter. I must leave for Knossos now..

The forexbird said...

Remake=remarks lol

Anonymous said...

Hi Forexbird,
Could you please explain a bit more on how you are using the ADX to avoid the slow/ranging periods? what settings are you using?


Anonymous said...

Mr, bird, i think your blog are reading more people than you expect. I and my brother are fans of your trades, so we want to thank you for your patience, posting your trades and we always wait for the next post. Thanx man, you are an ispiration for us ;)


Anonymous said...

I read your blog several times a week and anxiously waiting for your charts and trading updates. Please, do continue to post your trades and charts and if you can elaborate more occasionally on other aspects of your trading( risk mgmt, position sizing, computer set-ups, etc.), it would be greatly appreciated.
Yours truly,
aspiring forex trader from Vancouver
P.S. If you want to get more personal info/feedback, please let me know.

Anonymous said...

Hi Forexbird,

First of all sorry for the late reply, I have been away during the Easter holidays. Thanks a lot for taking your time to reply! Much appreciated.

I pay 2.47 USD per contract entry/exit for the 6E contract with a standard retail account with IB. So for a total of one entry and exit that makes around 5 USD, one contract tick is a 12.5 USD gain. So if I just gain one tick I am positive for the trade.
I don’t know how that compares to the forex commissions you pay but in my (novice) experience the standard two pip-spread of many forex brokers costs more than my 5 dollars commissions plus the one tick spread of the 6E contract. The contracts also have the advantage of being traded both ways on bid/ask (meaning you can buy on bid and be lucky to sell on ask directly after thus making a profit – impossible in forex).

Regarding the 2. bullet above – about being the trend follower: I admire your mental flexibility in judging market sentiments and change your bias on future trend development. For example I have seen you trade the pullbacks in an uptrend a number of times on a chart. When this uptrend shifts to a downtrend you often only take one hit (pullback turns out to be a trend-change) before you ride the trend in the opposite direction. I tend to be stopped out at least twice before realizing the trend has changed… :-(

Another observation: You seem to enter trends very early. Almost before the move… when I simulate trading like you on a 3-range chart I get a lot of choppy action and end out being stopped out a lot. Simply because I happen to enter at the ranges of a narrow ranging market and not a trending one. The big moves you have on many of your charts just seem to happen to seldom for me!!! Do you trade a lot around news or is it just ADX compared with gut feeling that makes this happen to you more?
A wall of text has emerged from my fingertips - sorry for that, hope you find it interesting enough to answer once again :-)

With wishes for happy trading,

The forexbird said...

dear B,
concerning ADX, I try to enter a trade only if the ADX 8 of the 1min is above 30.

The forexbird said...


thanks for your reply.You wrote "I pay 2.47 USD per contract entry/exit for the 6E contract with a standard retail account with IB. So for a total of one entry and exit that makes around 5 USD, one contract tick is a 12.5 USD gain."

Not bad at all, as one trade costs you o,4 tick/pip. My cost is 50% more, 0,6 p/trade, which drops to 0,45 when i pass over 1bln monthly volume. I should reconsider futures, as a pay hundreds of thousands in commissions. I should have done that earlier..Thank you for let me think about that! I am at CME site right now..

The forexbird said...

p.s.I am with IB, like you.

Mehmood said...

Friday is something that’s you need to be very careful about because it can be very good or very bad, so if we are not careful then we could face a lot of issues. I love scalping during Friday and it helps a lot with broker like OctaFX which is simply brilliant having lowest possible spread at 0.1 pips to high leverage up to 1.500 while there are also several other benefits like rebates where I get 50% back on all, so it’s incredibly handy.