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  • #3,261
  • Oct 15, 2010 6:18pm Oct 15, 2010 6:18pm
Just wanted to mention, that I have an account with Interbankfx.
As far as the hedging, I have a sub-account now funded.
Transfering money usually takes a couple days.
Sadly, in America we can't hedge using one account, Interbankfx has an in-house
software platform called "MultiTrader 4" it puts the trades from multiple
accounts on one platform and tallies up the totals as if it were one account. Hope this helps. George
  • #3,262
  • Oct 16, 2010 1:04am Oct 16, 2010 1:04am
Quoting Gp144
Just wanted to mention, that I have an account with Interbankfx.
As far as the hedging, I have a sub-account now funded.
Transfering money usually takes a couple days.
Sadly, in America we can't hedge using one account, Interbankfx has an in-house
software platform called "MultiTrader 4" it puts the trades from multiple
accounts on one platform and tallies up the totals as if it were one account. Hope this helps. George
Hi George,

"Transferring money usually takes a couple days."... this would require striking a conservative margin utilization between the sub-accounts to accommodate large swings and prevent account liquidation. Just want to share an alternative arrangement that I have in place with my broker (IBKR) which works out quite well for me and my trading style.

1. Find out which bank your broker does banking with. This is typically the bank account information they provide for wire transfers.
2. Open a regular checking account with that same bank
3. Arrange an ACH instruction between your funding account and your trading account (within the same bank)
4. If you broker does not support ACH, wire transfers within the same bank are usually much faster and cheaper if done online or over the phone.

ACH within my US based trading and checking accounts usually takes less than an day depending on the back office automation at your broker. I have seen wire transfers show up in my IBKR trading account literally under an hour without any human intervention. A nice feature to have with your broker.

I used the same approach for withdrawals also... both direction happen within a day or two depending on your history/reputation with the broker.

Hope this helps.
Staying in my lane...
  • #3,263
  • Edited 10:16am Oct 16, 2010 9:43am | Edited 10:16am
Hi everyone,

I was hoping to get some examples posted of my entry analysis much sooner than now, but life happened and I just didn't have the time. At any rate, better late than never. Here is my first example of a trade that may be setting up, but IMO is definitely not ready for entry just yet...

BTW... I ran thru all my charts this morning and I did not see a single trade that I would take if the market were open. There are several trades setting up, though, and will probably be ripe for entry come Monday or Tuesday.

Also, my results from last week were not spectacular, but I expected as much. I know I need to be more selective on my entries. I did close a few trades for net 380 pip profit after swap and commissions, but several of my open positions retraced against me late in the week, equating to about 6.5% (~600 pips) floating drawdown spanning 13 open positions -- that's to be expected with "sloppy" entries off the daily chart -- but the weekly & monthly are still in my favor so no need to panic... yet. Next week I'll be setting entry orders in an effort to improve my entries and hopefully reduce overall drawdown.

More examples forthcoming...

Kevin
Attached Image(s) (click to enlarge)
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  • #3,264
  • Oct 16, 2010 10:58am Oct 16, 2010 10:58am
Here's a trade that looks to be setting up for a short entry...

Kevin
Attached Image(s) (click to enlarge)
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  • #3,265
  • Oct 16, 2010 12:32pm Oct 16, 2010 12:32pm
Here's one more example. This is a USDCAD trade that I took a few days ago on 10/13. After a late "sloppy" entry, price retraced on Thursday and Friday, and I'm still in the trade at -83 pips, as the weekly and monthly are still in my favor, but I'm keeping a close eye on it. My charts show my entry, why I took it, and how I could have made it a better trade by entering sooner. I'm pretty sure this trade will work out considering the USDCAD fundamentals, but how far will it move against me before the downtrend resumes and I get back to entry price and beyond? Would it be better to kill it now and try to get in later at a better price? My pain threshold is pretty high at the moment, so I'm going to let it run for the time being.

Kevin
Attached Image(s) (click to enlarge)
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  • #3,266
  • Oct 16, 2010 12:59pm Oct 16, 2010 12:59pm
Hi Starvin4pips ,
just want to say thanks for ur long post these few days back, it attracted my attention and introduced me to this thread, was shown ur post by a trader friend of mine, thanks for inspiring me

i just want to share with you and everyone here a good way to avoid sloppy entries and large drawdown is to use Jacko's anti-hedge method , should work like a charm

http://coolforex.wordpress.com/2007/...y-interesting/
  • #3,267
  • Oct 16, 2010 3:55pm Oct 16, 2010 3:55pm
Quoting willkohsg
Hi Starvin4pips ,
just want to say thanks for ur long post these few days back, it attracted my attention and introduced me to this thread, was shown ur post by a trader friend of mine, thanks for inspiring me
Hi willkohsg,

You're welcome. I'm extremely humbled that anyone would be inspired by my posts.

Quoting willkohsg
i just want to share with you and everyone here a good way to avoid sloppy entries and large drawdown is to use Jacko's anti-hedge method , should work like a charm

http://coolforex.wordpress.com/2007/...y-interesting/...
Thanks for the link. I've heard others in FF mention Jacko in the past, but I have not read any of his posts. His anti-hedging method looks like it could be utilized very nicely with my Graeme-inspired trading method. I do plan to put it to use.

Kevin
  • #3,268
  • Oct 16, 2010 8:05pm Oct 16, 2010 8:05pm
Hi, Starving4pips, like your way of trying to make sense of pipEASY's immensely valuable teachings (if not the most valuable stuff I've come across so far in this mess called forex trading). I recall Graeme saying in one of his earlier posts that the best entries on the daily are at the or near the start of the candle because you have no idea where that particular candle is going until the next day but if it is in line with the higher TF trend then it can bounce around a little but still move generally in your favour. From the second trade you showed, the sloppy entry, (thanks for your painful, no doubt, honesty) that one trade particularly exemplifies just how much Graeme teaches us if we but listen and look. Wondering if you could drop me a copy of your weekly pivot indicator, the ones I've got throw lines everywhere and clog up the screen, thanks for your honest input and no criticism intended, just an insight I finally came to after linking your post above to Graemes earlier teachings, thanks a lot in advance.

Alex
  • #3,269
  • Oct 17, 2010 3:43am Oct 17, 2010 3:43am
Hello,

Regarding jacko's anti-hedging method see post 203 of this thread. Graeme answered to that already.

Kindest Regards,

Cam
  • #3,270
  • Oct 17, 2010 9:41am Oct 17, 2010 9:41am
Quoting adowland
Hi, Starving4pips, like your way of trying to make sense of pipEASY's immensely valuable teachings (if not the most valuable stuff I've come across so far in this mess called forex trading). I recall Graeme saying in one of his earlier posts that the best entries on the daily are at the or near the start of the candle because you have no idea where that particular candle is going until the next day but if it is in line with the higher TF trend then it can bounce around a little but still move generally in your favour. From the second trade you showed,...
Hi Alex,

Thank you for your post and no criticism taken here. One of the reasons I posted that absolutely horrendous trade was to show everyone what I did wrong and what I should have done to make it a better trade. I missed the entry and took the trade anyway and now the trade is running in the hole by 80+ pips. Lesson learned. But here's the deal: Even though I entered at was probably the worst possible time, if (and this is BIG IF) the main trend resumes, which it probably will given the current weakness of the USD and the current strength of the CAD, the trade will work out as long as I have the intestinal fortitude to let it mature. This gets back to my epic post of a few days ago where I stated that entries don't matter. Well, that is a bit of a fallacy, as we can see from this example that entries do matter some, but they don't matter as much as some would have you believe. More than likely, if I closed my platform and opened it again 6 months from now, this trade would be well into profit. But we all know that would be a dangerous way to manage it and doing so would be a grave risk, so realistically I have to manage it for the short term to protect my account. After all, though my pain threshold is high, I'm not suicidal.

So, one of the biggest questions we face in trading is: how much of a pullback are we willing to tolerate before we decide to cut it loose? This, of course, comes down to sound money management and every trader has to determine that for himself. For me, 200 pips against (roughly 2% of account balance) is where I start seriously thinking it may be time to to bail, but there are other factors as well that would give me pause, such as trendline breaks and where the daily closes in proximity to the weekly pivot. This is where having the long-term trend in my favor does provide some solace. I'm sure for other traders, this trade would have been cut loose already. To each his own.

The important moral of the story, which you stated, is this: Graeme taught us that entering near the open of the daily will give you a much better shot at getting a good entry. If I had done that with this trade, I'd be maybe 15 pips in the hole with a lot less ground to make up. My goal for the upcoming week is to try to improve my entries working soley off of the daily chart while trading with the weekly/monthly trend. If I can do that successfully, and I know I can, then my results should improve.

Kevin

P.S. I have attached my pivot indicator for anyone who would like to have it.
Attached File(s)
File Type: ex4 S4P Pivots.ex4   4 KB | 642 downloads
  • #3,271
  • Oct 17, 2010 11:36am Oct 17, 2010 11:36am
Great to hear your success.

If your entries are only micros would you consider reaveraging out of a 80 pip adverse movement.
aiming to get out on small retrace + a few pips?
making green pips large and red pips small this is my goal.
  • #3,272
  • Oct 17, 2010 12:16pm Oct 17, 2010 12:16pm
Quoting paul1
Great to hear your success.

If your entries are only micros would you consider reaveraging out of a 80 pip adverse movement.
aiming to get out on small retrace + a few pips?
I'd definitely consider it once I see a closed daily candle that convinces me that the downtrend is resuming, though by the time that happens it could already be back out of the hole.

Kevin
  • #3,273
  • Oct 17, 2010 5:37pm Oct 17, 2010 5:37pm
Quoting Starvin4Pips
I'd definitely consider it once I see a closed daily candle that convinces me that the downtrend is resuming, though by the time that happens it could already be back out of the hole.

Kevin

Hey kevin,
thanks for posting your charts, and showing us all how you are thinking about a trade, before during and after,
I am with you in that u/c hole, but we will see how it pans out.
i am in a couple of other holes as well, but time will tell to what depth i have to stomach!!!

cheers
Geoff
  • #3,274
  • Oct 17, 2010 6:03pm Oct 17, 2010 6:03pm
starving4pips (love the emotion in that) thanks for your extensive reply. I am meeting up with some people (over here in Brisbane) to specifically work with this way of trading I believe. In an earlier post someone mentioned Jacko's technique of counter hedging which is still argued over. I understand (in post 203) that Graeme covered this also so this is still a difficult area for us all. Graeme seems able to afford large drawdowns whereas we are less able at this point to tolerate that , or at least I am. If I gain any insights I'll certainly let you know, thanks for the indi.

Alex
  • #3,275
  • Oct 17, 2010 10:36pm Oct 17, 2010 10:36pm
Quoting adowland
Graeme seems able to afford large drawdowns whereas we are less able at this point to tolerate that , or at least I am.
Hello Alex,

Before making such remarks, would you mind actually reading the thread ? Graeme never advocated large drawdowns, quite the opposite.

Kindest Regards,

Cam
  • #3,276
  • Oct 17, 2010 10:52pm Oct 17, 2010 10:52pm
Quoting geoffrod
Hey kevin,
thanks for posting your charts, and showing us all how you are thinking about a trade, before during and after,
I am with you in that u/c hole, but we will see how it pans out.
i am in a couple of other holes as well, but time will tell to what depth i have to stomach!!!

cheers
Geoff
I just bailed on USDCAD at -156. Saw no relief in sight and had to stop the bleeding.

Kevin
  • #3,277
  • Oct 18, 2010 12:54am Oct 18, 2010 12:54am
same here buddy bailed out at -76 , O'well
  • #3,278
  • Oct 18, 2010 1:14am Oct 18, 2010 1:14am
Hi all,

My latest open positions. nzdjpy will be my next TP=80 pips successful trade going 110+ pips strong after the momentum breakout of the weekly pennant trend line. Took A/J tonight and EUR/CHF, AUD/CHF and NZD/JPY are from Thursday/Friday.

Attached Image (click to enlarge)
Click to Enlarge Name: 10-17-2010 11-06-44 PM.png Size: 87 KB
Staying in my lane...
  • #3,279
  • Oct 18, 2010 1:29am Oct 18, 2010 1:29am
Quoting VEEFX
Hi all,

My latest open positions. nzdjpy will be my next TP=80 pips successful trade going 110+ pips strong after the momentum breakout of the weekly pennant trend line. Took A/J tonight and EUR/CHF, AUD/CHF and NZD/JPY are from Thursday/Friday.

Attachment
Here's how the weekly trend line triangle looks... a good example of "price should not come back to my entry price..." theory taught by Graeme on weekly momentum here... http://www.forexfactory.com/showpost...6&postcount=12

Attached Image (click to enlarge)
Click to Enlarge Name: 10-17-2010 11-23-05 PM.png Size: 25 KB
Staying in my lane...
  • #3,280
  • Oct 18, 2010 1:36am Oct 18, 2010 1:36am
Quoting VEEFX
Here's how the weekly trend line triangle looks... a good example of "price should not come back to my entry price..." theory taught by Graeme on weekly momentum here... http://www.forexfactory.com/showpost...6&postcount=12

Attachment
Just close nzdjpy trade with over 80+ pips in profit as I need sleep and get up again in a few hours. Will resume my shorts if the current H4 candle closes below the trend line breakout level.
Attached Image (click to enlarge)
Click to Enlarge Name: 10-17-2010 11-32-51 PM.png Size: 42 KB
Staying in my lane...
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