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  • #2,481
  • Apr 18, 2013 2:13pm Apr 18, 2013 2:13pm
Quoting Snowbird
Hi Jonnypants, The London Fade is the price where London closes. SP plays it with GJ and GU. These pound pairs usually bounce off that price for 10-30 pips. I've seen a lot more pips than that too.
Cheers Snowbird
So for Today GU close = 1.5283?
Tomorrow can I expect the price to bounce from Frankfurt or London open?
TIA
  • #2,482
  • Apr 18, 2013 2:18pm Apr 18, 2013 2:18pm
Quoting jonnypants
Hi Seneca Re the 'London Fade' sounds v.interesting, could you expand a bit more please? TIA
Throw a line on your chart at the London close price today. You can do this with GJ and GU. This evening during the Tokyo market on GJ if the price approaches the close price note what happens. Tomorrow during London if price approaches today's close on either pair note what happens. While you are waiting for this to come you can scroll back through several months on your charts and note the reactions. Take some averages for draw down and profit distance then you should have something that resembles a profitable method taking shape. This is a very profitable strategy. I have mentioned it in the thread a few times but it is so simple that I think very few people have spent much time with it. There are lots of other simple things like this that make money in the market. I am not sure why people are drawn to the complex stuff. There are lots of junk salesmen on the net selling the nine indicator road to ruin for thousands of dollars but no one really wants simple. Not sure why.
  • #2,483
  • Apr 18, 2013 2:18pm Apr 18, 2013 2:18pm
Whilst on the subject of opens and closes, anybody got an indicator that paints a line for London/New york open close. Might as well include Europe and Tokyo too
  • #2,484
  • Apr 18, 2013 2:19pm Apr 18, 2013 2:19pm
Quoting jonnypants
Cheers Snowbird So for Today GU close = 1.5283? Tomorrow can I expect the price to bounce from Frankfurt or London open? TIA
I have 5285 but that is a broker difference and will not matter.
  • #2,485
  • Apr 18, 2013 2:22pm Apr 18, 2013 2:22pm
Quoting Seneca pilot
Throw a line on your chart at the London close price today. You can do this with GJ and GU. This evening during the Tokyo market on GJ if the price approaches the close price note what happens. Tomorrow during London if price approaches today's close on either pair note what happens. While you are waiting for this to come you can scroll back through several months on your charts and note the reactions. Take some averages for draw down and profit distance then you should have something that resembles a profitable method taking shape. This is a very...
Cheers seneca, I'm loving you more every minute
yup I'm a big fan of KISS in all walks of life - sadly in today's overcomplicated world I find myself increasingly in the minority - especially in 'Bullshit Britain'
  • #2,486
  • Apr 18, 2013 3:05pm Apr 18, 2013 3:05pm
Quoting Good Lookin
I look at these guys http://talking-forex.com/live?code=dBQ869WseBTwk3cHwUz9 as well as IFR.
This is good. Tnx!
  • #2,487
  • Edited 3:22am Apr 19, 2013 3:00am | Edited 3:22am
Good morning everyone:

I made my explorer available for over three weeks. I had a gain of over 26% and never risked more than two percent per position. I have taken the explorer down as I want to reclaim my test account. I am planning to open a new account with one thousand dollars and start the tracking again. I will link the account here as soon as it is up and running. I need the test account to check on some patterns that I have been working on for the past weeks. I expect these tests will play havoc with my account because they are experiments and I don't know if I can trade them yet.

Chris
  • #2,488
  • Edited 4:07am Apr 19, 2013 3:13am | Edited 4:07am
Quoting jonnypants
Hi Seneca Re the 'London Fade' sounds v.interesting, could you expand a bit more please? TIA
Hey jonny,

You come in here asking, have you tried this,do you use that ,can you expand on the other.............

Do us all a F**king favour read the whole thread,like everyone else has done.
  • #2,489
  • Apr 19, 2013 4:18am Apr 19, 2013 4:18am
There is a PDF if you prefer the ramblings of SP without the ramblings of others, just click on the paper clip at the top of the page to find it.

If you've got a spare few minutes I'd like to share a video of Richard Feynman talking about thinking and our translation of other peoples thinking. He's not talking about trading but I think it has some relevance to the problems encountered when trying to understand someones trading methodology, especially in a very limited medium such as this forum.

Anyway you might think differently but I could listen to this guy all day.

Here's the link: http://www.youtube.com/watch?v=lr8sVailoLw
  • #2,490
  • Apr 19, 2013 7:29am Apr 19, 2013 7:29am
I missed the EUR/USD open trade, shorted the EUR/JPY at 129.75(Wed high) and got stopped out for 20 pips. I'm down 10% in my first week of trading.. The

country I live in is an Asian country and because of the regulatory rules the minimum deposit requirement is 10000 dollars. I blew 1000 bucks in a week.. I always

seem to get stopped out and I have like 5 losers in a row right now. SP, would you have shorted the EUR/JPY today? It seemed like one of your entries but it didn't

work. When do I fade the level and when do I look for a breakout? It's really annoying, because I'm always sliced by a falling(in this case a rising) knife. If there is

discretion involved then could you elaborate on it? Also I know your method is counter trend but I seem like I'm always on the other side of a good trade. I have

never have gotten a 20+pip profit even once during the 5-6 trades I made. It's really frustrating...
  • #2,491
  • Apr 19, 2013 7:42am Apr 19, 2013 7:42am
Why aren't trading on demo until you fully understand the method and are consistently profitable?
  • #2,492
  • Apr 19, 2013 7:59am Apr 19, 2013 7:59am
Galaxys3, One of the reasons I'm with Oanda right now is because they have no minimum initial deposit to open an account. Most brokers that I looked at had a $2000 minimum requirement. One was $10,000. That's crazy to start off with if you're only learning, which is where I am right now. Try to open up an account with Oanda and just throw $100 in there and trade 10 cent pips to begin with.
  • #2,493
  • Apr 19, 2013 8:01am Apr 19, 2013 8:01am
I did for about two months, and I was profitable, though not by a big margin. I guess I was just impatient to jump in. I don't know if this is just a string of bad luck

or not but I followed SP's method on demo(fading DO, PDH, PDL, reversing on a BO and retest) and did fine, now when I trade with real money I'm like the sucker

at the poker table.
  • #2,494
  • Apr 19, 2013 8:02am Apr 19, 2013 8:02am
Quoting galaxys3
I missed the EUR/USD open trade, shorted the EUR/JPY at 129.75(Wed high) and got stopped out for 20 pips. I'm down 10% in my first week of trading.. The country I live in is an Asian country and because of the regulatory rules the minimum deposit requirement is 10000 dollars. I blew 1000 bucks in a week.. I always seem to get stopped out and I have like 5 losers in a row right now. SP, would you have shorted the EUR/JPY today? It seemed like one of your entries but it didn't work. When do I fade the level and when do I look for a breakout?...
You should, at most, be down one percent per trade. You may have a minimum deposit size but you make the choice to size your positions. Yes you should have shorted the previous day high. You also should have gone long after stopping out as price retested the high and then went on to go up over 100 pips. I cannot be there when you take a trade so you are going to have to either A, be willing to follow the rules I have stated in the thread, or B, take a position that is so small that you can't get hurt. You cannot expect to master a method after only a few days or weeks of study. You also cannot take positions that are too large. the correct size stop for EJ today was about forty pips. You took a two percent loss with a twenty pip stop. Please show me where I told you in this thread or privately to take such a position.

You will be able to recover from this but you better reduce your position size now. I would also encourage you to go back and read the thread more thoroughly and learn how to properly set stops and manage trades. You must have discipline. If your broker will not allow a position size small enough to keep your losses at one percent or less you need to get another broker NOW.

I understand your frustration and I have been there but I also warned every reader of this thread repeatedly that leverage is dangerous and should be kept to the very minimum possible. You are undercapitalized for the position sizes you are trading. I am willing to help but you must take the responsibility for you actions and ask yourself why you took the large risk and why you didn't reverse and go long when you were stopped out and price retested the breakout.
  • #2,495
  • Apr 19, 2013 8:03am Apr 19, 2013 8:03am
Quoting galaxys3
I did for about two months, and I was profitable, though not by a big margin. I guess I was just impatient to jump in. I don't know if this is just a string of bad luck or not but I followed SP's method on demo(fading DO, PDH, PDL, reversing on a BO and retest) and did fine, now when I trade with real money I'm like the sucker at the poker table.
Now you are beginning to understand why I said repeatedly in the thread that trading real money is massively different from trading demo.
  • #2,496
  • Apr 19, 2013 8:08am Apr 19, 2013 8:08am
Quoting galaxys3
I did for about two months, and I was profitable, though not by a big margin. I guess I was just impatient to jump in. I don't know if this is just a string of bad luck or not but I followed SP's method on demo(fading DO, PDH, PDL, reversing on a BO and retest) and did fine, now when I trade with real money I'm like the sucker at the poker table.
If it really is a psychological thing I can suggest tradingwheels

Inserted Video
tradewith60
  • #2,497
  • Apr 19, 2013 8:14am Apr 19, 2013 8:14am
Quoting Snowbird
Galaxys3, One of the reasons I'm with Oanda right now is because they have no minimum initial deposit to open an account. Most brokers that I looked at had a $2000 minimum requirement. One was $10,000. That's crazy to start off with if you're only learning, which is where I am right now. Try to open up an account with Oanda and just throw $100 in there and trade 10 cent pips to begin with.
I would like to point out that I was trading a three hundred dollar test account at ten cents a pip. Most of the positions I took in the last weeks trading that account were well below one percent risk. I still managed to get a return in those past weeks over 25%. You do not need to risk much to make money trading. In fact it is just the opposite. Your risk should be small enough for you to be comfortable in a trade.
  • #2,498
  • Apr 19, 2013 8:16am Apr 19, 2013 8:16am
another thought is if you're just trading daily levels but not really trading trned too, then you need to be able to switch, you need to have a counter thesis

i.e if shorting the daily high fails, price closes over and retests it (resistance becomes support) then you should go long.

Im sure Seneca covers that earlier in the thread, but my memory is shit
tradewith60
  • #2,499
  • Apr 19, 2013 8:29am Apr 19, 2013 8:29am
60minuteman Thx for the advice, I'll have a look in to tradingwheels

On the subject of position sizing, do you mean betting in micro lots? I use MT4 that I downloaded from my brokerage firm site, and I can only bet in 1,2,3 etc volumes. I use 10 to 1 leverage, with a minimum deposit of 10000. I would like to reduce my trading account size until I get a feel for it, but I can't trade anything if I deposit any less then 10000 dollars.
  • #2,500
  • Apr 19, 2013 8:34am Apr 19, 2013 8:34am
Quoting galaxys3
60minuteman Thx for the advice, I'll have a look in to tradingwheels On the subject of position sizing, do you mean betting in micro lots? I use MT4 that I downloaded from my brokerage firm site, and I can only bet in 1,2,3 etc volumes. I use 10 to 1 leverage, with a minimum deposit of 10000. I would like to reduce my trading account size until I get a feel for it, but I can't trade anything if I deposit any less then 10000 dollars.
With a ten thousand dollar account you should be trading a maximum position size of about three to four dollars per pip. With EJ last night you should have been at two dollars per pip with the correct stop size. Never risk more than one hundred dollars per ten thousand in your account until you have lots of experience and have been profitable for two consecutive years.
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