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The daily strategy - the different point of view

  • #101
  • Jul 27, 2017 7:59am Jul 27, 2017 7:59am
But that does mean to trade by the heiken ashi itself but to use as a reference on the daily. I'm just throwing ideas. Anybody got any?
  • #102
  • Jul 27, 2017 8:01am Jul 27, 2017 8:01am
Quoting Chake
Maybe you could start by writing down the full system, then we could really see what to think of it/give sugesstions etc..
Did you investigate the candle situation ?
Just curious
  • #103
  • Jul 27, 2017 8:06am Jul 27, 2017 8:06am
Quoting SuperPip
Good to see you back here. After some visual backtesting I see that price is going to range in tight channel before closing the NY. There is point to use stop orders with TP 3 pips on both side of the channel. {image} It is a UJ 1M chart and red vertical is 30 minutes before NY close. This pattern is common and worth for further investigation. SP
Please be careful. The reason for my revision is because of that particular pair I went long yesterday and my drawdown was bigger than expected. It scared me enough to make me close out. Even though I knew it would turn back eventually. And it did come back to where I would have made my target. Here I'll post a pic.
  • #104
  • Jul 27, 2017 8:09am Jul 27, 2017 8:09am
Quoting ewebb205
{quote} Please be careful. The reason for my revision is because of that particular pair I went long yesterday and my drawdown was bigger than expected. It scared me enough to make me close out. Even though I knew it would turn back eventually. And it did come back to where I would have made my target. Here I'll post a pic.
The daily candle that's highlighted
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20170727-100708.png Size: 125 KB
  • #105
  • Jul 27, 2017 8:10am Jul 27, 2017 8:10am
In a case like that a low account balance can take out of the game before it goes in your favor.
  • #106
  • Jul 27, 2017 8:13am Jul 27, 2017 8:13am
Also I wouldn't straddle these trades. Your buy order for the upside will turn into your stop loss for the sell order.
And you know how that goes I only use an emergency stop very loose stop loss. I don't plan on being stopped out especially with this logic of mine.
  • #107
  • Jul 27, 2017 8:15am Jul 27, 2017 8:15am
What do y'all think?
  • #108
  • Jul 27, 2017 8:18am Jul 27, 2017 8:18am
Quoting SuperPip
Good to see you back here. After some visual backtesting I see that price is going to range in tight channel before closing the NY. There is point to use stop orders with TP 3 pips on both side of the channel. {image} It is a UJ 1M chart and red vertical is 30 minutes before NY close. This pattern is common and worth for further investigation. SP
Be advised that I put my entry in 30 minutes before close is because my spreads aren't widened yet. These trades are for the next trading day (start of the Asian session).
  • #109
  • Jul 27, 2017 8:22am Jul 27, 2017 8:22am
Quoting ewebb205
{quote} Be advised that I put my entry in 30 minutes before close is because my spreads aren't widened yet. These trades are for the next trading day (start of the Asian session).
Well that probably with change based on this revision.
  • #110
  • Jul 27, 2017 8:23am Jul 27, 2017 8:23am
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  • #111
  • Jul 27, 2017 8:24am Jul 27, 2017 8:24am
And revisions
  • #112
  • Jul 27, 2017 8:25am Jul 27, 2017 8:25am
Quoting ewebb205
What do y'all think?
Yes. Me again.
I see your target is 3 pips.?
What/where is your stop? (how many pips?)

Are you on a trade now?

Can you post a live trade now?

I suppose not....as you only trade EOD. (NY Close)

So after NY close.....in about 5.5 hour time....could you post a live trade showing entry....stop....and take profit please.....and the reasons (your system/method) for taking the trade.

Thankyou.
  • #113
  • Jul 27, 2017 8:38am Jul 27, 2017 8:38am
This trade entry method has good propabilities for winning, but
some classical trading methods should be applied for avoiding the losses.

1. SL and risk should be fixed for the black swan events.
2. BE or partial TP after some pips of profit (5 to 10).
3. Many experienced traders are saying: cut the losers and let the profit run. Small losses, small wins,
profit comes from bigger moves.

May I ask, how did you kept your DD such low?
What is the expected profitability for wins of 3 pips?

SP
  • #114
  • Jul 27, 2017 8:43am Jul 27, 2017 8:43am
Quoting SuperPip
This trade entry method has good propabilities for winning, but some classical trading methods should be applied for avoiding the losses. 1. SL and risk should be fixed for the black swan events. 2. BE or partial TP after some pips of profit (5 to 10). 3. Many experienced traders are saying: cut the losers and let the profit run. Small losses, small wins, profit comes from bigger moves. May I ask, how did you kept your DD such low? What is the expected profitability for wins of 3 pips? SP
Well usually I seem to pick the right direction most times and I take profit before a drawdown exists. Within a normal trend 3 pips are accomplished in any direction anyway so at market open you will get 3 pips just ranging.
My whole confluence was to make money with no fundamental factors at first. And that how I assembled this strategy.
  • #115
  • Jul 27, 2017 8:47am Jul 27, 2017 8:47am
[quote=ewebb205;10129329]{quote} Well usually I seem to pick the right direction most times and I take profit before a drawdown exists. Within a normal trend 3 pips are accomplished in any direction anyway so at market open you will get 3 pips just ranging. My whole confluence was to make money with no fundamental factors at first. And that how I assembled this strategy.[/quote
My belief about forex is allot different than most. But then again most traders fail. I don't believe in sl. Letting trades run- trend is your friend- I don't believe in forex either. Because it's not your game. I always compare it to a remote controlled car on the interstate. And I plan on doing a thread about that figure of speech and how it relates to forex.
  • #116
  • Jul 27, 2017 8:49am Jul 27, 2017 8:49am
My belief about forex is allot different than most. But then again most traders fail. I don't believe in sl. Letting trades run- trend is your friend- I don't believe in forex either. Because it's not your game. I always compare it to a remote controlled car on the interstate. And I plan on doing a thread about that figure of speech and how it relates to forex.[/quote]
  • #117
  • Jul 27, 2017 8:55am Jul 27, 2017 8:55am
As a chart trader I look at the daily charts and I look at it very closely. I find relations between candles on how to make profits solely on how candles paint. There's a science in that within itself. You see the Japanese we're very intelligent when they created the candlesticks the measures price behavior. KEYWORD to measure BEHAVIOR. To hell with the market itself and the reasons why it move. These findings of mine happen every single day the same single way. So if you can identify them ove and over than likes like sticking a net in the pond full of cash.
  • #118
  • Jul 27, 2017 9:00am Jul 27, 2017 9:00am
I can prove my theory on sl and (trends and friends) and
also (time)-x-(money value)=0 or not enough
  • #119
  • Jul 27, 2017 9:02am Jul 27, 2017 9:02am
I've also traded futures for a year. But the point is, is that this strategy works anywhere in anything. Forex just allows me to proportion my money better since I can play by a dime if I wanted too
  • #120
  • Jul 27, 2017 9:05am Jul 27, 2017 9:05am
Quoting SuperPip
This trade entry method has good propabilities for winning, but some classical trading methods should be applied for avoiding the losses. 1. SL and risk should be fixed for the black swan events. 2. BE or partial TP after some pips of profit (5 to 10). 3. Many experienced traders are saying: cut the losers and let the profit run. Small losses, small wins, profit comes from bigger moves. May I ask, how did you kept your DD such low? What is the expected profitability for wins of 3 pips? SP
Hey super pip not trying to be funny but, do you think a major bank or hedge fund uses stop losses?
Bank guy - " ok if I lose this much money than cut it off here as a loss. "
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