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Nchosen's trades by Mouteki rules

  • #1
  • First Post: Edited Sep 22, 2006 4:50am Sep 21, 2006 9:55am | Edited Sep 22, 2006 4:50am
Hi,

This is my first trade on my demo account.

Bar opened 1.8982
Projected 98 pips
TP @1.9080 (with EA ManageTakeProfit)
SL 36 (with EA ManageTakeProfit)

Trade #1

EDIT #1: this a false trade, because supply line is drawn wrong (sloping up). Seems to be in profit. There is a proper signal 5 candles before, from which this trade seems to get power too.

EDIT #2: Proper setup, which I was late because of my false setup, should be
Bar opened 1.8874
Projected 163 pips (hit)
TP @1.9037 (already hit)
SL 54

Trade closed:
SL @1.9033 +62 pips (not original TP )
Attached Image
  • #2
  • Sep 21, 2006 10:13am Sep 21, 2006 10:13am
Enchosen,

Loooks like a very nice chart you've there but how the trade comes out?

The about the EA for profit manager...how does it work and mind for sharing?
Shah For every action there is an equal and opposite reaction.....
  • #3
  • Sep 21, 2006 10:42am Sep 21, 2006 10:42am
Quoting Panjan
Enchosen,

Loooks like a very nice chart you've there but how the trade comes out?

The about the EA for profit manager...how does it work and mind for sharing?
I just got in that trade. Currently -11 pips.

You can find that EA in Mouteki thread. Here's the link http://www.forexfactory.com/forexfor...&page=62&pp=15 and #928.

Hope it helps.
  • #4
  • Sep 21, 2006 10:59am Sep 21, 2006 10:59am
Hi, man, home make some demo money off this trade but and I hope you don't mind me saying, you are drawing the line incorrectly. That line needs to be sloping down and the signal had already occurred.

That is if you are wanting to stick to Mouteki method.

Good luck in trading. I am using Mouteki as well.
  • #5
  • Sep 21, 2006 11:08am Sep 21, 2006 11:08am
Quoting minute
Hi, man, home make some demo money off this trade but and I hope you don't mind me saying, you are drawing the line incorrectly. That line needs to be sloping down and the signal had already occurred.

That is if you are wanting to stick to Mouteki method.

Good luck in trading. I am using Mouteki as well.
Sorry, but I do not remember that the line should be sloping to any direction. Could you point me out where that is mentioned?
  • #6
  • Edited Sep 22, 2006 2:45am Sep 21, 2006 11:10am | Edited Sep 22, 2006 2:45am
Trade #2

Bar opened 116.75
Projected 81 pips
TP @115.94 (with EA ManageTakeProfit)
SL 40 (with EA ManageTakeProfit)

SL hit 116.60 +10 pips
2006.09.22 06:52
Attached Image
  • #7
  • Sep 21, 2006 11:14am Sep 21, 2006 11:14am
Trade #3

Bar opened 1.2514
Projected 41 pips
TP @1.2555 (with EA ManageTakeProfit)
SL 20 (with EA ManageTakeProfit)

SL was already hit
-20 pips<!-- / message --><!-- attachments -->
Attached Image
  • #8
  • Sep 21, 2006 11:19am Sep 21, 2006 11:19am
dear friend,

it better you read the first pages from muteki thread ,
your line of support and demand are wrong.
rover all the time
  • #9
  • Sep 21, 2006 11:20am Sep 21, 2006 11:20am
Quoting nchosen
Sorry, but I do not remember that the line should be sloping to any direction. Could you point me out where that is mentioned?
See all the powerpoint presentations that Mouteki has provided. You will find the upper line always slopes down, but you are right, I don't think he actually specifically says it.
  • #10
  • Sep 21, 2006 11:33am Sep 21, 2006 11:33am
Quoting rover
dear friend,

it better you read the first pages from muteki thread ,
your line of support and demand are wrong.
Rover,

Thank you for your comments, but could you be more specific? I am willing to take any advice and comments, because I am learning.

Thanks.
  • #11
  • Sep 21, 2006 11:35am Sep 21, 2006 11:35am
Quoting minute
See all the powerpoint presentations that Mouteki has provided. You will find the upper line always slopes down, but you are right, I don't think he actually specifically says it.
You too are right. They are systemically sloping. I did not think that at all, when drawing lines. I have to throw a question to Mouteki thread to be sure. Thanks.
  • #12
  • Sep 21, 2006 11:39am Sep 21, 2006 11:39am
Quoting nchosen
You too are right. They are systemically sloping. I did not think that at all, when drawing lines. I have to throw a question to Mouteki thread to be sure. Thanks.
I am sure it has been mentioned before very early in the thread, in fact I remember it, because I wondered the same thing.
  • #13
  • Sep 21, 2006 11:43am Sep 21, 2006 11:43am
Quoting minute
I am sure it has been mentioned before very early in the thread, in fact I remember it, because I wondered the same thing.
I will recheck it for sure. I am glad of posting my trades if I learned only this one thing.

Thanks.
  • #14
  • Edited 12:35pm Sep 21, 2006 11:43am | Edited 12:35pm
Quoting nchosen
Sorry, but I do not remember that the line should be sloping to any direction. Could you point me out where that is mentioned?
Hi
You need to understand what you're looking at, so let's get some definitions outlined.

The top line is called the Supply Line for this reason; Supply is exceeding demand so the Supply price will keep falling until it reaches a point where buyers start buying again. Therefore the Supply Line will always slope down. You must draw your lines from right to left, following the Mouteki rules; ie find the highest point (of Resistance) that is nearest the current price that has 2 bars to the left and bars to the right of it that have lower highs, this is Point 1. You may have to look back into the past to ensure that you can apply these rules to Point 2.

The lower line is called the Demand Line for this reason; Demand is exceeding Supply so the Demand Price will keep rising until it reaches a point where buyers lose interest and start selling. Therefore the Demand Line will always be rising. You must draw your lines from right to left, following the Mouteki rules; ie find the lowest point (of Support) that is nearest the current price that has 2 bars to the left and bars to the right of it that have higher lows, this is Point 1. You may have to look back into the past to ensure that you can apply these rules to Point 2.

Hope this helps, but if you don't go back and read the manual, and Powerpoint Presentations, properly, I'm afraid you're bound to fail.

Peter
Attached Image
  • #15
  • Sep 21, 2006 1:07pm Sep 21, 2006 1:07pm
Quoting PeterFM
Hi
You need to understand what you're looking at, so let's get some definitions outlined.

The top line is called the Supply Line for this reason; Supply is exceeding demand so the Supply price will keep falling until it reaches a point where buyers start buying again. Therefore the Supply Line will always slope down. You must draw your lines from right to left, following the Mouteki rules; ie find the highest point (of Resistance) that is nearest the current price that has 2 bars to the left and bars to the right of it that have lower highs, this is Point 1. You may have to look back into the past to ensure that you can apply these rules to Point 2.

The lower line is called the Demand Line for this reason; Demand is exceeding Supply so the Demand Price will keep rising until it reaches a point where buyers lose interest and start selling. Therefore the Demand Line will always be rising. You must draw your lines from right to left, following the Mouteki rules; ie find the lowest point (of Support) that is nearest the current price that has 2 bars to the left and bars to the right of it that have higher lows, this is Point 1. You may have to look back into the past to ensure that you can apply these rules to Point 2.

Hope this helps, but if you don't go back and read the manual, and Powerpoint Presentations, properly, I'm afraid you're bound to fail.

Peter
Thanks Peter,

I learned a valuable lesson here. I will also definitely recheck all the documentations.
  • #16
  • Sep 21, 2006 1:11pm Sep 21, 2006 1:11pm
Quoting minute
I am sure it has been mentioned before very early in the thread, in fact I remember it, because I wondered the same thing.
Minute,

I posted a question at Mouteki thread regarding this matter and got few immediate comments stating that indeed demand line is sloping up and supply line down.

Thank you for pointing that up.
  • #17
  • Edited Sep 22, 2006 2:56am Sep 21, 2006 1:25pm | Edited Sep 22, 2006 2:56am
Trade #4

Bar opened 221.49
Projected 131 pips
TP @220.18 (with EA ManageTakeProfit)
SL 43 (with EA ManageTakeProfit)

SL hit @22.88 -43 pips
2006.09.22 06:52

note: 3 pips away from +40 pips -> +10 pips profit locked
Attached Image
  • #18
  • Sep 21, 2006 5:11pm Sep 21, 2006 5:11pm
Quoting nchosen
Thanks Peter,
I learned a valuable lesson here. I will also definitely recheck all the documentations.
Glad I could help, I was worried the image may have confused the issue. It wasn't designed to show where Points #1 & #2 are when looking for the trend, but to show how to select the correct highs & lows as you checked back along the chart.

One other thing I would suggest, just while you're learning this, is get rid of the Moving Averages and the RSI at the bottom of the page. The quicker you learn to read price action the better for you.

Oscillators and MAs lag behind the action, and this method is designed to help you spot a breakout as it happens. If you wait for confirmation, you could miss the start of the break and then if it is a false breakout you'll be getting into the trade just as it's about to turn bad.

The only value they have is to warn you of the end of a trend, they are never as reliable at the beginning.

Peter
  • #19
  • Sep 22, 2006 3:03am Sep 22, 2006 3:03am
Quoting PeterFM
Glad I could help, I was worried the image may have confused the issue. It wasn't designed to show where Points #1 & #2 are when looking for the trend, but to show how to select the correct highs & lows as you checked back along the chart.

One other thing I would suggest, just while you're learning this, is get rid of the Moving Averages and the RSI at the bottom of the page. The quicker you learn to read price action the better for you.

Oscillators and MAs lag behind the action, and this method is designed to help you spot a breakout as it happens. If you wait for confirmation, you could miss the start of the break and then if it is a false breakout you'll be getting into the trade just as it's about to turn bad.

The only value they have is to warn you of the end of a trend, they are never as reliable at the beginning.

Peter
Thanks Peter,

I just got rid of those indicators that were left hanging from my previous chart setups.
  • #20
  • Edited 9:44am Sep 22, 2006 3:20am | Edited 9:44am
Results so far:


Trade #1: closed +62 pips
Trade #2: closed +10 pips
Trade #3: closed -20 pips
Trade #4: closed -43 pips
Trade #5: closed -27 pips
Trade #6: still open
Trade #7: closed -49 pips

Total L/P: -67 pips
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