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Nchosen's trades by Mouteki rules

  • #21
  • Edited 5:15am Sep 22, 2006 1:30am | Edited 5:15am
Trade #5

Bar opened 149.23
Projected 53 pips
TP @149.76 (with EA ManageTakeProfit)
SL 26 (with EA ManageTakeProfit)

SL hit -27 pips
Attached Image
  • #22
  • Sep 22, 2006 1:40am Sep 22, 2006 1:40am
Trade #6

Bar opened 0.6725
Projected 23 pips
TP @0.6748 (with EA ManageTakeProfit)
SL 12 (with EA ManageTakeProfit)<!-- / message --><!-- attachments -->
Attached Image
  • #23
  • Sep 22, 2006 7:40am Sep 22, 2006 7:40am
Trade #7

Bar opened 221.08
Projected 147 pips
TP @219.61 (with EA ManageTakeProfit)
SL 49 (with EA ManageTakeProfit)

SL hit -49 pips
<!-- / message --><!-- attachments -->
Attached Image
  • #24
  • Sep 22, 2006 8:41am Sep 22, 2006 8:41am
Quoting nchosen
Trade #7

Bar opened 221.08
Projected 147 pips
TP @219.61 (with EA ManageTakeProfit)
SL 49 (with EA ManageTakeProfit)

SL hit -49 pips
<!-- / message --><!-- attachments -->
Hi again
It might be wise to stop trading (or at least opening new trades) on Fridays.
I've read stuff from other professionals who will leave open trades running, but look to close early on Fridays, but never open new trades. The reason, if I remember correctly, is that prices are affected by profit-taking by the main players, so you may not always get a normal follow-through on a usual set-up.
I also think that some of your stop-losses are quite tight, how do you calculate them?
I'll keep an eye on your charts, and see if I can offer a little guidance on this, although it is a difficult area and is closely related to your risk profile and money management strategy.
I won't be offended if you tell me to clear off.
Peter
  • #25
  • Sep 22, 2006 9:39am Sep 22, 2006 9:39am
Quoting PeterFM
Hi again
It might be wise to stop trading (or at least opening new trades) on Fridays.
I've read stuff from other professionals who will leave open trades running, but look to close early on Fridays, but never open new trades. The reason, if I remember correctly, is that prices are affected by profit-taking by the main players, so you may not always get a normal follow-through on a usual set-up.
I also think that some of your stop-losses are quite tight, how do you calculate them?
I'll keep an eye on your charts, and see if I can offer a little guidance on this, although it is a difficult area and is closely related to your risk profile and money management strategy.
I won't be offended if you tell me to clear off.
Peter
Yep. You're right. I was not going to open any more and I am going to perhaps close my two open trades after US session. That was my last trade before weekend. I know also that I am too eager to open trades. All I want is to see how this strategy is working. What would be proper time to stop trading on Fridays?

About my SLs. I am calculating them by Mouteki stop loss rules (<90 pips price projection -> 1/2 SL, > 90 pips ->1/3 SL ). Maybe my trendlines are wrong and they give me tight projections and SLs.

No way I am going to kick you off my journal. It is my purpose to get some feedback and someone "tutoring" my work. I really appreciate you comments and hope that you continue peeking my journal.

Thanks.

nchosen
  • #26
  • Sep 22, 2006 11:35am Sep 22, 2006 11:35am
Quoting nchosen
Yep. You're right. I was not going to open any more and I am going to perhaps close my two open trades after US session. That was my last trade before weekend. I know also that I am too eager to open trades. All I want is to see how this strategy is working. What would be proper time to stop trading on Fridays?

About my SLs. I am calculating them by Mouteki stop loss rules (<90 pips price projection -> 1/2 SL, > 90 pips ->1/3 SL ). Maybe my trendlines are wrong and they give me tight projections and SLs.

No way I am going to kick you off my journal. It is my purpose to get some feedback and someone "tutoring" my work. I really appreciate you comments and hope that you continue peeking my journal.

Thanks.

nchosen
Thanks N
Didn't want to keep poking my nose in where it wasn't wanted.
I haven't read the latest stuff from Mouteki, as I'm test driving my own method based on the daily charts, so I'm a bit out of touch with the method.
I'll only make comments if I think you're making fundamental errors, or if I feel I can add a new viewpoint to your trading. I have no intention of interfering in such a way as to distract you from learning Mouteki's method.
I'll get back when I've read the new stuff, so I won't make any comments at the moment.
Please PM me as I have some other questions I would like to ask you directly.
Peter
  • #27
  • Sep 25, 2006 6:08am Sep 25, 2006 6:08am
Quoting nchosen
Trade #6

Bar opened 0.6725
Projected 23 pips
TP @0.6748 (with EA ManageTakeProfit)
SL 12 (with EA ManageTakeProfit)<!-- / message --><!-- attachments -->
SL hit -24 pips. This trade was over weekend and I missed almost all of European session.
Attached Image
  • #28
  • Edited 12:00pm Sep 25, 2006 6:10am | Edited 12:00pm
Quoting nchosen
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: closed -24 pips
Trade #7: closed -49 pips
Trade #8: closed -20 pips (miscalculated projection and SL)

Total L/P: -101 pips
Trade #6 was over weekend
  • #29
  • Sep 25, 2006 6:35am Sep 25, 2006 6:35am
Hi N
I had a look at Mouteki's stop loss pages, and must assume if he's been trading this for a while, he knows these figures work.

I wouldn't get down-hearted by your losses last week, as I suspect some were due to incorrectly drawn TLs. The others are due to the way FX works.

I'd still like to see you post a few charts as you're planning a trade, we can then check you're getting the TLs correct.

Keep on trucking

Peter
  • #30
  • Sep 25, 2006 6:56am Sep 25, 2006 6:56am
Quoting PeterFM
Hi N
I had a look at Mouteki's stop loss pages, and must assume if he's been trading this for a while, he knows these figures work.

I wouldn't get down-hearted by your losses last week, as I suspect some were due to incorrectly drawn TLs. The others are due to the way FX works.

I'd still like to see you post a few charts as you're planning a trade, we can then check you're getting the TLs correct.

Keep on trucking

Peter
I just had a round of golf..eh..some priorities..so I missed the European session. I'll start to draw some TL's immediatelly.

nchosen
  • #31
  • Sep 25, 2006 7:25am Sep 25, 2006 7:25am
Here is a possible trade. Should I take it, because I am late...?
Attached Image
  • #32
  • Sep 25, 2006 7:35am Sep 25, 2006 7:35am
Here is another possible trade. Iam afraid I am a bit too late here. Just 20 pips to go for total of 67 pips.

Peter,

Could I please have your comments of these possible trades?

Thanks.
Attached Image
  • #33
  • Sep 25, 2006 9:19am Sep 25, 2006 9:19am
Bar opened 221.18
Projected 41 pips
TP @220.77 (with EA ManageTakeProfit)
SL 20 (with EA ManageTakeProfit)<!-- / message --><!-- attachments -->
Attached Image
  • #34
  • Sep 25, 2006 9:27am Sep 25, 2006 9:27am
Quoting nchosen
Bar opened 221.18
Projected 41 pips
TP @220.77 (with EA ManageTakeProfit)
SL 20 (with EA ManageTakeProfit)<!-- / message --><!-- attachments -->
N, your price projection doesn't smell right. GBP/JPY is a pretty volatile pair and hence a PP of 43..just looks odd. Ill have a further look and see whats wrong.
  • #35
  • Edited 9:29am Sep 25, 2006 9:28am | Edited 9:29am
Quoting nchosen
Bar opened 221.18
Projected 41 pips
TP @220.77 (with EA ManageTakeProfit)
SL 20 (with EA ManageTakeProfit)<!-- / message --><!-- attachments -->
Glad you are in this with me, but how did you get 41pips? I used the other candle and get 96pips , you used the next one since we were close or consolidation theory or whatever, but the candle you used is greater pips than 96????
  • #36
  • Sep 25, 2006 9:42am Sep 25, 2006 9:42am
Nchosen, I make it 87 pips for price projection and hence a 43 pips stop. See chart attached (different MT4 broker so will differ slightly)
Attached Image
  • #37
  • Sep 25, 2006 9:50am Sep 25, 2006 9:50am
Quoting llambert3
Glad you are in this with me, but how did you get 41pips? I used the other candle and get 96pips , you used the next one since we were close or consolidation theory or whatever, but the candle you used is greater pips than 96????
Zuke and Ilambert3,

You are right. I had a slight miscalculation in head, just 100 pips .

The candle I am using gives 141. Do you have the same?

Thanks for correcting.

:surprised nchosen
Attached Image
  • #38
  • Edited 11:10am Sep 25, 2006 10:53am | Edited 11:10am
Quoting nchosen
Here is another possible trade. Iam afraid I am a bit too late here. Just 20 pips to go for total of 67 pips.
Peter,
Could I please have your comments of these possible trades?
Thanks.
Sorry I'm late, been out most of the afternoon, but it looks as if you're in good hands.
At a quick glance the TLs look OK, and I'm with the others that your PP may be out.
I'll try and get to you quicker if I can, but keep it up, you're close.
Peter

PS Here's my GBPJPY with PP. Don't forget my borker feed may be different to yours.
Attached Image
  • #39
  • Sep 25, 2006 11:05am Sep 25, 2006 11:05am
Quoting nchosen
Zuke and Ilambert3,

You are right. I had a slight miscalculation in head, just 100 pips .

The candle I am using gives 141. Do you have the same?

Thanks for correcting.

:surprised nchosen
I got 143 with your candle but could be just where my points are, etc. I get 96 using my candle. In any event, IT'S GOING AGAINST US!!!!!!!!!! I take it you are very close to be stopped out????
  • #40
  • Edited 11:52am Sep 25, 2006 11:21am | Edited 11:52am
Quoting llambert3
I got 143 with your candle but could be just where my points are, etc. I get 96 using my candle. In any event, IT'S GOING AGAINST US!!!!!!!!!! I take it you are very close to be stopped out????
It might be worth having a quick look at the daily charts to get a sense of direction. It's not always going to work, but this pair has been stuck in a bit of a rut for over a week, but the weekly shows a steady climb since the beginning of the year.
If you look on my chart I've set a buy limit as I expect a drop to around 220.50 and then for it to continue back upwards.
So your sell order may not be dead yet (please note I said MAY NOT) but you should stick with your stop losses as per the rules to make the system work properly.

Peter
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