If you fail to plan, you plan to fail.
Ratios & Harmonics: a Different Way to Trade
- #36,482
- Feb 2, 2018 8:32am Feb 2, 2018 8:32am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #36,483
- Feb 2, 2018 8:33am Feb 2, 2018 8:33am
{quote} Sheeep44 , thanks you very much i started the chart for that day , which previous day dint consider in , and if trade bigger swing than the swing i draw , which the long swing you mention , we would find no trade sitting there. even the swing i draw would take atleast few hour to complete. yes the longer term swing work out well , which i have a trade yesterday on 15min chart. the IOF you mention should be Immediate Order Flow , can you elaborate more about that , why switch to IOF i know swing can be draw alot way in term of order flow...
1) when do I switch to a different OF ( yes IOF is immediate OF )
When the swing is too big for my risk profile, I base my risk on a certain amount of pips ( for the ease of this example lets say 10 pips ), I don't want to risk more than give or take 15-20 pips ( 1,5%-2% of the account ) when the swing is like 40 pips I switch to the IOF. Yes you are going to have some expectation failures maybe in the beginning, but the IOF should still provide a 70%+ NSH / NSL creations, BUT be carefull not to switch between them too much because that creates unnecessary risk.
2)' How to trade a Expectation that did not have a good risk reward price below 38.20'
I simply don't, my trading plan says I need to have atleast a 1:1 R:R to enter, because my winrate is above 50% I have an edge and always make money, no matter what, I don't know what your says?
If it simply retraces to the 38,2% fib and goes with the expectation, just sit on your hands and 'suck it up '. Only take setups where every box is ticked in your trading plan, and if not, just wait.
3) the spread was too large, buddy I don't know what broker you are using , but my spread is 0,2 pips (without commissions) , then you probably should find yourself a reliable broker with competitive spreads.
4) pick a TF and focus on that, I have been there and done that, switching whenever I occured more than 3 losers, but after seeing my trades work out. Work on the psychology and on the process of taking a trade, the money will follow, the money is byproduct of your decision making process.
"Luck is when opportunity meets preparation"
- #36,484
- Feb 2, 2018 8:34am Feb 2, 2018 8:34am
I'm done for today.
-36, +10, +17, +4, +33
+28 for the day.
Had some uglies and learned a lesson or two.
Now if I can just remember the lessons next week. Getting a little better at following rules.
Hope everyone has a great weekend!
-36, +10, +17, +4, +33
+28 for the day.
Had some uglies and learned a lesson or two.
Now if I can just remember the lessons next week. Getting a little better at following rules.
Hope everyone has a great weekend!
- #36,488
- Feb 2, 2018 8:38am Feb 2, 2018 8:38am
{quote} No problem, I want us all to succeed buddy! 1) when do I switch to a different OF ( yes IOF is immediate OF ) When the swing is too big for my risk profile, I base my risk on a certain amount of pips ( for the ease of this example lets say 10 pips ), I don't want to risk more than give or take 15-20 pips ( 1,5%-2% of the account ) when the swing is like 40 pips I switch to the IOF. Yes you are going to have some expectation failures maybe in the beginning, but the IOF should still provide a 70%+ NSH / NSL creations, BUT be carefull not to...
"Luck is when opportunity meets preparation"
- #36,489
- Edited 8:58am Feb 2, 2018 8:45am | Edited 8:58am
- | Joined Nov 2012 | Status: Trader | 382 Posts
No problem, I want us all to succeed buddy!
1) when do I switch to a different OF ( yes IOF is immediate OF ) When the swing is too big for my risk profile, I base my risk on a certain amount of pips ( for the ease of this example lets say 10 pips ), I don't want to risk more than give or take 15-20 pips ( 1,5%-2% of the account ) when the swing is like 40 pips I switch to the IOF. Yes you are going to have some expectation failures maybe in the beginning, but the IOF should still provide a 70%+ NSH / NSL creations, BUT be carefull not to switch between them too much because that creates unnecessary risk.
- Yes , forex price range can goes up to 60pips a swing , and sometime 20pips a swing , but by going to the IOF , i find that alot of time a rotation candle can take up to 30% of the swing due to the average move of the timeframe. and thus create lesser signal to trade
2)' How to trade a Expectation that did not have a good risk reward price below 38.20' I simply don't, my trading plan says I need to have atleast a 1:1 R:R to enter, because my winrate is above 50% I have an edge and always make money, no matter what, I don't know what your says? If it simply retraces to the 38,2% fib and goes with the expectation, just sit on your hands and 'suck it up '. Only take setups where every box is ticked in your trading plan, and if not, just wait.
-I do heard Mr.Pip say that we need to try to find way to trade all/most of the swing , so that we can get the expectation probability to 70% or more. that why i try to find way to trade the 38.20 due to it occur alot of time.
3) the spread was too large, buddy I don't know what broker you are using , but my spread is 0,2 pips (without commissions) , then you probably should find yourself a reliable broker with competitive spreads.
-Yes, need to find a suitable broker , 0.2pips were market best i think , on 1min chart anything more than 1pips can affect alot. since we were taking around 5-10pips profit average
4) pick a TF and focus on that, I have been there and done that, switching whenever I occured more than 3 losers, but after seeing my trades work out. Work on the psychology and on the process of taking a trade, the money will follow, the money is byproduct of your decision making process.
- I been backtest the 5min chart , and it seem just not efficient and after waiting for correction , no good signal to trade. alot of time goes on 5min chart. that why i am finding better way to trade to get more signal .
Shall i ignore 38.20 , and no good rotation , the number of trade per day goes lower and so the efficiency .
Thanks
{quote} On the 1M I have plenty of rotation candles. Maybe post a chart up?
I dint mean that Mr.Pip strategy provide negative results , but that the efficiency on forex market were way lesser , i am getting positive results from backtest , but the time taken vs the outcome were just not efficient , thus i am finding way to increase the overall Profit over time , by taking more signal and trade.
As i know , anyhow you trade as long you follow the expectation , you should get positive results.
Hope to learn more , pardon me if asking too much , i will continue learn till i achieve the efficiency , because Mr.Pip last time also traded forex market , so the problem was on me , and not the market , thus finding pieces that can solve the puzzle haha
- #36,497
- Edited 10:01am Feb 2, 2018 9:47am | Edited 10:01am
Long. {image}
Up 2,43%, only traded 2,5 session. ( 7,5 hours approx.)
had 4 lossers and 2 winners and managed to get a positive 1,39% return on this pair only, talking about R:R!
EDIT:
"Luck is when opportunity meets preparation"
