Nchosen's trades by Mouteki rules

Quoting nchosen

Disliked

I had a few days break in trading. Here is a new opportunity. I am a bit late here. There is only 10 min to a close of that last candle. Despite of that I took the trade.
Bar opened 0.7496
Projected 53 pips
TP @0.7443 (with EA ManageTakeProfit)
SL 26 (with EA ManageTakeProfit)
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Quoting PeterFM

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I know you appreciate constructive criticism, nchosen, and I've been waiting for a new post to highlight a little thing I'd like you to tidy up.

On the attached image, I've marked the points you've selected, no problem with the choice, only the accuracy of the lines.

I know it won't always make a difference but you need to make sure your lines start and finish exactly touching the tops, or bottoms, of your bars. In fact, once I've drawn my lines, I then switch to the hourly, and sometimes the 30 min charts, to make sure I've attached them exactly to the selected points.

Perhaps it's the Virgo in me that makes for excess precision, but if you're looking for a trend break, and your lines aren't exact, then you might be seeing a bar open that isn't quite there. This is even more important the further the #2 points are from current action.

Anyway, try it out, note the prices of the bars you've selected, draw the lines in your normal way and then switch to the hourly chart and see how far from the bar's high or low it is, you might be suprised sometimes.

PS Looking at the top line, if you think about, to be placed accurately the line would have to move up a few pips, these few pips higher could stop you entering a long trade that wasn't actually opening outside the supply line. It happens sometimes that the new bar opens only just above, or below the TL, and unless you give yourself a buffer in your normal trading, these few pips could make all the difference.

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Quoting PeterFM

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I know you appreciate constructive criticism, nchosen, and I've been waiting for a new post to highlight a little thing I'd like you to tidy up.

On the attached image, I've marked the points you've selected, no problem with the choice, only the accuracy of the lines.

I know it won't always make a difference but you need to make sure your lines start and finish exactly touching the tops, or bottoms, of your bars. In fact, once I've drawn my lines, I then switch to the hourly, and sometimes the 30 min charts, to make sure I've attached them exactly to the selected points.

Perhaps it's the Virgo in me that makes for excess precision, but if you're looking for a trend break, and your lines aren't exact, then you might be seeing a bar open that isn't quite there. This is even more important the further the #2 points are from current action.

Anyway, try it out, note the prices of the bars you've selected, draw the lines in your normal way and then switch to the hourly chart and see how far from the bar's high or low it is, you might be suprised sometimes.

PS Looking at the top line, if you think about, to be placed accurately the line would have to move up a few pips, these few pips higher could stop you entering a long trade that wasn't actually opening outside the supply line. It happens sometimes that the new bar opens only just above, or below the TL, and unless you give yourself a buffer in your normal trading, these few pips could make all the difference.

Ignored

Quoting sergen

Disliked

nschosen,

if you want to precisely draw the line,

when draw the line use "Head" and "tail" and attach it to bar.

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Quoting sergen

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just drag the "head" below or upper bar, it will automaticlly attach to the lowest/highest point of bar.

btw...look at GU..mouteki TP=1.8767 will be reach, maybe in us session.

p/s sorry for my english..

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Quoting nchosen

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If you mean the first and third rectangulars of the trendline, IMO they are not snapping correctly or they snap on that fractal indicator. I am currently deleting them from my charts. There may be 1 pip difference in the value of high or low and the trenline value when letting them snap on.

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Quoting nchosen

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Missed that GBP/USD signal previously. I already wrote a comment on my graph "missed, projected 1.8760".

But are there coming a new signal down on next candle. Looks like a downtrend would continue?

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Quoting sergen

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Yup...mine is ok, it snap correctly



i believe GU downtrend will continue.. , but right now.. i think it will retrace to 1.8835/40 area...

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Quoting nchosen

Disliked

Results so far:

Trade
#1: closed +62 pips
#2: closed +10 pips
#3: closed -20 pips
#4: closed -43 pips
#5: closed -27 pips
#6: closed -24 pips
#7: closed -49 pips
#8: closed -20 pips (miscalculated projection and SL)
#9: AUD/USD still open
#10: closed +10 pips
#11: GBP/USD still open
#12: USD/CAD still open (placed 09/22)

Total L/P: -91 pips

Ignored

Quoting llambert3

Disliked

Nchosen, I hadn't looked at each of these charts, but if you had put at least 40 pip stop loss on the ones that were hit, would you have been ok and made at least +10? Just curious.

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Quoting nchosen

Disliked

I had a quick look at those trades that had SL smaller than 40 - there were only one that could have lived more. Some candles later this trade had +88 pips. There might have been some problems with my EA settings because it made so small SL and it had over 100 TP. Maybe I set them wrong in this particular case.

I use ManageTakeProfit EA with my trades. It moves SL to +10 pips after 40 pips gained.

Ignored

Quoting PeterFM

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Sorry I haven't been around much, but I thought I might add a comment.
Stop-loss settings are one of the hardest things to master. If you're sticking to Mouteki's rules you have to take the good with the bad. He's worked this out over time, so it must work for him.
I'm not in the GBPUSD trade at the moment, I used my own judgement on stop-loss and made a small profit when it came back and hit the stop. If I'd left it alone I'd have made more. But I'm past the worrying stage when that happens though.
The good side of an EA is that it takes the mental effort out of your trading - The bad side of an EA is that it takes the mental effort out of your trading
I still prefer to read my charts, drawing my lines myself so I have to look at the charts and decide whether I'll take the trade or not. An EA just takes that control out of your hands.
If you're on a demo account, or have one running alongside your live account, why not pick a currency pair, take off all the EAs and use your own judgement on the trades.
I feel you'll get a better feel of the pair and develop the skill to make your own judgement calls
(PS I'll delete this is if you want me too. I'm still sticking my nose in!!)

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Quoting nchosen

Disliked

Trade #7

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

SL hit -49 pips
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Quoting nchosen

Disliked

Here is one trade from 9/22 that I have forgotten to add to my journal.

Bar opened 1.1136
Projected 95 pips
TP @1.1041 (with EA ManageTakeProfit)
SL 32 (with EA ManageTakeProfit)


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Quoting nchosen

Disliked

Trade

#1: closed +62 pips
#2: closed +10 pips
#3: closed -20 pips
#4: closed -43 pips
#5: closed -27 pips
#6: closed -24 pips
#7: closed -49 pips
#8: closed -20 pips (miscalculated projection and SL)
#9: AUD/USD still open
#10: closed +10 pips
#11: GBP/USD still open
#12: USD/CAD +10

Total L/P: -81 pips
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Quoting nchosen

Disliked

I had a few days break in trading. Here is a new opportunity. I am a bit late here. There is only 10 min to a close of that last candle. Despite of that I took the trade.

Bar opened 0.7496
Projected 53 pips
TP @0.7443 (with EA ManageTakeProfit)
SL 26 (with EA ManageTakeProfit)

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