Took 2nd trade @ 94 yesterday stayed overnight now banked = +15 & +25
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- #2,262
- Edited 2:51am May 31, 2018 2:40am | Edited 2:51am
- Joined Jan 2015 | Status: Trader | 5,146 Posts
- #2,265
- May 31, 2018 8:23am May 31, 2018 8:23am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Over my time trying to learn about this game i have read and collected a shed load of articles in my quest to earn a few golden nuggets, thought this might be of some interest, please look at the dates mentioned and see if you think it is relevant to the present, its the reason i always keep banging the drum about range. New Highs and New Lows One of the most important things the market can do during a trading day is to continue along the path hitting either new highs or new lows for the day ( they almost never continue doing both during the same...
During 'normal' trading activity your pip movements and their subsequent follow-on type PA is accurate enough.
Not only that but its a simple albeit labor intensive exercise to draw similar conclusions from many other 'commonly' traded symbols.
In one of my other threads I applied a process whereby in the Asian trading session several pairs were traded near the Tokyo Open with the intention of reverse trading back to the Daily Open line and in many cases about a 30 pip movement was the expectation meaning that a stop could be placed out about 45 pips with the intention of getting 30 pips on the return to the DO line.
It was amazing how easy this process was to trade and how reliable it was however, the system applied there was a Quantum type trading approach which sought to open up smaller trades opposite to the ensuing trend building up positions and making net posiitve cycles or looking to close out all trades at the DO line.
DD was the 'evil' that needed to be 'controlled' especially using a small account and many trades entered on lower TF's at a not much slower frequency than close of candle.
Certainly a technique that applies say 1 or 2 entries at a relatively larger lot size could be applied with great success at or near the 30-45 pip mark above or below the daily open price looking counter trend trade.
Then simply apply a Buy Stop or a Sell Stop at a break above or below the 45 pip mark and trade in the direction of the trend...very very effective.
I have applied (and still do) these same type techniques in the Asian session using rather large lots because the session is slower moving usually than London so price does not get away from you when you have 'juicy' positions in action (just need to be mindful of the spread on some pairs in the Asian session and the mean reversion tendency of a given pair on a given trading day may be a little slower than anticipated so some patience is required!).
This type of approach is better used on intraday type trading so it does not fit within the D1 Quad Candle System methodology for obvious reasons.
ps. one of my ealier threads goes to great lengths in explaining the importance of understanding the trading ranges (expected and realized) of sessions or sections of sessions and the pairs to which you plan to trade.
pps. Daily Range (averaged over several days), Asian session range (av. over several sessions), similarly for LO and NY or part sessions. I recall going through several examples manually, using Excel and calculating all the required averages. This data gives the trader the power to commit to a setup in real time with real conviction, keep your MM tight and reap the rewards... simple !
Masterrmind..............
Master your Mind then Master your Trades
- #2,266
- May 31, 2018 8:27am May 31, 2018 8:27am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Took 2nd trade @ 94 yesterday stayed overnight now banked = +15 & +25 {image}
Well done...
Masterrmind............
Master your Mind then Master your Trades
- #2,267
- May 31, 2018 8:34am May 31, 2018 8:34am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Job done {image}
Masterrmind............
Master your Mind then Master your Trades
- #2,268
- May 31, 2018 8:57am May 31, 2018 8:57am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
EURCAD and GBPUSD [D1: MT5; real; update]
Price appears to be holding above recent lows on both pairs, at least for the time being !
Generous stops applied but they are well placed and will be shortened in time as price makes its way back above entry level (if and when it does).
Part of setting up a large cycle of trades is being very very patient in the early stages until price gets into a much better position such that additional entries can be applied so that ultimate cycle gain is preferably in the double digits (if price hits the 2 targets on only 2 trades a 14% gain in Equity will occur however, it is more than likely that many more timed entries may be entered on favorable PA to the upside and even if the full TP is not hit the gain might be much greater. Plenty of obstacles to overcome before this eventuates ofcourse.
Time to be very patient, monitor the 2 current positions and then apply a series of PLS Buy Stops, all in good time !
Masterrmind............
Price appears to be holding above recent lows on both pairs, at least for the time being !
Generous stops applied but they are well placed and will be shortened in time as price makes its way back above entry level (if and when it does).
Part of setting up a large cycle of trades is being very very patient in the early stages until price gets into a much better position such that additional entries can be applied so that ultimate cycle gain is preferably in the double digits (if price hits the 2 targets on only 2 trades a 14% gain in Equity will occur however, it is more than likely that many more timed entries may be entered on favorable PA to the upside and even if the full TP is not hit the gain might be much greater. Plenty of obstacles to overcome before this eventuates ofcourse.
Time to be very patient, monitor the 2 current positions and then apply a series of PLS Buy Stops, all in good time !
Masterrmind............
Master your Mind then Master your Trades
- #2,269
- May 31, 2018 9:19am May 31, 2018 9:19am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
EURCAD and GBPUSD [D1: MT5; real; update] {image} Price appears to be holding above recent lows on both pairs, at least for the time being ! Generous stops applied but they are well placed and will be shortened in time as price makes its way back above entry level (if and when it does). Part of setting up a large cycle of trades is being very very patient in the early stages until price gets into a much better position such that additional entries can be applied so that ultimate cycle gain is preferably in the double digits (if price hits the 2...
This means that I put far less emphasis on the number of pips and much more on the location of the stop with respect to the MML Grid levels.
This is certainly true for the D1 TF and as an observant trader would soon realize a US$1000 start capital applying the D1 Quad Candle System is about as low in start capital that you can go if applying a 'reasonable' and 'realistic' risk per trade of between 2% to 4%.
The only other option you would have is to select symbols with smaller octive gaps which means your choices are reduced especially when a great setup appears and you do not have the capital to take advantage of it or if you do take the setup your risk per trade might blow out to 5% to 10%
and this is not a healthy place to be.
Good trading,
Masterrmind............
Master your Mind then Master your Trades
- #2,271
- Jun 2, 2018 12:39am Jun 2, 2018 12:39am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Someone is long in eur-jpy gbp-usd and gbp-jpy?
Traders should certainly not just focus on the pairs I trade or am currently trading because I'm using a small 1K account in a D1 trading environment and as pointed out in the previous few posts the limited capital (intentional) restricts the number of possibilities.
Some of these possibilities include taking advantage of other potentially great setups across a whole miriad of symbols but as pointed out a 1K account allows for maybe 1 to 2 pairs at the same time and even that is pushing the risk envelope a little at times.
If traders have an interest in a certain instrument and would like it analyzed in detail from bith a technical and a fundamental perspective please post it here and I'll outline the pitfalls and any advantages.
Good trading,
Masterrmind............
Master your Mind then Master your Trades
- #2,274
- Jun 3, 2018 9:59am Jun 3, 2018 9:59am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{image}{image} GBP-USD and EUR-JPY
Its good form to outline a few dot points as to why you decided to enter the trade or intend entering a trade.
You might also like to ask a few questions that other traders here might expand upon.
Then we can start to fill in the gaps (if any) with additional key information (technical, fundamental or otherwise).
Thanks for posting the charts.
Masterrmind.............
Master your Mind then Master your Trades
- #2,275
- Jun 4, 2018 12:28am Jun 4, 2018 12:28am
{quote} Feel free to leave the price labels in the screenshots. Its good form to outline a few dot points as to why you decided to enter the trade or intend entering a trade. You might also like to ask a few questions that other traders here might expand upon. Then we can start to fill in the gaps (if any) with additional key information (technical, fundamental or otherwise). Thanks for posting the charts. Masterrmind.............
Thanks so much
- #2,276
- Jun 4, 2018 6:52am Jun 4, 2018 6:52am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} I will do it Thanks so much
If trading on a real account, keep the first entry at very low risk, then look to add positions only after price is moving in your favored direction.
The growth factor will come from carefully building up the volume on an already net positive position and controlling the risk.
As you can see from my live account I usually (not always) start at 0.01 lots on a 1K account and if the lot size is higher I would have already factored in the risk per trade over all trades in the setup.
It may not always be possible to know how many trades will be applied in a given cycle of trades, afterall it is not possible to clearly gauge the future push of price to any given level over the medium to longer term horizon.
What we can determine though is the 'likely' number of trades and have a preliminary trading plan such that we know the maximum number of trades that could be entered and at what levels they 'might' be added.
A simple trading plan can be a very powerful tool to have in your arsenal.
So what we always try to do in that case is 'control' the applied risk and allow the market to carry us over the finish line.
Masterrmind............
Master your Mind then Master your Trades
- #2,278
- Jun 14, 2018 8:20am Jun 14, 2018 8:20am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Closed my buy GBPUSD and GBP JPY good gain with your {image} {image}
What criteria did you use to close out the trade ?
Several bullish candles in a row makes me wonder why you did not allow the trade to run on until say at least 1 bearich candle close occurred.
Masterrmind.............
Master your Mind then Master your Trades
- #2,280
- Jun 19, 2018 9:45am Jun 19, 2018 9:45am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Monday or thuesday maiby long aud-jpy possible TP until pivot {image}
Risk-Off approach currently so look for opportunities to buy up the Yen and Gold (if you trade it).
However, the situation is likely to reverse rather quickly based on how quickly the situation defuses.
Then again if China bites back it may be a rather volatile trading time ahead for us all.
Keep a close watch over the US Trade tarrifs.
No wonder my poor little GU trade is struggling to make any sizeable movements up the chart.
If you decide to take on current risk, apply a generous stop and a small position size ... if price goes your way look to add into your position over time.
Good trading,
Masterrmind............
Master your Mind then Master your Trades