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  • #501
  • May 23, 2019 7:36am May 23, 2019 7:36am
Quoting benjamin89
don't know why but didn't worked this time EURCAD 15M {image}
Breakout was very good, but as it was noted before - your entry should have been little bit earlier...
  • #502
  • May 23, 2019 7:38am May 23, 2019 7:38am
Quoting tgfh
Just closed this one. 100 period CCI agreed with the downtrend. 14 period CCI breaks -100 to confirm BO of level (lower drawn one). {image}
You are doing very good, buddy! Keep going!
  • #503
  • May 23, 2019 4:20pm May 23, 2019 4:20pm
Quoting helbor
My entry was too early here. Should have waited on break of yesterday's low. 7 pip loss. {image}
This is how I see that short (in hindsight of course). I can't say for sure if I would've taken that trade in real time. MA's were bunched together there. However, we can see the trade did run enough to return > 1.5x our risk there. Always another trade.
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  • #504
  • May 23, 2019 8:43pm May 23, 2019 8:43pm
Quoting Whatever.
{quote} I trade EUR/USD, GBP/USD, EUR/AUD, DAX. Sometimes i take USD/CAD, Gold, JPY pairs. AUD/USD is very nice and smooth pair, but volatility is very slow last years. My favourite is EUR/AUD - i traded this pair during last 5 years, it was perfect, but now it's not as good as before. GBP pairs are always more active and more volatile than EUR pairs, so have to be careful with them, especially such as GBP/JPY or GBP/AUD - i don't recommend these pairs at first, only when you learn them very well. Generally, AUD pairs are very good in tech analysis,...
Btw I would like to know, how do you fixate your risk say you want to risk 1% of account. then it result in say $100. Given you are using market order to enter trade on breakout, how do you ensure your entry to stop loss level is $100? I know when you calc position size it might be something like 0.05 lot making $93 as an example, when you enter there is no way it is gonna be exactly that amount of risk because the market is moving.

Or do you have entry EA/indicator to help you with money management? Because a planned risk of $93 to $100 can turn out to become a $140 risk due to fly entry. Please treat with care as money management is even more important than entry. Thanks.
  • #505
  • May 24, 2019 1:14am May 24, 2019 1:14am
Quoting tgfh
{quote} This is how I see that short (in hindsight of course). I can't say for sure if I would've taken that trade in real time. MA's were bunched together there. However, we can see the trade did run enough to return > 1.5x our risk there. Always another trade. {image}
Hello tgfh

Very nice perspective, thank you for commenting.
Your charts are most helpful.
  • #506
  • May 24, 2019 3:20am May 24, 2019 3:20am
Quoting danasa
{quote} Btw I would like to know, how do you fixate your risk say you want to risk 1% of account. then it result in say $100. Given you are using market order to enter trade on breakout, how do you ensure your entry to stop loss level is $100? I know when you calc position size it might be something like 0.05 lot making $93 as an example, when you enter there is no way it is gonna be exactly that amount of risk because the market is moving. Or do you have entry EA/indicator to help you with money management? Because a planned risk of $93 to $100...
Thank you for your question. You are totally right when say that MM is very important for success in trading.

When you see potential entry - you see the point where you want to enter. Your SL should be planned before the trade - you see how much pips your potential SL is from the point where you want to enter. I don't use any indicators for that, i know the risks of my potential trade before the entry. If your potential SL is 10 pips and you don't want to risk more than 100$, you just should calculate what lot you need for your pair. You also may add 1-2 pips for entry slippage and comission.

Hope i understood your question right and that can help.
  • #507
  • May 24, 2019 12:27pm May 24, 2019 12:27pm
Last trade of the week. I missed the breakout of the Asian range (first chart). The trade I actually took was on the hourly (second chart). Lots of indecision at ~1.2678 resistance level. Honestly, I entered chasing the previous trade, and justifying it with an hourly time frame. Bad of me, wasn't patient enough. I was pressured to put on a trade before going to bed.

I was late to the move, and the timely retrace punished me before price pushed higher. Possible clue to today's up move were hinted by divergence (third chart).
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  • #508
  • May 25, 2019 4:29am May 25, 2019 4:29am
Quoting Whatever.
{quote} Thank you for your question. You are totally right when say that MM is very important for success in trading. When you see potential entry - you see the point where you want to enter. Your SL should be planned before the trade - you see how much pips your potential SL is from the point where you want to enter. I don't use any indicators for that, i know the risks of my potential trade before the entry. If your potential SL is 10 pips and you don't want to risk more than 100$, you just should calculate what lot you need for your pair. You...
So what you do is you manually enter your trade at or near the planned level? If so, then there is bound to be that slippage, given mostly it is London Open, could get as much as 5pips slippage! Then you manually modifiy the order to place your stop and Target profit levels? Basically on entry, it is naked entry price level market order, then when in you quick move to edit order to put on stop and target profit? I hope my question is clear...thanks.
  • #509
  • May 25, 2019 8:45am May 25, 2019 8:45am
Quoting tgfh
Last trade of the week. I missed the breakout of the Asian range (first chart). The trade I actually took was on the hourly (second chart). Lots of indecision at ~1.2678 resistance level. Honestly, I entered chasing the previous trade, and justifying it with an hourly time frame. Bad of me, wasn't patient enough. I was pressured to put on a trade before going to bed. I was late to the move, and the timely retrace punished me before price pushed higher. Possible clue to today's up move were hinted by divergence (third chart). {image} {image} {image}...
Hello tgfh

Thank you for posting all your trades for our benefit.
The Frankfurt breakout was good, i missed it too. Pity about that large downward spike that ruined your long trade.
Amongst all the action yesterday i managed to catch 10 pips on GBP (with more luck than skill i guess).
I show it here on the 5m. Was over so quickly it's not even visible on the 15m.
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  • #510
  • May 25, 2019 8:51am May 25, 2019 8:51am
Second Friday trade: EA
Probably too quick to move SL to BE.
With a little perseverance it could have been a 25pip gain.
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  • #511
  • May 25, 2019 10:11am May 25, 2019 10:11am
Can anyone help me. I have a question. Is usd weaker make eur stronger across the board in case there were no data in euro. Because people sell usd and buy euro. I am not satisfied with that answer
  • #512
  • May 25, 2019 9:59pm May 25, 2019 9:59pm
I've enjoyed your charts Helbor. It's always nice to see different perspectives. I'm curious as to how many pairs you're looking at and how long do you trade? I personally trade only GBP/USD and trade the first two hours of the London Open.
  • #513
  • May 27, 2019 2:26am May 27, 2019 2:26am
Quoting tgfh
I've enjoyed your charts Helbor. It's always nice to see different perspectives. I'm curious as to how many pairs you're looking at and how long do you trade? I personally trade only GBP/USD and trade the first two hours of the London Open.
Hello tgfh

Since becoming a formal student of this method, i only look at EA, GU and XAU.
It's made all the difference to the discipline i've been lacking.

Some weeks i look at London only, other weeks London and NY, depending on my schedule.

Big work still ahead for me to overcome fear and execute my trades with more confidence.
I'd love to do it for two hours only, just one pair. Sounds like a good trading life.
  • #514
  • May 27, 2019 2:53am May 27, 2019 2:53am
Quoting helbor
{quote} Some weeks i look at London only, other weeks London and NY, depending on my schedule.
Haha, I completely understand this. I've flip flopped between LO and NY open depending on whether I'm working day and night shifts for the week. I think this thread is a great place for us to work on our discipline.

Holiday today. Volatility wasn't too bad. The constant uptrend on cable has made it hard to see any structure on the M15 chart. Instead, I spotted a level on the M5 that I was waiting for. The two arrows note why I drew the level. However, when I took the trade, the 14 period CCI failed to signal the trade. It came close to -100, had the momentum for it, but didn't cross just yet. I entered at the level break, set a tight stop just above the candle's high, and an arbitrary TP for 1.5x the risk.

Edit: I just realized that the 100 period CCI crossed down on the 100 level, and not the -100 level! Woops! I was comfortable with the price action, and the downward momentum of the 14 period CCI. However, in hindsight, I wouldn't have taken the trade if I had properly read the 100 period CCI.
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  • #515
  • May 27, 2019 3:23am May 27, 2019 3:23am
Quoting danasa
{quote} So what you do is you manually enter your trade at or near the planned level? If so, then there is bound to be that slippage, given mostly it is London Open, could get as much as 5pips slippage! Then you manually modifiy the order to place your stop and Target profit levels? Basically on entry, it is naked entry price level market order, then when in you quick move to edit order to put on stop and target profit? I hope my question is clear...thanks.
Most of the times i enter manually, with no pending orders. Slippage in 5 pips - it's very huge one and it happens very seldom. Slippage around 1 pip is ok.

And no - i don't move my SL tighter because of slippage or late entry. SL should be placed on exact level, hi/low or another point, but you shouldn't move it only to make your risks lower.

Hope that helps, mate.
  • #516
  • May 27, 2019 5:42am May 27, 2019 5:42am
Quoting tgfh
{quote} Haha, I completely understand this. I've flip flopped between LO and NY open depending on whether I'm working day and night shifts for the week. I think this thread is a great place for us to work on our discipline. Holiday today. Volatility wasn't too bad. The constant uptrend on cable has made it hard to see any structure on the M15 chart. Instead, I spotted a level on the M5 that I was waiting for. The two arrows note why I drew the level. However, when I took the trade, the 14 period CCI failed to signal the trade. It came close to -100,...
A very nice accident! Thanks for sharing your entry. (I too have made that error, seeing the 100 level for the -100 level. Soon i realised if such a cross happens simultaneously with a strong engulfing bear candle after double top, it's a highly probable reversal signal, good for at least 10 pips - sometimes much more. But that's really bending the rules of this system. I observe it mostly on EA, i'm yet to trade it.)

I waited for a retrace at round number and then entered for 10 pips on break of box. The CCI(100) had not quite dipped below the -100, but the candle was moving fast.
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  • #517
  • May 27, 2019 3:42pm May 27, 2019 3:42pm
Quoting helbor
{quote} A very nice accident! Thanks for sharing your entry. (I too have made that error, seeing the 100 level for the -100 level. Soon i realised if such a cross happens simultaneously with a strong engulfing bear candle after double top, it's a highly probable reversal signal, good for at least 10 pips - sometimes much more. But that's really bending the rules of this system. I observe it mostly on EA, i'm yet to trade it.) I waited for a retrace at round number and then entered for 10 pips on break of box. The CCI(100) had not quite dipped below...
I have found it better to set my CCI with FIXED max and min. Fixed 400 and Fixed -400 works perfectly fine and eliminates confusion. No need to look right,
  • #518
  • May 28, 2019 3:12pm May 28, 2019 3:12pm
Nobody could accuse me of only showing winning trades.
If only i'd let the very first pending order of the day activate and run for 10 pips.
So simple really.
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  • #519
  • Edited May 29, 2019 3:52am May 28, 2019 10:18pm | Edited May 29, 2019 3:52am
I see we both had similar experiences for Tuesday's LO. I tried shorting the same level 3 times. SL's each time. (Chart 1.) It's important to have days like these. Trending markets are fairly straightforward. However, adding chop/range days into the mix is the real test for longevity. It's important we learn from these.

There were some hints to the market's behavior on the higher timeframe (hourly) (chart 2). Lot's of consolidation an an identified level and a moving average. Market could go up or down. This is more so for myself. But before I took my shorts, the massive wick rejection had already formed. This should've really screamed danger. But alas, FOMO. I wanted to get a trade in before I went to bed.

In the end, the signals were valid IMO. However, in the context of the market the signals should've been taken with a side of caution. I reasoned each time that "My stops were too tight, I'll just try again." Three times I was punished for that.

Live and learn. Trade what you see. Yadda, yadda, yadda.

Edit: Grammar
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  • #520
  • May 29, 2019 1:53am May 29, 2019 1:53am
Thank you tgfh, for feeding my schadenfreude.
You're right, days like yesterday give us many lessons.
The other two pairs on my watch list had smooth breakouts, highly pipful, zero drawdown, proving the system is rock solid.
I managed to harvest only a few pips on each of these breakouts because of doubt.
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