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Mouteki Trading

  • #4,021
  • Oct 31, 2006 2:36pm Oct 31, 2006 2:36pm
Quoting YasirYar
yea u did say tht.. but how so?? what time frame did u use to check that?? coul you explain this once again??
I must repeat, Mouteki is just one of the tools I use while making my judgement. My trades are not solely dependent on Mouteki System.
But in over all, this is a very good system, if you stick to it you should end up good.

But what I dont understand is, how are you negative 120 pips? what was your enter point/profit target/stop limit?
  • #4,022
  • Oct 31, 2006 2:37pm Oct 31, 2006 2:37pm
Quoting saaedb
There were no reversal signs on the daily charts.

And I'm still holding onto my 7(from last week) + 4 (this week) lots.
by reversal signs u mean divergence?? and do u use mouteki on daily charts as well??
BECAUSE I CAN !
  • #4,023
  • Oct 31, 2006 2:38pm Oct 31, 2006 2:38pm
nope one of the downfalls and all systems have them of mouteki false breakouts... basically that was more of bullish flag than a reversal, I demo traded that exact setup short on the gbp based on the break and lost had some initial profit like 10 pips.. but its wasnt in line with the main trend Mouteki does work when u get a good reversal otherwise be careful...
  • #4,024
  • Oct 31, 2006 2:41pm Oct 31, 2006 2:41pm
Quoting saaedb
I must repeat, Mouteki is just one of the tools I use while making my judgement. My trades are not solely dependent on Mouteki System.
But in over all, this is a very good system, if you stick to it you should end up good.

But what I dont understand is, how are you negative 120 pips? what was your enter point/profit target/stop limit?
well i let it run without a stop loss.. coz i figured it shouldnt go up any further.. coz the 4h charts had a bearish divergence .. and a pretty strong one too.. so i figured if it did go up it should ultimately go down.. i still havent taken out the trade because i expect it to plummet quite quickly.. open 8966.. limit 8940.. no sl.
BECAUSE I CAN !
  • #4,025
  • Oct 31, 2006 2:43pm Oct 31, 2006 2:43pm
Quoting enoc2g
nope one of the downfalls and all systems have them of mouteki false breakouts... basically that was more of bullish flag than a reversal, I demo traded that exact setup short on the gbp based on the break and lost had some initial profit like 10 pips.. but its wasnt in line with the main trend Mouteki does work when u get a good reversal otherwise be careful...
err.. can u post a chart showing the bullish flag?? id really appreciate that.. and moutaki doesnt take in account any trends.. its just a breakout setup method.. nowehere in his manual is anything abt looking at the trend u know..
BECAUSE I CAN !
  • #4,026
  • Oct 31, 2006 2:44pm Oct 31, 2006 2:44pm
yasir u wanted to go live on dec 1st right? u want to change that to dec 1st of 2007? lol...kidding
  • #4,027
  • Oct 31, 2006 2:45pm Oct 31, 2006 2:45pm
trading forex is not easy you have to really know your support resistance levels and place your stops at difficult levels where they wont get gunned,,, also wait for retracements or consolidations never get in when price is on a tear... practice practice pratice use ur demo to the fullest I still use mine and I have been trading since 2005, I have taken money out of this market for example start small... i just put in 200.00 and managed to turn that into 700 in about a week and a half of a gbp/usd swing trade... took profits and made an additional 400 on top of the original 200 I had left. this is trading 1 minilot if i lose say 100 pips I rebuild the account back to enough margin to trade the gbp\usd this may seem small but its preparing me for when i start trading bigger size positions. Take it slow and learn. Better to blow up small account than a large one.
  • #4,028
  • Oct 31, 2006 2:46pm Oct 31, 2006 2:46pm
Quoting altin2007
yasir u wanted to go live on dec 1st right? u want to change that to dec 1st of 2007? lol...kidding
i had 12 straight ttrades in a row buddy this just happened to be a mishap.. it aint my fault..sometimes it happens.. and i will go live on dec 1 ive had it with demo trading heheh .. so dont worry im workin on that..
BECAUSE I CAN !
  • #4,029
  • Oct 31, 2006 2:47pm Oct 31, 2006 2:47pm
Yas nevemind then if its not part of the system then what I said doesnt apply. Thanks
  • #4,030
  • Oct 31, 2006 2:47pm Oct 31, 2006 2:47pm
Quoting YasirYar
by reversal signs u mean divergence?? and do u use mouteki on daily charts as well??
YasirYar, I'm a little tied up right now.
But reversal as in divergence/candle patterns at support/resistance.
  • #4,031
  • Oct 31, 2006 2:47pm Oct 31, 2006 2:47pm
Quoting enoc2g
trading forex is not easy you have to really know your support resistance levels and place your stops at difficult levels where they wont get gunned,,, also wait for retracements or consolidations never get in when price is on a tear... practice practice pratice use ur demo to the fullest I still use mine and I have been trading since 2005, I have taken money out of this market for example start small... i just put in 200.00 and managed to turn that into 700 in about a week and a half of a gbp/usd swing trade... took profits and made an additional 400 on top of the original 200 I had left. this is trading 1 minilot if i lose say 100 pips I rebuild the account back to enough margin to trade the gbp\usd this may seem small but its preparing me for when i start trading bigger size positions. Take it slow and learn. Better to blow up small account than a large one.
yea thats true.. absolutely correct... yea ill put the weekly pivot levels on the charts too.. so i know what im doing wrong next time..
BECAUSE I CAN !
  • #4,032
  • Oct 31, 2006 2:51pm Oct 31, 2006 2:51pm
Quoting YasirYar
well i let it run without a stop loss.. coz i figured it shouldnt go up any further.. coz the 4h charts had a bearish divergence .. and a pretty strong one too.. so i figured if it did go up it should ultimately go down.. i still havent taken out the trade because i expect it to plummet quite quickly.. open 8966.. limit 8940.. no sl.
There are your two mistakes

1) You tried predicting the top.
2) You did not put your stops in.

You should not have lost more then 40 pips on this trade.
  • #4,033
  • Oct 31, 2006 2:53pm Oct 31, 2006 2:53pm
Saa
good point... protect the downside
  • #4,034
  • Oct 31, 2006 2:54pm Oct 31, 2006 2:54pm
Quoting saaedb
There are your two mistakes

1) You tried predicting the top.
2) You did not put your stops in.

You should not have lost more then 40 pips on this trade.
yeh.. thats true.. im never going to rely on divergence signs unless the price action actually follows.. taking ur trade out any time soon?
BECAUSE I CAN !
  • #4,035
  • Oct 31, 2006 2:59pm Oct 31, 2006 2:59pm
Quoting YasirYar
well i let it run without a stop loss.. coz i figured it shouldnt go up any further.. coz the 4h charts had a bearish divergence .. and a pretty strong one too.. so i figured if it did go up it should ultimately go down.. i still havent taken out the trade because i expect it to plummet quite quickly.. open 8966.. limit 8940.. no sl.
Now that I'm reading your post again, there's alot of things wrong with it.

You sold right near minor support (940). You were risking 60 pips to gain 20 pips. You had no stops in order and predicting the top . (Trust me YasirYar, I've made all those mistakes as well, and I've made them many times over).

This is no recommendation but just my opinion, you're holding onto your loser trade and hoping that it falls back down,which it might or it might not, I can't predict that nor do I believe technical analysis is suppose to predict that. But if I has a losing trade like this one, I'll try getting out of it and look for a potential entry in the direction of the market.
  • #4,036
  • Oct 31, 2006 3:01pm Oct 31, 2006 3:01pm
Quoting YasirYar
yeh.. thats true.. im never going to rely on divergence signs unless the price action actually follows.. taking ur trade out any time soon?
No plans to do so at this time. But I will keep moving my stops to protect my profits and will pick a spot by the time the UK session starts and let the trade run for the day.
  • #4,037
  • Oct 31, 2006 3:06pm Oct 31, 2006 3:06pm
Quoting saaedb
Now that I'm reading your post again, there's alot of things wrong with it.

You sold right near minor support (940). You were risking 60 pips to gain 20 pips. You had no stops in order and predicting the top . (Trust me YasirYar, I've made all those mistakes as well, and I've made them many times over).

This is no recommendation but just my opinion, you're holding onto your loser trade and hoping that it falls back down,which it might or it might not, I can't predict that nor do I believe technical analysis is suppose to predict that. But if I has a losing trade like this one, I'll try getting out of it and look for a potential entry in the direction of the market.
hmmm thanx for the insight on that just tell me this.. i checked.. the weekly pivot level is at 1.8900 and S1 and 1.8800.. so which minor support are u talking abt ? daily? or the one where it is (S1+S2)/2 .. thanx
BECAUSE I CAN !
  • #4,038
  • Oct 31, 2006 3:08pm Oct 31, 2006 3:08pm
Quoting YasirYar
hmmm thanx for the insight on that just tell me this.. i checked.. the weekly pivot level is at 1.8900 and S1 and 1.8800.. so which minor support are u talking abt ? daily? or the one where it is (S1+S2)/2 .. thanx
I dont use pivots(though they are good). I just use pure price action. If you look at the 4 Hour chart, you can see the the price had issues going below 945. and I used that as my stop level (minor support).
  • #4,039
  • Oct 31, 2006 3:10pm Oct 31, 2006 3:10pm
thats the ideal place to put ur stop of that gets taken out market structure has drastically changed... good move.
  • #4,040
  • Oct 31, 2006 3:11pm Oct 31, 2006 3:11pm
Quoting saaedb
I dont use pivots(though they are good). I just use pure price action. If you look at the 4 Hour chart, you can see the the price had issues going below 945. and I used that as my stop level (minor support).
oh.. right.. so thats how u go about it..
BECAUSE I CAN !
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