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  • #3,541
  • Oct 2, 2020 7:51am Oct 2, 2020 7:51am
Quoting Wightoil
Thanks for these two examples, makes more sense now I see when it is applicable, using the close below as a signal that the retrace is over. of course if you can't see the retrace on a trend then it's not relevant. PS do you change colour scheme according to the day, moods, or just randomly. Curious minds need to know these things
If a trend is strong and there is no obvious retrace, it's valid to enter when a bar closes outside the channel after the previous one closed inside.

Haha, I did used to change my colours to all sorts of weird and wonderful permutations but the latest one is one I'm trying to stick with

Edit: Here's a chart example of a retrace into the channel...

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  • #3,542
  • Oct 2, 2020 7:57am Oct 2, 2020 7:57am
Quoting T721
{quote} Sorry, don't mean to button in on your thread but are you serious about a 4-8 pip stop. That's impossible to make money that way. You need to increase the stops. Press winners everytime
Hey, by all means no need to apologize. Are you saying this from personal experience? I posted this to get opinion and advise from others and per my back testing, I know it is possible. My strategy is more subjective then pressing winners I tend to be in and out when I am right or wrong. Lot sizes may become an issue after 30.00 lot but for now it should help me grow my account.
  • #3,543
  • Oct 2, 2020 8:12am Oct 2, 2020 8:12am
Laura, I appreciate you posting roadmaps for "newbies" like me. I would love to be a member of your slacker group.
  • #3,544
  • Oct 2, 2020 8:51am Oct 2, 2020 8:51am
Quoting v.padillafx
{quote} Hey, by all means no need to apologize. Are you saying this from personal experience? I posted this to get opinion and advise from others and per my back testing, I know it is possible. My strategy is more subjective then pressing winners I tend to be in and out when I am right or wrong. Lot sizes may become an issue after 30.00 lot but for now it should help me grow my account.
if id undestand, you talk about tight stops? if im right...i have some expirience)) it takes several years of my life to understand that it didnt works for me personally.

and the really problem is that the pozition size, that you had mentioned. it is work with really strong emotion side, when we talk about daily basis. at some point you cant control your emotions, grid, fear (or whatever whith what you've got problems, and all people got it in own's degree), and guess what? you will never know, when this time will come ,unfortunatly.you will enter again and again when your tight stops smashed... you cant understand that you are overtrading right now, its take some time(MONEY) to understand it... and by the end, all your thoughts are all about money, not trading the markets. so at the distance its 'much ado about nothing'

iits only my thoughts and experience...
  • #3,545
  • Oct 2, 2020 9:32am Oct 2, 2020 9:32am
Quoting Frost99
{quote} if id undestand, you talk about tight stops? if im right...i have some expirience)) it takes several years of my life to understand that it didnt works for me personally. and the really problem is that the pozition size, that you had mentioned. it is work with really strong emotion side, when we talk about daily basis. at some point you cant control your emotions, grid, fear (or whatever whith what you've got problems, and all people got it in own's degree), and guess what? you will never know, when this time will come ,unfortunatly.you...
Hey Frost, thank you very much for sharing. I have been trading for two years now and with all honesty I am in the hole a lot of money. So by all means I am no one to shy away from someone try to share advice so for that I thank you. My take from trading is the following, by the way thanks to Laura for sharing her insight on Mark Douglas whom I think its a trading psychological genius. SL are and absolutely necessary, and so are Take Profits. In reality no one knows why price reacted in such a way, short long stall, dip, spike etc.. We don't!! All we can do is have an edge as we try to look at printed data. charts, etc. the small edge I found over x amount trade should work regardless of emotions and as long as I remember to execute and be discipline ( harder said then done) but my confidence comes from screen time and back testing countless of repetitions and executions etc.. my concern has to do more with spread/commissions as you cant' backtest and only forward test, so I am a bit worry how that might negatively affect my edge.
  • #3,546
  • Oct 2, 2020 10:01am Oct 2, 2020 10:01am
Quoting indalico
Hello everyone, this is my small contribution in case someone finds it useful. I have merged the trend band with the RSI strenght into a single indicator, simplified the code and added the option to refresh only on bar close to optimize MT4 resources. You have to play with the colors of the button border color and the button back color, if you put both with the same color as your chart background it will look similar to the strenght dashboard. {file} {image}
Thanks for your contribution. I just have a look at your code.

I don't think you need to loop for the RSIsum.

-------------------------------------------------------------------

for(int i=50; i>=0; i--)
{
four2 = iRSI(NULL,240,2,PRICE_CLOSE,0);
four9 = iRSI(NULL,240,9,PRICE_CLOSE,0);
day2 = iRSI(NULL,1440,2,PRICE_CLOSE,0);
day9 = iRSI(NULL,1440,9,PRICE_CLOSE,0);
week2 = iRSI(NULL,10080,2,PRICE_CLOSE,0);
week9 = iRSI(NULL,10080,9,PRICE_CLOSE,0);
RSIsum = (four2+four9+day2+day9+week2+week9)/6;
}
  • #3,547
  • Oct 2, 2020 11:00am Oct 2, 2020 11:00am
Quoting dbsdsun
{quote} Thanks for your contribution. I just have a look at your code. I don't think you need to loop for the RSIsum. ------------------------------------------------------------------- for(int i=50; i>=0; i--) { four2 = iRSI(NULL,240,2,PRICE_CLOSE,0); four9 = iRSI(NULL,240,9,PRICE_CLOSE,0); day2 = iRSI(NULL,1440,2,PRICE_CLOSE,0); day9 = iRSI(NULL,1440,9,PRICE_CLOSE,0); week2 = iRSI(NULL,10080,2,PRICE_CLOSE,0); week9 = iRSI(NULL,10080,9,PRICE_CLOSE,0); RSIsum = (four2+four9+day2+day9+week2+week9)/6; }
The loop is not needed.

BR
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It is not important how often you fall down, but how often you get up again
  • #3,548
  • Oct 2, 2020 11:12am Oct 2, 2020 11:12am
As this subject is coming up a lot, plus it's no bad thing to get your head around anyway, beginner or not, this is a book I heartily recommend...

''Position Sizing Effects on Trader Performance'' by Johan Ginyard.

I won't post copyrighted material but a quick search will get you where you want to go either way.
  • #3,549
  • Oct 2, 2020 11:28am Oct 2, 2020 11:28am
Quoting lemercenaire
As this subject is coming up a lot, plus it's no bad thing to get your head around anyway, beginner or not, this is a book I heartily recommend... ''Position Sizing Effects on Trader Performance'' by Johan Ginyard. I won't post copyrighted material but a quick search will get you where you want to go either way.
I believe you are one of the more experience traders so I will make sure to read this over the weekend! Thank you for sharing.
  • #3,550
  • Oct 2, 2020 11:38am Oct 2, 2020 11:38am
I entered a long on the DOW after the break of my TL. I was aiming for the ADR high but it struggled at the daily open. So I exited after a close below the 8 EMA channel.
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  • #3,551
  • Oct 2, 2020 11:45am Oct 2, 2020 11:45am
Quoting lemercenaire
As this subject is coming up a lot, plus it's no bad thing to get your head around anyway, beginner or not, this is a book I heartily recommend... ''Position Sizing Effects on Trader Performance'' by Johan Ginyard. I won't post copyrighted material but a quick search will get you where you want to go either way.
Thank you so much. I was on the hunt for some reliable reading material on this subject. So many opinions and perspectives on this.
  • #3,552
  • Oct 2, 2020 1:23pm Oct 2, 2020 1:23pm
Quoting v.padillafx
{quote}my concern has to do more with spread/commissions as you cant' backtest and only forward test, so I am a bit worry how that might negatively affect my edge.
You are thinking very right way!!! In the forex dealings conditions, there is very difficult to manage the risk fot the tight stops(4-8pips). When we speak about back testing it seems simple. But in reality, trust me...its simple imposible for a distance ,because of many reasons.

Its just an opinion...by the way you can try demo for a month and see what you will have on your stat
  • #3,553
  • Oct 2, 2020 1:28pm Oct 2, 2020 1:28pm
Quoting Frost99
{quote} You are thinking very right way!!! In the forex dealings conditions, there is very difficult to manage the risk fot the tight stop(4-8pips). When we speak about back testing it seems simple. But in reality, trust me...its simple imposible for a distance ,because of many reasons. Its just opinion
I see what you mean and maybe once I go live I will have to focus on other setups with larger ranges. Do you have a rule of thumb ?
  • #3,554
  • Oct 2, 2020 1:30pm Oct 2, 2020 1:30pm
Quoting lemercenaire
As this subject is coming up a lot, plus it's no bad thing to get your head around anyway, beginner or not, this is a book I heartily recommend... ''Position Sizing Effects on Trader Performance'' by Johan Ginyard. I won't post copyrighted material but a quick search will get you where you want to go either way.
Hi, Is this the thesis document with 29 pages?
  • #3,555
  • Oct 2, 2020 1:31pm Oct 2, 2020 1:31pm
Quoting lemercenaire
As this subject is coming up a lot, plus it's no bad thing to get your head around anyway, beginner or not, this is a book I heartily recommend... ''Position Sizing Effects on Trader Performance'' by Johan Ginyard. I won't post copyrighted material but a quick search will get you where you want to go either way.
quickest search ever
  • #3,556
  • Oct 2, 2020 1:46pm Oct 2, 2020 1:46pm
Quoting J0R0
{quote} Hi, Is this the thesis document with 29 pages?
Yes
  • #3,557
  • Oct 2, 2020 3:07pm Oct 2, 2020 3:07pm
Quoting J0R0
{quote} Hi, Is this the thesis document with 29 pages?
Yep.
  • #3,558
  • Oct 2, 2020 3:10pm Oct 2, 2020 3:10pm
Finished the week happy

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  • #3,559
  • Oct 2, 2020 3:22pm Oct 2, 2020 3:22pm
Quoting LauraT
Finished the week happy {image}
Hi Laura,
sorry can you explain to me the double entry of this last graph? Here the canal had not yet crossed the sma 200. Did you anticipate the entry or did I miss some fundamental rules of your thread? :-)
  • #3,560
  • Oct 2, 2020 3:45pm Oct 2, 2020 3:45pm
Quoting maxymm74
{quote} Hi Laura, sorry can you explain to me the double entry of this last graph? Here the canal had not yet crossed the sma 200. Did you anticipate the entry or did I miss some fundamental rules of your thread? :-)
Ciao

Yes, I anticipated. It's a bad habit I have, so don't do as I do
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