I haven't come this far to only come this far !
- Post #5,982
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- Jun 1, 2023 3:04pm Jun 1, 2023 3:04pm
- Joined Jul 2015 | Status: Member | 4,367 Posts | Online Now
- Post #5,983
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- Jun 1, 2023 3:38pm Jun 1, 2023 3:38pm
- | Joined Oct 2014 | Status: Member | 94 Posts
{quote} hello, I find myself in the same situation, I would like to have a script that would allow me to calculate the lotage to see the profit while you are in some trades to see how much lot you should open in the next trade but I can't find anything like that, what I do It is to see what I am losing and I look at the distance to the ma20 (that is my tp) based on that I mentally calculate the lotage that would allow me to win if it reaches that ma.
Yesterday, I was caught to a strong breakout on xauusd and my balance was in 7% drawdown. Luckily all my lot size were fixed. Gives me a goosebump when I think about if those lots were multiplication. Lesson learned!
Protect your capital
- Post #5,984
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- Jun 1, 2023 3:48pm Jun 1, 2023 3:48pm
So, for these past days I've been doing some trading off the ideas I've been seeing here. I wanted to do something I was already familiar with so I've been using a zigzag / semafor (not visible in the chart), when price was overextending I would start entering and targetting somewhere around the 50% of the swing. When it didn't, I would average in, but spacing my orders decently to avoid overtrading. For a few days it worked better than I expected, and drawdown was minimal.
Total so far was +1.9%~ (I'm very conservative). When price didn't stop moving up, I hedged the entire thing (opened the same amount of positions, but to the opposite side). I meant to do it at -1% which is my first "brake", but I made a mistake and ended up doing the hedge at -1.25%~
.
So now the -1.25% floating loss is frozen. Price can do what it wants and the pnl is going to stay the same. Now, my idea is for price to move away from the average entries of either the longs or shorts. Then I'm going to attempt to to close whichever trades are in profit and start reversing again. Hard stop is when the total floating pnl is at -2%, and if it's not, then it might be a nice ride
. But I've been waiting to see how I would manage this scenario, as it's probably one of the keys to make it work 
.
We'll see how tomorrow plays out
.
Total so far was +1.9%~ (I'm very conservative). When price didn't stop moving up, I hedged the entire thing (opened the same amount of positions, but to the opposite side). I meant to do it at -1% which is my first "brake", but I made a mistake and ended up doing the hedge at -1.25%~
.So now the -1.25% floating loss is frozen. Price can do what it wants and the pnl is going to stay the same. Now, my idea is for price to move away from the average entries of either the longs or shorts. Then I'm going to attempt to to close whichever trades are in profit and start reversing again. Hard stop is when the total floating pnl is at -2%, and if it's not, then it might be a nice ride
. But I've been waiting to see how I would manage this scenario, as it's probably one of the keys to make it work .We'll see how tomorrow plays out
. - Post #5,985
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- Jun 1, 2023 11:35pm Jun 1, 2023 11:35pm
Trade time, let get into it.
First one was a sell entry on AUDUSD. ZZ, long standing sup/dem box, everything lined up:
But it decided to go up to another longer standing sup/dem zone, so I sold again:
Then it started to whipsaw a bit but I was watching diligently and jumped out at the 50 EMA touch with a ZZ number printed for a total of 9.7 pips:
The next one I got in when the candle was a minute old already on AUDUSD. Everything looked good except a small upper wick, but it shouldn't have originally printed with that, I thought, so I took a sell:
Turned out to be a rather quick trade as I was out at the 20 EMA touch for 4 pips. It did go to 50 EMA but oh well:
This brings us to the trade I'm still currently in. Took a sell on AUDUSD... and then 4 more sell entries as it went up:
That last image is where it's at now: an old level I think it might find resistance at. I took a sell entry hoping it's the top. Stay tuned to find out LOL. Hopefully it's not another overnighter. I was supposed to be done trading over a half hour ago LOL.
First one was a sell entry on AUDUSD. ZZ, long standing sup/dem box, everything lined up:
But it decided to go up to another longer standing sup/dem zone, so I sold again:
Then it started to whipsaw a bit but I was watching diligently and jumped out at the 50 EMA touch with a ZZ number printed for a total of 9.7 pips:
The next one I got in when the candle was a minute old already on AUDUSD. Everything looked good except a small upper wick, but it shouldn't have originally printed with that, I thought, so I took a sell:
Turned out to be a rather quick trade as I was out at the 20 EMA touch for 4 pips. It did go to 50 EMA but oh well:
This brings us to the trade I'm still currently in. Took a sell on AUDUSD... and then 4 more sell entries as it went up:
That last image is where it's at now: an old level I think it might find resistance at. I took a sell entry hoping it's the top. Stay tuned to find out LOL. Hopefully it's not another overnighter. I was supposed to be done trading over a half hour ago LOL.
- Post #5,986
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- Jun 2, 2023 12:40am Jun 2, 2023 12:40am
Hopefully it's not another overnighter. I was supposed to be done trading over a half hour ago LOL. {image}
also keep in mind it will not be an overnighter if you get stuck, it will be a weekender... at least it's positive swap this time!
- Post #5,987
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- Jun 2, 2023 12:55am Jun 2, 2023 12:55am
Oh you're right! I always forget that being Thursday still here in the states. But yeah, If I don't see good resistance I take a loss much sooner.
Anyway, here's how it is as I leave work:
Anyway, here's how it is as I leave work:
- Post #5,988
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- Jun 2, 2023 12:57am Jun 2, 2023 12:57am
{quote} I Agree with you. We could use a indicator to check that but I doubt there's something like that available. For now my focus is to not to multiply lot size. Eventhough cost averaging has great potential, It's a very risky martingle considering the ever changing market dynamics and that we are not using any stop loss. Yesterday, I was caught to a strong breakout on xauusd and my balance was in 7% drawdown. Luckily all my lot size were fixed. Gives me a goosebump when I think about if those lots were multiplication. Lesson learned!
however, your doubt about finding an indicator to calculate lot multiplication based on a return to an ema at any given point in time is warranted simply because the idea is non sensical!
- Post #5,989
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- Jun 2, 2023 1:40am Jun 2, 2023 1:40am
- Joined Sep 2013 | Status: Member | 17,915 Posts
was not clear in what i do with a gap on exotics
i never close a gap completely
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
- Post #5,991
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- Jun 2, 2023 4:55am Jun 2, 2023 4:55am
- Joined Jul 2015 | Status: Member | 4,367 Posts | Online Now
- Post #5,992
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- Jun 2, 2023 5:10am Jun 2, 2023 5:10am
Quick post before bed. Price made a sudden jump up. I went through the timeframes and saw it stalling at the 4H 200 EMA:
Jumped back to 5M and made the 6th sell entry:
and here is how it stands right before bed:
Good night all.
Jumped back to 5M and made the 6th sell entry:
and here is how it stands right before bed:
Good night all.
- Post #5,993
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- Jun 2, 2023 5:35am Jun 2, 2023 5:35am
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- Jun 2, 2023 7:27am Jun 2, 2023 7:27am
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- Jun 2, 2023 7:31am Jun 2, 2023 7:31am
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- Jun 2, 2023 9:15am Jun 2, 2023 9:15am
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- Post #5,998
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- Jun 2, 2023 9:30am Jun 2, 2023 9:30am
- | Joined Oct 2014 | Status: Member | 94 Posts
Protect your capital
- Post #5,999
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- Jun 2, 2023 10:01am Jun 2, 2023 10:01am
each time i eat a pomegranate, i care more about how it tastes rather than the number of pips inside it!
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- Jun 2, 2023 10:45am Jun 2, 2023 10:45am
- | Joined Oct 2014 | Status: Member | 94 Posts
Protect your capital