Keep us updated on your success.
Best,
Mike
- #4,042
- Jun 17, 2007 9:24pm Jun 17, 2007 9:24pm
Hi everyone. Well I reached the end of the thread and what an insightful read. I big thank you to Jim and all the contributors (you know who you are)
. Your sharing is such an honorable attribute. I hope to contribute in a useful way too.
I completely agree that being proficient in PA is invaluable but its been said that "systems don't work" in this thread. I always thought following a define set of rules (that have been backtested) and maintaining discipline and money management rules was the most successful and profitable way to trade (especially the forex market). I guess one needs to establish whether they are a mechanical or discretionary trader or a bit of both. Anyway looking forward to joining the PF.
Alex
. Your sharing is such an honorable attribute. I hope to contribute in a useful way too. I completely agree that being proficient in PA is invaluable but its been said that "systems don't work" in this thread. I always thought following a define set of rules (that have been backtested) and maintaining discipline and money management rules was the most successful and profitable way to trade (especially the forex market). I guess one needs to establish whether they are a mechanical or discretionary trader or a bit of both. Anyway looking forward to joining the PF.
Alex
- #4,043
- Jun 17, 2007 9:41pm Jun 17, 2007 9:41pm
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
- #4,044
- Jun 17, 2007 10:18pm Jun 17, 2007 10:18pm
I'm excited, this is my second successful trade with this system and First gain of more than 50pips(first was the gbp/jpy for 25pips...which would have been about 400 if I had kept it open from last Sunday hahaha)!!! Baby steps first though right? Anyway, just wondering if anyone else took this trade? After trying many other systems, I'm really impressed with this one. And I don't have to stay glued to the screen all day!
Reasons for entering: 1) Overall trend is up 2) PB on swing low correct? 3) Price bounced off of 50% FIB 4) Price bounced/failed to close below a longterm trendline.
Hopefully I wasn't just lucky on this trade, but actually am understanding this system! Cheers!
Way to read the chart big guy!
I am also in this trade. Currently up +75
Let us see where she will carry us. I would post more info onthis one but I am tird and want to go to bed. I will try to put up a chart on this trade in the morning.
Never lose sleep over a winner
Steve
Nothing is impossible, with a willing mind!
- #4,045
- Jun 17, 2007 10:26pm Jun 17, 2007 10:26pm
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Way to read the chart big guy!
I am also in this trade. Currently up +75
Let us see where she will carry us. I would post more info onthis one but I am tird and want to go to bed. I will try to put up a chart on this trade in the morning.
Never lose sleep over a winner
Steve
hi mbqb
thank you for comment
i think a good setup for me is to enter 2 pos. and TP the first on the close of the next day and set the second to break even and let it run till the next resistance or opposite candleformation. so i can cover the positions in a choppy market, i think.
any toughts?
spence
thank you for comment
i think a good setup for me is to enter 2 pos. and TP the first on the close of the next day and set the second to break even and let it run till the next resistance or opposite candleformation. so i can cover the positions in a choppy market, i think.
any toughts?
spence
hey spence great job man
Just a few comments, your second and fourth pins make sure the open and close are both contained within the previous bar. There is something called pin by proxy but that is more advanced and I believe you should hold out on that for a bit. Another comment I have is that when you have these pins that are in a sideways market, if you do choose to play them, you have to realize the market is in a chop and you have to take profit quick(please ask me if you want me to explain this more).
Great work though!
Mike
- #4,051
- Jun 18, 2007 2:57am Jun 18, 2007 2:57am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
hi mbqb
thank you for comment
i think a good setup for me is to enter 2 pos. and TP the first on the close of the next day and set the second to break even and let it run till the next resistance or opposite candleformation. so i can cover the positions in a choppy market, i think.
any toughts?
spence
I certainly don't want to discourage moving stops, or taking % of your position off, because if implemented correctly it works great(James moves stops/takes position off, but don't forget he has been trading almost as long as I have been alive, and he has proven to himself that it works). But I think as new traders we have a tendency to do things for the wrong reasons(ala my reason for bringing this up, via spences post, which I am not trying to single you out
). This in turn can lead our trading down the wrong paths. So just to keep your wheels spinning check out this threadhttp://forexfactory.com/showthread.php?t=12273
You are doing the next step in thinking, instead of just taking trades, you are developing a plan(too many people just see all this great PA, enter trades then are lost when after a few months they haven't made progress). I spent a good deal of time planning all these great entries, and moving stops up, when I soon realized my flaws were all in my thinking/exits(lack there of).
My one thing I always stress(because it is what helped me), is to always have a reason for doing something. If your bottom line is increasing b/c moving stops/ or taking positions off at X pips, then that is fine. But make sure you aren't doing it for psychological reasons(or other factors) that may be hurting your trading more then you know.
just a ramble
Mike
- #4,052
- Jun 18, 2007 3:35am Jun 18, 2007 3:35am
- | Joined Mar 2007 | Status: Zoom out | 1,425 Posts
Just some thoughts before I get some sleep. I have noticed talk of the whole "what do I do now?" stuff. And it kind of runs into other topics that are important. So I figured I would bring this stuff up again.
I certainly don't want to discourage moving stops, or taking % of your position off, because if implemented correctly it works great(James moves stops/takes position off, but don't forget he has been trading almost as long as I have been alive, and he has proven to himself that it works). But I think as new traders we have a tendency to do things for the wrong reasons(ala my reason for bringing this up, via spences post, which I am not trying to single you out
http://forexfactory.com/showthread.php?t=12273
You are doing the next step in thinking, instead of just taking trades, you are developing a plan(too many people just see all this great PA, enter trades then are lost when after a few months they haven't made progress). I spent a good deal of time planning all these great entries, and moving stops up, when I soon realized my flaws were all in my thinking/exits(lack there of).
My one thing I always stress(because it is what helped me), is to always have a reason for doing something. If your bottom line is increasing b/c moving stops/ or taking positions off at X pips, then that is fine. But make sure you aren't doing it for psychological reasons(or other factors) that may be hurting your trading more then you know.
just a ramble
Mike
Never say never.
- #4,053
- Jun 18, 2007 3:55am Jun 18, 2007 3:55am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Anyway, just wondering if anyone else took this trade?
I did as well. Moved stop to 1.3300 (+4), waiting to see where it dies.
Will readjust once I see it establishing itself properly above 1.3400 again.
Originally had planned to exit a small position at 1.3365 and keep this larger one until whenever I felt it was time to leave, but I ended up closing the small one for +10 during the day of chop. No matter.
I agree with Mike, as usual, and would just like to say that how you exit is often crucial. I am trying(emphasis on try as you can see above) not to exit blindly so much anymore.
So many and many times I took positions or part of them off at junctions without any real reason / PA signals and then saw things move on another 200 pips or 2-3 days or more etc pp...we've all been there I believe.
Finding sensible places for stops and a balance for trailing vs closing is the hardest part.
Either way you do it, be sure you looked into it being a good thing to do for YOU and that it WORKS. Simply doing it because you're scared of "giving back so many pips" alone is not a valid reason.
I also want to take this chance to congratulate all new and old contributors to this thread and to everyone (like razldazl) putting in all the hard work and seeing it pay out: keep it up, you're all doing a great job!
Take care,
SeekingLight
Trust price. Know yourself.
- #4,054
- Edited 7:19am Jun 18, 2007 6:33am | Edited 7:19am
Here's a question about exiting this trade. Anyone can comment. I personally took 3 lots on this(mini's of course) and closed 2 of them at +70. Now I just have 1 left...do I take profit at 100pips, a FIB level, support/resistance or just let it ride with a trailing stop until it takes me out? I'm guessing most people will say it just depends on my trading style, but I don't have one yet. Still trying to figure that out. So if anyone has anything to add about how to maximize profits as best you can...I'm here with an open mind.
Seriously though... Ademac has touched on this pretty well so I will just tell you what it is that I do.
I actually grade each one of my trades and based on the grade determines if I trade multiple lots and scale out or one lot and shoot for a specific target.
A trades get 3 lots which total no more than 3% of my trading account. B trades get 2 and C trades get 1.
Additionaly as the grade of the trade steps down each lot is only worth 1% of my account value.
The lot value is based on where my stop will be.
Hope this makes sense.
Steve
Nothing is impossible, with a willing mind!
first post , and dont really want too start asking too many questions until i've read the whole thread...
however i can only spend limited time at screen due to slipped disc..
so iwas wondering if any one could recommend the best pa books to get hold of for those times when only a book will do
awesome thread btw, am getting there slowly..
cheers
Rye
however i can only spend limited time at screen due to slipped disc..
so iwas wondering if any one could recommend the best pa books to get hold of for those times when only a book will do
awesome thread btw, am getting there slowly..
cheers
Rye
- #4,059
- Edited 4:14pm Jun 18, 2007 11:35am | Edited 4:14pm
- | Commercial User | Joined Jan 2007 | 1,442 Posts
