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The Veteran Floor Trader Method

  • #41
  • Jul 16, 2007 1:54am Jul 16, 2007 1:54am
I'm sorry. I meant to ask "how wide is your initial stop." What criteria do you apply to choosing its location.
many thanks
  • #42
  • Jul 16, 2007 3:15am Jul 16, 2007 3:15am
Quoting Pip Rage
I'm sorry. I meant to ask "how wide is your initial stop." What criteria do you apply to choosing its location.
many thanks
well - the answer is again - visually

I use a natural swing point as a stop loss - but I have no rule saying "put it 10 pips below the Nth bar low"

Generally I put it below current or previous bar's low.

If I have to define a rule it will be something like - "keep stops tight!"
For me it's better to re-enter or to give up from a trade rather to allow large stop hoping that market will bonus me.

See the rules - this is trend system.

If price does not go in trend direction, this means market retraces and entry is worng. Retracement is not finished. So look for another opportunity.

That's it. Hope my explanations are readable enough
  • #43
  • Jul 17, 2007 12:56am Jul 17, 2007 12:56am
Sorry, just need to clarify, your setup in post 1 says use a 9 & 18, but all your charts show 21 34 and 55 WMA. So I want to make sure that it is the last 3 you are using on this method?
  • #44
  • Jul 17, 2007 1:22am Jul 17, 2007 1:22am
Quoting mcmep11
Sorry, just need to clarify, your setup in post 1 says use a 9 & 18, but all your charts show 21 34 and 55 WMA. So I want to make sure that it is the last 3 you are using on this method?
yes, I do, but MAs are only to identify the trend, I've tried different periods and so far the results are pretty much the same.

55MA I use just for additional tool identifying the long trend, it might be ignored.

On the real account I'm using 9/18 MA but cannot see significant difference.
  • #45
  • Jul 18, 2007 2:27am Jul 18, 2007 2:27am
Yesterday I decided to try this method on 5 min chart.

Catastrofic result. Perhaps period was too short. I've missed some etry and others have been placed wrong...

Have to master
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  • #46
  • Jul 18, 2007 2:33am Jul 18, 2007 2:33am
Here's another 5 min chart trading attempt.

Too slow reaction - late close.
1rst three had to close much earlier.
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  • #47
  • Jul 18, 2007 2:50am Jul 18, 2007 2:50am
Well there were win trades also

But landscape confirms that 5 min requires fast actions
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  • #48
  • Jul 18, 2007 2:25pm Jul 18, 2007 2:25pm
After the big move last week, this one is lowing down.

On a daily base there wasn't much options...

One of them was GBPJPY rallying last two days. Expecting the move to continue today I've tighten stops and was kicked out...
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  • #49
  • Jul 19, 2007 1:54am Jul 19, 2007 1:54am
EURBGP profitably ended

Comments are here
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  • #50
  • Jul 19, 2007 2:23am Jul 19, 2007 2:23am
Here is a sample of stop & reverse trade on the Daily GBPCHF Chart.

Comments are here
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  • #51
  • Jul 19, 2007 2:23pm Jul 19, 2007 2:23pm
Quoting isto
Here is the same applied to 1 hour chart.

you have a long pos and your sl on the chart is higher than entry.
The risk is what gives value to an investment.
  • #52
  • Jul 20, 2007 12:46am Jul 20, 2007 12:46am
Quoting 3cent
you have a long pos and your sl on the chart is higher than entry.
Because it has been moved up...
  • #53
  • Jul 20, 2007 4:47pm Jul 20, 2007 4:47pm
Quoting isto
GBPUSD trade ended and results are here

This was on a demo account and for the 10 days it lasted the profit was almot 20% (19.1% actually) of the starting balance

Inserted Code
[b]Type    Date        Price    SL    P/L    P/L$        lots:[/b]
b    27.6.2007    2.0022    2.0308    0.0286    0.0286    42.96    1
b    28.6.2007    2.0074    2.0308    0.0234    0.0234    35.16    1
b    06.7.2007    2.0110    2.0308    0.0198    0.0198    29.76    1
b    09.7.2007    2.0136    2.03084    0.0172    0.0172    25.86    1
b    10.7.2007    2.0139    2.03084    0.0170    0.0170    25.485    1
b    10.7.2007    2.0171    2.03084    0.0137    0.0137    20.61    1
b    10.7.2007    2.0251    2.03084    0.0057    0.0057    8.61    1
b    11.7.2007    2.0291    2.03084    0.0017    0.0017    2.61    1
 
[b]Total:    191[/b]

Hi Isto,

What I don't get is that you tell as a rule,to go long at the breakouts of the lowerhighs. I know this is not a completed and strictful strategy yet but in the given example (fron the linked chart) can you explain why you have taken the second trade?


Keep on the good stuff....
  • #54
  • Edited 4:29pm Jul 21, 2007 4:28pm | Edited 4:29pm
Quoting brok
Hi Isto,

What I don't get is that you tell as a rule,to go long at the breakouts of the lowerhighs. I know this is not a completed and strictful strategy yet but in the given example (fron the linked chart) can you explain why you have taken the second trade?


Keep on the good stuff....
Well I've just entered on previous bar high break...

This system is new to me too. This is why I trade it on a demo.
Another reason is that I experiment with it - I experiment with rules and time frames ...

This is why I've lost 6% of the account this week

Perhaps it is a good idea to devide system and experimets into different accounts...

It will be interested if somebody use it to show (if will) the results...
  • #55
  • Jul 26, 2007 6:52am Jul 26, 2007 6:52am
USDCAD spiked up sirprisingly (to me at least ) offering excellent trade opportunities.

The big move took also a previously set stop order so I found in with 2 orders...

retracing to resistance offered excellent exit place ...
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  • #56
  • Jul 27, 2007 4:51am Jul 27, 2007 4:51am
Here is the close of USDJPY Daily traded last few days...

Yesterday diving offered excelent profit
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  • #57
  • Jul 29, 2007 2:13pm Jul 29, 2007 2:13pm
This is the USDJPY Daily trade during last week.
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  • #58
  • Aug 1, 2007 3:36pm Aug 1, 2007 3:36pm
Here are results for July on a Demo ($5000 starting balance) account devoted to this only method.
Rules has been followed as described without variations

Results are far better than previous one

Inserted Code
[b]Total Trades: 76 
Total Net Profit: 5 691.13[/b]

Gross Profit: 20 701.76 Gross Loss: 15 010.63 

Drawdown
Absolute: 845.15 Maximal: 4 092.53 (38.43%) Drawdown: 38.43% (4 092.53) 
  
Short (won %): 18 (38.89%) Long (won %): 58 (39.66%) 

Profit Trades (% of total): 30 (39.47%) 
Loss trades (% of total): 46 (60.53%)

August - holidays time
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Click to Enlarge Name: DetailedStatement.jpg Size: 23 KB
  • #59
  • Aug 3, 2007 3:07pm Aug 3, 2007 3:07pm
To be profitable, a trader must heep the enemies far away.

Who they are and how to do this -> look here
  • #60
  • Aug 15, 2007 8:37am Aug 15, 2007 8:37am
I've never got so many pips in a single trade...

These all are opened on Monday...
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