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ACD Method on GBP/JPY One trade a day

  • #41
  • Dec 20, 2007 8:40am Dec 20, 2007 8:40am
Quoting Fx1618
done for the day at 60+, but It might still drop... well it actually is as I'm writing this

Don't we just hate it...... it drop 20 and is still going just as I entered my TP at 225.07.... actually 30 by now...

Hey theres no shame in +60 pips, well done

Its dropping now but. No one actually knows where its going to end up.
Its just from my study of gbp/jpy over time It has a lot of days when It just keeps trucking on the one direction. If I can catch one or two of these a week I'm laughing so thats why I hang on till 22:00 gmt every day before I close the trade. And I have to be consistant. As much as I'd like to bag them pips now I must be disciplined and wait.

Donagh
The more I wait the more I make
  • #42
  • Dec 20, 2007 9:52am Dec 20, 2007 9:52am
Quoting donagh_1
Hi Leo
Well done on the +80 pips!
Nice pippin!

I have to keep my position open untill 22:00 gmt tonight because I have to be consistant with my system.

Its interesting to see you use the 7:00pm to 8:00 pm as your opening range. It will be interesting to follow you.

You do know though that the opening range is 30 minutes and not one hour. It may make a difference on some days as It could give you a very wide range. But It worked fine today.

Just another thing.
I don't understand you when you talk about fib levels in different time frames. Aren't fib levels the same price level in any TF.
Donagh,

Congratulations on another great trade.

I was thinking of keeping the trade till the US close but as the saying goes 'Old habits Die hard'..I need to kill mine.

Regarding the fibs..technically yes, they are at same price levels in any TF.
I do use a fibo retracement indicator on different TF [just for an easy visual] if I see a confluence on all I close half position.
Today I had only 3 minis with this method so I closed all the 3.

Thx
DL
  • #43
  • Dec 20, 2007 10:42am Dec 20, 2007 10:42am
Quoting deepleo
Donagh,

Congratulations on another great trade.

I was thinking of keeping the trade till the US close but as the saying goes 'Old habits Die hard'..I need to kill mine.

Regarding the fibs..technically yes, they are at same price levels in any TF.
I do use a fibo retracement indicator on different TF [just for an easy visual] if I see a confluence on all I close half position.
Today I had only 3 minis with this method so I closed all the 3.

Thx
DL
Thank you DL,

Although the trade has yet another 5 and a half hours to run before I close it, It does look good, currently up over +160 pips.
Hopefully It keeps finding strong resistance.

I know what you mean now on the fibs. Different highs and lows from different time frames.

Donagh
The more I wait the more I make
  • #44
  • Dec 20, 2007 4:01pm Dec 20, 2007 4:01pm
Just closed todays trade a few minutes early as it doesn't look like its going to go much further today.

Closed at 224.30 for a profit of +113 pips

I probably should have closed it around 16:00 or 17:00 gmt

Well maybe I should review my closing trade time or
come up with a criteria for closing certain trades earlier.

Monday -62
Tuesday 0
Wednesday +144
Thursday +113
The more I wait the more I make
  • #45
  • Dec 20, 2007 9:25pm Dec 20, 2007 9:25pm
Tokyo open [7:00pm - 7:30pm EST] Range:

High 224.67/Low 224.41/Long 224.99/Short 224.09
Failed A up.

9:00pm - 9:30pm EST Range:
High 225.06/Low 224.68/Long 225.38/Short 224.36
  • #46
  • Dec 21, 2007 1:04am Dec 21, 2007 1:04am
Quoting donagh_1
Hey theres no shame in +60 pips, well done

Its dropping now but. No one actually knows where its going to end up.
Its just from my study of gbp/jpy over time It has a lot of days when It just keeps trucking on the one direction. If I can catch one or two of these a week I'm laughing so thats why I hang on till 22:00 gmt every day before I close the trade. And I have to be consistant. As much as I'd like to bag them pips now I must be disciplined and wait.

Donagh
Hi Donagh, you're right, nothing to be ashamed of. As you're rules say, you need to keep it open till 22GMT, me again, don't like keeping a trade unattended, and I had to go, rather bank them than loose them , anyway I should have appointed a manager(Trailing-Stop), rather that TP.

tx once again for this, it really helps me filter my trades and stay out of Ranging markets, thinking of getting the book myself.

BTW, i do not want to change your system or rules, but for me the correct exit would have been at about 18:00 GMT @ 223.97.

Congrats on your TP

M&M
  • #47
  • Dec 21, 2007 2:05am Dec 21, 2007 2:05am
Quoting deepleo
Tokyo open [7:00pm - 7:30pm EST] Range:

High 224.67/Low 224.41/Long 224.99/Short 224.09**
Failed A up.

9:00pm - 9:30pm EST Range:
High 225.06/Low 224.68/Long 225.38/Short 224.36
HI Leo,

**I think you meant 225.09 failed A up?

Nice Short!
Are you still short?

Thanks for writing the Opening ranges and A values.

Im tempted to go short. If I was up during the asian session maybe I would.
Your in at a great price if it continues down.
Where is your stop? At which A up Line yours or mine?
The more I wait the more I make
  • #48
  • Dec 21, 2007 2:24am Dec 21, 2007 2:24am
It would have been nice if we could have had an indicator that draws the A lines automatically... all the ones that I found only plots the range and my coding skills are basically non existent :-(
  • #49
  • Dec 21, 2007 2:26am Dec 21, 2007 2:26am
Quoting Fx1618
Hi Donagh, you're right, nothing to be ashamed of. As you're rules say, you need to keep it open till 22GMT, me again, don't like keeping a trade unattended, and I had to go, rather bank them than loose them , anyway I should have appointed a manager(Trailing-Stop), rather that TP.

tx once again for this, it really helps me filter my trades and stay out of Ranging markets, thinking of getting the book myself.

BTW, i do not want to change your system or rules, but for me the correct exit would have been at about 18:00 GMT @ 223.97.

Congrats on your TP

M&M
Hi M&M.

No worries mate,

I'm delighted that its helpful to you.
As you say it helps filter out the ranging stuff but it also gives you
a nice point of reference for putting your stops.
You always know where you're getting out.

I highly recommend you get the book if you like it so far.
Apart from the extensive uses of the ACD system there are also some really
interesting and entertaining chapters like one on Interviews with traders and an other on disipline and mad stories from his trading career.

I might change the closing time to 17:00 GMT
Which would coincide with the London close.
I lost about 50 pips leaving it so late to close yesterday.

But I have to say I am in a great mood this morning as I've had 2 great weeks start to this system regardless of what happens today.

I'm not in yet as Its just being ranging in my session so far.
I'll only be giving it untill 10:00 gmt and then then I'll shut down for the weekend.
The more I wait the more I make
  • #50
  • Dec 21, 2007 2:29am Dec 21, 2007 2:29am
Hey Donagh,

According to your rules we get a range of 225.10 and 224.75, and at about 7:30 GMT I've noticed A-failed down (price found support at 224.43) which is long signal. The market still looks choppy so I'll wait for another bounce of the red line.

Have a nice day,

Mark
  • #51
  • Dec 21, 2007 2:36am Dec 21, 2007 2:36am
Quoting pozosurf
Hey Donagh,

According to your rules we get a range of 225.10 and 224.75, and at about 7:30 GMT I've noticed A-failed down (price found support at 224.43) which is long signal. The market still looks choppy so I'll wait for another bounce of the red line.

Have a nice day,

Mark
Donagh, if I may assist here...

Pozosurf, your range is correct but I do not think that we had a fail of the A line SHORT, for a signal to be valid it has to stay at least 1/2 the range time below the signal entry and thus there was no valid signal yet.
  • #52
  • Dec 21, 2007 2:40am Dec 21, 2007 2:40am
Quoting Fx1618
It would have been nice if we could have had an indicator that draws the A lines automatically... all the ones that I found only plots the range and my coding skills are basically non existent :-(


M&M.......You Laaaaaaaaaazzy

Trading can be so strenuous, all that mouse clicking and even sometimes having to use your keyboard!!!
Now you have to draw 4 extra lines every morning. OMG

I dont really mind doing it manually. It only takes 2 minutes
and gives you time to think about whats being going on.
The more I wait the more I make
  • #53
  • Dec 21, 2007 2:48am Dec 21, 2007 2:48am
  • #54
  • Dec 21, 2007 2:57am Dec 21, 2007 2:57am
Quoting pozosurf
Hey Donagh,

According to your rules we get a range of 225.10 and 224.75, and at about 7:30 GMT I've noticed A-failed down (price found support at 224.43) which is long signal. The market still looks choppy so I'll wait for another bounce of the red line.

Have a nice day,

Mark
Hi Mark,

Well spotted.

Technically youre right. Only that was at 6:30 gmt, before I get up not 7:30 gmt.

If you are going to enter a failed up or down trade you need to get in more or less straight away as It can move away quickly and then loose its advantage.

Also, I personaly prefer when The failed A up or down actually comes right up and touches the A line or goes over it or comes within 1 or 2 pips.

That failed A down line this morning was 10 pips short of the A down value.

There is a bit of an art to these trades. I admit I didn't go into them enough
in my explainations on the first page. I think the best thing to do if you take one of these trades is to enter with 2 lots. close one lot after 10 or 15 pip gain then just let the other lot run maybe put that stop to break even.

M&M.
You don't wait 15 minutes on a Failed A up or down. If you wait that amount of time you miss the trade. Its the opposite of a A up or A down trade because you are going in the opposite direction.
The more I wait the more I make
  • #55
  • Dec 21, 2007 3:07am Dec 21, 2007 3:07am
Quoting donagh_1
M&M.
You don't wait 15 minutes on a Failed A up or down. If you wait that amount of time you miss the trade. Its the opposite of a A up or A down trade because you are going in the opposite direction.
You are right, tx
  • #56
  • Edited 3:46am Dec 21, 2007 3:17am | Edited 3:46am
Quoting donagh_1
HI Leo,

**I think you meant 225.09 failed A up?

Nice Short!
Are you still short?

Thanks for writing the Opening ranges and A values.

Im tempted to go short. If I was up during the asian session maybe I would.
Your in at a great price if it continues down.
Where is your stop? At which A up Line yours or mine?

Donagh,

I'm sorry, If I've confused you.

I just wrote down the ranges for the Tokyo open and your TF.
I'm in no trade yet. Now let me ask you a question, there was a Failed A up with the Tokyo ranges at 9:30pm EST..Do you enter Short immediately at the failed candle closing price or wait till the actual red line break?

Thx
DL
  • #57
  • Dec 21, 2007 4:07am Dec 21, 2007 4:07am
Donagh,

There was a Failed A down with 9:00-9:30pm EST range at 224.35. Pink/Short line is 224.36.
First arrow: Failed A up with Tokyo range
Second arrow: Failed A down with 9:00 - 9:30pm EST range
Please correct me, if I'm wrong.

Thx
DL
Attached Image
  • #58
  • Dec 21, 2007 5:14am Dec 21, 2007 5:14am
Quoting deepleo
Donagh,

There was a Failed A down with 9:00-9:30pm EST range at 224.35. Pink/Short line is 224.36.
First arrow: Failed A up with Tokyo range
Second arrow: Failed A down with 9:00 - 9:30pm EST range
Please correct me, if I'm wrong.

Thx
DL
Sorry Guys I have been away from my pc for about 2 hours because I'm getting ready to go away for the weekend.

That is a perfect failed A down DL.

I did not take it because I wasn't here to take it. Pity.

The failed A's are great for range trading but can also break through the other side of the range, When this happens, these are super trades.

As I was saying earlier the best way to trade them is with 2 lots or mini lots
close one after a 10 or 15 pips or maybe more depending on its momentum and then just let the second one run with a stop at break even.

Hope some of you took that one.
The more I wait the more I make
  • #59
  • Dec 21, 2007 5:18am Dec 21, 2007 5:18am
Quoting deepleo
Donagh,

I'm sorry, If I've confused you.

I just wrote down the ranges for the Tokyo open and your TF.
I'm in no trade yet. Now let me ask you a question, there was a Failed A up with the Tokyo ranges at 9:30pm EST..Do you enter Short immediately at the failed candle closing price or wait till the actual red line break?

Thx
DL
To be honest thats down to you. As I said there is a bit of an art to the Failed A's. I have misscalculated them many times but the beauty of them is that your stop is never much more than 10 pips away so they don't hurt too much .

Hope this helps.
The more I wait the more I make
  • #60
  • Dec 21, 2007 5:21am Dec 21, 2007 5:21am
Guys Im off for the weekend to Galway- Great town in the west of Ireland.

Hope you make lots of pips today.
Looks like some nice Failed A range trading is in store for the day.

The same with gbp/usd

Happy Trading

Talk to you on Monday

Donagh
The more I wait the more I make
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