DislikedIt means a failed breakout.
Looking at the indicator source code, the indicator is looking for higher highs.... in the screen shot, the bars after breakout have hit strong resistance and are not making higher highs which means the profit targets will not be hit. This is why an x appears.
I notice you're using laguerre.... to me it's a horrible indicator and truly lives up to it's name...'LAG'. If you're new to forex then dump this indicator and use MACD or CCI, that is if you really must use an indicator at all.
TrevAIgnored
How I Turned 1k To 100k In A Wk!!!
hi there guys
happy new year to all of you out there. i hope this year all of you will make more pips compare to last year!
well..i started my 2008 without my internet!
got tangled in some problems with my provider and i am in the process of changing to a new one..will tell u more about this in my blog...
so for the whole of this week i did not open any trades n had to let my open trades since last week to run either hit TP or SL.
Good news is that my ODL is up around 32% with another 10K floating profit. i will update the analysis when i am done.
as for the IBFX trades, not up that much...wil keep u guys updated on the previous weeks trade results.
rite now i am using dial up while waiting for my broadband to be up.
just bear with me for a little while before i post those results.
anyway this method has been good to me. thanks again mystic.
take care guys.
happy new year to all of you out there. i hope this year all of you will make more pips compare to last year!
well..i started my 2008 without my internet!
got tangled in some problems with my provider and i am in the process of changing to a new one..will tell u more about this in my blog...
so for the whole of this week i did not open any trades n had to let my open trades since last week to run either hit TP or SL.
Good news is that my ODL is up around 32% with another 10K floating profit. i will update the analysis when i am done.
as for the IBFX trades, not up that much...wil keep u guys updated on the previous weeks trade results.
rite now i am using dial up while waiting for my broadband to be up.
just bear with me for a little while before i post those results.
anyway this method has been good to me. thanks again mystic.
take care guys.
hi there guys
happy new year to all of you out there. i hope this year all of you will make more pips compare to last year!
well..i started my 2008 without my internet!
got tangled in some problems with my provider and i am in the process of changing to a new one..will tell u more about this in my blog...
so for the whole of this week i did not open any trades n had to let my open trades since last week to run either hit TP or SL.
Good news is that my ODL is up around 32% with another 10K floating profit. i will update the analysis when i am done.
as for the IBFX trades, not up that much...wil keep u guys updated on the previous weeks trade results.
rite now i am using dial up while waiting for my broadband to be up.
just bear with me for a little while before i post those results.
anyway this method has been good to me. thanks again mystic.
take care guys.
Due to many enquiries, I am attaching my statement after being able to remove my account info
GL/GT
I am fascinated by the result. I did some analysis and am posting the excel file should someone need to do further analysis. Let me know if you would rather I remove this post.
Looks like you pretty much made the entire money from GBP/JPY and that too mostly by going short. Also, you kept on adding to your positions during the journey of the pair.
The multiple positions were each on the basis of a signal or just your belief in the direction of the movement? would appreciate if you could help me with the questions.
Thanks,
Eklavya
- #569
- Jan 4, 2008 8:52pm Jan 4, 2008 8:52pm
- Joined Apr 2007 | Status: Trader | 1,016 Posts
Hi MG,
Thanks for this very entertaining thread which I just read through in it's entirety. I'll take a look at the indicators and see if I can make use of them, but overall, more than the method, the value to me is just to gain confidence that major returns are possible in a very short time if the conditions are right and if one has the courage (and a successful method) to trade accordingly.
It is completely understood that the MM is crazy, and the most likely outcome is to blow one's entire account. Even so, like playing Vegas, sometimes you win and have a blast doing it, but you only put on the line whatever you can afford to lose! Opening an account with $1000 of pure Mad Money (or any small amount) might be the way to go but only with some brokers. I don't think my broker will guarantee not to go below my deposit.
On that subject, I have a comment regarding a concern raised in this old post #64 that was not addressed in the many subsequent posts:
I like the idea of having an absolute cap on risk, meaning you can lose no more than the amount you deposit into an account. This is especially important if a major news event causes a trade to move against you beyond your S/L. I recently had a -44 pip slippage on GJ when the BoE minutes were released. Who would have thought the old minutes alone would shake up the market so much and so fast as it did to slip below my BE S/L. Ah well, live and learn...
I don't think most brokers will guarantee that your account cannot go negative where you actually owe them money, but it would appear that FXCM does (which MG uses). I would double-check their contract to make sure that it doesn't exclude news events or catastrophes that might really shake up a market, but according to their web site:
=========
http://www.fxcm.com/margin-and-rollover-faq.jsp#a5a
Is there a debit balance risk? Can I lose more money than I deposit?
Not with FXCM. We guarantee you can never pay a debit balance.
One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount you deposit. All accounts are tracked by our “Margin Watcher”, the ultimate safety feature. It may automatically remove your positions from the market before your account could go negative.
=========
Traders, if other brokers have similar guarantees, please post which ones so we can be aware which brokers can be "safely" used for crazy MM trading.
(This is NOT a recommendation nor an endorsement, but if you're gonna do it, be sure your maximum loss is guaranteed by your broker).
Pips4life
Thanks for this very entertaining thread which I just read through in it's entirety. I'll take a look at the indicators and see if I can make use of them, but overall, more than the method, the value to me is just to gain confidence that major returns are possible in a very short time if the conditions are right and if one has the courage (and a successful method) to trade accordingly.
It is completely understood that the MM is crazy, and the most likely outcome is to blow one's entire account. Even so, like playing Vegas, sometimes you win and have a blast doing it, but you only put on the line whatever you can afford to lose! Opening an account with $1000 of pure Mad Money (or any small amount) might be the way to go but only with some brokers. I don't think my broker will guarantee not to go below my deposit.
On that subject, I have a comment regarding a concern raised in this old post #64 that was not addressed in the many subsequent posts:
I went and read this and their risk statement. but as with all of these brokers, it does not specifically say you cannot go in the hole. In fact is says there may be a margin call, not there will be a margin call. It would be interesting to see the contract one agrees to when they open a live account, because this is where they usually tell you there is a risk of losing more than you investment.
I think I remember reading a year or two ago someone was guaranteeing to not allow a negative balance, but they were not a US regulated broker. They were not regulated at all.
I like the idea of having an absolute cap on risk, meaning you can lose no more than the amount you deposit into an account. This is especially important if a major news event causes a trade to move against you beyond your S/L. I recently had a -44 pip slippage on GJ when the BoE minutes were released. Who would have thought the old minutes alone would shake up the market so much and so fast as it did to slip below my BE S/L. Ah well, live and learn...
I don't think most brokers will guarantee that your account cannot go negative where you actually owe them money, but it would appear that FXCM does (which MG uses). I would double-check their contract to make sure that it doesn't exclude news events or catastrophes that might really shake up a market, but according to their web site:
=========
http://www.fxcm.com/margin-and-rollover-faq.jsp#a5a
Is there a debit balance risk? Can I lose more money than I deposit?
Not with FXCM. We guarantee you can never pay a debit balance.
One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount you deposit. All accounts are tracked by our “Margin Watcher”, the ultimate safety feature. It may automatically remove your positions from the market before your account could go negative.
=========
Traders, if other brokers have similar guarantees, please post which ones so we can be aware which brokers can be "safely" used for crazy MM trading.
(This is NOT a recommendation nor an endorsement, but if you're gonna do it, be sure your maximum loss is guaranteed by your broker).Pips4life
Hello,
COT
Thanks MG for your informations about COT, I think that we can use these data and make regular profits with only one trade per week and per pair (see this system, there can be other version). For the last two months, I get 1442 pips for gbpchf and 1943 pips for gbpjpy. COT is certainly one of the strongest indicator. However the big month like august wasn't impressive with COT and SL are sometimes very large (>400pips). But it is another system.
Demark Lines
I have traded this week with Demark Lines, here are my results on H1 and H4 timeframes and with 31 pairs :
H1 :
Total : -2584 pips
audjpy 479
cadchf 436
euraud 348
gbpchf 248
eurchf 247
...
gbpaud -374
audcad -385
eurcad -387
eurjpy -404
cadjpy -602
H4 :
Total : -1549
usdchf 538
gbpcad 365
eurjpy 317
cadjpy 273
nzdjpy 176
...
audchf -233
gbpusd -245
cadchf -310
gbpnzd -404
gbpaud -462
H1 + H4
Total : -4133 pips
usdchf 694
audjpy 422
gbpcad 359
nzdjpy 308
gbpchf 248
...
audusd-416
eurnzd-526
eurcad-545
audcad-563
gbpusd-574
gbpnzd-593
gbpaud-836
Note :
The main problems are that there is no specific rules about SL, so I have used for half of trades the previous Highs and Lows and for the other half the upper/lower trendline +/- 10/20/30 pips (the results are quite similar for the two periods). Then the TP suggested by Demark Lines are too far away from the spot, most of pairs rarely reaches these TP. In consequence, you can often see open trades with 200, 400, 800, up to 1600 pips of profits (for H4) that totally disapear with time. That's why a management of each trade is needed. The trader has to modify the SL and close the trades when the return are good enough. Here I have only set orders, and closed trades when I have to put an order in the opposite direction (too many pairs to make MM).
Expert Advisor
So, if we create an EA, and I think that it would be interesting for this trading system, we should add two options for the SL, an automatic one with X pips over/under the upper/lower trendline and a manual one with X pips (depending on pair's potential). Also a trailing stop would be necessary. Then no TP (in option only). An EA based on this indicator already exists, it is "DeMark Trendline Trader" but it was developped with an old version of Demark lines (2005) and the results are quite bad.
No SL, no TP
Also I have noticed that if we just wait the following signal without TP and SL, some pairs generates (for the moment) constant positive or negative returns :
gbpchf 739
xauusd 287
gbpjpy 250
chfjpy 228
eurchf 209
...
eurjpy -288
xagusd -305
eurcad -372
gbpnzd -383
eurnzd -426
euraud -558
gbpaud -937
We could reverse the system for the negative pairs and get about 5000 pips for this week. Of course, no SL no TP is risky and one opposite trade of 200-1000 pips (during huge trends) will erase time and efforts spent on the charts. One week is not enough to know if it is only periodic. However, a backtesting could be interesting, just to verify.
We can also reverse the system for the demo testing results (-4133 > + 4133), the same problem will appear with Max Drawdown too important and SL too large.
Sorry guyz, of late I've been very busy w my driving lessons & car shopping
---Phew, learning driving in NYC is like forex trading---wild world I had a decent last wk---netted around 300 pips w/ small leverage---
Coming back to topic, as I said earlier profit taking is a skill you develop w/ experience & conviction--- if you are overleveraged, do not wait for big pips---on the other hand, if you do not lose sleep over your position, you have the luxury to hold on to your trade for a while even if it goes a/g you initially---
One thing, I thought I should share with you---as I was reviewing my last yr's performance, I found that over 99% of my trades would have been profitable if i held on to my position w/ max drawdown around 600 pips---every trade came back in my favor after a while---the max wait time i found 4 mths on a long trade i took on Gbp/Usd around 1.97 in jan'07 (liquidated the position after -150 pips drawdown---it eventually went down to 1.94ish---and you know the rest--)
So, why such a high success rate--coz, I combined COT report & TA & took a position when TA confirmed COT report suggestions for near-medium term---
I am going to apply this knowledge to my trading this yr---will see what happens at end of yr---
I am going to post what I see from last wk's COT report (12/31) for the coming wk (01/06--01/11): this report may not be accurate as market participation was at minimum---so, please use this interpretation w/ discretion & proper MM:
Cad: bearish bias
Chf: volatile trading w/ bearish bias
Gbp: Bullish bias
Jpy: volatile trading w/ bearish bias
Eur: Bearish bias
Nzd: bearish bias
Aud: bearish bias
GL/GT
