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  • #1,741
  • Jan 17, 2008 5:09pm Jan 17, 2008 5:09pm
Quoting seamonkey
Syd, how's the EA update coming along? I still can't get your other one to take any trades, not sure if I have the settings right.
Mate I have just been flat out at work .. all stupid new FY projects estimation and planning etc crap and just never got around to look at it.
I am hoping that soon i'll have some time to look at the EA but I am sure that you can still use it to enter the trade and then manage it manually... make sure you run it on DEMO first
- Syd [dust is my bed...]
  • #1,742
  • Jan 17, 2008 5:11pm Jan 17, 2008 5:11pm
enter @ 12GMT E/J at 156.89, hit SL at 12:43GMT on 156.80 made +9 ...
- Syd [dust is my bed...]
  • #1,743
  • Jan 17, 2008 5:15pm Jan 17, 2008 5:15pm
yes i do as long as i have signal(s). Got no wife to beckon on me i'm a full time trader so i trade anytime i want to. and
Quoting jump
Do you also trade outside the recommended times?

J
God's Love For You Is Sure Never You Doubt It
  • #1,744
  • Jan 17, 2008 5:21pm Jan 17, 2008 5:21pm
Quoting D liberators
The first step i've taken in making this unique system more effective in terms of getting more pips is to try it out on other pairs apart from the ones listed by Harold(while still keeping to the basics of allowing all indicators to allign in same direction, etc.) and its been fantastic. I get more currency pairs to trade in a day and that translates to more pips.(stopped posting my daily pip gain because it was getting way off too much than what others post). I tell you all and i'm sure you'll all agree 'this system is simply great. ( i have so far more than 18 strategies of trading and this is so far the best).
On exit, i allow my bollinger band (though not listed in the strategy but a good combination though) to guide me and that takes care of premature exits.
Great ... so my idea to use Bollinger Band is not too bad ...
just a question about multipairs: how can you - with just one head and two eyes - EFFETTIVELY follow and take decisions about many and many different charts ... you dint get lost??? you dont make mistakes or get in overtrade confusion? Is just a matter of experience?
  • #1,745
  • Jan 17, 2008 5:47pm Jan 17, 2008 5:47pm
I want to concentrate on just getting the 100pip/week mark, that is all i need. I'm worried that to trade too much may risk extra losses.
But it is good to hear D_liberator doing so well with this system on all pairs.
Congrats
  • #1,746
  • Jan 17, 2008 6:12pm Jan 17, 2008 6:12pm
Quoting D liberators
Harold's system is great but must be used with discretion and more importantly seek ways to improve on it. If you all agree its 60% effective, then i ask 'what stops us from taking its effectiveness percentage higher to 70, 80 90% (at least vantage point boasts of 80% accuracy). I've been taught to always add value in any system i find myself and this i've always done by improving on what i meet on ground.
So guys lets seek for ways on improving on this great and unique system and less of asking the same questions all over and over again.
D liberators,

I reread my post. I did not ask any questions, I was simply sharing my opinion. But here is a question. Which other pairs do you trade? I and others here, might like to try a few
  • #1,747
  • Jan 17, 2008 6:14pm Jan 17, 2008 6:14pm
hi guys interesting discussion anyway things didnt turn around on the pairs like i wanted them to again only signal is eurjpy i have been looking over a lot of trades and it seems to me if we took them blindly we would have a better than 60% with compounding $$$$$$ anyway when i say a 30 pip stop during regular conditions i mean if the candle that we got the signal is less than 30 then make it 30 other wise i use the high of that candle when i take shorts or the bottom on longs sometimes stops are 40 today it would have been 35 i then would shoot for 35 or 40 if the candle is say 90 pips i would use a 30 pip stop and monitor it or just not trade it unless it was the gbpjpy which flies
  • #1,748
  • Jan 17, 2008 6:22pm Jan 17, 2008 6:22pm
I agree with D_Liberators idea of making it even better. I think I have read somewhere here that we think this system is 60% accurate in producing winners. Over the long term it will work as stoplosses are small.

I know Harold has said many a time the system as it is, is good enough so I am hesitant to suggest indicators we might look at to improve the over all performance.

I do know that if you see daily is O Sold then I look at a 2 day chart and also the weekly to get the 'bigger picture' which is so important..same can be said for the 1h chart, before I enter I look at 2h chart and 4 h and even down to 5 minutes to look for O bought or O Sold.

If you use non lagging indicators it does keep me out of most bad trades lately. I am saying if we filter the whole desision making process a bit better, it might help to get from 60% to 70%. Its human nature to try and improve whats already there.

Harold has so graciously shared his system with us and has put so many hours into answering questions. I still think we should leave it up to him to decide what should be added or not.

Maybe someone can start a seperate thread where we can play around with other indicators that we can add and then test and report back. Just a suggestion.

I too would like to see that we improve on a already great system.
  • #1,749
  • Jan 17, 2008 6:33pm Jan 17, 2008 6:33pm
i have tried for years to better this i have said many a time i tried every possible indicator under the sun i have tried to add price action, fibs elliot waves etc. to improve something you have to ask the question what part of the model are you looking to improve? is it losses that you will never stop is it getting more pips? is it less loses? trading again is math to increase from 60% to 70 is just 1 win and i think my winning pct is about 65 when i said 60 it was for educational purposes to demonstate a point that its not how many pips you get its what you make with them (COMPOUNDING) now if you have some idea how to get 1 more win than we get with out compromising the frame work of the model i am all ears
  • #1,750
  • Jan 17, 2008 7:46pm Jan 17, 2008 7:46pm
pipprince and joel i sent you messages
  • #1,751
  • Jan 17, 2008 8:48pm Jan 17, 2008 8:48pm
If you are enter a trade and watching live and end up exiting with 10 pips only to find out later you missed out on getting 30 pips due to whatever reasons, one simple common idea would be to attached a OCO to the entry order and simply walk away from the computer.

this morning on the eurjpy for the 500 gmt entry bar, i found my self in the same situation. i sat in front of the screen and took a plus 16 pips, while the whole time i new i should have entered by exit profit and stop loss and go brush my teeth and get ready for the day job. just couldnt pull my self to listen to reason.

they only disadvantage is keeping the stop loss at 30-40 every time instead of reducing at the trade goes in your favor.

if only the brokers would creat an order for entry to attach an OCO where the stop loss can be a trailing stop to minize loss.

this may or may not be a good starting point to mentally prevent ourself from short changing on profits.

not sure about all those other indicators to manage exit. harolds system tells you the entry, profit, and stop loss. simply put orders in, hold your breath, and walk away.
  • #1,752
  • Jan 17, 2008 8:52pm Jan 17, 2008 8:52pm
Quoting Trader4Life
If you are enter a trade and watching live and end up exiting with 10 pips only to find out later you missed out on getting 30 pips due to whatever reasons, one simple common idea would be to attached a OCO to the entry order and simply walk away from the computer.

this morning on the eurjpy for the 500 gmt entry bar, i found my self in the same situation. i sat in front of the screen and took a plus 16 pips, while the whole time i new i should have entered by exit profit and stop loss and go brush my teeth and get ready for the day job. just couldnt pull my self to listen to reason.

they only disadvantage is keeping the stop loss at 30-40 every time instead of reducing at the trade goes in your favor.

if only the brokers would creat an order for entry to attach an OCO where the stop loss can be a trailing stop to minize loss.

this may or may not be a good starting point to mentally prevent ourself from short changing on profits.

not sure about all those other indicators to manage exit. harolds system tells you the entry, profit, and stop loss. simply put orders in, hold your breath, and walk away.

Yeah but sometimes even Harold will tell us that got out of a trade after taking a -11 pip loss or something like that. That tells me that doesn't just "set it and forget it". With his stop losses 30 - 50 pips he would always have 30 - 50 pip loss. He watches the trades with his finger on the trigger too, especially when the daily is ob/os.
  • #1,753
  • Jan 17, 2008 9:15pm Jan 17, 2008 9:15pm
maybe when the daily is in the ob/os area, you actively manage the trade. when its not in the ob/os area, sent the trade with the OCO and let it go.

the only advantage of this is when winners occur for 30 pips or more, we get them instead of getting scared and only taking less which begins to eat into the risk reward ratio even at 60% winning percentage.

there is no easy clear answer all the time to manage the exit. maybe better ones at certain times.
  • #1,754
  • Edited 12:57am Jan 18, 2008 12:40am | Edited 12:57am
Hi there,

I want to add to this discussion about trying to add/improve this already fine system. In general the system works as it is, so again thank's to harold for presenting it to us. No improvement are actually needed.

I have been trading the original system for a month or so, and my experience is, that I to often leave pips on the table and to often get's stopped out by a whipsaw, just to see the trade go back in the right daily direction. Also I feel a bit stressed when I am in a trade, glued to the screen with my fingers on the keyboard.

Being glued to the screen when in a trade, is (for me) not always in my best interest, as my emotions sometimes make me pull the trigger, and not my brain

So here is my modification, which I am testing as of now.

1. SL 75 pips
2. TP 150 pips
3. I trade of 15 min. chart for entries
4. I use the "Bagovino" settings, (which although gives pretty much the same signals as "Mint" settings)
5. All open trades are closed around 17-18 GMT, so no open trades overnight.

So why did I try to modify the system?

1. Better win/reward ratio
2. Set and forget when a trade is taken (less screen time, less stress)
3. Earlier entries using 15 min. charts
4. To make it fit my personal trading needs

This is for me a more relaxing approach to the system, but I still use the
"core" principle, which is trading only with the daily trend and entering on shorter timeframe when a trade is presenting itself.

I have yesterday started a journal to keep track of the trades, it can be found here, it is called Daily/15 min. BM Journal (BagoMint) :
http://www.forexfactory.com/showthread.php?t=65577

PC


Quoting FxPip
I agree with D_Liberators idea of making it even better. I think I have read somewhere here that we think this system is 60% accurate in producing winners. Over the long term it will work as stoplosses are small.
I too would like to see that we improve on a already great system.
Less is more...
  • #1,755
  • Jan 18, 2008 1:07am Jan 18, 2008 1:07am
Quoting Trader4Life
there is no easy clear answer all the time to manage the exit. maybe better ones at certain times.

glad to see I am not the only one
thank you all for your advice, thoughts.
  • #1,756
  • Edited 1:28am Jan 18, 2008 1:20am | Edited 1:28am
Quoting Trader4Life
this morning on the eurjpy for the 500 gmt entry bar, i found my self in the same situation. i sat in front of the screen and took a plus 16 pips, while the whole time i new i should have entered by exit profit and stop loss and go brush my teeth and get ready for the day job. just couldnt pull my self to listen to reason.


not sure about all those other indicators to manage exit. harolds system tells you the entry, profit, and stop loss. simply put orders in, hold your breath, and walk away.
hi,
you entered short or long?
on my daily Chart, the EURJPY is short but on the H1 Chart Stoch and emas are still long






Edit: ok, i think its the different timezone. You said "this mornin" for me it should be yesterday mornig.
  • #1,757
  • Jan 18, 2008 1:24am Jan 18, 2008 1:24am
It is 0724 GMT and I do not see a signal using the daily charts. Am I missing something?
  • #1,758
  • Jan 18, 2008 1:28am Jan 18, 2008 1:28am
e/j 1hr
there have been no signals so far today
  • #1,759
  • Jan 18, 2008 1:40am Jan 18, 2008 1:40am
Pipcruiser,
I am trying to understand how you changing Harold's settings?
  • #1,760
  • Jan 18, 2008 3:08am Jan 18, 2008 3:08am
Once you understand Harold's basics, analysing the charts wont take you 1 minute. There are times you merely look at a chart and know if there's a signal or not (without having to click anything).
The only time i spend much time is when i have to look at the daily charts to determine which of the pairs will be traded for the day.
I trade because i love to (also for the money too-lol) so i dont get bored analysing the daily chart, moreso its done just once in a day and that takes me about 15-20mins for the 18 pairs that i have on my chart table and i usually end up with 6-10 pairs tradeable for the day.
analysing the 1hr time frame is mch easier (moreso that i have lesser no of pairs to work on now. Stick to Harold's basic and a few day's practise will get you used to analysing charts with this method and fast too. So, yes experience counts too.
Quoting autaret
Great ... so my idea to use Bollinger Band is not too bad ...
just a question about multipairs: how can you - with just one head and two eyes - EFFETTIVELY follow and take decisions about many and many different charts ... you dint get lost??? you dont make mistakes or get in overtrade confusion? Is just a matter of experience?
God's Love For You Is Sure Never You Doubt It
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