"Trade the slope" journal

And Pete,

How do you position size? Fixed fractional? Some other method?

Thanks,

Lenoxer

Lenoxer,

1. You are correct regarding my new exit strategy.
2. The discretionary part is if I miss a run on the pair for example NFP
Friday. Some pairs just 'take off'. I will enter a position
3. I do not add on.
4. I risk no more than 2% a trade.

Pete

Hi Pete,

What do you mean by some pairs 'take off?' What do you call being late in a trade?

Visual One

Hi all,

I am using "slope system indicator",but wondering if you could update the indictor with earlier color changing,such as 3 period earlier.
I mean red color can change to aqua color earlier than what in your indicator,vice versa.

Hope to get your advice.

Ele

Visual One,

Look at Friday's bar for Gbp/Usd. By time all the bar lined up the action had "taken off". I would wait until price action retraces and shows the true trend. This usually happens around large news events like NFP.

Pete

Moved SL on Aud/Usd to +50

I have been searching for a better exit for this slope system...I am experimenting with Jacko's anti hedge system. If the trade goes against me and is a retractment then it will get me back me in a large move. If it is a reversal then I am out with a 2% pip SL. I may tinker with the amount of pips I use for SL for each pair. Either way I am better off...

I am trading 6 pair so managing this is fairly easy.

GREAT SYSTEM!

I noticed that EMAtrader entered his trades at night. And Pete seems to enter his in the morning. Does time of day have any impact? I would think not since it's the synchonizing of the pricing slopes but thought I would ask. Thanks.

I do not have specific time of day. When the TF match I enter.

Ematrader looks for daily trend slope change at the the begining of new candle and look further at lower time frame for trend confirmation and that is wot we are doing.

The only difference is that, ematrader go in at the begining of the trend and stay in until the trend chages.

Hope that clarify things

Pretty quiet day. What do you guys think?

I think I'll have another beer....

What kind? Guinness for me!!!

Thanks Naija. Appreciate it.

I have been searching for a better exit for this slope system...I am experimenting with Jacko's anti hedge system. If the trade goes against me and is a retractment then it will get me back me in a large move. If it is a reversal then I am out with a 2% pip SL. I may tinker with the amount of pips I use for SL for each pair. Either way I am better off...

I am trading 6 pair so managing this is fairly easy.

GREAT SYSTEM!

Dear GeneralZ,

What's Jacko's stop loss strategy? How do you know the difference between the trade going against you and a simple retracement in a large trade?

Thanks,

Lenoxer

I was using this strategy for a bit (still use a variation for trending pairs) and found that if you draw a trendline (I use the daily TF) you can look for places where the price intersects the trendline to tell you when a reversal is likely to occur. I was using the depth of the last known retracement plus a little extra as my SL, figuring that if it retraces further then that's a good indication that I should re-evaluate things.

It seems like a good long term approach, with it's biggest weakness being a sudden reversal (like due to a news release). Seems like it'd be a good idea to suspend trading before/during a big release. Naturally you'd have the same problem trying to hold a position in a ranging market.

Right now the AUDUSD looks under a retracement, altho there was some negative news today that could change some of the fundies, and an interest rate statement is expected sometime soon. Time will tell, if it drops below .9000 I'm going short.

Lenoxer

jacko is sort of a legend on FF...here is his link...post 5 is antihedging, you would be wise to read the whole link...

http://www.forexfactory.com/showthre...t=anti+hedging

Generalz,

When you enter back in at your original SL plus say 30-40 pips as I understand Jacko's A-H strategy states, do you wait for the TF to be the same? If you do not, then you are not using strategy for entries anymore and in the wrong thread. Get out. Just kidding. I am going to make the assumption if price has retraced so much that the SL has been hit the smaller TF will conterdict the larger TF at that moment in time. My observation only. Thanks for your contribution.

Pete

Is your strategy of stoploss, trailingstop etc valid to each time the 4 slope indicates the same direction? If the slope daily and/or H4 are down some bars and that you made one in (when H1 and M30 confirms) modify you to it strategy SL and TS?

Thanks

(Mecanical translation)

I do not like giving back 100 pips each and every trade to get out. I also use 6 major pairs. For me it is not reasonable to trade 10 pair. I might even eliminate some of the pairs that I am using. eg. -50 might not be a big enough SL for G/U.. We will see!!!

I enter according to the rules, colors are the same. I use daily, 4hr, 1 hr.

Anti-Hedging for me is if the market goes against me then I am out -50 (not -100). If it comes back I am back in for a possible long run based on my original 3 TF color entry. This is no different than PTOURNIS method except he stays in to -100 and gets out. If it doesn't hit -100 and it comes back like anti-hedging. If the daily slope color changes I turn off the anti hedge, some might leave it on permanently?

I see this as a SL for trades, not an entry.

PTOURNIS..I have read parts of the book you have suggested and have a senes to what you are doing. As far as I am concerned your trading is the barometer for all this, and your ship is steady. I am not suggesting you change anything. This is your journal and Jan/MTD 450 is speaks for itself. I get crazy with the exit. Gave my thought, will move on...