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SRDC Episode I

  • #1,161
  • Jan 18, 2007 9:41pm Jan 18, 2007 9:41pm
Thanks to 4Rex for the suggestion:
MT4 emailed an alert, my email system triggered a text message to my mobile, which woke me up at 02.04 GMT to trade the EUR break!
Got my 5 pips, went back to bed and now I can't sleep. Maybe a limit order would have been better

Back to bed again now, let's see if the GBP is my next alarm call!
Full-time trader and loving it!
  • #1,162
  • Edited 9:55pm Jan 18, 2007 9:53pm | Edited 9:55pm
Quoting MrFuture

GBPUSD - 5 Trades, all reached TP of 10 pips : $500.00

EURUSD - 5 Trades, 4 reached TP of 5 pips, 1 Stopped at SL 30 : -$100

AUDUSD - 1 Trade, Reached TP of 5 pips : $50.00
Congrats. Were you using a 30 pip SL on the GBP and AUD as well? Also, would be interested to know if you did limit orders or babysat the trades....
Full-time trader and loving it!
  • #1,163
  • Jan 18, 2007 10:07pm Jan 18, 2007 10:07pm
Quoting Digitalis
Congrats. Were you using a 30 pip SL on the GBP and AUD as well? Also, would be interested to know if you did limit orders or babysat the trades....
Hi


I use 30 pip SL on all trades, and all the trades were automatic, therefore I put limit orders, TP and SL all at once and then went off to do other things. If I am on the computer I usually check every now and then to see how it does, but I prefer not to look too much 'cause it can get boring/depressing at times.

I am not baysitting them with the purpose of seeing automatically how well it does. Also, I use 10 pip TP only on the GBPUSD 'cause it usually moves more than other pairs, but 5 pips TP on all others (EUR and AUD) 'cause they move less.

Future
"Lunch ? Lunch Is For Wimps !"
  • #1,164
  • Jan 19, 2007 2:14am Jan 19, 2007 2:14am
First off I would like to say GREAT JOB TO O.R. & THE CREW FOR THIS METHOD!!!

Now then,

Have people used trailing stops for their walk away trades, & if so how do they fare against static stops.

Thanks to eveyone for any response!

G-LUCK & MY THE PIPS BE WITH YOU!

ILZALAMA-
“Control, control, you must learn control!” - Yoda
  • #1,165
  • Jan 19, 2007 2:25am Jan 19, 2007 2:25am
I've been using a TS EA set at 5, the minimum and a pipstep of 1, so moves up with every pip. the problem is quite often it hits 6 pips long then reverses back to the TS of 1. Occasionally I've had it let the profit run to 20+ though. Overall I'm moving back to straight TP5 with SL40, more consistent I think.
TRADE FOR SWAP
  • #1,166
  • Jan 19, 2007 3:02am Jan 19, 2007 3:02am
These last days, the SRDC I is working very well in the EUR USD
Some people posted losses in one trade in the GBD USD, in that occasion I managed to get some pips being patient.

Paco
  • #1,167
  • Edited 3:41am Jan 19, 2007 3:30am | Edited 3:41am
Quoting Traderbill07
Good point and you have reasoned well. If you remember I posted my chart and trade on that break on TS and I was in at 1.9705 and out at 1.9717. I watched first break and then when it backed up, I jumped in and took the the 12 pips. If you recall we discussed how difficult tha 1.9700 had been previously. Point is, that was a problem area to take a trade.

Traderbill
Sorry TB but I must have missed that discussion

What opinion do people have on trading GBP long today, if it breaks? It looks to me as if that resistance point around 1.9750 could then become support and we have a bit of room before the next level just over 1.9800. So I think we should be ok for 5 pips anyway? (Of courses it's got to get through the 1.9750 first...)

I have a slight disadvantage because I'm spreadbetting, and these ****** companies always manage to provide a trade with on average a couple of points slippage, in addition to the spread so I have to factor that in too.


If anyone knows of a UK spreadbetting company that lets you exit without slippage, please let me know!
Full-time trader and loving it!
  • #1,168
  • Jan 19, 2007 3:40am Jan 19, 2007 3:40am
Quoting cgldsmth
I've been using a TS EA set at 5, the minimum and a pipstep of 1, so moves up with every pip. the problem is quite often it hits 6 pips long then reverses back to the TS of 1. Occasionally I've had it let the profit run to 20+ though. Overall I'm moving back to straight TP5 with SL40, more consistent I think.
Thank you for your response. Anyone else?
“Control, control, you must learn control!” - Yoda
  • #1,169
  • Jan 19, 2007 8:07am Jan 19, 2007 8:07am
can u guide us to this EA please, thanks
Quoting cgldsmth
I've been using a TS EA set at 5, the minimum and a pipstep of 1, so moves up with every pip. the problem is quite often it hits 6 pips long then reverses back to the TS of 1. Occasionally I've had it let the profit run to 20+ though. Overall I'm moving back to straight TP5 with SL40, more consistent I think.
learn something everyday
  • #1,170
  • Jan 19, 2007 12:56pm Jan 19, 2007 12:56pm
I use GFT and they have OCO orders.
  • #1,171
  • Jan 19, 2007 6:33pm Jan 19, 2007 6:33pm
Quoting Chandra
Hi, Do you place order to buy as well as to sell at the same time using "One Cancel Other-OCO) type of order? My trading platform does not allow to place OCO orders? Can you tell me which platform yo use?
Thanks

Hi...most of the times I place only one order, depending on where the new candle opens compared to the old one (is it closer to hi or low).

If the new candle is right in the middle and it is not clear where it will go then I place orders in both directions....but rarely....

I use strategybuilder fx but I am only demoing so far.......
"Lunch ? Lunch Is For Wimps !"
  • #1,172
  • Jan 20, 2007 1:35am Jan 20, 2007 1:35am
What do you guys do when your highs or lows aren't hit for the day? Do you keep em there or adjust for the next day's high/low?

I think OR is going to end up retiring a bunch of younglings in a couple years just with SRDC I.
  • #1,173
  • Jan 20, 2007 2:40am Jan 20, 2007 2:40am
Quoting faddy
can u guide us to this EA please, thanks
here it is.
Attached File(s)
File Type: mq4 TrailingStop.mq4   9 KB | 700 downloads
TRADE FOR SWAP
  • #1,174
  • Jan 20, 2007 4:06am Jan 20, 2007 4:06am
Quoting rodo
What do you guys do when your highs or lows aren't hit for the day? Do you keep em there or adjust for the next day's high/low?

I think OR is going to end up retiring a bunch of younglings in a couple years just with SRDC I.
If I read this right:
You mean if, for example, you don't get a trade on the GBP on a Wednesday (in other words an inside candle), do you still use the high/low figures from Tuesday for Thursday's trade? Interesting idea, although I've interpreted the rules to always use the prior day's hi/lo, so I would use Wednesday's. Also, there's more chance your triggers are going to be hit that way.

And nice sentiment, but I ain't young any more
Full-time trader and loving it!
  • #1,175
  • Edited 4:40am Jan 20, 2007 4:16am | Edited 4:40am
Quoting Digitalis
If I read this right:
You mean if, for example, you don't get a trade on the GBP on a Wednesday (in other words an inside candle), do you still use the high/low figures from Tuesday for Thursday's trade? Interesting idea, although I've interpreted the rules to always use the prior day's hi/lo, so I would use Wednesday's. Also, there's more chance your triggers are going to be hit that way.

And nice sentiment, but I ain't young any more
Haha. As long as you're young inside, right?

Ah I see. I thought it would be a good idea to do that myself. But Master Roshan mentioned something about more TP if this sort of thing happens. What has your experience been in doing this?

As for me, I've been pretty consistent with the 5 pips to say the least. I'm about 5/6 successful trades with a couple @ 10 pips. I think 10 is pretty much doable most of the time too, but I'm testing that now for myself.

As for Friday, it didn't break out of Thursday's candles on GBP/USD so I was trying to figure out the solution to that scenario.
  • #1,176
  • Jan 20, 2007 5:50am Jan 20, 2007 5:50am
Rodo, Digitalis,

If you do not brake resistance/support "today" based on yesterday's h/l daily candle you start all over again following OR's rules for SRDC 1. Your next possible trade will be the tiny sunday candle @ GMT 00:00 on Monday. Read OR post on this strategy.



Hope this help you





Quoting rodo
Haha. As long as you're young inside, right?

Ah I see. I thought it would be a good idea to do that myself. But Master Roshan mentioned something about more TP if this sort of thing happens. What has your experience been in doing this?

As for me, I've been pretty consistent with the 5 pips to say the least. I'm about 5/6 successful trades with a couple @ 10 pips. I think 10 is pretty much doable most of the time too, but I'm testing that now for myself.

As for Friday, it didn't break out of Thursday's candles on GBP/USD so I was trying to figure out the solution to that scenario.
All 4 1 and 1 4 All
  • #1,177
  • Edited 8:20am Jan 20, 2007 7:34am | Edited 8:20am
There are some great posts in this thread that can really help you master SRDC I. 4rex has been running the SRDC I area in the SRDC Teamspeak room and helping everyone think about their trades before pushing the button.

Trading SRDC I is easy, but if you want to make pips everyday you need to be prepared at the time of your trade.

1st- Know exactly where your entry point is going to be. You should know this well in advance of trading time.

2nd- Be aware of areas that may provide support or resistance. It could be a previous high or low that has been touched many times. A pivot point or strategic fibo area can also be a problem. Also if you are going long and your break point is at 1.9699 you might want to set your entry past the 1.9700 mark understanding the 00 numbers almost always present a problem.

3rd- You should consider money management when setting your SL and lot size. Do not trade more than you can afford. Make sure that your win/loss ratio supports the decision you are making. Trade demo or very light until you can get that ratio at about 10/1 win/loss.

If you will take just a few minutes thinking about these few things, I promise you will increase your wins and your wins will be quality ones. In other words, you will be able to duplicate this time after time. SRDC I is simple but it is not automatic, please just do a little work!

Good Luck.
Traderbill
  • #1,178
  • Jan 20, 2007 9:51am Jan 20, 2007 9:51am
Thanks Trader Bill for this great reminder. I'll keep in open on my desktop and read it before trading every time.

I do have a question though....I've read in the thread that we should add
1-5 pips margin, depending on market conditions. As a newbie, I would like
to know more about how to choose 1 or 2 pips, 3 pips 4 pips etc.....
Just what am I looking for in 'market conditions?' please.
Also, GBP looks at a critical area. Should we avoid some trades now?

Thanks much and happy trading.
trademeister
  • #1,179
  • Jan 20, 2007 12:30pm Jan 20, 2007 12:30pm
Quote
Hi, What are the hours you are talking here when you said "London and US session breakouts"? You can give the hours in GMT.
Thanks
That is SRDC episode 3
  • #1,180
  • Jan 20, 2007 2:56pm Jan 20, 2007 2:56pm
Please fellow members here. It is not necessary to post reply to user Chandra. It is a plant and Chandra's posts will end up deleted anyway.
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