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Mission Discovery: Think Outside The FX Box

  • #121
  • Apr 24, 2008 7:27pm Apr 24, 2008 7:27pm
Hi, if someone can help me place my stop loss on the Japanese fan, I will truly appreciate that.

Thanks a ton.
  • #122
  • Apr 24, 2008 10:02pm Apr 24, 2008 10:02pm
Again can anyone pause from making money to answer? I got low to low part but, what next?
  • #123
  • Apr 24, 2008 10:10pm Apr 24, 2008 10:10pm
Quoting ruthy
Again can anyone pause from making money to answer? I got low to low part but, what next?
Hi Ruthy,

Are you referring to the gann grid strstegy?
  • #124
  • Edited 10:35pm Apr 24, 2008 10:24pm | Edited 10:35pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
1st screen shot, had to zoom out some to include the 2 candles I chose. The white lines are the decision lines and light blue target lines. 2nd chart is zoomed in to show the confirmation candle. What'd you guys think? Based on this we have a long condition up to 1.9790 pretty easily.

Oops. The fib level low on the charts should encompass the low's. My mistake.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: april 24th g-u gib fan.gif Size: 26 KB
Click to Enlarge Name: april 24th g-u fib fan close up.gif Size: 18 KB
"Wishful thinking dies hard." Igor T.
  • #125
  • Apr 24, 2008 10:39pm Apr 24, 2008 10:39pm
Quoting FxChi
1st screen shot, had to zoom out some to include the 2 candles I chose. The white lines are the decision lines and light blue target lines. 2nd chart is zoomed in to show the confirmation candle. What'd you guys think? Based on this we have a long condition up to 1.9790 pretty easily.
Should work. As far as I know Scotty doesn't use a SL, but I prefer to use them.
I'll start with a pending order above recent 5min high. Buy Stop at 1.9760. SL at 1.9723. TP at 1.9797. See if it works...
  • #126
  • Apr 24, 2008 11:08pm Apr 24, 2008 11:08pm
Quoting FxChi
1st screen shot, had to zoom out some to include the 2 candles I chose. The white lines are the decision lines and light blue target lines. 2nd chart is zoomed in to show the confirmation candle. What'd you guys think? Based on this we have a long condition up to 1.9790 pretty easily.

Oops. The fib level low on the charts should encompass the low's. My mistake.
Hi FxChi,

Your chart looks good based on the fan rules. So far price has not closed below the sell decision line. It will go your way, now it's just a matter of time. I wish you success on hitting your target price.
  • #127
  • Apr 24, 2008 11:30pm Apr 24, 2008 11:30pm
Hi, can someone please help explain this failure? This can be considered a failure as there is no way to justify a drawdown of 800 pips to gain about 100.

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: fib1.GIF Size: 49 KB
  • #128
  • Apr 24, 2008 11:32pm Apr 24, 2008 11:32pm
Quoting forextrader9
Hi, can someone please help explain this failure? This can be considered a failure as there is no way to justify a drawdown of 800 pips to gain about 100.

Thanks.
The blue arrows are the candles that have been selected and the red arrow is over the candle that triggered a long trade.
  • #129
  • Apr 24, 2008 11:40pm Apr 24, 2008 11:40pm
Quoting forextrader9
The blue arrows are the candles that have been selected and the red arrow is over the candle that triggered a long trade.
Can't open your picture!!
  • #130
  • Apr 25, 2008 12:47am Apr 25, 2008 12:47am
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
I now have a short condition based on the fan.

First shot is zoomed in. Second shot zoomed out. Hmmmm. Is this the type of deal where I'd close the first long position and then go with the short position? Was there something wrong with the angle of the fan? Time of day? Timeframe? A case where not every trade works?

Just confused about the accuracy of the fan is all. Any help is appreciated.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: april 24th g-u fib fan close up short.gif Size: 22 KB
Click to Enlarge Name: april 24th g-u fib fan zoom out short.gif Size: 24 KB
"Wishful thinking dies hard." Igor T.
  • #131
  • Apr 25, 2008 2:04am Apr 25, 2008 2:04am
Quoting forextrader9
Hi, can someone please help explain this failure? This can be considered a failure as there is no way to justify a drawdown of 800 pips to gain about 100.

Thanks.
Hi Forextrader9,

I reviewed your chart and you do have a valid candle close to the long side. I think we need Scotty B's comments on this. He did say price can hit both decision lines and will eventually hit both target lines.

All I can say about your chart is that price was in a down trend and your number 2 candle was the swing low of this down trend, it subsequently retraced and the high of the retracement was the candle that closed above your decision buy line. All this price action, swing high, swing low, and retrace became a 123 downtrend continuation. I've attached my duplication of your chart showing you what I mean.

I've noticed FxChi has just encountered the same problem, so we really do need Scotty B to clarify things for us.....T-Wolf
Attached Image (click to enlarge)
Click to Enlarge Name: aud yen fan trade.gif Size: 22 KB
  • #132
  • Apr 25, 2008 8:56am Apr 25, 2008 8:56am
Quoting fewhills
Should work. As far as I know Scotty doesn't use a SL, but I prefer to use them.
I'll start with a pending order above recent 5min high. Buy Stop at 1.9760. SL at 1.9723. TP at 1.9797. See if it works...
It worked...
  • #133
  • Apr 25, 2008 8:10pm Apr 25, 2008 8:10pm
Hello everybody,
I haven't been on for a while. I have family visiting, and have been away from the good old factory. Okay some notes. About stop losses, I don't use stop losses but I do manually exit trades that reverse direction on me. Sometimes what will happen is, you will get a long signal like the example posted, and it goes against you for a while. I think a safe SL location would be past the opposite target line. I say this because sometimes it will go to the opposite target line then reverse, but then sometimes it get way away from the fan itself. In those instances get out of the trade and go with the trades in the other direction, but keep that upper original target line in place so that you can take advantage of the huge ride back to that target. Sometimes that best trades can be ones that go against you. search the charts for those candles that defy the fan and take advantage on the big rides back. It always comes back, but no don't wait for 100 pips after an 800 pip DD.
As for candle spacing, I like to space things far enough apart so that the angles the lines make are nice and low.
Keep posting your trades folks, let get the fan in action some more next week!
  • #134
  • Apr 26, 2008 12:40pm Apr 26, 2008 12:40pm
I know Scotty mentioned to try and not pick extreme highs or lows, but whatcha think?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 15MIN FIB FAN 1.GIF Size: 35 KB
Click to Enlarge Name: 15MIN GJ FIB FAN 2.GIF Size: 37 KB
  • #135
  • Apr 26, 2008 9:02pm Apr 26, 2008 9:02pm
Quoting southernmind
I know Scotty mentioned to try and not pick extreme highs or lows, but whatcha think?
That looks really good man. Thanks for the post. Keep them coming through the week!
  • #136
  • Apr 28, 2008 9:50am Apr 28, 2008 9:50am
Quoting Scotty B
Hello everybody,
I haven't been on for a while. I have family visiting, and have been away from the good old factory. Okay some notes. About stop losses, I don't use stop losses but I do manually exit trades that reverse direction on me. Sometimes what will happen is, you will get a long signal like the example posted, and it goes against you for a while. I think a safe SL location would be past the opposite target line. I say this because sometimes it will go to the opposite target line then reverse, but then sometimes it get way away from the fan itself. In those instances get out of the trade and go with the trades in the other direction, but keep that upper original target line in place so that you can take advantage of the huge ride back to that target. Sometimes that best trades can be ones that go against you. search the charts for those candles that defy the fan and take advantage on the big rides back. It always comes back, but no don't wait for 100 pips after an 800 pip DD.
As for candle spacing, I like to space things far enough apart so that the angles the lines make are nice and low.
Keep posting your trades folks, let get the fan in action some more next week!
Hi Scotty, thanks. Is it correct to assume that the R:R here is greater than 2:1, we are risking 100 or more to gain 50?

Just wanted to confirm my understanding before trying this setup.

Also, are you saying that we continue to remain in the trade even if we get an opposite signal after entry? Are you sugegsting that we get stopped out at the SL and ride it back to it's original target?

Thanks again.
  • #137
  • May 1, 2008 7:22pm May 1, 2008 7:22pm
OK looking at the pound yen, I am now short to 205.85. Justification for this trade is based on a modified Japanese fan, what I call the Japanese butterfly.
I'll type out all the instructions later, detailing the technique then.
Attached Image (click to enlarge)
Click to Enlarge Name: butterfly.gif Size: 16 KB
  • #138
  • May 14, 2008 6:53pm May 14, 2008 6:53pm
Quoting Scotty B
OK looking at the pound yen, I am now short to 205.85. Justification for this trade is based on a modified Japanese fan, what I call the Japanese butterfly.
I'll type out all the instructions later, detailing the technique then.
Hi Scotty, I am looking forward for further details and instructions.
  • #139
  • May 19, 2008 10:30am May 19, 2008 10:30am
Scottyb, I've had you under favorites for a while now, looks like I'm going to have to remove it... Thought your insight would have more activity than what has been presented... Just a word of encouragement.
  • #140
  • May 25, 2008 3:36pm May 25, 2008 3:36pm
Have our thoughts gone back in the box?
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