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  • #801
  • May 18, 2008 7:31pm May 18, 2008 7:31pm
Quoting KissFan
Hey Zoop. Just read this post and it brought me back to when I used to demo on 5 min charts using GMMA's. I still have the GMMA charts saved as they took a lot of time to set up. The way I would play these charts is that I would wait until the yellow and orange MMA's compressed and then buy or sell based on the trend. Worked OK. Made some demo pips but of course now I trade the daily. Funny thing though, when you look at the chart like this, the overall trend really jumps out at ya!
That's one crazy Guppy you have there Kiss lol.

The way I'm treating the waves is slightly different. The general approach is that I trade in the direction that the waves break in. This way you will have trades both with the trend and counter trend. The idea is that it'll allow you to adapt to market conditions quicker. For example... say we were trading the euro and it finally decided to turn south over the longer period. You would be able to spot this based on how the waves are collapsing. There will be that initial collapse, then the market would pull back and then collapse again.
  • #802
  • May 18, 2008 7:49pm May 18, 2008 7:49pm
Here's a chart of the gbpchf 4 hour. This should be interesting. What happened with the prior waves is that it actually broke to the upside and we did get a pullback. The pullback was a pretty deep one but it wasn't a wave collapse (at least not yet). If I was to play this one, I'd go long and keep an eye on that blue highlighted area.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_4hour.gif Size: 8 KB
  • #803
  • May 19, 2008 9:23am May 19, 2008 9:23am
Quoting zoopy
lol. Funny you should say that. I was thinking of going in at around 1.5530 which is near where my horizontal line is.
eur/usd at 1.5530

looks like it will make it to 1.5500 , but with this such a strong move down I'm a little concerned to take it at 1.5500 as I feel this southbound train might not stop on time.
  • #804
  • May 19, 2008 10:29am May 19, 2008 10:29am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
looking at the Daily this move dwon is real sweet, on the 4h if it turns anywhere above 1.5450 it's good for a long, if it breaks that then i think we need to wait on the next wave.
  • #805
  • May 19, 2008 12:32pm May 19, 2008 12:32pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
EU still going, waiting patiently for it to turn so i can buy, nice to see my wave close low, give a better entry price.

my Aj trade has broke the wave long again, would be nice to see a new high, then a little retracement to add to the position.

Gchf is back to my entry price, but will it move up or down? we wait to see
  • #806
  • May 19, 2008 7:25pm May 19, 2008 7:25pm
Quoting kaunasny
eur/usd at 1.5530

looks like it will make it to 1.5500 , but with this such a strong move down I'm a little concerned to take it at 1.5500 as I feel this southbound train might not stop on time.
Hey Kaunasny

I wasn't around most of the day so I didn't see the move down. I was waiting for a dip anyways and it definitely looks like I got it. Since I was in a rush this morning heading out, I had an order at 1.5500 which got picked up. My stops are at 1.5400 so if this does turn south and the wave collapses (which could happen - anything is possible), I'll be protected against further losses.

I've attached a 4 hour chart of the euro. As long as price stays above the dark orange highlighted box I'm not going to worry too much about this trade. I had a plan, I waited for the dip, I bought and now I'm going to follow through. Win or lose.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_4hour.gif Size: 9 KB
  • #807
  • May 19, 2008 7:29pm May 19, 2008 7:29pm
Quoting MPP
looking at the Daily this move dwon is real sweet, on the 4h if it turns anywhere above 1.5450 it's good for a long, if it breaks that then i think we need to wait on the next wave.
Definitely. I was thinking the same thing.

I'm also finding it much easier just to focus on the euro. I may end up just trading it in the end. I think Jacko has made an impact on me when it comes to that pair, everytime I move to other pairs I feel a little lost.
  • #808
  • May 20, 2008 12:59am May 20, 2008 12:59am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
I understand trading only 1 pair, but i've gotta a thing for AJ - don't know why just have, but i think it's also about trading what you understand and getting good at it, be that a certain style or pair.

AJ target hit for 130pips Gchf can't decide what to do (i'm long but may dump it), Eu looking good got in at 1.5526.

As promissed here's the charts with trend indicator, this ones based on 3 ma's (your choice) 8,13,100.
Green is long trend, 8,13,100
Red is short trend, 100,13,8
Orange is weak short trend 100,8,13
Yellow is weak long trend 13,8,100

Attached Image (click to enlarge)
Click to Enlarge Name: aj.gif Size: 13 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 14 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gchf.gif Size: 13 KB
  • #809
  • May 20, 2008 1:46am May 20, 2008 1:46am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Been thinking about the DIB's method - mainly the free trade idea.

instead of closing out the position at a set tp, why not close half at a set point to make the trade a free one + bank a few, we can then re-enter on the next wave cycle with the full amount as the first position holds no risk, this allows us to create a very large position with the trend at little to no risk, it's like compounding but without banking the cash first.

SL on this could be either left at the original position, trailed or moved to match the new position (locking in some profit if price turns around)
  • #810
  • May 20, 2008 4:53am May 20, 2008 4:53am
Some system about position compounding I thought about was. This should work in a nice uptrend and hold minimum of risk.

I would trail my entry by 50 TSL untill BE and once its be then let the trade run. So when a trade is 50pips in profit you have 0% risk. When market rallies and pulls back and turns up again enter another position and trail it 50 TSL untill BE, and so on and so forth. At anytime you would have a max risk of 50 pips, and with a nice trend up you could compound a huge position.
Exits is different topic.
  • #811
  • May 20, 2008 5:02am May 20, 2008 5:02am
Quoting kaunasny
Some system about position compounding I thought about was. This should work in a nice uptrend and hold minimum of risk.

I would trail my entry by 50 TSL untill BE and once its be then let the trade run. So when a trade is 50pips in profit you have 0% risk. When market rallies and pulls back and turns up again enter another position and trail it 50 TSL untill BE, and so on and so forth. At anytime you would have a max risk of 50 pips, and with a nice trend up you could compound a huge position.
Exits is different topic.
Once you have the second position with stop at breakeven, you could move the first positions stop to the same point, so you have locked in profit on first, second is at breakeven and continue like this as you add...
Never say never.
  • #812
  • May 20, 2008 5:05am May 20, 2008 5:05am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting kaunasny
Some system about position compounding I thought about was. This should work in a nice uptrend and hold minimum of risk.

I would trail my entry by 50 TSL untill BE and once its be then let the trade run. So when a trade is 50pips in profit you have 0% risk. When market rallies and pulls back and turns up again enter another position and trail it 50 TSL untill BE, and so on and so forth. At anytime you would have a max risk of 50 pips, and with a nice trend up you could compound a huge position.
Exits is different topic.
similar to taking the postion off ie if SLis 100 take half of 100pips in profit, leaving the SL in it's orignal place, this makes the trade a free one and gives the trade a little more breathing space.

not sure about the 50pips, 50pips very rarely survives these days.

Lets study this and see what works - only time will tell
  • #813
  • May 20, 2008 5:08am May 20, 2008 5:08am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting razldazl
Once you have the second position with stop at breakeven, you could move the first positions stop to the same point, so you have locked in profit on first, second is at breakeven and continue like this as you add...
work in progress, but this is an idea i like, also secures some profit.
  • #814
  • May 20, 2008 6:33am May 20, 2008 6:33am
as I said, we could figure something out about exits, its just too many roads to take here.

Well I just through 50 pip TSL just because I was using it. Still considering if position was increased on the pullback wich started to move in our direction again this should be enaugh since we would try to buy a low. If it takes it out, 1 . its a small amount, 2. we were wrong that the pullback reached its low.
Maybe 50 TSL is too little, 100 is a little too much in my opinion, 70-80 about right.

I like this idea of compounding because it is fairly simple and applyable to zoopys wave method. Wait for pullback after new high was reached, wait for pullback to start climbing up again and enter, with another position.

Exits are something to think about
  • #815
  • May 20, 2008 7:52am May 20, 2008 7:52am
Quoting MPP
I understand trading only 1 pair, but i've gotta a thing for AJ - don't know why just have, but i think it's also about trading what you understand and getting good at it, be that a certain style or pair.

AJ target hit for 130pips Gchf can't decide what to do (i'm long but may dump it), Eu looking good got in at 1.5526.

As promissed here's the charts with trend indicator, this ones based on 3 ma's (your choice) 8,13,100.
Green is long trend, 8,13,100
Red is short trend, 100,13,8
Orange is weak short trend 100,8,13
Yellow is weak long trend 13,8,100
Thanks MPP

What you mentioned about trading what you understand and becoming good at it is very true. Right now I'm finding I'm more comfortable trading the euro so I'll be sticking to it. I always believe in trading what you're comfortable with so that's what I'm going to follow through on.

That indicator that you posted is quite interesting. Personally I don't find any use for it (yet) since I'm trying to see how simple I can make things. However, I'm sure there will be other traders who will want to experiment with it so if you're up to posting it then go right ahead.
  • #816
  • May 20, 2008 8:07am May 20, 2008 8:07am
Quoting razldazl
Once you have the second position with stop at breakeven, you could move the first positions stop to the same point, so you have locked in profit on first, second is at breakeven and continue like this as you add...
Just been reading all the different approaches to adding on. Raz's approach makes the most sense.

What I've been testing is a little different from all of the ideas mentioned. After a wave breaks to the upside or collapses, I will wait for that pullback. When I think I have spotted it, I will throw in 1% to test the waters out, if it starts to go in my favour I add another 1%. I'm basically building up my position on that pullback but once it breaks the previous wave's high, I stop. I then follow through by trailing my trade using the waves (wave trailing lol). So when the market creates a higher low, I move all of my stops to that point. I basically keep doing this until a wave collapses and knocks me out. When this happens I wait for a pull back and reverse the trade.

Just something to think about. The initial wave that breaks should be the one that holds the big position. The higher up the market moves, the greater the risk of a wave collapsing so be careful of adding on. It's best to grab it at the bottom then leave it. At that point it's more a point of managing your trade/risk.
  • #817
  • May 20, 2008 8:21am May 20, 2008 8:21am
Just to comment on my above post. Right now I'm holding back from setting definite rules when it comes to stops and taking profit. The reason for this is because I need to trade this style longer. I need to know what I'm dealing with before I start building walls around myself.

I also believe that stops and take profit should be geared towards the trader's comfort level. Some traders find they need to lock in profit ASAP and others feel more comfortable letting a trade run. That's also the reason why I left this part open. What's important is that you understand the concept behind this type of trading.

How am I determining a trend based on the waves?
Upward trend - highs and lows become higher
Downward trend - highs and lows become lower


Nothing complicated, just simple stuff. The more you make things complicated for yourself, the more it'll cause you to think and THIS is what causes a trader to hesitate. Candles/bars made me hesitate, that's why I got rid of them. Now I can't see them at all
  • #818
  • May 20, 2008 8:33am May 20, 2008 8:33am
should be surfing a big wave...cant you find a pic? Now that would be something zoopy lol
Never say never.
  • #819
  • May 20, 2008 8:42am May 20, 2008 8:42am
Quoting razldazl
should be surfing a big wave...cant you find a pic? Now that would be something zoopy lol
LOL. Don't give me any ideas, I might use Mr Hankey from South Park.

Someone on my msn list had this pic and I laughed at it. I asked her wthell was it? She said some Japanese anime character or something. Looks hilarious so I decided to use it
  • #820
  • May 20, 2008 8:45am May 20, 2008 8:45am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Looks like Gchf made a new low, guess it's time to exit my long.

Still looking for my next entry on AJ,

need to make a decision on EU, still holding the long, but i have an AH at 1.5700 - any views on this?
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