Well i took the EU and GU short as they had made quite the move up anyways and using this system , got +20 locked in on both.
Well , EU closed out +20, GU +35.
Well , EU closed out +20, GU +35.
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Disliked20 Pips on USDCHF....
Scott,
Were you able to get out of your USDCHF trades?Ignored
DislikedNo, unfortunately, I lost both big time... eventually just closed them out. I think on one I was down around 75 pips and the other about 45 pips. Ouch. Hindsight being 20/20, I probably shouldn't have entered a second position. I'm still not sure about the no stoploss thing. Would it have come back? I don't know. I had several plays go severely against me all at once late yesterday, almost like there was some news or something. Not a good feeling, for sure. Before that, I had won three trades in a row (+10, +21, +20).
ScottIgnored
DislikedYeah, but on the EURJPY yesterday, adding another position would have worked great. But since there is no SL, it sure can be dangerous.
I have been blessed to not have lost using this system yet. I have had about 6 winners, but I know that the loser is out there lurking somewhere. I have a hard time reconciling the fact the 1 loser can take out 5-6 winners. I am going to do some backtesting and see if I can find a way to handle SL or extend the winners.
I like the system in general. It is easy to understand and see signals.Ignored
Dislikedguys,
it just takes some practice, i had some lost too hehe but i learned a lot from those loses. once you get used to the system u'll be able to pick up which signal will work which one are fakes. =) dont give up =)
last week was great i probably got about 160+. the market really followed the stochs.
thanks,
bottleIgnored
Dislikedguys,
it just takes some practice, i had some lost too hehe but i learned a lot from those loses. once you get used to the system u'll be able to pick up which signal will work which one are fakes. =) dont give up =)
last week was great i probably got about 160+. the market really followed the stochs.
thanks,
bottleIgnored
DislikedAll right guys,
Here is a stop loss idea that you can try. Not promising anything, but it looks good on backtesting. I don't place a lot of worth in backtesting....real life testing is the best!
I have attached an indicator that I like to use. It is called the Bollinger Band Squeeze indicator. Now it looks fancy, but really all it is a 50 period CCI. Insert a 50 period CCI, and you will see that it follows exactly the horizontal movement of this indicator. The vertical colored lines just show how close or far the Bollinger Bands are. Don't worry about the colors....don't worry about the colors. Just look at the 50 period CCI part.
I found the indicator here several years ago if you want to read up on it...
http://www.forexfactory.com/showthread.php?t=5174
Now, since Chix system is counter-trend trading, the biggest question to me is...has the trend stopped and is now reversing, or will the trend continue and take all of my money So I have done some testing on this CCI indicator to see if it can help me determine what the trend is doing.
So for an example of a long trade. I follow Chix entry rules exactly. When I do enter however, I look at the most recent low of the CCI. I basically put my SL where the CCI crosses that low. So if the CCI breaks the most recent low, then the trend is continuing, and I want out.
For a short trade, I look at the CCI. If the CCI crosses the most recent high, I get out.
The way I see it, there are three kinds of trades here:
Easy Trade
These are the trades that we get into, and they make profit immediately. Those are the really enjoyable ones. I will not go into a lot of detail on these type.
Patience Trade
These are the trades we get into that go against us some. We start questioning if we should stay in or get out. Well, if the CCI does not cross the most recent high or low, stay in. Why? Because, take for example a long trade. If the price is going down against us, but the CCI is moving up, then chances are the price will eventually follow the CCI and go up as well. It is divergence. So stay in the trade. Look at the EURJPY trade in the attachment to see an example.
Losing Trade
If the CCI crosses the most recent high or low, get out. That means that the price is continuing in the trend, and we need out.
Now I have attached my trades for this week. Not a big set of trades, but take a look at it on the charts and decide.
Scott, I don't know when you got into your USDCHF long, but I would be curious if the CCI would have told you to get out.Ignored
DislikedAll right guys,
Here is a stop loss idea that you can try. Not promising anything, but it looks good on backtesting. I don't place a lot of worth in backtesting....real life testing is the best!
I have attached an indicator that I like to use. It is called the Bollinger Band Squeeze indicator. Now it looks fancy, but really all it is a 50 period CCI. Insert a 50 period CCI, and you will see that it follows exactly the horizontal movement of this indicator. The vertical colored lines just show how close or far the Bollinger Bands are. Don't worry about the colors....don't worry about the colors. Just look at the 50 period CCI part.
I found the indicator here several years ago if you want to read up on it...
http://www.forexfactory.com/showthread.php?t=5174
Now, since Chix system is counter-trend trading, the biggest question to me is...has the trend stopped and is now reversing, or will the trend continue and take all of my money So I have done some testing on this CCI indicator to see if it can help me determine what the trend is doing.
So for an example of a long trade. I follow Chix entry rules exactly. When I do enter however, I look at the most recent low of the CCI. I basically put my SL where the CCI crosses that low. So if the CCI breaks the most recent low, then the trend is continuing, and I want out.
For a short trade, I look at the CCI. If the CCI crosses the most recent high, I get out.
The way I see it, there are three kinds of trades here:
Easy Trade
These are the trades that we get into, and they make profit immediately. Those are the really enjoyable ones. I will not go into a lot of detail on these type.
Patience Trade
These are the trades we get into that go against us some. We start questioning if we should stay in or get out. Well, if the CCI does not cross the most recent high or low, stay in. Why? Because, take for example a long trade. If the price is going down against us, but the CCI is moving up, then chances are the price will eventually follow the CCI and go up as well. It is divergence. So stay in the trade. Look at the EURJPY trade in the attachment to see an example.
Losing Trade
If the CCI crosses the most recent high or low, get out. That means that the price is continuing in the trend, and we need out.
Now I have attached my trades for this week. Not a big set of trades, but take a look at it on the charts and decide.
Scott, I don't know when you got into your USDCHF long, but I would be curious if the CCI would have told you to get out.Ignored
DislikedHi Aboutusnow,
Thanks for sharing this indicator.
Your word file i can't open, some error occur,
can you repost?
And, What do you mean by most recent high/low? is it 100/-100 or 200/
-200 ?Ignored
DislikedI don't know. Here is the USD/CHF chart. I have highlighted the CCI during my trade. As you can see, it never went back below the most recent low. In fact, I would still be in the trade with over a 100 pip loss. I notice that the CCI is trending up in this particular chart while the price is trending down. What am I missing here?
Clearly it was just a boneheaded trade in the first place. I got in way too early.
ScottIgnored
DislikedHmmm...does not look like it would have helped much on that trade.
I don't know how I would have handled that one...
I entered at 2GMT and 23 GMT on the same day....but waiting for the exact Chix trade would indicate that the market is turning. I think a combination of Chix rules with CCI both will help...I will use it consistently next week and see.Ignored
DislikedHey Chix,
Can you post a couple of your trades for this week? I would like to see what they look like on my chart to see if / why I did not see them.Ignored
DislikedI don't know. Here is the USD/CHF chart. I have highlighted the CCI during my trade. As you can see, it never went back below the most recent low. In fact, I would still be in the trade with over a 100 pip loss. I notice that the CCI is trending up in this particular chart while the price is trending down. What am I missing here?
Clearly it was just a boneheaded trade in the first place. I got in way too early.
ScottIgnored