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  • #3,241
  • Sep 10, 2008 8:36am Sep 10, 2008 8:36am
Rorieu,

still thinking about your MM test. It reminds me a post of Bagovino when he started his 2.0 method. I think that is a must to have at least one lot that you let run. I will think and test more next days.

Today it's an absurd day for this kind of trading. I don't know you guys but I'm going crazy like a horse. What the hell is that? Huge volatility, never see a day like that in one months of bago/strada method testing.

I stopped trading after reaching 0 pips after hours of nightmares. After watching this market on EU 1M I made a test with 5M and I had a -90loss with the 13:15 GMT false signal

Strada please come back! I learned how to manage good days (i.e. yesterday) but I need a rule to work on bad days.
  • #3,242
  • Sep 10, 2008 5:02pm Sep 10, 2008 5:02pm
Quoting eraserhead
After watching this market on EU 1M I made a test with 5M and I had a -90loss with the 13:15 GMT false signal
-90 pips with one signal?

or -$90.

In either case, you should ALWAYS expect a loss and take is "casually", i.e. "Bummer! Ok, next trade".
One Chart is Worth Ten Thousand Words.
  • #3,243
  • Sep 11, 2008 5:15pm Sep 11, 2008 5:15pm
EraserHead,

The first time you don't post your daily results in quite a while. I've been following your trades closely along with your conversation with Strada, and I think both of you were building blocks of confidence in this great system.

I believe today's EU market wasn't any different from yesterdays, choppy and doesn't allow trades to breathe. But I still would like to know how you performed. Ofcourse Strada's insight on what's been happening in the markets so far would be highly appreciated.

Crossing my fingers for the best, I really like this system, and hope there is a logical explanation to what's happening.

Deja
In Pursuit of Pippyness...
  • #3,244
  • Sep 12, 2008 2:48am Sep 12, 2008 2:48am
Hello

I'm a first time writer here (not first time trader tho).
I have been watching these threads for quite a while, i use very different methods with quite alot of pips

Just wanted to add, as I follow price action and look at the monthly,weekly,daily etc. charts, then drop to 1h/4h (sometimes even 15min)
charts, it is VERY clear why market moves. Almost every movement is based on support/resistance levels formed by candlesticks each and every day.
There also is not much to do with LUCK in forex market. Almost no methods in here are based on true price and psychology behind human actions.

Keep up the good work anyway and good LUCK
I don't trade with luck!

-Pal-
  • #3,245
  • Sep 12, 2008 3:00am Sep 12, 2008 3:00am
Quoting Deja
EraserHead,

The first time you don't post your daily results in quite a while. I've been following your trades closely along with your conversation with Strada, and I think both of you were building blocks of confidence in this great system.

I believe today's EU market wasn't any different from yesterdays, choppy and doesn't allow trades to breathe. But I still would like to know how you performed. Ofcourse Strada's insight on what's been happening in the markets so far would be highly appreciated.

Crossing my fingers for the best, I really like this system, and hope there is a logical explanation to what's happening.

Deja
Wow, ...

well yesterday I started the day with 2 total loss trade on 1M (-36x2 pips), then I started trading on 5M because of this damned volatility, not like the day before yesterday (with giant 1M bar...my God every bar was 10 pips long...on 1M!!! It's like when the sea is rough at my eyes, big waves...) but still a raging day. I had a nice gain with the rebound from the low of the day and I closed with no losses. So second day with lots of work but without gain, I'm really curious to know how thing are going to Strada, and, first of all, if there's a way to understand clearly witch TF trade at the beginning of the day.
I'm still looking for a discpline on daily money management as well. Which SL on daily basis? Whitch TP?
I think my "go live" date will be delayed some week but I still thrust in this method.
  • #3,246
  • Sep 12, 2008 3:54am Sep 12, 2008 3:54am
Hi ya Eraserhead,

Strada is basically trading on the 1 & 2min TF of late (correct me if i'm wrong Strada and sorry if so :-) )..when doing such short TF's the long term or daily trend really hasn't much concern on your trades..
Hi MM rules are basically:
5min TF
SL is 20 + spread or a recent hi'lo + spread;
TP1 = 10~15 (reset SL to BE); TP2 = 15~20; TP3 = recross of 5/12; news; EOD; 100 pips.
1 or 2min TF SL is 10 + spread;
TP1 = 8+/- (reset SL to BE); TP2 = 15+/-; TP3 as above.
These figures have been correlated over time of Strada collecting data, they are not just some randomly picked targets..

When entering a trade and price retreats then look for a 5/12 cross in the opposite direction and if after that price continues retreating then exit.
Remember if it keeps going in the hole against you and your hanging on to a dud...not only are you losing funds in your account and most probably stressing you are better off taking the hit and catching maybe the next big move in the opposite direction which is most probably the one taking your hard earned money now..

Have a look at post#3215 again there are a good few pearls in that post

Hope this helped you out a bit..

Adrian
  • #3,247
  • Sep 12, 2008 5:25am Sep 12, 2008 5:25am
Quoting aarangio
Hi ya Eraserhead,

Strada is basically trading on the 1 & 2min TF of late (correct me if i'm wrong Strada and sorry if so :-) )..when doing such short TF's the long term or daily trend really hasn't much concern on your trades..
Hi MM rules are basically:
5min TF
SL is 20 + spread or a recent hi'lo + spread;
TP1 = 10~15 (reset SL to BE); TP2 = 15~20; TP3 = recross of 5/12; news; EOD; 100 pips.
1 or 2min TF SL is 10 + spread;
TP1 = 8+/- (reset SL to BE); TP2 = 15+/-; TP3 as above.
These figures have been correlated over time of Strada collecting data, they are not just some randomly picked targets..

When entering a trade and price retreats then look for a 5/12 cross in the opposite direction and if after that price continues retreating then exit.
Remember if it keeps going in the hole against you and your hanging on to a dud...not only are you losing funds in your account and most probably stressing you are better off taking the hit and catching maybe the next big move in the opposite direction which is most probably the one taking your hard earned money now..

Have a look at post#3215 again there are a good few pearls in that post

Hope this helped you out a bit..

Adrian
Thank you Adrian!

That post is stucked in my mind don't worry
Just asking how people manage bad days, I mean, are you stopping your trading day after losing...let's presume...100 pips? It's only 3 1Minute bad trades in a row...
....the same at the other side: are you stopping day trading after 100 or more pips gained?

This system, just like others, is very linked to MM, that is the true secret I think
  • #3,248
  • Sep 12, 2008 7:43am Sep 12, 2008 7:43am
[quote=eraserhead;2215691]Thank you Adrian!

That post is stucked in my mind don't worry
Just asking how people manage bad days, I mean, are you stopping your trading day after losing...let's presume...100 pips? It's only 3 1Minute bad trades in a row...
....the same at the other side: are you stopping day trading after 100 or more pips gained?

This system, just like others, is very linked to MM, that is the true secret I think[/quote

Aarangio

I agree with our post and the numbers you quote have been well established by Strada. Although I think 100pips is bit optimistic!

EH
In my opinion the 1m TF is for experts only who have the time and patience to stare at a screen non-stop all day. Strada obviously is and can.

I would suggest you stick with 5m and perhaps investigate other pairs - I find GU works well also EJ.

As an example yesterday on EU 11 Sep 700-1600GMT;

  1. the 1m triggered 44 signals !!!!
  2. the 5m 7 signals.

Take your pick. Not for me.

I think Strada himself was unconvinced that 1m generated more than pips than 5m ( Re-read #3230 and believe!) and anyway for a long time he used 10m successfully.

Conclusion: Do not touch 1m TFs unless you're an real expert.

NU2

  • #3,249
  • Edited Sep 13, 2008 6:17am Sep 12, 2008 8:59am | Edited Sep 13, 2008 6:17am
Quoting eraserhead
Wow, ...

well yesterday I started the day with 2 total loss trade on 1M (-36x2 pips), then I started trading on 5M because of this damned volatility, not like the day before yesterday (with giant 1M bar...my God every bar was 10 pips long...on 1M!!!
Hi, Eraserhead!

I went through similar emotions when I scalped for the first time. I soon realised you need to keep your head VERY cool and leveled to withstand the dynamics of M1 and M5 trading. Otherwise you will burn sooner than your earn some money to chill out.

Try and take it impartially. Reduce lot size to the level where you don't care AT ALL whether you won or lost, and stay with it for a couple of weeks. Judging from your previous post, you are looking to use Bago as a source of income. That could be a dangerous start. Whenever a trader is under pressure to make money (external factors, own desire/inspiration) etc, losses (incl. complete wipeouts) are immenent.

You seem to be on the right track in general, but have too much (way TOO MUCH) emotions attached to the trades. The market can easily overwhelm even seasoned veterans, and "yo-yo" of "Wow! I won!!!!/Shit! I lost!!!" does not help it at all.

Also, have a look at longer (H1 and H4) TF with Price Action (DIBS, James16) - they are not as "immediately" profitable as M1 scalping, but are a good way to earn money too, e.g. the same 300-500pips per week with a similar R/R ration (whilst giving you less grey hair )
One Chart is Worth Ten Thousand Words.
  • #3,250
  • Sep 12, 2008 9:07am Sep 12, 2008 9:07am
Quoting aarangio
when doing such short TF's the long term or daily trend really hasn't much concern on your trades..
The importance of daily trend depends on how the day developes. Have a look at a typical (if there is such a thing ) day with, say, EU. With M1 there will be a clear disproportion of successful Long and Short trades - i.e. if the day was "down" you would have more Shorts. Also (just guessing now), the breakdown of losing trades should be mirrored (i.e. most of Long trade would fail on a "down" day).

So, one could (if you know how to determine the daily trend) sthat with D1/H4 trend, reducing possible losses AND reducing potential profit too: on most days, you still have both Long and Short profitable trades.

As a separate note, when trading M1 I tend to keep a close eye on M5 and M15 to see a slightly bigger picture of what the price is up to. I also watch daily range info - if the price moved in one direction 100-200 pips, it is likely to retrace (with the exception of the wild 500-600-pip days we saw recently).
One Chart is Worth Ten Thousand Words.
  • #3,251
  • Sep 12, 2008 9:27am Sep 12, 2008 9:27am
I don't come back here very often, but I am one of the early posters in this thread who experimented with many variations and will leave you with this..

In about 16 months of trading, I have been able to get 200-300 pips per week trading 3 full lots.

I used the 15 minute, changed to the 10 min charts, went back to 15min, tried 5 min and 1min, and finally settled on 10 min again which I decided upon originally because of Strada.

I have had no losing weeks.. days, yes.. weeks no.

The key for me is preplanned targets, similar to Strada's and strict money management control.

Truly all that is needed aside from that is proper use of RSI (21) as per Strada's instructions and I wait until price moves above the candle where the crossover occurs.. that's it.

I personally have had no luck with 1 minute and 5 minute charts, and will declare Strada to be a substantially better trader than I could ever be at that method.

In any event, good luck to all here, follow what Strada suggested and you will be fine.

This isn't the holy grail, but it does work and used properly will lead to some serious cash flow for you imho.
"I know how hard it is for you to put food on your family." George W. Bush
  • #3,252
  • Sep 12, 2008 11:33am Sep 12, 2008 11:33am
Dearest eraserhead

This is my 2 cents after seeing my dad started trading since 1988. Im trading more or less following my dad's style. He's so relax and have time for most of his other hobbies besides spot fx trading.
Please do spend time on elliott wave and fibonacci level. Just keep it simple. Be clear in your mind. never follow the masses saying that elliott wave is complicated. Just follow the major calculation or expected levels of retracements and impulses. Im sure soon you will be very relax doing your trading and starts enjoying making money. As fro gbp/usd. When it hit 1.7443 then up to 1.7587 and down again to 1.7461 there was opportunity to go long and risk with stoploss at 1.7400. The different is 144 pips multiply by 1.618 as 1st profit target, then 2.618 as 2nd target, 3.236 as 3rd target and lastly as 4th target 4.236. You should be okay.

Homework, homework, homework......till you get the feel.
Cheers
Quoting eraserhead
Well,
I can't post the exact trade bulletin (entry/exit/gain/loss) because I trade with the phone, the phone is no-battery right now and I have the battery charger in office, not at home I'm on an apple mac computer so I can not log in the account.

I made this orrible charts with what I remember were the good trades (green) and the bad one (red). There's nothing to left to say, when the market doesn't go raging in 1M TF (like yesterday) this system (bago-strada) make lots of pips.

This system is very stressing, I traded many hours (during lunch as well ...with phone in my hand ready to catch signals and moving SL between some pasta and wine ), but when days are good you can make pips in every direction.

The goal is actually to understand how to limit losses in bad days...as every trading system I think.
I think everything can fixed with right money management.

sorry again for the horror chart...
Attachment
  • #3,253
  • Sep 12, 2008 11:38am Sep 12, 2008 11:38am
hi eraserhead
as for this moment kindly take 1.7922 and 1.7461 calculate retracements of 23.6, 38.2, 50 and 61.8 levels. It maybe the 4th wave corrections or completed a, b, c correction from 2.0155 to 1.7443.

Plan to short with the levels as profit targets.

Cheers
  • #3,254
  • Sep 12, 2008 11:52am Sep 12, 2008 11:52am
Quoting MarcoW

In about 16 months of trading, I have been able to get 200-300 pips per week trading 3 full lots.

I used the 15 minute, changed to the 10 min charts, went back to 15min, tried 5 min and 1min, and finally settled on 10 min again which I decided upon originally because of Strada.

I have had no losing weeks.. days, yes.. weeks no.

The key for me is preplanned targets, similar to Strada's and strict money management control.

Truly all that is needed aside from that is proper use of RSI (21) as per Strada's instructions and I wait until price moves above the candle where the crossover occurs.. that's it.

I personally have had no luck with 1 minute and 5 minute charts, and will declare Strada to be a substantially better trader than I could ever be at that method.

In any event, good luck to all here, follow what Strada suggested and you will be fine.

This isn't the holy grail, but it does work and used properly will lead to some serious cash flow for you imho.
Hi Marco

It's great to hear from successful long-term Bago users. I am impressed with your comments, above in red

So on your implementation of Bago:

How many pairs a day and which ones?

What SL & TP 'targets' levels are you using?

Any additional indicators?

What hours do you trade? (Depends a lot on your location/country. UK/US?)

Many thanks

PS it's great to see the thread alive again--and the method unchanged!!

NU2fx
  • #3,255
  • Sep 12, 2008 12:37pm Sep 12, 2008 12:37pm
Usually 1 pair.. I split between GBP/USD and EUR/USD

30 pips SL on GBP/USD and 20 on EUR/USD.. T! 10, T2 15, T3 whereever it can go beyond 15. I rarely allow myself to be stopped out..usually will be out around 13-15 pips if I see trend changing.

Not anymore. However I look at pivot points in order to see where support and resistance are located before taking a position. I also rarely countertrend trade.. ie.. if the pair is moving down, I wait for pullbacks and crosses accordingly.. I found if you try to do otherwise, you will need smaller targets and the Risk/reward isn't sufficient enough for me. I think Strada trades both directions, but there again he is better skilled than I and I have to take my hat off so to speak in deference to him.

6:00 a.m. EST (US) to 2:30 p.m.

You're welcome.. I'm out of here again for awhile.. good luck!!
"I know how hard it is for you to put food on your family." George W. Bush
  • #3,256
  • Sep 13, 2008 6:14am Sep 13, 2008 6:14am
Quoting MarcoW
You're welcome.. I'm out of here again for awhile.. good luck!!
Thank you for sharing your approach with us, Marco!
One Chart is Worth Ten Thousand Words.
  • #3,257
  • Sep 14, 2008 7:32am Sep 14, 2008 7:32am
Hi All,

brilliant system, been running it on H$ for months mow and good success

Tell me could we use this on the daily timeframes and would the RSI have to cahnged to 14 instead of 21, any thoughts anyone

Paul
  • #3,258
  • Sep 14, 2008 7:34am Sep 14, 2008 7:34am
Quoting pbalfe@tisca
Hi All,

brilliant system, been running it on H$ for months mow and good success

Tell me could we use this on the daily timeframes and would the RSI have to cahnged to 14 instead of 21, any thoughts anyone

Paul
been running it on H4 not H$ sorry my mistake
  • #3,259
  • Sep 14, 2008 6:48pm Sep 14, 2008 6:48pm
Thanks to all who have posted positive things here. It has been a huge help to a newbie trader. Please keep it going! I'm testing this method on a demo, though I have no doubt it works from reading the thread.
  • #3,260
  • Sep 17, 2008 1:49am Sep 17, 2008 1:49am
Hi ya Nu2fx,

Just a quick reply to this..

Aarangio

I agree with our post and the numbers you quote have been well established by Strada. Although I think 100pips is bit optimistic!
Yes, i thought the same 100pips was a bit optimistic as well but I remembered Jacko on this forum which I tend to have a looksy at his info as well moved his anti-hedging stops from 50pips to 100pips due to the now volatility in the markets over the months so to me it made sense that if the volatility is high now and looking over charts you can also see alot of 100pip moves....another point I thought was if you trade 3 lots like Strada when you get a move that goes to the moon at least you get a piece of it on what was left of his 3 lots and I think at times people are jumping out of trades to quick when they see a recross which really hasn't been a proper recross and missed out on those larger moves....
Also this is only one of his exits as well so he could be out a lot earlier than the 100pips depending on the other stop loss principles..


EH
In my opinion the 1m TF is for experts only who have the time and patience to stare at a screen non-stop all day. Strada obviously is and can.

I would suggest you stick with 5m and perhaps investigate other pairs - I find GU works well also EJ.

As an example yesterday on EU 11 Sep 700-1600GMT;

  1. the 1m triggered 44 signals !!!!
  2. the 5m 7 signals.

Take your pick. Not for me.

I think Strada himself was unconvinced that 1m generated more than pips than 5m ( Re-read #3230 and believe!) and anyway for a long time he used 10m successfully.

Conclusion: Do not touch 1m TFs unless you're an real expert.
Yes, agree 1min is not for the faint hearted you could look at the 5minTF EH....I myself have been watching the 10minTF a bit closer now since MarcoW brought it up the other day and it really does bring up some very good signals with good profits so maybe check that one out as well..
NU2

Adrian

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