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the Set and Forget Pivot Net system

  • #181
  • Sep 10, 2008 12:43pm Sep 10, 2008 12:43pm
Quoting hoss
blueace, i assume you are still in the eur trade?
come on hoss you know what happens when you assume.

I am in fact still in the trade. Trying to ignore it. The semi-volatility during the US only market hours in my opinion is more noise than anything. There seems to be a pretty significant amount of support around 1.4050 that was finally broken this morning. We'll see if it keeps going.
  • #182
  • Sep 10, 2008 12:49pm Sep 10, 2008 12:49pm
Quoting blueace
come on hoss you know what happens when you assume.

I am in fact still in the trade. Trying to ignore it. The semi-volatility during the US only market hours in my opinion is more noise than anything. There seems to be a pretty significant amount of support around 1.4050 that was finally broken this morning. We'll see if it keeps going.
Sounds good. It's heading south as we speak. One more thing, just to confirm, if there is a new eur trade at 00:00, you close that one whether it is negative or positive and set the new orders up?
Life is too short to have anything but delusional notions about yourself.
  • #183
  • Sep 10, 2008 1:00pm Sep 10, 2008 1:00pm
Quoting hoss
Sounds good. It's heading south as we speak. One more thing, just to confirm, if there is a new eur trade at 00:00, you close that one whether it is negative or positive and set the new orders up?
Yes, that is in fact what I do. I've only seen one of these trades last that long a handful of times though. The reason being is that while daily PPs make an impact on the day's trading old PPs tend to be forgotten pretty quickly.
  • #184
  • Sep 10, 2008 2:29pm Sep 10, 2008 2:29pm
This may be another one that has to be closed out manually late tonight. Price action seems to be consolidating a bit.

The "setting" is easy, the "forgetting" -- not so much.

Scott


Quoting blueace
Yes, that is in fact what I do. I've only seen one of these trades last that long a handful of times though. The reason being is that while daily PPs make an impact on the day's trading old PPs tend to be forgotten pretty quickly.
Prices are never too high to begin buying or too low to begin selling.
  • #185
  • Sep 10, 2008 2:41pm Sep 10, 2008 2:41pm
Quoting thehenryfam
This may be another one that has to be closed out manually late tonight. Price action seems to be consolidating a bit.

The "setting" is easy, the "forgetting" -- not so much.

Scott
lol...yes 'set and forget' is much easier said than done. We might get a bit of action before the close of the US market. The more used to this type of system you become the less compelled you'll be to watch every tick. However, I completely understand the fact that when you are trying a new system it's hard not to always want to know what's going on.
  • #186
  • Sep 10, 2008 3:07pm Sep 10, 2008 3:07pm
Wow, are you a prophet? As soon as you hit the submit button, the Euro headed south. Nice call.

Scott

Quoting blueace
lol...yes 'set and forget' is much easier said than done. We might get a bit of action before the close of the US market. The more used to this type of system you become the less compelled you'll be to watch every tick. However, I completely understand the fact that when you are trying a new system it's hard not to always want to know what's going on.
Prices are never too high to begin buying or too low to begin selling.
  • #187
  • Sep 10, 2008 3:20pm Sep 10, 2008 3:20pm
It looks as though there will be no euro trade for this evening as we have passed the weekly average threshold. So, we now just move the stop to BE and let this thing take its course? Or will you close it out at midnight anyway?
Life is too short to have anything but delusional notions about yourself.
  • #188
  • Sep 10, 2008 3:32pm Sep 10, 2008 3:32pm
Have moved my SL to BE as well. I think we close the positions out at midnight ET regardless because of what Blueace was saying earlier regarding the pivot points not having much effect after 24 hours.

Scott

Quoting hoss
It looks as though there will be no euro trade for this evening as we have passed the weekly average threshold. So, we now just move the stop to BE and let this thing take its course? Or will you close it out at midnight anyway?
Prices are never too high to begin buying or too low to begin selling.
  • #189
  • Sep 10, 2008 4:06pm Sep 10, 2008 4:06pm
Just hit the TP for EUR/USD!

That puts us positive on the day.

Scott
Prices are never too high to begin buying or too low to begin selling.
  • #190
  • Sep 10, 2008 4:07pm Sep 10, 2008 4:07pm
My TP was hit. Nice.
Life is too short to have anything but delusional notions about yourself.
  • #191
  • Sep 10, 2008 4:34pm Sep 10, 2008 4:34pm
Ta da.

Again with today ending as it did it was a perfect example of how counting pips isn't my favorite way to rate success in a system. Overall today's results were -36.3 pips OR +.38%.
  • #192
  • Sep 10, 2008 4:47pm Sep 10, 2008 4:47pm
Quoting thehenryfam
Have moved my SL to BE as well. I think we close the positions out at midnight ET regardless because of what Blueace was saying earlier regarding the pivot points not having much effect after 24 hours.

Scott
Even though the trades are finished for the day I wanted to address your question Hoss. Yes thehenryfam you're right. Even with the BE in place I would have closed the trades and booked the pips and then looked forward to the next trades.
  • #193
  • Sep 10, 2008 5:05pm Sep 10, 2008 5:05pm
Quoting blueace
Even though the trades are finished for the day I wanted to address your question Hoss. Yes thehenryfam you're right. Even with the BE in place I would have closed the trades and booked the pips and then looked forward to the next trades.
Cool. Appreciate it. By the way, I cheated and got .8% as I am at 2% equity.
Life is too short to have anything but delusional notions about yourself.
  • #194
  • Sep 10, 2008 5:51pm Sep 10, 2008 5:51pm
Quoting blueace
Since London just closed and if it makes it to the halfway point. 1.4012 area then yes I will put the stop at break even.
Why is everyone not following this? even blueace!
That area has been reached yet no one places the SL.
Or maybe someone did place the SL but then got back to enter short again after 11 EST. That's all not part of the original plan.
SL was hit, and the week is still negative.
  • #195
  • Edited 6:15pm Sep 10, 2008 6:00pm | Edited 6:15pm
Quoting jlryan87
Why is everyone not following this? even blueace!
That area has been reached yet no one places the SL.
Or maybe someone did place the SL but then got back to enter short again after 11 EST. That's all not part of the original plan.
SL was hit, and the week is still negative.
As far as I can tell he followed all of his rules to the "t". The sell order hit before 11, he moved his stop to breakeven once the trade reached the halfway point, and the trade tp'd later in the day. This week is positive so far. GJ lost and EU won.
Life is too short to have anything but delusional notions about yourself.
  • #196
  • Sep 10, 2008 6:09pm Sep 10, 2008 6:09pm
Quoting hoss
As far as I can tell he followed all of his rules to the "t". The sell order hit before 11, he moved his stop to breakeven once the trade reached the halfway point, and the trade tp'd later in the day.
Pls look at the candle at 11:30:00. Both you and Scott had confirmed that the price level has been hit. So the SL would have been there and later got stopped out.

Actually even the "place SL at breakeven when we're halfway through" is not in the plan too.
  • #197
  • Sep 10, 2008 6:16pm Sep 10, 2008 6:16pm
Quoting jlryan87
Why is everyone not following this? even blueace!
That area has been reached yet no one places the SL.
Or maybe someone did place the SL but then got back to enter short again after 11 EST. That's all not part of the original plan.
SL was hit, and the week is still negative.
Yes the halfway point was reached after the London close. That was when I moved to break even. If I have not been clear about this point previously I apologize. I did not reenter the trade the same trade was alive throughout the US trading day.

The London close is not the same time as our orders expire. There is an overlap. EU was originally triggered at 10:55 EST. A close one I'll admit, but a valid trade nevertheless. We still had an hour before the London market closed. Then at that point when the London market closed I waited until it made it to the halfway point and moved to BE.
  • #198
  • Sep 10, 2008 6:26pm Sep 10, 2008 6:26pm
Quoting blueace
Yes the halfway point was reached after the London close. That was when I moved to break even. If I have not been clear about this point previously I apologize. I did not reenter the trade the same trade was alive throughout the US trading day.

The London close is not the same time as our orders expire. There is an overlap. EU was originally triggered at 10:55 EST. A close one I'll admit, but a valid trade nevertheless. We still had an hour before the London market closed. Then at that point when the London market closed I waited until it made it to the halfway point and moved to BE.
Thanks for the clarification. I'm ingraining this to my mind.
The SL at BE is a good idea, but then it means we set and never forget since we'll be monitoring whether it has reached halway or not.
  • #199
  • Sep 10, 2008 6:44pm Sep 10, 2008 6:44pm
Quoting jlryan87
Thanks for the clarification. I'm ingraining this to my mind.
The SL at BE is a good idea, but then it means we set and never forget since we'll be monitoring whether it has reached halway or not.
Honestly the moving to BE is if you have the time. As you can see for those who didn't do anything except close their orders at 11 AM est they would have 1 win and 1 loss for the day.

But you are correct it's not truly set and forget if you have to monitor it. The only reasons it really came up is because I was asked what I would do. I happen to be at the computer and it seemed logical to move to break even after London had closed since the volatility dies down then.

Thanks for your questions jlryan87 it's helpful to challenge me and the system. It helps refine it.
  • #200
  • Sep 10, 2008 11:27pm Sep 10, 2008 11:27pm
4 pairs today.
GU
GJ
EJ
UJ
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