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the Set and Forget Pivot Net system

  • #221
  • Sep 11, 2008 9:33am Sep 11, 2008 9:33am
it figures the trade I missed hit tp.I have to figure out why my average was off so much for ej,I double checked and I didn't miscalculate. I guess ill have to wait till next week to see what happens.still in uj currently up.
Nick
  • #222
  • Sep 11, 2008 9:50am Sep 11, 2008 9:50am
Quoting 555ngone
it figures the trade I missed hit tp.I have to figure out why my average was off so much for ej,I double checked and I didn't miscalculate. I guess ill have to wait till next week to see what happens.still in uj currently up.
Nick,

Here is what I had for EJ of everyday last week. I just recalculated them by hand to double check against my records.

M 108.4
T 145.6
W 146.9
Th 720.3
F 307.9

Hope that helps.
  • #223
  • Sep 11, 2008 10:20am Sep 11, 2008 10:20am
thanks blueace I'll compare my numbers with yours when I go home im on my pda right now.how did your uj trade go mine missed tp by a couple of pips I moved sl to breakeven.
Nick
  • #224
  • Edited 11:31am Sep 11, 2008 10:53am | Edited 11:31am
Quoting 555ngone
thanks blueace I'll compare my numbers with yours when I go home im on my pda right now.how did your uj trade go mine missed tp by a couple of pips I moved sl to breakeven.
My UJ missed TP by about 6 pips, but I still have it open. Once London closes I'll check in on it and if it moves past the halfway point (106.323) I'll move my SL to break even.
  • #225
  • Sep 11, 2008 1:37pm Sep 11, 2008 1:37pm
Quoting blueace
My UJ missed TP by about 6 pips, but I still have it open. Once London closes I'll check in on it and if it moves past the halfway point (106.323) I'll move my SL to break even.
I cheated and closed the UJ trade manually a few pips early as I didn't like my TP sitting on a .00 level. It worked out anyway as I was able to get my full 2.8% out of it. I must have put a fraction more on the trade than I needed to get out a few pips early and still get my full profit. So, I went 3-2 this week for 4.4%.
Life is too short to have anything but delusional notions about yourself.
  • #226
  • Sep 11, 2008 1:46pm Sep 11, 2008 1:46pm
Quoting hoss
I cheated and closed the UJ trade manually a few pips early as I didn't like my TP sitting on a .00 level. It worked out anyway as I was able to get my full 2.8% out of it. I must have put a fraction more on the trade than I needed to get out a few pips early and still get my full profit. So, I went 3-2 this week for 4.4%.
That's great Hoss. Glad the system worked for you this week. Once we're passed the London close and if there is an active trade then it's really up to the discretion of the trader when to close.

I just choose to let the trades run their course. I've seen too many of them go ahead and hit the TP like EU did yesterday.

Overall it seems like there are several traders that are getting a pretty good grasp of what this system is.
  • #227
  • Sep 11, 2008 1:52pm Sep 11, 2008 1:52pm
Quoting blueace
That's great Hoss. Glad the system worked for you this week. Once we're passed the London close and if there is an active trade then it's really up to the discretion of the trader when to close.

I just choose to let the trades run their course. I've seen too many of them go ahead and hit the TP like EU did yesterday.

Overall it seems like there are several traders that are getting a pretty good grasp of what this system is.
Yes, I normally let them run their course, too. I just pay attention a little more to trades where stops fall around that .00 mark. It will usually either blow right through it like it did on the euro yesterday, or just stop short and reverse as it did today on the yen. In these cases it would be about the only time where I would interfere with a trade. So, for the sake of six pips I made the decision to get out. I'm enjoying the system.
Life is too short to have anything but delusional notions about yourself.
  • #228
  • Sep 11, 2008 2:02pm Sep 11, 2008 2:02pm
Quoting hoss
Yes, I normally let them run their course, too. I just pay attention a little more to trades where stops fall around that .00 mark. It will usually either blow right through it like it did on the euro yesterday, or just stop short and reverse as it did today on the yen. In these cases it would be about the only time where I would interfere with a trade. So, for the sake of six pips I made the decision to get out. I'm enjoying the system.
So defensive.

Your decision makes perfect sense though. Since I'm pulling this train I want to stick to my rules as much as possible and see how they turn out. Trying to live by 'set and forget' as much as I can.

Ohio State huh? I went to Baylor (womp), but my brother went to USC. So I have a surrogate team. Hope we can remain friends. haha
  • #229
  • Sep 11, 2008 2:06pm Sep 11, 2008 2:06pm
Quoting blueace
So defensive.

Your decision makes perfect sense though. Since I'm pulling this train I want to stick to my rules as much as possible and see how they turn out. Trying to live by 'set and forget' as much as I can.

Ohio State huh? I went to Baylor (womp), but my brother went to USC. So I have a surrogate team. Hope we can remain friends. haha
Ha. Not defensive at all. Hope I didn't come across that way. Yeah, big game this weekend! USC-OSU Saturday night. Can't wait to watch that one!
Life is too short to have anything but delusional notions about yourself.
  • #230
  • Sep 11, 2008 2:17pm Sep 11, 2008 2:17pm
That's awesome, Hoss. Good job. And that's a nice observation regarding the .00 level. Looks like it had some validity.

Scott

Quoting hoss
I cheated and closed the UJ trade manually a few pips early as I didn't like my TP sitting on a .00 level. It worked out anyway as I was able to get my full 2.8% out of it. I must have put a fraction more on the trade than I needed to get out a few pips early and still get my full profit. So, I went 3-2 this week for 4.4%.
Prices are never too high to begin buying or too low to begin selling.
  • #231
  • Sep 11, 2008 2:27pm Sep 11, 2008 2:27pm
Quoting thehenryfam
That's awesome, Hoss. Good job. And that's a nice observation regarding the .00 level. Looks like it had some validity.

Scott
Thanks, Scott. I may have been right this time, but may not be the next time. I've got some good experience with price action and simply made a judgment call, but I think people may be better off in the long run letting these trades take their course. Usually when I see some pretty violent movement toward a 00 level you can expect a retrace, but if it kind of trickles down toward the 00 like the euro did yesterday it seems to break it easier. I don't want to change the system at all, however. It seems to work fine on its own and I don't think it needs any trader discretion. That would take away from the "set and forget" principle.
Life is too short to have anything but delusional notions about yourself.
  • #232
  • Sep 11, 2008 2:48pm Sep 11, 2008 2:48pm
Good point. This is one of my first attempts at using a "set and forget". In the past I've always been drawn toward scalping systems or more discretionary methods just because I always liked to have my hands on the wheel. But at the end of the day, after a grueling 6 hours of screen staring and 15-20 trades, I might be up only 10 pips, or worse maybe even down 10-20 pips. No thanks! This method's style suits my schedule and my heart much better. And with the good R:R this method has, I don't sweat a few losses here and there, knowing that the odds will eventually have you winning out and growing your account. It's slow, but steady.

I am interested to see how you progress with your slightly more aggressive approach (2% risk). Please keep us up to date on that.

Scott

Quoting hoss
Thanks, Scott. I may have been right this time, but may not be the next time. I've got some good experience with price action and simply made a judgment call, but I think people may be better off in the long run letting these trades take their course. Usually when I see some pretty violent movement toward a 00 level you can expect a retrace, but if it kind of trickles down toward the 00 like the euro did yesterday it seems to break it easier. I don't want to change the system at all, however. It seems to work fine on its own and I don't think it needs any trader discretion. That would take away from the "set and forget" principle.
Prices are never too high to begin buying or too low to begin selling.
  • #233
  • Sep 11, 2008 2:59pm Sep 11, 2008 2:59pm
My UJ trade just hit SL, so 2-3 for the week for a net return of 0% (breakeven). Hey, it's better than losing ground.

Scott
Prices are never too high to begin buying or too low to begin selling.
  • #234
  • Sep 11, 2008 3:03pm Sep 11, 2008 3:03pm
Actually, as Blueace said, the winners aren't quite 1.5% (more like 1.38%), so I guess in total I am down slightly for the week at -0.24%.

Quoting thehenryfam
My UJ trade just hit SL, so 2-3 for the week for a net return of 0% (breakeven). Hey, it's better than losing ground.

Scott
Prices are never too high to begin buying or too low to begin selling.
  • #235
  • Sep 11, 2008 3:28pm Sep 11, 2008 3:28pm
Quoting thehenryfam
Good point. This is one of my first attempts at using a "set and forget". In the past I've always been drawn toward scalping systems or more discretionary methods just because I always liked to have my hands on the wheel. But at the end of the day, after a grueling 6 hours of screen staring and 15-20 trades, I might be up only 10 pips, or worse maybe even down 10-20 pips. No thanks! This method's style suits my schedule and my heart much better. And with the good R:R this method has, I don't sweat a few losses here and there, knowing that the odds will eventually have you winning out and growing your account. It's slow, but steady.

I am interested to see how you progress with your slightly more aggressive approach (2% risk). Please keep us up to date on that.

Scott
Will do.
Life is too short to have anything but delusional notions about yourself.
  • #236
  • Sep 11, 2008 4:20pm Sep 11, 2008 4:20pm
Quoting thehenryfam
Actually, as Blueace said, the winners aren't quite 1.5% (more like 1.38%), so I guess in total I am down slightly for the week at -0.24%.
The UJ did hit it's SL and that leaves us at 2 wins and 3 losses for the week.
That's a total of -.22%

It keeps to our overall goal of minimizing risk.

We grow slow but we die even slower.
  • #237
  • Sep 11, 2008 5:03pm Sep 11, 2008 5:03pm
This week doesn't perform well, which usually means next week will be way better. Learned that from poker. Gambler fallacy? Don't think so. It just happen too often.
  • #238
  • Sep 12, 2008 4:23pm Sep 12, 2008 4:23pm
Here are my weekly averages for the past week.

EU 239.5
GU 283
GJ 447.4
EJ 373.9
UJ 146.7
  • #239
  • Edited 6:09am Sep 13, 2008 6:02am | Edited 6:09am
Quoting blueace
Here are my weekly averages for the past week.

EU 239.5
GU 283
GJ 447.4
EJ 373.9
UJ 146.7
EJ is the problem!! I got same for every other but 375.4 for EJ (GU=282.9 is close enough). Attached is the data I used from Oanda

Please let me know what was wrong??
Attached Image
  • #240
  • Sep 13, 2008 11:15am Sep 13, 2008 11:15am
Quoting fosters
EJ is the problem!! I got same for every other but 375.4 for EJ (GU=282.9 is close enough). Attached is the data I used from Oanda

Please let me know what was wrong??
From checking my records it looks like we have a different number for Friday. I have 371.5 and you have 378.4.

I can't double check until later today because Oanda is down for maintenance, but once they're up and running again I'll post what I found. I'll have it up by sometime tonight.

Thanks Fosters.
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