james16 Chart Thread

Quoting ghous

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because if i go for 3 lots right away and close the trade 100 pips later i have made hundred pips! however if i scale in my trade at 0, 30, 70 and close all three at +100 pips from the first buy i hit...i have made 30+(40+40)+(30+30+30)=200 pips!!!! is that correct? and can i add on this increased total to my overall pips and boast abt them??

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Quoting bundyraider

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If you were after Pip totals for boasting, then no, I wouldn't be counting them that way. ...for example... was it on G/J or E/U??? How many pips were risked to get that? ...Different meaning eh?

It's about how much of the market move did you capture. I think your question illustrates how flawed many system sellers use of Pip counts is. They can make up what ever crap they want.

If you are out to boast about your trading, it's much preferred to do so in percentage gains. "I grew my account %30 a month over twelve months" has much much more meaning to it than"My method pocketed my clients 2300 Pips in June alone!!!" ...It means jack if someone was trading 100 standard lots per trade and had a net gain of 23 pips over that month only, yet multiplied his Pip gain by the number of lots he traded! ...Dodgey!!!

So answer to your question...
What effect did that one trade have on your account?
"After risking a total of 1.5% of my account, spread over the three entries, I netted a %6 gain to my account balance . "

"For the 12 months to June I averaged 15% a month for a total of around 535% last year."

It's a much better way to handle your performance figures... ( and no, that's totally not my results! .....I wish!! lol )

If you really wish to use pips, go ahead. But specify it the overall move you captured maybe. I don't do things that way. The only time I mention pips, either here or to myself, is in my R/R and position sizing calculations (and R/R boasting . )

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Quoting ghous

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however if i scale in my trade at 0, 30, 70 and close all three at +100 pips from the first buy i hit...i have made 30+(40+40)+(30+30+30)=200 pips!!!! is that correct? and can i add on this increased total to my overall pips and boast abt them??

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Quoting saskgui

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Well i did not take the 1st pin, never did like this pair. But with two pins and dollar weakness a possibility in other pairs i am think i will take this one next week. 1st target 1.0400 at the 23.6 fib. Not sure about the second target... 1.0300ish has resistance or would you rather look for 38.2 or 50 fib points?

Edit.. almost a bounce on the 150....

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Quoting Forex007

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Here is a good post on how the calcs should be done in those situations: http://www.forexfactory.com/showpost...postcount=4700

Most relevant part is below:
"I never look at how many pips I make, I look for % change of the account. This is because 30 pips can mean as much as 100 pips to my account size. It's all about the % risked and the stoploss size. I see a lot of talk about how many pips I made here and how many I made there. If I risk 1% on a 10 pips stoploss and gain 50 pips my account would have increased by 5%. But if the stoploss was 50 pips and I made 150pips the account would "only" grow 3%, almost half as much although the pips made was threefold. If people instead said that they've made 100 pips and every pips was worth 0.10% then that would make much more sense to me."

And one more: http://www.forexfactory.com/showpost...postcount=4694

Again, the most relevant part is:

"Now some math:
Let's say that the risk on each trade is 1%, so the lotsize is depending on the stoploss size. Say you had an entry at 1.5895 and the sl is 11pips (including the spread). After price reached 11 pips we closed half of our position, and leave the rest to run. Uptil now you have closed 5/10 (which is equal to 1/2 lol) of your position. At 1.5840 price hits a s/r level and is stalling and reversing somewhat. So you close 3/10 of the remaining position (which is 1/2 of the original position) for 55pips, and that leaves 2/10 of the original position. If the remaining position is then stopped out you will get an account increase of: (5/10*11 + 3/10*55 - 2/10*11) / 11 = 1.8% (if you risked 2% the win would be 2*1.8%=3.6% and so on). So you have locked in 1.8% account increase. If you close everything here you will instead get (5/10*11 + 5/10*55) / 11 = 3% account increase, and this would be nice too. But let's say that you manage to trail the sl on the last remaning position until 1.5005 then you would instead have seen an account increase of (5/10*11 + 3/10*55 + 2/10*890) / 11 =18.2%. And that is just from one trade. What if you've managed to have a few more trades along the way and traded 2-4 pairs?"

Also, when you move your SL to B/E, I'd count the risk on that position as zero ("free trade") - that means any add-on is simply treated as a new trade with standard MM rules.

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Quoting dragosd1

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Hi,
where woud the SL be for that pin, around 1.0820, that's the high of the pin...?
Thank's

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Quoting HipsterPipster

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Dragosd and Saskgui,
this pin is 270 pips of movement (High 1.0817)-(Low 1.547) =270. Using a hard rule of 1% you would put your SL 27 pips above the pin high, 1.0844.

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Quoting HipsterPipster

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As a side note, these are not necessarily my preferences or even recommendations as I believe that each person really needs to work hard on how they determine their exit strategy, whether it be for profit or loss. Some people believe that how you manage your active trade is more important than how you enter the market.

Dion

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Quoting aSandman

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I think he means 10% ie 27 pips is 10% of the total range 270
Jason

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Quoting HipsterPipster

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Dragosd and Saskgui,
The SL is usually above the high of the pin. Some calculate how far from the high by adding a percentage of the total pin's price movement. For example, this pin is 270 pips of movement (High 1.0817)-(Low 1.547) =270. Using a hard rule of 10% you would put your SL 27 pips above the pin high, 1.0844. Others use a standard amount of pips per pair, per time frame. Further, others use ppz areas and put their SL behind them. This is one of those areas that one needs to test and fine tune to best fit their person. In the chart I give "only" three examples of possible areas for a SL.
Ultra conservative: 1.1000 this would be a very high and conservative area to use as a SL and one would be thinking very long term on the trade. One would also need to have confidence that the trend is still intact.
STOP LOSS- Red dashed lines
Conservative: 1.0880 using the last high extension of price could be another way to establish a SL.
Standard: 1.0844 this area is 25-50 pips out of harm’s way.
As a side note, these are not necessarily my preferences or even recommendations as I believe that each person really needs to work hard on how they determine their exit strategy, whether it be for profit or loss. Some people believe that how you manage your active trade is more important than how you enter the market.
TAKE PROFIT- Green dashed lines
These are just some areas that some people could use for take profit.
Another note is that some people may not even have a set area for take profit but rather opt to trail the position with a trailing stop or even a multiple bar strategy.
I hope that this helps some. It was aimed more at having us think about the process rather than just adopting someone else's opinion, not that that was what you were doing either.
Dion

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Quoting jarroo

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Euro Two bar combination Pin Bar on the 4 hour or an 8 hour PB. (Sorry I can post a chart not at home.) PB with the trend and gap. Looks juicy.

Can someone post a Euro four hour chart. (Damn web chart.)

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Quoting sonicdeejay

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Clear and presents danger??


Sonic

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Quoting aSandman

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Sonic you beat me to it. Please share your opinion of clear and present danger on the eur short? Thanks man!

Jason

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Quoting jarroo

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Got a 4 hour chart sonic?

I love high probability trades. Price Action RULES.

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Quoting aSandman

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Hey Jaroo here is a 4 hour Euro. I'm in short off a 5 min bear flag. Also it might be presumtiouse of me but I think you would like to look at another trade I took tonight. The kiwi hit a good ppz then made a dblh DBHLC..hopefully low close on the 4 hour . Hit me back up if you need anymore charts just tell me time frame etc.

Jason

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Quoting jarroo

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4 hour 2 bar combination Pin Bar or an 8 hour PB.

Yes I know there is a big fat Pin Bar on the Weekly chart, but the way things have been going with PBs lately a PB with the trend and towards the Gap prove to be a very successful trade this morning.

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