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  • #1,021
  • Feb 23, 2007 5:06pm Feb 23, 2007 5:06pm
Quoting scorpion
I may be wrong, but as the price on the GBP is 1.9###, the ATR range you have is from 0.011# to 0.014#.

So 110-140 pips, you just have to add the final decimal.
Yes, I think you're right - thanks

Kind Regards
Steve
  • #1,022
  • Feb 24, 2007 5:57am Feb 24, 2007 5:57am
Quoting steviet
Thanks for the support - I know you started trading live at probably the worst time so you're a credit to yourself for still being so positive about the future

Just going to post my weekly update then I've got a question about the ATR stop loss for you.

Laters
Steve
I did indeed start at the worse time possible but that's okay, i'm still hanging in there and I know I will come back hard and make more green pips than the red one's we've made this month

Quoting steviet
Hi karmostaji,

OK, I understand I don't need to place this on the charts but how do I get the actual ATR value? On the attached chart I've got GBPUSD daily with an ATR at the bottom period 20, ranging from 0.011 to 0.014. What do these figures mean and how do you calculate the ATR value from that?

I've worked at the bank for nearly 20 years but maybe my last two brain cells are waving goodbye to one another

Please explain in words that a 10 year old can understand (then my youngest can explain it to me lol)

Cheers bro
Steve
Ok, I'll try to explain it as simple as possible

First of all, on marketiva's chart.. you cannot really use the ATR since it does not give you the actual value. (don't worry Steve your brain cells are still perfect *knock on wood*)

I have attached a chart from a MT4 platform, you can see on the left corner the ATR value = 0.0116 , so what I have noticed is people usually take this value and set their s/l , so if you went long on GU now.. your s/l would be 116 pips below the current price.

http://img181.imageshack.us/img181/719/guev5.th.gif

I don't know how can you actually use ATR to enhance your method, but I have used 15 + spread below/above previous high/low and it has saved me a couple of times from being stopped out.

Good luck bro
Trade what you see, not what you think.
  • #1,023
  • Feb 24, 2007 6:09am Feb 24, 2007 6:09am
Hi!

Just to give you an idea how ATR can be used for setting/trailing S/L.
Picture is GBPUSD Daily. Just for ilustration, I use it on a lot smaller tfs.

Bluefish
Attached Image
  • #1,024
  • Feb 24, 2007 7:06am Feb 24, 2007 7:06am
OK,

Many thanks one & all for your explanation of the ATR & how it can be used as a stop loss.

Now I know I can work it out manually pretty easily so can do some testing in the future. I think I'm going to stick with things as I set out originally but can always look at and test these suggestions on a demo account as I go.

Kind Regards
Steve
  • #1,025
  • Feb 24, 2007 3:36pm Feb 24, 2007 3:36pm
No problem Steviet! You´re welcome. Sticking to your plan wins the race in the long run. And you are here for the long run ,right? Kudos to you!

Bluefish
  • #1,026
  • Feb 25, 2007 1:38pm Feb 25, 2007 1:38pm
Hi Steve!

Just my .02pips... you may want to consider opening a demo account at one of the free, unlimited brokers that offer MetaTrader. I was with Oanda for a couple of months, but just went to IBFX due to Oanda's very limited charting software. I was using MetaTrader in demo status to set up my trades for a while (something you may want to consider) but got tired of dealing with two different platforms.

MetaTrader is excellent and comes with pretty well everything you could ask for out of the box. On top of that there is excellent community support available for new indicators & systems (there are some excellent indicators that will plot ATR stops right on the chart if you wanted to experiment with it).

Anyways, if you wish to take a look, both Interbankfx & Alpari offer free, unlimited demos.

If you have already seen Metatrader then please ignore the above!!!

Take care,

Derek
  • #1,027
  • Feb 25, 2007 3:11pm Feb 25, 2007 3:11pm
Quoting bluefish
No problem Steviet! You´re welcome. Sticking to your plan wins the race in the long run. And you are here for the long run ,right? Kudos to you!

Bluefish
Hi Bluefish,

Yes, I'm definitely in for the long run

For a change all 5 pairs made it through Friday without being stopped out so I can just observe Sunday & Monday's price action.

Kind Regards
Steve
  • #1,028
  • Feb 25, 2007 3:19pm Feb 25, 2007 3:19pm
Quoting Daemien
Hi Steve!

Just my .02pips... you may want to consider opening a demo account at one of the free, unlimited brokers that offer MetaTrader. I was with Oanda for a couple of months, but just went to IBFX due to Oanda's very limited charting software. I was using MetaTrader in demo status to set up my trades for a while (something you may want to consider) but got tired of dealing with two different platforms.

MetaTrader is excellent and comes with pretty well everything you could ask for out of the box. On top of that there is excellent community support available for new indicators & systems (there are some excellent indicators that will plot ATR stops right on the chart if you wanted to experiment with it).

Anyways, if you wish to take a look, both Interbankfx & Alpari offer free, unlimited demos.

If you have already seen Metatrader then please ignore the above!!!

Take care,

Derek
Hi Derek,

I have seen & used MT4 demo in the past - is it still the case that the demo's with most brokers only last 30 days (apart from IBFX & Alpari)? If so, that would be a bit of a pain for any sort of longer term testing. Although Oanda isn't MT4, at least the demo doesn't have these restrictions.

I was just a little curious about ATR but as you know I'm trying to trade without indicators if I can help it. I guess I was trying to look for other options because the choppiness was killing me but I must stick to my guns with the live trading until the year is complete. After all, nearly four months have passed and I'm still in profit

Thanks again

Kind Regards
Steve
  • #1,029
  • Feb 25, 2007 3:55pm Feb 25, 2007 3:55pm
Steve, Strategybuilderfx and Admiral Investments have free, non-time limited MT4 demos.
  • #1,030
  • Feb 25, 2007 3:58pm Feb 25, 2007 3:58pm
Quoting dazed101
Steve, Strategybuilderfx and Admiral Investments have free, non-time limited MT4 demos.
Thanks

Kind Regards
Steve
  • #1,031
  • Feb 25, 2007 4:02pm Feb 25, 2007 4:02pm
The north finance demo doesn't expire (if you use it regular) and you get a new candle at 10.00PM GMT which should suit your setup.
  • #1,032
  • Feb 25, 2007 4:24pm Feb 25, 2007 4:24pm
Quoting willf
The north finance demo doesn't expire (if you use it regular) and you get a new candle at 10.00PM GMT which should suit your setup.
Great, thanks - just what I was after

Kind Regards
Steve
  • #1,033
  • Feb 25, 2007 6:35pm Feb 25, 2007 6:35pm
USDJPY stopped out for plus 125 pips

Remaining open trades are currently up by just over 230 pips so would hope to lock in some more profit by Monday close.

Kind Regards
Steve
  • #1,034
  • Feb 26, 2007 1:53am Feb 26, 2007 1:53am
i was gonna suggest that you hone your price action skills to avoid the chop. no need to add indicators. or if you need to then add back trend lines - look at my GU chart again to see how you could do it!

i for one don't trust these indicators and don't think you need them at all!!!

Quoting steviet
Hi Derek,

I have seen & used MT4 demo in the past - is it still the case that the demo's with most brokers only last 30 days (apart from IBFX & Alpari)? If so, that would be a bit of a pain for any sort of longer term testing. Although Oanda isn't MT4, at least the demo doesn't have these restrictions.

I was just a little curious about ATR but as you know I'm trying to trade without indicators if I can help it. I guess I was trying to look for other options because the choppiness was killing me but I must stick to my guns with the live trading until the year is complete. After all, nearly four months have passed and I'm still in profit

Thanks again

Kind Regards
Steve
  • #1,035
  • Feb 26, 2007 1:59am Feb 26, 2007 1:59am
Yup,

I guess as I get better at this (I should get better shouldn't I? ), I will need to try and address the times when the market is choppy.

What I have to be really careful of though is violating my system rules which have proved profitable so far. If I can come out of the year in profit then I guess that puts me in the top 10% which is not a bad start in my book.

I'm trying to pick up things as I go and certainly I'm open to improving the system without taking away what it offers anyway.

Let's see what London open thinks and hopefully by the time I'm back from work can lock in profit on all 4 trades currently open.

Kind Regards
Steve

Quoting Isotonic
i was gonna suggest that you hone your price action skills to avoid the chop. no need to add indicators. or if you need to then add back trend lines - look at my GU chart again to see how you could do it!

i for one don't trust these indicators and don't think you need them at all!!!
  • #1,036
  • Feb 26, 2007 9:55am Feb 26, 2007 9:55am
Steve,

If you hit your goal for the year, I am not sure you shouild change anything. Of course you can play around with a demo account and back test different modifications to the system.

But, trying to address choppy market conditions? I am not certain that is possible. Let's face it if you are hitting even an average of 5% increase (monthly) then I would say your system already addresses that.

I just hear a lot of suggestions on this thread. The truth is this if you hit your goals this year you will have accomplished far more than most making suggestions. So of course keep an open mind but also have confidence in your system for the long haul. You have already achieved some great things with your current system so stay focused on that...

All the best,
Jackie
  • #1,037
  • Feb 26, 2007 11:57am Feb 26, 2007 11:57am
Hi Jackie,

I'm slowly coming to the conclusion that you are right - if I can prove to myself that I can average 5-10% a month over a year then that would be a rousing success as far as I'm concerned.

As I said in a post earlier, the choppy market gets you thinking - I think I was up to 22 losing trades in a row. I think that's as bad as it should get and having come through that period I would hope I am now a lot stronger in myself.

Looks like I'll be able to lock in some profit on 3 of the 4 remaining trades later - the market hasn't quite done what I would of hoped for today but then it never does, does it

I'll be happy enough if it just ranges for the rest of the day so I can lock in some pips. I think if the lows hold on GU & EU & the highs on UCAD & UCHF, I can lock in around 70 pips, which along with the 125 on UJ earlier means we've had a good few days.

Let's see, GU hovering around 9610 again

Kind Regards
Steve

Quoting coastalfx
Steve,

If you hit your goal for the year, I am not sure you shouild change anything. Of course you can play around with a demo account and back test different modifications to the system.

But, trying to address choppy market conditions? I am not certain that is possible. Let's face it if you are hitting even an average of 5% increase (monthly) then I would say your system already addresses that.

I just hear a lot of suggestions on this thread. The truth is this if you hit your goals this year you will have accomplished far more than most making suggestions. So of course keep an open mind but also have confidence in your system for the long haul. You have already achieved some great things with your current system so stay focused on that...

All the best,
Jackie
  • #1,038
  • Edited 12:14pm Feb 26, 2007 12:07pm | Edited 12:14pm
Quoting steviet
I'm slowly coming to the conclusion that you are right - if I can prove to myself that I can average 5-10% a month over a year then that would be a rousing success as far as I'm concerned.
If you can average only 5% you will have more than doubled some of the best preforming funds and if there is anyone here thats not happy with those type of returns GOD for bid stop trading and just go to Vegas and roll the dice.

PS. and for thoes that may have doubled or tripple there accounts in past 90days let me know where your at the end of the year..
  • #1,039
  • Feb 26, 2007 12:11pm Feb 26, 2007 12:11pm
Haha,

I love the way you just tell it like it is

Thanks bro

Kind Regards
Steve

Quoting turbokaos
If you can average only 5% you will have more than doubled some of the best preforming funds and if there is anyone here thats not happy with those type of returns GOD for bid stop trading and just go to Vegas and roll the dice.
  • #1,040
  • Feb 26, 2007 12:31pm Feb 26, 2007 12:31pm
5% per month is beyond all expectations
Regards
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