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100 x 80 EA oh boy

  • #341
  • Nov 19, 2008 6:41pm Nov 19, 2008 6:41pm
Quoting nanningbob
The support and resistance lines on the screen are Wed. The indicator I use redraws the lines every day so they dont count for Monday. The lines were different at that time.
Hi Bob,

Thanks for the replies and all your help.

Could you elaborate a bit on how you evaluate the trades.

What exactly do you do?
What indicators do you put on the chart?
What do you look for?
At what point do you start thinking it might be a bad trade?

Thanks,
  • #342
  • Nov 19, 2008 7:15pm Nov 19, 2008 7:15pm
Bob pardon my benevolent curiosity but just wanted to know how long you've been into forex and whether you're a professional trader? You have things so well figured out I'd be surprised if the answer to my question was no, but I'm just curious to know.
  • #343
  • Nov 19, 2008 7:27pm Nov 19, 2008 7:27pm
Quoting acosta2269
Hi Bob,

Thanks for the replies and all your help.

Could you elaborate a bit on how you evaluate the trades.

What exactly do you do? Keep a lookout for the death trade.
What indicators do you put on the chart? PB autopivots version 4
What do you look for? Profits to take or a retrace to get you out with a small gain or loss.
At what point do you start thinking it might be a bad trade? Watch the pivot points as Bob has described.
Thanks,
Bob will probably have some more to add.
  • #344
  • Nov 19, 2008 7:41pm Nov 19, 2008 7:41pm
Quoting Toothman
Bob will probably have some more to add.
Thank you Toothman,

Where do I find the PB autopivots indicator and description by Bob of how to use it? I don't recall seeing it in this thread and its not on the attachment list. Is it in the 100x40 thread or another thread? I'm only 1/2 way reading through the 100x40 thread.
  • #345
  • Nov 19, 2008 8:03pm Nov 19, 2008 8:03pm
hi guys...
from about 149 at the bottom of the chart I include A/Z
before that I use the profile bob attached for 100x80

For A/Z here are my settings
30x10, 0.1, 10 level max, x2 for each level.
It is when the A/Z was included things started to fly.

I turn on the EA +1 after japan market starts, and close all trades mid of the euro market.
There was quite a dip near 296, that was cause by A/Z too. I could not be around the PC after mid of euro market, so I decided to take the hit.

Start with this account since 30 Oct with 3k.
Been 2.5 weeks and with a profit of 1.4K.
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  • #346
  • Nov 19, 2008 8:20pm Nov 19, 2008 8:20pm
Quoting joeTrue
hi guys...
from about 149 at the bottom of the chart I include A/Z
before that I use the profile bob attached for 100x80

For A/Z here are my settings
30x10, 0.1, 10 level max, x2 for each level.
It is when the A/Z was included things started to fly.

I turn on the EA +1 after japan market starts, and close all trades mid of the euro market.
There was quite a dip near 296, that was cause by A/Z too. I could not be around the PC after mid of euro market, so I decided to take the hit.

I am making 40-80 bucks a day using these numbers.
If you have 3 accounts instead of pushing one to its limit you can make 1-200 a day.
I am making over a 100 day using 2.

Start with this account since 30 Oct with 3k.
Been 2.5 weeks...
Using FrostCalls excell program this is what you are facing:

range 100 pips
floating DD @ 100= -2036.00
lot size at level 10 51.20
stop loss at 200 pips = -12,266

ahhhhhhhh, I hate to say this guy but you are looking at a total disaster if you keep these numbers one day.

May I recommend the following
tp 50 reenter 15 multiply 1.4
lot size .05 SL 180

MAX COVERAGE

TOTAL Floating DD -172.2
profit 68.3
Stoploss DD -283.2
ratio profit to loss 17:43

I am making 40-80 bucks a day using these numbers.
I am using 2 accounts instead of pushing one to its limits.
1-150 a day is not bad PT income.
  • #347
  • Nov 19, 2008 8:38pm Nov 19, 2008 8:38pm
thanks for the advice bob...
where can I download FrostCalls excell program?
Or have I missed it in the previous post?
  • #348
  • Nov 19, 2008 8:45pm Nov 19, 2008 8:45pm
Quoting fugly
Bob pardon my benevolent curiosity but just wanted to know how long you've been into forex and whether you're a professional trader? You have things so well figured out I'd be surprised if the answer to my question was no, but I'm just curious to know.
I have been trading 3 years Part Time. After trading almost 2 years I threw out everything I was taught and decided to study the market myself. I had one rule: I am only going to trade what I find to be 100% or almost 100% true. If it didnt meet that standard I was not going to use it. I ended up throwing out all indicators, fib lines, methodologies and decided to think the opposite of what I was taught and learned.

I was intrigued by the martingale system but saw nothing but disaster. I then reasoned everyone was trying to solve Martingale trading by bigger account, more lots, levels, indicators, etc, etc. What happens if i did the opposite. Fewer levels, less money, less risk, less multiplier, what would happen and tada........... you can make money with reasonable controls.

The biggest breakthrough was my 7 year currency facts and the ability to see that currencies have limits of what they can do in one day. This led to the conclusion that if my EA covers a range bigger than what they move I can safely trade a modified martingale system. My 100/40 was a success until the markets went crazy a month ago and markets began moving greater than its 3-400 pip range.

I had started about 3 months ago playing with trading both directions at the same time. I had shelved that idea until the markets went crazy and I came up with a 800 pip range EA. Put it all together you get the 100x80 and another EA that works perfectly with a small group of currencies. I will post that one this weekend with my 1 month of live trading results. I started with 500 dollars and I am over 2000 now. I will document and show everything. Between that EA and this one 100x80 you can trade almost any currency in almost any market conditions except when they get really extreme. Sorry, but my answer to those days is to just stay out.

I have talked to some professional traders about my ideas and they think I am crazy and nuts. I have thrown out everything they have been taught or believe and they are too set to change. Large sl, penny trades, high leverage, small amounts of capital, you know all the things they preach against. One of my best friends has been trading for over a decade and I finally got him to try my little EA. Made 500 bucks in a week and didnt have to strain over a computer all day. He kind of likes it.
  • #349
  • Nov 19, 2008 8:48pm Nov 19, 2008 8:48pm
Quoting joeTrue
thanks for the advice bob...
where can I download FrostCalls excell program?
Or have I missed it in the previous post?
It was posted nov. 12
  • #350
  • Nov 19, 2008 9:01pm Nov 19, 2008 9:01pm
Quoting nanningbob
[...]

I have talked to some professional traders about my ideas and they think I am crazy and nuts. I have thrown out everything they have been taught or believe and they are too set to change. Large sl, penny trades, high leverage, small amounts of capital, you know all the things they preach against. One of my best friends has been trading for over a decade and I finally got him to try my little EA. Made 500 bucks in a week and didnt have to strain over a computer all day. He kind of likes it.
It is funny because I had always passed up this thread until I tried it for one week and saw the results. When these other ideas of trading are pounded into your head from day one it is hard to step back and see the clear picture.
  • #351
  • Nov 19, 2008 9:10pm Nov 19, 2008 9:10pm
"Between that EA and this one 100x80 you can trade almost any currency in almost any market conditions except when they get really extreme. Sorry, but my answer to those days is to just stay out."
nanningbob, what's the best way to predict when the market will be extreme? By that I mean, when do you know when to bail, or when do you know the market will reverse so you don't have to bail? What do you use to tell you that the market is going to continue trending?
  • #352
  • Nov 19, 2008 9:31pm Nov 19, 2008 9:31pm
Quoting paradoxical
"Between that EA and this one 100x80 you can trade almost any currency in almost any market conditions except when they get really extreme. Sorry, but my answer to those days is to just stay out."
nanningbob, what's the best way to predict when the market will be extreme? By that I mean, when do you know when to bail, or when do you know the market will reverse so you don't have to bail? What do you use to tell you that the market is going to continue trending?
700 billion dollar bailouts for one, interest rate changes, Bernanke or Trichet tesitfying or making major announcements. Not regular news stories but the big ones that will fundamentally change the market. They dont happen very often but lately we have had several. I would really keep an eye out for GM. If congress doesnt bail them out we are in for one rough ride. I dont know if anyone is going to be able to trade that. They estimate GM produces over 3,000,000 jobs in the USA with all the suppliers, sales, etc. A 25 Billion bailout is peanuts compared to what would happen if they filed bankruptcy. It is not that I support bailouts but we may have no choice. GM goes under so does Ford and Chrysler because all the companies that supply them parts will go under too and the companies that supply the suppliers and the raw materials. EGADS ............ when people were predicting the bubble is going to burst, they werent kidding. We are living in very ugly times.
  • #353
  • Nov 19, 2008 9:36pm Nov 19, 2008 9:36pm
Quoting paradoxical
"Between that EA and this one 100x80 you can trade almost any currency in almost any market conditions except when they get really extreme. Sorry, but my answer to those days is to just stay out."
nanningbob, what's the best way to predict when the market will be extreme? By that I mean, when do you know when to bail, or when do you know the market will reverse so you don't have to bail? What do you use to tell you that the market is going to continue trending?
I will further answer your question later but I have to go teach now. I also have some simple indicators that will help and give you advance warning your heading for trouble. The 100x80 though is going to be really hard to break even in a wild market. The problem is the loss when it does. More later gotta go.
  • #354
  • Nov 19, 2008 9:39pm Nov 19, 2008 9:39pm
OK. Thanks. Gotcha. Any major event will make the market keep trending one way or the other for awhile, and time to stay on the sidelines. I don't like ugly, but I don't think we should reward inefficiency, and should let the auto makers fail. There are union workers that were displaced by machines that do nothing but sit and do crossword puzzles for full pay all day long because the union contract says they can't lose their job (strapping gas tanks, putting on a bolt, etc.) when a machine takes over that function. That's a whole other topic, though.
  • #355
  • Nov 20, 2008 2:32am Nov 20, 2008 2:32am
Quoting joeTrue
thanks for the advice bob...
where can I download FrostCalls excell program?
Or have I missed it in the previous post?

Yikes!! Those settings made my dog cry

A good idea for checking out your settings is to look at what would happen if things went against you a few hundred pips or so. In the case of the settings you had listed above, it was REALLY BAD. The reward is not worth it. For 100 pip coverage, you should be looking for a max payout of $30-50, not $200, with a DD of maybe $80. Also try to get a coverage that's 30-50% greater than what you think you need. Posted here again, is the settings finder. For the record, I'm a big fan of the 100x40 and 100x80.
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  • #356
  • Nov 20, 2008 4:13am Nov 20, 2008 4:13am
Quoting Verto
It is funny because I had always passed up this thread until I tried it for one week and saw the results. When these other ideas of trading are pounded into your head from day one it is hard to step back and see the clear picture.
Yes you are right, sometimes it is verry hard to see clarly what you have to do.
For newbies like me it are verry great lessons.
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  • #357
  • Nov 20, 2008 4:53am Nov 20, 2008 4:53am
ok this may be a little unrelated (so pm with answers) but any of you guys using ibfx live outside of the US...

i was just looking into getting a live account but theres an issue.

Say i deposit $1000 AUD, it then gets converted to say $600USD. If i trade that to $800 USD and want to withdraw it it gets converted to australian dollars back. That means if the exchange rate goes down more i could actually receive less than $1000 AUD even though ive made money???

what the?
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  • #358
  • Nov 20, 2008 5:13am Nov 20, 2008 5:13am
Quoting whitegoodman
ok this may be a little unrelated (so pm with answers) but any of you guys using ibfx live outside of the US...

i was just looking into getting a live account but theres an issue.

Say i deposit $1000 AUD, it then gets converted to say $600USD. If i trade that to $800 USD and want to withdraw it it gets converted to australian dollars back. That means if the exchange rate goes down more i could actually receive less than $1000 AUD even though ive made money???

what the?

I honestly can not answer your question but my advice would be to ask IBFX as they would most certainly be able to answer that.
  • #359
  • Nov 20, 2008 5:26am Nov 20, 2008 5:26am
Quoting whitegoodman
ok this may be a little unrelated (so pm with answers) but any of you guys using ibfx live outside of the US...

i was just looking into getting a live account but theres an issue.

Say i deposit $1000 AUD, it then gets converted to say $600USD. If i trade that to $800 USD and want to withdraw it it gets converted to australian dollars back. That means if the exchange rate goes down more i could actually receive less than $1000 AUD even though ive made money???

what the?
How about thinking the other way ? What if the exchange rate goes up ? In order to get $800 USD to be less than A$1000. AUD/USD has to go 0.8000. Do u think that will happen in 1 - 2 months before u do ur withdrawal ? Exchange rate isn't really a big problem if u withdraw ur money monthly or bi-monthly. Actually, u can make that into ur advanage by doing technially analaysis of AUD/USD on the weekly chart and time ur withdrawal and get more from ur profit.
  • #360
  • Nov 20, 2008 6:29am Nov 20, 2008 6:29am
Quoting forexisfx
How about thinking the other way ? What if the exchange rate goes up ? In order to get $800 USD to be less than A$1000. AUD/USD has to go 0.8000. Do u think that will happen in 1 - 2 months before u do ur withdrawal ? Exchange rate isn't really a big problem if u withdraw ur money monthly or bi-monthly. Actually, u can make that into ur advanage by doing technially analaysis of AUD/USD on the weekly chart and time ur withdrawal and get more from ur profit.
yeh the problem is the aussie dollar is so beaten down at the moment that my initial withdrawls could take a hammering if it goes back up. I asked the live chat person and he said ibfx is done in US dollars....

hmm i dunno i may have to use GO markets which is australias first and only mt4 broker, but they go to 5 decimals which is annoying. Beggers cant be choosers i guess, jsut hope they do micros cos this system for a small live trial wont go well betting big lots me thinks.

also on a side note how do i get the 'close all trades' thing to work, im spending 15mins a nite trying to close all trades in the demos im running at the moment..

i told ya id have a heap of silly questions...


EDIT: smallest lot size on GOmarkets is 0.1 or $1 US a pip (think thats how it goes).... SAVE ME JEBUS!
Grabbing the bull by the horns!
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