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  • #1,361
  • Jan 3, 2009 11:22pm Jan 3, 2009 11:22pm
Jim,
regarding your post 1346....you mentioned that you would take the trade short after the candle closed under the green entry point.

Sorry for backstepping a bit, but was that only referring to OBLO's broker concerns or, are those your rules for order entry.

Thanks.

Kevin
  • #1,362
  • Jan 4, 2009 12:23am Jan 4, 2009 12:23am
Quoting hard1head1
To be able to do this right, everyone who is in this room must have good knowledge of Candlestick Patterns, Fib levels, but not so much extension levels, Knowledge of Moving Averages, Pivot Points and Trendlines. They must be disiplined enough to be able to settle for 30 to 40 pips a day.

Jim

Hello Jim,
Having the hardest time PM'ing Lynette! (had an old account here, couldn't find password so had to sign up again) Anyway, read your entire posts here from the last 2 days. I have been studying forex 2 1/2 years now and i have the knowledge above to qualify for your classroom. I would so love to join! I have all my charts set up, except pivots (need to download for mt4 charts) Please Please Please contact me before your next class session, Lynette, if your reading this you can email me. I finally feel like i have the right strategy I want to really apply and go to town on with some help from Jim. Thank you so very much.

  • #1,363
  • Jan 4, 2009 2:28am Jan 4, 2009 2:28am
Quoting Disney09
[center]Hello Jim,
[size=3][color=darkred]Having the hardest time PM'ing Lynette! (had an old account here, couldn't find password so had to sign up again) Anyway, read your entire posts here from the last 2 days. I have been studying forex 2 1/2 years now and i have the knowledge above to qualify for your classroom. I would so love to join! I have all my charts set up, except pivots (need to download for mt4 charts) Please Please [color=magenta]Please contact me before...
Email has been sent.
  • #1,364
  • Jan 4, 2009 2:30am Jan 4, 2009 2:30am
Quoting hard1head1
By the way, I think we need to run some tests in the room tonight so all goes well tomorrow. I will be in this afternoon probably after supper.

Jim
Apologies Jim, we had internet problems last night, all sorted now though so I will go into the room later on today.
  • #1,365
  • Jan 4, 2009 2:57am Jan 4, 2009 2:57am
Quoting pipaholic67
Hi there Shan, I have been keeping record, so far I have taken 4 IB trades and all winners. I am a bit picking on my IBs because of my money management, the stop loss of some IBs are too wide for my account size.


By using appropriate position sizing, e.g. Stop = 1% of equity, account growth takes care of itself. If the stop has to be 100 pips u trade 0,1 standards on your 10k acc. If u want to risk 2% u trade 0,2 standards. Based on a pip value of 10 usd/1lot.

It,s all about measuring risk and sound money management, so i guess it was the pos size u liked to trade which prevented u from taking the trade

Determining pos size by stop size is the way to go for continuos growth.
  • #1,366
  • Jan 4, 2009 5:13am Jan 4, 2009 5:13am
Quoting lynnette
My partner made an indicator for me which I've attached to this post....
After Dr.Geppynius' post about money management, we thought it would be a good idea to build into the indicator I posted a while back, a money management indicator.

As well as the points in the post number 387 (link above), it also gives you the size of the present inside bar and roughly how many pips you will lose if it hits your stop, so depending on the risk percentage you set in the options, how much it is recommended you should trade.

Please note: It is based on your current equity not balance. If you have no open trades those figures will be the same. It is also based on a mini account so if you are on a standard account you would divide the figure it gives you by 10.

This indicator also has a few other things on it, which I find quite useful, nothing to do with the actual trading, more money management.
Attached File(s)
File Type: ex4 FXGuru_Inside_Bar_v2.ex4   16 KB | 336 downloads
  • #1,367
  • Jan 4, 2009 6:52am Jan 4, 2009 6:52am
All I am saying is the safer way to enter the trade would be to wait for a close below that point. And this falls in line with our rules to not take the trade until the IB was broken. As it turns out the IB was not broken on the Doji formation. We then had a pullback and a break of the IB on the next candle. After that the 20 pips was a piece of cake and if you used the after 20 to break even rule, you are still in this trade. Please read the thread, all these are answered at some point.

Jim
Quoting dread
Jim,
regarding your post 1346....you mentioned that you would take the trade short after the candle closed under the green entry point.

Sorry for backstepping a bit, but was that only referring to OBLO's broker concerns or, are those your rules for order entry.

Thanks.

Kevin
  • #1,368
  • Jan 4, 2009 6:57am Jan 4, 2009 6:57am
Its ok, I have to run my bakery tomorrow so may not be in for long tonight. I got the class thing down however, I can't figure out how to leave messages so people can see them after I have gone. I guess I will just use this thread. Bad thing is, in here everyone knows your business and I want to eliminate that problem.

Jim

Quoting lynnette
Apologies Jim, we had internet problems last night, all sorted now though so I will go into the room later on today.
  • #1,369
  • Jan 4, 2009 6:58am Jan 4, 2009 6:58am
And that is the beauty of this, if the stop is to wade, you just wait for one you can handle.

Jim

Quoting Dr.Geppynius
By using appropriate position sizing, e.g. Stop = 1% of equity, account growth takes care of itself. If the stop has to be 100 pips u trade 0,1 standards on your 10k acc. If u want to risk 2% u trade 0,2 standards. Based on a pip value of 10 usd/1lot.

It,s all about measuring risk and sound money management, so i guess it was the pos size u liked to trade which prevented u from taking the trade

Determining pos size by stop size is the way to go for continuos growth.
  • #1,370
  • Jan 4, 2009 7:04am Jan 4, 2009 7:04am
Lynette,

I think the trigger value needs to be 3 to coincide with the 3 pip overage.

Jim

Quoting lynnette
After Dr.Geppynius' post about money management, we thought it would be a good idea to build into the indicator I posted a while back, a money management indicator.

As well as the points in the post number 387 (link above), it also gives you the size of the present inside bar and roughly how many pips you will lose if it hits your stop, so depending on the risk percentage you set in the options, how much it is recommended you should trade.

Please note: It is based on your current equity not balance. If you have no open trades those figures...
  • #1,371
  • Jan 4, 2009 7:08am Jan 4, 2009 7:08am
Lynette,

I think we need a small class on using this to get everyone on the same page. And I would advise the Maximum lot size should be narrowed down to the last whole number untill the next even number is hit. Example. Max.lot size is 0.17 should be 0.10.

Jim
  • #1,372
  • Jan 4, 2009 7:12am Jan 4, 2009 7:12am
Quoting hard1head1
The correct trade would have been the IB short for 48 pips to the Magenta line off the last low. I will show you how I knew what it was doing. Candle #1 a big solid bear with no shadows and the doji candle #2. The low of the solid was my support break. I had to wait for candle #3 to get my break at 1.3934 and I am in. I knew it was going to be a successful IB trade at that point and I watched it hesitate at M2 mid pivot but stayed in because of the heavy rejection at the top. You see, after that Doji it tried to test the last high and was rejected...
Hi jim, and all!

I see that you took this trade on the break of the IB ,not the break of the trigger bar.(this is a method i've used)

Have i missed something in the traderoom (to get an earlier entry)?

Thanks
  • #1,373
  • Jan 4, 2009 7:14am Jan 4, 2009 7:14am
Quoting hard1head1
Its ok, I have to run my bakery tomorrow so may not be in for long tonight. I got the class thing down however, I can't figure out how to leave messages so people can see them after I have gone. I guess I will just use this thread. Bad thing is, in here everyone knows your business and I want to eliminate that problem.

Jim
I will see if I can find an easy way to do that.
  • #1,374
  • Jan 4, 2009 7:15am Jan 4, 2009 7:15am
Quoting hard1head1
Lynette,

I think the trigger value needs to be 3 to coincide with the 3 pip overage.

Jim
He set a variable trigger value because of the spread when taking into account a buy but people could add that on manually and leave it non variable if you think that would be better
  • #1,375
  • Jan 4, 2009 7:17am Jan 4, 2009 7:17am
Quoting hard1head1
Lynette,

I think we need a small class on using this to get everyone on the same page. And I would advise the Maximum lot size should be narrowed down to the last whole number untill the next even number is hit. Example. Max.lot size is 0.17 should be 0.10.

Jim
Taken on board, I am uploading a new one anyway because a couple of people in pms asked for 0.5% risk, and this one didn't take into account a percentage, so we will put that in there at the same time.
  • #1,376
  • Jan 4, 2009 7:39am Jan 4, 2009 7:39am
Quoting hard1head1
Lynette,

I think the trigger value needs to be 3 to coincide with the 3 pip overage.

Jim
See what you mean now Jim, the default has now been set to 3, and the percentage has been rounded down, and also as asked for in pm's we have changed the risk percentage so that it will take 0.5% instead of just round numbers. I should say thanks to my partner (username on here is "the Guru") for working on it for me this afternoon
Attached File(s)
File Type: ex4 FXGuru_Inside_Bar_v2.ex4   16 KB | 396 downloads
  • #1,377
  • Edited 9:27am Jan 4, 2009 8:12am | Edited 9:27am
Quoting lynnette
I should say thanks to my partner (username on here is "the Guru") for working on it for me this afternoon
Did somebody call?

I thought I would write up an explanation of the variables so that everyone knows what does what.

Minimum_Setup_Bar:
This can be used to exclude IB's where you may consider the setup bar is too small.

Maximum_Setup_Bar:
This can be used to exclude IB's for which you would find the stop loss to large to handle.

Minimum_Trigger_Size:
This is the minimum number of pips difference between the setup bar and the trigger bar. eg if you only wanted to shows IB's where the trigger bar is more than 5 pips smaller than the setup bar, this is what you would set at 5.

Trigger_Pips:
This is the number of pips that is added above/below the setup bars high/low.

Display_Corner:
This is the corner of your chart that various information will be shown. 0=Top Left, 1=Top Right, 2=Bottom Left, 3=the other one

Maximum_Loss_Percentage:
This is used to calculate the minimum lot size in order to restrict losses (based on setup bar size+trigger pips)
The actual calculation is (AccountEquity* Maximum_Loss_Percentage)/BarSize

BuyColor, SellColor, TextColor:
Just some colors to make your chart pretty

marginAlertPercentage:
This figure is used to determine the color of the 'Usable Margin' information. Above this figure will be the BuyColor, below it will be the SellColor.

CleanUp:
If this is set to TRUE then all objects created by this indicator will be deleted if the indicator is removed from the chart.

Log_Data, Log_Ticks, Log_Close:
This is used for debugging and should probably just be left at the default FALSE.

I hope these are all understandable. If not ... just ask

EDIT: I've also just added some options to turn parts of the information display on or off. Lynn will either upload the new version shortly or you can get it directly from my blog ... http://theguruonline.biz
  • #1,378
  • Jan 4, 2009 8:47am Jan 4, 2009 8:47am
Lynette, I would be interested in joining the chat sessions as well and would like to receive the necessary information to do so.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,379
  • Jan 4, 2009 9:09am Jan 4, 2009 9:09am
OK, thanks to DramaKing, going over this with me via email, the indicator is being changed as I write this. Because I very rarely trade anything but ***/usd currencies, we hadn't taken into account those types of trades, so it is being updated so that it will still be the right lot size taking into account the different currencies people might use, for instance, those trading ***/JPY will have a different rate per tick than those on ***/USD.

Haven't made this type of indicator before, so learning something new here
  • #1,380
  • Jan 4, 2009 10:34am Jan 4, 2009 10:34am
"White collar crime deserves a blue collar beating!" - 8fingers
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