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  • #8,221
  • Feb 4, 2009 12:18am Feb 4, 2009 12:18am
Quoting Siam
Hi,

Post a chart and show us why you think these levels are juicy.
Have a look! Price already reversed a bit before it got there, so I'm not sure I'll be taking it, but it looks/looked good.
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  • #8,222
  • Feb 4, 2009 12:19am Feb 4, 2009 12:19am
Quoting islandpippin
1.3082 looks good. but it has already had a really good bounce from 1.3070 (100+ pips) what does this mean for that 1.3802 level because based on what I have read the bounce from this level would be seriously diminished
Exactly. The line at 13082 is actually a weekly s/r. The longer the timeframe the more significant it usually is and the wider it's area of influence.

I sometimes enter +/- 12/15 pips on a daily or weekly s/r as the level is more ambiguous and a reversal can happen early.
  • #8,223
  • Feb 4, 2009 12:24am Feb 4, 2009 12:24am
Quoting RedCabbage
Exactly. The line at 13082 is actually a weekly s/r. The longer the timeframe the more significant it usually is and the wider it's area of influence.

I sometimes enter +/- 12/15 pips on a daily or weekly s/r as the level is more ambiguous and a reversal can happen early.
So you got in at 1.3070 I was actually waiting for it to touch the down channel before going short and missed out on a nice 100 pips. Ah well there will be other opportunities.

Might take the trade if it retraces though considering this is just the start of the European session.
  • #8,224
  • Feb 4, 2009 12:24am Feb 4, 2009 12:24am
Quoting bumasoft
Have a look! Price already reversed a bit before it got there, so I'm not sure I'll be taking it, but it looks/looked good.
I forgot the chart for cable. Here it is. Price made a violent bullish break from that area, so it looks like there should be great demand there.
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  • #8,225
  • Feb 4, 2009 12:27am Feb 4, 2009 12:27am
Quoting bumasoft
This is how my platform will look like each time I open it from now on. The translated rules are:

"1. Look for the strongest and clearest supply/demand ranges;
2. For ranges less than 40 pips, put a limit order;
3. For ranges larger than 40 pips, set alarms when price gets near the range and wait for price to get inside that range. Then try to choose the best entry, when price is reversing, so that the stop loss is always lower than 40 pips and risk is lowest.
5. While in a trade, move SL to BE at +20 pips and manage the trade from the M5 chart;

6....
Good morning all.

Bumasoft - they all look fine to me apart from number 3 and 5. It would be better if you could totally take yourself out of the equation (so says Sam) and just use a preset limit order to enter and a stop loss for protection - irrespective of the points value of the stop loss. If the range is too big for you to trade the smallest lot on you account, then you don't take the trade.

At the end of the day it isn't the number of pips you lose, it is the amount of money that matters. The only reason for dictating the number of pips used as a stop loss would be because that is the spread of the consolidation/supply/demand area that you are looking at rather than the risk. I suspect you got the number '40' from RC and, while I am sure he will correct me if I'm wrong (possibly before you read this!), I reckon he uses '40' because past knowledge has taught him that the strongest supply/demand areas are the ones that are the tightest ie, <40 pips. Over to you, RC?

As to number 5, have you considered putting the exit orders where they need to be to so you don't have to manage anything?

Buy 12000
Stop loss 11960
TP half 12020 and move stop loss on other half to break even
Put TP on other half to distant supply area.
Go make a coffee - a long and complicated one that takes a lot of time!

I also think that, in a reply to my earlier post, you said that you had a 'fear of loss'. Actually I think, initially, you have a 'fear of missing the trade' judging by the amount of trading you do. And then, once you have taken the first couple of weak trades and lost, that mutates into a fear of loss of both money and the opportunity to win back your previously lost money - if you see what I mean - a real contradictory state of affairs.

There may also be something missing from your list. Shouldn't there be a bit where you say 'Search all the instruments that you're interested in looking for potential trades and then write them down'? That should be number one. Isn't that what BRV does?

This will stop you taking opportunistic trades (the weak ones) and make you stick to the strongest trades that you've identified outside of the 'heat of the market'.

I hope this helps.
RegardsPaul Eamonn
  • #8,226
  • Feb 4, 2009 12:30am Feb 4, 2009 12:30am
Quoting islandpippin
So you got in at 1.3070 I was actually waiting for it to touch the down channel before going short and missed out on a nice 100 pips. Ah well there will be other opportunities.

Might take the trade if it retraces though considering this is just the start of the European session.
No I missed it, I wasn't up at that point and I wouldn't set an auto for that one.
I would have expected it to turn higher too but, I normally set an alert well before a range like this and monitor its approach. Looking back price action confirmed the move in 5m chart.
  • #8,227
  • Feb 4, 2009 12:35am Feb 4, 2009 12:35am
Quoting PaulEamonn
Good morning all.

Bumasoft - they all look fine to me apart from number 3 and 5....
Well, I chose 40 maximum SL because that way I don't have to calculate the lot size every time I get in a trade. No matter what the SL is (but always less or equal to 40), I will trade x lots (and 40 pips with x lots means about 1 - 1.5% of my account).

As to number 5, I do set an initial TP, but sometimes trades stop earlier than you would like, so I thought I'd use Ironman's 5 minute exit strategy (it's somewhere here on the thread).

As for the amount of trading, I usually take less than 5 trades a day. I don't think that's a lot. In my first day of trading, I took over 200 trades .

BUT you do have a point there. I will try to get myself out of the equation and write down the best trade opportunities I see. Thank you a lot for helping out.
  • #8,228
  • Feb 4, 2009 12:46am Feb 4, 2009 12:46am
Quoting bumasoft
As to number 5, I do set an initial TP, but sometimes trades stop earlier than you would like, so I thought I'd use Ironman's 5 minute exit strategy (it's somewhere here on the thread).
Isn't there something about it in BRV's .pdf?

Quoting bumasoft
As for the amount of trading, I usually take less than 5 trades a day. I don't think that's a lot. In my first day of trading, I took over 200 trades .
They must have either been very short trades or it was a very long day!!
RegardsPaul Eamonn
  • #8,229
  • Feb 4, 2009 12:46am Feb 4, 2009 12:46am
Paul/Buma

Money management can be achieved in a number of ways - above all protect your capital!

Different lot sizes is one of the best ways to maximise the opportunities on the table and protect your account, but as SeattleRust said yesterday concentrate on one or two pairs until you understand them, the market and your own strategy.

Currently for me choice of lot size is one more complication I don't need while selecting an entry as I am mostly manual at the moment. Lot size/stop size variation works better for auto entries as you have more time to construct the trade.

For me while I am still testing other parameters, stop size remains constant. There are usually 500 pips a day available on 2:1RR, 80-100pip moves that only need 40-50pip sl, so my current philosophy is why look anywhere else?

The characteristics of your chosen pair will dictate typical move size, I would like to play with EURCAD EURAUD but they can wait for another day.

Hope that helps.
  • #8,230
  • Feb 4, 2009 12:48am Feb 4, 2009 12:48am
Quoting PaulEamonn
Isn't there something about it in BRV's .pdf?



They must have either been very short trades or it was a very long day!!
Yes, it's in the PDF too... LOL! Yeah, very short trades. I'm sure most of you started out by scalping. I was scalping the M5 chart (had no idea what I was doing, only intuition).
  • #8,231
  • Feb 4, 2009 12:49am Feb 4, 2009 12:49am
Quoting RedCabbage
Paul/Buma

Money management can be achieved in a number of ways - above all protect your capital!

Different lot sizes is one of the best ways to maximise the opportunities on the table and protect your account, but as SeattleRust said yesterday concentrate on one or two pairs until you understand them, the market and your own strategy.

Currently for me choice of lot size is one more complication I don't need while selecting an entry as I am mostly manual at the moment. Lot size/stop size variation works better for auto entries as you have more...
It does . Thank you.
  • #8,232
  • Feb 4, 2009 1:02am Feb 4, 2009 1:02am
Buma

Another thought you mentioned moving to B/E too early, do you wait for a 5m close above 20 before moving to B/E? Or move it as soon as it touches 20+?

It's the same philosophy as Ironman's 5m brick stacking and follows the general principle that candle closes matter not just price achieved.
  • #8,233
  • Feb 4, 2009 1:03am Feb 4, 2009 1:03am
Quoting RedCabbage
Buma

Another thought you mentioned moving to B/E too early, do you wait for a 5m close above 20 before moving to B/E? Or move it as soon as it touches 20+?

It's the same philosophy as Ironman's 5m brick stacking and follows the general principle that candle closes matter not just price achieved.
Ah, I didn't know I have to wait for the M5 candle to close . I will keep this in mind.
  • #8,234
  • Feb 4, 2009 1:15am Feb 4, 2009 1:15am
Quoting bumasoft
Ah, I didn't know I have to wait for the M5 candle to close . I will keep this in mind.
I'm not sure what BRV or SS say about this but it is in line with the importance of closes and the 5m strategy.
Try it if you are stopped out at b/e too often. This is not how brokers trailing stops work they are simply based on price and as such are not as useful as many think

IMO your stop is there to give the trade room to breathe, it won't have any momentum until there is a close in 5m at least.
  • #8,235
  • Feb 4, 2009 1:20am Feb 4, 2009 1:20am
Quoting RedCabbage
I'm not sure what BRV or SS say about this but it is in line with the importance of closes and the 5m strategy.
Try it if you are stopped out at b/e too often. This is not how brokers trailing stops work they are simply based on price and as such are not as useful as many think

IMO your stop is there to give the trade room to breathe, it won't have any momentum until there is a close in 5m at least.
Yeah, that's something I will definetly look at next time.

What do you guys think about this new supply level? Of course, price needs to close below that area until it is a supply level, but it does look promising.
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  • #8,236
  • Feb 4, 2009 1:25am Feb 4, 2009 1:25am
Quoting bumasoft
Yeah, that's something I will definetly look at next time.

What do you guys think about this new supply level? Of course, price needs to close below that area until it is a supply level, but it does look promising.
Wicks on the 4h are bearish...
  • #8,237
  • Feb 4, 2009 1:44am Feb 4, 2009 1:44am
Quoting RedCabbage
I'm not sure what BRV or SS say about this but it is in line with the importance of closes and the 5m strategy.
Try it if you are stopped out at b/e too often. This is not how brokers trailing stops work they are simply based on price and as such are not as useful as many think

IMO your stop is there to give the trade room to breathe, it won't have any momentum until there is a close in 5m at least.
RC - what is your reasoning for concentrating on the closes of the candles?

I'm not disagreeing with you on this, in fact, I am with you on it. I've often noticed that Fib levels 'work' better when calculated off closes. An the many and varied calculations you can get into using Elliott wave very often compute out to closes.
RegardsPaul Eamonn
  • #8,238
  • Edited 2:03am Feb 4, 2009 1:55am | Edited 2:03am
Quoting PaulEamonn
RC - what is your reasoning for concentrating on the closes of the candles?

I'm not disagreeing with you on this, in fact, I am with you on it. I've often noticed that Fib levels 'work' better when calculated off closes. An the many and varied calculations you can get into using Elliott wave very often compute out to closes.
Closes matter.

It's universally accepted, think about it, in any time frame the final look of the candle tells a story of that trading period, who fought and who won, what price is sustainable or what is not. Until the close the shape of the candle is not certain.

Japanese Candlestick Charting Techniques - Steve Nison is the candlestick bible. excerpts are on google.

EURGBP has just failed to close below support at 8987 on 1h chart watch how it affects price.
  • #8,239
  • Feb 4, 2009 2:02am Feb 4, 2009 2:02am
Quoting RedCabbage
Closes matter.

It's universally accepted, think about it, in any time frame the final look of the candle tells a story of that trading period, who fought and who won, what price is sustainable or what is not. Until the close the shape of the candle is not certain.

Japanese Candlestick Charting Techniques - Steve Nison is the candlestick bible. excerpts are on google.
yeah I bought a copy a couple of years ago. But for anyone who hasn't got one, here is a bit more than 'excerpts'! - and a lot more.

http://www.forex-book.org/page/2/

A bit naughty but..........................
RegardsPaul Eamonn
  • #8,240
  • Feb 4, 2009 2:12am Feb 4, 2009 2:12am
Pay attention to the eurusd for longs near support...

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