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  • #8,921
  • Feb 17, 2009 9:02am Feb 17, 2009 9:02am
I follow you. If you've got a high win/loss rate, a slightly poorer R/R shouldn't matter. I'm sometimes made a bit uneasy, though, when people say 'you can't go broke taking a profit', when, demonstrably, you can, if your stops are consistently greater than your targets, and your win/loss rate doesn't compensate for that!

You seem to have got a sound plan worked out, though. I wish you all the best.
All flesh is as grass
  • #8,922
  • Feb 17, 2009 9:07am Feb 17, 2009 9:07am
Quoting dod
I follow you. If you've got a high win/loss rate, a slightly poorer R/R shouldn't matter. I'm sometimes made a bit uneasy, though, when people say 'you can't go broke taking a profit', when, demonstrably, you can, if your stops are consistently greater than your targets, and your win/loss rate doesn't compensate for that!

You seem to have got a sound plan worked out, though. I wish you all the best.
Thanks Dod, just to be clear, my goal is to "grow" to more in line with BRV's 1:2 or 1:3 RR ratios, but for now I'm going to start with what I've learned from the collective group in the PDF, and then start tailoring it with more of a longer-term outlook from there. Big key is finding the S&R values appropriately, as well as getting into the habit/mindset of "taking profits" as you'll condition yourself for success, as opposed to cry every time things move one pip against you. At least that's what I hope will work for me, keep following the thread and I'm sure you'll see some good and bad days from several folks around here :-)
  • #8,923
  • Feb 17, 2009 9:30am Feb 17, 2009 9:30am
So does anyone reckon that the Euro/$ is going to bounce off today's low at about 12580 for a few points upwards?
RegardsPaul Eamonn
  • #8,924
  • Feb 17, 2009 9:37am Feb 17, 2009 9:37am
Quoting PaulEamonn
So does anyone reckon that the Euro/$ is going to bounce off today's low at about 12580 for a few points upwards?
hope so, weird PA today. I'm liking that the current hourly bar has made a higher high than the last two hourly bars.
  • #8,925
  • Feb 17, 2009 9:54am Feb 17, 2009 9:54am
Quoting RedCabbage
It was obvious a few weeks ago that you have a good grasp of how to trade this system.

Planning and structure like this is the most important factor in creating a
measured success.

As your trading unfolds you can then fine tune your plan based on performance. For example I move to b/e when I get a 5m close +20pips, not as soon as +20 is reached.*

*for every rule there is always an exception and in this case it is time of high volatility e.g. news
Thanks RC, this setting up the rules and structure around the system is the easy part IMO. Even the simple thing of picking levels has some more challenge to it now that I'm actually putting *my* money on the line. Can't stress enough that demo just doesn't cut it for "testing", but of course don't do something crazy like jumping in with large positions right at the get go. Even losing some small sums stings a little bit, and makes it more real than demo.
  • #8,926
  • Feb 17, 2009 10:08am Feb 17, 2009 10:08am
Hello,

I have read the PDF and have a question on my fibs. I read how to do them on 4hr and all that but I keep hearing diffrent levels then what I show.
Would one of the experts please look at my chart and tell me what I am doing wrong or grade me please?

Thanks
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  • #8,927
  • Feb 17, 2009 10:19am Feb 17, 2009 10:19am
Quoting kevinsw
Hello,

I have read the PDF and have a question on my fibs. I read how to do them on 4hr and all that but I keep hearing diffrent levels then what I show.
Would one of the experts please look at my chart and tell me what I am doing wrong or grade me please?

Thanks
Hi Kevin

I've been using Fibonacci for a while and it looks to me like you've displayed them ok. Personally I don't use the 23.6 retracement but the others are fine. I try to find confluence areas where two different percentage retracements are close together when calculated from different levels.

The thing with Fibonacci is that it is a subject all on its own so you need to decide how far into it you need or want to go. From what I know of it I reckon all you need is a basic knowledge of them to help you with the support/resistance stuff on here.
RegardsPaul Eamonn
  • #8,928
  • Feb 17, 2009 10:20am Feb 17, 2009 10:20am
Quoting libb
hope so, weird PA today. I'm liking that the current hourly bar has made a higher high than the last two hourly bars.
Did you end up taking that trade Libb?
RegardsPaul Eamonn
  • #8,929
  • Feb 17, 2009 10:22am Feb 17, 2009 10:22am
Quoting PaulEamonn
Did you end up taking that trade Libb?
When it found temporary support at about 1.2600 I took a small profit. 15-20 pips. I'm out though, and probably done for the day. I don't like this price action and the way the market is moving today. Sometimes your edge is to just stay out.
  • #8,930
  • Feb 17, 2009 10:30am Feb 17, 2009 10:30am
Quoting PaulEamonn
Hi Kevin

I've been using Fibonacci for a while and it looks to me like you've displayed them ok. Personally I don't use the 23.6 retracement but the others are fine. I try to find confluence areas where two different percentage retracements are close together when calculated from different levels.

The thing with Fibonacci is that it is a subject all on its own so you need to decide how far into it you need or want to go. From what I know of it I reckon all you need is a basic knowledge of them to help you with the support/resistance stuff on...

Thanks,

Am I starting my fibs at the correct point? Like the high was last week until Yesterday. OR should I re draw the fibs from another time?

Just want to make sure beings how doing this has pulled me out of a indicater funk.
  • #8,931
  • Feb 17, 2009 11:00am Feb 17, 2009 11:00am
Quoting kevinsw
Am I starting my fibs at the correct point?
Yes you are. Basically the most important point is the highest high or lowest low on the right of the chart. That is the point where all of the Fib studies should start. Where they finish is a matter of personal preference. Obviously they should go to reaction highs (in a down trend) and reaction lows (in an up trend).

Quoting kevinsw
Like the high was last week until Yesterday. OR should I re draw the fibs from another time?
This Fibs you've drawn are fine - as far as they go. But you can add other lines to the chart in other time frames if you want to. The one thing you could do with remembering is - the higher the time frame, the more effect a Fib level drawn from it will (could?) be.

I've added a couple of charts on do's and don'ts that may help you.
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RegardsPaul Eamonn
  • #8,932
  • Feb 17, 2009 11:03am Feb 17, 2009 11:03am
Quoting nyjetfan
Here's a couple of notes for folks coming into this thread or just learning the system. I've been following the thread for about 3 months now (I've read it all, studied the pdf, etc) and started trading the system this morning through the London session. (I've dabbled with multiple systems over last few months and found this one suits my trading style).

DISCLAIMER: I am reasonably new to this method of trading, so this is just my observations based upon my experiences - so this may or may not apply to your situation.
NYJET,

Kudos on your post. This is a great way to go. I especially like the fact that you are trading with very low leverage (gearing) which is the 0.20% of your account at this time. Very wise. And also that you have realized that it is virtually impossible to trade wisely more than just a couple of currency pairs until you really get to know them individually; a task that takes quite some time.

I'd like to offer one suggestion for you to contemplate. I understand that anyone posting here (referring to me) must be judged by what they write since none of us can ever prove their credentials. And since I hesitate to offer advice to anyone, I hope that you will accept my thoughts (or discard them) with respect, as I try to do with all that I read here.

Quote
Don't risk more than 2% of account on any trade

I suggest that you consider not risking any more than 2% (or whatever number you eventually settle on) of the account in the market at any one time, regardless of the number of trades. Then, your risk management might be to enter new trades only after you reduce this initial risk, for instance after moving stops to BE .

Good luck
SR
  • #8,933
  • Feb 17, 2009 11:53am Feb 17, 2009 11:53am
Quoting seattlerust
NYJET,

I suggest that you consider not risking any more than 2% (or whatever number you eventually settle on) of the account in the market at any one time, regardless of the number of trades. Then, your risk management might be to enter new trades only after you reduce this initial risk, for instance after moving stops to BE .

Good luck
SR
SR - That's some great advice and something I definitely need to think about in the near future. Of course right now with 0.2%/trade, I can have 10 trades active at once and be within the 2% limit.

Honestly, I think a lot of traders fail on the "business side" of the dealings, more so than on the trading side. By that I mean if you don't understand position sizing, margin, leverage, etc you can easily wipe out a string of winners by letting a loser run. Hopefully the recent discussions around this topic will encourage any newcomers to take the time and do "their homework" with reviewing the thread, the no brainer trades dot com website, and the PDF.

I can say personally I have a hard copy of the pdf I carry with me almost everywhere I go. Highly recommend others do likewise until they feel they have a solid grasp on not just BRV's system, but also their own trading gameplan.
  • #8,934
  • Feb 17, 2009 12:42pm Feb 17, 2009 12:42pm
Quoting PaulEamonn
Yes you are. Basically the most important point is the highest high or lowest low on the right of the chart. That is the point where all of the Fib studies should start. Where they finish is a matter of personal preference. Obviously they should go to reaction highs (in a down trend) and reaction lows (in an up trend).



This Fibs you've drawn are fine - as far as they go. But you can add other lines to the chart in other time frames if you want to. The one thing you could do with remembering is - the higher the time frame, the more effect a...

Thank You, this help a lot. It looks like I drew my 4h fibs from the wrong end (top to bottom) your chart shows I should have gone from bottom to top.

But I will get the hang of them just by looking at the charts you posted.

again, Thanks
  • #8,935
  • Feb 17, 2009 12:54pm Feb 17, 2009 12:54pm
Quoting kevinsw
Thank You, this help a lot. It looks like I drew my 4h fibs from the wrong end (top to bottom) your chart shows I should have gone from bottom to top.

But I will get the hang of them just by looking at the charts you posted.

again, Thanks
Just wanted to say that it didn't look to me like you'd drawn the Fibs incorrectly. Post up the way you think you should have done it and I'll take a look.
RegardsPaul Eamonn
  • #8,936
  • Feb 17, 2009 1:11pm Feb 17, 2009 1:11pm
Quoting PaulEamonn
Just wanted to say that it didn't look to me like you'd drawn the Fibs incorrectly. Post up the way you think you should have done it and I'll take a look.
I just noticed that your 0.0% was to the top side and 100% was at the bottom of the swing. This tells me that even though I had the correct candles both top and bottom I started my fib from the wrong direction.

That might explain why when others talk about the 50 fib and how close we are it makes no sence when I look at my chart.. lol

I just know that I want to make sure to learn the right way.

Thanks
kevin
  • #8,937
  • Feb 17, 2009 1:22pm Feb 17, 2009 1:22pm
Quoting kevinsw
I just noticed that your 0.0% was to the top side and 100% was at the bottom of the swing. This tells me that even though I had the correct candles both top and bottom I started my fib from the wrong direction.

That might explain why when others talk about the 50 fib and how close we are it makes no sence when I look at my chart.. lol

I just know that I want to make sure to learn the right way.

Thanks
kevin
In actual fact it is mine that is set up wrongly. If you look at your chart and think about it logically having the 0% at the bottom is correct because, at that point, the market has retraced 0%. And having the 100% line at the top is right too because, if the market reaches that point, it will have retraced 100% of the down move.

Equally, if the market retraces it will hit the 38.2% level before it hits the 61.8%. So I'm off too correct my Fib tool!!

I hope this makes sense!
RegardsPaul Eamonn
  • #8,938
  • Feb 17, 2009 1:28pm Feb 17, 2009 1:28pm
Quoting PaulEamonn
In actual fact it is mine that is set up wrongly.
Actually, when you are using the 38, 50 and 62 % Fibs, the lines are going to be at the same level regardless of where you anchor the Fib, top or bottom. That is why some people doent even bother to label them with the numbers.

Of course, if you use the 23% Fib like BRV does, it does make a difference and since I draw my Fibs with the 79% too (not 23%, I use 38%) I have to go in the right direction. All a matter of personal preference.

SR
  • #8,939
  • Feb 17, 2009 1:56pm Feb 17, 2009 1:56pm
Quoting seattlerust
Actually, when you are using the 38, 50 and 62 % Fibs, the lines are going to be at the same level regardless of where you anchor the Fib, top or bottom. That is why some people doent even bother to label them with the numbers.

Of course, if you use the 23% Fib like BRV does, it does make a difference and since I draw my Fibs with the 79% too (not 23%, I use 38%) I have to go in the right direction. All a matter of personal preference.

SR
Hi SR - yeah true enough. But when you're just beginning it's always nice to get it right in your head I guess - I know that's how I like to do it and I guess that's what Kevin is trying to do.
RegardsPaul Eamonn
  • #8,940
  • Feb 17, 2009 2:07pm Feb 17, 2009 2:07pm
Quoting seattlerust
NYJET,

Kudos on your post. This is a great way to go. I especially like the fact that you are trading with very low leverage (gearing) which is the 0.20% of your account at this time. Very wise. And also that you have realized that it is virtually impossible to trade wisely more than just a couple of currency pairs until you really get to know them individually; a task that takes quite some time.

I'd like to offer one suggestion for you to contemplate. I understand that anyone posting here (referring to me) must be judged by what they write...
Thanks SR. I have noticed that more often than not when a trade is going my way, all the others tend to, and when a trade is going against me the other trades also tend to follow. Not always but often. So your "....in the market at one time" makes perfect sense. Also managing more than 2 uncorelated pairs is quite demanding. So now I scan my charts and try to take just one or 2 trades a day. This forces me to look for the surest trades.

Also thanks to nyjetfan for your posts.
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