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Trading setups around SR Zones

  • #81
  • Mar 10, 2009 3:27pm Mar 10, 2009 3:27pm
Quoting FXSurfer
So now that the thread is going good and you're into sharing
a good strategy that works:

About now's when the Prove-It-With-Statement Doubters, Professional Trolls and Frustrated Wannabes typically move in on your positive thread with the intention of killing it.

A suggestion:

Let's not feed them at all. Just ignore them(and their soldiers that they'll bring) and have the mods deal with them.

Just a suggestion but, I get so tired of them killing good threads.

Best regards and Thank You, Math!
Brent
Yeah, if it happens, I'll try not to feed them. Sometimes it's hard to resist though. hehe.
  • #82
  • Mar 10, 2009 3:35pm Mar 10, 2009 3:35pm
Quoting mathematician
Yeah, if it happens, I'll try not to feed them. Sometimes it's hard to resist though. hehe.
Sure it's hard. They know exactly how to push your buttons...and get your thread thrown into the recycle bin.
  • #83
  • Mar 10, 2009 4:03pm Mar 10, 2009 4:03pm
Hey M,

Do you have Kaufman's Trading Systems and Methods?

Good stuff on P. 618 about compounding. If you don't
have it I'll put some of the info on the thread, if you like.
Pretty interesting stuff.
  • #84
  • Mar 10, 2009 4:22pm Mar 10, 2009 4:22pm
Quoting FXSurfer
Hey M,

Do you have Kaufman's Trading Systems and Methods?

Good stuff on P. 618 about compounding. If you don't
have it I'll put some of the info on the thread, if you like.
Pretty interesting stuff.
Nope, never heard of it. Wow, p.618, sounds like a big book.
  • #85
  • Mar 10, 2009 4:26pm Mar 10, 2009 4:26pm
Quoting FXSurfer
So now that the thread is going good and you're into sharing
a good strategy that works:

About now's when the Prove-It-With-Statement Doubters, Professional Trolls and Frustrated Wannabes typically move in on your positive thread with the intention of killing it.

A suggestion:

Let's not feed them at all. Just ignore them(and their soldiers that they'll bring) and have the mods deal with them.

Just a suggestion but, I get so tired of them killing good threads.

Best regards and Thank You, Math!
Brent
If we don't feed them, then they'll die of starvation....AHHHHHHHHHHH
Balance in Everything
  • #86
  • Mar 11, 2009 3:36am Mar 11, 2009 3:36am
Quoting FXSurfer
Kaufman's Trading Systems and Methods

stuff on P. 618 about compounding
Here's a crappy pic I made of Kaufman's recommended compounding method. Good enough to get the basic idea. He recommends starting the scale-out 1/2 way to your expected TP, which I guess you're supposed to try and anticipate or project. I can put the revelant paragraph up if you want. My scanner is on the blink right now or I'd just copy it.
Attached Image
  • #87
  • Mar 11, 2009 5:44am Mar 11, 2009 5:44am
Quoting FXSurfer
Here's a crappy pic I made of Kaufman's recommended compounding method. Good enough to get the basic idea. He recommends starting the scale-out 1/2 way to your expected TP, which I guess you're supposed to try and anticipate or project. I can put the revelant paragraph up if you want. My scanner is on the blink right now or I'd just copy it.
I think I get it. You poject a target. Then divide the distance into 5 equal parts. First open the position with 3 lots. Then when price gets to the next 5th, open another 2 lots. On the next 5th, open 1 more lot. If price moves another 5th in your favour, you scale out 1 lot, then 2, then 3 (when you're at your target).

That's interesting, but I'm not going to try it right now for a few reasons:

  1. I don't project targets. Instead I try to let my profits run until I see a warning sign to get out.
  2. I don't like the idea of scaling in at arbitrary points, I scale in according to price action.
  3. I'm starting to not like the idea of scaling out at all. It seems like no matter what happens, you'll be at least somewhat dissapointed.
  4. My scale-in/100% out technique is working very well so far. (Although I've only tested it twice.)

By the way, on my second trade, I made 53 pips in 6 minutes! (The market moved 26 pips, but 26 + 21 + 6 = 53.)

  • #88
  • Mar 11, 2009 6:53am Mar 11, 2009 6:53am
Quoting mathematician
my second trade, I made 53 pips in 6 minutes! (The market moved 26 pips, but 26 + 21 + 6 = 53.)
Good deal! Keep it up!

Yeah, I just posted that in case anyone was interested.

I'm far from being to the point of needing to worry about position building. First I need to get somewhat consistent results with single positions. I just need to get better at trading only when there are decent conditions and walking away from the rest. Really an issue for me. When I am able to limit my trading to active market times with recognizable trending I do good. Pretty simple stuff, I know - but proving to be a real challenge for me.
  • #89
  • Mar 11, 2009 8:02am Mar 11, 2009 8:02am
It's great, isn't it? I haven't felt comfortable trying it until my latest trade on the GBP/USD. As it currently stands:

Short #1 @ 1.4030: +210
Short #2 @ 1.3876: +56
Short #3 @ 1.3771: -49

I'm guaranteed +156 because I've moved the stops on the first two trades in line with the latest trade, which puts them just below my second entry point. By using that method, the greatest amount I ever risk is one position. When the third position is opened then you're guaranteed profits even if it reverses on you and stops you out.
  • #90
  • Mar 11, 2009 9:11am Mar 11, 2009 9:11am
Quoting thegunslinger
It's great, isn't it? I haven't felt comfortable trying it until my latest trade on the GBP/USD. As it currently stands:

Short #1 @ 1.4030: +210
Short #2 @ 1.3876: +56
Short #3 @ 1.3771: -49

I'm guaranteed +156 because I've moved the stops on the first two trades in line with the latest trade, which puts them just below my second entry point. By using that method, the greatest amount I ever risk is one position. When the third position is opened then you're guaranteed profits even if it reverses on you and stops you out.
Yes it is great! "...the greatest amount I ever risk is one position." -- That's the key right there. First you play the move lightly. If it proves itself, add to it. Before long, you'll have a freight train full of pips. Hehe
  • #91
  • Mar 11, 2009 9:28am Mar 11, 2009 9:28am
Quoting FXSurfer
Good deal! Keep it up!

Yeah, I just posted that in case anyone was interested.

I'm far from being to the point of needing to worry about position building. First I need to get somewhat consistent results with single positions. I just need to get better at trading only when there are decent conditions and walking away from the rest. Really an issue for me. When I am able to limit my trading to active market times with recognizable trending I do good. Pretty simple stuff, I know - but proving to be a real challenge for me.
I might suggest that you start position building anyway. Why? It will change the way you think. It will probably help with your psychological game.

I can imagine (because I've been there) that trying to wait for the right market conditions can be very frustrating. You want to trade, you want to make up those losses, but the market just isn't ready for your setup. Sometimes we make the mistake of forcing the trade. That usually doesn't work.

Now imagine if you weren't worried about having to catch the perfect moment. I find that with scaling in, the pressure of being in the right place at the right time is much lower. I know that when a trade doesn't work out in the beginning, I will not have risked that much on it. I know that when I do catch a big move, I will heavily exploit it.

You know how people say you should close a trade if it doesn't work out early on? Well this is a way to ensure you never waste too much on something that never really pans out. At the same time, it ensures that you do capitalize on a trade that does prove to be fruitful. Try it. It will change your mindset.
  • #92
  • Mar 11, 2009 2:26pm Mar 11, 2009 2:26pm
Quoting mathematician
Try it. It will change your mindset.
Okay! I'll start trying it out.

Thanks!


BTW: Good going Gunslinger! Hope you can also keep posting your experieces here sometimes. The more the merrier. Maybe we'll start "compounding interest" in scaling. Ha. Ha.
  • #93
  • Mar 13, 2009 5:57am Mar 13, 2009 5:57am
Thanks so much for the MMHG! Makes good sense for sure.
Now...I've got to keep working on step 1. I really am coming to be convinced that the title of this thread is where it's at for me.

The longer that my charts stay naked; the more that I see how watching S/R reveals the forces at work - as they work; fighting for control from price level to price level - like in a battle where one side takes a hill, then may lose it back again or may win the next round and even advance to claim yet another piece of territory.

It's really getting a lot clearer what I need to do to improve my results. You just have to follow this action - with your own trades - as it plays out. Blah, blah, blah...enough from me. LOL! Easier said than actually(and consistantly) done!

Have a great weekend and a big Thanks to you guys!


Edit: Hey Probabill! What happened to your MM post? That was a good one.
Was there a reason you decided to pull it? I hope it re-appears.
  • #94
  • Mar 13, 2009 7:05am Mar 13, 2009 7:05am
FXSurfer,
Sorry about that, I thought about it and the method I was describing might encourage people to take on high risk inappropriately, so I pulled it. I'm glad you liked it though.

Cam
  • #95
  • Mar 14, 2009 8:33am Mar 14, 2009 8:33am
Quoting FXSurfer
Thanks so much for the MMHG! Makes good sense for sure.
What's MMHG? Money management, something?
  • #96
  • Mar 14, 2009 8:46am Mar 14, 2009 8:46am
I've been using swing points to define support and resistance. Here's a chart with single bar swing points and double bar swing points (sometimes called "fractals" but I don't like that term because it means something quite different in math).

There is a wealth of information in swing points alone. Notice how they up sometimes, showing strong S/R.

I have been playing the breaks of swing points, e.g. go long when a swing high is broken. That works quite well. I'm also interested in playing them the opposite way: Go short when a swing high is confirmed. I haven't done much research with this yet. Let's discuss both approaches.
Attached Image (click to enlarge)
Click to Enlarge Name: Test Chart.PNG Size: 30 KB
  • #97
  • Edited 5:38pm Mar 14, 2009 5:09pm | Edited 5:38pm
Quoting mathematician
Here's a chart with single bar swing points and double bar swing points
IMO if any indicator is useful - Swings are it!

How did you get them on the Oanda chart?

I use them sometimes on Ninja Trader.

Attached: HA Candles with Swing Indicator.
Attached Image
  • #98
  • Mar 14, 2009 6:11pm Mar 14, 2009 6:11pm
Swings are a very important factor in my analysis. If we're testing resistance and it's at the previous swing high, thats just further confirmation to go long when resistance breaks. Look at my recent AUDUSD long position entry.

The larger pattern that's developed is a double bottom (DB), the white arrow is strong resistance that happens to coincide with the DB's swing point. As price works its way up to resistance, it is also making higher lows and higher highs - a bull trend. Buy when a candle closes above resistance on increasing volume. And then there's the downtrend's upper channel line breaking and testing as support to top off the signs to go long.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd031409d.jpg Size: 118 KB
  • #99
  • Mar 14, 2009 8:39pm Mar 14, 2009 8:39pm
Quoting FXSurfer
IMO if any indicator is useful - Swings are it!
How did you get them on the Oanda chart?
Screenshot --> paint
  • #100
  • Mar 15, 2009 2:33am Mar 15, 2009 2:33am
Quoting FXSurfer
IMO if any indicator is useful - Swings are it!

How did you get them on the Oanda chart?

I use them sometimes on Ninja Trader.

Attached: HA Candles with Swing Indicator.
Very interesting! Heiken-Ashi combined with swing points. Is there a reason why not all the swing points are marked on that chart? Also, can you show a similar chart, but during a ranging situation?
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