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Simple Trading Method with trader101

  • #2,401
  • Aug 10, 2009 12:08pm Aug 10, 2009 12:08pm
I just wish I was awake when the G/J, G/U and E/J crossed.

Ne
  • #2,402
  • Aug 10, 2009 12:11pm Aug 10, 2009 12:11pm
All you need to do when trades are placed is hit the profit bar once and it will align them to start. But you are right, it is easier after a day or 2
  • #2,403
  • Aug 11, 2009 7:50am Aug 11, 2009 7:50am
Nene and Web,

Yes! not that hard!
Last week I think we were bouncing off resis level, which I think made the whole thing range. The NFP report pushed them into a major move LONG.
Yesterday the basket looks to have turned Short. I think it has fallen back to the Resis level, which is now support. Classic!
Will it break through it? Or bounce off and resume long?

Even though I don't look a charts a lot with this system, this can be seen on EJ and GJ hourly charts.

Seems to be slipping sideways since yesterday afternoon.

Shakey
  • #2,404
  • Aug 11, 2009 9:12am Aug 11, 2009 9:12am
hi folks;
im presently short on all from late into asian session,hasnt been doing to much last couple of hours has traded down to around +350 us,ideally i would exit all now with the present market rythme as it is,but more interested in my ia,s,i opened my first one sunday open 3 weeks past and each sunday since which shows me there could be a little further to go for this week to give complete opposite to my original,i guess im trying to determine how much one can rely apon these ia positionings,im using t101 basket indicator to determine a radical change in this position then i would consider exit and watch ,im at the start of alot of study into this very challenging and exiting,thanks for reading
regards william
  • #2,405
  • Aug 11, 2009 2:24pm Aug 11, 2009 2:24pm
ive exit my basket short trade with 550 profit exit on basket sell indicator cross although i feel there could be more in this trade,also my present ia is almost opposite to my ia from 3 weeks past apart from eugp which i am not concerned with for other reasons.i find using these ia,s from past to present far less busey with a slightly longer term view of movment,anyway i traded this method with an understanding of why i took the trade and exited with reason ,im pleased but im sure ive got some head scratching in futer
regards william
  • #2,406
  • Aug 11, 2009 7:59pm Aug 11, 2009 7:59pm
Quoting diceman555
hi folks;
im presently short on all from late into asian session,hasnt been doing to much last couple of hours has traded down to around +350 us,ideally i would exit all now with the present market rythme as it is,but more interested in my ia,s,i opened my first one sunday open 3 weeks past and each sunday since which shows me there could be a little further to go for this week to give complete opposite to my original,i guess im trying to determine how much one can rely apon these ia positionings,im using t101 basket indicator to determine a radical...
Great! Diceman, bet you made some more pips, too. I got in much later than you, and scored about 450 pip or so.
I think you can look at the IA's as reliable.

What I am trying to do is to remember what forex usually does, and envision what a chart would look like.

Last week we were in ranges, and basket kept hitting a resistance level. Friday, the resis was broken. Sunday night and monday, the basket turned short. Tuesday during late asia and early Europe open, the short continued untill approx 1700 GMT.
Here it hit a Support level which WAS resistance, right?
In other words, I think it is retesting the S/R level just like any other currency would do.

Now I think it has slipped sideways around the point of support. I seems to me that pre europe open (0400-0500) GMT often sits the tone for next several hours. I bet your IA's will give you a clear signal then.
How do you see it?

Shakey
  • #2,407
  • Aug 12, 2009 4:41am Aug 12, 2009 4:41am
thanks beshakey,thats a logical way of looking at the basket as one,i agree with your analasis, ive taken a basket long trade my only fear is i would ideally have entered this at europe open but slept late and may have missed the move if as it could be just catch up,
regards william
  • #2,408
  • Aug 13, 2009 5:21am Aug 13, 2009 5:21am
Yes Dice, it was interesting yesterday morning. The basket was moving sideways, along support.

THEN broke through. I picked up about 250 pips

THEN it went up to rechallenges. I LOST 100 pips anticipating its failure to break the resistance (which was support), .

THEN it broke through it long. I managed to pick 150 pips here. Made 300 pips live trading yesterday.

CLASSIC FOREX STUFF ISN"T IT?

I think your idea of opening successive IAs should really give you an insight to the market.

Shakey
  • #2,409
  • Aug 13, 2009 6:16am Aug 13, 2009 6:16am
yes classic forex trading it is,ive been trading a no of years but have not used a method with so much edge,i love the fact that a couple of your basket can move against you often for reasons that become aparent after the move , but this method can iron those out with remaining basket trading in the forcasted direction,i also done well yesterday with 2 long basket trades for 400+went long 6am gmt today closed for 550 pips,wow im just hoping its not beginners luck,todays trade was all buy apart from ucad and uchf shorted these 2,this eur gb is the one im looking at as it will only be in your favour 50%i think i would leave it out and make decision if its trading in desired direction any thoughts
thanks to t101 and all who have contributed
regards william
  • #2,410
  • Aug 13, 2009 9:21pm Aug 13, 2009 9:21pm
Quoting diceman555
yes classic forex trading it is,ive been trading a no of years but have not used a method with so much edge,i love the fact that a couple of your basket can move against you often for reasons that become aparent after the move , but this method can iron those out with remaining basket trading in the forcasted direction,i also done well yesterday with 2 long basket trades for 400+went long 6am gmt today closed for 550 pips,wow im just hoping its not beginners luck,todays trade was all buy apart from ucad and uchf shorted these 2,this eur gb is the...
Right, Dice

It's almost like not only a leading indicator, but almost a peek into the future.
The thing is, the basket trends so long and eases into trends gradually, rather than being a V type reversal, the trends last a long time, and you have a lot of time to catch them. It's not so important to catch trend early, as with trading single currencies. At least this is my opinion.

But it is forex trading 101 (pardon the pun) Take this am for instance, Pre-US employment claims this a.m., it did the classic. It was moving long and broke resistance. an hour or so before the announcement (this was the big houses pulling a head fake and taking out stops). Then with the announcement, the bottom fell out. Classic!

As further insight, keep the GJ and EJ hourly in your chart window. Where they have resistance, so goes the basket. It's amazing.

Look at this: On a piece of paper, make a list of all 14. Buys on top, sells on the bottom.

Now look at the basket (list) as if you are going LONG on the entire basket, therefore changing the SELLS to BUYS.

Look at each pair, and write down the currency that would be WEAK if all pairs was profitable. You will see that the yen is the loser in more pairs than any other followed by the usd.
The GP and EU are the strongest
That is why follow the GJ and EJ.

Now do the same as if they are all short. See? Yen Strong, usd strong, gp, eu weak.
I did this to try to figure out why the basket works a few weeks ago. That made a lot of T101s teaching clearer.

Cool isn't it? and terribly clever.

Shakey
  • #2,411
  • Aug 13, 2009 10:02pm Aug 13, 2009 10:02pm
PS, Dice,

I don't think it's beginner's luck.

Shakey
  • #2,412
  • Aug 14, 2009 12:33am Aug 14, 2009 12:33am
so what are the sets we are using now for this method? please let mek now
Thanks in advance
  • #2,413
  • Aug 14, 2009 3:39am Aug 14, 2009 3:39am
Quoting Beshakey

It's almost like not only a leading indicator, but almost a peek into the future.
The thing is, the basket trends so long and eases into trends gradually, rather than being a V type reversal, the trends last a long time, and you have a lot of time to catch them. It's not so important to catch trend early, as with trading single currencies. At least this is my opinion.
Hi, Shakey!
From begining of this week, the basket's movement SHORT-LONG-SHORT gives +1850/-2200 pips. I think, such drawdown is not admissible at a real account. So, we have to close the basket, not to wait for trend reversal.
What do you think?
  • #2,414
  • Aug 14, 2009 4:55am Aug 14, 2009 4:55am
Quoting Azerus
Hi, Shakey!
From begining of this week, the basket's movement SHORT-LONG-SHORT gives +1850/-2200 pips. I think, such drawdown is not admissible at a real account. So, we have to close the basket, not to wait for trend reversal.
What do you think?
if you use ProtectAccount you don't have to see such drawdown because all the positions will be closed in due time. You can re-enter after the basket retracement. I do this just looking at the spread level.
  • #2,415
  • Aug 14, 2009 5:29am Aug 14, 2009 5:29am
Quoting maxu08
if you use ProtectAccount you don't have to see such drawdown because all the positions will be closed in due time. You can re-enter after the basket retracement. I do this just looking at the spread level.
Thanks, maxu. But, as I wrote early, due to the basket fluctuation, ProtAccEA closes all position with +100/+250 pips, BUT s/l level is -560 pips. In this case, P/L ratio is not good. In addition, in this case, we miss the most part of the basket movement.
  • #2,416
  • Aug 14, 2009 5:32am Aug 14, 2009 5:32am
Quoting Azerus
Thanks, maxu. But, as I wrote early, due to the basket fluctuation, ProtAccEA closes all position with +100/+250 pips, BUT s/l level is -560 pips. In this case, P/L ratio is not good. In addition, in this case, we miss the most part of the basket movement.
you are right but i propose you to open the ProtectAccount later, after your basket has already +1000 pips. so you will lock 910 pips (if i remember correctly)
  • #2,417
  • Aug 14, 2009 8:10am Aug 14, 2009 8:10am
Quoting maxu08
you are right but i propose you to open the ProtectAccount later, after your basket has already +1000 pips. so you will lock 910 pips (if i remember correctly)
OK. There are two questions:
1. How big drawdown can be reached befor the basket will have +1000 pips?
2. If we look at +1000 pips as our profit target (for example), why we cannot look at +800; +900; +1200; +1500; .... pips and so on?
  • #2,418
  • Aug 14, 2009 9:40am Aug 14, 2009 9:40am
i keep the maximum drawdown at 560 pips without ProtectAccount (PA) and i start the EA around 1000 pips depending on the speed of the basket
if the basket reach 1000 pips quickly (couple of hours) then i wait even more but never over 2000 pips. if not, i lock at 800-900 pips. the problem can be solved at your free will and i see no rule. if you are ok to wait until 1k pips then wait. if not, close the deal at 500 pips and be happy with that
  • #2,419
  • Edited 10:17am Aug 14, 2009 10:06am | Edited 10:17am
Hi, guys
I tend to use stops around 250-300. I don't have the guts for 560 stops. I do this by using the simple "close basket when loss toomuch" E/A for initial stop loss. Then set miniprotect account for IBFX which is adjustable.
Remember, I tend to go for smaller shorter term trades, rather than going for the 'long ball' the way you guys are doing.
Using the orest inicator, I look at the smaller time frames (hourly and 4 hr) for volitility, watching for how the pairs bounce around. Use the 14 day and monthly for long term overall trend. Use daily and weekly (especially the weekly) for actual entry signal. Also watch the spread.
Also note, not al traders are proponents of ORest. There are a lot of ways very valid ways to interpret the basket

Have increased acct balance 27% in five weeks.

By the way Az, I can't live with huge drawdowns either. I have blown an account before. No fun.
Shakey
  • #2,420
  • Aug 14, 2009 10:10am Aug 14, 2009 10:10am
Quoting maxu08
i keep the maximum drawdown at 560 pips without ProtectAccount (PA) and i start the EA around 1000 pips depending on the speed of the basket
if the basket reach 1000 pips quickly (couple of hours) then i wait even more but never over 2000 pips. if not, i lock at 800-900 pips. the problem can be solved at your free will and i see no rule. if you are ok to wait until 1k pips then wait. if not, close the deal at 500 pips and be happy with that
Seems logical, Max

Shakey
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