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  • #421
  • Sep 7, 2009 8:03am Sep 7, 2009 8:03am
Quoting Chris_B
Very slow market today...

Anyway 2 trades to be done...

On the 2nd trade i've been in the market for a while...trying to catch a little bigger movement...

I'm experimenting some settings with the multi purpose trade manager... i think it could make the R/R ratio much better...trying to catch the bigger movements without risking more...
Unfortunately today it's not the best day to try it..but when the market moves fast...some good movements (40/70 pips) heppens...and with these settings i think is possible to capture a good part of them...
What is the multi-purpose trade manager? Is that an EA? Has it been posted somewhere, or is it something you are stilll working on?
******************* I'd rather make money than be right.
  • #422
  • Sep 7, 2009 8:16am Sep 7, 2009 8:16am
Quoting 4xStar
What is the multi-purpose trade manager? Is that an EA? Has it been posted somewhere, or is it something you are stilll working on?
It's an EA for money management...i've attached it to this post if you want tray it out...

Assuming that in trading the first goal for me is "not lose", the idea is:

SL setted at 20 (or 20+spread)

As soon as i have 10 pips it moves the SL to BE+5 (so it becomes a free profit trade)

As soon as i have 20 pips it moves the SL to 10...
And then it moves the SL every 10 pips using the jumping stop function...

With slow market it can be useless but when we have a big and fast move (happens often) without big retracement it can capture 20/30/40 pips...with a low risk

If my calculations are right, if we filter the signals, we stay with the trend, and we watch PA moving in the right way, we could have:

20% of the times a loss (20pips or less if we cut the position)
50% of the times a 5pips profit
30% of the times at least a 10pips profit (this means the profit can be also 30/40 pips)

These are only suppositions...we can see in real time how it performs...
Attached File(s)
File Type: mq4 Multi purpose trade manager.mq4   76 KB | 585 downloads
Market is like a puzzle, YOU have to fit the pieces!!
  • #423
  • Sep 7, 2009 8:19am Sep 7, 2009 8:19am
Quoting Chris_B
Very slow market today...

Anyway 2 trades to be done...

On the 2nd trade i've been in the market for a while...trying to catch a little bigger movement...

I'm experimenting some settings with the multi purpose trade manager... i think it could make the R/R ratio much better...trying to catch the bigger movements without risking more...
Unfortunately today it's not the best day to try it..but when the market moves fast...some good movements (40/70 pips) heppens...and with these settings i think is possible to capture a good part of them...
Hi Chris,

I'm following this thread a little time now, and i like it.
Thanks everybody for your all your effort.
Just a question about your chart. Are you using a 5 pips renko on this chart? (what anchor value do you use?)
And what settings do you use for LWMA? 10?

Thanks in advance.

Peter
  • #424
  • Sep 7, 2009 8:25am Sep 7, 2009 8:25am
Quoting msiamd
Hi Chris,

I'm following this thread a little time now, and i like it.
Thanks everybody for your all your effort.
Just a question about your chart. Are you using a 5 pips renko on this chart? (what anchor value do you use?)
And what settings do you use for LWMA? 10?

Thanks in advance.

Peter
No...this is a 10 ticks renko...

I'm trying both the values...the concept is the same...

With 10 ticks renko i'm using a 8 Lwma
With 5 ticks renko i'm using a 10 Lwma
Market is like a puzzle, YOU have to fit the pieces!!
  • #425
  • Sep 7, 2009 9:49am Sep 7, 2009 9:49am
Quoting SlushFund
I'm a little bit concerned about the validity of trend lines on Renko. Without the wicks, trend lines aren't giving a true picture of where the swing points are. On the other hand we are not trading the wicks, only the bricks, so maybe it doesn't matter. Not sure really. Any ideas?
I agree with Ian. I think renko trendlines are valid without the wicks, though the wicks may add more accuracy at the expense of noise (so it's a tradeoff). I also use trendlines in general as guides/areas only. For me, they give an idea of where a reversal formation may take place, so I highlight the area, wait for price to move into that area, and if there is a reversal formation, then I take it. I also want to see S/R or a fib in the reversal area as confirmation.

When using trendline breaks, again I wait for price action to confirm that the break was in fact a change of trend. If price is moving down and then breaks thru the trendline, I still wait for a higher low or double bottom to confirm that price has finished its move down. And vice versa if price is moving up. I have, on more than one occasion, been too eager to jump on a trendline break, only to watch the trend continue along the other side of the trendline. In fact, it's not uncommon for price to break thru a trendline and then use the other side of the trendline as support or resistance as it continues in the same direction. In the end, highs and lows and horizontal S/R trump all -- though trendlines are very useful guides along the way.
  • #426
  • Sep 7, 2009 10:17am Sep 7, 2009 10:17am
Quoting SlushFund
There is no such thing as a perfect strategy. It's not the strategy. Take a good look at your charts. It's staring you in the face. Why are you even thinking about trading? You have to be able to identify a choppy market. There is also no pair correlation. Right now it is all over the place.

Say this over and over again.

Making money is less to do with taking winning trades and more to do with knowing when not to trade.
Consolidation/chop and its "patterns" are every bit as important as reversal and trend continuation patterns. Understanding consolidation decreases expenses, understanding the other two increases revenue. All have a major impact on profitability.
  • #427
  • Sep 7, 2009 10:51am Sep 7, 2009 10:51am
Quoting Chris_B
It's an EA for money management...i've attached it to this post if you want tray it out...

Assuming that in trading the first goal for me is "not lose", the idea is:

SL setted at 20 (or 20+spread)

As soon as i have 10 pips it moves the SL to BE+5 (so it becomes a free profit trade)

As soon as i have 20 pips it moves the SL to 10...
And then it moves the SL every 10 pips using the jumping stop function...

With slow market it can be useless but when we have a big and fast move (happens often) without big retracement it can...
Your idea of allowing for runners is excellent. And moving the stop to breakeven plus x is a great way to increase overall R:R without the psychological angst of watching price retrace against you. Rather than set a fixed pip amount to adjust your stop, price action may provide a more logical (and profitable) method of stop management. I highlighted your previous chart for illustration. Let me know if you have any questions.
Attached Image (click to enlarge)
Click to Enlarge Name: chrisb2.gif Size: 30 KB
  • #428
  • Sep 7, 2009 10:54am Sep 7, 2009 10:54am
Quoting asdf
Consolidation/chop and its "patterns" are every bit as important as reversal and trend continuation patterns.
Defined range Yes. Chop No. There is a difference. If you are suggesting that the market is available at these choppy times if the patterns within are understood, I would say that's a bad piece of advice. Particularly where spread is a large percentage of these small scalping profits.

There is simply no need to be in the market all the time. Wait for the high probablity setups to come. asdf take a look at the charts again during today's European session. Not only was it choppy but price had no momentum behind it. You need to be patient.
  • #429
  • Sep 7, 2009 11:02am Sep 7, 2009 11:02am
Quoting SlushFund
Defined range Yes. Chop No. There is a difference. If you are suggesting that the market is available at these choppy times if the patterns within are understood, I would say that's a bad piece of advice. Particularly where spread is a large percentage of these small scalping profits.

There is simply no need to be in the market all the time. Wait for the high probablity setups to come. asdf take a look at the charts again during today's European session. Not only was it choppy but price had no momentum behind it. You need to be patient.
Sorry for the miscommunication. I was simply reinforcing the bolded quote from your prior statement. And I used the word patterns in quotation marks because they are not usually patterns per se, though they are identifiable and predictable. No disagreement at all with what you said. And I will repeat a great point you bring up: there is simply no need to be in the market all the time.
  • #430
  • Sep 7, 2009 11:20am Sep 7, 2009 11:20am
Quoting asdf
Sorry for the miscommunication.
OK gotcha. Sorry for my misunderstanding.

Real crap market today.
  • #431
  • Sep 7, 2009 11:55am Sep 7, 2009 11:55am
I'm learning (albeit slowly) from your posts and have a question. On the attached chart (5 pip Renko) is the best entry point the one marked with the arrow or the following block?

Thank you,

Lou
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 16 KB
Old Benjamin was right
  • #432
  • Edited 3:01pm Sep 7, 2009 12:18pm | Edited 3:01pm
Not good, not so bad... +14

Take care guys,

GrZack
  • #433
  • Sep 7, 2009 12:19pm Sep 7, 2009 12:19pm
Quoting Lou G
I'm learning (albeit slowly) from your posts and have a question. On the attached chart (5 pip Renko) is the best entry point the one marked with the arrow or the following block?

Thank you,

Lou
Lou,

wait till the brick's close, confirms the arrow's direction. Enter the trade, when the arrow's brick is closed.

Regards,

GrZack
  • #434
  • Sep 7, 2009 12:48pm Sep 7, 2009 12:48pm
Quoting GrZack
Lou,

wait till the brick's close, confirms the arrow's direction. Enter the trade, when the arrow's brick is closed.

Regards,

GrZack
Thanks - I think I'm (slowly) getting this...
Old Benjamin was right
  • #435
  • Sep 7, 2009 12:53pm Sep 7, 2009 12:53pm
Quoting Lou G
Thanks - I think I'm (slowly) getting this...
Don't give up! A month ago, I was nowhere. Now, I can make profit.
Nitro & RENKO are great. Gives new perspective in FX (I think).

Take care & keep us posted with your results (these things will move US forward).

GrZack
  • #436
  • Sep 7, 2009 1:04pm Sep 7, 2009 1:04pm
Quoting GrZack
Not good, not so bad...

Take care guys,

GrZack
Hi Gr

Interesting the FX Fish indy...what settings you find better?
Market is like a puzzle, YOU have to fit the pieces!!
  • #437
  • Sep 7, 2009 2:23pm Sep 7, 2009 2:23pm
Quoting Chris_B
Hi Gr

Interesting the FX Fish indy...what settings you find better?
It is a great tool, much better than anything else here... Works VERY WELL with RENKO. I'm working on an EA.

My settings:

10
0
false
true (optional)
6
45
0
3


Chris, this indi is what I was talking about via PM. The indi is repainting!
All other indies are useless...

+++++++++++++++++++++++++++++++++++++++++++++++
except ... another one:
+++++++++++++++++++++++++++++++++++++++++++++++
Big green & big red arrows came from a different indicator... I couldn't believe, but (with the proper settings), gives 100% success rate... Today, it gave 4 signal only on AJ, EJ, CJ, UJ. I cought 3 from these signas, with 100% success.
On GJ it gave 5 signals, with 100% success. I mean, the arrows appear right after the brick's close & then 1 brick (10 pip) also formed in the same direction...
  • #438
  • Sep 7, 2009 2:43pm Sep 7, 2009 2:43pm
Quoting GrZack
I
All other indies are useless...

+++++++++++++++++++++++++++++++++++++++++++++++
except ... another one:
+++++++++++++++++++++++++++++++++++++++++++++++
Big green & big red arrows came from a different indicator... I couldn't believe, but (with the proper settings), gives 100% success rate... Today, it gave 4 signal only on AJ, EJ, CJ, UJ. I cought 3 from these signas, with 100% success.
On GJ it gave 5 signals, with 100% success. I mean, the arrows appear right after the brick's close & then 1 brick (10 pip) also formed in the same direction...
What's the indi that puts up the big green & red arrows .... and with what settings, GrZack?
  • #439
  • Sep 7, 2009 2:59pm Sep 7, 2009 2:59pm
Quoting Dm3554
What's the indi that puts up the big green & red arrows .... and with what settings, GrZack?
Sorry man, first, I want to test it at least during 100 trades. Than, I'll share the results & the indi as well. Don't want to create illusions, before I test it real hard.
  • #440
  • Sep 7, 2009 3:36pm Sep 7, 2009 3:36pm
Quoting GrZack
Sorry man, first, I want to test it at least during 100 trades. Than, I'll share the results & the indi as well. Don't want to create illusions, before I test it real hard.
Yes I think it's better to test every eventual indy...more than once i have found something that gave me 100% for the past..or for some trade...and then...in real time...the obvious reality...

But hope is the last that dies
Market is like a puzzle, YOU have to fit the pieces!!
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