Eaglets Flight Training School | Page 19 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Training: What to Look for in a Forex Training Program 1 reply

Quit Job , go Back to School, Trade Forex? 33 replies

Can forex trading help with a MBA school admission ? 1 reply

Attachments: Eaglets Flight Training School
Exit Attachments

Eaglets Flight Training School

  • #361
  • Edited 12:52pm Nov 11, 2009 10:53am | Edited 12:52pm
Dear Glen,

I would like to know how long we have to avoid news. I triggered 2 hours before the news but it became overlapped with a news due to a long retracement. Although I ended up three small winners, I felt I should have avoided the trades because of news. Could you tell us how you deal with the NEWS, please?

I did three trades last night. When I started looking at charts, I found I had missed a gooood timing. I just looked at the charts helplessly for about an hour.

1. GBPUSD: +26 (TP1), +35 (TP2), +11 (Trailing Stop)

After being triggered, it retraced almost two hours. Although it became a small winner, it could have been disastrous. After my trading, it dropped 170 pips to my opposite direction due to news (BOE Gov King Speaks and Inflation Report). The market gave up all gains last night like a roller coster.

2. GBPJPY 1st Trade: +25 (TP1) +9 (Trailing Stop out)

When TRIX signal appeared so I triggered GJ. Then it retraced (sigh) for about another hour. After checking FX calendar, I found some news coming such as Claimant Count Change (I don't know what that meant but it would be important because it is red). I had to decide to stay (risky) or flee with some loss (about -20 pips). I decided to stay because I wanted to see what happens. I was doing demo so I just wanted to see how news could infuence. Luckly, it went up and TP1 (+25p) was hit and then Stopped out with Trailing stop, which ended up a meger +9.

3. GBPJPY 2nd Trade: +25 (TP1), +7 (TS out)

Right after the above first trading, I reentered due to TRIX Signal. It stopped out: + 7pips (trailing stop was +25 p) before a huge drop due to another big news (BOE Gov King Speaks and Inflation Report).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD 2009.11.11. 01 AM PT.JPG Size: 139 KB
Click to Enlarge Name: GBPJPY 2009.11.11. 00 AM PT.JPG Size: 144 KB
  • #362
  • Nov 11, 2009 11:27am Nov 11, 2009 11:27am
Quoting michaelhryu
Dear Glen,

I would like to know how long we have to avoid news. I triggered 2 hours before the news but it became overlapped with a news due to a long retracement. Although I ended up three small winners, I felt I should have avoided the trades because of news. Could you tell us how you deal with the NEWS, please?

I did three trade last night. When I started look at charts, I found I missed a gooood timing. I just looked at the charts helplessly for about an hour.

1. GBPUSD: +26 (TP1), +35 (TP2), +11 (Trailing Stop)

After being triggered,...
Most of the answers you are looking for you have on the charts already.

1) Make sure you look at Economic Calendar before you trade and not after you enter a trade.

2) Red Flag events , if spaced out, can bounce the PA around for an entire session/s, if one is positive and the other negative for the currency concerned.

3) Employment numbers or unemployment numbers are very much a key focus of the financial markets because it is a yardstick of the state of the economy.

I will not enter any new positions 60M before any red flag event. If there is a huge candle immediately after the announcement, I stand aside and wait for the market to settle down, or I stand aside for the session/day.

I don`t trade on NFP day as a rule and I will only trade 50% of normal trade size when interest rate announcements are made.

I am not a news trader, I trade the splash not the wave and settle for TP1 or 20-30 pips.
There are lots of articles about fundamentals and key drivers of exchange rates around, you will not waste your time doing a bit of research to at least have an awareness of the most important ones.
" Never let the past hold the future to ransom "
  • #363
  • Nov 11, 2009 11:35am Nov 11, 2009 11:35am
GBPUSD
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Nov. 11 19.00.gif Size: 32 KB
" Never let the past hold the future to ransom "
  • #364
  • Nov 11, 2009 11:43am Nov 11, 2009 11:43am
GBPJPY
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Nov. 11 19.42.gif Size: 39 KB
" Never let the past hold the future to ransom "
  • #365
  • Edited 9:08pm Nov 11, 2009 11:53am | Edited 9:08pm
Quoting weisiong00

one more question the update stop(2) EA does not work ,i don't know why, i need to close it manually so frustrated .
*****************************************************
I have had same problem with you about UadateStop (2) EA for a quite long time. When I have to do manual sacaling out, I suffer from iching finger syndrom and feel exhausted because I stare my moniter with too much tension. I had blamed the EA (I am sorry for that) but I thought that must have been me for not using the EA properly. I tried to find the correct setting from the thread or manual, in vain. Thus, I did some experiment for myself. Probably, others already knew about the setting so it was not necessary to be explained in details.

My major confusion was my lot size. Depending on the lot size, I should have input correct setting, among UseFUllots, UseMiniLots, and UseMicroLots. Please refer to setting of attachements.

For example, if I trade 0.4 lot (MiniLots), then I have set the value as TRUE for UseMiniLot, while set others (FullLots and MicroLKots) false.

The reason I use 0.4 lots is I want to precisely scale out 0.1 lot for each TP. For example,

TakeProfit1Percent: 25 (at +25 pips - Take profit 1): 0.1 lot
TakeProfit2Percent: 25 (at +35 pips - Take profit 2): 0.1 lot
TakeProfit3Percent: 25 (at +50 pips - Take profit 3), 0.1 lot

The rest 25% (0.1 lot) will be controlled by a tailing Stop (+25) so it lasts until trailing stopped out. It could be over 100 pips or just 25 pips (the worst case).

After first TP is hit, Trailing stop fuction will start for other three lots. Thus, second lot could end +35 (the best scenario) or 0 (breal even - the worst scenario). Most of the time, between 1-35.

However, it is all up to you how to set up (input data) the EA. How many lots and which one (Full, Mini or Micro lot) is discretionary.

If you want to use only three lots, you could input 33, 34, 33 or any combination of percentages. The reason I tried four lots, I can scale out exactly 0.1 lot at each TP point.

I hope it helps. I spent so much time to figure out how the EA works. I found some other free Scaling out EAs but I still think UpdateStops(2) is the best because of multiple scaling out function, IMHO. I will try to use this EA until I feel comfortable.
Attached Images
  • #366
  • Nov 11, 2009 12:56pm Nov 11, 2009 12:56pm
Dear Glen,

Thank you very much for your insightful comments. It is eye opening! I will remember what you told me about NEWS. I fully understand that I cannot depend on my luck while not following instructions. This time I was lucky but I cannot expect I will have a same luck again. http://cdn.forexfactory.com/images/icons/icon12.gif

****************************************************
Quoting Gleneagles
Most of the answers you are looking for you have on the charts already.

1) Make sure you look at Economic Calendar before you trade and not after you enter a trade.

2) Red Flag events , if spaced out, can bounce the PA around for an entire session/s, if one is positive and the other negative for the currency concerned.

3) Employment numbers or unemployment numbers are very much a key focus of the financial markets because it is a yardstick of the state of the economy.

I will not enter any new positions 60M before any red flag event. If there...
  • #367
  • Nov 11, 2009 6:24pm Nov 11, 2009 6:24pm
I absolute agree with his opinion on just using Trix Meter only, but I am so used to using MACD and Moving Averages for years so it is hard to get rid of that old habit. Trix Meter definitely improves my trading, and right now it's hard to just focus on Trix Meter alone. I still do not have the confidence to do that yet. But I am sure overtime after many weeks or months of trading with the Trix meter, I will be a great trader like Gleneagles.
  • #368
  • Nov 11, 2009 6:28pm Nov 11, 2009 6:28pm
I made 25+35+50 = 110 pips during US market time
And this morning during Asian/Australia market time, another entrance and hoping to make money.
I use MAs to see the trend and MACD for candle momentum. Instead of entering +2 pips, I use MACD as my entrance signal.
Attached Image (click to enlarge)
Click to Enlarge Name: gpbjpy01.jpg Size: 259 KB
  • #369
  • Nov 11, 2009 6:37pm Nov 11, 2009 6:37pm
Another entrance using 30-5. It is still early as to whether I hit my TP. But look at my entrance timing.
Attached Image (click to enlarge)
Click to Enlarge Name: gpbjpy02.jpg Size: 260 KB
  • #370
  • Nov 11, 2009 7:34pm Nov 11, 2009 7:34pm
Quoting michaelhryu
*****************************************************
I have had same problem with you about UadateStop (2) EA for a quite long time. When I have to do manual sacaling out, I suffer from iching finger syndrom and feel exhausted because I stare my moniter with too much tension. I had blamed the EA (I am sorry for that) but I thought that must have been me for not using the EA properly. I tried to find the correct setting from the thread or manual, in vain. Thus, I did some experiment for myself. Probably, others already knew about the setting so...
This is the best and most detailed explanation for the use of this management EA. Thanks. May I use it in the next manual update?

I guess the knowledge of the terms of full lots,minilots and microlots is assumed.
  • #371
  • Edited 10:00pm Nov 11, 2009 7:41pm | Edited 10:00pm
Quoting ForexHunter
Another entrance using 30-5. It is still early as to whether I hit my TP. But look at my entrance timing.
While variations to Gleneagles basic MTF TRIX is tolerated on this thread in regard to trader's security indicators added at the current time....

AND....
If an advanced forum is born.... these extra indicators will not be allowed there or in the proofing leading to entry....

All the same.....
For the benefit of others, please explain the MA settings used...
and your exact entry in words using the MACD verses the +2 pips ....I did not pick up your rule looking at the charts provided.

thanks
  • #372
  • Nov 11, 2009 7:44pm Nov 11, 2009 7:44pm
Quoting Gleneagles
GBPJPY
http://cdn.forexfactory.com/attachme...1&d=1257961388


Gleneagles,

To date the TOPTREND indicator with settings on your charts has been been given on the thread.

Are you planning to post the details now or waiting ?

Thanks
  • #373
  • Edited 8:03pm Nov 11, 2009 7:50pm | Edited 8:03pm
Love the checklist provided to show when we stick to it....a great trade.
I find even though the sm candle signal indicator is not required with the trix meter version roy05... it does give an early warning signal on the trix meter.

MA stictly not required but helpful as a security blanket. TRIX candles very visuallly appealing .



http://cdn.forexfactory.com/attachme...1&d=1257935201
  • #374
  • Edited 9:01pm Nov 11, 2009 7:57pm | Edited 9:01pm
Quoting ForexHunter
I absolute agree with his opinion on just using Trix Meter only, but I am so used to using MACD and Moving Averages for years so it is hard to get rid of that old habit. Trix Meter definitely improves my trading, and right now it's hard to just focus on Trix Meter alone. I still do not have the confidence to do that yet. But I am sure overtime after many weeks or months of trading with the Trix meter, I will be a great trader like Gleneagles.
****************************************

I feel somewhat similar to you. Only difference is I am a novice trader focusing demo trades. I like to have MAs not because I am depending on them but because I just feel comfortable so that I could stay longer when the directions of Trix and MAs match. Since I am learning the basics, I think it is important to understand how MAs and the historgram work.

Of course, my ultimate goal is to be an expert trader like Glen. However, I understand that people may have different learning style, strategies, and learning curves. Many people learn slowly; especially analytic learners need all kinds of explanations before actually start doing something, which may bother others a lot. There are some people (hands-on oriented) who just jump in and learn from trial and error.

When we raise our children, we want to let them go to the safest and fastest way, only to find out our childeren don't take our wise instructions (sigh). They just want to live their own way, even if that is tougher and takes longer to achieve. It's is sad but that is human nature. That is their life after all.

Dear Glen,

Don't be disappointed. You have already changed so many people including me. Although many (including me) are still struggling to stick to the instructions so we have not completely changed yet, we are gradually learning so much from you and trying to follow your instructions. Please allow more time for us to grow in our pace. It may take a little longer for some people to master TRIX than others. I had been reading several threads for several months before posting my first comment. It takes another several months before posting my first trade. I am just one of the slow learners and shy ones. I am very slow but no one can make me stop once I decide to do.

Thank you very much for your attention. I want to become a better trader and I will be.
  • #375
  • Nov 11, 2009 8:00pm Nov 11, 2009 8:00pm
Quoting Iamfx
Gotta love that profit factor and DD!! Never seen the like.
Glad you can see the high WIN RATE directly from Gleneagles statement.

You did question very few losing trades in my P/L that I was posting.

You must be convinced now as you were not then!
  • #376
  • Edited 8:39pm Nov 11, 2009 8:02pm | Edited 8:39pm
Quoting lrathi
This is the best and most detailed explanation for the use of this management EA. Thanks. May I use it in the next manual update?

I guess the knowledge of the terms of full lots,minilots and microlots is assumed.
***********************************

Certainly! Please feel free to proofread, edit, add, and change if you need. http://cdn.forexfactory.com/images/icons/icon12.gif
  • #377
  • Nov 11, 2009 8:47pm Nov 11, 2009 8:47pm
paidperpip,

Nice Checklist displayed on the charts.
It is nice as a reminder to be sure we are following the rules of engagement.
Are you willing to share that with us?

Thanks.

Bruce
  • #378
  • Nov 11, 2009 8:57pm Nov 11, 2009 8:57pm
Quoting Gleneagles
Most of the answers you are looking for you have on the charts already.

1) Make sure you look at Economic Calendar before you trade and not after you enter a trade.

2) Red Flag events , if spaced out, can bounce the PA around for an entire session/s, if one is positive and the other negative for the currency concerned.

3) Employment numbers or unemployment numbers are very much a key focus of the financial markets because it is a yardstick of the state of the economy.

I will not enter any new positions 60M before any red flag event. If there...
Point 2. I have learnt something new and will add to my trading plan.
To date I have been following manual page 12, TIMES TO AVOID TRADING.

Suggested times to avoid:
High impact (red) news times according to the Forex factory economic calendar. 30 minutes before and after these news releases.

Will add great indepth knowledge in next version of manual.

Thanks.
  • #379
  • Nov 11, 2009 9:03pm Nov 11, 2009 9:03pm
Quoting lrathi
Point 2. I have learnt something new and will add to my trading plan.
To date I have been following manual page 12, TIMES TO AVOID TRADING.

Suggested times to avoid:
High impact (red) news times according to the Forex factory economic calendar. 30 minutes before and after these news releases.

Will add great indepth knowledge in next version of manual.

Thanks.
Irathi,

Thank you for taking the time to keep up with this thread and make changes(additions) to the Manual.
It is much appreciated.

Bruce
  • #380
  • Nov 11, 2009 9:28pm Nov 11, 2009 9:28pm
Quoting lrathi
Love the checklist provided to show when we stick to it....a great trade.

I find even though the sm candle signal indicator is not required with the trix meter version roy05... it does give an early warning signal on the trix meter.

MA stictly not required but helpful as a security blanket. TRIX candles very visuallly appealing .



http://cdn.forexfactory.com/attachme...1&d=1257935201
Hi all,

Yep, I have a WHOLE stack of things on my chart that say the SAME thing...

Everything is Trix based, and whilst the arrows can act as an early warning system, I like the MA on the chart because the distance between it and the PA can give me an indication of how strong the PA is travelling... Can be handy if I have a late entry like the one pictured.

As for the rest, I like to have the Trix candles to show me if a candle is changing colour, and Roy's metre gives me a historical indication of whats going on.

Last night though, I tried to trade just based on the cross and close of the MA on the 60/15/5 charts, like the old days. Everything is in the same colour, so my little brain does not get befuddled in the 'heat of battle'.

Last night was the first time with trading with the checklist on the actual chart. It strange, because I have it printed out and stuck about 30 cms away from my screen, yet having it on the actual chart forced me to follow it last night. More than happy to share it.

I am slowly pairing back my charts though. At this stage, I have only got Trix indis on it, and could reduce them back further. As you say, its a 'security blanket'.

PPP
How do you make a small fortune in Forex? Start with a large one!
1 trader viewing now