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Jacko's Forex House of Pleasure and Pain

  • #9,901
  • Nov 23, 2009 3:30am Nov 23, 2009 3:30am
Quoting zoli
So I would like to just clarify the SL.

The initial SL is 100 pips now?

The TS is also 100 pips or it is 50 pips?
I think wayne uses 100sl. I am using 50p sl.
if by ts you mean tp? tp is not specified. I move my stop to be at 50+, then add extra lots at 100+ keeping my stop still at be.
Have a few trades a play around.
  • #9,902
  • Nov 23, 2009 3:32am Nov 23, 2009 3:32am
ok - what Wayne uses can vary between 100 pip hard stop and 50 pip hard stop according to how he feels the volatilty is. He is moving back to a 50 pip stop as he feels the situation is calming down - however that does not exclude he may decide to use a 100 pip stop for HIS next trade. He may even start using tsl's again - we need to wait and see.

However what YOU use should be determined by how you see the charts and level of support and resistance or whatever criteria you would normally use to decide where to place your stop.

Having said that remember to always adjust your risk management to account for the different size SL - I know it may sound obvious to many however a little reminder from time to time never hurts.

Cheers
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,903
  • Nov 23, 2009 3:51am Nov 23, 2009 3:51am
Quoting coscorp

Having said that remember to always adjust your risk management to account for the different size SL - I know it may sound obvious to many however a little reminder from time to time never hurts.

Cheers
Could not agree more. Before I take a trade I always look at where it could go - both where my profit could get and where my loss. After that I size the position accordingly. So if I have different pips for stop then my position size would be different all the time. I am surprised to hear that some traders do not adjust their position size to reflect the risk willing to be taken.

I am long EU since 4875 with 80 pips SL. With that I may get only small profit now but I think this is the fifth attempt to break 5000 properly. The first 2 meet heavy supply at 5050 and the previous 2 could not even progress beyond 5000. I will bet the price may break it now so I live my position with small profit and a lot of room. Who knows anyway?

This is fun since I posted that on the 4H this kind of looks like going down. After i changed my mind and considered it is still easier to this instrument to progress higher that to revers. This was not without your suggestion.
Kind Regards zol
  • #9,904
  • Nov 23, 2009 7:45am Nov 23, 2009 7:45am
Quoting Pipscalibur
I think wayne uses 100sl. I am using 50p sl.
if by ts you mean tp? tp is not specified. I move my stop to be at 50+, then add extra lots at 100+ keeping my stop still at be.
Have a few trades a play around.
Hi Pipscalibur,

Question please: In your trading if you do not specify a TP, and you move your SL to BE at 50+ and leave it there, how do you determine when to exit your trades? Apparently you don't use a Trailing Stop to make that decision for you?

Good trading!
  • #9,905
  • Nov 23, 2009 9:51am Nov 23, 2009 9:51am
nice trade bobcat,a trade i would have taken,i sat out my fault looking now running out of steam,will be watching p/a and be on the ride down
student
  • #9,906
  • Edited 3:31pm Nov 23, 2009 11:22am | Edited 3:31pm
yup my entry was a tad late...did go up to 1.5000 but tsl was larger...hoping it will go back up a little more before dropping...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,907
  • Nov 23, 2009 3:32pm Nov 23, 2009 3:32pm
so much for that - out at + 10 - I don't see this one going back up anytime soon.
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #9,908
  • Nov 24, 2009 2:04am Nov 24, 2009 2:04am
well ive taken 100 pips from the bounce down,now its hit w/piv and did not like it .so flat could go up again see what london wants,also news
student
  • #9,909
  • Nov 24, 2009 2:59am Nov 24, 2009 2:59am
hi before i read almost 700 pages of this thread, id like to know if ive enterd the right one, im new to trading and would like to learn trading naked (no indicators PA only)

would this be the right thread for that??


cheers
NOTHING VENTURED, NOTHING GAINED
  • #9,910
  • Nov 24, 2009 3:30am Nov 24, 2009 3:30am
Quoting Bobcat2
Hi Pipscalibur,

Question please: In your trading if you do not specify a TP, and you move your SL to BE at 50+ and leave it there, how do you determine when to exit your trades? Apparently you don't use a Trailing Stop to make that decision for you?

Good trading!
Apparently? If by my last post you mean... i most likely did not explain my self well. I have a habit of being short. I trail by 50pips, or move my stop as i go(depending on what im doing).
I then add extra lots on at 100pips. I said keeping my stop at break even however, by this i mean, for the new lots.
  • #9,911
  • Nov 24, 2009 5:42am Nov 24, 2009 5:42am
Hi All,

I am looking at this thing and I read out a missed long entry.

I read this:

 

  1. Major trend is still up
  2. 4900 round figure
  3. 50% retracement of previous up swing

With this we witness a new HL on 4H.

I feel good that I did not take this trade though, since similar conditions met on previous 4H swings and turned out that the market still went down. This whole area seems to be ambigous to me anyway. Chip-chop. Safer to wait till this unfolds itself.

Could anyone please confirm that the potential long opportunity was given as I read it out? Still learning the whole process of trading with this method and in general.

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Kind Regards zol
  • #9,912
  • Nov 24, 2009 11:07am Nov 24, 2009 11:07am
as the daily ranges for E/$ expands and contracts has anyone experimented with using some fraction of ATR of X number of days instead of round numbers of 100 or 50? which begs the question: what criteria is used to change between 50 & 100?
  • #9,913
  • Nov 24, 2009 11:13am Nov 24, 2009 11:13am
Quoting franco73
hi before i read almost 700 pages of this thread, id like to know if ive enterd the right one, im new to trading and would like to learn trading naked (no indicators PA only)

would this be the right thread for that??


cheers
hi Franco, i think youve found not only the thread for this type of trading but one of the best you will find on the net!! honest!!
you might like to read the J16 thread also as it is a similar method using similar tools....and no indicators!!
good luck with your endeavors
jon
PATIENCE... DISCIPLINE
  • #9,914
  • Nov 24, 2009 11:19am Nov 24, 2009 11:19am
Hi Jacko,

I am only interested in emulating your trading success...I have no desire to be innovative...I just want to make profits!

To that end I am still mystified regarding the current state of trading as it applies to the SL and Trailing Stop. Originally we had a hard stop = 50, and trailing stop = 50. Yes? Then, with the advent of the Great Economic Meltdown, the SL was increased to 100. Was the trailing stop at that point then discarded in favor of using a discretionary/prudent/subtle decision to follow price movement and manually move the SL as conditions dictated?

You have mentioned in earlier posts that you have reduced the SL as conditions have somewhat stabilized. I confess I do not know what the reduced SL range might be. Are we looking at a hard stop of perhaps 75 pips, no take profit, and no trail stop? We simply move the SL with price movement while keeping an adequate amount of breathing room? If this is correct, then probably no 2 traders will trade this strategy in the same way. You may get stopped out at a different point than I do. If that were true, using the anti-hedge would be based on different criteria for virtually every single trade.

Please forgive me if you have already clarified my interrogatory in earlier posts. I am simply an impoverished trader seeking some light!

Many thanks!
  • #9,915
  • Nov 24, 2009 12:06pm Nov 24, 2009 12:06pm
Quoting lmturek11
as the daily ranges for E/$ expands and contracts has anyone experimented with using some fraction of ATR of X number of days instead of round numbers of 100 or 50? which begs the question: what criteria is used to change between 50 & 100?
whats helping me is just trading the range everything out the window but p/a and s/r levels,the euro will not play ball and will not go down to true support and move your stop,can catch a few fish and not take a loss,all about trading what the market gives you.not easy but simple
student
  • #9,916
  • Nov 24, 2009 12:45pm Nov 24, 2009 12:45pm
Quoting garrye
well ive taken 100 pips from the bounce down,now its hit w/piv and did not like it .so flat could go up again see what london wants,also news
60 more pips in the pip tin,see u tomorrow
student
  • #9,917
  • Nov 25, 2009 4:11am Nov 25, 2009 4:11am
well that move was,nt expected closed 130 not being greedy .flat now
student
  • #9,918
  • Nov 25, 2009 4:22am Nov 25, 2009 4:22am
Quoting garrye
well that move was,nt expected closed 130 not being greedy .flat now
Hi Garrye,

What move was not expected?

Regards,

Dan
  • #9,919
  • Nov 25, 2009 5:52am Nov 25, 2009 5:52am
hi dan ,ive been expecting a pull back 14850 and did not think we would make a new high today .euro was looking out of steam imho.glad i banked god knows what will happen later when the news comes out.whats ur view
student
  • #9,920
  • Nov 25, 2009 7:22am Nov 25, 2009 7:22am
Quoting garrye
hi dan ,ive been expecting a pull back 14850 and did not think we would make a new high today .euro was looking out of steam imho.glad i banked god knows what will happen later when the news comes out.whats ur view
Hi Garrye,

I have a long open from 1.4850 which is looking good now so I am hoping to see higher highs!

Regards,

Dan
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