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  • #741
  • Jan 11, 2010 2:11am Jan 11, 2010 2:11am
i just loss 50 pips in GBPJPY
WHAT'S WRONG???
ALL REQUIREMENT IS FULFILL.
Does anybody can rectify my error ?
the signal was just below the weekly pivot!!!
Please help me.
Attached Image (click to enlarge)
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  • #742
  • Jan 11, 2010 3:20am Jan 11, 2010 3:20am
Quoting weisiong00
i just loss 50 pips in GBPJPY
WHAT'S WRONG???
ALL REQUIREMENT IS FULFILL.
Does anybody can rectify my error ?
the signal was just below the weekly pivot!!!
Please help me.
Weisong, I admire your persistance in trying to learn to be a trader, but remember....indicators are there to tell you what price has done in the past....if there was a system that as so simple....red light sell, green light buy....then everyone would just buy that system....and trade it and make millions of dollars.

Here is my advice......get rid of as many indicators as you can from your chart. You have moving averages, moving averages with applied price, trix 5, 30, 15, 60, 240, and a few other indicators. Look at Gleneagles charts.....does he have all those indicators?

You went short and lost. This is no surprize to me. If you take a naked daily chart (not 5 minute), and take all the indictors off it the chat....you will see that GBPJPY has been trending up since Nov 27
This is the first bit of information I would look at, and because of that I would not take any short trades on the GBPJPY I would only take long trades, until the trend clearly changes. Yes there have been some days since Nov 27 where the GBPJPY has had down days and you would have made some pips using MTF TRIX
...but if you are not successful....then trade with the trend.....use MTF TRIX....and trade in the direction of the trend. If there are no long trades, and the currency is having a few down days....then don't trade.

Trading is a game where you will have some wins, and some losses, the goal is to have more winners than losers. I would suggest that if you want to learn to trade MTF TRIX then use the system for entries, but you first decide on the general trend based on the higher time frames.

Here is a chart of the GBPJPY daily.
You went short. If a currency is generally trending up....it will have more up days than down.

Best of luck
Attached Image
  • #743
  • Edited 3:43am Jan 11, 2010 3:26am | Edited 3:43am
Quoting weisiong00
i just loss 50 pips in GBPJPY
WHAT'S WRONG???
ALL REQUIREMENT IS FULFILL.
Does anybody can rectify my error ?
the signal was just below the weekly pivot!!!
Please help me.
Firstly, remember, nothing works 100% of the time.

Secondly, 50 pips is too much for the SL. Check the manual. I think you will find that 35 is recommended. It looks pretty obvious that this was a move against your position, far earlier on than 50 pips.

Thirdly, your timezones are incorrect. I have the long bear bar as being the first bar of the UK time zone. I am not sure which timing indi you are using to draw boxes on your chart, but it needs to be shifted to the right 2 hours. If you are using the Tokyo indi, set it from 5 to 7, and then the end of it should line up with the start of the other box you have on your chart (when it is moved over two hours)...

Fourthly, I hope you are still playing with demo money.

When you change the timezones, you will get a totally different view on this. Move the UK box to the right 2 hours, use the Tokyo indi and set it to 5 and 7. Then have another look at the setup.

When London takes over, everything changes. You may have been able to satisfy all the criteria during Asia, but all the rules are reset in the UK session. When you change your times, you will see what I mean.

Finally, you shouldn't need a stop loss to get you out of a trade, if you can see that the market has moved against you as it did.

Please post a screenshot when you have changed your timing indis so I can be sure you have them right. When you get the timing right, a lot will fall into place for you.

PPP
How do you make a small fortune in Forex? Start with a large one!
  • #744
  • Jan 11, 2010 4:38am Jan 11, 2010 4:38am
I missed that part about when Daily chart shows uptrend, it's advisable to always go long. I entered short on USDJPY earlier and lossed 35 pips. I didn't realize that in the Daily chart, USDJPY is trending up. I shouldn't even enter any short position in this case. Maybe I should continue on Demo account until I really know how to trade well. I stick to the plan though.
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  • #745
  • Edited 6:43am Jan 11, 2010 6:23am | Edited 6:43am
Quoting weisiong00
i just loss 50 pips in GBPJPY
WHAT'S WRONG???
ALL REQUIREMENT IS FULFILL.
Does anybody can rectify my error ?
the signal was just below the weekly pivot!!!
Please help me.
This pair had been what I call ranging until about an hour after you entered your trade. That is when it decided its direction.
When you opened the trade, it was also at or near the bottom of its range.

I have added a link to a indicator that may help you to identify the tops & bottoms of the waves.

http://www.forexfactory.com/showpost...stcount=175863

Also, this pair has a nick name of "The BEAST" for a reson.


Don't give up on this system, it is a powerful one. You just need to tweak it for your liking.
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I trade what I see on my charts. Do Not listen to the Muppets.
  • #746
  • Jan 11, 2010 4:51pm Jan 11, 2010 4:51pm
@ Weisiong

Here is a look at the trade from last night. Most of the elements of the checklist have been noted on the chart for you to see.

As mentioned, moving your timing indis is vital.

If your timing is off, nothing will make sense.

PPP

PS Personally, I didn't get to trade yesterday... Took the kids to the pool instead. (I bet that has all you folks dealing with a bitterly cold European winter shivering at the thought! )
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How do you make a small fortune in Forex? Start with a large one!
  • #747
  • Jan 11, 2010 4:59pm Jan 11, 2010 4:59pm
Quoting ForexHunter
I missed that part about when Daily chart shows uptrend, it's advisable to always go long. I entered short on USDJPY earlier and lossed 35 pips. I didn't realize that in the Daily chart, USDJPY is trending up. I shouldn't even enter any short position in this case. Maybe I should continue on Demo account until I really know how to trade well. I stick to the plan though.
Until you know this like the back of your hand, I would suggest you continue with demo money first.

Fortunately, this wont take long, if you focus and just learn. That focus of attention will be dissapated if you start trying this new indi or that new indi. If you buckle down, you will know it back to front in a week.

For the record, it was PGBP who mentioned the daily chart. With that in mind though, remember we are also trading trends inside of trends inside of trends. We can be long in a 30/5, short in a 60/15/5 and long in a 240/15/5 etc...

Volumes are returning to the market, which means moves can have more strength, and go further than they have. It was interesting to note over the break though, that the PA would sometimes just sail through the pivots/000 lines effortlessly, presumably because there were not enough traders to contest them?

PPP
How do you make a small fortune in Forex? Start with a large one!
  • #748
  • Jan 11, 2010 7:16pm Jan 11, 2010 7:16pm
according to the manual v 1.4, stop loss for GBPJPY is 45-50 pips!!
Am i doing in the right way?
so, i still can trade jpy crosses within the first gray box (5 gmt-7gmt) right?
i don't understand why you stated enter long after PA 5 pips away from pivot?
there is no pivot in front of the entry right , it just cross "00" level,the entry is 149.03 according to my chart.

Thanks to all you guys for the advise i will try my best,i am still trying in demo account!!
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  • #749
  • Jan 11, 2010 8:20pm Jan 11, 2010 8:20pm
I am not confortable with 30-5 or 240-15-5 strategy. So far I am making more hits on 60-15-5. Even I use 240-60-15-5 with SL: 80 pips. However, other rules like following the Daily Chart trend is giving less entrances. I like using the rules like entering 5 pips after breaking the Pivot levels or yesterday's high/low. After looking at your chart, it gives me a clearer idea.

Look at USDCHF, I entered during Asian session. I entered long and gave me 20+30+35 pips = 85 pips with SL: 35 pips.
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  • #750
  • Jan 11, 2010 10:48pm Jan 11, 2010 10:48pm
Quoting weisiong00
according to the manual v 1.4, stop loss for GBPJPY is 45-50 pips!!
Am i doing in the right way?
so, i still can trade jpy crosses within the first gray box (5 gmt-7gmt) right?
i don't understand why you stated enter long after PA 5 pips away from pivot?
there is no pivot in front of the entry right , it just cross "00" level,the entry is 149.03 according to my chart.

Thanks to all you guys for the advise i will try my best,i am still trying in demo account!!
Your timing looks right now...

Yes, you can still trade Yen crosses during all of Asia, but I do not do this. I cannot offer you any advice on these, sorry. I have the Asia box on there to see if there is a breakout either way during the UK session.

Yes, you are correct. The SL in the manual is 45-50 pips. I seldom trade it because of the spread from my broker.

And yes, I wrote 'Pivot' instead of '000 Line'.

PPP
How do you make a small fortune in Forex? Start with a large one!
  • #751
  • Jan 12, 2010 7:23am Jan 12, 2010 7:23am
You are using the default settings of ma of rsx 2?

thanks

Brian

Quoting Vanhook2
This pair had been what I call ranging until about an hour after you entered your trade. That is when it decided its direction.
When you opened the trade, it was also at or near the bottom of its range.

I have added a link to a indicator that may help you to identify the tops & bottoms of the waves.

http://www.forexfactory.com/showpost...stcount=175863

Also, this pair has a nick name of "The BEAST" for a reson.


Don't give up on this system, it is a powerful one. You just need to tweak it for your liking.
  • #752
  • Jan 12, 2010 7:42am Jan 12, 2010 7:42am
Its all well and good, but we can all go over someone else's charts and say if something is not this or not that then don't go in. Pretty soon you won't go in on any trades at all! This system was designed for simplicity. Thats how gleneagles always traded it, very little on the chart. If you look at the daily before you enter into a trade, why not look at the weekly or the monthly? The whole point of trading the 240/15/5 was to take the trend of the 4hr and refine the entry on the 5min, likewise the 60/15/5 was to take the trend of the hourly and refine it on the 5min. There will of course be losers, if the market isn't trending then you will for sure get losers, but adding this indicator and that indicator will not help in the long run. pgpb said it well, don't keep adding more and more indicators, look yourself to see if the market suits what you are trying to do and accept losing trades.
  • #753
  • Jan 12, 2010 7:55am Jan 12, 2010 7:55am
Actually, to make it easy, will you post your latest
template? Then I can see the exact settings you
are using and compare.

thanks!

Brian

Quoting Vanhook2
This pair had been what I call ranging until about an hour after you entered your trade. That is when it decided its direction.
When you opened the trade, it was also at or near the bottom of its range.

I have added a link to a indicator that may help you to identify the tops & bottoms of the waves.

http://www.forexfactory.com/showpost...stcount=175863

Also, this pair has a nick name of "The BEAST" for a reson.


Don't give up on this system, it is a powerful one. You just need to tweak it for your liking.
  • #754
  • Jan 12, 2010 8:51am Jan 12, 2010 8:51am
Quoting golden1
You are using the default settings of ma of rsx 2?

thanks

Brian
Len = 14

Smooth = 2
I trade what I see on my charts. Do Not listen to the Muppets.
  • #755
  • Jan 12, 2010 8:59am Jan 12, 2010 8:59am
Appreciated

Brian

Quoting Vanhook2
Len = 14

Smooth = 2
  • #756
  • Jan 13, 2010 1:29am Jan 13, 2010 1:29am
Hi,

Does anyone know whether or not it's necessary to reset the AutoPivot indicator each day? I notice that when I do, the pivot locations are changed.

Thanks for the wealth of information by the way.
  • #757
  • Edited Jan 15, 2010 1:22am Jan 14, 2010 8:16am | Edited Jan 15, 2010 1:22am
Hi b-rock..you're right, the AutoPivot does seem to need to be 'reset' every day. I do this by changing timeframes on each chart - does anyone know of a better/quicker or even 'automatic' way of doing this?

Have not been able to trade much this week...but 1 losing trade so far...chart attached. Just one of those things or did I mess up?

Lets hope we get back to normal re followers posting on this thread..especially the more experienced traders. C'mon guys (and gals)!!

Freddi


EDIT: Chart attached in Post 761 (thanks PPP)
Quoting b-rock
Hi,

Does anyone know whether or not it's necessary to reset the AutoPivot indicator each day? I notice that when I do, the pivot locations are changed.

Thanks for the wealth of information by the way.
  • #758
  • Jan 14, 2010 3:51pm Jan 14, 2010 3:51pm
Quoting freddi
Hi b-rock..you're right, the AutoPivot does seem to need to be 'reset' every day. I do this by changing timeframes on each chart - does anyone know of a better/quicker or even 'automatic' way of doing this?

Have not been able to trade much this week...but 1 losing trade so far...chart attached. Just one of those things or did I mess up?

Lets hope we get back to normal re followers posting on this thread..especially the more experienced traders. C'mon guys (and gals)!!

Freddi
Personally, I haven't posted any trades because I haven't been able to take any... During the times I trade, of the four nights this week thus far, I have been able to be in front of the computer for the two nights when there were no valid setups, and conversely was unable able to be in front of it for the two nights when valid setups did present themselves. Murphies!

In terms of Auto Pivot, I guess I am pretty much constantly changing TF's, and thus thereby resetting it.

Freddi, you may have forgotten to attach a chart? Be more than happy to offer some input if I can.

This has not been a week like those in September/October/November last year, that has been certain. There seemed to be Trix setups everywhere you looked back then. There have been better runs during the US session than the UK.

I guess all we can do is wait for the rest of the planet to get their groove back on... Patience seems to be the order of the day at the moment...

PPP
How do you make a small fortune in Forex? Start with a large one!
  • #759
  • Jan 14, 2010 5:46pm Jan 14, 2010 5:46pm
I followed the advise of using 80 pips for 240-15-5 strategy, but my stop loss was triggered prematurely and the market bounced back up again. Is stop loss necessary? I think it's better to have like 100 pips or more as a stop loss to give more room for the market to move. But what is the ideal stop loss? 100, 150, 200, 250, 300, 350 pips? Last time I made an EA with stop loss of 350 pips for GBP related currencies, and everyday the EA made money but only a few times the stop loss was triggered and all those making money days are wiped out (the EA needs to make money 10 times to cover the stop loss). I know that the ideal is 1:1, but sometimes the stop loss it too premature. What happen if there's no stop loss? Just use the margin call as the stop loss?
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  • #760
  • Edited Jan 15, 2010 3:45am Jan 14, 2010 7:17pm | Edited Jan 15, 2010 3:45am
I have a good break from trading and an opportunity to keep up with new stuff and/or old stuff re-invented.

I have read all the posts while I have been away.

I agree with LUCKYLADY and pgpb regards each day preparation time to draw trendline on the higher TF's.

Trendlines are great S&R areas. Draw TL's on H1 starts each day for 60-15-5 strategy etc. and wait on M5 to see when price breaks.Trade with the H1 trend on M5.

As part of my new reading for forex over the break:
The trix indicator is such a great indicator in more ways than one. MOmemtum for one, trend etc.Swingman's trix indicator version with the horizonal lines is so good. ( More on this in another post)

Here is one new thing among many I will be sharing.

For those that work and cannot download the mt4 on your work computer and many other similar scenarios.

There is a small free plug-in to install on your main PC (home) ,leave the PC on when you go to work. You can remotely access your home PC and all programs and files from your work PC with the account name and password you set up at: www.logmein.com and trade from work.

Stop loss values have been suggested for the 6 pairs in the manual. GBPJPY is higher. I find myself using slightly higher values for trailing too!

Has anyone heard the 3 day stop loss. Seems a very professional group has their own priority indicator. Still have to google to see if I can find it.
It looks like the ATR trailing stop. I need to do more research to find one for FREE.

I find MTF becoming more used among traders along with S&R and momentum as filters as well as NEWS TIMES to avoid, best time to trade, 00 numbers . To make our system more complete, I found Swingman's TREND STRENGTH column ( in the dashboard) very much in fashion and professional traders incorporating this to make informed decisions in their strategy they use. Some commercial buy sells this for $500+ just for the meter.

Knowing which currency pair to trade for the session eliminates NO SET UP days. To find the strongest currecy pair to trade is just magic with the COMBITREND of the dashboard. I pick the two highest on the list and look at those only to trade for that session.

Yesterday AUDJPY was the strongest in UK session and GBPUSD was way down the list.When I looked at the daily chart for cable it was consolidating at the 100% fibo expansion level...so the lower TF's were seen as non-trending. The dashboard kept be from trying to trade cable yesterday (UK session) and I traded some other strong trending curreny pair. I traded AUDJPY and not eurjpy as my yen pair and gbpusd was very choppy, lots of good trending set-ups.

I have said alot and hope this throws more light to other traders.

Happy trading!
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