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  • #2,941
  • Feb 3, 2010 10:06am Feb 3, 2010 10:06am
Quoting NightMoves
Yes becareful about that over exposure with multiple trades, that can get you in a bad situation. I use the core equity method to keep me from doing that.

--NM
Thanks, I have the core equity method but have been focusing so on getting the entries right, the exits projected that I am just sticking to portion of the overall strategy.

Over exposure can be deadly, so can being in too many trades that you are unable to manage them.

All in due time, for now, 1 trade per currency, small % of account and getting the strategy right...
  • #2,942
  • Feb 3, 2010 10:12am Feb 3, 2010 10:12am
Quoting Pipalicious
Hi guys n gals,

Just wondering about your thoughts on the e/u trade (4h/1h)...

IMHO i see it as a intraweek swing, so my thought process is to set TP1 around the low of the previous swing low (1,3866 ish) and the flag pole taking 80% of the move and setting TP2 around 1,3742 ish...

Ive seen how you guys are setting TP1 around 1,3900 and TP2 around 1,38660.

May i ask your guys thoughts on this please?

Cheers,

Pip
My first TP was around the ADR, my second TP has not been decided yet, I am just going to let it run and follow it with my stop, however using price pattern projections is another good way of setting your targets, they are theoretical but they seem to work most of the time unless you getting near major S/R levels.

Which on the weekly chart the first S/R level of major concern is around the 3883 level and the second is around the 3728 level, however each RN can act the same way as a major S/R level. I will need to watch what happens when we get that far.

--NM
  • #2,943
  • Feb 3, 2010 10:15am Feb 3, 2010 10:15am
Quoting Pipalicious
Hi guys n gals,

Just wondering about your thoughts on the e/u trade (4h/1h)...

IMHO i see it as a intraweek swing, so my thought process is to set TP1 around the low of the previous swing low (1,3866 ish) and the flag pole taking 80% of the move and setting TP2 around 1,3742 ish...

Ive seen how you guys are setting TP1 around 1,3900 and TP2 around 1,38660.

May i ask your guys thoughts on this please?

Cheers,

Pip
Absolutely, you are right. TP1 as per hector method is 1.3866 area. I know. But, round number can be a bitch. I am already up by 1 vs 1.4 by the time price action gets to 1.3910(which is a respectable RN= 1.3900). Besides, ADR was around that area too. I forgot to add. I know ADR is to be ignored on H4/HI...but... I just want to be conservative. Yesterday, my EUR/NZD short went by +85 pips in my direction, but i only made +5pips out of it. I gave it all up all that +85 pips because i didnt fully respect the RN at 1.9500. I could have closed out some of that pips there and bank some profit. That wasnt fun at all. cHECK THE LINK:
http://www.forexfactory.com/showpost...postcount=2899

Similar things happened to me with USDJPY:

http://www.forexfactory.com/showthre...py#post3399008

Hey, if i am already made 1 vs 1 in a trade...and we are in a vicinity of a round number, i wont mind closing out some of my positions.
  • #2,944
  • Feb 3, 2010 10:21am Feb 3, 2010 10:21am
I am thinking because we were so close to the ADR by the tme the entry signal came into play that the second half of the trade may not make it to fruition, but I guess thats what happens when the retracement trend line is so far away from the action at the time this EU pair made the turn back to the downside in direction of the main trend however we did score pips and the SL in place was never even tested. So it is a successful trade by all accounts no matter what it does now...

--NM
  • #2,945
  • Feb 3, 2010 10:26am Feb 3, 2010 10:26am
Quoting NightMoves
I am thinking because we were so close to the ADR by the tme the entry signal came into play that the second half of the trade may not make it to fruition, but I guess thats what happens when the retracement trend line is so far away from the action at the time this EU pair made the turn back to the downside in direction of the main trend however we did score pips and the SL in place was never even tested. So it is a successful trade by all accounts no matter what it does now...

--NM
NM - you have been trading this method for 2 years. May I draw on your experience here - question: is it not better to score 50 - 100 on intraday level than to run the risk of huge retracement overnite and a bumm trade? being conservative...

Please can you share some insight / wisdom - much appreciated
  • #2,946
  • Feb 3, 2010 10:26am Feb 3, 2010 10:26am
Thanks for the replies guys...

I guess its a question of experience.

Im new to hectors methods so im sticking to the rules.

However, i totally see the logic behind the round numbers, especially on the e/u trade since like you guys say its over 1:1 RR.

Before this method ive been using jackos and i guess the "set and forget" mentality is still there with regards to trading the longer term trend such as daily and 4h...

i´ll keep ploding along thanks again guys.

pip
  • #2,947
  • Feb 3, 2010 10:32am Feb 3, 2010 10:32am
Quoting Paulette
NM - you have been trading this method for 2 years. May I draw on your experience here - question: is it not better to score 50 - 100 on intraday level than to run the risk of huge retracement overnite and a bumm trade? being conservative...

Please can you share some insight / wisdom - much appreciated
Yes it is, if you are using pattern projections as targets, then there are times when the trade may run a few days, if you are intraday trading then the 50 - 100 pip range is the safer trade. I use the ADR a lot when I am intraday trading, and if you are trading longer than that then the ADR is not really an issue, then it becomes more S/R levels as targets...make sense?

--NM
  • #2,948
  • Feb 3, 2010 10:36am Feb 3, 2010 10:36am
Quoting NightMoves
I am thinking because we were so close to the ADR by the tme the entry signal came into play that the second half of the trade may not make it to fruition, but I guess thats what happens when the retracement trend line is so far away from the action at the time this EU pair made the turn back to the downside in direction of the main trend however we did score pips and the SL in place was never even tested. So it is a successful trade by all accounts no matter what it does now...

--NM
MY ADR = 104 = 1.3920 = the ABSOLUTE LIMIT of my ADR. So, yeah, it was around my exit point of 1.3910. However, hector himself says to ignore ADR with H4/H1. I guess i play a conservative version of hector's system.

ADR, RN, retracement low/high close. These are the main stoppers. (yeah, so are gaps, s/r levels on higher time frame too. ).
  • #2,949
  • Feb 3, 2010 10:39am Feb 3, 2010 10:39am
Quoting NightMoves
Yes it is, if you are using pattern projections as targets, then there are times when the trade may run a few days, if you are intraday trading then the 50 - 100 pip range is the safer trade. I use the ADR a lot when I am intraday trading, and if you are trading longer than that then the ADR is not really an issue, then it becomes more S/R levels as targets...make sense?

--NM
That is chapter 4 of hector old course.
  • #2,950
  • Feb 3, 2010 10:42am Feb 3, 2010 10:42am
Quoting NightMoves
Yes it is, if you are using pattern projections as targets, then there are times when the trade may run a few days, if you are intraday trading then the 50 - 100 pip range is the safer trade. I use the ADR a lot when I am intraday trading, and if you are trading longer than that then the ADR is not really an issue, then it becomes more S/R levels as targets...make sense?

--NM
Thanks. Yes it does, suppose I best find my feet on intraday first with this method and gradually build my experience and trust to let the trade run for a few days.

This specific EU trade, according to HT method, I projected the #pips in previous swing onto this swing, so will be interested to see in a few days how the swing develops. S/R levels are marked and working with 80% of previous.
  • #2,951
  • Feb 3, 2010 10:49am Feb 3, 2010 10:49am
Quoting EntropyLad
MY ADR = 104 = 1.3920 = the ABSOLUTE LIMIT of my ADR. So, yeah, it was around my exit point of 1.3910. However, hector himself says to ignore ADR with H4/H1. I guess i play a conservative version of hector's system.

ADR, RN, retracement low/high close. These are the main stoppers. (yeah, so are gaps, s/r levels on higher time frame too. ).
The one thing I do not do when entering a trade is ignore where the ADR is at whether a 1 hour or 4 hour TF, the reason is because of the draw downs if you enter to close against the ADR, I will wait for the next available good entry point when there is more room on the ADR.

If we are trading in the correct direction of the trend say a down trend and we have moved 120 pips in a retracement and the ADR says 120 pips/day, then I will enter in the direction of the trend upon an entry signal because now I have 120 pips worth of room to move...but if we are already at the low end of the impulse and the ADR level, then I will wait for the next entry when I have room. That alone has saved me from entering trades that would have created some pretty big draw downs, even though it was obvious which way the PA was headed over the longer term.

--NM
  • #2,952
  • Feb 3, 2010 10:51am Feb 3, 2010 10:51am
Quoting EntropyLad
AUD/CAD short triggered. 0.9370. Selling 1/2 at 0.9355. but not moving SL to BE. i will leave SL where it is(there is a potential bounce off 0.9350 area...i want to see if it breaks. the rest of the lot at 0.9310.
The first PT of 1.9355 reached. I dont like the RN at 1.9350, CLOSED out 1/2 in that trade. Let see what the rest will bring.

NIGHTMOVES, I am curious, what is your spread on AUD/CAD....mine is 2.1. I am wondering, given that your spread is 7 on GBP/CAD..what is it on AUD/CAD, if you dont mind.
  • #2,953
  • Feb 3, 2010 10:56am Feb 3, 2010 10:56am
Quoting EntropyLad
The first PT of 1.9355 reached. I dont like the RN at 1.9350, CLOSED out 1/2 in that trade. Let see what the rest will bring.

NIGHTMOVES, I am curious, what is your spread on AUD/CAD....mine is 2.1. I am wondering, given that your spread is 7 on GBP/CAD..what is it on AUD/CAD, if you dont mind.
Mine is 5.6 it is bouncing from 5.1 to around 5.6 or so..

--NM
  • #2,954
  • Feb 3, 2010 11:03am Feb 3, 2010 11:03am
Quoting Paulette
Thanks. Yes it does, suppose I best find my feet on intraday first with this method and gradually build my experience and trust to let the trade run for a few days.

This specific EU trade, according to HT method, I projected the #pips in previous swing onto this swing, so will be interested to see in a few days how the swing develops. S/R levels are marked and working with 80% of previous.
Yeh those S/R levels have me a little concerned as to how long I will let this trade go, so I will need to monitor it a little closer once we get to those levels. The pair that is the easiest to trade when it is trending the the E/G pair, it does not move much in a day but it puts out some of the best looking tame trends I have ever seen when it gets into its trending mood.

--NM
  • #2,955
  • Feb 3, 2010 11:08am Feb 3, 2010 11:08am
Quoting Paulette
Thanks. Yes it does, suppose I best find my feet on intraday first with this method and gradually build my experience and trust to let the trade run for a few days.

This specific EU trade, according to HT method, I projected the #pips in previous swing onto this swing, so will be interested to see in a few days how the swing develops. S/R levels are marked and working with 80% of previous.
Here is an example of the E/G pair, I stayed in this trend for 4 days, it does not move a lot but it is consistent.

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP 1hr.png Size: 37 KB
  • #2,956
  • Feb 3, 2010 11:08am Feb 3, 2010 11:08am
Quoting NightMoves
Yeh those S/R levels have me a little concerned as to how long I will let this trade go, so I will need to monitor it a little closer once we get to those levels. The pair that is the easiest to trade when it is trending the the E/G pair, it does not move much in a day but it puts out some of the best looking tame trends I have ever seen when it gets into its trending mood.

--NM
Yes, E/G is fine looking damsel that when in a good mood gives you a very good ride. *wink* lol. She may not be as bouncy as the JPY asian delicacies, or leggy tall as the GBPs with their long ADR, but damn, E/G is a solid petite ADR with a smooth, TIGHT, very tight, spread(if you get my drift). *wink*.

I guess Nightmoves likes them petite and tight, hence his love for the EUR/GBP.

One more thing on EUR/USD, tomorrow is a major day news-wise for the EUROPEANS nations. EUR is announcing rates and GBP is announcing rates. As per hector rule: dont trade a currency the day it is suppose to announce rate decision. Another reason to use aggressive intra trade money management on all EUR or GBP trades.

http://www.forexfactory.com/calendar...y=2010-2-4&c=2
  • #2,957
  • Feb 3, 2010 11:17am Feb 3, 2010 11:17am
Quoting EntropyLad
Yes, E/G is fine looking damsel that when in a good mood gives you a very good ride. *wink* lol. She may not be as bouncy as the JPY asian delicacies, or leggy tall as the GBPs with their long ADR, but damn, E/G is a solid petite ADR with a smooth, TIGHT, very tight, spread(if you get my drift). *wink*

One more thing on EUR/USD, tomorrow is a major day news-wise for the EUROPEANS nations. EUR is announcing rates and GBP is announcing rates. As per hector rule: dont trade a currency the day it is suppose to announce rate decision.

http://www.forexfactory.com/calendar...y=2010-2-4&c=2...

...I must agree with you, no trading on interest rate days at least not for a while, I will trade them if PA says go ahead and do it, but I need to look at the PA to determine if and when it safe to get in.

I have the Economic calendar automatically download into my trading journal so I can see the whole week right in there, I made that the first worksheet so I cannot miss it!! I have it updating every 30 minutes and I can manually refresh it if I need or want too and the up next I have formatted to high lite in red so it draws your attention when you glance at it.

--NM

--NM
  • #2,958
  • Feb 3, 2010 11:20am Feb 3, 2010 11:20am
Quoting NightMoves
...I must agree with you, no trading on interest rate days at least not for a while, I will trade them if PA says go ahead and do it, but I need to look at the PA to determine if and when it safe to get in.

I have the Economic calendar automatically download into my trading journal so I can see the whole week right in there, I made that the first worksheet so I cannot miss it!! I have it updating every 30 minutes and I can manually refresh it if I need or want too and the up next I have formatted to high lite in red so it draws your attention...
Here is what the calendar looks like in my journal, the red really stands out so you can really see what is up next and do not get caught off guard...

--NM
Attached Image (click to enlarge)
Click to Enlarge Name: Weekly calendar.png Size: 26 KB
  • #2,959
  • Feb 3, 2010 11:24am Feb 3, 2010 11:24am
Quoting NightMoves
...I must agree with you, no trading on interest rate days at least not for a while, I will trade them if PA says go ahead and do it, but I need to look at the PA to determine if and when it safe to get in.

I have the Economic calendar automatically download into my trading journal so I can see the whole week right in there, I made that the first worksheet so I cannot miss it!! I have it updating every 30 minutes and I can manually refresh it if I need or want too and the up next I have formatted to high lite in red so it draws your attention...
Nice. Good move.

Funny, before i came here...i used to interact with a group of "traders" who are disdainful, scornful of keeping a trading journal. They also believe in risking 200 pips, 1000pips, 500 pips to make 20 pips. That if you risk a very low, low amount per trade and never worry about it, the losing trade will eventually come back.

That never makes a shred of sense to me. Let just say, l am no longer with them anymore.
  • #2,960
  • Feb 3, 2010 11:28am Feb 3, 2010 11:28am
Quoting NightMoves
Here is what the calendar looks like in my journal, the red really stands out so you can really see what is up next and do not get caught off guard...

--NM
I first saw it here, nightmoves

http://www.forexfactory.com/showpost...postcount=2797

I like the idea. It got my attention immediately.
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