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  • #21
  • Feb 12, 2010 5:25am Feb 12, 2010 5:25am
Hi guys

I have been reading what both of u wrote on cable... but there is too busy and definitely too many people writing, so i though it wasn't too good to write there.

I read the last post that u wrote about money management.. i am new on trade and still.. "learning the hard way".

I would like to ask an opinion. As i saw before, u had 2 long positions before. Well, when the PA reached your target u closed the "first position" (the more distant from the target), and left the other run. I have been thinking a lot about this, but still can't figure out, in case, which position i should let run and which to close. mind giving me any advise??

thank u

Dario
I don't want a job, i want money!
  • #22
  • Feb 12, 2010 5:39am Feb 12, 2010 5:39am
Hi Ctic, albchr.... I'm new here....start to learn forex since last year..but not yet found suitable method....sometimes i made profit...but belief me...i've loose it double the next day...so hopefully, by following this thread, i'll learn something that help me to gain profit in forex.....Thanks for the helpful thread
  • #23
  • Feb 12, 2010 5:48am Feb 12, 2010 5:48am
Quoting dario1002
Hi guys

I have been reading what both of u wrote on cable... but there is too busy and definitely too many people writing, so i though it wasn't too good to write there.

I read the last post that u wrote about money management.. i am new on trade and still.. "learning the hard way".

I would like to ask an opinion. As i saw before, u had 2 long positions before. Well, when the PA reached your target u closed the "first position" (the more distant from the target), and left the other run. I have been thinking a lot about this, but still...
Honestly it doesn't matter which position you close because it will add it back into the margin %. I personally like to see the larger gains in the reports thus close the further trade. But here is a small example

Lets assume you have an account balance of $1000 and for each .1 contracts in G/U is $100 in used margin thus putting in trades have the effect:

Trade 1
Trade Price Contract Size Used margin Usable Margin Margin %
Long G/U 5600 .1 contracts $100 900 90

Price Falls to 5500 loss to balance is -$100
900-200-100 loss
Long GU 5500 .1 contracts $200 700 70%

Lets say price goes to 5650 you are positive in both

Used margin is Still $200 Margin % goes up since you are postive. If you close a trade it wont matter which trade you close because used margin goes back to $100.

It is the margin % you have to watch out for. Most traders like 2-5%. I use that but I will go higher on a very high probability trade.

Starting out, I would recommend a lower margin % so that you won't blow out the account on a single trade.

I hope this helps.

C.
  • #24
  • Feb 12, 2010 5:51am Feb 12, 2010 5:51am
Quoting mcnonz
Hi Ctic, albchr.... I'm new here....start to learn forex since last year..but not yet found suitable method....sometimes i made profit...but belief me...i've loose it double the next day...so hopefully, by following this thread, i'll learn something that help me to gain profit in forex.....Thanks for the helpful thread
MC,

Remember, I know what I use works but you have to learn the method (or your method) for yourself and get comfortable with it. Remember follow the proper money management techniques and most methods will work. I haven't gotten into everything in this thread yet since I just started it today but feel free to always ask me questions, either in here or through PM.

C.
  • #25
  • Feb 12, 2010 6:13am Feb 12, 2010 6:13am
Thank u... i will start to look at it in the way u told me

now.. i would like to ask u another question... if i may...

When and how (and if?) u decide to move SL to break even? for example... like u did i went long at 5600... so after i gained 10 pips i closed half position and moved SL to break even. i know that this is a "safer way", but the point is... doing like that most of the times, even if i am right... the PA hit my SL and then goes in the "right" direction for me.
On the other side.. if i just never go "green", the PA hit my SL "entirely", so the odds are all against me. Do u have any method for moving and setting your SL ?
I don't want a job, i want money!
  • #26
  • Feb 12, 2010 6:23am Feb 12, 2010 6:23am
Quoting dario1002
Thank u... i will start to look at it in the way u told me

now.. i would like to ask u another question... if i may...

When and how (and if?) u decide to move SL to break even? for example... like u did i went long at 5600... so after i gained 10 pips i closed half position and moved SL to break even. i know that this is a "safer way", but the point is... doing like that most of the times, even if i am right... the PA hit my SL and then goes in the "right" direction for me.
On the other side.. if i just never go "green", the PA hit my...
Yes I do. First off, for the cable an average move is about 40 pips give or take before it takes a break for the next move. I set my TP's and SL's based on the charts. Sometimes it's more, sometimes less.

Lets take my last trade that is currently in @ 5600. I have Tp set at 5550. If you look at the daily chart, that is under the bottom of this sideways channel we are in. THe TP on top is the resistance we have been testing all week.

Thus, my TP's and SL are based on the Fib lines, channel lines etc. There is no set level. With the forex you cannot say (I will set TP for 50 pips). If the top of the channel is 24 pips and the reversal fib is 30 pips up, 50 pips may be difficult. To be safe set for 20 pips in case it doesn't reach.

C.
  • #27
  • Feb 12, 2010 6:27am Feb 12, 2010 6:27am
Quoting Ctic
Long entered 1.5600(.4) SL 1.5550 TP 1.5750.
Reset TP for 1.5650 and SL to BE+3, mainly because I don't want to be in trade over weekend.
  • #28
  • Feb 12, 2010 7:24am Feb 12, 2010 7:24am
Quoting Ctic
Reset TP for 1.5650 and SL to BE+3, mainly because I don't want to be in trade over weekend.
I'm almost thinking the same way. I never carry over the weekend as my broker won't honor stops.

http://www.forexfactory.com/showpost...&postcount=762
Ghost Rider - WWTBMD?
  • #29
  • Feb 12, 2010 11:03am Feb 12, 2010 11:03am
Quoting Ctic
Reset TP for 1.5650 and SL to BE+3, mainly because I don't want to be in trade over weekend.
Long @ 5600 closed 5603 (.4)

Positions are flat until market open.
  • #30
  • Feb 12, 2010 11:36am Feb 12, 2010 11:36am
I'm glad to see you start this thread. I'll make it a regular read. Now I
can learn how you might apply the compression patterns with your method.

Dr. D.

Quoting Ctic
I actually have them on all the timeframes from 5M up to the Monthly. Obviously the monthly and weekly take much longer to form and release. The shorter tf patterns help give the insight to the longer tf's thus the bigger moves.

I recently got this method off Dr. D since I noticed it had some qualities that worked well with my methods I currently used. My main methods I use are fibonacci retracements and candlestick patterns and formations.

I always look for additional methods that fit in with what I do since in my 6 years of trading I have...
  • #31
  • Feb 12, 2010 9:23pm Feb 12, 2010 9:23pm
Dr. D,

Thanks for dropping in. I figured this would be a good way to share ideas, opinions etc. to teach and learn. I will plan on making more posts demonstrating the methods we use and will show how the compression fits in with what we do.

I will start with this one. Hopefully you can see the chart posted. look at the light blue line. That is the 6EMA Notice how it bounces off the 23.6 fib, up to the 50 fib, ect. with the final product of the lines consolidating around the 61.8 fib. Now this is the 1H chart with the daily single candle fibs imput.

NOTE: One MA you may want to add is the 200 SMA.

Remember yesterday how I said it would go up then down and it was right on the money. The lower TF fibs and EMA's all pointed up. They consolidated on the topside of a lower TF fib line. Lower TF charts already hit key fibs way back and then the 6 EMA confirmed by breaking more fibs topside. That purple line on the top of the chart is the 200 SMA. Look where it stoped to make the drop down. That was also the 161.8 on the 15M chart and 5M chart at the time. It was also where the 200SMA crossed into the channel line, the green line crossing the purple. Thus a great bounce spot. Sorry I don't have more charts but to go back in time on the 5M chart would take forever.

Quoting fourxtrader
I'm glad to see you start this thread. I'll make it a regular read. Now I
can learn how you might apply the compression patterns with your method.

Dr. D.
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  • #32
  • Feb 13, 2010 3:05am Feb 13, 2010 3:05am
Hello C.

Congratulations on the new thread my friend
This move would allow more details in keeping track record of your trades and allow better interaction amongst those who would like to share ideas with you imho.
Will drop in for sure. Have a good one & enjoy the weekend!
Thank You
  • #33
  • Feb 14, 2010 8:52am Feb 14, 2010 8:52am
Its amazing how experienced traders go out of their way to show us new ones how its done and how its done properly.Without such we would as well be throwing money into the fire place.
I appreciate all your efforts Ctic and the rest of you.
I am definately joining the board as a member to learn from the CEO and his directors.Big pips everyday to you sir!!
  • #34
  • Feb 14, 2010 4:59pm Feb 14, 2010 4:59pm
Quoting wormboy
Hello C.

Congratulations on the new thread my friend
This move would allow more details in keeping track record of your trades and allow better interaction amongst those who would like to share ideas with you imho.
Will drop in for sure. Have a good one & enjoy the weekend!
Thank you Wormie,

I agree that starting this thread will better keep track of things and promote better interaction with everyone and the sharing of ideas. Feel free to drop in any time, you are always welcome in here.

C.
  • #35
  • Feb 14, 2010 5:02pm Feb 14, 2010 5:02pm
Quoting mwafrika
Its amazing how experienced traders go out of their way to show us new ones how its done and how its done properly.Without such we would as well be throwing money into the fire place.
I appreciate all your efforts Ctic and the rest of you.
I am definately joining the board as a member to learn from the CEO and his directors.Big pips everyday to you sir!!
MW,

Remember that ALL experienced traders were newbies at one point in time, and many would have loved the opportunity to have someone that walked the road take the time out to show them how the game worked. May have saved many of us thousands of dollars. Welcome and feel free to drop in anytime.
  • #36
  • Feb 15, 2010 1:43am Feb 15, 2010 1:43am
Long G/U @ 1.5628 (.4) SL 1.5540 Target 1.5740
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  • #37
  • Feb 15, 2010 2:32am Feb 15, 2010 2:32am
Quoting Ctic
Long G/U @ 1.5628 (.4) SL 1.5540 Target 1.5740

Good morning

Can i ask u why u went long?? and why from there?

Dario
I don't want a job, i want money!
  • #38
  • Feb 15, 2010 2:39am Feb 15, 2010 2:39am
Quoting dario1002
Good morning

Can i ask u why u went long?? and why from there?

Dario
Sure,

That 15M chart that I posted along with my trade is using the single 4H candle master candle. Notice how it hit the 161.8 fib line? That is usually considered the target and reversal candle.

In addition, Dr. D's compression chart was nicely compressed with the 36 EMA bouncing off the 100 fib. I have noticed that it is the yellow one that likes to bounce the most Especially when the light blue line bounces off a major fib like the 138.2. Sorry for not posting the compression chart earlier but here it is now. Trade is currently +60 pips.

C.
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  • #39
  • Feb 15, 2010 2:47am Feb 15, 2010 2:47am
Quoting Ctic
Sure,

That 15M chart that I posted along with my trade is using the single 4H candle master candle. Notice how it hit the 161.8 fib line? That is usually considered the target and reversal candle.

In addition, Dr. D's compression chart was nicely compressed with the 36 EMA bouncing off the 100 fib. I have noticed that it is the yellow one that likes to bounce the most Especially when the light blue line bounces off a major fib like the 138.2. Sorry for not posting the compression chart earlier but here it is now. Trade is currently +60 pips....
And, just to know how u will develop your order.. the 200 SMA on 1H chart is @ 1.570# ... u plan to keep it long till 1.5740 anyway?

P.S. good morning/afternoon
I don't want a job, i want money!
  • #40
  • Feb 15, 2010 2:55am Feb 15, 2010 2:55am
Quoting dario1002
And, just to know how u will develop your order.. the 200 SMA on 1H chart is @ 1.570# ... u plan to keep it long till 1.5740 anyway?

P.S. good morning/afternoon
That is the plan, unless I see something that tells me different. I currently have my TP set at 1.5740. but look at my 1 hr chart that is attached. Remember how I said always use more than one method since one backs up another. Here shown is the 200 SMA combined with the tunnel method. Notice how the 200 SMA (purple line) is at the top wall of the tunnel (red lines). Currently PA stopped and bounced off the bottom wall of the tunnel. I do think it should break and thus go to the top wall. The previous 15M chart has the 161.8 fib @ 1.5740 so hence why I set TP there. I always adjust trade to what I see though.

Remember, even the best trade ceases to be a good trade at some point.
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