DislikedI have been watching a video made by a highly successful trader, talking about use of Atr for trend-spotting and for adaptive stops and tp's.
This is a commercial video, so I am not able to post the video here. I can share what I have gleaned from this, because in doing so I am merely disseminating my understanding of points made by a third party.
One of the strongest points made by the author is this: if a trading system is to remain successful in the mid to long term, then it must have exits that adapt to market conditions. 'Hard', pip/cash...Ignored
Steve Hopwood's Fib Target-level retracement auto-trader: compliments Simone
- #361
- Jul 20, 2010 6:45pm Jul 20, 2010 6:45pm
- Joined Jun 2007 | Status: Teach men to fish | 7,384 Posts
- #363
- Jul 20, 2010 7:20pm Jul 20, 2010 7:20pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
Thanks for the pointer. I think we all have struggled of when to get out of a trade. It is kind of disgusting to see a trade go another 3-400 points after you have grabbed your 50 to 100 but I simply have too many trades go back to...
Having said that, I do not think we have to worry too much about quitting successful trades early. The author of the video is Chuck LeBeau, who has made his money trading stock, futures etc. Ok, so a market is a market, but there cannot be many that offer the flexibility and speed of Forex with its 24/5 trading. We can take many trades to +50 and close out at a huge level of profit - mre easily done than when trading stocks and shares etc. Ok, so maybe some of the trades moved a lot further but does that really matter, so long as we are making profit? Forex offers the unparalleled opportunity for a winner to turn into a loser in seconds. Once a Central Bank or another Really Big Player gets involved, it really does not matter what our analysis says.
I am surely not alone in looking forward to the results of your experiments with using lower tf's to close trades.
I am working on Tiger, a monster multi-strategy trader that will adapt to trending/ranging conditions and trade accordingly. The idea is to incorporate trending and ranging strategies within the same robot and to switch from trending to raging as market conditions change.
Added to your counter-trend strategy, this should give us a formidable armoury of trading strategies to deal with most market conditions.
The future is looking good.
- #364
- Jul 20, 2010 7:25pm Jul 20, 2010 7:25pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
Nothing todo with this system but.....be very carefull trading any system with real money going into Friday as Eurozone bank stress test data will be published.
- #365
- Jul 20, 2010 7:37pm Jul 20, 2010 7:37pm
- Joined Jul 2009 | Status: Trader | 2,158 Posts
Cheers Scoobs. Thanks for the heads-up. Simone is heavily involved with Eurozone trading so I will shut her down for the weekend on Thursday night.
To explain it in simple terms.... Barclays and HSBC are holding massive European debt. And if you know your forex then these two players are the BIG BOYS.
Scoobs.
- #367
- Jul 20, 2010 9:10pm Jul 20, 2010 9:10pm
- | Joined May 2009 | Status: Sucessful Praying FxTrader2Investor | 343 Posts
Nothing todo with this system but.....be very carefull trading any system with real money going into Friday as Eurozone bank stress test data will be published. What the fcuk does that mean I here some asking....
It means everyone will find out how good/bad the levels of European bank debt is.
Every day we gamble (to some extent) but I think on Friday I will place some HUGE....HUGE....HUGE....HUGE....NO BIG....NO BIGGER trades.
Scoobs.
finally an opportunity to chime in..
Thanks for the Great works and guidance.
Sir NanningBob, on the Exits issue, my 2 pips worth is that a judicious application of ABCD fib levels (knowing that the larger T/F heavily influence the smaller t/f etc) & Andrew's Pitchfork (UML, ML & LML, price interaction) has proven invaluable when I manually Trade.
If we could find a way to code for the convergences of such exit signals: for example if our exit point is near the convergence of a trend line, Andrew's median line at say at 1.18 fib extension off a 0.386 retracement (just happen to be, as it often does), when all these coincide or two of these, then that could be a powerful example of how the convergences of these tools can provide objective exists. Sort of entering on the “Ands” and leaving on the “Ors”. Enter when all my conditions are met, but leave if two or more of my exit conditions are satisfied. But aah! only if that could be successfully coded.
For the baskets, I have stumbled across an invaluable tool (BasketCandles indicator) here on FF, that combines all the open trades into a single chart, thereby the forgoing forks and fibs can be applied just as easily.
On Friday... Hmm I wondered what that sound? Sir Scoobs!! You may have saved me at least an account. Will take the usual percussions as Sir Hopwood has indicated he will with Simone come Thursday.
Happy sharing all
Bless
To some extent the big boys have already factored this in and is currently reflected in the market. i.e. look at EURUSD @ 1.2890 ish. The next major level/turning point is 1.31 for the rally to form/continue. If the news is bad and catches the big boys analysis out then there will be allot of selling of EURXXX.
To explain it in simple terms.... Barclays and HSBC are holding massive European debt. And if you know your forex then these two players are the BIG BOYS.
Scoobs.
- #370
- Jul 21, 2010 4:02am Jul 21, 2010 4:02am
- | Commercial User | Joined Apr 2007 | 8,331 Posts
For the baskets, I have stumbled across an invaluable tool (BasketCandles indicator) here on FF, that combines all the open trades into a single chart, thereby the forgoing forks and fibs can be applied just as easily.
- #371
- Jul 21, 2010 5:40am Jul 21, 2010 5:40am
- | Joined May 2009 | Status: Sucessful Praying FxTrader2Investor | 343 Posts
Hi there. Could you post the indi for us, or a link to it, please?
here is the link:
http://www.forexfactory.com/showthread.php?t=216362
Original attached hereto.
Some notes on use (in MT4.0) thus far that my help:
- ## Other objects (such as text Labels, TL, Fibz) that will be displayed in a common area with the candles need to be displayed/inserted not as backgrounds.
##To get access to the normal MT4.0 "Right Click" options click in an area where there are no candles or in the sub window above if you installed on a separate chart as I did.
- ## On a chosen T/F, example the m15 (since the UR basket may well have some history prior to your actual entries), zoom out to reasonable sized candles then fib. When done, compress as required to get both long-term and short term views.
Also Attached is i-5 days.ex4 (another indi), which I use in a sub window above the BasketCandles to display the 5 trading days. it make the actual screen more to my liking.
Bless
- #372
- Jul 21, 2010 7:00am Jul 21, 2010 7:00am
- | Commercial User | Joined Apr 2007 | 8,331 Posts
Cheers.
- #373
- Jul 21, 2010 10:44am Jul 21, 2010 10:44am
- | Commercial User | Joined Apr 2007 | 8,331 Posts
A new tiger needs some pals to play with. Come to http://www.forexfactory.com/showthre...58#post3889858 to join in the game. Backtesters will think they have died and gone to heaven. 
A new tiger needs some pals to play with. Come to http://www.forexfactory.com/showthre...58#post3889858 to join in the game. Backtesters will think they have died and gone to heaven.
- #376
- Jul 21, 2010 4:58pm Jul 21, 2010 4:58pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
49 consecutive winners, no losses. IBFX demo on D1, 10-cent pips. Multi-trade and LotIncrements engaged. Current float: -1%. This will be a well-oiled machine, if the float continues to behave itself.
We shall see.
- #377
- Jul 21, 2010 5:36pm Jul 21, 2010 5:36pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
One for squalou here.
stevefx is using Monster Muncher as an indicator; I have had pm's from others doing the same.
Would you care to turn MM into an indi? If you do, please bear in mind there is a bug in my code. Not a bug as such, as an omission. The code needs to allow 18 full candles to form before drawing the various lines; MM does not do that, at least until I add some extra code.
Cheers.
stevefx is using Monster Muncher as an indicator; I have had pm's from others doing the same.
Would you care to turn MM into an indi? If you do, please bear in mind there is a bug in my code. Not a bug as such, as an omission. The code needs to allow 18 full candles to form before drawing the various lines; MM does not do that, at least until I add some extra code.
Cheers.
- #380
- Jul 22, 2010 2:00am Jul 22, 2010 2:00am
- | Commercial User | Joined Apr 2007 | 8,331 Posts
I googled 'old tick error' and found this reply to a question about it in an mql4 forum:
Old tick means that the price for a currency pair, by the time the price reached your
VPS/trading station it was too “old” to consider. This is a problem with the broker where
their server is too slow (or overloaded). Please consult with your broker. This ‘old tick’
message usually happen when their server on maintenance .
Simply, Old Tick is an old price... we have all seen instances where MT4 server hiccups,
slows down, or just stops... the feed from your broker server is slow or their server
was down for a bit, or is just very slow and unreliable or just plainly overloaded.
This is especially the case with most brokers' demo servers. It means when the
price left their server and arrived on your computer's MT4 platform, it was too
old. You should also notice that in the log you probably notice a lot of login
notice as well. Getting a dedicated server has nothing to do with getting an
Old Tick error. It has to do with your broker's server, not your end.
Old tick means that the price for a currency pair, by the time the price reached your
VPS/trading station it was too “old” to consider. This is a problem with the broker where
their server is too slow (or overloaded). Please consult with your broker. This ‘old tick’
message usually happen when their server on maintenance .
Simply, Old Tick is an old price... we have all seen instances where MT4 server hiccups,
slows down, or just stops... the feed from your broker server is slow or their server
was down for a bit, or is just very slow and unreliable or just plainly overloaded.
This is especially the case with most brokers' demo servers. It means when the
price left their server and arrived on your computer's MT4 platform, it was too
old. You should also notice that in the log you probably notice a lot of login
notice as well. Getting a dedicated server has nothing to do with getting an
Old Tick error. It has to do with your broker's server, not your end.