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Sonic R. System

  • #14,121
  • Edited 4:57am Aug 12, 2010 4:43am | Edited 4:57am
Quoting foxybunny
Hi TAH,

For this, what would be you Entry, SL, and TP ?

It is a bit late for me to get in. Also I am going out soon, so cannot monitor.

This above trade, my risk would still be around 90-pips when I put SL at either of the two recent highs.

Cheers,
FB.
The EP, SL and TP convention I use is black, red, blue respectively, per the chart.

Regarding SL placement, if you intend to let the trade run thru the LO - US sessions, then there is no choice but to set the SL so the trade can "breathe". This is because the US traders could whip PA backwards for their own opportunity to enter at more favorable prices. On the other hand, if you can consider the trade only thru the London to US Open part of the day, and get out before the US traders might whip the price, then you can have a very tight SL once the London traders start to make their run. To demonstrate this, I have put a tighter SL on the chart in darker red. But keep in mind, you have to exit BEFORE the US traders might go to work, whether they end up whipping it or not, and no matter what pips gain you have at that point.

Obviously, once a trade starts to run, the SL can be moved to BE+, regardless of how long you intend to let the trade run. And so, by doing this, a SL setting that involves too many pips can be changed to one that involves no pips loss at all (second chart).

Edit: Example trade closed for 60 pips profit (third chart).
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  • #14,122
  • Edited 5:26am Aug 12, 2010 5:03am | Edited 5:26am
UJ:

Keep your eye on this one. London traders drove it down and loaded up. We do have a L-H-HL on this.

Edit: Added second chart showing preliminary/potential setup. WARNING: Speculative! If PA goes stagnant until US Open, then it is likely the US traders will also manipulate the price backwards for themeselves, and if this happens there is no telling how far backwards they might take it. So the SL could be overrun. This is no problem if the trade hasn't yet been entered, but if we get entry and then price goes stagnant, this could be a problem. One way to handle it is to exit if US traders start to pull price down. The other is to move SL much lower, or remove it temporarily. This is all part of forex trading.
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  • #14,123
  • Aug 12, 2010 5:43am Aug 12, 2010 5:43am
Quote
Keep your eye on this one. London traders drove it down and loaded up. We do have a L-H-HL on this.

G'day, do you see a potential short on UJ with trends (H1 & H4) also. H-L-LH just seems to be forming up........or am I off the mark.
  • #14,124
  • Aug 12, 2010 8:31am Aug 12, 2010 8:31am
Quoting traderathome
UJ:

Keep your eye on this one. London traders drove it down and loaded up. We do have a L-H-HL on this.

Edit: Added second chart showing preliminary/potential setup. WARNING: Speculative! If PA goes stagnant until US Open, then it is likely the US traders will also manipulate the price backwards for themeselves, and if this happens there is no telling how far backwards they might take it. So the SL could be overrun. This is no problem if the trade hasn't yet been entered, but if we get entry and then price goes stagnant, this could be a problem....
Hi folks!

Congratulations for this system that i'm trying to use. It will take a while, before i've read all posts in this thread, but i'll manage to.

Just opened a position on UJ (maybe a litte bit too early, caus' NVO bar was very low, and 3 o'clock dragon direction ), but indeed i noticed the same L-H-HL, so i tried.
EP : 85,54
SL : 85,16
TP : upper SHI (about 86,0x)

Let's see...
  • #14,125
  • Edited 9:41am Aug 12, 2010 9:22am | Edited 9:41am
Quoting traderathome
UJ:

Keep your eye on this one. London traders drove it down and loaded up. We do have a L-H-HL on this.

Edit: Added second chart showing preliminary/potential setup. WARNING: Speculative! If PA goes stagnant until US Open, then it is likely the US traders will also manipulate the price backwards for themeselves, and if this happens there is no telling how far backwards they might take it. So the SL could be overrun. This is no problem if the trade hasn't yet been entered, but if we get entry and then price goes stagnant, this could be a problem....
UJ:

PA reached TP 1. You can see on the second chart that by the time PA made an EP breakout there was a second sequence of L-H-HLs.
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  • #14,126
  • Aug 12, 2010 9:35am Aug 12, 2010 9:35am
nice trades TAH as usual, bravo !!!
wish some day I learn to feel the market how you do...
Patience is the key.
  • #14,127
  • Aug 12, 2010 10:51am Aug 12, 2010 10:51am
GU and UJ Open Trades Update:

I have a GU short trade open from about two weeks back, and a UJ long trade open. Both, finally, are verging profitable, and I think I will let them ride into tomorrow.
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  • #14,128
  • Aug 12, 2010 11:58am Aug 12, 2010 11:58am
Quoting traderathome
The EP, SL and TP convention I use is black, red, blue respectively, per the chart.

Regarding SL placement, if you intend to let the trade run thru the LO - US sessions, then there is no choice but to set the SL so the trade can "breathe". This is because the US traders could whip PA backwards for their own opportunity to enter at more favorable prices. On the other hand, if you can consider the trade only thru the London to US Open part of the day, and get out before the US traders might whip the price, then you can have a very tight SL once...

Good Call on GU-short, Nice Charts and explanation, TAH.
  • #14,129
  • Aug 12, 2010 12:18pm Aug 12, 2010 12:18pm
Quoting Pumlitch
Thank for your confidence in me but believe me if I say that I am not the right one who can teach people here as I am still a rookie
I just share what I know and what I learned here and all around forex.
To be honest, there is not much of exemplary trades in my pocket to share.
TAH, Basber and a few other guys......watch them at work.

Hi Pumlitch,

We all learning.

It is still good to post your charts when you have trades, this is how we learn and participate to improve, and build confidence by sharing.

This is why I start to post more specifics on my trades here.
Additionally with charts, I also say the exact Entry, SL, and TP, then you are able to help remind me of the R:R issue.
If I just drew lines for my EP, SL & TP, as the lines are thick, that would be harder for you to see my R:R issues.

Recently have not seen many senior Sonikers posting, either they are too busy or no longer want to post here.
This makes it a longer wait if we just waiting for a fish thrown by seniors, now we start fishing ourselves.

Perhaps by having new readers posting our charts that stick with SonicR trades, they may want to come back and post again to provide more guidance.

I really appreciate that TAH is around to keep us on track.

Cheers,
FB.
  • #14,130
  • Aug 12, 2010 12:40pm Aug 12, 2010 12:40pm
I'm targeting 100 pips, but will move my stop down accordingly to protect profits. Not approved trading hours, don't tell anybody.

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"Be the change that you wish to see in the world." --Gandhi
  • #14,131
  • Aug 12, 2010 12:51pm Aug 12, 2010 12:51pm
Quoting foxybunny
Hi Pumlitch,

We all learning.

It is still good to post your charts when you have trades, this is how we learn and participate to improve, and build confidence by sharing.

This is why I start to post more specifics on my trades here....
Yeah, I agree with you that posting is good tool to improve our skills,especially more in case when someone experienced is willing to assess our trades. That is why we are posting.
I share many of my trades, but if I see that someone other posted the same trade as I want to post I find it needless to post the same thing.
On the other hand, I very often make so stupid trades that don't dare to post it as it is useless if I know what was wrong.

Today I earned 60 pips on GU and a while ago I stared this:
EU:
There is a divergence so it could just touch the last Low (but...who knows?).
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Follow my trading on Twitter and FB: @pumlitch
  • #14,132
  • Aug 12, 2010 12:57pm Aug 12, 2010 12:57pm
My 4th Sonic Trade (Live).

Executed Order.
EUR/USD - Short
Date: 12-Aug-10
Time: FxPro 20:00
Entry: 1.2826
SL: 1.2886 (-60 pips) (Above Recent LH)
TP: 1.2776 (+50 pips) (A bit less than Stop Loss due to recent Low there)

Current Price: Around 1.2826

Reasons:
H-L-LH Wave formation.
Sonic Dragon slightly slope down.
Recent prices show down trend.
Price retrace up Above Sonic Dragon.
Price went Down past Sonic Dragon.

Attached:
H4 chart for Support & Resistance
M15 Entry, SL, TP.

I will inform of exit result no matter it is profit or loss.

** Please comment on analysis.

Thanks,
FB.

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  • #14,133
  • Aug 12, 2010 1:08pm Aug 12, 2010 1:08pm
Quoting Wally1953
I'm targeting 100 pips, but will move my stop down accordingly to protect profits. Not approved trading hours, don't tell anybody.

Attachment

Hi Wally,

Just went same with you EU-Short.

About the timing, Oops.
Just check the SonicR Manual that need to be 7am-11am EST (US Session).
Not very good with time conversion even though I do refer to a website that tells time.
What is 7am-11am (EST) mean for New York ??

OK, I will not tell anybody if you don't tell !
  • #14,134
  • Aug 12, 2010 1:15pm Aug 12, 2010 1:15pm
Quoting Pumlitch
Yeah, I agree with you that posting is good tool to improve our skills,especially more in case when someone experienced is willing to assess our trades. That is why we are posting.
I share many of my trades, but if I see that someone other posted the same trade as I want to post I find it needless to post the same thing.
On the other hand, I very often make so stupid trades that don't dare to post it as it is useless if I know what was wrong.

Today I earned 60 pips on GU and a while ago I stared this:
EU:
There is a divergence so it could just...
Hi Pumlitch,

Ha ha. I happened to post SAME trade EU-short as Wally.
Never mind, can see that Wally trade is still different with me on EP, SL and TP. His TP is 100pips.
I will still learn from Wally's trade.

Stupid or Loss trades MUST post, so we learn faster from these.

And you said divergence of EU as you expect long instead of short.
Fantastic you show me this as I was not aware of this divergence.
Good to still have difference in view.

Well done for your 60pips GU.
  • #14,135
  • Aug 12, 2010 1:28pm Aug 12, 2010 1:28pm
Quoting foxybunny
Hi Pumlitch,

Ha ha. I happened to post SAME trade EU-short as Wally.
Never mind, can see that Wally trade is still different with me on EP, SL and TP. His TP is 100pips.
I will still learn from Wally's trade.

Stupid or Loss trades MUST post, so we learn faster from these.

And you said divergence of EU as you expect long instead of short.
Fantastic you show me this as I was not aware of this divergence.
Good to still have difference in view.

Well done for your 60pips GU.
yep, the same trade.
I never said I expect long I just see the divergence what means the trend is getting weak for now. You never know if it will turn or will be kicked ahead.

Let's see what will happen.

I usualy have SL not more than 40pips that's why it is not above the last High but above upper Dragon line.
Follow my trading on Twitter and FB: @pumlitch
  • #14,136
  • Aug 12, 2010 1:32pm Aug 12, 2010 1:32pm
Quoting foxybunny
Hi Wally,

Just went same with you EU-Short.

About the timing, Oops.
Just check the SonicR Manual that need to be 7am-11am EST (US Session).
Not very good with time conversion even though I do refer to a website that tells time.
What is 7am-11am (EST) mean for New York ??

OK, I will not tell anybody if you don't tell !
Yes, EST is for New York.

I have a problem being in front of my computer when setups occur, so when I saw this, I thought I'd give it a shot. We'll see if it was a mistake, and hopefully learn from it.

Congrats on your first three successful Sonic trades! You seem very organized and determined, and I'm sure you'll do great.

As far as your risk/reward ratio is concerned, I find that if I put my stop above the most recent swing high/low, it is usually less, and sometimes much less than the 50 pips you are using now.

Also, on days like we have been having where the daily range is quite large, you might be able to target more than 50 pips. I guess you'll have to experiment with that. I just move my stop loss above/below recent areas of consolidation as my trade advances toward my ultimate target, just in case it doesn't get there.

I am still learning myself. Lots of luck to you!!
"Be the change that you wish to see in the world." --Gandhi
  • #14,137
  • Aug 12, 2010 1:41pm Aug 12, 2010 1:41pm
My 5th Sonic Trade (Live).

Executed Order.
AUD/USD - Short
Date: 12-Aug-10
Time: FxPro 20:45
Entry: 0.8938
SL: 0.8988 (-50 pips) (Above Recent LH)
TP: 0.8888 (+50 pips) (A bit lower than Trading Range)

Current Price: Around 0.8943

Reasons:
H-L-LH Wave formation.
Sonic Dragon slightly slope down.
Recent prices show down trend.
Price retrace up Above Sonic Dragon.
Price went Down past Sonic Dragon.

Attached:
H4 chart for Support & Resistance
M15 Entry, SL, TP.

I will inform of exit result no matter it is profit or loss.

** Please comment on analysis.

Thanks,
FB.

Attached Image (click to enlarge)
Click to Enlarge Name: 2010-08-13_Entry5_AUDUSD_H4.png Size: 32 KB

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  • #14,138
  • Aug 12, 2010 1:52pm Aug 12, 2010 1:52pm
Quoting Wally1953
Yes, EST is for New York.

I have a problem being in front of my computer when setups occur, so when I saw this, I thought I'd give it a shot. We'll see if it was a mistake, and hopefully learn from it.

Congrats on your first three successful Sonic trades! You seem very organized and determined, and I'm sure you'll do great.

As far as your risk/reward ratio is concerned, I find that if I put my stop above the most recent swing high/low, it is usually less, and sometimes much less than the 50 pips you are using now.

Also, on days...
Hi Wally,

If we not in front of computer, then we would not know if setup occurs.

You are able "to get much less than the 50pips" than what I am using now.

Would you please share how much difference in pips you put for Entry from the trigger bar?
And how much pips difference you put from a Recent High or Recent Low as a Stop Loss?

I put a 5-15pips more than the trigger bar for entry.
I put a 10-15pips more than the Recent High/Low for a Stop Loss.
This is to cover a real move, and any spread difference between my live broker and demo chart.
Yeah, I am more conservative.

Thanks.
  • #14,139
  • Aug 12, 2010 2:00pm Aug 12, 2010 2:00pm
Quoting foxybunny
Hi Wally,

If we not in front of computer, then we would not know if setup occurs.

You are able "to get much less than the 50pips" than what I am using now.

Would you please share how much difference in pips you put for Entry from the trigger bar?
And how much pips difference you put from a Recent High or Recent Low as a Stop Loss?

I put a 5-15pips more than the trigger bar for entry.
I put a 10-15pips more than the Recent High/Low for a Stop Loss.
This is to cover a real move, and any spread difference between my live broker and demo...
If by "trigger bar," you mean the previous bar that closes that we enter under/over, then I just do one pip plus spread.

Stop loss is one pip plus spread above recent swing high/low.

I think Sonic says "a few pips," so better to listen to him than me!
"Be the change that you wish to see in the world." --Gandhi
  • #14,140
  • Aug 12, 2010 3:48pm Aug 12, 2010 3:48pm
I entered after approved trading hours and the market just fell asleep, as it usually does that time of day, so I got out with a couple of pips. I didn't want to let it drag on into the evening, where it seems to have extreme fluctuations on low volume and get stopped out.

You guys who took the trade, I hope it works out.
"Be the change that you wish to see in the world." --Gandhi
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