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  • #1,821
  • Aug 31, 2010 9:21pm Aug 31, 2010 9:21pm
Quoting TradeStar
Good Morning All.

Thanks for a lovely post Michael.

TradeStar
You're welcome and thank you!

Michael
  • #1,822
  • Aug 31, 2010 9:42pm Aug 31, 2010 9:42pm
Great Thread Graeme. I am right now on Page 63 and I have a question about flying budha....Do you consider the Sunday candle as a flying budha?

I use IBFX and they have the small Sunday candles.
  • #1,823
  • Aug 31, 2010 10:13pm Aug 31, 2010 10:13pm
Quoting pipEASY
In regards to what all traders are currently experiencing.

Would you like to know the emotional hurdle after this one?

It is worse than you can expect.

First emotional is:

holding your anticipation and minimizing your drawdown and keeping your beliefs intact.

You will get over this when you experience a weekly hindsight that will work to your favour. It is inevitable that it will happen as the probability is on your side. Remember casinos do not make money from every gambler immediately. They have designed the game so on the long term...
Hi Graeme,

Thank you for the above post on emotional hurdles. It came at a right time as I have been feeling it much lately especially when I have had some good trades of 100+ pips go to breakevens. It is emotionally hard now but I can see the bigger picture of where I am going with it and I will soldier on!

Bak
  • #1,824
  • Aug 31, 2010 11:54pm Aug 31, 2010 11:54pm
Quoting VEEFX
Thanks Graeme. Appreciate your response. It makes sense.
Here's a good example of how a high spread pair can mess up a great FB based entry. Just took another hindsight long on USDZAR to practice entries. This was on 1H FB right at the open of next candle. My long trade opened 250 pips away from the FB as my chart was set to show candles on Bid instead of Ask.

Not to turn this into a system but a quick visual check on ATR before taking a position might be a good idea. This trade would take me 5 higher high H1 candles just to recover the spread and break even.
Attached Image (click to enlarge)
Click to Enlarge Name: PipEasy-USDZAR- 2010-08-31 update1 .jpg Size: 210 KB
Staying in my lane...
  • #1,825
  • Sep 1, 2010 1:10am Sep 1, 2010 1:10am
Here's a good example of how a high spread pair can mess up a great FB based entry. Just took another hindsight long on USDZAR to practice entries. This was on 1H FB right at the open of next candle. My long trade opened 250 pips away from the FB as my chart was set to show candles on Bid instead of Ask.

Not to turn this into a system but a quick visual check on ATR before taking a position might be a good idea. This trade would take me 5 higher high H1 candles just to recover the spread and break even.

--------
Just on a friendly note:

Why do you want to even go there? There are tons to work on regulars themselves.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,826
  • Sep 1, 2010 1:45am Sep 1, 2010 1:45am
Quoting TradeStar
Here's a good example of how a high spread pair can mess up a great FB based entry. Just took another hindsight long on USDZAR to practice entries. This was on 1H FB right at the open of next candle. My long trade opened 250 pips away from the FB as my chart was set to show candles on Bid instead of Ask.

Not to turn this into a system but a quick visual check on ATR before taking a position might be a good idea. This trade would take me 5 higher high H1 candles just to recover the spread and break even.

--------
Just on a friendly note:

Why...
Hi TS,

I'm the opposite.

I picked EURGBP as my pair.

Apart from the fact that I seem to have picked the wrong direction for my hindsight, the average range on a 5 minute bar is only slightly larger than the spread!!

I've currently had 5 trades (since Monday) which all lost, but I'm going to perservere with my choice for the next two weeks because it is all a learning curve.

I'm using a live micro account. I intend on keeping on doing Graeme's "two week" projects till I can speak this Forex foreign language.
  • #1,827
  • Sep 1, 2010 2:09am Sep 1, 2010 2:09am
Quoting wooli
Hi TS,

I'm the opposite.

I picked EURGBP as my pair.

Apart from the fact that I seem to have picked the wrong direction for my hindsight, the average range on a 5 minute bar is only slightly larger than the spread!!

I've currently had 5 trades (since Monday) which all lost, but I'm going to perservere with my choice for the next two weeks because it is all a learning curve.

I'm using a live micro account. I intend on keeping on doing Graeme's "two week" projects till I can speak this Forex foreign language.
Hi Wooli,

Hope your hindsight was not short on Eur GBP

Even if you were to consider last week's FB it should be long option and that should have made you good money

Also, are you not opening positions both ways depending on market move, like Graeme says?

Wish you Good luck; let's keep at it.

Regards,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,828
  • Edited 2:40am Sep 1, 2010 2:24am | Edited 2:40am
Hi Graeme,

Or anybody who thinks they have a valid comment. My hindsight on EURJPY says down and the attached shows 3 entries (candle following arrow) of 12 entries I have made on this pair this week. The first points to month/day close. Only 2 have gone to BE the rest stopped or closed for a loss.

My question arises because of G's comments regarding 3 candles that should follow in the anticipated direction - only one of these comes close.
I would ask if there is any reason not to take these trades?

I do have two other questions: the first Graeme is that you have stated that you rarely use hard stops on the first few trades of a new move and they are only emergency stops' - one has to ask why?

I would also ask what prompts you to close a profitable trade to increasee the stop on an earlier leg? Perhaps you do not often do this - if at all, but were merely showing us what is possible as a longer stop seems to go against your ethos.

My stats for the 2 weeks:

Trades: 115 5 pairs
BE 29
Losses 78 (19 bad entries, stops etc.)
Closed 8
Two legs running

Losses: 1800 pips
Unrealised 500 pips

Self-critique.

Fewer entries needed.
Try to avoid London session range until entries refined.
Attached Image (click to enlarge)
Click to Enlarge Name: 5 min eurjpy.gif Size: 14 KB
  • #1,829
  • Sep 1, 2010 4:07am Sep 1, 2010 4:07am
Hi Graeme,
One other question please:
When you have posted some of the trades you have made during this thread I believe you sometimes take two positions on the entry candle. Will you often do this and are they taken together or is one at the open and one at a 50% retrace. Also do you treat them the same from an exit SL point of view?

Thanks

Ray
  • #1,830
  • Sep 1, 2010 6:03am Sep 1, 2010 6:03am
http://i54.tinypic.com/eqqpuo.gif

I played the last flying buddha because price crossed above the red line (again) and the bar was bullish. Over 100 pips now.
  • #1,831
  • Sep 1, 2010 6:10am Sep 1, 2010 6:10am
Quoting Starvin4Pips
Are you using MT4 platform? Or are you using MBT Desktop? I'm guessing it's the latter. I'm using MT4 and don't have anything called a 'price ladder' that I'm aware of. And, yes, I can exit any individual positions with no problem. Also, the commission price calculates automatically for me on MT4. I don't have the ability to enter it anywhere, it's just appears in my 'Commission' column.

Kevin
Hello kevin and any mbtrading users just spoke with mbtrading and this method is not possible with them .
I opened an account because they seem to have good comments from there customers. I intended going live with this method.
They say due to nfa rules they are first in first out broker as you add positions they average the base of all entries on a pair if you take positions off they are taken based on your first entry .

I like the ninja trader independent platform does anyone kow of a broker thats not F.I.F.O. That i can use micro lots and ninja trader with ?

Knew something wasnt right monday when i closed few positions.
making green pips large and red pips small this is my goal.
  • #1,832
  • Sep 1, 2010 6:18am Sep 1, 2010 6:18am
Quoting paul1
Hello kevin and any mbtrading users just spoke with mbtrading and this method is not possible with them .
I opened an account because they seem to have good comments from there customers. I intended going live with this method.
They say due to nfa rules they are first in first out broker as you add positions they average the base of all entries on a pair if you take positions off they are taken based on your first entry .

I like the ninja trader independent platform does anyone kow of a broker thats not F.I.F.O. That i can use micro lots and ninja...
First position 1.5000 and second position 1.5050 for average position of 1.5025. Broker sees you are up 25 pips on your average position. You see you are up 50 pips on your first position and flat on your second. "It's all relative", right pipEASY?
  • #1,833
  • Sep 1, 2010 6:18am Sep 1, 2010 6:18am
Quoting paul1
Hello kevin and any mbtrading users just spoke with mbtrading and this method is not possible with them .
I opened an account because they seem to have good comments from there customers. I intended going live with this method.
They say due to nfa rules they are first in first out broker as you add positions they average the base of all entries on a pair if you take positions off they are taken based on your first entry .

I like the ninja trader independent platform does anyone kow of a broker thats not F.I.F.O. That i can use micro lots and ninja...
Hi Paul!!

For what I know...all US brokers follow FIFO rules...you can anyway choose a Uk broker for example...or any broker outside USA...
Market is like a puzzle, YOU have to fit the pieces!!
  • #1,834
  • Sep 1, 2010 7:17am Sep 1, 2010 7:17am
Quoting paul1
Hello kevin and any mbtrading users just spoke with mbtrading and this method is not possible with them .
I opened an account because they seem to have good comments from there customers. I intended going live with this method.
They say due to nfa rules they are first in first out broker as you add positions they average the base of all entries on a pair if you take positions off they are taken based on your first entry .

I like the ninja trader independent platform does anyone kow of a broker thats not F.I.F.O. That i can use micro lots and ninja...

http://www.100forexbrokers.com/brokers-for-hedging

Hedging broker list...
  • #1,835
  • Sep 1, 2010 7:24am Sep 1, 2010 7:24am
Quoting tjfxtrader
First position 1.5000 and second position 1.5050 for average position of 1.5025. Broker sees you are up 25 pips on your average position. You see you are up 50 pips on your first position and flat on your second. "It's all relative", right pipEASY?
your first position would be a survivor maybe second taken out at b.e. and so on
But with this fifo rule my stop would take out the survor (first entry) leaving the one i wanted to take out.
my initial entry price would move closer for every b.e. trade. because they reaverage all my positions on same currency pair.
So 10 breaks evens for example would bring my intial price quickly to the price action thats taking my trades out at b.e.
making green pips large and red pips small this is my goal.
  • #1,836
  • Sep 1, 2010 7:33am Sep 1, 2010 7:33am
Quoting songbo
http://www.100forexbrokers.com/brokers-for-hedging

Hedging broker list...
My platform allows me to hedge with american brokers.
Its just the fifo bit really not being able to pick which entries go to b.e.
last in first out would be perfect for this method.
making green pips large and red pips small this is my goal.
  • #1,837
  • Sep 1, 2010 7:59am Sep 1, 2010 7:59am
Quoting paul1
My platform allows me to hedge with american brokers.
Its just the fifo bit really not being able to pick which entries go to b.e.
last in first out would be perfect for this method.
Paul...it is all a measure of viewpoint. Keep track of your positions separately and it is all the same in the end. Fifo/Lifo is nothing more than reporting. Your positions are managed by however you see fit, not the broker.
  • #1,838
  • Sep 1, 2010 8:06am Sep 1, 2010 8:06am
Quoting randomperson
Paul...it is all a measure of viewpoint. Keep track of your positions separately and it is all the same in the end. Fifo/Lifo is nothing more than reporting. Your positions are managed by however you see fit, not the broker.
Cheers see what you mean now .
making green pips large and red pips small this is my goal.
  • #1,839
  • Sep 1, 2010 8:16am Sep 1, 2010 8:16am
Quoting paul1
your first position would be a survivor maybe second taken out at b.e. and so on
But with this fifo rule my stop would take out the survor (first entry) leaving the one i wanted to take out.
my initial entry price would move closer for every b.e. trade. because they reaverage all my positions on same currency pair.
So 10 breaks evens for example would bring my intial price quickly to the price action thats taking my trades out at b.e.
This isn't exactly true, or not much of a problem in any case.

I have posted just once in this thread because I don't know what to make of it or the intentions of its creator, maybe I have become too suspicious after a couple of years here.

At any rate, the situation you want can be replicated easily with a FIFO broker by simply moving the stop of your most recent position back to the price where the stop of you oldest position (that you had to close due to the FIFO rule) was (I am assuming for the sake of simplicity that the sizes are the same). The only difference is that you are not going to have long legs of floating profit: instead you will have banked profits and shorter legs with more likely floating drawdowns, but other than that your final balance will be exactly the same if you decide to close everything at some point.

Btw, the banked profits vs. floating profits difference should already be telling you something about this strategy.

Just a suggestion: I think a number of people following this thread could greatly benefit by reading some of Hanover's post on the topic of hedging (or "nedging"), it is relevant to some of what I have seen in this thread and really worth a read, like most of what the guy writes.

Good luck.
  • #1,840
  • Sep 1, 2010 8:38am Sep 1, 2010 8:38am
Quoting PipAdder
This isn't exactly true, or not much of a problem in any case.

I have posted just once in this thread because I don't know what to make of it or the intentions of its creator, maybe I have become too suspicious after a couple of years here.

At any rate, the situation you want can be replicated easily with a FIFO broker by simply moving the stop of your most recent position back to the price where the stop of you oldest position (that you had to close due to the FIFO rule) was (I am assuming for the sake of simplicity that the sizes are the...
thankyou very much buddy .
making green pips large and red pips small this is my goal.
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