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  • #2,301
  • Sep 17, 2010 4:49pm Sep 17, 2010 4:49pm
I don't rely on fibs on lower time frames. Trend lines, round numbers, channels, sma60 etc are good .. but I consider 'tolerance' around them

I wouldn't typically enter a trade on a bounce or break until I see the trend* confirm it on a lower time frame.

For exits, it's difficult to use trend* as pips will be left on the table. If you didn't already exit for the maximum pips handed out, you should exit when you see trend* change.

trend*:

UP: Higher High, Higher Low
DOWN: Lower Low, Lower High
  • #2,302
  • Sep 17, 2010 4:51pm Sep 17, 2010 4:51pm
Awesome. I can post a chart for you if you can tell me the following:

1) Currency
2) Entry Price and Time (GMT)
3) Exit Price and Time (GMT)

Quoting Froggy10
Hi Rob and others.. i wish i could post a chart to prove it, i had the longest trade ever... 61 pips on 1 minute chart ... i usually get out too quickly.. on aud/usd right from the double top this arvo... nice one.. good luck everybody.. Cheers.
Jean
  • #2,303
  • Sep 17, 2010 5:01pm Sep 17, 2010 5:01pm
I have been using the pull back strategy a long time now. I have been considering leaving the community as it's quite a burden on me. Don't want to appear selfish here but I get so many emails etc outside of this thread that at times it's overwhelming.

Mindsphere has been helping to reduce this burden (thanks Mindsphere). He's putting together a manual of my trading methods. We are in communication by email to discuss it.

We are also discussing here in the thread ways of going forward without so much hands-on by myself. I need to get something in place where the newer traders are looked after without bogging me down. That way I can concentrate on the bigger picture with the more experienced traders and develop this strategy further.

Quoting vasi
Hi Stratman !

I saw your last operations. But there you don't use THV rules.
It seems that you're using a breakout / pullback strategy.
Could you please write a manual about your strategy with some screenshots ?

Thank you
  • #2,304
  • Sep 17, 2010 5:11pm Sep 17, 2010 5:11pm
Further to those comments ... I know I can make enough money to support my family from my trading profits as soon as equity is large enough.

I like to help people here but don't want to be overwhelmed by requests for help. I need to setup up something where I can continue to enjoy helping people but also get a good life balance.

Quoting stratman
I have been using the pull back strategy a long time now....
  • #2,305
  • Sep 17, 2010 11:16pm Sep 17, 2010 11:16pm
what happened with the idea about setting something up? where you guided traders and you would keep a certain amount per trade?


thank you,

Quoting stratman
Further to those comments ... I know I can make enough money to support my family from my trading profits as soon as equity is large enough.

I like to help people here but don't want to be overwhelmed by requests for help. I need to setup up something where I can continue to enjoy helping people but also get a good life balance.
  • #2,306
  • Sep 17, 2010 11:19pm Sep 17, 2010 11:19pm
yes, thank you mindsphere. but here's what's puzzling. we all bought the dashboard from stratman. but it seems you guys dont use the dashboard to enter or exit. isnt the dashboard there to help us decide to enter or not?

is there any way to explain, what from the dashboard, actually gave you the suggestion for the trade?


thank you,
Quoting stratman
I have been using the pull back strategy a long time now....
  • #2,307
  • Sep 18, 2010 12:06am Sep 18, 2010 12:06am
For me, the dashboard provides all the summarized info for fractals and MA distances as well as news. ADR is important to me as well. All the other features are to help people visually see what's going on .. thv lamps, fractal arrows etc, SR lines etc.

I personally only use the summary info now as I keep my charts very clear.
  • #2,308
  • Sep 18, 2010 3:32am Sep 18, 2010 3:32am
Some great questions being asked recently, posts 2270, 2299, 2306 spring to mind straight away. All interesting questions each of which brings up a whole area for discussion.

Here is a link from a stock trader in the US, about the process of moving from a novice trader to an expert. This whole area is rarely discussed but I am realising that this is really what it is all about. And it is not about the zigdom line crossing the quark accelerator at all, like I first thought ....
  • #2,309
  • Sep 18, 2010 6:33am Sep 18, 2010 6:33am
That link was great reading. It gives good insight into why I am finding it hard to explain what I do ie I can't package what I'm doing into a simple set of rules. I am becoming more intuitive. I rely less on the actual specifics of indicators and use them more as guides .. I have a 'feel' for what's going on.

Even so, I would not call myself an 'expert' ... but I'm certainly in the group of 5% of traders that consistently beat the market.

Here's a few of the main points (from the web page) with comments inserted by me []:

There are at many differences between experts and novice


The difference between experts and novices cannot be reduced solely to experience. There are at many qualitative differences between experts and novice.


Novices rely on formal rules and procedures to guide them. Experts rely to a greater degree on their accumulated experience. [I have done a lot of screen time using many strategy ideas ... THV, MA's, Stochastics, MACD etc]

...

Experts use larger number of strategies


The expert has a larger number of strategies, and more effective strategies, for performing the task. This may be the most critical difference between the expert and the novice. [I have used THV, 3 ducks etc etc]



Experts have multiple strategies for dealing with the unexpected things and change of circumstances. This is the X factor. You develop this if you spend significant effort immersed in a task. [Sometimes I use round numbers as SR ... sometimes there's a better setup I see ... maybe SMA60 or change of trend as mentioned earlier]



In trading terms expert trader takes more factor in to consideration on a trade. He is aware of overall market, sector moves, phase of market, what style is working and what is not working and so on. While novice focuss on few variables. [An example is that I stepped aside from trading during one day this week as I 'felt' the market didn't suite my style ... very difficult to explain ... maybe it was too volatile for using a 10 pip stop?]





Trading from the gut

Experts are more flexible than novices. They rely on intuitionin ways that novices find difficult to comprehend. [I have presented many videos showing the methods I use for trading. After 80 videos many people still can't understand how I'm trading and how I use the dashboard ... maybe my method is becoming too intuitive?]



Quoting Royston
Some great questions being asked recently, posts 2270, 2299, 2306 spring to mind straight away....
  • #2,310
  • Sep 18, 2010 12:57pm Sep 18, 2010 12:57pm
[quote=Mindsphere;4029667]Made 7.9 pips on this one.

As of writing, there was at least 32 pips on the table. Sigh.

Stratman/Buildcity/others would appreciate advice on the exit - too early?

I got worried after price hit the 50% fib and rebounded so exited on the retouch of that level.


Hi Mindsphere !

Very intersting, well done !
I want to understand better your strategy.
Could you please write a manual about your strategy with some screenshots ?

Thank you
  • #2,311
  • Sep 18, 2010 5:12pm Sep 18, 2010 5:12pm
[I have presented many videos showing the methods I use for trading. After 80 videos many people still can't understand how I'm trading and how I use the dashboard ... maybe my method is becoming too intuitive?]

i've seen quite a lot of your videos....though good, in my opinion, they lack a key component: what "lined" up on your dashboard to make you consider taking a trade. in fact, you have a manual that discusses what all the indi's do but fall short of explaining when and what to look for on the DB that "indicates" the time is right to consider a trade.

ms/stratman: ms is doing an excellent job of explaining but i believe its become so much of a second nature for you guys that the analysis focuses on the entry and exit rather than what actually on the DB triggered you to take the actual trade.

anyhow, ms is doing an amazing job of illustrating the trades...i look forward to the guide.
  • #2,312
  • Sep 19, 2010 2:59am Sep 19, 2010 2:59am
Quoting samk090905
[I have presented many...
I think you're being a little unkind to stratman. His videos are really quite comprehensive, and he does cover his considerations for entry in great detail - including those on the dashboard. I know, because I've watched almost all of them.

You need to realise that the dashboard can provide you different things, depending on the situation. Distance from the MAs, minicharts, news release notifications, H1/H4 highs and lows, and auto upper and lower TF MAs are the main things I would use.
  • #2,313
  • Sep 19, 2010 3:26am Sep 19, 2010 3:26am
Implicit in a lot of questions is that there is " a right way" to trade, and that you only need to find a mathematical model of some sort that will lead to winning trades. Hence the questions like "can you write a manual showing Your Strategy ? " I think this tendency comes about because everything to do with trading is described by use of numbers. Without the numbers, there is no trading. For me a more useful analogy is with hunting. For example, you don't know where the deer are, but you know that they need to come down to the water to drink, probably early in the morning and late in the evening. You lie in wait. That is "A Strategy". More experienced hunters are in the forest tracking deer, they know what the deer like to do because they have watched a lot of deer. They know what the deer like to eat, and where that grows, and they use that knowledge to lie in wait in good places. And the most experienced hunters are thinking like the deer, they are in the minds of the deer. Imagine a novice hunter with only a book of rules to guide him out hunting deer. It is easy to see that his focus is on the book and on the rules. Whereas he really needs to be concentrating on his environment and putting himself in the place of the deer, learning what deer do. But he is learning to hunt on his own, and the book is all he has got, lol..

So the next question is how do you teach hunting, and the reverse side of the coin, how do you learn hunting?

PS There is one big difference between trading and deer hunting. With trading, there are only people involved, no deer. And, by definition, if you are not the hunter, you are the prey.
  • #2,314
  • Sep 19, 2010 3:56am Sep 19, 2010 3:56am
Well said

What I have stated right from the beginning is that the dashboard is a tool to be used with your strategy. It provides many features to use with your chosen strategy.

If we continue the hunting analogy ... maybe the dashboard could be considered like tools you might use while hunting eg a map and compass (or GPS). These tools help you get to where you want to be ie a place where you consider a deer is likely to be. But these items don't tell you where to point your rifle and when to pull the trigger.

Quoting Royston
Implicit in a lot of questions is that there is " a right way" to trade, and that you only need to find a mathematical model of some sort that will lead to winning trades....
  • #2,315
  • Sep 19, 2010 4:16am Sep 19, 2010 4:16am

Attached Image


Now venturing into programming in Java. I am reading huge amounts of info about programming the dukascopy JForex platform. Netbeans seems to be the programming environment to get going with. Any programmers out there have any other ideas? I looked into eclipse but with Oracle getting so involved with Java, things are getting a bit confusing

EDIT: Thankfully C# and Java are very similar. This has flattened the learning curve hugely as I am quite experienced with c#.
  • #2,316
  • Sep 19, 2010 5:22am Sep 19, 2010 5:22am
Quoting stratman
Well said

What I have stated right from the beginning is that the dashboard is a tool to be used with your strategy....
Totally agree.

Thats the most important thing to understand especially for spanking new people. The tool "assists" the traders decisions. Not the other way around.

What interests me the most (personally) is the fractal indicator that assists me in indicating when all TF's line up in one given direction.

The best trades appear when most charts align up given the same direction.

I think this is your strategy IMHO.

- Wait for TF's to align in one given direction.

- Mark boundaries of TF to trade (15m?).

- Wait for break of trendline (in essence breaking "the last barrier").

- Wait for the pullback and pull the trigger.

Am i correct in assuming this?

Sorry to appear ignorant, its just i see entries being taken on the break.

When waiting for the pullback is it before the TL break or after?

And if so do you use candle formations to indicate the continuation and entry?

Either way thanks for your time Stratman.

Pip
  • #2,317
  • Sep 19, 2010 5:33am Sep 19, 2010 5:33am
Quoting stratman

maybe the dashboard could be considered like tools you might use while hunting eg a map and compass
It reminds me more of Ziggy, the handheld computer that Dean Stockwell used in the old TV programme Quantum Leap It tells you that you are in the Western US, at a height of between 1000m and 2000m, which is optimum elevation for where deer live, you are on the West Side of the mountain, with forests and water over the next hill which deer like, and the time is 3 hours before sunset, the date is not in the breeding season, and so on.

But, like you say, you still have to do the hunting bit, it can't do that for you.
  • #2,318
  • Sep 19, 2010 6:03am Sep 19, 2010 6:03am
Put as simple as possible:

"Enter a trade in the direction of the trend when a pull-back is complete"


So all that is required is to determine what timeframe you are comfortable with and what the current trend direction is. Then wait for a pull-back to be completed for an entry.

There are many indicators that can help with determining the main trend and a conclusion of a pull-back eg fractals, stochastics, thv, ma etc. You should also consider news announcements and ADR. My set of indicators (including the dashboard) attempt to summarise this info in a way that is easy to read. I made the fractal arrows, thv lamps and alert engine to give a quick method of accessing this info.

All that is required is enough screen-time and practice to determine the highest probability situations as they develop. Ultimately you need to make the decision to pull the trigger.

If forex trading was as simple as people want it to be, I don't think there would be a possibility to make significant gains. 5% of traders consistently make money from the 95% that lose ie it's a zero sum game.

I have been thinking a lot about EA's. Is it possible to use just a few of my ideas in a robot? I'll likely not achieve 2.4% per day using such a robot. But, when you consider typical returns from banks eg in NZ it's around 5% per year ... a robot making 5% per month would be quite useful. That's more than 60% (compounded) per year



Quoting Pipalicious
Totally agree.

Thats the most important thing to understand especially for spanking new people. The tool "assists" the traders decisions. Not the other way around.

What interests me the most (personally) is the fractal indicator that assists me in indicating when all TF's line up in one given direction.

The best trades appear when most charts align up given the same direction.

I think this is your strategy IMHO.

- Wait for TF's to align in one given direction.

- Mark boundaries of TF to trade (15m?).

- Wait for break of trendline (in essence...
  • #2,319
  • Sep 19, 2010 6:34am Sep 19, 2010 6:34am
Quoting stratman
I have been thinking a lot about EA's. Is it possible to use just a few of my ideas in a robot? I'll likely not achieve 2.4% per day using such a robot. But, when you consider typical returns from banks eg in NZ it's around 5% per year ... a robot making 5% per month would be quite useful. That's more than 60% (compounded) per year
Interesting idea stratman. I wonder, are you current dabblings with programming for the Dukascopy platform related to this?

From the short period I've had trading concepts I've learnt by analysing your entries, I can see that there are certain things which could be coded. I actually think that many of these ideas have probably been coded for pairs with lower spreads - EURUSD being a prime example. All these arbitrage robots trading the edges with tight takeprofits probably result in much greater whipsaw around key pullback areas and may explain why it's so much harder to trade.

The yen pairs, by contrast, have traditionally had much higher spreads and are therefore less susceptible to robot scalping techniques as the risk is too high from the outset. I wonder if it would be worth analysing other high spread pairs with good volatility to evaluate their efficacy with your pullback entry approach.

As for concepts you are looking to code.. I think it would be worthy of discussion but perhaps in a closed forum environment (my offer for VPS webspace still stands if you want to establish a pipware trading group). I need to brush up on my Java skills, but I'm definitely up for exploring possibilities in this area if you want to collaborate.
  • #2,320
  • Sep 19, 2010 6:38am Sep 19, 2010 6:38am
I think the key component here is to know the main purpose of why using a robot.

- Is it to run it while away from screen? (that would freak me out personally).

- Or is it to turn on and off while supervising the markets (to make sure conditions are optimal for the EA).

If second option is the case then i would rather just trade manually.

But that is just me

Pip
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