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Easy Eyes (No Indicators) Simple Day Trading

  • #161
  • Dec 13, 2010 12:29pm Dec 13, 2010 12:29pm
Quoting newyear498
I enter after the 5M pull back and bought on the dip/ new trend up
I like it.
  • #162
  • Dec 13, 2010 3:26pm Dec 13, 2010 3:26pm
Quoting jmag
I like it.
Thanks, and I hit my TP

actually price kept going up.. I mean.. damn it was a nice up move today.. when I try to let things run I lose on my 2nd lot and when I use a TP things run hahaha.. we need a murphys law strategy
  • #163
  • Dec 13, 2010 6:35pm Dec 13, 2010 6:35pm
Hey everyone I'm shooting for another 6% on asia open
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  • #164
  • Dec 13, 2010 6:45pm Dec 13, 2010 6:45pm
It hit my TP

3 trades for the day.. minus 2% on one.. 6% on two.. really nothing more than luck.. although in both trades I was locking in profits.. some new techniques I am working on to make better exits and it worked out good today

made 10% for today alone.. only risked 2% of my account on trades because I have been making many wins last week and increasing risk on wins and decreasing on loses

you can see on my charts 3 trades I made.. first one I figure it had to pull back far sometime .. it was up 120 pips for the day.. so I took the shot.. when it didn't I just went with direction on second trade.. then figure asia open could net something in its initial direction and got right

Best Wishes
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  • #165
  • Dec 13, 2010 6:57pm Dec 13, 2010 6:57pm
On this trade it looks like my prediction for accurate TP worked out to almost exactly pick the end of the move.. but I really need to do more trading before I can feel my back tests results get the same outcome are my forward testing before I can really promise or say much about my observations I suppose.

did anyone have a good day trading today? it was really a beautiful trading day IMO

I did not have the opportunity to take anymore trades since I had finals.. but I made due with what came my way during my free time
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  • #166
  • Dec 13, 2010 7:49pm Dec 13, 2010 7:49pm
I've historically` had really bad mondays so I chose to sit today out. Huge move up nice trades NY
  • #167
  • Dec 13, 2010 8:11pm Dec 13, 2010 8:11pm
Quoting dfstone32
I've historically` had really bad mondays so I chose to sit today out. Huge move up nice trades NY
Hah, really? Fridays are my enemy.. but I still check out fridays and occasionally trade.. but when I trade fridays its usually 1 trade and a few hours before London closes

Hopefully the rest of the week is good.. the EUR has me a little on edge.. the whole world is going to shit and I'm trying to trade my way to beat it as the government bails out the banks.. hell the huge upmove was probably EUR banks pooring there bailout money into forex hah..
  • #168
  • Dec 13, 2010 8:27pm Dec 13, 2010 8:27pm
Quoting dfstone32
I've historically` had really bad mondays so I chose to sit today out. Huge move up nice trades NY
what a day to follow your rules! I sat on the sidelines with you!
  • #169
  • Dec 13, 2010 9:53pm Dec 13, 2010 9:53pm
Quoting Iamfx

Forgot you were with Oanda [myfxbook] wont work with them. [...]
That's inaccurate. For the record, "myfxbook," includes Oanda as one of the brokers which they interface. (Oanda has been fully adapted to their site for at least nine months.) Otherwise I agree that utilizing the myfxbook resource is a professional means to verify and metrically dissect your actual trading results.

Speaking of trading, I like your method, newyear498. A first that I can truly say was "mine" involved adapting the HA's (for trend) and Bollinger Bands (for T/P & S/L placement) on multiple time-frames. It was fairly simple and worked well.

So again, if you sign-up with myfxbook, you'll find they fully serve both Demo & Live Oanda account feeds as well.

All the best,
Soca
  • #170
  • Dec 14, 2010 9:37am Dec 14, 2010 9:37am
Quoting Soca
That's inaccurate. For the record, "myfxbook," includes Oanda as one of the brokers which they interface. (Oanda has been fully adapted to their site for at least nine months.) Otherwise I agree that utilizing the myfxbook resource is a professional means to verify and metrically dissect your actual trading results.

Speaking of trading, I like your method, newyear498. A first that I can truly say was "mine" involved adapting the HA's (for trend) and Bollinger Bands (for T/P & S/L placement) on multiple time-frames. It was fairly simple and...
Thanks Soca, I will look into fxbooks

what are you trying to say tho about the method? that its similar to something you traded in the past?

Thanks again!
  • #171
  • Dec 15, 2010 2:36pm Dec 15, 2010 2:36pm
I've still got a couple hitches in my swing.

1. Mondays huge move up which I deliberatelty sat out made me stubbornly refuse to sell during Tuesdays big move down. I made a few short trades late in the day for a profit and ended -28 for the day.
2. I rode todays follow through for 75 pips but only netted 21 for the day. The 9-11 period was stuck in a tight range which is always tough and on top of the usual mistakes it adds up.

I find that I'm either immediately in profit or dead wrong and thinking about moving my stop to 7 or even 6 pips. Over the past two weeks I can only identify 1 trade that would have been stopped out at that level and run to my target. Today would have been a 39 pip day and yesterday would have been almost breakeven.
  • #172
  • Dec 15, 2010 2:41pm Dec 15, 2010 2:41pm
Quoting Soca

So again, if you sign-up with myfxbook, you'll find they fully serve both Demo & Live Oanda account feeds as well.

All the best,
Soca
There is also currensee. I plugged into it last year but don't really log into it much.
  • #173
  • Dec 15, 2010 2:51pm Dec 15, 2010 2:51pm
Quoting dfstone32
I've still got a couple hitches in my swing.

1. Mondays huge move up which I deliberatelty sat out made me stubbornly refuse to sell during Tuesdays big move down. I made a few short trades late in the day for a profit and ended -28 for the day.
2. I rode todays follow through for 75 pips but only netted 21 for the day. The 9-11 period was stuck in a tight range which is always tough and on top of the usual mistakes it adds up.

I find that I'm either immediately in profit or dead wrong and thinking about moving my stop to 7 or even 6 pips....
I find that if you take the ATR and use that as your stop loss(plus spread).. only two things can happen 95% of the time..

1) you are stopped out because you picked the wrong direction..

2) you make profit and the ATR let you ride through all the pull backs.. then you can make your TP 2 or 3 times the ATR.. or let profits run etc...


ofcourse now and again it might dip to ATR and then continue up.. but thats very rare.. usually if it moves against you the measure of ATR its because your on the wrong side of the market and it continues against you.. anything less than ATR is needed room for a profitable trade

thats my findings.. I think its a very logical approach.. since if the market is trending in your favor it should never move the average trading range against your favor..

also it makes logical since to have adaptive goals to the market which cannot always put out a set number of pips.. and finally trade london session since its a trending session.. otherwise asia and etc will probably fail this method


best wishes!
  • #174
  • Dec 20, 2010 3:22pm Dec 20, 2010 3:22pm
Didn't want to leave this thread dead so I'll post my weekend journal entry

Trading
I have never felt more confident in my trading. Finally, things seem to be turning around as evidenced by 6 of 7 days profitable, with a total of 248 pips over the past two weeks. The one losing day was -28 pips. Net total for 7 days is 212pips. In other words I think I'm onto something.

Changes I've made:

  1. I've started trading only the EUR/USD cross
  2. Using a 5 min Heiken-Ashi chart to find direction and short term support and resistance.
  3. Entering the market only near these decision points: Pivots, Midpoints, or 5min 200 & 100 SMA.
  4. Trigger entry at market on 1 min breakout candle or with limit order fading 1 min retracement.
  5. Most importantly, I'm systematically taking profits, ½ off at 10 pips, close trade at 20 or next pivot level if I think there is the potential to trend strongly.


Mistakes I make when I'm over-confident

  1. Trade too big size and get freaked out by the larger loss es
  2. Start looking for ways to improve the system (tinkering)
  3. Over-trading and forgetting or ignoring the method


Trading isn't glamorous. I wake up every morning and need to make the exact same decisions that made money the previous day.

The past week I've tightened my stop to 7 pips. This is for two reasons:
Looking at my screen shots for the last two weeks I can find only one instance where a 10 pip stop resulted in a winner. All other winning trades were still winners with only a 7 pip stop.
Often an ideal entry long is also an ideal entry short. I find it very difficult to reverse direction while in a trade (Manage mode). Seven pips gets me out of a loser sooner and back into Asses mode where I can either switch direction or enter again in same direction which I've done often resulting in winning trades. I need to be careful to not pile loss after loss trading the same decision point as can happen during tight volatile ranges or very quite periods. Consider trading a decision point only twice if they are both losses or quitting for the day.

Goals

  1. Increase size slowly until I'm at approximately at 1% of account at 7 pip stop. I hope to be trading full size by February.
  2. Initial daily goal of twenty pips

Here's todays trade for 48 pips. I calculate my pip totals based on 2 lots. First lot was +10 pips, 2nd was +38 My losses are double the size of my wins so a 7 pip stop is actually a total loss of 14 pips. The totals above and in my trading log reflect this.

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  • #175
  • Dec 20, 2010 5:14pm Dec 20, 2010 5:14pm
Quoting dfstone32
Didn't want to leave this thread dead so I'll post my weekend journal entry

Trading
I have never felt more confident in my trading. Finally, things seem to be turning around as evidenced by 6 of 7 days profitable, with a...
Thanks for posting and I appreciate you looking out to prevent this "dead thread" lol

I have been taking some time off from trading to actually program some EA's, maybe I will do this method as an EA

I'd like to know what kept you out in the first/left chart you posted.. what prevented you entering the first move away from M3

thanks dfstone, and you are clearly becoming a good trader because boredom trading is the first sign I believe.. I am hoping to get an EA going so I don't have to sit around anymore.. when I trade I find myself taking gambles at times because I'm very bored and going "well i'm already up x amount I'll gamble half my profits for a bigger reward".. lol I suspect thats bad

also you said "My losses are double the size of my wins so a 7 pip stop is actually a total loss of 14 pips." but you said your win was a 10 and 38? I think you average out better than your loses? unless referring to other trades not listed

anyways don't worry to much about getting anything better than 1:1 risk to reward with spread factored in.. to tell you the truth (and I know 100's will say I'm stupid..) but the pro's don't shoot for 1:3 etc.. they shoot for lowest draw downs despite most factors.. I think what your doing it good keep it up!
  • #176
  • Dec 20, 2010 5:22pm Dec 20, 2010 5:22pm
Today an HSH in the ASX200 and an uptrend in EURJPY. Good behavior in respond to the reform of the treaty of Lisbon.
  • #177
  • Dec 20, 2010 8:11pm Dec 20, 2010 8:11pm
Quoting newyear498
Thanks for posting and I appreciate you looking out to prevent this "dead thread" lol

I'd like to know what kept you out in the first/left chart you posted.. what prevented you entering the first move away from M3
two things kept me from taking the previous 2 long setups;
i wasn't at my computer till about 9;30 and it takes about 10-20 min to get my pivots and charts set up

more important was that overnight range was very tight, and the M3 line was generally near the top of that range. i was also biased short based on recent price action, i thought i could get 10 point based on the overnight range and held on as it broke cleanly down to s1

take care
  • #178
  • Dec 25, 2010 5:14am Dec 25, 2010 5:14am
Quoting dfstone32
Didn't want to leave this thread dead so I'll post my weekend journal entry

Trading
I have never felt more confident in my trading. Finally, things seem to be turning around as evidenced by 6 of 7 days profitable, with a...
sounds very exciting

congratulations bro,,

I hope I can get like that,,
because until now I still have a SELL position GU, and floating minus


happy new year,,
only an analysis, and I'm always wrong, don't follow me,
  • #179
  • Mar 30, 2011 4:47am Mar 30, 2011 4:47am
Hi NY,

I recently chanced upon this post and it was a delight to read your post on the HA method..tried it and it has been pretty good for me, atleast 7 successful trades outta 10 on small contract sizes..

its a pity though that it has not been active since Christmas! Hope to see this thread come alive again..Others, hope to hear from all..esp. on what has been good and bad, using this method..

so far i have been using it strictly the way NY started it. but at times, when i get the itch to trade, i zoom into a 15 min chart to take a trade..the times when i lost the $$, it was because i made multiple entries after being stopped out..sigh!
  • #180
  • Jun 6, 2011 4:08am Jun 6, 2011 4:08am
I'm having some problem with Heikin Ashi Indicator (using IBFX MT4).
Can someone please verify if they got the same problem, it's a IBFX issue or if it's the problem from my end how can it be fixed?
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