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Trading Major Lines

  • #721
  • Apr 8, 2011 4:40am Apr 8, 2011 4:40am

I think I better try this method in demo first to avoid further losses.

I find myself has not reach the level where I can trade live yet

Is there any forex broker offers unlimited period of demo account? I tried AVAFX but the demo account only last for 1 month. I have to re-create again with different username and personal details which I think very problematic.

Any suggestion guys?


  • #722
  • Apr 8, 2011 4:46am Apr 8, 2011 4:46am
Quoting liangko
Is it true that usually after a breakout candle you will wait for the retracement for the price to come back?

Just like the USDCAD pair you commented earlier.

Thanks.
yes its true..
  • #723
  • Apr 8, 2011 4:49am Apr 8, 2011 4:49am
hey liankgo,

Try fxpro.com, they have a good demo account.

Quoting liangko

I think I better try this method in demo first to avoid further losses.

I find myself has not reach the level where I can trade live yet

Is there any forex broker offers unlimited period of demo account? I tried AVAFX but the demo account only last for 1 month. I have to re-create again with different username and personal details which I think very problematic.

Any suggestion guys?


  • #724
  • Apr 8, 2011 5:34am Apr 8, 2011 5:34am
Quoting nomask
Hello Jason.I hope you demo traded this method before trading it live..
Its not because you need to see if you can trade it but also you need your trading data/performance to set your money management rules..
Personally I risk very small lot size for every position..
I use 0.1 lot for each 5k
and my average loss is 6-8 pips..that makes my each trade with 6-8$ risk or % 0,15.
So I need about 35 consecutive loss to spend %5 of my capital.

considering the fact that I get average 4 trades per week.
This could take me probably 7-8 weeks to...
Hi Nomask,

You say 4 to 5 trades avg per week with 0.15% risk per trade. Could you also please share what would be the realistic return per week /per month, averaged over a period of a year.

Thanks for all the input.

Quote
One more important thing.
Lets say you started trading with 10k and lost your 1k but realized that you made so many mistakes while losing that and now you recently trading better.Then forget about that 1k and take it as your training fee and focus on that 9k as your initial capital..Because if you get stuck with the idea of that you lost 1k you won't be able to overcome emotional hurdle.

This is a very good point as well


TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #725
  • Apr 8, 2011 6:31am Apr 8, 2011 6:31am
Quoting TradeStar
Hi Nomask,

You say 4 to 5 trades avg per week with 0.15% risk per trade. Could you also please share what would be the realistic return per week /per month, averaged over a period of a year.

Thanks for all the input.



This is a very good point as well


TradeStar
its been 22 wks since i started trading this method alone..
I had a period of 1200 (there was a quick run from 1.4 to 1.3 in 5 weeks..after that nice profit I decided to trade this method alone) pips net profit in total and another period of breakeven and currently holding that 800 pip-worth position that cost me around 50 pip..
so if i close it now that would be 2000 pips for 5-6 months which is equal to 40% of my capital.
But when I look back now I can see that I could've been able to double my account easily if I was able to avoid all the sloppy entries and trading full time.
You may have some period of months over 20% profit of your account and some other months at b.e or small loss..Its all up to how patient and consistent you can be in trading.
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  • #726
  • Apr 8, 2011 7:52am Apr 8, 2011 7:52am
Is this a good setup candle for GU on 4hr for short? if it close as is in next 9min?
Attached Image(s) (click to enlarge)
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  • #727
  • Apr 8, 2011 8:04am Apr 8, 2011 8:04am
Quoting nomask
Lets say you started trading with 10k and lost your 1k but realized that you made so many mistakes while losing that and now you recently trading better.Then forget about that 1k and take it as your training fee and focus on that 9k as your initial capital..Because if you get stuck with the idea of that you lost 1k you won't be able to overcome emotional hurdle.
That's a great point. I will definitely try to look at it that way.

I've been demo trading Graeme's idea for months and yours for a few weeks. I do not have much "performance" data except that I had 3 positions that have run in demo for a total of about 1400 pips that are still running. I figured it was time to trade live because these 3 positions paid for all of my entries and then some. I'm risking no more than .05% per trade.

My EUR position is on from yesterday's Asian session at a little over 100 pips and I'm hoping for the best. Although I've seen losses this week, I remain steadfast because I am fairly confident that all of these are all going to be paid for in full.


To be honest with you (and myself), I definitely overtraded this week. I took 12 trades over 3 currency pairs and one was a freak loss of 48 pips during the news yesterday. If I closed my EUR position, I'd be at a loss of about 3%. As it stands now, it's a realized loss of 8% of capital for the week.

I will be much more picky on entries next week. This week has been a loud wake up call for me.


Thank you again for everything you do here, Nomask.
  • #728
  • Apr 8, 2011 9:28am Apr 8, 2011 9:28am
Hi Nomask

I entered long on UC based on this setup...am I correct? So far it is going good, I moved the SL to BE but just wanted master's confirmation! Thanks.
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  • #729
  • Edited 10:45am Apr 8, 2011 10:27am | Edited 10:45am
Quoting nomask
its been 22 wks since i started trading this method alone..
I had a period of 1200 (there was a quick run from 1.4 to 1.3 in 5 weeks..after that nice profit I decided to trade this method alone)...
Hopefully all of us reading your thread can have similar results. It will take extreme patience. Thank you once again for this thread!

This quote is taken from Graeme's thread which Nomask very highly recommends reading. "However sooner or later the golden opportunity, or the golden position that will survive for the next year does happen. Not because you were lucky but it is inevitable."

If you haven't read that thread it should really put all the pieces of the puzzle together. At least it did for me.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #730
  • Apr 8, 2011 12:49pm Apr 8, 2011 12:49pm
Hi ava_ind,

Am looking at your charts and am not sure what you mean by BASED ON THIS SETUP!!! If i understand the method correctly your target should be 0.9000 and looking for short opportunities on the 4-hr and entry on the 5 or 15 min to help minimize your S/L....just my observation unless i have totally misunderstood this style of trading.....my 4-hr shows where support was broken (Blue Area) and where we would have gone to 15min to look for a possible short, see the yellow arrows, first once when blue area was broken and second when price tested this support...well unfortunately this short would have ended at BE......currently it shows a good opportunity to go short.......am still GBPCAD short from Wednesday..................cheers.....nice weekend all

Quoting ava_ind
Hi Nomask

I entered long on UC based on this setup...am I correct? So far it is going good, I moved the SL to BE but just wanted master's confirmation! Thanks.
Attached Image(s) (click to enlarge)
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  • #731
  • Apr 8, 2011 2:14pm Apr 8, 2011 2:14pm
Quoting nomask
its been 22 wks since i started trading this method alone..
I had a period of 1200 (there was a quick run from 1.4 to 1.3 in 5 weeks..after that nice profit I decided to trade this method alone)...
Thanks, Nomask.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #732
  • Apr 8, 2011 2:59pm Apr 8, 2011 2:59pm
Quoting Danku
Hi ava_ind,

Am looking at your charts and am not sure what you mean by BASED ON THIS SETUP!!!...
Hi

Thanks for the suggestion, and your observation is right. By following the same technique I just tried a scalping.
  • #733
  • Apr 8, 2011 3:21pm Apr 8, 2011 3:21pm
Quoting ava_ind
Hi Nomask

I entered long on UC based on this setup...am I correct? So far it is going good, I moved the SL to BE but just wanted master's confirmation! Thanks.
I have a short position on this pair at 0.96695 based on the weekly price action.
Remember.You always need a valid reason on the weekly.It'll give you the push to survive your position.Without weekly support not so many positions last long.
  • #734
  • Apr 8, 2011 7:41pm Apr 8, 2011 7:41pm
Hi nomask,

I've enjoyed your thread on trading major lines and would like to share an indicator for longer times frames ie, 4hr, daily, weekly. If you use Metatrader I'd like to get your thoughts on it, seeing as though you trade these timeframes. You can contact me at [email protected]. Thanks.
  • #735
  • Edited 12:43am Apr 9, 2011 12:37am | Edited 12:43am
http://www.forexfactory.com/showpost.php?p=4529537&postcount=708

Hi Jason
I can say don't give up demo trade and demo trade, find the method that suits you, I too have a full time job which makes my time limited to enter with Nomask's method. combine what you have learned from both thread's and find what suit's you.
I opened a new acc in the beginning of March and for the first two weeks I sat in 8-10% drawdown. My account is now 13% up in closed trades and I have 1300 pips positive in open positions.

good luck and stay positive

I see others replied to you already with valid comments, that's what happens when you don't read this thread for two days.
  • #736
  • Apr 9, 2011 2:49am Apr 9, 2011 2:49am
Here I'm posting 4 different pairs that caught my eyes among the others.
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  • #737
  • Apr 9, 2011 5:21am Apr 9, 2011 5:21am
Hello Nomask,

Before discovering your thread, I've problem reading and understanding the importance of higher TF's charts such as 4H/weekly. But after digging further I now have a better understanding of its relevance. Not only that, I think it has help me tremendously with my trading now.

Previously, I only look at 1M/5M for scalping trades which are very tiring having to be fixed in front of my LCD under long hours.

My thanks to you. Keep up the good work.
  • #738
  • Apr 9, 2011 1:01pm Apr 9, 2011 1:01pm
Attached Image (click to enlarge)
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Might pay to watch weekly USDX index this week as well.
It has reached a potential double bottom here. Any bounce from here will affect the EURUSD and other USD denominated currencies

If the USDX index breaks lower then will help longs on EURUSD
  • #739
  • Apr 9, 2011 6:43pm Apr 9, 2011 6:43pm
Quoting nomask
Here I'm posting 4 different pairs that caught my eyes among the others.
Have not been on here lately. As I have been managing the EU trades and adding positions. This is just as important as entering a trade. I agree with your assessment there nomask for the pairs you suggested for next week. Good work! I may trade AU next week as this tells me the best story. From what I see(on the monthly) it has a great push up to the 1.0700 level(210pips). It may pip dance abit before continuing to the 1.1000 level which is our first 500 pips and a add on target. There is also confluence at this level as well per fib level. I only use the monthly for overall pip targets. Goog luck next week.
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Empower Your Mind
  • #740
  • Apr 9, 2011 8:34pm Apr 9, 2011 8:34pm
Quoting RED-Dragon
I opened a new acc in the beginning of March and for the first two weeks I sat in 8-10% drawdown. My account is now 13% up in closed trades and I have 1300 pips positive in open positions.

good luck and stay positive

I see others replied to you already with valid comments, that's what happens when you don't read this thread for two days.
RED, thanks for the reply. Those results are really comforting. I had 12 losers this last week (my first week trading live). My 13th live EUR/USD trade that I posted a few posts back is in the green for about 160 pips. It would cancel all 12 of my losses if I closed it out now. My equity is exactly 4 pips in the positive. I'm really happy to see that. I think that's the beauty of this method. One winner can stomp out a handful of losers as long as they were each low risk entries. If this position dies on BE, I will not be concerned. I am looking at the BIG PICTURE.

You said you've closed positions for up to 13%. When did you close these positions and why? Per this method, I was under the impression that we close positions once it makes a reversal on the weekly, but I could be mistaken. I'd love to close my position now and get my 8% back that I lost, but it seems like it would be even better if I close it at the 1.5 line or even further for a substantial profit. I'm very interested to hear why you closed your positions this month.


Nomask - Thanks for the charts. I think we have a good idea of the pairs to watch for this week. I'm going to take your advice and take less trades. When you say you take 4 trades a week, is that per pair or in total?

Finally, do any of you close any positions if they reverse at the median line? The median line is quickly approaching for EUR/USD.

Thanks again!

Happy pips, all.

-Jason
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