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Make Money Everyday - A Guide to Short-Term Trading

  • #61
  • May 1, 2011 9:21am May 1, 2011 9:21am
Quoting toshi
Mongolian,

I am often absent from Forex Factory, but never too far away.
Every now and again I poke around to see what's happening around here.
I may be wrong, but I have a strong gut feeling that you're the real deal.
You seem like a modest guy, but I sense you know that this stuff ain't for the faint of heart.
Even though it may be simple, it's not easy for most and I think you get it.

This is one of the more solid scalping methods in use today and has
been so often overlooked or dismissed because it's just too damned simple
and it...
Toshi, much thanks. I've read many of your posts and I am honored that you and to be honest than anyone has taken interest in my little post. I started it mostly as an outlet for myself. Thanks again for the kind words.

Mongolian
  • #62
  • May 1, 2011 9:41am May 1, 2011 9:41am
Hi,

just one thing i noticed - the same day as you started this thread, the another thread was started - Trading made simple or sth like that and there is about 800 replies in that thread, here is only 60, and this is really shining diamond in this forum i think, but i'm not telling that the other system doesn't work maybe yes i dont know

but this is typical picture because everybody is looking for pure mechnaical system which will work immediatelly, for which EA can be made and so on and he is not willing to work hard to make it out. Just my observation.

and btw i just have a question for you mongolian, what do you think about using 10 pips lines - xx00 xx10 xx20 and so on, have you been playing also with them before or did you started with 12 pips?

thanks for reply. mike.
  • #63
  • May 1, 2011 9:56am May 1, 2011 9:56am
Hi

Thanks for your simple, yet powerful system. I have a question, have you tried using trailing stop after the 12 pip take profit is achieved? So that your winner can run for more pips if the trend continue. Or Trailing Stop do not just work for this system? Thanks once again.
  • #64
  • May 1, 2011 11:44am May 1, 2011 11:44am
Quoting mongolian
EST is the same as NY. I have tried to figure out the GMT before but I always would end up missing things because I would have the time wrong. So I quit trying and just went with what I knew. Don't know if that helps.
Hey Mongolian,

Just wanted to say I have been trading a hybrid version of your approach for several years on FX, Nymex and/or Wall Street Daily. It sits well with how price action plays out........no need for indicators or anything else.

I don't trade for 12 pips though........I trade for between 37 to 47 or for 57 to 67 depending on where entry arises in either direction and later in the session when price action has provided more history to take into account.

If entry arises to BUY or SELL at:

xx.00 I go for either 37 or 47 pips

xx.25 I ignore price action here

xx.50 I take it if price has already been higher than next higher or next lower xx.00+ and then go for 57 to 67+

xx.75 I ignore price action here

I too observe standard pivot points and will take into account as necessary.

As price action becomes more established as the session moves on I will go for bigger pip totals.....especially on Nymex.

I am usually done after two trades as I can see no justification for trading all day.

I use a limit order to take profits and don't worry about what I leave on the table........I trade for a living not to break any records.

Good luck to you and well done for spotting how the markets actually move...........a simple approach is head and shoulders above everything else.

Newbie traders could succeed far quicker if they took this on board. This approach works on all markets not just FX.

makingpips
  • #65
  • May 1, 2011 12:32pm May 1, 2011 12:32pm
Quoting katrooo
Hi,

just one thing i noticed - the same day as you started this thread, the another thread was started - Trading made simple or sth like that and there is about 800 replies in that thread, here is only 60, and this is really shining diamond in this forum i think, but i'm not telling that the other system doesn't work maybe yes i dont know

but this is typical picture because everybody is looking for pure mechnaical system which will work immediatelly, for which EA can be made and so on and he is not willing to work hard to make it out. Just...
Thanks Mike, I have played with those numbers as well - 10 pip lines. I also have done it dividing each 25 area in 1/3's so basically 8 pip lines. They can work - like I have posted before, whatever kind of line you put up, you will start seeing things that conform to it. I personally just like the 12 pip best. The problem with trading such a short time frame is having to filter out false signals. When I was trying those other levels, I had more false negatives over all and there was really no discernible difference in pip total for the day using smaller intervals vs. 12. (I ran some manual tests, the smaller levels only have me +5 or so pips with more transactions. It just didn't make sense to keep pursuing it.

Mongolian
  • #66
  • May 1, 2011 12:34pm May 1, 2011 12:34pm
Quoting ava_ind
Hi

Thanks for your simple, yet powerful system. I have a question, have you tried using trailing stop after the 12 pip take profit is achieved? So that your winner can run for more pips if the trend continue. Or Trailing Stop do not just work for this system? Thanks once again.
Of course that can be done. I have not introduced that or any other filters yet, simply for the reason of keeping it simple. But yes - there are steps that can be taken to do that.

Mongolian
  • #67
  • May 1, 2011 12:38pm May 1, 2011 12:38pm
Quoting makingpips
Hey Mongolian,

Just wanted to say I have been trading a hybrid version of your approach for several years on FX, Nymex and/or Wall Street Daily. It sits well with how price action plays out........no need for indicators or anything else.

I don't trade for 12 pips though........I trade for between 37 to 47 or for 57 to 67 depending on where entry arises in either direction and later in the session when price action has provided more history to take into account.

If entry arises to BUY or SELL at:

xx.00 I go for either 37 or 47 pips...
Indeed you are right. This is pretty much as short of a timeframe as I can trade. However I do have other charts, that sound similar to what you are doing - They use a higher Tick count for the charts and of course - look for higher pips as well. The rules still apply - PA uses the same levels each and every day.

Thanks for the post!

Mongolian
  • #68
  • May 1, 2011 12:41pm May 1, 2011 12:41pm
Hi Mongolian,

I had a question about the charting software. FX Accucharts... I see that with it you have the ability to use tick charts and even modify the ticks as well.

I find this very useful for me as a personal preference. I've traded with a tick chart before and I feel that using this, you are in a move before the crowd. If that's a good thing for you, and for me it is, then I can see where using these charts is essential.

I find MT4 useful as well due to the breadth and depth of the charting and indicators, but correct me if I'm wrong, the lowest tf is 1min, yes? MT4 gurus, please help me here.

My question is, how does one keep the FX Accucharts service? I've got a 30 day demo, but is this a case of renewing every 30 days? Would one have to open an account with fxsol or gts to keep using FX Accucharts?

Many thanks, Kenfenfx
  • #69
  • May 1, 2011 12:46pm May 1, 2011 12:46pm
Quoting kenfenfx
Hi Mongolian,

I had a question about the charting software. FX Accucharts... I see that with it you have the ability to use tick charts and even modify the ticks as well.

I find this very useful for me as a personal preference. I've traded with a tick chart before and I feel that using this, you are in a move before the crowd. If that's a good thing for you, and for me it is,...
Ken I love their charts. Are there drawbacks? Sure. But I like them. Their spreads are high, which is why I only have a little money in there, just enough to keep it open so I can use the charts. Especially with this type of trading, keeping your costs down is key and there are lots of decent brokers who have pretty good spreads.
  • #70
  • May 1, 2011 12:47pm May 1, 2011 12:47pm
Hi Mongolian,

Have you ever thought about dividing the chart into sixes? I've traded that way and it was amazing how the PA would consistently hit the H-lines when they are laid out in 6 pips up and down the V-scale....

I'd like to recreate that setup but I'm still at a loss at how to accomplish this with MT4. That's why I'm really interested in the FX Accucharts option...

I don't regard this as any type of holy grail, but I did spend a ton of hours with a six pip grid system and it was quite interesting to say the least. Where I was using it before is no longer available and has fallen out of fashion with a group I was working with.

Any thoughts?

Many thanks, Kenfenfx
  • #71
  • May 1, 2011 12:52pm May 1, 2011 12:52pm
Quoting mongolian
Ken I love their charts. Are there drawbacks? Sure. But I like them. Their spreads are high, which is why I only have a little money in there, just enough to keep it open so I can use the charts. Especially with this type of trading, keeping your costs down is key and there are lots of decent brokers who have pretty good spreads.
I see. I do the same thing. I have an MT4 demo that I am using to run charts and enter orders on Currenex for better pricing. I'll investigate the options. Many thanks for the information to clear that mystery up for me.

Ninjatrader used to be great for this, and we'd use a demo feed to run the charts, but that's all changed now. My broker was kind enough to make an MT4 demo "permanent" for me so that I could utilize the charting functions.

Many thanks! Kenfenfx
  • #72
  • May 1, 2011 12:57pm May 1, 2011 12:57pm
Quoting kenfenfx
Hi Mongolian,

Have you ever thought about dividing the chart into sixes? I've traded that way and it was amazing how the PA would consistently hit the H-lines when they are laid out in 6 pips up and down the V-scale....

I'd like to recreate that setup but I'm still at a loss at how to accomplish this with MT4. That's why I'm really interested in the FX Accucharts option...

I don't regard this as any type of holy grail, but I did spend a ton of hours with...
Are you talking about adding in 2 more lines? Dividing the 12 pip areas in half? Kind of like this?
Attached Image (click to enlarge)
Click to Enlarge Name: 6 pip lines.JPG Size: 111 KB
  • #73
  • May 1, 2011 1:31pm May 1, 2011 1:31pm
Mong,


Yes, that's what I mean. I was just looking at your chart and what do you think about where the pa is lining up with this grid?
  • #74
  • May 1, 2011 1:42pm May 1, 2011 1:42pm
Quoting kenfenfx
Mong,


Yes, that's what I mean. I was just looking at your chart and what do you think about where the pa is lining up with this grid?
I've tried running with a chart like this. It's hard and it's good. It's hard to see because there are soo many lines on the chart. It gets distracting. It's good in that I certainly see on the short short time frame - PA does turn on those levels as well. I decided to go without them mostly because I just had a hard time looking at it. I was focused more on the lines than on PA and I personally want to trade off of that. If I could trade off of just the numbers I would, I'm just not that skilled (yet).

As far as PA now - I think that last week was thin for the most part. Monday was holiday after Easter. Friday was holiday for the Royal Wedding so London was out. That being said, given the lower volume last week, we have no holidays this week (Except Mothers Day on Sunday, yes I know, but it's not one that impacts trading - And everyone go kiss your momma if you can. She deserves that and a lot more for the nonsense we've put them through). I would expect a big gap one way or another to open. I could be wrong, that's why I'm not an analyst!
  • #75
  • May 1, 2011 2:11pm May 1, 2011 2:11pm
Quoting mongolian
As far as PA now - I think that last week was thin for the most part....
Monday May 2nd is also a public holiday in the UK, then another at the end of May, then thankfully no more until the end of August. Strange how I used to love bank holidays when I had a job, now they just get in the way of trading!

Great thread Mongolian, similar to an idea I had been backtesting, but I was struggling to get it as profitable as I'd have liked due to relatively high spreads. I've now opened an account with very low spreads, and I love this kind of non-indicator trading, although my style is perhaps more similar to grid trading than yours.

Good luck in your continued efforts

Andy
  • #76
  • May 1, 2011 2:26pm May 1, 2011 2:26pm
Quoting Andy B
Monday May 2nd is also a public holiday in the UK, then another at the end of May, then thankfully no more until the end of August. Strange how I used to love bank holidays when I had a job, now they just get in the way of trading!

Great thread Mongolian, similar to an idea I had been backtesting, but I was struggling to get it as profitable as I'd have liked due to relatively high spreads. I've now opened an account with very low spreads, and I love this kind of non-indicator trading, although my style is perhaps more similar to grid trading...
Yes Andy - as soon as I put up that post, I saw there was another bank holiday. They are killing me. I am with you - used to love them, now - not so much.
  • #77
  • May 1, 2011 5:44pm May 1, 2011 5:44pm
Quoting mongolian
Yes Andy - as soon as I put up that post, I saw there was another bank holiday. They are killing me. I am with you - used to love them, now - not so much.
I just take the day off, and avoid the first Thursday (BoE interest rates) and the first Friday (NFP Payroll) of each month as well, my trading does well in a half decent trend, but a whole day of a tight ranging market tends to be both frustrating and unprofitable, plenty of opportunities for easy pips on the other 15-18 trading days each month

Andy
  • #78
  • May 1, 2011 5:57pm May 1, 2011 5:57pm
Quoting Andy B
I just take the day off, and avoid the first Thursday (BoE interest rates) and the first Friday (NFP Payroll) of each month as well, my trading does well in a half decent trend, but a whole day of a tight ranging market tends to be both frustrating and unprofitable, plenty of opportunities for easy pips on the other 15-18 trading days each month

Andy
I like your thinking sir!
  • #79
  • May 1, 2011 6:23pm May 1, 2011 6:23pm
Hi,

this could be maybe useful for similar style of trading - maybe with little modification - it draws boxes when price went some pips which you choose - for example when you choose 10 it will make a blue box when it will go up from xx00 to xx10, for example if it goes down from xx20 to xx10 then it will draw red box

you can take a look on it if smbdy interested

cheers.mike.
Attached Image (click to enlarge)
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Attached File(s)
File Type: mq4 PriceChangeChart1.mq4   2 KB | 768 downloads
  • #80
  • May 1, 2011 6:44pm May 1, 2011 6:44pm
Just some thoughts on PA so far today...
Attached Image (click to enlarge)
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