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Make Money Everyday - A Guide to Short-Term Trading

  • #361
  • May 13, 2011 10:47am May 13, 2011 10:47am
Quick question - do you take entries at session high/lows? This is where volatility gets wacky and seems the most likely point to get stopped out (I speak from experience!). Or do you simply read PA and make a decision on the spot?

Thanks in advance.
  • #362
  • May 13, 2011 11:25am May 13, 2011 11:25am
Quoting enochben
Quick question - do you take entries at session high/lows? This is where volatility gets wacky and seems the most likely point to get stopped out (I speak from experience!). Or do you simply read PA and make a decision on the spot?

Thanks in advance.
I am aware of them, I don't specifically target them with orders though. It can be done, I just read PA personally.

Mongolian.
  • #363
  • May 13, 2011 3:28pm May 13, 2011 3:28pm
Quoting geduim
Congrats on profitable session imho in initial learning stage performance comes first and pip count just second. pa_pips what was your thought process when closing first short? would be interesting to see this correctional situation on the trade before last on 10s chart, but I know that there is limited history on Oanda charts.
geduim, if I recall correctly it just felt at the time as if the price came back to strongly. It seems as if my gut feeling more often than not helps me to minimise pain, when entry does not move very quickly in intended direction. One aspect that I maybe need to focus on is getting into a position going opposite direction. It seems as if more often than not would work. Need to practise how to react quicker though to apply it to my trading.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #364
  • May 13, 2011 3:32pm May 13, 2011 3:32pm
Quoting geduim
thanks pa_pips, i guess it was tricky situation, main trend was up but we shorted when after period of range two down legs has been formed, so maybe it wasn't very counter trend trade.
Agreed, sometimes it is better not to get to caught up into trend (to many of them - trend within trend etc). Better, to get into touch with the feel of the market and act accordingly.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #365
  • May 14, 2011 3:12pm May 14, 2011 3:12pm
Herewith my analysis of trading this approach thus far and open ended question which I suppose only time in market will answer
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-14_2148.png Size: 62 KB
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #366
  • May 14, 2011 4:18pm May 14, 2011 4:18pm
Quoting pa_pips
Herewith my analysis of trading this approach thus far and open ended question which I suppose only time in market will answer
Nice. Thanks for sharing that. I would be interested in seeing what that looks like in 30 days or so - maybe June 30th. Those first few days may indeed be outliers - like you said - time will tell. My question to you - How do you feel about those numbers?

Mongolian
  • #367
  • May 15, 2011 6:14am May 15, 2011 6:14am
Quoting mongolian
Nice. Thanks for sharing that. I would be interested in seeing what that looks like in 30 days or so - maybe June 30th. Those first few days may indeed be outliers - like you said - time will tell. My question to you - How do you feel about those numbers?

Mongolian
Mongolia, I feel fairly confident, but also realise 10 days is a blip in the ocean. My feeling though is also that this is one of the approaches that suits me the best in terms of the dozens of other strategies that I have followed. I think simplicity wins the day (I also recently implemented 2 "set and forget" type strategies that seems to suit me and they are also fairly simple - 11.2% up this month). I am less aggressive than most in how I follow this "Make Money Everyday" approach, but I think that matches my personality better and may explain the first 2 days vs the last 8 days results. Even if I experience some bad days in future, it will more be a challenge to learn from the experience, instead of changing my approach to much. As you yourself alluded to early on in the thread - it takes plenty of screen time to achieve consistency. I think after 18 months in Forex, I have finally found 3 strategies that I can focus on rather than spending time searching for yet another strategy.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #368
  • Edited 11:43pm May 15, 2011 8:07am | Edited 11:43pm
Quoting mongolian
Thanks for the charts again. I put some notes on it. Please keep them coming. You are really picking it up. That little area early on where you got stopped out a few times was messy and it cost you. It's tough, but I will say - it sure beats whatever that day was a while back - what was it...-48? SO in perspective, my bitching about trading costing us money is a bit nit picking, we still ended the + so that is great!

Mongolian
Thank you very much for comments Mongolian, really helpful I'm not sure about 1.4250 short. Main trend was up and price made micro rest before making 12pips retrace to 1.4250 but price was in range before and made two down legs. So i'm not sure why we still would look for longs after price reached 1.4237, because of main up trend or other reasons?
  • #369
  • Edited 10:27am May 15, 2011 10:15am | Edited 10:27am
Quoting enochben
Please do share how you accomplished this!
For this strategy, I'd like to see two charts in MT4: a 10-tick chart for trading decisions and a 12.5-pip grid chart to see the trend (like mongolian's Excel spreadsheet).

One way to get this setup:

- Download the BarGeneratorLive EA found here.
- Add the EA to your experts folder.
- Download the attached template (mme1.tpl) and add to your templates folder.
- Open a chart for the symbol you wish to monitor. I prefer Monthly chart.
- Apply attached template to your chart.

The template will add the EA to your chart. The EA will create the 2 offline charts.

I only use 5-digit brokers. The EA was coded to work on non-5-digit brokers, but this has not been verified.

Good luck!

Edit: I've also added another template (mme2.tpl). This will create a 2.5-pip range bar chart instead of a 10-tick chart.
Attached File(s)
File Type: tpl mme1.tpl   1 KB | 302 downloads
File Type: tpl mme2.tpl   1 KB | 260 downloads
  • #370
  • May 15, 2011 3:15pm May 15, 2011 3:15pm
Quoting zznbrm
For this strategy, I'd like to see two charts in MT4: a 10-tick chart for trading decisions and a 12.5-pip grid chart to see the trend (like mongolian's Excel spreadsheet).

One way to get this setup:

- Download the BarGeneratorLive EA found here.
- Add the EA to your experts folder.
- Download the attached template (mme1.tpl) and add to your templates folder.
- Open a chart for the symbol you wish to monitor. I prefer Monthly chart.
- Apply attached template...
Thanks Zznbrm,
I was looking 10-tick chart on Metatrader. I will try this. Also would it draw lines on 00, 25,75 and then 12 pips distance line.
- one more thing do you have some EA which will automatically puts stop-loss at 6 pips and TP at 12 pips? so in that case we will just put buy/sell order and EA will put SL and TP if possible? Thanks
  • #371
  • May 15, 2011 6:45pm May 15, 2011 6:45pm
Hi Zznbrm,
I tried but it did not work for me. May be I did something wrong. I applied on Aplari Mt4.
I copied EA to experts and template to template folder then I open one min eur/usd chart and apply the first template MME1.
After that I opened off-line charts and there is Eur/USD M1. I click on that one. and a one min chart opened but it did not refresh and change the price.
Is there anything I did wrong or miss some step?

Thanks for help.

Quoting zznbrm
For this strategy, I'd like to see two charts in MT4: a 10-tick chart for trading decisions and a 12.5-pip grid chart to see the trend (like mongolian's Excel spreadsheet).

One way to get this setup:

- Download the BarGeneratorLive EA found here.
- Add the EA to your experts folder.
- Download the attached template (mme1.tpl) and add to your templates folder.
- Open a chart for the symbol you wish to monitor. I prefer Monthly chart.
- Apply attached template...
  • #372
  • May 15, 2011 8:34pm May 15, 2011 8:34pm
First trade of the week.
TP is hit: good start.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_sh.gif Size: 12 KB
  • #373
  • May 15, 2011 8:42pm May 15, 2011 8:42pm
Market is lit bit messy right now. Normally I dont trade this time. So I am side line now. Will start on London/NY session.
Have a happy trading.

Zznbrm,
I will give it try tomorrow. Thanks.
  • #374
  • May 15, 2011 10:35pm May 15, 2011 10:35pm
Quoting zznbrm
Open EURUSD M110 and M111 offline charts.

My Alpari demo looks like this:
Thanks Zznbrm,
After copying again and did the process as you had mentioned and now it is working. Here is my screen looks like.
Now what is M110 and M111 charts? is M110 is 10 tick? and what is M111 is for?
Also can I apply the indicator for drawing levels on it now?

Thanks for help
Attached Image (click to enlarge)
Click to Enlarge Name: tickchart.JPG Size: 111 KB
  • #375
  • May 16, 2011 2:48am May 16, 2011 2:48am
+8.2 pips and done for day
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-05-16_0936.png Size: 31 KB
Attached Image
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #376
  • May 16, 2011 2:56am May 16, 2011 2:56am
Quoting 786 trading
First trade of the week.
TP is hit: good start.
Well done 786 trading! Good way to start the week off
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #377
  • May 16, 2011 4:00am May 16, 2011 4:00am
Quoting 786 trading
First trade of the week.
TP is hit: good start.
hi, nice week start your entry was stop sell order when bar with arrow closed?

Quoting pa_pips
+8.2 pips and done for day
i see one TP a day works great for you pa_pips, congrats
  • #378
  • May 16, 2011 4:03am May 16, 2011 4:03am
today's London open practice. comments and questions are welcome
Attached Image (click to enlarge)
Click to Enlarge Name: 023.png Size: 25 KB
  • #379
  • May 16, 2011 5:14am May 16, 2011 5:14am
Hey mongolian and others,

Just wanted to see how many hours you're spending at the charts using this method. While wanting to have ample amount of chart time I am wary of getting burnt out!
  • #380
  • May 16, 2011 5:22am May 16, 2011 5:22am
Quoting geduim
hi, nice week start your entry was stop sell order when bar with arrow closed?



i see one TP a day works great for you pa_pips, congrats
Hi Geduim,
My sell stop PO was in middle at 1.4062 (which was filled at 1.4059 ) and on the top bar indicating my stop-loss at 6 pips and bottom is showing up my TP at 12 pips.
Thanks.
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