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  • #441
  • May 17, 2011 5:10pm May 17, 2011 5:10pm
Quoting belekas
S/R and 50% fib confluence. Is there more to say Wizard? :-)
Check eur/aud and eur/chf and also a lining up together
  • #442
  • May 17, 2011 5:16pm May 17, 2011 5:16pm
1st time back
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Simplicity is the key to success
  • #443
  • May 17, 2011 5:16pm May 17, 2011 5:16pm
A move like this would be interesting to see. Being patient. Also a RN for those who care.

Squeezy: well done!
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  • #444
  • May 17, 2011 5:16pm May 17, 2011 5:16pm
Classic on the dax i marked set alert but wasn't at that point home next them better put pending order in.


Tom you most of the time use pendings???


Thanks mate

regards Ingmar.
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  • #445
  • May 17, 2011 5:51pm May 17, 2011 5:51pm
Quoting artov
A move like this would be interesting to see. Being patient. Also a RN for those who care.

Squeezy: well done!
Thnx Artov
Simplicity is the key to success
  • #446
  • May 18, 2011 12:32am May 18, 2011 12:32am
Quoting artov
A move like this would be interesting to see. Being patient. Also a RN for those who care.

Squeezy: well done!
I really like this one as well.

pat
  • #447
  • May 18, 2011 1:34am May 18, 2011 1:34am
another 1st time back
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  • #448
  • May 18, 2011 3:24am May 18, 2011 3:24am
Another demo trade...EURGBP...the level 0.88600 seems good...

last time was support on the 1H timeframe...

order placed with 50 pips stoploss (seems to be my comfort stop)
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Market is like a puzzle, YOU have to fit the pieces!!
  • #449
  • May 18, 2011 3:37am May 18, 2011 3:37am
Quoting Chris_B
Another demo trade...EURGBP...the level 0.88600 seems good...

last time was support on the 1H timeframe...

order placed with 50 pips stoploss (seems to be my comfort stop)
hey Chris, isnt 50 pips a large stop for a touch trade???especially on eu/gb and above the RN PPZ?? in my experience 30 pips is plenty. after that it is a failed trade more often than not???

just my view

jon

great level, i was onto it also..
PATIENCE... DISCIPLINE
  • #450
  • May 18, 2011 3:45am May 18, 2011 3:45am
Quoting g_j_hook@yah
hey Chris, isnt 50 pips a large stop for a touch trade???especially on eu/gb and above the RN PPZ?? in my experience 30 pips is plenty. after that it is a failed trade more often than not???

just my view

jon

great level, i was onto it also..
Hi...I'm just recording all my touch trades on an Excel spreadsheet..and at the moment it seems that 50 pips gives me the highest win rate...
I would like very much to be able to use tight stops...because the R becomes higher...but until now tighter stops didn't worked for me...maybe with more experience I can reduce the stops...
Market is like a puzzle, YOU have to fit the pieces!!
  • #451
  • May 18, 2011 3:48am May 18, 2011 3:48am
Quoting g_j_hook@yah
hey Chris, isnt 50 pips a large stop for a touch trade???
I think stop size depends on the level. E.g. how clear it is as opposed to how much of a zone it is. It also depends somewhat on the volatility.
  • #452
  • May 18, 2011 3:54am May 18, 2011 3:54am
Quoting the_wizard
I think stop size depends on the level. E.g. how clear it is as opposed to how much of a zone it is. It also depends somewhat on the volatility.
yeah for sure. i suppose the TF makes a big difference also. 50 pips still seems quite a lot for me on this pair though, its ave. daily range cant be much more than 100 or so??

jon

EDIT: its actually less than 100
PATIENCE... DISCIPLINE
  • #453
  • May 18, 2011 5:21am May 18, 2011 5:21am
Hi Tom and Everyone following this Great thread!

I would like to demo test the Gap method. These are the rules I will follow.

Could you please confirm if I understood this method correctly or not?

1. EUR/USD only
2. When the Sunday trading opens (in Oanda) I look for the Gap in eur/usd
3. Gap - is the distance from Friday close to whenever Price opened on Sunday.
4. I immediately place my trade at whatever price with Target being Fridays' Close.
5. My Stop-Loss will be Twice the Gap. (If Gap 30 pips my SL is 60 pip)
6. I will not take a trade if the Gap is less than 20 pips.

Sorry if this sounded stupid, I just want to make sure I have collected all important points about Gap trading the Wizard style

Kind Regards,
Adi
  • #454
  • May 18, 2011 5:29am May 18, 2011 5:29am
Quoting Adilius07
Hi Tom and Everyone following this Great thread!

I would like to demo test the Gap method. These are the rules I will follow.

Could you please confirm if I understood this method correctly or not?

1. EUR/USD only
2. When the Sunday trading opens (in Oanda) I look for the Gap in eur/usd
3. Gap - is the distance from Friday close to whenever Price opened on Sunday.
4. I immediately place my trade at whatever price with Target being Fridays' Close.
5. My Stop-Loss will be Twice the Gap. (If Gap 30 pips my SL...
Yes Adi,

Only important point to add to the list above is I only take the trade at 22:00 GMT (currently BST) as this is:

a) When the broker that I used for backtesting starts quoting price so it is what my stats are based on

b) When the major liquidity comes in.

Oanda will show movement before this that I do not trade.

Also, the 2X gap for a stop is what I use but interestingly enough, I had a very comprehensive analysis from a reader this morning that backtested it over four years.

This person worked out a way to trade it with a higher expectancy than me using a fixed stop of a certain size.

I'm not going to reveal their work without their permission but either way, with some research you can work stuff like this out for yourself.

Or you can take the lazy mans route (lol) where I've done the work for you and use the guidelines above:-)
  • #455
  • May 18, 2011 5:42am May 18, 2011 5:42am
Morning
Interesting test on E/G - (Spider ?) , Break through, await rounded retest.
Any thoughts ?
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  • #456
  • May 18, 2011 5:53am May 18, 2011 5:53am
Quoting the_wizard
Yes Adi,

Only important point to add to the list above is I only take the trade at 22:00 GMT (currently BST) as this is:

a) When the broker that I used for backtesting starts quoting price so it is what my stats are based on

b) When the major liquidity comes in.

Oanda will show movement before this that I do not trade.

Also, the 2X gap for a stop is what I use but interestingly enough, I had a very comprehensive analysis from a reader this morning that backtested it over four years.

This person worked out a way to trade it with...
Thank you very much Tom!

Ok, I will start with lazy man route, but I promise I will try to contribute in some way. I am fixing my charts now to pin point 22.00 GMT. I believe it should be the open of the 3rd H1 Bar on Sunday in Oanda.

I will demo test this for a few months and will report my results here.

Thanks,
Adi
  • #457
  • May 18, 2011 6:12am May 18, 2011 6:12am
Quoting Adilius07
Thank you very much Tom!

Ok, I will start with lazy man route, but I promise I will try to contribute in some way. I am fixing my charts now to pin point 22.00 GMT. I believe it should be the open of the 3rd H1 Bar on Sunday in Oanda.

I will demo test this for a few months and will report my results here.

Thanks,
Adi
Ooops sorry, not 3rd but 5th (or 18:00 NYC time) or 4:00 am my local time

Ok, got it, thanks, back to my charts now.

Adi
  • #458
  • May 18, 2011 6:56am May 18, 2011 6:56am
Quoting Adilius07
Ooops sorry, not 3rd but 5th (or 18:00 NYC time) or 4:00 am my local time

Ok, got it, thanks, back to my charts now.

Adi
Maybe another thing to consider. If one is okay with loosing on about every second trade and if you risk the same percentage on every trade then mathematically you would make more money placing your stop at half the gap size, and winning 2xrisk on every winner.

pat
  • #459
  • May 18, 2011 7:00am May 18, 2011 7:00am
Quoting plund
Maybe another thing to consider. If one is okay with loosing on about every second trade and if you risk the same percentage on every trade then mathematically you would make more money placing your stop at half the gap size, and winning 2xrisk on every winner.

pat

Hi Pat, yes agree. But psychologically that is a little more difficult, especially when one (like me) is really tired with consistently falling equity curve.
So I would rather see more wins and sometimes pay back to the market...
  • #460
  • May 18, 2011 7:04am May 18, 2011 7:04am
Quoting Adilius07
Hi Pat, yes agree. But psychologically that is a little more difficult, especially when one (like me) is really tired with consistently falling equity curve.
So I would rather see more wins and sometimes pay back to the market...
it may be worth looking to see how many times you could have kept the trade open after the gap has closed when you do your testing.
(just looking for someyone to do it for me really... ) lol

jon

p.s. if you do i would look to see what kind of stop size is nesesary to reach the us open time without getting stpped out???
just an idea..
PATIENCE... DISCIPLINE
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