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Make Money Everyday - A Guide to Short-Term Trading

  • #581
  • Jun 8, 2011 2:58am Jun 8, 2011 2:58am
Hey saw mongolians recent post about pending orders and thought id share something i found recently thats very useful.. I have been trying to use pending orders too since i remember him mentioning it earlier plus your order gets filled as soon as it hits the line.. The scripts are handy as it allows you to drag the script onto the price chart directly and will set a bending buy/stop there with predefined TP/SL levels in the code which you can just edit in metaeditor.. i have it set 12 TP 6 SL..Just saves manually entering all the levels. Hopefully someone finds it useful
josh
Attached File(s)
File Type: mq4 DROP_PENDING_BUY.mq4   2 KB | 348 downloads
File Type: mq4 DROP_PENDING_SELL.mq4   2 KB | 371 downloads
nollej is power..
  • #582
  • Jun 8, 2011 5:36am Jun 8, 2011 5:36am
Quoting nollej
Hopefully someone finds it useful
josh
Thanks for this, will take a look tonight.

-

I had my arse raped during London Open tonight.. ouch. Will post chart later on.
  • #583
  • Jun 8, 2011 7:01am Jun 8, 2011 7:01am
Well.. ouch, that's all I'll say

I've posted the 15M chart to show what price was doing.

-Yellow arrow was trade I missed (friend knocked at door).

Bit drained tonight, so won't go through rest. Would love mong or others comments.
Attached Image(s) (click to enlarge)
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  • #584
  • Jun 9, 2011 3:43am Jun 9, 2011 3:43am
Quoting nhen
Well.. ouch, that's all I'll say

I've posted the 15M chart to show what price was doing.

-Yellow arrow was trade I missed (friend knocked at door).

Bit drained tonight, so won't go through rest. Would love mong or others comments.
Apologize for the delay in responding - was pretty busy yesterday. Anyways - put a couple thoughts on the chart. Basically it looked like you had a bias to be long, which is understandable given the nice run-up during the Asian session. Obviously - it cost us - as PA had no more room to give. Throw off any discouragement - it happens to us all.

Mongolian
Attached Image (click to enlarge)
Click to Enlarge Name: eu 08-06-11 1m london open arse raped.gif Size: 233 KB
  • #585
  • Jun 9, 2011 5:26am Jun 9, 2011 5:26am
Quoting mongolian
Apologize for the delay in responding - was pretty busy yesterday. Anyways - put a couple thoughts on the chart. Basically it looked like you had a bias to be long, which is understandable given the nice run-up during the Asian session. Obviously - it cost us - as PA had no more room to give. Throw off any discouragement - it happens to us all.

Mongolian
Thanks mate, it's priceless being able to get your feedback while learning this.
I read a quote from one of regular poster's signature, something like:
"Don't let the winners go to your head or the losers go to your heart."

I dig that.. it can definitely be tricky to do at the beginning!

On the chart where you've marked that you would have re-entered after being stopped. You're just setting another pending order at the line (1.4662)? So if price does continue up it picks you up on the way.
  • #586
  • Jun 9, 2011 8:31am Jun 9, 2011 8:31am
Quoting nhen
Thanks mate, it's priceless being able to get your feedback while learning this.
I read a quote from one of regular poster's signature, something like:
"Don't let the winners go to your head or the losers go to your heart."

I dig that.. it can definitely be tricky to do at the beginning!

On the chart where you've marked that you would have re-entered after being stopped. You're just setting another pending order at the line (1.4662)? So if price does continue up it picks you up on the way.
Yep...(and again - not a fan of this, but...) if needed a market order could do in a pinch.
  • #587
  • Jun 9, 2011 8:52am Jun 9, 2011 8:52am
Probably shouldn't have traded tonight, was exhausted and had a nice lil tension headache.
Attached two charts to see movement of price.

1) Yellow Arrow - I opened my charts when the big red candle was forming (price was moving down through pivot and mid line). I had an order placed at 1.4612 for a buy, it was in line with the pivot and price had bounced there before.
For some reason (maybe shaken from last night) I deleted my pending order and decided I'd wait for price to go above pivot/level and then put an order for it to pullback and take me in.. You can see what price did..

2) Would you have taken this trade? Maybe I'm in love with longs at the moment

3) Expected a bounce here, got one but a few pips shy of PT.

Didn't trade well at all last two nights, just lost my cool and couldn't really see clearly.
Playing tomorrow night so no more charts for me this week. Going to review everything on Sunday and come back next week refreshed and clear headed!

Would love comments from ya'll

Nic
Attached Image(s) (click to enlarge)
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  • #588
  • Jun 9, 2011 11:52pm Jun 9, 2011 11:52pm
Just a quickie chart - PA has behaved nicely in my opinion so far.... Hope everyone is achieving success!

Mongolian
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  • #589
  • Jun 10, 2011 10:13am Jun 10, 2011 10:13am
Friday's seem to be good days for quarter trading....

Attached Image (click to enlarge)
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  • #590
  • Jun 13, 2011 3:02pm Jun 13, 2011 3:02pm
I think I am going to leave the mid-levels alone... almost all of my losses originate at trades at the mid-levels.

Attached Image (click to enlarge)
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Missed the last one as I had to take my son to the dentist!
  • #591
  • Jun 14, 2011 2:46am Jun 14, 2011 2:46am
This is a chart with a 300 Tick bar. Same principles apply - just trading for full quarters instead of half... PA has moved pretty nicely IMO. Something to chew on.

Mongolian
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  • #592
  • Jun 14, 2011 5:49am Jun 14, 2011 5:49am
Quoting enochben
I think I am going to leave the mid-levels alone... almost all of my losses originate at trades at the mid-levels.

Attachment

Missed the last one as I had to take my son to the dentist!
Quoting mongolian
This is a chart with a 300 Tick bar. Same principles apply - just trading for full quarters instead of half... PA has moved pretty nicely IMO. Something to chew on.

Mongolian
I like this idea, I think it will keep my patience in check. Perhaps I'll only trade mid levels if there is a strong confluence at that level, like tonight (see chart). Was pretty much in line with Monthly Pivot and overlapping fibs on 15M chart if you use them. Also with trend and past S/R level.
Aside from those situations gonna try sticking to quarters. Might even try keeping the 6 pip SL.. Catching a few 4:1 trades a week would be nice
Attached Image (click to enlarge)
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  • #593
  • Jun 14, 2011 6:35am Jun 14, 2011 6:35am
There's been discussion about the different levels. I think they are all useful but have different chracteristics. For what it's worth, here's my take:-

The psych numbers 00, 50, 25, 75 are powerful s&r levels. I trade bounces off these using limit orders. They are good, high probability plays.

The 12.5 levels determine my tp; and if pa looks right (eg dips below 6.25 level but doesn't drop further to psych number to trigger a buy limit) I might trade through these levels using stop orders. If 12.5 level is at confluence with another s&r level (eg pivot points) I might treat as psych level.

Whenever price reaches the 6.25 level I move my stop to be (I'm very cautious!)


I trade London morning session. Here's my chart for today. A very good session. 3 trades all bounces off the same line.

This is a great thread, it's one of the few that I look at. Such a shame that it has been moved to trading journal forums where there is not so much attention.

Best wishes

zee
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  • #594
  • Jun 16, 2011 2:48am Jun 16, 2011 2:48am
Quoting zhdeef
There's been discussion about the different levels. I think they are all useful but have different chracteristics. For what it's worth, here's my take:-

The psych numbers 00, 50, 25, 75 are powerful s&r levels. I trade bounces off these using limit orders. They are good, high probability plays.

The 12.5 levels determine my tp; and if pa looks right (eg dips below 6.25 level but doesn't drop further to psych number to trigger a buy limit) I might trade through these levels using stop orders. If 12.5 level is at confluence with another s&r level...
Thanks for the encouraging words. Appreciate it. I like your approach with your stops. Nicely done.

Mongolian
  • #595
  • Jun 16, 2011 3:13am Jun 16, 2011 3:13am
It's always a fun day when PA moves so much - I can't fit it into one screen shot. Hope everyone is finding success.

Mongolian
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  • #596
  • Jun 22, 2011 3:22am Jun 22, 2011 3:22am
Quoting zhdeef
There's been discussion about the different levels. I think they are all useful but have different chracteristics. For what it's worth, here's my take:
Thanks for that!

Quoting mongolian
It's always a fun day when PA moves so much - I can't fit it into one screen shot. Hope everyone is finding success.

Mongolian
Cheers for the charts, was at a family thing so missed that! Have been busy with other work so first night at charts tonight.
Hope you're well!
  • #597
  • Jun 22, 2011 5:31am Jun 22, 2011 5:31am
So I was writing up my Trading Checklist and Rules tonight and I am contemplating going for the full 24 pip moves from the quarters, taking profit along the way.
What do you guys think about this?

As for tonight I attempted one.

-Sold just above quarter line with an 8 pip SL. Moved stop to BE when I was +7. Took 1/2 of my position for profit at +12.
Finally moved stop to +14 when price as looking like it was going to make .50 (was 4 pips away).
Price came back and hit my stop at +14.
Given that price had made a few legs down without a full 12 pip pullback was perhaps not the best time to go for the full 24.

As a note when I have a full position on I will be able to take off profit in 1/3's or 1/4's. Trading smaller position until I have mastered this.

Comments appreciated.

Nic
Attached Image (click to enlarge)
Click to Enlarge Name: eu 22-06-11 1m london session testing full 24 pip move.gif Size: 24 KB
  • #598
  • Jun 22, 2011 10:51pm Jun 22, 2011 10:51pm
Quoting nhen
So I was writing up my Trading Checklist and Rules tonight and I am contemplating going for the full 24 pip moves from the quarters, taking profit along the way.
What do you guys think about this?

As for tonight I attempted one.

-Sold just above quarter line with an 8 pip SL. Moved stop to BE when I was +7. Took 1/2 of my position for profit at +12.
Finally moved stop to +14 when price as looking like it was going to make .50 (was 4 pips away).
Price came back and hit my stop at +14.
Given that price had made a few legs down without a...
I like it. I know this will sound contrary to pretty much everything that you will see here on FF, but I'll throw it out there anyway. As far as putting on trades, then taking off 1/3 or a half or whatever at some point... I see it basically opposite - and I'll tell you why.

Say, for illustration purposes, you are trading 2 units (whatever size they are) - and you put on all 2 units to start... and you get stopped out - you are now out 2 x whatever your stoploss is. Let's say it's an 8 unit SL - so now - you are down -16.

Now - what if the trade was good - take 12 with one unit and let the other go for another 12 - so you end up with 36 total pips - 12 from one and 24 from other.

On the flip side - still using our 2 unit trade - we put one on to start - if it get's stopped - i'm out 8. If it's good, I get 12, and then I add to it once the trade has proven to be profitable. So let's say I get 12, I add on one - I get another 12 on the second unit - so now I have 36 - same as above. Yet - initial SL potential is half what the first scenario is.

Profitable trade - end up with same result... but different. (Better....?)

Mongolian
  • #599
  • Jun 23, 2011 12:15am Jun 23, 2011 12:15am
Quoting mongolian
I like it. I know this will sound contrary to pretty much everything that you will see here on FF, but I'll throw it out there anyway. As far as putting on trades, then taking off 1/3 or a half or whatever at some point... I see it basically opposite - and I'll tell you why.

Say, for illustration purposes, you are trading 2 units (whatever size they are) - and you put on all 2 units to start... and you get stopped out - you are now out 2 x whatever your stoploss is. Let's say it's an 8 unit SL - so now - you are down -16.

Now - what...
Mmm I like this..
So we're adding the second contract on the pullback at the mid lines?
I've attached a chart just to be clear we're talking about the same thing.

The thing that would be different psychologically is you don't experience the 'profitable free ride' that you do with taking off profit along the way.
Although if you move your stop to BE once price is +7 you are at least getting a free ride. Just not a profitable one once you hit +12.
There is less weight associated with being stopped as it's a lighter initial position though.

What's your method with moving stops?
Attached Image (click to enlarge)
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  • #600
  • Jun 23, 2011 9:56am Jun 23, 2011 9:56am
Quoting nhen
Mmm I like this..
So we're adding the second contract on the pullback at the mid lines?
I've attached a chart just to be clear we're talking about the same thing.

The thing that would be different psychologically is you don't experience the 'profitable free ride' that you do with taking off profit along the way.
Although if you move your stop to BE once price is +7 you are at least getting a free ride. Just not a profitable one once you hit +12.
There is less weight associated with being stopped as it's a lighter initial position though.

What's...
Personally, I don't really have a plan in regards to moving stops. As far as where to add the extra contract - the mid line is fine - OR if one also has the 6 pip lines on there - if PA gives a setup there - you could jump in there...
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