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Bread and Butter Trades

  • #361
  • Aug 25, 2011 5:33am Aug 25, 2011 5:33am
....i noticed that if it's automated something like 50 percent of the trades get in profit , the others play the break, they cross the ema and go in the opposite direction .

is it possible to develop a multipair basket version ?
  • #362
  • Aug 25, 2011 8:28am Aug 25, 2011 8:28am
Quoting tarrini65
....i noticed that if it's automated something like 50 percent of the trades get in profit , the others play the break, they cross the ema and go in the opposite direction .

is it possible to develop a multipair basket version ?
I've started to have a play around with this idea using MPTM basket feature, i let the EA open the trades as usual but then use MPTM to manage the basket using a trailing stop of 75% once $15 is reached on a $1k demo account. So far results not been too great but to be honest i set it up and let alone whilst playing around with all the other goodies on offer at the moment from Steve.

I have turned off basket feature at moment to see if it fairs better and so far it seems to be, see last couple of trades. I am using OOTB using ATR SL and TP.

http://www.myfxbook.com/members/mag_...-butter/153085

Mike
  • #363
  • Aug 26, 2011 4:11am Aug 26, 2011 4:11am
Here are some trades I took.

One of the major requirement you need for this strategy and any other strategy for that matter is patience.

This particular strategy teaches you to be patient, wait for price to come to you and stop chasing price.

Happy trading.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-08-26_0953.png Size: 64 KB
  • #364
  • Aug 26, 2011 6:48am Aug 26, 2011 6:48am
Quoting Ibuks
Here are some trades I took.

One of the major requirement you need for this strategy and any other strategy for that matter is patience.

This particular strategy teaches you to be patient, wait for price to come to you and stop chasing price.

Happy trading.

Hi
Can I ask please, re:Trade 3 do you use your judgment for stops? or have a fixed amount?
  • #365
  • Aug 26, 2011 7:01am Aug 26, 2011 7:01am
Instead of using a stop loss and closing a trade out early, has anyone considered using nanningbob's recovery method or something similar instead?
  • #366
  • Aug 26, 2011 7:43am Aug 26, 2011 7:43am
Hi,

Pls read the first post again.

Trade 3 was closed becos the stop loss criteria was met. The signal candle closed above 24ema, the next candle open above 24ema and closed above 24ema. It also led to Trade 4 as a limit order to buy @ 24ema was placed.

Hope it is clear?

Happy trading


Quoting stricky1967
Hi
Can I ask please, re:Trade 3 do you use your judgment for stops? or have a fixed amount?
  • #367
  • Aug 26, 2011 8:04am Aug 26, 2011 8:04am
Quoting Ibuks
Hi,

Pls read the first post again.

Trade 3 was closed becos the stop loss criteria was met. The signal candle closed above 24ema, the next candle open above 24ema and closed above 24ema. It also led to Trade 4 as a limit order to buy @ 24ema was placed.

Hope it is clear?

Happy trading

Sorry, I had read that rule. Would you place an emergency stop, would you use a fixed amount or swing hi/lo?
  • #368
  • Aug 26, 2011 8:44am Aug 26, 2011 8:44am
Hi Ibuks,

Firstly, I want to say thank you for your nice strategy.

My I ask you, after trade number 2 but before trade number 3, why dont you put a buy limit again,
if you place buy limit again, it would be a lost trade, right ?
if you have some reason why dont you place a buy limit again, can you share with us the logic behind it?

Thank you

Quoting Ibuks
Here are some trades I took.

One of the major requirement you need for this strategy and any other strategy for that matter is patience.

This particular strategy teaches you to be patient, wait for price to come to you and stop chasing price.

Happy trading.
  • #369
  • Aug 26, 2011 8:56am Aug 26, 2011 8:56am
No,

I just follow the rule.

Its a time based rule and u need discipline to follow it.



Quoting stricky1967
Sorry, I had read that rule. Would you place an emergency stop, would you use a fixed amount or swing hi/lo?
  • #370
  • Aug 26, 2011 9:02am Aug 26, 2011 9:02am
Hi,

I love 1st touch best. I was not even around when that trade happened. But, I had my limits ready and trailing stop. It was a risk I was willing to take. I did not know there was going to be a news...but am glad it worked out

Also as a rule, i usually wait for price to travel away from the 24ema by at least 20 pips b4 i can consider another trade.

Just try to learn it and keep at it until u understand it.

Happy trading

Quoting sapiemas
Hi Ibuks,

Firstly, I want to say thank you for your nice strategy.

My I ask you, after trade number 2 but before trade number 3, why dont you put a buy limit again,
if you place buy limit again, it would be a lost trade, right ?
if you have some reason why dont you place a buy limit again, can you share with us the logic behind it?

Thank you
  • #371
  • Aug 26, 2011 9:21am Aug 26, 2011 9:21am
Quoting Ibuks
Hi,

I love 1st touch best. I was not even around when that trade happened. But, I had my limits ready and trailing stop. It was a risk I was willing to take. I did not know there was going to be a news...but am glad it worked out

Also as a rule, i usually wait for price to travel away from the 24ema by at least 20 pips b4 i can consider another trade.

Just try to learn it and keep at it until u understand it.

Happy trading
How much do you typically trail by? Is it fixed or do you vary based on pair/volatility?

I like this method, manually, though currently not managed to make much with the system i have been bouncing around initial deposit using the EA multipair. I have just changes my setting again so we shall see. I have MPTM applying trailing stops and BE as of today to give it a try.

Thanks to you, Steve and Squalou for all the tools and method.

Mike

http://www.myfxbook.com/members/mag_...-butter/153085
  • #372
  • Aug 26, 2011 9:31am Aug 26, 2011 9:31am
Hi Ibuks,

Sorry to ask you more question =) .. hopefully you dont get angry at me

in the picture, the candle that has been marked as trade 2 is where trade 2 buy limit order has been triggered right? and the candle after that is the take profit candle. but the price on that candle also has travelled more than 20 pips ( around 30 pips ) from ema. but I still confused why you dont consider putting buy limit order on that candle? or you dont like to place buy limit order on the same candle as the take profit candle ?

is 1st touch means if price let say crossed ema 24 from bellow ema and closed above ema 24, and then if next candle touch ema24, you would categorise it as 1st touch right ? ( with the assumption that price already travelled more than 20 pips )

thanks a lot for your help

Quoting Ibuks
Hi,

I love 1st touch best. I was not even around when that trade happened. But, I had my limits ready and trailing stop. It was a risk I was willing to take. I did not know there was going to be a news...but am glad it worked out

Also as a rule, i usually wait for price to travel away from the 24ema by at least 20 pips b4 i can consider another trade.

Just try to learn it and keep at it until u understand it.

Happy trading
  • #373
  • Aug 26, 2011 9:39am Aug 26, 2011 9:39am
I said I was not around when the trade happens.

If i was around, I will definately not trade a news candle....

Hope that helps

Quoting sapiemas
Hi Ibuks,

Sorry to ask you more question =) .. hopefully you dont get angry at me

in the picture, the candle that has been marked as trade 2 is where trade 2 buy limit order has been triggered right? and the candle after that is the take profit candle. but the price on that candle also has travelled more than 20 pips ( around 30 pips ) from ema. but I still confused why you dont consider putting buy limit order on that candle? or you dont like to place buy limit order on the same candle as the take profit candle ?

is 1st touch means if price...
  • #374
  • Aug 26, 2011 9:41am Aug 26, 2011 9:41am
I usually trail when am not on around to trail manually. Becos i trade eu maily, I just trail by 15-21 pips.

Happy trading

Quoting magft
How much do you typically trail by? Is it fixed or do you vary based on pair/volatility?

I like this method, manually, though currently not managed to make much with the system i have been bouncing around initial deposit using the EA multipair. I have just changes my setting again so we shall see. I have MPTM applying trailing stops and BE as of today to give it a try.

Thanks to you, Steve and Squalou for all the tools and method.

Mike

http://www.myfxbook.com/members/mag_...-butter/153085
  • #375
  • Aug 26, 2011 12:39pm Aug 26, 2011 12:39pm
Quoting Ibuks
No,

I just follow the rule.

Its a time based rule and u need discipline to follow it.

Cool, thanks and good luck
  • #376
  • Aug 26, 2011 12:52pm Aug 26, 2011 12:52pm
Quoting Ibuks
I usually trail when am not on around to trail manually. Becos i trade eu maily, I just trail by 15-21 pips.

Happy trading
Ibuks - So if I have this right, could you please let me know. Let's call this trade "bullish" for the purpose of this example. Price is rising.
It moves at least 24 pips ABOVE my 24 ema, then retraces (possibly forming a swing high before retracing) to touch the 24 ema. I can now START to look for an entry.
Is it safe to assume that my ema's should be sloped up?
Now price starts to move back up.
Is the entry once price candle crosses the newly formed swing high?
Is the entry some other technical level? If so, please define.
What timeframe works best?

If anyone else can address this, that is fine as well. Seems like a fantastic strategy for the swing trader.

Thanks so much !
  • #377
  • Aug 28, 2011 2:59am Aug 28, 2011 2:59am
Hi Cadrmn,

If u have noticed, I have tried to avoid using complicated technical terms in order to avoid confusing anyone.

Try and see this strategy as simple as it is. Swing high, swing low, ema pointing up or pointing down etc will further complicate the system for u.

Take time to read post 1 again.


1. What is the value of the 24ema
2. Is price above or below the 24ema?

Start with this simple stuff before u try to complicate it.

I understand that the human mind is a very complicated stuff, but why not decoupled urself for once, look at it as simple as it is and try to make sense of it. If u can do this, u will begin to see the relevancy of simplicity and once u truly understand it, u can start to add other stuff u love to it.

As u learn to make things simple, u will realize that this strategy will eventually help u to:

1. Understand PA (Price Action)
2. Wait for price to come to you instead of chasing after it
3. Teach u patient

Remember that the strategy is bread and butter which in the real sense is actually bounce or break. Play the bounce while it is there and if it breaks, then enjoy the break. It is however going to be simple to see and understand if u see it that way.

This is just a very quick response and I hope it helps.

Happy trading.

Quoting cadrmn
Ibuks - So if I have this right, could you please let me know. Let's call this trade "bullish" for the purpose of this example. Price is rising.
It moves at least 24 pips ABOVE my 24 ema, then retraces (possibly forming a swing high before retracing) to touch the 24 ema. I can now START to look for an entry.
Is it safe to assume that my ema's should be sloped up?
Now price starts to move back up.
Is the entry once price candle crosses the newly formed swing high?
Is the entry some other technical level? If so, please define.
What timeframe works...
  • #378
  • Aug 28, 2011 7:57am Aug 28, 2011 7:57am
Quoting Ibuks
Hi Cadrmn,

If u have noticed, I have tried to avoid using complicated technical terms in order to avoid confusing anyone.

Try and see this strategy as simple as it is. Swing high, swing low, ema pointing up or pointing down etc will further complicate the system for u.

Take time to read post 1 again.


1. What is the value of the 24ema
2. Is price above or below the 24ema?

Start with this simple stuff before u try to complicate it.

I understand that the human mind is a very complicated stuff, but why not decoupled urself for...
Ibuks,

Thanks for the response. That works for me !
  • #379
  • Aug 28, 2011 7:57pm Aug 28, 2011 7:57pm
Thanks Ibuks,



Quoting Ibuks
I said I was not around when the trade happens.

If i was around, I will definately not trade a news candle....

Hope that helps
  • #380
  • Aug 29, 2011 8:42am Aug 29, 2011 8:42am
Below is an example of a trade I missed some few minutes ago.

Earlier today, I set the limit at 24ema and was away from my desk.

By the time I came back, price came close to the 24ema, which have also now moved up above my initial limit buy.

Price hit 24ema and bounce back with more than 30- 40 pips available for grab and even more if this current move still go on.

This is where the ea comes into place. The ea on the demo however took the same trade and closed in profit for 20 pips.

Happy trading.
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