Good morning!
First trade, trend is down and it seemed a nice flag.
First trade, trend is down and it seemed a nice flag.
Attached Image (click to enlarge)
- #5,162
- Sep 19, 2011 3:52am Sep 19, 2011 3:52am
- | Joined Feb 2006 | Status: Trader | 1,392 Posts
Well done, PH 
.
I actually placed a stop limit order (exact same trade) then pulled it.
I am doing a new exercise as of this morning : I am imagining that I am trading my absolute maximum position size for this method, so I am trading with greatest caution. The idea is to improve my patience & discpline (rather than my chickening out skills
).
Edit : correction - my entry would have been better than yours - darn it - chart attached.
.I actually placed a stop limit order (exact same trade) then pulled it.
I am doing a new exercise as of this morning : I am imagining that I am trading my absolute maximum position size for this method, so I am trading with greatest caution. The idea is to improve my patience & discpline (rather than my chickening out skills
).Edit : correction - my entry would have been better than yours - darn it - chart attached.
- #5,163
- Sep 19, 2011 4:21am Sep 19, 2011 4:21am
Well done, PH
I actually placed a stop limit order (exact same trade) then pulled it.
I am doing a new exercise as of this morning : I am imagining that I am trading my absolute maximum position size for this method, so I am trading with greatest caution. The idea is to improve my patience & discpline (rather than my chickening out skills
Edit : correction - my entry would have been better than yours - darn it - chart attached.
Is kind of what i'm doing too, except for the fact that, with a small account, I'm not imagining, but really trading 5% a trade. So yes, entry's must be quite accurate for this to work.
Best to your trading.
Regards
PH
- #5,166
- Sep 19, 2011 5:32am Sep 19, 2011 5:32am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
[quote=jtrade;4965122]Clive - I think Divergence has various family health issues at the moment, which may keep him from posting - but I wonder if you've watched any of the videos of him going over his trades ? If not, you have to contact diamonddbw to get acccess via Vimeo. I found these helpful in terms of seeing how many entries he lets go.
Hi Jtrade
Thanks for the heads up about Divergence and his family situation, if you are reading this Divergence then I wish you and your family a speedy recovery and sorry for bothering you at such a time. My humble apologies.
Also Jtrade regarding your later post about how to not trade the wrong subs, thanks for advice I have been actively watching the videos over the weekend and they were a great help so much so I have had a very successful morning.
My interpretation of the videos is when the 15min trend is down for instance and you are watching the 1 min pullback, it will be in an uptrend(opposite to 15min trend) so therefore wait for a reversal signal on 1 min either a 123 or a 2b reversal then take the next sub that comes along.
If you want to be cautious watch the actual reversal take place then enter on the first pullback back down.
This is happening right now as I type on eurusd also up against the 200ema so looking good for a sell entry on next sub.
Lets see how it goes.
Hi Jtrade
Thanks for the heads up about Divergence and his family situation, if you are reading this Divergence then I wish you and your family a speedy recovery and sorry for bothering you at such a time. My humble apologies.
Also Jtrade regarding your later post about how to not trade the wrong subs, thanks for advice I have been actively watching the videos over the weekend and they were a great help so much so I have had a very successful morning.
My interpretation of the videos is when the 15min trend is down for instance and you are watching the 1 min pullback, it will be in an uptrend(opposite to 15min trend) so therefore wait for a reversal signal on 1 min either a 123 or a 2b reversal then take the next sub that comes along.
If you want to be cautious watch the actual reversal take place then enter on the first pullback back down.
This is happening right now as I type on eurusd also up against the 200ema so looking good for a sell entry on next sub.
Lets see how it goes.
Feel the Fear and do it anyway!!!
- #5,167
- Sep 19, 2011 5:45am Sep 19, 2011 5:45am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Here;'s how I did it this morning using exactly that technique. See chart below.
By the way as all other timeframes are in a downtrend then when the 1 min joins them. In other words everything is pointing down.Then intstead of just taking the mantatory 15 pips I tend to hold the trade until I get a buy sub then when its taken out by 1 pip I close out trade. That got me 45 pips this morning!
So considering where we are now, in a period of consolidation, I would wait for 2 things before considering another entry.
1) Wait for New York open as it tends to go quiet now for a couple of hours.
2) Wait for the uptrend in the 1 min chart to reverse using 123 or 2b reversals.
Like you guys I'm learning every day about this marvellous strategy and I think I'm starting to get the hang of it.
See you in New York.
By the way as all other timeframes are in a downtrend then when the 1 min joins them. In other words everything is pointing down.Then intstead of just taking the mantatory 15 pips I tend to hold the trade until I get a buy sub then when its taken out by 1 pip I close out trade. That got me 45 pips this morning!
So considering where we are now, in a period of consolidation, I would wait for 2 things before considering another entry.
1) Wait for New York open as it tends to go quiet now for a couple of hours.
2) Wait for the uptrend in the 1 min chart to reverse using 123 or 2b reversals.
Like you guys I'm learning every day about this marvellous strategy and I think I'm starting to get the hang of it.
See you in New York.
Feel the Fear and do it anyway!!!
- #5,168
- Sep 19, 2011 6:14am Sep 19, 2011 6:14am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Hi Folfs
Heres how I see current chart its a extended pullback on 1 min so its now in an uptrend so won't take any subs until it reverses, either via a 123 or 2b reversal. Then take first sell sub that triggers.
If not sure then will watch the actual reversal take place and take next sub after first pullback in new downtrend.
Am i getting the hang of this? comments welcome.
Heres how I see current chart its a extended pullback on 1 min so its now in an uptrend so won't take any subs until it reverses, either via a 123 or 2b reversal. Then take first sell sub that triggers.
If not sure then will watch the actual reversal take place and take next sub after first pullback in new downtrend.
Am i getting the hang of this? comments welcome.
Feel the Fear and do it anyway!!!
- #5,170
- Sep 19, 2011 8:58am Sep 19, 2011 8:58am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Sounds good, Clive.
Do you mean a "fully qualified" buy sub - presumably not - or just, eg. in a short trade, a +50 CCI reading on Close ?
I have looked at splitting the trade in two, as I usually do, exiting half at +15, hold the other half to a close on the other side of the SMA 10.... BUT the question is exposure to risk and what are you really making each month...
Well thats what I do when trading against the daily trend.
However heres what I plan do when trading with the daily trend.
If like today the 15 min trend lines up with the daily trend then I will take half off as per above (+50 cci) and move the other half to break even then leave it to run trailing stop down the 15 min chart LHs whenever possible until stopped out.
When another qualifying sell sub appears I will add again and repeat the above process taking half off when CCI +50 and so on every time there is a qualifying sub I add to my trade until eventually stopped out on 15min trailing stop.
I use 5% for every trade but I only add when previous entry is at break even, this way I never have more than 5% at risk at any one time.
However I am toying with the idea of moving my trailing stops up the time scales if the trade progresses in the same direction, eventually trailing down the daily LH's.
The idea is to slowly build a large position in the direction of the daily trend but with relatively small stops 15 to 20 pips whilst banking 2.5% all the way. But of course never risking more than 5% at any one time.
Up to recently the "summer market" was not following through with any longer term trends, but now I think the EURUSD lends itself perfectly to my strategy as all its timeframes are in a down trend from the daily right down to the 1 minute chart.
Of course I recognise this is nothing like Divergences strategy but its just my take on how to profit more when the higher time frames are trending in the same direction as your 15min trades.
Today its worked well so far as I took 45 pips earlier from one half and the other half is still in profit of 88 pips as I type, so a good day today.
I have tried to add several times today but keep getting stopped out at break even as when using 5% I cautiously move to break even after 5 pips, might have to review this when market moving like today.
Well back to the charts looking to add here at 1.3600 level if all goes well.
Feel the Fear and do it anyway!!!
- #5,171
- Sep 19, 2011 2:45pm Sep 19, 2011 2:45pm
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
- #5,174
- Sep 19, 2011 8:38pm Sep 19, 2011 8:38pm
- Joined Sep 2010 | Status: Trader | 2,034 Posts
Looser. Don't really know what's my error this time
Hi PH. Sorry you ended up PH Negative on this one.
Here's my views:
• This set up occurred after the designated time period into the FF/London Session. Never try this trade after 10am London time. (2 hours past London open).
• Notice how price has stopped trending and was in a 15 pip channel. No direction and no trend here.
• There was a HH & HL just prior to your trade.
Any one of these parameters would have kept me out of this trade. Hope this is helpful.
Darryl
- #5,175
- Sep 20, 2011 1:03am Sep 20, 2011 1:03am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Wow! did you get all 3 of those trades Cableguy? And did you have any losers? If so
Great trading! Its very interesting how you are showing the 5 min chart here and how it gives us the heads up of a pending change of trend in the 15 min. Of course it should be obvious as the 1 min leads everything else.
I'm forever telling people its the 1 min chart thats king! It leads the 5min which then leads the 15 min which them leads the 1 hr etc etc.
Thanks for sharing. Perhaps you could post similar at the end of each day?
Many thanks.
Great trading! Its very interesting how you are showing the 5 min chart here and how it gives us the heads up of a pending change of trend in the 15 min. Of course it should be obvious as the 1 min leads everything else.
I'm forever telling people its the 1 min chart thats king! It leads the 5min which then leads the 15 min which them leads the 1 hr etc etc.
Thanks for sharing. Perhaps you could post similar at the end of each day?
Many thanks.
Feel the Fear and do it anyway!!!
- #5,176
- Sep 20, 2011 2:24am Sep 20, 2011 2:24am
- | Membership Revoked | Joined Mar 2011 | 1,831 Posts
Trade responsiblypatience is the key/Swing trader
- #5,177
- Sep 20, 2011 3:52am Sep 20, 2011 3:52am
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
- #5,179
- Sep 20, 2011 4:49am Sep 20, 2011 4:49am
++++++++++++++++
Hi PH. Sorry you ended up PH Negative on this one.
Here's my views:
• This set up occurred after the designated time period into the FF/London Session. Never try this trade after 10am London time. (2 hours past London open).
• Notice how price has stopped trending and was in a 15 pip channel. No direction and no trend here.
• There was a HH & HL just prior to your trade.
Any one of these parameters would have kept me out of this trade. Hope this is helpful.
Darryl
I've watched your videos and they are quite helpful. Thank you for making those webinars and sharing them.
Regards
PH
- #5,180
- Sep 20, 2011 4:50am Sep 20, 2011 4:50am
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)