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PTT Method (Profitable Trend Trading) in Forex

  • #341
  • Sep 26, 2011 1:55am Sep 26, 2011 1:55am
Hi alto, howz things. I'm using blackberry so can't really say much lol.I picked up a few pips sun/mon. Good to see nubchai I thought you' come into money and left us lol, happy trading happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #342
  • Sep 26, 2011 2:28am Sep 26, 2011 2:28am
Hi guys, just wondering if anyone has tried this technique with 4h candles? Assuming we still have a trending market (shown by a sloping ema and or visual higher highs or lower lows) I think this simple inside bar break out method could still be effective....we would need to have tighter stops though..Im going to back and forward test live with very small lots on Oanda.
  • #343
  • Sep 26, 2011 7:55am Sep 26, 2011 7:55am
Quick question to Kelvin or anyone who can advise.

The rules state that when the inside bar breaks in the direction of the trend, reverses and hits the stop, we should re enter the next time time it comes back to our original break out point...

The problem with back testing this on daily bars is that its very easy to see that the stop loss would have been hit at some point (if the trade fails) but in 1 day how often does price straddle the entry point? We are supposed to re enter the next time price comes back to the low or high of an inside bar (depending on trend direction) but what it price is ranging around that area? That could mean a A LOT or 30 pip stop losses in 1 day....

Any thoughts?
  • #344
  • Sep 26, 2011 8:45am Sep 26, 2011 8:45am
Quoting Alseobang
Quick question to Kelvin or anyone who can advise.

The rules state that when the inside bar breaks in the direction of the trend, reverses and hits the stop, we should re enter the next time time it comes back to our original break out point...

The problem with back testing this on daily bars is that its very easy to see that the stop loss would have been hit at some point (if the trade fails) but in 1 day how often does price straddle the entry point? We are supposed to re enter the next time price comes back to the low or high of an inside...
If it were me and i saw price ranging around a 2nd attempt on the same IB, i'd pass on it. If however, the 1st IB stoploss was taken out on a retrace to support/resistance, which then gets rejected and price heads once again to the IB breakout, i'd def take it, these signals are often the strongest. Good trading.
  • #345
  • Sep 26, 2011 3:15pm Sep 26, 2011 3:15pm
Hi all,

billy, it's cool how we can get online using so many different forms of tech. Do u also trade sometimes from your blackberry?

Alseobang, I agree with sidefx in that the same entry point should be taken off an IB.. although I do look at things like support/resistance, they are only further confirmation for me and the trend or move within that trend is the only thing that should matter. If it is a strong trend move that I can see (like gj right now), then I would do the re-entry dance no matter how many 30 pip losses come. If the chart looked more range/channel (like uj right now), then I would move my pending stop order to just under the channel support t-line.

A good trend trade can be 300 pips, or 1000 pip, maybe even more. So we are not even concerned over a 30 pip loss.. trend trading has a 10+ expectancy.
  • #346
  • Sep 26, 2011 3:28pm Sep 26, 2011 3:28pm
Hi alto, yes I trade with blackberry if I have to.last week or so I lost 2000 through school boy error lol. I have since recouped my loss. Blackberry ok but just be careful I have old eyes and fingers lol. Re re entering trades its mainly luck and exoeriance if you have the feeling. Happy trading happy days, see ya soon
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #347
  • Sep 26, 2011 5:34pm Sep 26, 2011 5:34pm
@ alto ah that makes sense. It's a good exercie in self control too. Over trading as killed many accounts.

@billy yes I'm still here lol. I've been neglecting IBs a bit. I have the week off and was having fun trading the EU up and down, up and down today.

Was also reading up on pin bars and some other candle reversal patterns.

Happy pips!

Sandy
  • #348
  • Sep 26, 2011 5:52pm Sep 26, 2011 5:52pm
Good to hear off you sandy, I'm away on the boat for a few days but I got the blackberry lol. It makes the world a smaller place. And I'm being extra careful using the blackberry lol. I've been hanging around a different ff site as I find it amusing and so many contradictions anyway I got 3 trades today none ib though, take care. Happy trading happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #349
  • Sep 26, 2011 7:04pm Sep 26, 2011 7:04pm
Quoting billytt
Good to hear off you sandy, I'm away on the boat for a few days but I got the blackberry lol. It makes the world a smaller place. And I'm being extra careful using the blackberry lol. I've been hanging around a different ff site as I find it amusing and so many contradictions anyway I got 3 trades today none ib though, take care. Happy trading happy days
Have fun Billy! But be careful with that Blackberry Are you on a sailboat by any chance? I saw a video of a captain who was sailing a sailboat toward a bridge that his mast wouldn't clear. He had 2 sandbags tied to the mast. He leaned the boat to the right until the sandbags were dragging through the water. The boat was at 45 degree, maybe more. It lowered his mast enough to clear the bridge . Amazing to see
  • #350
  • Sep 26, 2011 7:26pm Sep 26, 2011 7:26pm
Hi sandy, sail boat it isn't ,they too much like hard work. I got a motor launch and no I didn't see the sail boat video but it stands to reason it could be done. Hany way take care all hope the pips come in like the tide
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #351
  • Sep 27, 2011 10:46pm Sep 27, 2011 10:46pm
Quoting sidefx
If it were me and i saw price ranging around a 2nd attempt on the same IB, i'd pass on it. If however, the 1st IB stoploss was taken out on a retrace to support/resistance, which then gets rejected and price heads once again to the IB breakout, i'd def take it, these signals are often the strongest. Good trading.
Thanks sidefx and alto, what you say makes a lot of sense. Re entering based on whether price hits support or resistance is where the discretionary part of this system comes in to play. I will consider this a lot more careful in my forward testing. Cheers!
  • #352
  • Sep 28, 2011 7:34pm Sep 28, 2011 7:34pm
i'm back, hope all you traders are making plenty of pips, i'm up about 260 this week after a loss yesterday of 40 pips i just put a quick one on gbp/usd. i will check ib later and maybe hopefully strike anyway happy trading happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #353
  • Sep 28, 2011 7:44pm Sep 28, 2011 7:44pm
just had a look i'm just so happens to be trading on an ib with gbp/usd mmmmm what shall i do tc
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #354
  • Sep 28, 2011 7:57pm Sep 28, 2011 7:57pm
Quoting billytt
just had a look i'm just so happens to be trading on an ib with gbp/usd mmmmm what shall i do tc
System says sell. But as I was warned by someone on the thread we are quite far from the MA. I.e oversold. The sell might work. Smaller stakes maybe...

Olu
If you think you can or cannot do it you are correct
  • #355
  • Sep 28, 2011 8:18pm Sep 28, 2011 8:18pm
thnxs olu, i am out of the trade now after picking up 25 pips that was quite easy. i think i'll go sleep and in the morning catch up with stats etc and then get back to doing what i normaly do. happy trading happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #356
  • Sep 28, 2011 11:01pm Sep 28, 2011 11:01pm
Hi all,

I just finished reading 'Trend Commandments'. I learned some good stuff, but most of it I'd read before. The best part was seeing the actual results for several trend followers. The results shown cover 12-30 years and are broken down into months, then the annual ROI. The traders he writes about are the big, big traders from the little millionaire guys to the $billion traders. I might get his other books to read more about the turtle traders and other trend followers.

alto
  • #357
  • Sep 28, 2011 11:18pm Sep 28, 2011 11:18pm
On my Oanda account there are now daily inside bars on the following.

GBPUSD
EURJPY
GBYJPY

(you could also argue there is also one on the USDJPY but its at seriously major support and I dont fancy shorting in to that).

These are all trending pairs and the inside bar has formed during a retracement. The only problem is we are a little bit far from the 50EMA. I have 20EMA on my charts as well to show the momentum of price away from the 50ema and the inside bars on these pairs have just come off it.

Lets see what happens.
  • #358
  • Sep 29, 2011 2:01am Sep 29, 2011 2:01am
Quoting Olu
System says sell. But as I was warned by someone on the thread we are quite far from the MA. I.e oversold. The sell might work. Smaller stakes maybe...

Olu
Got up to see the gbp broke out of the ib to the downside but has retraced and is moving up nicely. So we do need to be wary about trades too far from the MA. Now I also read on the thread that if stopped out of a trade (not that I traded it) to put in the trade again and wait. Two questions. Is what I read true? and for how long should the stop order be in - the day the week?
If you think you can or cannot do it you are correct
  • #359
  • Sep 29, 2011 2:32am Sep 29, 2011 2:32am
Here's the site for Covel's stuff on trend following in case anyone wants to look.. again, the results shown on there are pretty awesome..

trendfollowing.com

Olu, I think Kelvin said that we should re-enter any stop order over and over again as for as long as it takes. We are working with a 10+ RR, so a few 30 pip losses are nothing to worry about. I have tried and lost with uj 6 times, but still I have set a stop order just under support. The winners that u do catch make up for all the little losers and then some. ie. If uj triggers my sell-stop 10 times, but I catch eu for 350 pips, then I am still ahead and it's the confidence of taking all those little 30 pip losses that makes way for the good trades.

Can't wait to start up live again next week. Seems like I got lucky and chose a good week or so to sit out, cuz the total floating profit only got up to $41.. not enough to hit my 10% wash and close all. I didn't keep track, but I'm pretty sure this was a losing week overall. Still, the month would've ended about 17% up had I traded.
  • #360
  • Sep 29, 2011 7:07am Sep 29, 2011 7:07am
Quoting Alseobang
On my Oanda account there are now daily inside bars on the following.

GBPUSD
EURJPY
GBYJPY

(you could also argue there is also one on the USDJPY but its at seriously major support and I dont fancy shorting in to that).

These are all trending pairs and the inside bar has formed during a retracement. The only problem is we are a little bit far from the 50EMA. I have 20EMA on my charts as well to show the momentum of price away from the 50ema and the inside bars on these pairs have just come off it.

Lets see what happens.
I've got a stop in on the G/J...actually my 2nd order after being stopped out on my first last evening.

I'm just not seeing that trend in the G/U though :nerd:
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