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  • #121
  • Oct 7, 2011 8:59am Oct 7, 2011 8:59am
Quoting Chicky
Will use this chart to explain the above.

ok we are done with that trade...reminding you on the formula
  • #122
  • Oct 7, 2011 11:59am Oct 7, 2011 11:59am
Trade#7 - Concluded
TP hit. 1%
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled134.jpg Size: 83 KB
The Thief of Wall Street
  • #123
  • Oct 7, 2011 9:06pm Oct 7, 2011 9:06pm
Quoting shotunz
ok we are done with that trade...reminding you on the formula
I will be back in an hour or so to explain.
The Thief of Wall Street
  • #124
  • Edited 11:01pm Oct 7, 2011 10:20pm | Edited 11:01pm
Quoting Chicky
Trade #7 - Running

There is a little glitch in this position. I know a way how to correct it. Will explain later, after this trade either hits sl or tp. Do not want to encourage exceptions.

Just remind me of this equation when this trade is over:

X/n + y/n = Z/n
Trade #7 - Postmortem

1. This trade was taken when pa broke the red-circled resistance. Once broken, this became a support and therefore SL was set below that resistance (now support)

2. Following 1:1 risk:reward rule, TP fell right on the Pink Line, middle of the three resistances above the open position (Blue, Pink and Yellow).

3. The snapshot of the chart below was taken when pa showed some hesitation in breaking the Blue Line resistance. Pretty good chance of it to bounce down from there without hitting the TP at the Pink Line just above the Blue Line.

4. The idea was to lower the tp to a level just below Blue Resistance and at the sametime raise sl by equal number of pips. This change in sl and tp would have decreased risk:reward from 1% to probably 0.8%. Therefore increase the position size by taking another long with tp at revised level yielding 0.2% profit. Sl for this new trade equal to tp. If revised tps at the new level are hit on pa's next attempt at the blue line, trade concludes with 1% profit.

In the equation:
X/n = Tightening TP by a certain %
Y/n = Tightening SL by the same %
Z/n = Profit target gets lower in the same ratio

5. This adjustment was not made for two reasons: 1) One should avoid exceptions because our edge is very small and we lose this small edge if we do not consistently follow the system. 2) A major news was due in few hours. There was strong chance that the normal market volatility at news release would make pa hit that tp. This is what happened.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled135.jpg Size: 123 KB
The Thief of Wall Street
  • #125
  • Oct 7, 2011 10:26pm Oct 7, 2011 10:26pm
Chicky, go grab big cash, use big lots.

You not only trade "because it was at support" (thats so newbie)
and obviosuly u are not

You give it so much clear sense and explanation, so much that the person reading can grasp what u really want to explain, not tell.



keep it up dude.
Have I got something on my face, SOLDIER?
  • #126
  • Oct 7, 2011 10:48pm Oct 7, 2011 10:48pm
Quoting bumapatria
Chicky, go grab big cash, use big lots.

You not only trade "because it was at support" (thats so newbie)
and obviosuly u are not

You give it so much clear sense and explanation, so much that the person reading can grasp what u really want to explain, not tell.



keep it up dude.
No big lots. I have a long-term plan for my trading. I know exactly what and how I am going to play that plan. Logically, results should not differ from my calculation ....................... unless 12/21/2012 really happens.

I cannot share over 30 years of learning in 3, 30 or 300 pages, just what is relevant. One relevant thing to know is the difference between gambling on a roulette table and trading in this market. On roulette table odds are against the gamblers and therefore casinos encourage bet limits. In this market odds are in traders' favor but they play like they do on No Limit tables.
The Thief of Wall Street
  • #127
  • Oct 7, 2011 11:03pm Oct 7, 2011 11:03pm
Quoting Chicky
No big lots. I have a long-term plan for my trading. I know exactly what and how I am going to play that plan. Logically, results should not differ from my calculation ....................... unless 12/21/2012 really happens.

I cannot share over 30 years of learning in 3, 30 or 300 pages, just what is relevant. One relevant thing to know is the difference between gambling on a roulette table and trading in this market. On roulette table odds are against the gamblers and therefore casinos encourage bet limits. In this market odds are in traders'...
The world is somehow inter-connected from one subject to another.
Have I got something on my face, SOLDIER?
  • #128
  • Oct 7, 2011 11:10pm Oct 7, 2011 11:10pm
Quoting shotunz
i set a pending order when the support or resistance has been established...
the image below shows 2 RED lines and a blue line...its a eur/usd chart 4hour (last week)

on the 26th of September , a support was formed at 1.3375....next resistance should be at 1.3570..

so i wait for price to get to the middle of the support and resistance (at 1.3477 which is the blue line) to give me PROOF that price is actually going to keep going up to meet the resistance.
Shot, thanks for sharing your method.

I studied this method and find it a good one. It offers more than 50% chance of success. Once having an edge, it all depends on the traders how they play their methods. Thanks again for sharing your method.
The Thief of Wall Street
  • #129
  • Oct 7, 2011 11:13pm Oct 7, 2011 11:13pm
Quoting bumapatria
The world is somehow inter-connected from one subject to another.
How old is your girlfriend?
The Thief of Wall Street
  • #130
  • Oct 8, 2011 2:36am Oct 8, 2011 2:36am
hi Chicky,

i use 100/150 pip sl , (most of the time i do scalping on other side if trade so against me) tp 100/50 pip mostly closed manually.

i have a habit of closing bad entry on BE (if it go more than -20 pip) , 50- 70 % of the time it go and reach my tp level rest SL,

question always ask myself "should i change my habit ? " any advice


Mohan
Mohan
  • #131
  • Oct 8, 2011 3:18am Oct 8, 2011 3:18am
Quoting Chicky
How old is your girlfriend?
she turned14 last month
Have I got something on my face, SOLDIER?
  • #132
  • Oct 8, 2011 2:28pm Oct 8, 2011 2:28pm
Quoting mohan76
hi Chicky,

i use 100/150 pip sl , (most of the time i do scalping on other side if trade so against me) tp 100/50 pip mostly closed manually.

i have a habit of closing bad entry on BE (if it go more than -20 pip) , 50- 70 % of the time it go and reach my tp level rest SL,

question always ask myself "should i change my habit ? " any advice


Mohan
Mohan Jee,

The first and foremost thing before setting a money management policy is the success ratio.

One may calculate your success ratio for 100 trades as follows:

60 trades hit tp of 125 pips (50 to 70 trades hit tp of 100 to 150)
20 trades hit sl of 125 pips (50% of remaining either hit sl of 100 to 150 pips or closed at BE to -20 pips)
20 trades hit sl of 10 pips (50% of remaining either hit sl of 100 to 150 pips or closed at BE to -20 pips)

That means:
[+125 x 60] + [-125 x 20] + [-10 x 20] = +4,800

Your win:loss ratio:

7,500 : 2,700 or 1:2.77 or 73:27 lets say 75:25

In other words 75 out of every 100 trades you take are the winners.

If that's true, develop some new habits of spending money.
The Thief of Wall Street
  • #133
  • Oct 8, 2011 2:33pm Oct 8, 2011 2:33pm
Quoting bumapatria
she turned14 last month
You are 14, I am 87.................... that means one of us is 50 ..............[(14+87)/2].
The Thief of Wall Street
  • #134
  • Oct 8, 2011 5:12pm Oct 8, 2011 5:12pm
Quoting Chicky
You are 14, I am 87.................... that means one of us is 50 ..............[(14+87)/2].
You're intellect confuses me. explanation?

PS. I just woke up.
Have I got something on my face, SOLDIER?
  • #135
  • Oct 8, 2011 5:47pm Oct 8, 2011 5:47pm
Quoting bumapatria
You're intellect confuses me. explanation?

PS. I just woke up.
Go back to bed.
The Thief of Wall Street
  • #136
  • Oct 8, 2011 5:58pm Oct 8, 2011 5:58pm
Quoting Chicky
Go back to bed.
Why you adults keep forgetting time difference...?
its 6 am here chickster.

Have I got something on my face, SOLDIER?
  • #137
  • Oct 8, 2011 6:07pm Oct 8, 2011 6:07pm
Quoting bumapatria
Why you adults keep forgetting time difference...?
its 6 am here chickster.

Two blocks from Ramada Hotel in Jakarta you find a street full of night clubs (near that overhead bridge and toll plaza). Don't ask me what I once did there in a crowded night club. For me, there's no concept of day and night in Indonesia.
The Thief of Wall Street
  • #138
  • Oct 8, 2011 6:13pm Oct 8, 2011 6:13pm
Quoting Chicky
Two blocks from Ramada Hotel in Jakarta you find a street full of night clubs (near that overhead bridge and toll plaza). Don't ask me what I once did there in a crowded night club. For me, there's no concept of day and night in Indonesia.
im not in jakarta dude...

in a place where there is no night and day.. is Bali.. its amazing.. beaches, relax,, not as much crap traffic as jakarta, less buildings, more cultural sort of stlye... its liek a getaway

I live in bandung, like jakarta but less messed up with traffic, and has good nature. Mountains to climb, ttrees to hug on to..

not some polluted air lol.
Have I got something on my face, SOLDIER?
  • #139
  • Oct 8, 2011 6:18pm Oct 8, 2011 6:18pm
Quoting bumapatria
im not in jakarta dude...

in a place where there is no night and day.. is Bali.. its amazing.. beaches, relax,, not as much crap traffic as jakarta, less buildings, more cultural sort of stlye... its liek a getaway

I live in bandung, like jakarta but less messed up with traffic, and has good nature. Mountains to climb, ttrees to hug on to..

not some polluted air lol.
LOL. You reminded me of Jarkata traffic and all those SUVs. Several times to Jakarta, Maidan and Aceh but never been to Bali.
The Thief of Wall Street
  • #140
  • Oct 8, 2011 6:48pm Oct 8, 2011 6:48pm
Quoting Chicky
LOL. You reminded me of Jarkata traffic and all those SUVs. Several times to Jakarta, Maidan and Aceh but never been to Bali.
i can tell ure not indonesian. You spelled medan wrong lol.
I was outside of country most my life, so going back is in a way good seeing relatives, but theres that girl on my avatar. i cant and somewhat dont want to forget about her.

Thats me, i find a girl, found her, and somehow cant let her go. Im not most my age. I dont go around dating sluts, or girls for a random immature reason lie "she is hot".

She's great person, someone who can understand and care. when not many can do so.

i might have hyperthymesia.
Have I got something on my face, SOLDIER?
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