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PTT Method (Profitable Trend Trading) in Forex

  • #401
  • Oct 10, 2011 4:14am Oct 10, 2011 4:14am
Can't see any trades on the daily chart today. So I stepped down to 4Hr and took a couple of inside bars, to see how the method performs on this TF.
  • #402
  • Oct 11, 2011 12:52am Oct 11, 2011 12:52am
Nothing leaping out at me today although there's some trend continuations I'm thinking about once the 4hr TF line up.
  • #403
  • Edited 7:49am Oct 11, 2011 4:25am | Edited 7:49am
...i still have a UJ short pending to test any breakdown of the extensive range seen on that chart. Today i've noticed CAD/JPY might trigger a sell from yesterday's IB, so i have a pending order from 74.166 (Oanda chart). The 7th was a very bearish day prior to yesterday's IB. The setup is within a retracement pattern and not an ideal "coming off the EMA(50)" play, so if it triggers i'll be watching PA closely on the 15min. I don't use Kelvin's exit strat, apart from the intial 30 pip stoploss. Good trading.

Edit: SL hit -30. Sell order reset at same level (74.166).
  • #404
  • Oct 11, 2011 5:51am Oct 11, 2011 5:51am
Very wary of any JPY in case of intervention which could happen if it drops too much IMHO.
  • #405
  • Oct 11, 2011 6:05am Oct 11, 2011 6:05am
Hi all,
I recently found this thread and am really interested in this system.
I'm going to try it on my live account (cent account) soon.

I have a question. How long do you keep your pending order that hasn't been triggered? Is there any rule?

For example, according to my chart, EUR/JPY had an IB on Oct 5. But a pending order for this IB (short @101.56) hasn't been triggered yet. How long should I keep this order?
  • #406
  • Oct 11, 2011 9:38am Oct 11, 2011 9:38am
Quoting Fluegel
Hi all,
I recently found this thread and am really interested in this system.
I'm going to try it on my live account (cent account) soon.

I have a question. How long do you keep your pending order that hasn't been triggered? Is there any rule?

For example, according to my chart, EUR/JPY had an IB on Oct 5. But a pending order for this IB (short @101.56) hasn't been triggered yet. How long should I keep this order?
Kelvin wasn't very specific about this. He says that if the IB isnt triggered he will cancel the order and review all the possible setups at the beginning of the following week. As that EURJPY inside bar you are refering to is from last week and since then we have retraced up a fair amount I would dismiss that one for now and wait for another IB this week (may even appear today?). Anyone else agree with this?
  • #407
  • Oct 11, 2011 3:19pm Oct 11, 2011 3:19pm
Hi Fleugel,

Welcome to PTT. Yes, I agree with what Alseobang said. In my head, the rule of thumb is that pendings can be open for 1 week. Also, each pair should only have 1 order open for it.. so while I did have an IB for ej on the 5th, I got a new one on the 9th and so I moved the pending order there. I think when price moves so far u should follow it with each new IB. I would stick to the 1 week rule for all.

alto
  • #408
  • Oct 11, 2011 5:53pm Oct 11, 2011 5:53pm
Thanks Alseobang and alto! Your answers were really helpful.

Anyway, this morning, I found an IB on ALL charts I'm checking...
I'm checking EUR/USD, GBP/USD, AUD/USD, EUR/JPY, GBP/USD, AUD/JPY, USD/CHF and EUR/CHF. Has any of you placed pending orders today?
  • #409
  • Oct 11, 2011 11:21pm Oct 11, 2011 11:21pm
yup,

modified lots of my pendings. looks like many of the trends have turned after retracing.. hopefully.
  • #410
  • Oct 12, 2011 1:46am Oct 12, 2011 1:46am
GBP/USD, GBP/JPY, AUD/USD and AUD/JPY got triggered and hit SL.
I placed pending orders again for these pairs, but prices are going up further. I'm afraid the trend on larger TF is changing.

Anyway, what I love about this system is small SL. Just 30 pips don't hurt me much, especially on a cent account!
  • #411
  • Oct 12, 2011 4:22am Oct 12, 2011 4:22am
Hmm, I think because your broker has different closing times for the daily bars yours may look a bit different. My IBs didnt get triggered instead they broke against the main trend and have gone lots of pips the other way....I know I shouldn't say this but it does seem tempting to trade the break of the inside bar either with OR against the trend. Whenever they break they always seem to go a lot of pips in that direction...

Is anyone here just trading IB breaks?
  • #412
  • Oct 12, 2011 5:12am Oct 12, 2011 5:12am
Yeah my broker is GMT+3 (FxOpen).
I believe Kelvin said earlier in his post that the difference in GMT would cause different trades but they will be leveled out in the long run. So I don't mind SL's I got this time. In the meantime, I got SL with EUR/CHF and placed a buy order again.

As for the breakout in the opposite direction, I want to strictly follow Kelvin's rule (EMA50) with this system. I trade manually too, and actually placed buy orders for EUR/USD today. I think there is another system for breakouts, so for PPT, I would like to stay with the set rules. Just my opinion.
  • #413
  • Oct 12, 2011 5:24am Oct 12, 2011 5:24am
Quoting Fluegel
Yeah my broker is GMT+3 (FxOpen).
I believe Kelvin said earlier in his post that the difference in GMT would cause different trades but they will be leveled out in the long run. So I don't mind SL's I got this time. In the meantime, I got SL with EUR/CHF and placed a buy order again.

As for the breakout in the opposite direction, I want to strictly follow Kelvin's rule (EMA50) with this system. I trade manually too, and actually placed buy orders for EUR/USD today. I think there is another system for breakouts, so for PPT, I would like to stay...
Yes, thats right, in the long run it should even out. I definitely think for this thread we should also stick to the rules and see what kinds of results we come up with together. (Its just frustrating when it shoots off after breaking in the wrong direction
  • #414
  • Oct 12, 2011 5:33am Oct 12, 2011 5:33am
Yes it's tricky at the moment. A lot of pairs seem to be retracing at the moment and it's hard and sometimes quite confusing as to what to do. I agree it does seem to be tempting to place trades to take advantage of the retrace, but I'm sticking to the system for now. I think we are going to have to wait for these pullbacks to resume the main trend.
  • #415
  • Oct 13, 2011 12:03pm Oct 13, 2011 12:03pm
Hello all,
Just started to read this thread recently, looks promising.
I see nice IBs on EU, GU, UCAD, EJ, AJ, NU, CadJ, GJ, NJ with nice bounce off EMA, and IBs on UC, ECad, EC, and CJ with not so nice bounce. so let's rock and roll and see what we get. (Day is not over yet i know, but it's NY pm, so probably won't change much in next 4 hrs)
  • #416
  • Oct 13, 2011 2:12pm Oct 13, 2011 2:12pm
Thank you Kelvin....from a newbie
  • #417
  • Oct 13, 2011 11:25pm Oct 13, 2011 11:25pm
Tonnes of daily inside bars showing on my Oanda now guys...lets see if they break in the direction of the trend.

If they break a million pips in the opposite direction again like they have been doing I'm going to really pi$$ed off! Im so tempted to put limit orders on breaks either side of the IB
  • #418
  • Oct 14, 2011 2:04am Oct 14, 2011 2:04am
Yeah I found IB on almost all charts again this morning, so moved the entry price for the new IB.

As PA has come so close to EMA50 (some have already broken it like AUD/USD), I think it is also highly possible that PA breaks in the opposite direction. It is soooooo tempting! Perhaps it might be a good idea to place orders in both directions when PA is flirting with EMA50.

But, to strictly follow Kelvin's rules, I think we should stay away don't we?
  • #419
  • Oct 14, 2011 2:52am Oct 14, 2011 2:52am
I agree, I stayed out of au and some other trades until price starts trending away from ema50.
  • #420
  • Oct 18, 2011 5:35am Oct 18, 2011 5:35am
Is any of you in trade?
On my chart, EUR/USD, GBP/USD and EUR/JPY are now triggered.
I didn't think those pending orders would be triggered as the price was going to the opposite side of EMA50 but had left them open according to the 7-day rule.
(Incidentally, I reduced the number of charts I check to EUR/USD, GBP/USD, AUD/USD, EUR/JPY and USD/CHF, i.e. major pairs only, for easier control.)

Although I enter trades as Kelvin instructed, I'm going to improve the exit strategy a little bit. I'm thinking of closing 50% at 100 pips, moving SL to breakeven and closing remaining 50% according to Kelvin's rule.
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