On My Way To The Top | Page 41 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Money management in trading - the stupid way and the right way 22 replies

Hard Way, Easy Way 115 replies

Is the martingale way the only way in Forex? 34 replies

Simple Way is the most advance way... 11 replies

2 Way VS 1 Way Analysis 9 replies

Attachments: On My Way To The Top
Exit Attachments

On My Way To The Top

  • #801
  • Oct 21, 2011 9:04am Oct 21, 2011 9:04am
Quoting balrog
Took thus usdchf trade short:

Numerous reasons

Daily down
Hourly down and not o/b
5 min rope all down
pinbar fail at pivot
close below MA's (50 MA nerly below 100)
Descending trendline

Locked in 1%

Last of the day..

Update: Taking pmullins advice and locking in 2% (it's gone to 3% in a big candle down) as daily range not met yet

Update2: If it hits 0.8830 I'll take profits as it's close to daily range and S3

Update3: Bingo.. went to .88304 so closed manually for a little less than 4%... very happy to finish a difficult...
Nice job and nice trade...this trade has some nice confluence and some really good things going for it...great work spotting that...I happened to miss it myself but definitely would have taken it if id have seen it....but your on the right track...just keep it up and keep getting yourself some chart time and maybe even study charts and set ups and such with your down time when the market is closed....its how I spent countless weekends but everyone is different....good job again...
No man is free who is not a master of himself. -P.M.-
  • #802
  • Oct 21, 2011 10:23am Oct 21, 2011 10:23am
knocked me out just to give another good entry at the end of the retracement but I missed it...so didn't take it....
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 37 KB
No man is free who is not a master of himself. -P.M.-
  • #803
  • Oct 21, 2011 1:03pm Oct 21, 2011 1:03pm
Well I'm really done now and not taking anymore trades today....This week was an interesting week as price was stuck in a range from last week's trend and so that made it a little difficult but ended the week with +68%...so can't really complain...
No man is free who is not a master of himself. -P.M.-
  • #804
  • Oct 21, 2011 4:02pm Oct 21, 2011 4:02pm
Took some entries into today's market close in anticipation of a nice gap in the direction of the trades... pretty confident the market closed with alot of buying pressure for the eu and correllating pairs and a good amount of selling pressure to create a down gap on the usd cad...so here is the entry...usd cad entry was led off with hidden divergence and the rope still heading into oversold tightly converged so that is enough pressure for it to open with a nice gap...so I guess I will see how that goes...but up 51 pips so far...

-Paul-
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu15.gif Size: 41 KB
Click to Enlarge Name: usdcad15.gif Size: 42 KB
No man is free who is not a master of himself. -P.M.-
  • #805
  • Oct 22, 2011 9:22am Oct 22, 2011 9:22am
Quoting pmullin86
knocked me out just to give another good entry at the end of the retracement but I missed it...so didn't take it....
Paul a couple of questions came to mind. Hope you dont mind me asking.

About this trade there was a long setup earlier in the trend. I know that you like to trail your stops, but would you consider taking several pullbacks from the same M5 trend and keep em open till the end. Would also be nice to know how do you deal with news.
  • #806
  • Oct 22, 2011 9:50am Oct 22, 2011 9:50am
That idea sounds good in theory but keep it open until when...how do we know when the end of a trend is...? That's the difficult part of managing trades is trying to lock in as much profits as possible and catch the most of the trend while trying not to get caught in a reversal of the trend and losing all pips...so opening multiple positions sounds ok but in a live market we never know when the end is so that makes that a bit difficult to do as we can never predict what the market will do especially nearing the exhaustion of a trend...
No man is free who is not a master of himself. -P.M.-
  • #807
  • Oct 22, 2011 9:57am Oct 22, 2011 9:57am
Trend traders do for something similar to what you mentioned is as opposed to opening entries on each pullback and leaving open all positions its possible to perhaps open two positions with each pullback entry in which one you may manage normal to lock in profits and the second position setting to break even when getting the chance and letting that ride and doing the same for each pullback entry that way you are taking profits and at the same time adding positions to the trend until it reverses and so once it does reverse its kind of like you will still be in profits from the first few entries taken so even if the later trades you are riding on go into negative than you will have the positive equity from those initial entries to kind of offset that negative equity...hedging in a sense without really hedging....hope that makes sense...but there are so many different options as far as managing trades is concerned but its all just up to what suits your trading style...
No man is free who is not a master of himself. -P.M.-
  • #808
  • Oct 22, 2011 10:08am Oct 22, 2011 10:08am
Quoting pmullin86
That idea sounds good in theory but keep it open until when...how do we know when the end of a trend is...? That's the difficult part of managing trades is trying to lock in as much profits as possible and catch the most of the trend while trying not to get caught in a reversal of the trend and losing all pips...so opening multiple positions sounds ok but in a live market we never know when the end is so that makes that a bit difficult to do as we can never predict what the market will do especially nearing the exhaustion of a trend...
Yea youre right. I just thought that in a situation like the one in the picture there are a couple of setups pretty close to one another. Just to add another position on that second line. Maybe trailed stop from the first position hasnt been reached before that second setup?
Attached Image (click to enlarge)
Click to Enlarge Name: eu221011.gif Size: 40 KB
  • #809
  • Oct 22, 2011 10:16am Oct 22, 2011 10:16am
Quoting Whistlepips
Yea youre right. I just thought that in a situation like the one in the picture there are a couple of setups pretty close to one another. Just to add another position on that second line. Maybe trailed stop from the first position hasnt been reached before that second setup?
Oh so your just saying take every pullback and manage each accordingly but even if one position is open because market has not taken you out yet than go ahead and add a second position and just like keep that first position open because there is a new entry and close out the first position when market takes out trailing stop for second position...that makes sense...but more times than not on the retracement to give another entry you will be knocked out from first entry but if it happens that does make sense....actually very logical indeed...you can try it...
No man is free who is not a master of himself. -P.M.-
  • #810
  • Oct 22, 2011 10:25am Oct 22, 2011 10:25am
Quoting pmullin86
Oh so your just saying take every pullback and manage each accordingly but even if one position is open because market has not taken you out yet than go ahead and add a second position and just like keep that first position open because there is a new entry and close out the first position when market takes out trailing stop for second position...that makes sense...but more times than not on the retracement to give another entry you will be knocked out from first entry but if it happens that does make sense....actually very logical indeed...you...
Yea. Thanks for the feedback. You know, Ive been thinking to reduce the pairs I trade intraday to only maybe EU & AU and this kind of approach might make it work. Could enable pretty thorough analysis of those pairs in order to deepen my understanding of them within the time I have, which is limited especially during office hours. Also in M5 the pullbacks are typically pretty close to one another. But maybe to take just the first two from a trend, because the further it goes the larger is the probability of a turn.
  • #811
  • Oct 22, 2011 10:54am Oct 22, 2011 10:54am
Quoting Whistlepips
Yea. Thanks for the feedback. You know, Ive been thinking to reduce the pairs I trade intraday to only maybe EU & AU and this kind of approach might make it work. Could enable pretty thorough analysis of those pairs in order to deepen my understanding of them within the time I have, which is limited especially during office hours. Also in M5 the pullbacks are typically pretty close to one another. But maybe to take just the first two from a trend, because the further it goes the larger is the probability of a turn.

It seems you just have to find what works for you...
No man is free who is not a master of himself. -P.M.-
  • #812
  • Oct 22, 2011 4:50pm Oct 22, 2011 4:50pm
Quoting pmullin86
It seems you just have to find what works for you...
Yes I think so too and Im making good progress with it. Thanks to you, Dredd & others Im making profit with my trading. Not on your level yet, but getting there

Its kind of amasing how personal issue trading methods are. Maybe its a kind of a development path, which is directed by ones personality. What inspires and is interesting at a particular moment.

Is there a trading system that different people apply exactly the same manner? I think no. If you take two people to trade exactly similar trading system, there still are differences between them depending on their experience level, personality, etc. on which they base their decisions to enter and exit trades. Makes sense. If this business was a purely mechanical thing there should be a lot of people filthy rich
  • #813
  • Oct 22, 2011 6:49pm Oct 22, 2011 6:49pm
Quoting Whistlepips
Yes I think so too and Im making good progress with it. Thanks to you, Dredd & others Im making profit with my trading. Not on your level yet, but getting there

Its kind of amasing how personal issue trading methods are. Maybe its a kind of a development path, which is directed by ones personality. What inspires and is interesting at a particular moment.

Is there a trading system that different people apply exactly the same manner? I think no. If you take two people to trade exactly similar trading system, there still are differences between...

Good observation and you are exactly right...as nothing I think is purely mechanical as their is always some subjective aspect to any trading method or strategy....so yep and good that you are finding your own path as it took me the entire year last year and practically most of the year to find my own way and build confidence and everything needed to trade successfully and when I say successfully I mean going beyond just placing profitable trades but to also have the confidence in those trades and to truly have develop the trading psychology required which I think is the differing point between a consistent trader and an inconsistent one...are you live yet or still working your way to that point???
No man is free who is not a master of himself. -P.M.-
  • #814
  • Oct 22, 2011 7:06pm Oct 22, 2011 7:06pm
Quoting pmullin86
Good observation and you are exactly right...as nothing I think is purely mechanical as their is always some subjective aspect to any trading method or strategy....so yep and good that you are finding your own path as it took me the entire year last year and practically most of the year to find my own way and build confidence and everything needed to trade successfully and when I say successfully I mean going beyond just placing profitable trades but to also have the confidence in those trades and to truly have develop the trading psychology required...
Thanks man for the convincing words. I see that Im on a right track. Im live and profitable, some +10-15% on a weekly basis atm. Thats not bad for being able to double my account within 10 weeks. There are still issues but looking forward of course to make it even more

BTW how do you deal with news & reports?

And made me years of nights & weekends to reach this far also.
  • #815
  • Oct 22, 2011 7:32pm Oct 22, 2011 7:32pm
Quoting Whistlepips
Thanks man for the convincing words. I see that Im on a right track. Im live and profitable, some +10-15% on a weekly basis atm. Thats not bad for being able to double my account within 10 weeks. There are still issues but looking forward of course to make it even more

BTW how do you deal with news & reports?

And made me years of nights & weekends to reach this far also.
Not a bad start at all no need to be greedy right....but sorry forgot to answer the news questoon before but to be honest ive never really paid any attention to news or reports since im usually trading with the long term or short term trend I guess that has helped but I do hope to incorporate fundamentals at some point but probably not anytime soon.......how about you...?
No man is free who is not a master of himself. -P.M.-
  • #816
  • Edited 5:11am Oct 23, 2011 4:51am | Edited 5:11am
Quoting pmullin86
Not a bad start at all no need to be greedy right....but sorry forgot to answer the news questoon before but to be honest ive never really paid any attention to news or reports since im usually trading with the long term or short term trend I guess that has helped but I do hope to incorporate fundamentals at some point but probably not anytime soon.......how about you...?
I keep track of them by collecting them into an excel sheet currency by currency mainly for my D1 trading needs. I check mainly two things (from FF calendar). Does the report deviate from expected and is there a trend in the results. If the result deviates from the expected, its more likely to produce larger impact. If theres a trend it is more likely to follow the trend (depending of the overall conditions of course).

By collecting them into a single sheet I have found that it is easier to keep track of the overall conditions of a currency with a quick look (this could be a good service but havent found one yet, only calendars). I have found that major reports mostly interest rate decisions and speeches of central bank managers are the ones that change the trend in a more permanent manner so it could be worhtwhile to only analyse them if you dont have time to do more. Especially when there is some change on the current conditions. If you check D1 charts and compare this to reports you can easily see this. Typically trend changes within 1-2 days from the report (if its changing). This is also where technical analysis comes into place. Major changes in those reports tend to produce the price to go fast to the direction of the current trend to the next bigger S/R level and change its direction from there. So typically it doesnt change its direction instantly unless the price is at the S/R by the time of the news. There can be a breakout from S/R of course if the news result is in the direction of a current trend.

It seems also that there are times when fundamentals play smaller role like EUR now. It just keeps going back and forth with virtually none impact from the bad news maybe because of uncertainty in market conditions.

This is mostly what I have found from analysing fundies so far.
  • #817
  • Oct 23, 2011 11:34am Oct 23, 2011 11:34am
Just in case you ever need it: found on my disk for moving the: 3_Level_ZZ_Semafor.mq4 source file.

Greetings MJ
Attached File(s)
File Type: mq4 3_Level_ZZ_Semafor.mq4   8 KB | 216 downloads
File Type: ex4 3_Level_ZZ_Semafor.ex4   8 KB | 202 downloads
__Thanks__ MJ
  • #818
  • Oct 23, 2011 12:39pm Oct 23, 2011 12:39pm
Quoting M_j
Just in case you ever need it: found on my disk for moving the: 3_Level_ZZ_Semafor.mq4 source file.

Greetings MJ

Thanks...so far what I'm notcing is that the semaphor and the fractals do plot on the same bars for the most part but the only thing is that the semaphor repaints and leaves the fractals plotted on the bar...so there will be more fractals than there are semaphors looking back in the past...just my observations so far....
No man is free who is not a master of himself. -P.M.-
  • #819
  • Edited 6:06am Oct 24, 2011 4:40am | Edited 6:06am
Took this one a while a go. +30 pips.

Added: And another 15 from that next pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: eu231011.gif Size: 28 KB
  • #820
  • Oct 24, 2011 7:06am Oct 24, 2011 7:06am
buy on eu from friday got knocked out at 2 percent but took an entry last night on the 5 minute chart at 1% risk which went up to 1:6 so I locked in 1:5 and got knocked out netting me 5% on that five minute trade and than also took a sell on eu which I closed manually near the pivot and took near 3%...entry on usd cad from friday got knocked today for 4% and also took a buy on the nzd usd which gave 2%...so total so far 16%... entries going into friday close posted on friday....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu two percent.gif Size: 51 KB
Click to Enlarge Name: eu 5 percent.gif Size: 51 KB
Click to Enlarge Name: eu short.gif Size: 50 KB
Click to Enlarge Name: usdcad 4%.gif Size: 52 KB
Click to Enlarge Name: nu 2%.gif Size: 49 KB
No man is free who is not a master of himself. -P.M.-
1 trader viewing now