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On My Way To The Top

  • #981
  • Nov 4, 2011 10:54am Nov 4, 2011 10:54am
Quoting M_j
What are the rules for it:

seems you use the Big Semaphore points to define swing high, swing low.

1.but why not between the two red ones I marked? seems that it bounced already once before
Hmmm I will have to think about rules...the points you noted could be used also ..I wouldn't say I have rules or anything like that usually just take a glance and throw fibs between extreme points on the daily and call that my fib levels or when the daily is just coming from overbought or oversold and completing a new swing point than I could use that....
No man is free who is not a master of himself. -P.M.-
  • #982
  • Nov 4, 2011 11:03am Nov 4, 2011 11:03am
I understand: at least it seems you use it more in a flexible way which is perfectly fine for a trader.

but it would not work in an Alerter - human machine is still a lot of difference

Anyway, no need to define it: for the moment I just skip such idea. But who knows maybe in the future when the other stuff works.
__Thanks__ MJ
  • #983
  • Nov 4, 2011 11:57am Nov 4, 2011 11:57am
Quoting M_j
I understand: at least it seems you use it more in a flexible way which is perfectly fine for a trader.

but it would not work in an Alerter - human machine is still a lot of difference

Anyway, no need to define it: for the moment I just skip such idea. But who knows maybe in the future when the other stuff works.

but one way to identify swing points mechanically for fib drawing purposes is to just throw a zig zag tool on and use the swing points they outline which can be achieved by semaphors as well...
No man is free who is not a master of himself. -P.M.-
  • #984
  • Edited 12:26pm Nov 4, 2011 12:12pm | Edited 12:26pm
yes, you mean similar to

Maybe from my old ZZ indicator something like the MTF pic:

http://www.forexfactory.com/showthre...72#post4915672

BTW: this indi might (maybe - who knows?) do automatically what you want - it's a old and unsupported indicator and I do not remember all settings.
__Thanks__ MJ
  • #985
  • Nov 4, 2011 12:23pm Nov 4, 2011 12:23pm
MasterALERT is slowly coming:

First very simple looking stuff .. but hey .. we need to get the basic infrastructure right

http://www.forexfactory.com/showthre...24#post5103924
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__Thanks__ MJ
  • #986
  • Nov 4, 2011 12:28pm Nov 4, 2011 12:28pm
Yep just like that...

and your right need to get that infrastructure before getting anywhere so good work...
No man is free who is not a master of himself. -P.M.-
  • #987
  • Nov 4, 2011 12:49pm Nov 4, 2011 12:49pm
Yep just like that...

Maybe you test that ZZ out for some time - it's from the old stuff so I think it's easier to setup.

If it works well, maybe at a later time I will do an updated version: it's actually a very nice one (3 dif. versions)
- one can plot for each swing the % of the previous one etc..
- And Retracement levels for the live ZZ levels
- MTF
- trends in color based on HH, HL, LL, LH

and your right need to get that infrastructure before getting anywhere so good work..

Yes, Added now the live Alert check also.
the good thing is I can use my old Alerts to compare: like I added in the 3 SubWindow: this should help at least for the fast overview.


I guess that's all for today - let it a bit run while there are still live data coming in.
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__Thanks__ MJ
  • #988
  • Nov 4, 2011 12:54pm Nov 4, 2011 12:54pm
BTW: just look how nicely the M1 chart (EAM 10,21) respects the EMA 21.
__Thanks__ MJ
  • #989
  • Nov 4, 2011 2:23pm Nov 4, 2011 2:23pm
Not much for me in trend trades but I took this one even though I didn't like the whereabouts of the 1hr.. Went to 1:1 befor hitting BE. At least it's not a loss on the day..
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  • #990
  • Nov 4, 2011 2:33pm Nov 4, 2011 2:33pm
pmullin, can I get your thoughts on these two potential CTT setups?

Both HHs/HLs, fail at pivot, both bsb I think, 15-30-60 heading up and 5m rope turned up..

I didn't trade these but it's just for me to see if I am spotting these right.
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  • #991
  • Nov 4, 2011 3:52pm Nov 4, 2011 3:52pm
I sent you a PM. Give it a read when you get a chance.
Changing my life one pip at a time!
  • #992
  • Edited 4:40pm Nov 4, 2011 4:28pm | Edited 4:40pm
Quoting balrog
Not much for me in trend trades but I took this one even though I didn't like the whereabouts of the 1hr.. Went to 1:1 befor hitting BE. At least it's not a loss on the day..
I thought that your entry point was quite far away from the retracement (MA lines). You gave away as good as all of the retracement pips. I would probably find that a bit late - maybe skip the entry if the other stuff (STO etc.. did not work out together.)
Just my opinion - you probably had your good reason.


On the other hand 1:1 RR Personally I would have taken at least some parts (and if it is only 10% or 25 % of the position.)


How did you manage the total of the week?
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__Thanks__ MJ
  • #993
  • Nov 5, 2011 6:00am Nov 5, 2011 6:00am
pmullin86, just a thought - maybe you give it some consideration.

I thought this morning about your SL settings. on a M5 about 20+pips.


If you continue to trade exactly the same But could set your original SL ( not the trailed ones) to something less: e.g- 20% maybe 50% your profit would increase maybe even double of course only if it is not taken out more often than 50% compared to your current initial SL.

The idea goes like this:

1.
We assume that we enter at a favourable chart setup: so we can assume that the initial push in our direction should be quite good.

Good STO support, strong MA support etc...


2.
some other M5 based system with some similar MA swing ideas use less:

*** 5Min Intraday System http://www.forexfactory.com/showthread.php?t=11854

used originally: about 6-8 pip SL. See pic1 below

***Niceguy Ridiculous 7 Pips Trading System: http://www.forexfactory.com/showthread.php?t=279970

What is seven pips? This is the Stop Loss you will use. This, and this only. I use 7 pips because my current spread with EU is below 2 pips and I add another 5 pips as the real stop loss

See pic2 below
---------------------------
Of course this does not mean that traders using this systems might be successful at all (maybe maybe not) but just a thought.



====

So maybe it would be a worthy exercise to check (e.g. your last 2 weeks live trades) or the next upcoming trades:

1. Still set the SL like you do: trade exactely the same.
2. Just draw an HLine in the middle of your original Entry and original SL. this would be 50%

3. CHECK: two things.

*How often is your original SL hit.
e.g. 10 Times

*How often would the 50% HLine be hit
e.g. 13 Times

This would mean a good profit increase.


Of course if in the above scenario the 50% HLine be hit more than 16 Times - it's bad


Anyway: you would need more trades than that to justify a real live trading change.



My suggestion would be that for a start (and easier check) you still set the SL to break even at 1:1 RR of your original SL distance (not the reduced 50% HLine)

Just give it a screen check: even if you can reduce your initial SL only for 10% you could increase your position by 10%.


The whole is base on the blue point 1 assumption and to less importance that some other M5 systems use much lower SL settings.
If it works out for you: well you gain maybe quite a lot for not much change.
Else just pass it by as a pure exercise.

Maybe it's possible to check your past trades for this.
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Attached Image
__Thanks__ MJ
  • #994
  • Nov 5, 2011 6:14am Nov 5, 2011 6:14am
Quoting M_j
pmullin86, just a thought - maybe you give it some consideration.

I thought this morning about your SL settings. on a M5 about 20+pips.


If you continue to trade exactly the same But could set your original SL ( not the trailed ones) to something less: e.g- 20% maybe 50% your profit would increase maybe even double of course only if it is not taken out more often than 50% compared to your current initial SL.

The idea goes like this:

1.
[color=blue]We assume that we enter at a favourable chart setup: so we can assume...

Its worth looking into...I'm always looking for different money management and trade management techniques so I will back test this over the weekend and than also take note of this during actual live trading...

Thanks for the suggesstion...
No man is free who is not a master of himself. -P.M.-
  • #995
  • Edited 6:52am Nov 5, 2011 6:31am | Edited 6:52am
Quoting pmullin86
Its worth looking into...I'm always looking for different money management and trade management techniques so I will back test this over the weekend and than also take note of this during actual live trading...

Thanks for the suggesstion...
Would be cool if you post your weekend backtest results of this. Should be fairly simple as you need only to check till you adjust the SL to BE after that there is no change at all.

BTW: if you go through all your trades like that: I would have a second suggestion for statistic.

if you bother maybe something like the excel I attached SmallStatistic.xls
(not sure if that is still possible)


I'm also particularly interested in something small you mentioned recently: that you have more often a initial loss and a little later you re-enter.
That such losses are also added to the list.

Anyway: only if you like: when I developed my older systems I always did some kind of statistics even such simple once .. are very helpful ..

l
Attached File(s)
File Type: xls SmallStatistic.xls   6 KB | 281 downloads
__Thanks__ MJ
  • #996
  • Nov 5, 2011 8:24am Nov 5, 2011 8:24am
that you have more often a initial loss and a little later you re-enter.


It doesnt happen often like that but some times if stop loss is hit or break even is reached than that pair will give another entry...

But I will try and post anything I find...

Speaking of findings...you mentioned the 21 ema that I'm sure a lot of traders use that are familiar with moving averages and such...well I just made a discovery yesterday that the ema's I use the 50,100,200 on the 5 minute are equivalent to the 21 ema (roundabout) on the higher time frames.... so the 50ema on 5 minute= 21 ema on 15 minute 100 ema on 5 minute= 21 ema on 30 minute 200 ema on 5 minute= 21 ema on 60 minute...not to the pip but very closely related to one another...it was very interesting to see...
No man is free who is not a master of himself. -P.M.-
  • #997
  • Nov 5, 2011 9:57am Nov 5, 2011 9:57am
MJ Blue reply.

pmullin86
>that you have more often a initial loss and a little later you re-enter.


It doesnt happen often like that but some times if stop loss is hit or break even is reached than that pair will give another entry...

Perfectly legitimate did that also quite a bit - but still it would be nice (for your own use too) if you mention such too.

But I will try and post anything I find...

Speaking of findings...you mentioned the 21 ema that I'm sure a lot of traders use that are familiar with moving averages and such...well I just made a discovery yesterday that the ema's I use the 50,100,200 on the 5 minute are equivalent to the 21 ema (roundabout) on the higher time frames.... so the 50ema on 5 minute= 21 ema on 15 minute 100 ema on 5 minute= 21 ema on 30 minute 200 ema on 5 minute= 21 ema on 60 minute...not to the pip but very closely related to one another...it was very interesting to see...

Or if you remember what I wrote a while back: the M5 you use are translated more or less to M15:
17, 33, 66

Anyway, if one pushes this too far in a MTF setup one will find for any situation a good explanation on a other TF.
or in other words: add enough TF (like the new MT5) and nearly for every situation you will find somewhere a good support

At one time I got a bit hit by that over MTF thinking so I know that one can fall into such trap.

When I did my trend indicator dashboard - back then I did some more thinking and playing around with such ideas:
MTF-trading can be at times also a negative thing because one can easily get sidetracked with the condition (e.g. supporting the trade: on other TF and maybe as such stay too long in the trade)


My basic conclusion is that one needs to settle for some definition what is the main trading chart for a trade.

(I know Spud for instance had a time where he moved up to higher time frames during a trade management: I think this is ok as than a new main trading chart is defined and a certain profit is already locked in)
__Thanks__ MJ
  • #998
  • Edited 10:23am Nov 5, 2011 10:12am | Edited 10:23am
Quoting M_j
MJ Blue reply.

pmullin86
>that you have more often a initial loss and a little later you re-enter.


It doesnt happen often like that but some times if stop loss is hit or break even is reached than that pair will give another entry...

Perfectly legitimate did that also quite a bit - but still it would be nice (for your own use too) if you mention such too.

But I will try and post anything I find...

[color=#ff0000]Speaking of findings...you mentioned the...

LOL no worries about falling into this trap as I have I guess my "system" that I like and I feel works pretty well so this extra thinking and looking into things is not going to change anything unless I find something useful through the playing around I'm doing with different settings and such and even at that point...I would have to forward test it before actually making any major changes or even any changes at all really to this "system" But I do understand what you mean as it makes sense and you are completely right but I think to avoid that trap one has to understand to an extend the indicators that he is using and one must also understand what it is he is trying to achieve and understand his own personal trading ideas and approach already to expand onto that a bit...(lol I'm rambling now....)
No man is free who is not a master of himself. -P.M.-
  • #999
  • Nov 5, 2011 10:44am Nov 5, 2011 10:44am
It's cool to see just how far you have come with your trading Paul. From our conversations in the past I know just the struggles that you have had to overcome.

Continue to do what you are doing and you will continue to push further and further. It's nice to see you mastering your craft. Keep it up and good luck in your future trading.
Changing my life one pip at a time!
  • #1,000
  • Nov 5, 2011 12:08pm Nov 5, 2011 12:08pm
hi pmullin86

as you trade more with Alerts and live in another time zone.

I just had an idea: what do you think of something like that:
http://www.forexfactory.com/showthre...42#post5105242

maybe I implement something like a Time SubALERT: meaning only in a defined Time Period Master Alerts are produced.

That might be actually quite useful. e.g. one wants to sleep during the Tokio session and only wake up with the first preferred chart setup in the London session.

From your experience would that be something helpful?
__Thanks__ MJ
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