On My Way To The Top

gbp usd
usd chf

Slimming down your charts

Just a test or any good reason?

not changing anything...just an old template

aud short about to close out as it has exceeded target and is now pulling back it seems...30 60 daily stochastic rope supports sell so I entered with price failing at daily trend line/resistance


edit: just closed for 151 pips with stop loss of 28 pips so about 1:5.5 R:R and about 11% profits

still long on usd chf stop on that was about 20 pips and now up about 220 about to close that out also seemingly approaching daily top...and at daily fib level

What a day for an active trader

anyway 50% SL what would have been with this two traded.

usd chf

just closed out usd chf for 228 pips

R:R I believe about 1:11.5 so about 23% hmmm I might like this holding onto trades thing with proper technical set up of course...Ive always wanted to try it so just set this one to break even and let it run....

ummm 50% stop loss would not have been hit...wow so that would have been about 46% and 22%....hmmm that is just craziness...lol

It seems today was a good strong breakout day but now I guess that just means more ranging days to come the next couple of days if the market continues like it has been...so after some ranging consolidation days one needs to be prepared to jump quick on the breakout I guess although today the aud usd was the only pair I liked as the daily stoch was down as opposed to the eu,gu,nzu that had the daily up slightly... but I guess your open stochs had a slight edge today as it called the down move in a sense...

Until now I did not hear many of the 50% SL fail (except the counter trend)

of course you would have to do a good statistic.

Of course and so maybe if all is good by the new year can be implemented if all seems good of course and those countertrend trades shouldn't have been taken since it was right into resistance....no room to really move like it should have...

pmullin86, I just signed up for a test account at your broker.

Just to give it a run while I'm packing


Do you use the USD vision?
Is there a difference I signed up for a mini lot?

- I don't plan to trade on it: never ever entered a trade on a MT4 till now - just for connection check and charting.

Yes it is the USD version and the difference between the mini lot and standard lot is that the mini lot is 10,000 units while the standard lot is 100,000 unitx so if you want to open a lot size of $1/pip with mini lot than you would open 1 mini lot while on a standard account you would open 0.1 as 1 lot with a standard lot size would be $10/pip...and the USD version is the only version I know so if there are any other versions or differences with those versions than I am not aware of them...

hi pmullin86,

You shared last time that you watch actively 6 Symbols.
I just saw that your last trade was on the M30 chart.
Which TF do you watch for the 6 Symbols.
Do you use some signal indicators to keep up-to-date or watch all them manually?

thanks
Ati

5 Minute and 15 Minute and yes I use alerts to notify me when a situation of interest is occurring on a particular pair...

I always talk about attention to detail but I missed a detail that kept me from taking my five minute signal and so here is the missed five minute entry on the aud usd which was good according to my trade management for about 1:5 R:R...which since I was already short from the 30 minute than it would have just been an additional 5%.... but also I'm just taking note to an additional entry on the nzd usd 30 minute and also the usd cad...all going off the same concept...of nice ropes on three different time frames suggesting strength and momentum in that direction....but oh well made my profits for the day and shouldnt be greedy.....will see how the market performs tomorrow...and looks like I will need to start keeping tabs on the 30 minute as well for entry which was an idea before but I didn't work with it much since I wasn't looking at the rope and putting as much emphasis on the rope as I do now...but that makes the world of difference...

on a more positive note...something I've been looking into of interest I was finally able to see demonstrated in a live market today and it is playing out just like the idea...but will usually take a while before I can actually see something of that type play out so I'm very pleased with that seeing it work out on the usd chf and the aud usd...a bit much to get into right now but just wanted to make a personal note of that....

Hi,

What is your opinion/advice about the open bar value based indicators I saw sometimes mentioned.

Do you think it's worthy giving it a serious try or better sticking with what you do?

Thanks
Ati

hi Ati,

I guess you really addressed your question to pmullin86.

I'm sure that he will give you his viewpoint - but just to have mine too.

1.
For pmullin86 it seems that his approach is working quite well for him - so I would suggest that this is a strong point for you to consider.

2.
There is nothing 'very' special about the open bar value inid.

(Don't make a mistake to think it's something unique - it is not at all.)

e.g. MTF4 has MA's you can apply to open bar value, if I remember correctly the MACD too. I don't know any STO indi except mine but one has to take care that this is also a deviation from the standard calculation (even though very only very small)

Maybe as an example the difference to MT4 MA applied to open:

You can test miy opMA and overlay with MT4 MA applied to open -- they should correctly overlay each other - no real difference.
BUT there is which is quite obvious in my indi:
The MT4 does no update the live ticks but waits for the next open bar value
(which is also correct if one specifies apply to open.)

But I did not like it as I want to use the indi also for live Tick trading - so I added the live part.

Now the live part in my indicator is don'elike if you say apply to close

So: Basically for past data you get the apply to open and for the live Tick you get kind of apply to close - just nicely merge in one indi.
(note this is not 100% the same as if you apply MT4 MA to close all the way but more or less)

So because of this mixed way of doing the indi:
* I can have the open bar value based thing ( I like to most of the time to make a VLine time view and see what is was at that time the situation)

* and I also have it updated with live Ticks unlike the MT4 Ma applied to open.

But basic line is that there is not really -- too much difference.


I bigger difference is for MTF indicators (which was also my main reason why doing it that way. (take alook at this for some thoughts on it: http://www.forexfactory.com/showthread.php?t=287188)


Conclusion:
1.
* Personally I believe it is worthy taking the open bar based indi for a really serious try out. In that case I would suggest to used them (if possible exclusively on the chart because it is a slight shift of mind set - so I don't think mixing them is for a start the best)

* If you do not use my Alerts but only apply the MA, STO etc... than you can trade also similar to pmullin86 approach using closed candles.

I personally do not like it so much - for a number of reason I mentioned in some of my posts - you would have to search that for yourself.


2.
I would in no case disregard pmullin86 trading approach. Personally I think what he shows looks interesting and probably to closest I have seen to my present trading opinion. ( I mentioned in some of my threads what I would do slightly different - but all together that's the closest you get to my ideas)

Only a shame he is too much mobile : I really would love to see more charts of actually entry setup (not only past shots) and more of a proper statistic.) Hint

Also, using the standard indicators and the close candle approach is much more in line of Spud - many of our trading ideas come from Spud's threads so he is an important influence to be considered. In that sense: pmullin86 has much more support.

So yes: give the open bar value idea a serious try: but also try seriously the standard tried and tested approach of Spud, pmullin86 and many others. Than decide what fit's more your personallity of thinking or where are the $ returns.



2 other points and I'm out: Note as I said often most of my indi where never tested in actual trading - as I'm in a transition time in my personal life.

Also some of them might have serious errors: especially the Alerters: I thought today I saw one new wrong Alert - but did not have time to follow it through.

The other point is: I guess one has to decide what one want to see:

In my case I see on the Chart a Timeline and VLines ( I use a lot for my Alerts) and also people mostly post charts with a VLine to show there entry - and they refer to Entry often by it's time (bar open time

So that was one reason I thought it might be worthy to move stuff around so that the VLine view represents as good as possible twhat was the situation at the bar open time.

But I'm also quite open for other approaches: Once I'm back to active trading I actually consider giving the Renko bar idea a serious try out.

Where time seems kind of being removed ( at least to some extend) and price becomes a much more important feature: I like it but there are a couple of considerations which speak also against it.)

Anyway: I wish you all the best in your trading efforts.

MJ

Very nice response MJ...it seems you have pretty much covered everything with that post and so I will just chime in to say that I completely agree with everything you said and was going to answer something similar...I think everyone should find what works best for them to an extent and what they are comfortable trading with so even I am still finding myself trying out the open stochastic values but at the same time I am very familiar with my approach with the stochastics and how I apply them and such and so with that I know exactly what I need to see with the stochastics before I say I will only use the closed version or only used the open versions. But like MJ said if you are going to try one than stick with that one before you go trying to mix everything together because than you may encounter problems and quite a bit of confusion...