Pivot Boss in the making~
- #2,742
- Nov 16, 2011 2:51am Nov 16, 2011 2:51am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #2,743
- Edited 3:09am Nov 16, 2011 2:57am | Edited 3:09am
it's freaking 3 in the morning and we're all fracking awake since what, 2 hours ago?
but when you see a lot of people working so hard to get this system to work more efficiently (perhaps on choppy markets), it makes it all worth it - every single day!
so, my deepest gratitude to eval for sharing and continuing to provide feedback, RJ and the rest of the contributors
were testing.. will post results
good morning / afternoon / evening.....
got 16.4 pips from EU... logged in late (original system except for exit).. i knew it! i should have exited instead when the colored bar with dot appears!
looking forward to re-enter...
where do you get the discipline to hang in there and exit only as planned????????????
but when you see a lot of people working so hard to get this system to work more efficiently (perhaps on choppy markets), it makes it all worth it - every single day!
so, my deepest gratitude to eval for sharing and continuing to provide feedback, RJ and the rest of the contributorswere testing.. will post results
good morning / afternoon / evening.....
got 16.4 pips from EU... logged in late (original system except for exit).. i knew it! i should have exited instead when the colored bar with dot appears!
looking forward to re-enter... where do you get the discipline to hang in there and exit only as planned????????????
Just closed the trade at 3530 for +70. That's a nice quick trade that doesn't come often enough.
with orig. template following entry and exit rulesnewbies: original works, don't complicate it, pay attention to PA and make pips!
i'm done for today, bye
MarginTrader All Time Return:
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- #2,745
- Nov 16, 2011 3:04am Nov 16, 2011 3:04am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Possible reversal sign.......early days, but keep your eyes open
This is an H4 chart btw
Doing what you like is Freedom. Liking what you do is Happiness.
- #2,747
- Nov 16, 2011 3:22am Nov 16, 2011 3:22am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Doing what you like is Freedom. Liking what you do is Happiness.
- #2,750
- Nov 16, 2011 3:53am Nov 16, 2011 3:53am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
realjumper,
I think one can safely say this is a bottom. I think we go much higher from here because this is the exact bottom of a hugh wedge formation and this is the which is the breakout bounce from here. I am looking for 1.42 before the euro rally stops.
eval.
Doing what you like is Freedom. Liking what you do is Happiness.
cheers challenger78, sorry for uninvited reply but i have to..
you have a valid point here; there are professional scalpers going for such small targets. however, they go for 3-15 pips to make 0.1-0.2% of account, they have a mental or time based stop and rarely risk more than 1-2% per session. but this case is different and yes, it sounds like a suggestion, or seriously meant recommendation to me:
he's going for +1% with a 10p target.. so if he would buy eu at the top at 1.49xx he would be minus $1400 on that $1000 account right now.. no of course not, he'd have been margincalled very soon as it fell down almost 1000p within first two weeks of May.. but oh no, he wouldn't be MC'd because he'd cut his loss. but when? if -100p are 'nothing to be concerned with', what is 'something'? 200? 300? Can he really make a 30+ win streak to get even after losing such a part of account? perhaps yes, but wait! what if he would buy the next top and write off another 30%? cannot happen? it can happen very well. what if he sold the eu last summer at 1850? and then again at the dips?
the only reason why it works for an extended period of time is its influence on psychology - he's booking winner after winner, markets do range most of the time and the price turns back more often than not so it makes a (false) impression of being reliable because the runaways are so seldom.. then there is the 'it can't happen to me' syndrome.. but the runaway will inevitably come, sooner or later.. and not just once.
an entry/exit system with edge applied to each trade will always do better longterm in terms of pure math/stats than a system where the edge is 'thrown away' allowing trades that simply didn't work out to creep down the equity, justified by hope & pray approach aka 'it usually turns back'.
yes there are traders going long/short at the same time, having multiple positions and cashing in as the price comes to them, they're margin managers but they do have 100Ks of pips in their banks.. a 1000 pip bank is ridiculously small, that's 2-3 week range. it turns on you twice or three times in a row and you're toast.
it's all about psychology (ability to take losses and not be influenced negatively by them).
trading without stops = shifting the (inevitable) loss into future.
Actually, he perfectly justified the "no stop loss" style by having a very small position...... His style is scalping and in this style a big SL is quite common and can yield profits if the win rate is very high, as it is in his case.
If you follow Evals. momey management chart posted on the first page you should not require any stop loss. I have a account with a 1/200 margin rate so if you follows the chart on the first post you should buy only .1 units per 1000.00 in your account...
the only reason why it works for an extended period of time is its influence on psychology - he's booking winner after winner, markets do range most of the time and the price turns back more often than not so it makes a (false) impression of being reliable because the runaways are so seldom.. then there is the 'it can't happen to me' syndrome.. but the runaway will inevitably come, sooner or later.. and not just once.
an entry/exit system with edge applied to each trade will always do better longterm in terms of pure math/stats than a system where the edge is 'thrown away' allowing trades that simply didn't work out to creep down the equity, justified by hope & pray approach aka 'it usually turns back'.
yes there are traders going long/short at the same time, having multiple positions and cashing in as the price comes to them, they're margin managers
but they do have 100Ks of pips in their banks.. a 1000 pip bank is ridiculously small, that's 2-3 week range. it turns on you twice or three times in a row and you're toast. it's all about psychology (ability to take losses and not be influenced negatively by them).
trading without stops = shifting the (inevitable) loss into future.
MarginTrader All Time Return:
na
- #2,754
- Nov 16, 2011 4:51am Nov 16, 2011 4:51am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
This bounce off the daily pivot is nice.......I'm going to have an early night I think......daily target is reached
Doing what you like is Freedom. Liking what you do is Happiness.
- #2,755
- Nov 16, 2011 5:14am Nov 16, 2011 5:14am
- Joined Feb 2009 | Status: Hasta la victoria siempre - El Che | 19,542 Posts
Possible reversal sign.......early days, but keep your eyes open
This is an H4 chart btw
Still a nice couple of trades though
Doing what you like is Freedom. Liking what you do is Happiness.
As I said I dont want to continue on this and hijack the thread. With his win rate 82x10 = 820 pips. 1 loss 100. Net 720. 82 trades are statistically significant. Enough said. ...he is using mental SL.
back to topic: 123 pattern, entry by Symphonie @M1
38p banked
MarginTrader All Time Return:
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