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  • #301
  • Nov 12, 2011 3:25am Nov 12, 2011 3:25am
Quoting mohan76
i thought this one another 2 week trade , i did not expected to hit tp or sl this soon.

it would be great if you could post small explanation with each trade

always i am scratching my head ho do you choose your target

soon head going to be like this
There is little correlation between time and size of moves. All major moves occur in no time.

OK. I will mention reasons for entry, sl and tp in my next trades.

First of the last two trades (the 60 pip trade) was for a bounce from the blue trendline before it touches a major support below (pink line). My sl was just above the pink line but if I had tried to put my sl below that pink line, the tp target would have been above my bounce expecatation for a 1:1 win:loss ratio. Therefore I took a risky chance. The intention was (and still is) that if it hits the sl (which it did) I would go for two consecutive longs. First of these two longs was that last trade for 170 pips (which hit tp this morning). However, I could not enter the second long because I have a life that requires going out for work. Wanted to long for 60 to 80 pips before leaving home, but had no time to study the set-up and therefore did not take the second trade. Have not checked the charts yet, but I think a 200 pip long set-up maybe there.
The Thief of Wall Street
  • #302
  • Nov 12, 2011 8:13pm Nov 12, 2011 8:13pm
Quoting Chicky
expecatation for a 1:1 win:loss ratio. Therefore I took a risky chance. The intention was (and still is) that if it hits the sl (which it did) I would go for two consecutive longs.
make sense , some time i was wonder why your not punting sl few pip away from current SL which is more safer , now i know you have stick with 1:1 hard rule. after all discipline is key for trading. otherwise it fall into gambling

Thanks
Mohan
Mohan
  • #303
  • Nov 12, 2011 9:33pm Nov 12, 2011 9:33pm
Quoting mohan76
make sense , some time i was wonder why your not punting sl few pip away from current SL which is more safer , now i know you have stick with 1:1 hard rule. after all discipline is key for trading. otherwise it fall into gambling

Thanks
Mohan
Mohan, It doesn't hurt if a trade hits sl, but hurts a lot if it misses tp by mere few pips. Willing to pay if I am wrong, but not if I am right.
The Thief of Wall Street
  • #304
  • Nov 13, 2011 5:37pm Nov 13, 2011 5:37pm
Quoting Chicky
Mohan, It doesn't hurt if a trade hits sl, but hurts a lot if it misses tp by mere few pips. Willing to pay if I am wrong, but not if I am right.
i have few first hard expiration
Mohan
  • #305
  • Nov 13, 2011 6:05pm Nov 13, 2011 6:05pm
How did I miss this thread, nice 1 Chicky!!

not into the 1:1 or the 1% reasons :-

1% I'm POOR so I'd get anywhere at 1%, small account to rich you've got to take bigger % chances, there still tiny $'s chances so why not.

My current prefered method, I have a fixed Loss, but not a fixed profit, generally my profits are half ish what I could lose, which sounds bad, but I get some which exceed my loss hugely, but my setup with a bigger SL rarely losses so it's all good. I expect 95% win rate, so far at 100% with 10 trades with bigger SL's.

Also as only major market moves create losses thats 50/50 I can / do get moves in my direction which cancel out the Losers nicely.

I guess my point is, limit your losses sensibly in a way that won't get SL'd and cause death by a 1000nd SL's but let your profits run when it's suitable to do so.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #306
  • Nov 13, 2011 6:06pm Nov 13, 2011 6:06pm
Pending orders

Reasons:

Buy order above current price is based on the strength of the "Gap support" immediately below current price level. SL just below that support and TP equal number of pips plus spread.

Buy order below current price is based on Daily chart for expected continuation in the same direction after some retrace. Numer of pips 150 is not enough to bring the sl to a safe place below major supports (a bunch of pink, yellow and blue lines) but taking a chance of a bounce before it tests these supports because pa is currently moving up.
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The Thief of Wall Street
  • #307
  • Nov 13, 2011 6:19pm Nov 13, 2011 6:19pm
Quoting Chicky
Pending orders

Reasons:

Buy order above current price is based on the strength of the "Gap support" immediately below current price level. SL just below that support and TP equal number of pips plus spread.

Buy order below current price is based on Daily chart for expected continuation in the same direction after some retrace. Numer of pips 150 is not enough to bring the sl to a safe place below major supports (a bunch of pink, yellow and blue lines) but taking a chance of a bounce before it tests these supports because...
Work is finished............... now talk about trading bullshit, girls, wines and food until we see how these orders turn out. Life is simple but not easy.
The Thief of Wall Street
  • #308
  • Nov 13, 2011 7:08pm Nov 13, 2011 7:08pm
Chicky,

Quick question: Why are you trading on demo?

Also, good job on seeing the trades through to their respective targets and stop losses...
FXGears.com
  • #309
  • Nov 13, 2011 8:18pm Nov 13, 2011 8:18pm
Quoting Jack_Larkin
Chicky,

Quick question: Why are you trading on demo?

Also, good job on seeing the trades through to their respective targets and stop losses...

Quoting Chicky
I have decided to post practical application of this method using a demo account (as soon as I am able to log onto that - forgot the password since I have not recently used it).

Once again, all trades will be based on the following parameters:..........................
This demo account is for this thread only. To show how 1% risk:reward method works.

I am not a big trader but have invested some money in this venture equal to amount that we all usually invest on an expensive hobby. Some buy bikes, some buy boats, I have bought some fx accounts.
The Thief of Wall Street
  • #310
  • Nov 17, 2011 10:20am Nov 17, 2011 10:20am
Quoting Chicky
Pending orders

Reasons:

Buy order above current price is based on the strength of the "Gap support" immediately below current price level. SL just below that support and TP equal number of pips plus spread.

Buy order below current price is based on Daily chart for expected continuation in the same direction after some retrace. Numer of pips 150 is not enough to bring the sl to a safe place below major supports (a bunch of pink, yellow and blue lines) but taking a chance of a bounce before it tests these supports because...
Trade # 23 - Entered and Concluded With a loss of 1%.
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The Thief of Wall Street
  • #311
  • Nov 18, 2011 12:23am Nov 18, 2011 12:23am
Trade # 24 - Entered

Long for 60 pips

Reason: Chance of a bounce based on Daily Chart.
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The Thief of Wall Street
  • #312
  • Nov 18, 2011 12:29am Nov 18, 2011 12:29am
Quoting Chicky
Trade # 24 - Entered

Long for 60 pips

Reason: Chance of a bounce based on Daily Chart.
Here is the Daily Chart
Attached Image
The Thief of Wall Street
  • #313
  • Nov 18, 2011 1:55am Nov 18, 2011 1:55am
Quoting Chicky
Here is the Daily Chart
thank for the chart , now we can see the colors
Mohan
  • #314
  • Nov 18, 2011 2:04am Nov 18, 2011 2:04am
Quoting mohan76
thank for the chart , now we can see the colors
i find his charts very informative. diagonal lines, not straight nor vertical means the combination of price and time's effect on it, while also implementing the price effect using horizontal lines.

hes a cycle trader fosho
Have I got something on my face, SOLDIER?
  • #315
  • Nov 18, 2011 2:13am Nov 18, 2011 2:13am
Quoting mohan76
thank for the chart , now we can see the colors
Mohan,

If you put curser on the chart, this image will appear. Click on the chart for a better view.
Attached Image
The Thief of Wall Street
  • #316
  • Nov 18, 2011 2:16am Nov 18, 2011 2:16am
that tp is gonna get hit really fast chciky.
Have I got something on my face, SOLDIER?
  • #317
  • Nov 18, 2011 2:21am Nov 18, 2011 2:21am
Quoting bumapatria
that tp is gonna get hit really fast chciky.
Yes, this is a fast trade, either tp or sl is going to get hit in few hours.
The Thief of Wall Street
  • #318
  • Edited 3:07am Nov 18, 2011 2:27am | Edited 3:07am
Quoting Chicky
Mohan,

If you put curser on the chart, this image will appear. Click on the chart for a better view.
, i thought it was a small chart thanks.

Quoting Chicky
Yes, this is a fast trade, either tp or sl is going to get hit in few hours.
crazy market anything could happen. i give up trading this week after crossing my (fine) line few times. may be i will start next week.
Mohan
  • #319
  • Nov 18, 2011 2:59am Nov 18, 2011 2:59am
Hi Chicky, you have written some excellent content in the 4 posts you made here. Keep it up dear. They are really helpful for those who are willing to learn here.
  • #320
  • Nov 20, 2011 2:18pm Nov 20, 2011 2:18pm
Trade# 24 - Concluded. TP hit 1%

Trade #25 - Long order for 100 pips executed and sl hit while asleep. Loss 1%
Attached Image (click to enlarge)
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The Thief of Wall Street
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