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Open/close cross

  • #181
  • Dec 14, 2011 7:25am Dec 14, 2011 7:25am
Quoting Trucomallica
You use the same stop loss for adding on? do you move your whole position to that stop loss?
It's new to me too.
I'll check with the boss. As far as my understanding at present, stop is 1 atr for opening a position add on or otherwise.
When prices move 2 ATR from initial open can begin to trail at 2ATR. This stop is very rarely hit. It's an emergency stop, just in case big surprise...
Mostly an opposite signal will appear first.
The stop for the add on catches up with the trailing stop and then moves with it.
If I've got that right.
Having fun???
  • #182
  • Dec 14, 2011 7:59am Dec 14, 2011 7:59am
Part of my problem is the account size I'm dealing with. I don't like to demo so I'm trading live with a small account. Down side is that requires my smallest lot size I can trade to be a higher percentage of the account to be risked. (man that was lousy grammar...)

So I like to move to BE as soon as practical (maybe above/below strong s/r). Now I could then wait to trail at 2 atr and close at reversal. Don't know if that would skew the return all up. Do you think that once price moved...say 50 pips as an example...and I moved to BE, that PA would come back down, stop me out, then continue on in original direction.

Sheesh...all the possible permutations gets confusing...
  • #183
  • Edited 9:08am Dec 14, 2011 8:23am | Edited 9:08am
Quoting spyderman
Part of my problem is the account size I'm dealing with. I don't like to demo so I'm trading live with a small account. Down side is that requires my smallest lot size I can trade to be a higher percentage of the account to be risked. (man that was lousy grammar...)

So I like to move to BE as soon as practical (maybe above/below strong s/r). Now I could then wait to trail at 2 atr and close at reversal. Don't know if that would skew the return all up. Do you think that once price moved...say 50 pips as an example...and I moved to...
This is exactly what I had been dealing with for the last few weeks. Precisely my issue. My mentor almost dropped me because of it.

I had to sober and up and get serious right away.

I make my actual trades in Oanda fx. It is not limited like mt4 for position size. I can trade .00051 lots if I want. So account size is not a problem in terms of keeping %balance in line.


although "greed" might be a problem.

But Oanda fx allows for trading any amount and there is no account minimum to open. So there are no excuses there.

Success means learning how to take losses. There will always be losses.
Success also means following a strategy with strict discipline.

I did not have strong confidence in the strategy at first. So it was hard for me to remain disciplined. But I have been trading it for a while now and also studying the charts for past possible trades and I am now convinced. I have full confidence in it. No changes needed. AS IS.

My teacher had me read Way of The Turtle and that helped immensely. Also Van Tharp's book Definitive Guide to Position Sizing.

I wanted to attach the pdf's to the 1st page but ff is not letting me. Way of the Turtle has already been posted here: http://www.forexfactory.com/showthre...18#post5191618. If you want the pdf for Definitive Guide to Position Sizing send me a private message.

Your issue is a valid issue. I think these books will help.

He keeps reminding me that even a mediocre strategy can bring very good gains with proper money management and position sizing.
That it is not so much which strategy, but more a matter of the psychology of the trader to be able to stick to whatever strategy it is.
  • #184
  • Dec 14, 2011 9:05am Dec 14, 2011 9:05am
I guess that's one thing I need to wrap my mind around. Just cuz I have a 2atr sl doesn't mean it will get hit. I'll be closing on reversal. It's really only painful if a trade immediately goes south.

I'll check out Oanda, obviously if you're using them they must allow US traders.
  • #185
  • Dec 14, 2011 11:03am Dec 14, 2011 11:03am
Just a shout out to the system. I'm in nice trends on the GBP/AUD and EUR/USD. I've been adding on to these daily.

We'll try and ride the rules and see where they lead.

Thanks Jiva.
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  • #186
  • Dec 14, 2011 11:27am Dec 14, 2011 11:27am
I think that when you have to add to a position on the 123 pattern, it's best to wait for the candle to close, confirming the signal, instead of getting in with a pending order.
Yesterday a took trades on EurAud, CadChf, EurCad, each with 1% risk. Now I'm with 8% total risk and I'm not taking new trades or adding to positions, unless I set some breakevens.
  • #187
  • Dec 14, 2011 11:38am Dec 14, 2011 11:38am
Quoting spyderman
Just a shout out to the system. I'm in nice trends on the GBP/AUD and EUR/USD. I've been adding on to these daily.

We'll try and ride the rules and see where they lead.

Thanks Jiva.
So when you gonna take us all out to dinner?
  • #188
  • Edited 12:36pm Dec 14, 2011 11:41am | Edited 12:36pm
Quoting Trucomallica
I think that when you have to add to a position on the 123 pattern, it's best to wait for the candle to close, confirming the signal, instead of getting in with a pending order.
Yesterday a took trades on EurAud, CadChf, EurCad, each with 1% risk. Now I'm with 8% total risk and I'm not taking new trades or adding to positions, unless I set some breakevens.
I'm just getting my legs with this. I'm going to look for a pullback. Ideally cross up while the 21 lsma stays down. And then look for a cross down to add on. That should correspond to a 1,2,3 pattern. see the screenshot...(shows for a long trade but same for short just opposite)

I'm a little less than 1 1/3% risk, will add 1/3% and look for another pullback to add another 1/3% to come up to my max level of 2%. I'm more interested in executing properly than making big windfalls right now. trailing at 2ATR..
Big windfalls will come later...
Good luck all...
Attached Image (click to enlarge)
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  • #189
  • Dec 14, 2011 12:18pm Dec 14, 2011 12:18pm
Quoting jiva34
So when you gonna take us all out to dinner?

Maybe once I hit 5 standard lots per trade...
  • #190
  • Dec 14, 2011 12:40pm Dec 14, 2011 12:40pm
Jiva,

What's you're experience with this indicator repaint. I mean if we get a signal and act on it and the open of the day is there going to be times when that signal will disappear later.

Thanks
  • #191
  • Dec 14, 2011 12:52pm Dec 14, 2011 12:52pm
Quoting spyderman
Jiva,

What's you're experience with this indicator repaint. I mean if we get a signal and act on it and the open of the day is there going to be times when that signal will disappear later.

Thanks
Once the candle closes it doesn't repaint.
  • #192
  • Dec 15, 2011 6:27am Dec 15, 2011 6:27am
Quoting jiva34
I'm just getting my legs with this. I'm going to look for a pullback. Ideally cross up while the 21 lsma stays down. And then look for a cross down to add on. That should correspond to a 1,2,3 pattern. see the screenshot...(shows for a long trade but same for short just opposite)
Jiva,

Your chart brings a question to mind. So if we don't exit on the cross down with the 21 up, when would you think about exiting if you didn't get that continuation. Would you look for the 21 to turn or change color?
  • #193
  • Dec 15, 2011 7:32am Dec 15, 2011 7:32am
Both 5.5 and 21 should be against you to close the trade. This in turn will be a signal to go on a new trade in the opposite direction.
  • #194
  • Dec 15, 2011 8:48am Dec 15, 2011 8:48am
Quoting spyderman
Jiva,

Your chart brings a question to mind. So if we don't exit on the cross down with the 21 up, when would you think about exiting if you didn't get that continuation. Would you look for the 21 to turn or change color?
You could exit. No harm. And if it is just a pull back get back in later.
My studies are showing that when there is cross up in a strong trend where 21 is still down it is usually a pullback not a reversal. That's when there is a strong trend.

or exit and open in the opposite direction on a full signal: 5,5 cross and 21 agree...

Am short EU.
Would like to see a pullback and cross up while 21 stays down, then wait for a cross down while 21 is still down (equivalent of 1,2,3) .. . and add on .66% of balance.

Similar to what happened on the way up in the screen shot, only this would be on the way down... stop 1 ATR for add on.

It's what I'd like to see. But who knows....

If we don't get an actual cross I could still add on if the 1,2,3 is nicely formed.
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  • #195
  • Dec 15, 2011 9:31am Dec 15, 2011 9:31am
Takes a while to turn a freighter... I had a 140 pip pullback on G/U today and it didn't even phase the 5,5.

Just hard to watch those pips come and go...
  • #196
  • Dec 15, 2011 9:51am Dec 15, 2011 9:51am
Quoting spyderman
Takes a while to turn a freighter... I had a 140 pip pullback on G/U today and it didn't even phase the 5,5.

Just hard to watch those pips come and go...
I know what you mean. But this is the challenge. To follow the strategy with discipline.

Van Tharp's excellent book, on position sizing gives some great insight into this. It cured me from jumping out when I thought I had a handful of pips. I can send you the pdf if you like. send me a pm with your email. ff won't let me attach it even zipped for some reason.
  • #197
  • Dec 16, 2011 2:28am Dec 16, 2011 2:28am
Don't know if I have this right or not. Looking to add on with a sell limit. I think this is a valid 1,2,3 although it would be a shallow one....
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  • #198
  • Dec 16, 2011 2:52am Dec 16, 2011 2:52am
Quoting jiva34
Don't know if I have this right or not. Looking to add on with a sell limit. I think this is a valid 1,2,3 although it would be a shallow one....
When I check my chart (GMT+2) I don't see it. Looking at yours, I would say in another day or two you may have a 123 but at the moment you only have half of one possibly setting up. Also, high impact USD news 4.5 hours from now could accidentally cause a premature trade.

May even become a buy in a day or two with a 'W' at the bottom.

Regards, Paul.
  • #199
  • Dec 16, 2011 2:57am Dec 16, 2011 2:57am
I wouldn't normally take much notice of news affecting longer term positions but it could be critical when looking to initiate the first trade or add on another.

Regards, Paul.
  • #200
  • Dec 16, 2011 3:23am Dec 16, 2011 3:23am
Thanks for the feedback.

News doesn't enter into the strategy. The stop is big enough to avoid whipsaws.
Funny thing I've noticed, before news or data the chart, a lot of times, will set up for a good entry. Possibly people have had some advance information and have been positioning themselves ahead of the crowd.

I canceled the limit order because of what looks like a reversal candle.
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