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Pit bull trading strategy by brijon

  • #841
  • Dec 22, 2011 12:17am Dec 22, 2011 12:17am
Quoting Erebus
1. What matter the time frame if you are only watching the profit / loss?

2. This should work for any time of day then, as later on the volatility will be reached sooner, correct?

Thanks for posting clear & concise instructions, E.
Wow, didn't expect so much feedback, so some more posts before the end of the year...

@Erebus:
1. I am a visual person and like to see the price actions of bars - Brian said you can trade this without looking at the main window, ie you only look at the trade window but I have not reached this level of sophistication and probably never will.... In short, tf does not matter as far as I can tell, it is just my personal preference

2. Indeed it works any time of day / time zone, the more directional volatility there is, the faster one reaches the daily goal - beware of whipsaw though!
  • #842
  • Dec 22, 2011 12:24am Dec 22, 2011 12:24am
Quoting tarrini65
it's good because you trade on the asian session , very stable and no so much volatile, even brijon do that , we european and american have to face volatility , and i believe we have to change the method a litle bit .....
@Tarrini - there is no need to change the method, it works any time in any time zone, confirm some directional bias with the movement of the top / bottom currencies in the trade window combined with currency strength indicator, you are good to go.

If you trade my style, which is slightly different from Brian's as I close everything once daily goal is achieved, you do not need to spend a lot of time on a daily basis.

IMPORTANT: This style of trading is not traditional, one really needs to spend one or two months to practice this, then it becomes quite automatic / normal
  • #843
  • Dec 22, 2011 12:41am Dec 22, 2011 12:41am
Quoting Angel65
Bonjour mobthehop,

A big "MERCI" for having shared with us your trading rules but :


A) Before placing your trades, did you wait that ALL the "buy" or "sell" currencies are in the half bottom in profit in order to confirm the trend ?

B) What's the CURRENCY STRENGTH METER, how does it work and when can I find it ?

C) What's your daily average DD ?

D) Did you use stop loss and if not why ?

E) Do you close all your basket once a day or just after having reach your daily goal 3% ?


Thanks a lot for your attention,

Happy xmas holidays,

Angel...
Salut Angel, ca marche? Which is about the limit of my french - lol

A) in my case, I do not have a fast rule for that, in 90% of all case (guestimate) the currency pairs sort themselves out after an hour or so, I only look at 10-20 pip movers in position 1&2 / 9&10 - personal preference

B) there is a multitude of these around on FF - the most sophisticated is done by Hannover (search for this user - it is a very long thread here). the ones I use are attached.

C) Not sure how to answer - this months I did not have any negative day, I always close in profit. Based on my reading in the T101 thread, one should probably use a 30-40 pips per currency emergency stop, meaning a 300-400 pips s/l per basket, but I don't.

D) S/L: I don't use any - there are two schools of thought on this, one very strongly adheres to S/L, the other is against using them. It depends on one's risk appetite I guess. Given that we are using a basket which should not move a lot over a given time frame with a few open "trading positions" I find it easy to hedge against any significant & unexpected movement against my trade positions - US trades unfortunately do not have that option....

E) I open one basket when I start trading and close basket and all trade positions once I reached my daily goal - rinse & repeat next day. I found that I had huge difficulties to stop trading and it literally took me months to get this under control. After a while it becomes relatively easy to reach daily goal and there is always the temptation to "get some more" - resist such urges and become a disciplined trader!

A la procain (is that correct - till next time?)
Attached File(s)
File Type: mq4 xMeter Indicator3.mq4   12 KB | 525 downloads
File Type: mq4 xMeter_Indicator2_updated.mq4   11 KB | 526 downloads
  • #844
  • Edited 12:58am Dec 22, 2011 12:47am | Edited 12:58am
Quoting spacePip
Is he using the 1H time frame for his currency strength meter indicator to help confirm trend? Hopefully mobthehop can clarify
a very thoughtful trader (who unfortunately is banned on FF) states - trend is an illusion as each and every time frame may show a different trend - who is to say which time frame is the correct one.

As I wrote in an earlier reply - H1 is a personal preference of mine. According to Brian tf is not important, one can trade this with the information provided by the basket currencies in the trade window only. The main issue is that the basket has to settle / the currencies have to sort themselves out into BUY / SELL on top / bottom, then you enter your trade positions according to your read of the trade window.

On your second post - based on my experience (which does not mean much!) - I am a goal oriented person - set yourself a goal, and close everything once you reached it. Currencies are cyclical in nature and after a wave reaches it's climax it drops and you lose!

You are right that this system is vulnerable due to the 4-5X leverage of trade position vs hedge position, so it pays to be patient. And it needs practice practice practice before using real money - I am still on demo!!!

As scooby-doo (who actually is a professional currency trader in real life) said recently in a different forum - "Any commercial trader that can make >= 45% per YEAR is considered to be competent and an asset to the financial institution they are working for." - so my daily goal of 3% is insane!

For everybody's enjoyment - put in your starting capital with a monthly compounding of 20% and make your New Year's resolution accordingly - http://www.cashflowavenue.com/compoundinterestcalculator.aspx
  • #845
  • Dec 22, 2011 8:59am Dec 22, 2011 8:59am
Quoting mobthehop
Salut Angel, ca marche? Which is about the limit of my french - lol

A) in my case, I do not have a fast rule for that, in 90% of all case (guestimate) the currency pairs sort themselves out after an hour or so, I only look at 10-20 pip movers in position 1&2 / 9&10 - personal preference

B) there is a multitude of these around on FF - the most sophisticated is done by Hannover (search for this user - it is a very long thread here). the ones I use are attached.

C) Not sure how to answer - this months I did not have any negative day, I always...

Now I am impressed of the way you try to help everyone........mobthehop you should take over the tread from here.......since brijon cannot be with us......I still do not know why he was banned....any idea? Cause this "idea" really works if you put in the time....
  • #846
  • Dec 22, 2011 9:10am Dec 22, 2011 9:10am
Quoting 4xPIPAHOLIC
Now I am impressed of the way you try to help everyone........mobthehop you should take over the tread from here.......since brijon cannot be with us......I still do not know why he was banned....any idea? Cause this "idea" really works if you put in the time....
totally agree with 4pip..... Mop, your system is very clear and concise (a little different from Brijons though.)..so why not start a thread of your own...it would be a totally enlightening thread..

A very happy Christmas to you

T
  • #847
  • Dec 23, 2011 10:16am Dec 23, 2011 10:16am
Quote
mobthehop wrote :

Salut Angel, ca marche? Which is about the limit of my french - lol
A la procain (is that correct - till next time?)
Bonjour mobthehop,

Thanks a lot for your reply : it's very kind of you.

Your "Salut Angel, ça marche" is perfect and "A la procain" should be written as "A la prochaine" or "A la prochaine fois" (till next time in English)

Happy xmas my friend,

God bless you

Merci de ton attention,

Angel
  • #848
  • Jan 3, 2012 6:38am Jan 3, 2012 6:38am
Keep it going please.

I'm still doing pretty good with this system and have been working with it for a couple of months.

 

  1. I open 10 basket at 0.01

  1. Wait min 1 hour

  1. Trade only bottom two places.

  1. First trade placed at 0.05
  2. If move into stready profit enter another trade at 0.50.
  3. Stop set at 200 for disaster protection only.

  1. If a trade (.05 or .50) enters drawdown I close it at -$200

  1. I do not overtrade and add more than 4 trades to the basket (.05 .50 on bottom two pairs).

  1. I do not look at charts. If I do I start to fall into trying to predict price move and stress goes up. I focus on profit/loss only.

  1. I have a master chart with group exposure and strength meter plus have added Sonics news headlines indi so I am aware of any danger news potential.

  1. I close basket each day and renew each morning.

Abiento.

  • #849
  • Jan 3, 2012 8:45am Jan 3, 2012 8:45am
Quoting courtneywild
Keep it going please.

I'm still doing pretty good with this system and have been working with it for a couple of months.

 

  1. I open 10 basket at 0.01

  1. Wait min 1 hour

  1. Trade only bottom two places.

  1. First trade placed at 0.05
  2. If move into stready profit enter another trade at 0.50.
  3. Stop set at 200 for disaster protection only.

  1. If a trade (.05 or .50) enters drawdown I close it at -$200

[list][*]I do not overtrade and add more than 4 trades to the basket...

Excellent explanation...what type of strength meter do you use?

T
  • #850
  • Jan 3, 2012 9:40am Jan 3, 2012 9:40am
Quoting oconnor365
Excellent explanation...what type of strength meter do you use?

T
Hi oconnor365 and thanks.

Also for clarity.... re my overtrading sentence

It should read

I do not overtrade OR add more than 4 trades to the basket (.05 .50 on bottom two pairs) at any one time.

I use the attached SM.

Cheers for now.
Attached File(s)
File Type: ex4 Currency Strength Meter.ex4   14 KB | 511 downloads
  • #851
  • Jan 3, 2012 9:57am Jan 3, 2012 9:57am
Pitbulll indicator is a very profitable..I use it build positions and also to grow my account very rapidly, buy increasing sales on any pair that moves to the bottom line.

I'm not sure why this thread is in the recycle bin.

I w
  • #852
  • Jan 3, 2012 10:05am Jan 3, 2012 10:05am
Quoting chips
Pitbulll indicator is a very profitable..I use it build positions and also to grow my account very rapidly, buy increasing sales on any pair that moves to the bottom line.

I'm not sure why this thread is in the recycle bin.

I will be starting by own journal based on Brijon Pitbull and few other techiques I picked up.

That would be good to see Chips.

I think its in the bin because of Brians apparent overreaction to what he called Crims... but dont go there.
  • #853
  • Jan 3, 2012 10:50am Jan 3, 2012 10:50am
Interesting first day trading 2012 in the pit.

Ignore the EURGB trade as clicked in error.
All basket trades (o.01) closed.
Attached Image (click to enlarge)
Click to Enlarge Name: Pit 2012 1.JPG Size: 108 KB
  • #854
  • Jan 3, 2012 11:20am Jan 3, 2012 11:20am
Excellent results Courtney.

Keep posting and hopefully others will to.

Ive set 3 baskets today, 2 hit profit and 1 that I have just opened so will be in dd for a while.

M.
Attached Image (click to enlarge)
Click to Enlarge Name: pitbull.gif Size: 49 KB
  • #855
  • Jan 3, 2012 12:26pm Jan 3, 2012 12:26pm
great results..keep posting and thanks for the indi Courtney... will start demoing tomorrow
  • #856
  • Jan 3, 2012 2:36pm Jan 3, 2012 2:36pm
Hi Courtney and Moody...at what times do you set your basket...and then leave it for an hour?
  • #857
  • Jan 3, 2012 3:15pm Jan 3, 2012 3:15pm
Great to see things are still going in here. I had a good day myself. Entered a 6 pair basket just before London open and after about 4 hours my daily target was reached. In fact, I made more than double my daily target.

kEEP IT UP.
  • #858
  • Jan 3, 2012 5:05pm Jan 3, 2012 5:05pm
Hi Courtney..

A little earlier in the thread you said you were going to hedge your biggest drawdowns with a .5 opposite trade.... have you given up on this and just closing the drawdown now at $200 ?
  • #859
  • Jan 4, 2012 2:07am Jan 4, 2012 2:07am
Hi Oconnor365

Im gmt 0 so london/us sessions, still following close to brians original idea with the pitbull 10 pairs although im experimenting with hedging the 2 most in dd at the time of adding to the two most profitable pairs.

Keep it simple by using courtneys idea of using the lowest 2 pair and a max of 4 trades on these 2 pair.

For take profit im using mptm.

M.
  • #860
  • Jan 4, 2012 2:28am Jan 4, 2012 2:28am
Quoting oconnor365
Hi Courtney and Moody...at what times do you set your basket...and then leave it for an hour?
Hi Oconnor

I set my basket about 1 hour before the UK open.
I wait around 30 mins after London open before I place any trades.
So its open around 60/90 mins before trading.

Cheers
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