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The Seventh Wave

  • #81
  • Jan 2, 2012 11:06am Jan 2, 2012 11:06am
Quoting Hugh Briss
All eur pairs looking weak today, still very quiet markets so may just watch this time. Better to wait for everything to line up than to just jump in.
Hi Hugh

Great thread will follow with interest, as you know have been away for a couple of months but coming back now with a vengeance and will be trading every London Open 06.30 to 10 ish so will keep an eye out for any baskets you recommend.

Good luck Clive
Feel the Fear and do it anyway!!!
  • #82
  • Jan 2, 2012 11:12am Jan 2, 2012 11:12am
Quoting clivepackham
Hi Hugh

Great thread will follow with interest, as you know have been away for a couple of months but coming back now with a vengeance and will be trading every London Open 06.30 to 10 ish so will keep an eye out for any baskets you recommend.

Good luck Clive
Cheers mate, you know if anything's worth doing you'll be the first to know. Awaiting your new thread eagerly.
  • #83
  • Jan 3, 2012 2:56pm Jan 3, 2012 2:56pm
Everything going against the trend today, still watching and waiting ready for the main trend to resume. I'm expecting some usd strength to kick in soon and then there should be a good basket to be had.
  • #84
  • Jan 4, 2012 6:42am Jan 4, 2012 6:42am
Here we go, first trades of the year, I am short all eur/major pairs. Watching gbp and aud pairs closely...
  • #85
  • Jan 4, 2012 9:09am Jan 4, 2012 9:09am
Nearly 200 pips up in 2 hours, not too bad

I'm going to let these trades run as much as possible. When I think about it the whole idea of finding good trades and then closing them because an arbitrary equity level has been reached doesn't make sense. Maybe using heiken ashi on daily or 4 hour charts would make more sense? Anybody got any thoughts?
  • #86
  • Jan 4, 2012 9:58am Jan 4, 2012 9:58am
I've closed out eurchf for more or less breakeven as it looks like the chf is weakening as fast as the eur. Floating around 280 pips up on the other trades now.

I've tried heiken ashi candles on the other charts and I think that could be the way to go. Eurusd is still showing a positive candle which tells me that heiken ashi aren't so good for entries seeing as my eurusd short is about 80 pips up!

So, it's normal candles for entries and once you're in a trade it's heiken ashi to trail the stop behind the last closed candle.

In my head my target for eurusd is 1.25 so hopefully this will take all the other eur pairs down with it and I can bank some nice easy pips.
  • #87
  • Jan 4, 2012 1:44pm Jan 4, 2012 1:44pm
Just sold gbpaud looking for 1.50, 1:1 RR. A nice little trade by the look of it.
  • #88
  • Jan 4, 2012 3:46pm Jan 4, 2012 3:46pm
Closed eurusd for +50 pips to take some profit off the table, out of all of them it's the one that has the most potential to pull back I think.
  • #89
  • Jan 5, 2012 12:26am Jan 5, 2012 12:26am
Gbpaud closed for a loss, oh well basket going ok. All the eur pairs look like putting in another nice impulse day and added gbpusd and audusd. Also added gbpcad and gbpjpy short. Let's see how these develop.
  • #90
  • Jan 5, 2012 6:56am Jan 5, 2012 6:56am
Banked another hefty profit with the help of the eur pairs. It seems noone is interested in this method of trading so I'll stop posting. Maybe because there is no new magic indicator? It can't be as simple as just buying or selling with the trend can it? Well I'll be carrying on trading this way and I wish everyone the best of luck.
  • #91
  • Edited 7:40am Jan 5, 2012 7:25am | Edited 7:40am
I just discovered your thread a few days ago. You seem to be improving/refining your method with each set of new trades. I'd like to follow your progress with this. The weak interest is probably due to the lack of a magic indicator as well as your use of price action and a basket. This approach runs counter to what many traders hold dear--picking a few pairs, doing extensive technical analysis, relying on too many indicators, etc.
  • #92
  • Jan 5, 2012 7:41am Jan 5, 2012 7:41am
Quoting Hugh Briss
Banked another hefty profit with the help of the eur pairs. It seems noone is interested in this method of trading so I'll stop posting. Maybe because there is no new magic indicator? It can't be as simple as just buying or selling with the trend can it? Well I'll be carrying on trading this way and I wish everyone the best of luck.
Hi Hugh,

I think there are a few people, myself included, seeing how you go with this over the longer term. You should be glad there aren't tons of posts suggesting a hundred and one other indis you can use to improve your system.

Personally, I think it is as simple as buying or selling with the trend, adding on trades to compound the gains and closing out when a satisfactory profit is achieved (whatever level that is to suit the individual trader/account/etc).

Regards, Paul.


Regards, Paul.
  • #93
  • Jan 5, 2012 7:44am Jan 5, 2012 7:44am
Quoting Hugh Briss
Banked another hefty profit with the help of the eur pairs. It seems noone is interested in this method of trading so I'll stop posting. Maybe because there is no new magic indicator? It can't be as simple as just buying or selling with the trend can it? Well I'll be carrying on trading this way and I wish everyone the best of luck.
I am still keenly following this so I hope you keep it going. I haven't been able to jump in with both feet yet due to holidays, work, etc., but I have tried a couple of demo baskets. First one not so good, this one's +250.

I have a few questions if you're still willing, but I may not get to them till tomorrow. Please keep up the good work.

Thanks,

Richard
  • #94
  • Jan 5, 2012 7:54am Jan 5, 2012 7:54am
Ok fellas, thanks for the above. It did seem like a pointless task when I did 7 posts in a row and noone else chipping in.

Anyway, the method is doing fine. First basket closed out for about 400 pips all told with tweaks.

I'm mulling over a few possible improvements again one of which is to possibly reduce the target to just 10% and open two baskets a day. So with the 50 gbp start bank your target would be 5 gbp. Really easy to hit. If it goes bad you just need to tweak the basket and/or hold on through the drawdown. I know this sounds like really bad money management but I have faith in myself to be able to tweak a bad basket well again so seems ok to me.

The best time to open these baskets is between 6am gmt and 8am gmt in time for the Europe and London opens and then again at 12.30pm gmt in time for New York. I tried it this afternoon and worked a charm.

You could easily start with 50 gbp/dollars and just slowly build your bank until 10% twice a day would give you a nice steady income. I would recommend withdrawing 50% of your days gains and leaving the rest in to build your bank and therefore safety as you go along.

I believe this would be better than targetting a huge amount for each basket and there being doubt about when to take profit, etc.

I'll carry on thinking this over as I go along and we'll see what happens.
  • #95
  • Jan 5, 2012 7:59am Jan 5, 2012 7:59am
Quoting Richard7
I am still keenly following this so I hope you keep it going. I haven't been able to jump in with both feet yet due to holidays, work, etc., but I have tried a couple of demo baskets. First one not so good, this one's +250.

I have a few questions if you're still willing, but I may not get to them till tomorrow. Please keep up the good work.

Thanks,

Richard
Yeah, fire away with questions. The whole point of doing this is to get help refining the method and to help other people see what I see while I'm piling all these pips into my balance. That's why there's no point posting to myself every day!

I am aware that I haven't really properly been able to explain exactly how I develop an opinion of whether to buy or sell, maybe it's just experience and the so called "feel for the market"? I don't know but I know the method works fine so far so it's definitely worth persevering with for me.
  • #96
  • Jan 5, 2012 8:16am Jan 5, 2012 8:16am
Quoting Epidot
I dont understand this concept. You buy if you think it will rise and sell if you think it will fall. What is the system here?

All I can see that you have done is place trades, but many of them. How does this give you an edge by saying "I place a trade if it THINK it will go this direction"?

What exactly is the system...
He increases his chance of winning providing his entry strategy is profitable in the first place.

Basket trading smooths out the rough edges.
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  • #97
  • Jan 5, 2012 8:35am Jan 5, 2012 8:35am
Quoting Hugh Briss
Ok fellas, thanks for the above. It did seem like a pointless task when I did 7 posts in a row and noone else chipping in.

Anyway, the method is doing fine. First basket closed out for about 400 pips all told with tweaks.

I'm mulling over a few possible improvements again one of which is to possibly reduce the target to just 10% and open two baskets a day. So with the 50 gbp start bank your target would be 5 gbp. Really easy to hit. If it goes bad you just need to tweak the basket and/or hold on through the drawdown. I know this sounds like...
I have been experimenting with my own version of this, i actually found your system by chance. My version is an EA.

I've tested various equity SL and TP's and for me £150 SL and £25 TP seems to work nice. A £5 TP was totally non profitable as the dynamics of the pairs seemed to kill off the overall trend and cause the basket to head towards SL.

It's hit its SL 2 times in a row, but im confident that once liquidity returns the system will get back on track:
http://www.myfxbook.com/members/leer...-sl-150/196325

here's the same system, tuned to exotic currencys:
http://www.myfxbook.com/members/leer...otics-1/211585
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  • #98
  • Jan 5, 2012 9:22am Jan 5, 2012 9:22am
Quoting leerees
I have been experimenting with my own version of this, i actually found your system by chance. My version is an EA.

I've tested various equity SL and TP's and for me £150 SL and £25 TP seems to work nice. A £5 TP was totally non profitable as the dynamics of the pairs seemed to kill off the overall trend and cause the basket to head towards SL.

It's hit its SL 2 times in a row, but im confident that once liquidity returns the system will get back on track:
http://www.myfxbook.com/members/leer...-sl-150/196325

here's the...
Well I've had a look and I'm not sure how you've managed to lose a basket? I always tweak mine if they are not looking so good and close bad trades and open new ones. The past few days the tweaks have just been opening new trades as I've been lucky and none have gone bad.

I think maybe it's a question of when you open the trades and what you are trading? Selling all eur pairs at the time I did yesterday seemed like a no brainer and within an hour I was good pips up. Perhaps it's just luck but if it is I've been very lucky for a few months now. I don't doubt that sooner or later I'll blow an account but I keep multiple accounts with small amounts in to allow for this. I think starting with 50 gbp/$ and building it up until you have maybe 2000 gbp/$ and then targetting 200 gbp/$ a day, withdrawing 100 gbp/$ and leaving 100 gbp/$ in the account to build it up even further is the way to go, that way before long you will have a "spare" 2k to start again with if your day goes badly and all the time you're withdrawing a decent weekly "wage".

Keep posting your ideas here and hopefully we can come up with a definitive system between us.
  • #99
  • Jan 6, 2012 9:22am Jan 6, 2012 9:22am
New thread here for Seventh Wavers...

http://www.forexfactory.com/showthre...66#post5273966
  • #100
  • Jan 8, 2012 3:39pm Jan 8, 2012 3:39pm
OK Hugh, now that I have a few minutes here are some questions I have for you. I took a brief look at the thread but may have missed a little so my apologies if I'm asking redundant questions.

First, I understand that the system is not so concerned with the methodology of entry and exit but rather trade management. For the time being I will attempt to emulate your trend analysis, but I tend toward Fibonacci, swing point, and Elliott Waves, so eventually I'll probably incorporate that into this.

In no particular order here goes......

Do you have a minumum/maximum size for your basket, ie 3 too few 20 too many? How many different pairs do you choose from?

It seems that you're not interested in correlation or being overleveraged toward one currency. I'm still not really sure how this can't help but cause some big losses when for example you are heavy euro short in several pairs and the euro turns for some reason. How do you deal with this?

Approximately how long do you like to stay in a basket? Are you trying to be in and out in a day?

I'm in the central US so chances are I'll be opening my baskets around 1200gmt. I noticed you mentioned you had some success opening yours at that time. Do you think between 0400 and 0600gmt is a little early to open and leave till 1200? That would be me opening a basket then going off to bed and letting it run.

I guess that's enough for you to deal with for now! Probably a lot of these questions will be answered when I begin trading this, but any assistance you have will be appreciated.

Thanks,

Richard
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