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Pitbull Trader with Position Building

  • #81
  • Jan 5, 2012 6:12am Jan 5, 2012 6:12am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting pedross
1) if the biggest profit pair was a short position (say AJ) and the biggest loser was a long position (say AU) you would enter a long position (0.04) on both, am I correct?
what you need to understand about the pitbull indicator is the bases behind it, we open 5 longs and 5 shorts all carefully selected for a number of reasons. now imagine that the moment you open these trades you have drawn a line in the sand from which your information is gathered, at this time all pairs are equal neither in profit or in loss (except for spreads).

as the pairs move you are no longer viewing the results of a single pair, but an overview of the general market direction (you have gone from trading shares in microsoft to trading the FTSE 100) and are viewing true price action.

so we wait for the indi to settle ie 5 longs are in profit and the 5 shorts are at loss, this means that the market is generally long as all pairs are moving up.

what this thread is now showing you is how to take advantage of this info by trading to the market strength - in simple terms - make like a sheep and follow the herd - the simplest way to make money in FX.

it really doesn't get any simpler than this - personnaly i don't open the 10pairs live, this leave me more room and less headaches to manage my actuall trades.

you should each find the process that best suits you and trade it for a good period of time to truely understand it - there's plenty of time and money in forex, so please don't rush to lose all yours.
  • #82
  • Jan 5, 2012 6:42am Jan 5, 2012 6:42am
Excellent post Pipsninja! (Post 74.)

To everyone who wants to give this method a go. Read his post carefully, open your indicator trades and give it a try. I use the same methods.
  • #83
  • Jan 5, 2012 7:36am Jan 5, 2012 7:36am
Does anyone have a suggestion on what us U.S. traders can do as an alternative, if we can't hedge a losing trade? Just close it out?

Thanks in advance!
"Be the change that you wish to see in the world." --Gandhi
  • #84
  • Jan 5, 2012 7:40am Jan 5, 2012 7:40am
Thats me done for today...

All trades and basket closed until the morning.

First three days of 2012 below.
This method is worth the time invested in learning it.
Once again the hedge on the top pair worked well.
Attached Image (click to enlarge)
Click to Enlarge Name: Pit 3.JPG Size: 212 KB
  • #85
  • Jan 5, 2012 7:42am Jan 5, 2012 7:42am
Quoting Wally1953
Does anyone have a suggestion on what us U.S. traders can do as an alternative, if we can't hedge a losing trade? Just close it out?

Thanks in advance!
I have run the method and closed the pair if it reaches -$200 DD.
So it can work that way. You may have to make more sales on the bottom pair. Try it.
  • #86
  • Jan 5, 2012 9:26am Jan 5, 2012 9:26am
Quoting Erebus
I think this line is overlooked by the method. Seems to me that people concentrate on trading the bottom pairs, which are in positive amounts, and forget that the top pairs, although the 0.01 trade may be negative, could be moving even faster than the bottom pairs.

Therefore, logically, make sense to trade the top pairs opposite to the feeler trades, correct?

chips, any feedback on using that strategy along with the trading the bottom pairs?
You are correct my friend.. Thats just extra bread if your broker allows..it
You can BE on that position it helps to Balance the DD too...

There are more ways onthe indicator just observe it...
  • #87
  • Edited 10:01am Jan 5, 2012 9:47am | Edited 10:01am
Hedging is another technique..but what is also powerful is your position with the Trend.

More BUYS FOR LONG and MORE SELLS FOR SHOTS.( USA TRADERS)

Take your profit when it is due... DD goes UP when you take profit..

then let your DD go down before taking more profit...SEE SAW effect for DD WAVE EFFECT.

I clear mind when practicing ..its Truly and kinda of game ...

Trading this way..most ppl will not get it...Because of the need to be right

This need is a Trap...
  • #88
  • Jan 5, 2012 10:46am Jan 5, 2012 10:46am
If we treat the indicator pairs as a basket, how far in profit or in loss have you experienced? In other words, my current set of indicator pairs is showing a loss of over 200 pips. Have you seen much higher?
  • #89
  • Jan 5, 2012 10:51am Jan 5, 2012 10:51am
Quoting courtneywild
Thats me done for today...

All trades and basket closed until the morning.

First three days of 2012 below.
This method is worth the time invested in learning it.
Once again the hedge on the top pair worked well.
Very nice results !!
It looks like you start all the trades in the asia session (In UK it it is night time!)
Is it an advantage to trade early in the morning ?
  • #90
  • Jan 5, 2012 11:21am Jan 5, 2012 11:21am
Quoting Pipsninja
PO= Pending Order
BE= Breakeven
Hedge= Open order on opposite direction, same lot size.

Please keep in mind that this method isn't newbie friendly but with many months of demo trading you can learn to trade this method. Just my 2 cents.
Pipsninja

Thanks for answering my question.

I have an open mind to go to learn what others are willing to teach in this forum.
  • #91
  • Jan 5, 2012 11:33am Jan 5, 2012 11:33am
Quoting Presence
If we treat the indicator pairs as a basket, how far in profit or in loss have you experienced? In other words, my current set of indicator pairs is showing a loss of over 200 pips. Have you seen much higher?
The best time to start your basket is during non-volatile period ( start of the week, start of the start day( 0000 GMT)

So you will always get you orders in almost the same price.

could be +-(3% of account balance) using 0.01 lots on a $10 000 account...now it might go up during volatile periods but my account can withstand the fluctuation.. Whenever if its in profit take it.
Close the Basket and start a new on., you can realize +3% on the account by just closing profitable swings

Compare you brokers Spread on the currencies during high time and low time.

Most business failed during the first 5 years because of limited capital.

Business management principles should be our main tool for trading the Forex

cheers
  • #92
  • Jan 5, 2012 11:35am Jan 5, 2012 11:35am
is their any indicator that will monitor draw down of the basket history ?
attached is a histogram of drawdown but for only one pair
Attached Image (click to enlarge)
Click to Enlarge Name: pip history.gif Size: 31 KB
Attached File(s)
File Type: mq4 FXRM_Open_Trade_Pip_History.mq4   4 KB | 500 downloads
  • #93
  • Jan 5, 2012 11:36am Jan 5, 2012 11:36am
Hi Courtney,

was fascinated by Brian's thread but just couldn't get my head round the videos explanations.

You mention in post 37 that you use a strength meter and a Master chart could you explain what they are and how you use them.

Cheers,

Eamonn.
  • #94
  • Jan 5, 2012 12:13pm Jan 5, 2012 12:13pm
Quoting chips
The best time to start your basket is during non-volatile period ( start of the week, start of the start day( 0000 GMT)

So you will always get you orders in almost the same price.

could be +-(3% of account balance) using 0.01 lots on a $10 000 account...now it might go up during volatile periods but my account can withstand the fluctuation.. Whenever if its in profit take it.
Close the Basket and start a new on., you can realize +3% on the account by just closing profitable swings

Compare you brokers Spread on the currencies during...
Just to be clear, if you are using .01 lots (10 cents per pip) on a 10,000 account, the basket would have to move approximately 3,000 pips to give you 3% of 10,000 which is $300? Is my math wrong? I am trying to anticipate how much the indicator pairs will swing in one direction.

Is there any fear that the indicator pairs will not swing back the other direction?
  • #95
  • Jan 5, 2012 12:18pm Jan 5, 2012 12:18pm
Pairs usually fight for position i.e moving from -ve to +ve and vice versa.

Look in the center of the Pitbull indicator

Why Pairs jumps?
The simple means that if a SELL pair is -ve and in the middle
if it crosses over and stable in profit..you can trade the pair as a SELL

VICE VERSA

Trade these pairs that jumps..for Additional DD Management and Sales

Share your Ideas this is a power system

Cheers
  • #96
  • Jan 5, 2012 12:23pm Jan 5, 2012 12:23pm
Quoting chips
The best time to start your basket is during non-volatile period ( start of the week, start of the start day( 0000 GMT)

So you will always get you orders in almost the same price.

could be +-(3% of account balance) using 0.01 lots on a $10 000 account...now it might go up during volatile periods but my account can withstand the fluctuation.. Whenever if its in profit take it.
Close the Basket and start a new on., you can realize +3% on the account by just closing profitable swings

Compare you brokers Spread on the currencies during...
The reason why I ask these questions is if the indicator pairs are swung in one direction (showing significant amount of pips of loss), then wouldn't there be a bias that they will swing back in the other direction? If so, we definitely could take advantage of that.
  • #97
  • Jan 5, 2012 12:24pm Jan 5, 2012 12:24pm
Quoting newark18
Just to be clear, if you are using .01 lots (10 cents per pip) on a 10,000 account, the basket would have to move approximately 3,000 pips to give you 3% of 10,000 which is $300? Is my math wrong? I am trying to anticipate how much the indicator pairs will swing in one direction.

Is there any fear that the indicator pairs will not swing back the other direction?

What goes up must come down...prices move Loss Profit Loss.
in a circle form..

There will definitely be a BIAS "Trend" so protion the SELL to BUY or vice versa to controll the DD while taking profits

Try on your demo...You will only develop confidence when you actually prove it to yourself...

your right the indicator has far less swings on that account...but sometimes I'm not around to see but do the math...for your maxium risk...ie.when the inevitable jpy spike..

Its your business manage it.
  • #98
  • Jan 5, 2012 12:28pm Jan 5, 2012 12:28pm
Is today normal? I set up the indicator pairs and they are not balancing with sells on one side and buys on the other. Just wondering...

I would guess that in this case, it would be difficult to trade this method.
  • #99
  • Jan 5, 2012 12:47pm Jan 5, 2012 12:47pm
Quoting Presence
Is today normal? I set up the indicator pairs and they are not balancing with sells on one side and buys on the other. Just wondering...

I would guess that in this case, it would be difficult to trade this method.

Today is not a clear day really USD has been strong but be patient.
if they are all mixed up then there is no clear trend.

if you are new...The start of day ( 0000 gmt ) is the starting point for me.

It starts where it ends and ends where it starts....think about the market cycle..
  • #100
  • Jan 5, 2012 1:05pm Jan 5, 2012 1:05pm
Quoting courtneywild
Thats me done for today...

All trades and basket closed until the morning.

First three days of 2012 below.
This method is worth the time invested in learning it.
Once again the hedge on the top pair worked well.
Great results again bro...I noticed you have 2 g/j' s in your basket...was this just an error?...also which pair did you hedge bud?..

many thanks
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