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Trading Made Simple for Day Charts

  • #281
  • Jan 7, 2012 12:11pm Jan 7, 2012 12:11pm
Thanks a lot Brit

Are you sometimes adding to a good run, (like the EURNZD) or do you just stick with the original trade?

Thx again

PC

Quoting Britpip7
I am trading 15 pairs as per screenshot on Post #1

For MM typically 5% of reserve and this is sort of based on my trading accuracy and pips win/lose ratios. If I get a loss I instantly reduce my stake on the next trades until the account recovers and then back to 5%.

This will make a difference on your lot sizes when you are trading the higher ATR(7) values such as the eur/ and gbp with nzd for example.

Risk:Reward - per my recent posts and using the TP1 and TP2 approach a minimum of 1:1
Less is more...
  • #282
  • Jan 7, 2012 12:28pm Jan 7, 2012 12:28pm
Quoting Britpip7
I am trading 15 pairs as per screenshot on Post #1

For MM typically 5% of reserve and this is sort of based on my trading accuracy and pips win/lose ratios. If I get a loss I instantly reduce my stake on the next trades until the account recovers and then back to 5%.

This will make a difference on your lot sizes when you are trading the higher ATR(7) values such as the eur/ and gbp with nzd for example.

Risk:Reward - per my recent posts and using the TP1 and TP2 approach a minimum of 1:1
To take this point a little further: i get the impression that you may sometimes have more than one trade open at the same time although please correct me on this if i'm wrong.

I am wondering what your approach is to new trades as regards MM if 5% of equity is already committed and a trade still running. Does this require that you wait till a trade has run its course and closed before you open another one to avoid risking more than 5%?

Hard to resist a perfect new set up when you see it if even if you have a trade running and equity committed to that one.
  • #283
  • Jan 7, 2012 12:33pm Jan 7, 2012 12:33pm
Quoting gamekeeper
To take this point a little further: i get the impression that you may sometimes have more than one trade open at the same time although please correct me on this if i'm wrong.

I am wondering what your approach is to new trades as regards MM if 5% of equity is already committed and a trade still running. Does this require that you wait till a trade has run its course and closed before you open another one to avoid risking more than 5%?

Hard to resist a perfect new set up when you see it if even if you have a trade running and equity committed...
And that gets you into the "overtrading" discussion.

I will occassionally have more than one trade open and this is where I will invoke the ire of the MM gurus. I'll run with 5% risk per open trade,

Typically I'll wait until an initial trade has hit a TP1 level before a new trade is opened if it meets the criteria.

More typically I am looking to run with a single pair and look for re-entry / add-on positions, limiting the risk. - refer to some og the training charts for this approach.
"To live with Passion, it takes Courage and Grace to survive"
  • #284
  • Jan 7, 2012 12:36pm Jan 7, 2012 12:36pm
Quoting pipcruiser
Thanks a lot Brit

Are you sometimes adding to a good run, (like the EURNZD) or do you just stick with the original trade?

Thx again

PC
Add-ons are one of my favorites - not picked up any on the eur/nzd trade as yet and this run is getting long in the tooth for add-ons - some of my training charts show this approach better.
"To live with Passion, it takes Courage and Grace to survive"
  • #285
  • Jan 7, 2012 12:53pm Jan 7, 2012 12:53pm
Quoting piprac
I suggest using the BP "Position Calculator" in the Tools tab....
Piprac: I'm looking for the calculator. Where is the "Tools" tab?
  • #286
  • Edited 1:08pm Jan 7, 2012 1:04pm | Edited 1:08pm
Quoting mary4x
Piprac: I'm looking for the calculator. Where is the "Tools" tab?
At the top of the BP page, 5th tab from the left.

edit: "BP" means Baby Pips, the other very useful forum. Most brokers offer it too.
  • #287
  • Jan 7, 2012 1:13pm Jan 7, 2012 1:13pm
Post # 1 updated

Entires and Exits
"To live with Passion, it takes Courage and Grace to survive"
  • #288
  • Jan 7, 2012 4:39pm Jan 7, 2012 4:39pm
Hi peeps,
Am looking at possible trades for next week. Based on my interpretation of Post #1 update, I see USD/CAD long; AUD/NZD short; AUD/USD short; AUD/JPY short (pending); USD/CHF long; and GBP/JPY short.

Time will tell, of course.
Have a good 'un, eh
Leona
  • #289
  • Jan 8, 2012 5:52am Jan 8, 2012 5:52am
Quoting leonaforex
Hi peeps,
Am looking at possible trades for next week. Based on my interpretation of Post #1 update, I see USD/CAD long; AUD/NZD short; AUD/USD short; AUD/JPY short (pending); USD/CHF long; and GBP/JPY short.

Time will tell, of course.
Have a good 'un, eh
Leona
Hi Leona

I have two of yours on my list and others as follows:

AUD/NZD - short. Tentative entry for me. Market is turning short (major trend) but not completely there yet. Still, trade has good chance of working.

EUR/CHF - short. Pending TDI cross on daily. Weekly confirms major trend is down.

GBP/AUD - short. Pending TDI bounce on daily. Weekly confirms major trend is down.

GBP/NZD - short. Pending TDI bounce on daily. Weekly confirms major trend is down.

GBP/JPY - short. Pending TDI cross on daily. Weekly confirms major trend is down.

3 trades involve GBP and two trades are almost mirror images (Aussie and Kiwi moving the same way against the Pound).

So I will only take 3 entries from the above 5 (if they all signal an entry) and drop either GBP/AUD or GBP/NZD and just watch AUD/NZD to learn from it.
  • #290
  • Jan 8, 2012 6:36am Jan 8, 2012 6:36am
Quoting fxjourney
...

EUR/CHF - short. Pending TDI cross on daily. Weekly confirms major trend is down.
...
You are forgetting SNB and its commitment to the minimum exchange rate of CHF 1.20 per euro.

Quoting fxjourney
...
GBP/AUD - short. Pending TDI bounce on daily. Weekly confirms major trend is down....
There's a major resistance around 1.5.
  • #291
  • Jan 8, 2012 7:59am Jan 8, 2012 7:59am
Well I have lots of crosses on my platform :

AUDPY AUDNZD AUDUSD
GBPJPY GBPUSD NZDJPY
NZDUSD USDCAD USDJPY

I have been tinkering all weekend and making a few adjustments. For starters I have got rid of the stochastics. Eelfranz never used them as overbought/oversold but more as an indication of direction. This may work well on 4h & 1h times but I find them pretty useless on daily and too unreliable to base a trade decision on.

Secondly I have gone back to basing take profit areas on ATR. This is something I used to use a year or so ago and worked well. Britpip reminded me how good this was and I only dropped it previously because I was following longer trends. I will still use previous support/resistance as the initial stop but this is a worst case scenario area. I would probably never let a trade go that far against me. First TP area will be 1xATR(20) and then move the trade to BE. Exits after that will be based on candle formation and how near price is pulling back to the 5EMA.

Thirdly I have changed back to standard candles but have put HA candles in a separate window. I like the idea of HA candles and I see what Eelfranz was trying to get at but you do get a better sense of price action with standard candles. Interestingly I have noticed some discrepancies with HA candles. It's not unusual for HA candles to be indicating a short trade but the standard candle is obviously bullish and vice versa. Having both available gives a better picture. I will still probably follow the 2 candle rule though (although perhaps not so rigidly).

Fourthly (phew) I have freshened up my platform and made it brighter. Was fed up looking at black, red & green

I will post some more on the TDI crosses later. It's Sunday afternoon here in the UK and it's time for some roast beef
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.jpg Size: 229 KB
  • #292
  • Jan 8, 2012 8:22am Jan 8, 2012 8:22am
Quoting Verbal
You are forgetting SNB and its commitment to the minimum exchange rate of CHF 1.20 per euro.

There's a major resistance around 1.5.
Hi Verbal

Thanks for the 'heads up' on both pairs.
  • #293
  • Jan 8, 2012 8:56am Jan 8, 2012 8:56am
Hi Willf,

Care to share your indies and tpl? I'm specially interested in ATR and the way it's displayed.

Quoting willf
Well I have l....
I will post some more on the TDI crosses later. It's Sunday afternoon here in the UK and it's time for some roast beef
  • #294
  • Jan 8, 2012 9:05am Jan 8, 2012 9:05am
Quoting fxjourney
Hi Leona

I have two of yours on my list and others
Hi
Good to know we are on the somewhat same page, trade wise.
I am also watching USD/JPY, am seeing a good trade on the 4 HR and that could translate to daily.
At any rate, not much longer to wait, right?
Cheers
Leona
  • #295
  • Jan 8, 2012 9:13am Jan 8, 2012 9:13am
I thought I would post something I learned from a seasoned trader long ago regarding money management -- it has held me in good standing, and stopped the blow out of my account MANY a time

For my trades, I trade 3% of my account at any time, until 3 trades in a row are winners.
I then increase to 4.5% of my account.
One loss reverts to 3%.
Two losses reverts to 1.5%.
Three or more go to 1% of account and stay there until you figure out what you were missing.
Once you have achieved 2 wins in row again, go to 3% of your account.

Hope this helps
Leona
  • #296
  • Jan 8, 2012 9:31am Jan 8, 2012 9:31am
Quoting willf
Well I have lots of crosses on my platform :

AUDPY AUDNZD AUDUSD
GBPJPY GBPUSD NZDJPY
NZDUSD USDCAD USDJPY

I have been tinkering all weekend and making a few adjustments. For starters I have got rid of the stochastics. Eelfranz never used them as overbought/oversold but more as an indication of direction. This may work well on 4h & 1h times but I find them pretty useless on daily and too unreliable to base a trade decision on.

Secondly I have gone back to basing take profit areas on ATR. This is something I used to use a year or so ago and worked...
Hi, thanks for this ^^^^ I got rid of stochs as well, I see you're in the UK too.

New daily candles on my platform start at 12 midnight and i wondered if that is the same for you and whether you are waiting until that time to place new trades?

thanks
  • #297
  • Jan 8, 2012 10:06am Jan 8, 2012 10:06am
Quoting Verbal
Hi Willf,

Care to share your indies and tpl? I'm specially interested in ATR and the way it's displayed.
The ATR is displayed as just a number in the top left of the screen. It's called ATR Pips. File attached.
Attached File(s)
File Type: tpl tms-daily.tpl   3 KB | 625 downloads
File Type: mq4 ATR Pips.mq4   2 KB | 690 downloads
File Type: mq4 Heiken Ashi_SW.mq4   4 KB | 658 downloads
File Type: mq4 Magnified_Market_Price.mq4   1 KB | 595 downloads
File Type: mq4 TMS-Osc.mq4   4 KB | 671 downloads
  • #298
  • Jan 8, 2012 10:08am Jan 8, 2012 10:08am
Quoting gamekeeper
Hi, thanks for this ^^^^ I got rid of stochs as well, I see you're in the UK too.

New daily candles on my platform start at 12 midnight and i wondered if that is the same for you and whether you are waiting until that time to place new trades?

thanks
My broker is Alpari and they are on European time so I get a new daily candle at 11.00pm GMT.
  • #299
  • Jan 8, 2012 10:13am Jan 8, 2012 10:13am
You can drag the ATR from the indicator list into the TDI window and then select the Color as None. Select the # of periods you like and then OK, the ATR # will appear at the end of the TDI info line in the upper R. hand corner of that window.
  • #300
  • Jan 8, 2012 10:59am Jan 8, 2012 10:59am
Quoting Verbal
Hi Willf,

Care to share your indies and tpl? I'm specially interested in ATR and the way it's displayed.
Post #1 has screenshots and indis and template
"To live with Passion, it takes Courage and Grace to survive"
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