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On My Way To The Top

  • #1,221
  • Edited 10:25am Jan 30, 2012 6:16am | Edited 10:25am
well seems like today played out like I thought it would...with price moving in the opposite directions from Friday....but I only took two entries...a sell on the eur jpy 5 minute and one on the 15 minute..per my new management approach I have closed 5 minute entry in profits of exactly 7.61% on standard account and 19.025% on high risk account..with 15 minute entry still being held with stops at break even but up about 6% on that as well waiting for must exit condition which would be the 4 hour dipping below the 20 level and than turning up down there or the four hour peaking and triggering opposite move by dipping below 10% level...once either of these happens...I will close the position...even with the nice support from the four hour 50 ema price is at that I used for 5 minute target....
No man is free who is not a master of himself. -P.M.-
  • #1,222
  • Jan 30, 2012 6:27am Jan 30, 2012 6:27am
5 minute entry

short at 101.142 with stop at 101.261 and closed short at 100.561...

15 minute entry short from

101.097 with stop at 101.261 with price currently at 100.601
No man is free who is not a master of himself. -P.M.-
  • #1,223
  • Jan 30, 2012 8:18am Jan 30, 2012 8:18am
EUR jpy entry still dropping nicely...still waiting for my must exit criteria to jump and take profits so it will probably happen at noon est...
No man is free who is not a master of himself. -P.M.-
  • #1,224
  • Jan 30, 2012 10:21am Jan 30, 2012 10:21am
just closed eur jpy final position out for 164 pips...with a stop of about 16.4 pips...I'm sure anyone can do the math on the risk reward ratio for that....13.29% total return on that...and 5 minute entry gave exactly 7.61% like I said so about 20.90% today...hmmm not bad...but I closed eur jpy out a little earlier than the four hour close because four hour already oversold and about to close even lower in oversold and eur jpy hit a nice round number...so I figured what better time to take profits....
No man is free who is not a master of himself. -P.M.-
  • #1,225
  • Edited 12:26am Jan 31, 2012 12:08am | Edited 12:26am
hi Paul,
Congratulation to a great day. Could you explain a bit more about your new MM ideas?

Cheers
Ati
Money is important, Love is essential.
  • #1,226
  • Jan 31, 2012 12:28am Jan 31, 2012 12:28am
Quoting Ati Baia
hi Paul,
Congratulation to a great day. Could you explain a bit more about your new MM ideas?

Cheers
Ati
Thanks but I'm a bit confused....do you mean
MM or trade management...???
No man is free who is not a master of himself. -P.M.-
  • #1,227
  • Jan 31, 2012 12:32am Jan 31, 2012 12:32am
Demond,

Good call on that NZD USD possible set up...as you can see now the price did in fact go up a significant amount and the stop would have been a nice small 8 pip stop with a 4 pip half stop...would have been perfect...but like you said the one hour was the only thing keeping us out the trade....as it wasn't completely ideal...so just wanted to say good catch as that was the closest thing to an entry last night...
No man is free who is not a master of himself. -P.M.-
  • #1,228
  • Jan 31, 2012 12:38am Jan 31, 2012 12:38am
Quoting pmullin86
Thanks but I'm a bit confused....do you mean
MM or trade management...???
Sorry I referred to your post:

Quoting pmullin86
..per my new management approach I have closed 5 minute entry in profits of exactly 7.61% on standard account and 19.025% on high risk account..
Money is important, Love is essential.
  • #1,229
  • Jan 31, 2012 12:47am Jan 31, 2012 12:47am
Quoting Ati Baia
Sorry I refereed to your post:

In that post I was just referring to the trade management in which I didn't trail like I normally would but instead I look to the stochastics to gauge when to get out after setting trade to break even when I normally would...The concept is simply just based on Spudfyre's exit points where he mentions different areas to exit and a must exit and etc....I just again somewhat took that idea and polished it up to my liking and how it fits my overall system...
No man is free who is not a master of himself. -P.M.-
  • #1,230
  • Jan 31, 2012 12:50am Jan 31, 2012 12:50am
I see .... thanks a lot.
Money is important, Love is essential.
  • #1,231
  • Jan 31, 2012 12:50am Jan 31, 2012 12:50am
Quoting Ati Baia
I see .... thanks a lot.
Welcome
No man is free who is not a master of himself. -P.M.-
  • #1,232
  • Jan 31, 2012 9:13am Jan 31, 2012 9:13am
Quoting pmullin86
per my new management approach I have closed 5 minute entry in profits of exactly 7.61% on standard account and 19.025% on high risk account......
Do you use for both accounts (standard and high risk) always the same entries or do they differ?

Cheers
Ati
Money is important, Love is essential.
  • #1,233
  • Jan 31, 2012 11:24am Jan 31, 2012 11:24am
Quoting Ati Baia
Do you use for both accounts (standard and high risk) always the same entries or do they differ?

Cheers
Ati

Same entries...the only thing that changes is the risk percentage...
No man is free who is not a master of himself. -P.M.-
  • #1,234
  • Jan 31, 2012 12:02pm Jan 31, 2012 12:02pm
Quoting pmullin86
Same entries...the only thing that changes is the risk percentage...
Just a creative thought: you probably have some reason for it but if you rethink it... it does not bring much.. in the end...except double work...
..to have a high risk account with the same entries.... you have good confidence in your setup and trade management.for each trade you take... so why not just have one account with an average risk...?
..
PHP Code
total:10000,-
standard: 5000,-  2% risk
high risk: 5000,-  5% risk
PHP Code
1 LOSS:
standard: = 100,-
high risk: = 250,-
total loss: 350,-
so why not have 1 account: 10000,- and 3.5% risk?

Just a though!
Money is important, Love is essential.
  • #1,235
  • Jan 31, 2012 12:29pm Jan 31, 2012 12:29pm
hmmm...I see your point with a high risk offshore account...
from your past trading record..I don't think you will blow your high risk account.....

BTW: how many trades did you have in January so far... somewhere you wrote that there was only 1 loss?
Money is important, Love is essential.
  • #1,236
  • Jan 31, 2012 12:41pm Jan 31, 2012 12:41pm
Quoting Ati Baia
hmmm...I see your point with a high risk offshore account...
from your past trading record..I don't think you will blow your high risk account.....

BTW: how many trades did you have in January so far... somewhere you wrote that there was only 1 loss?

I would have to look back at my spread sheet for the month which is on one of my other computers and get back to you with that exact answer...but now I realize that would actually have been my second loss for the month since the first was during NFP Friday but I re-entered and ended with profit and thats why I forgot about that one...
No man is free who is not a master of himself. -P.M.-
  • #1,237
  • Jan 31, 2012 2:22pm Jan 31, 2012 2:22pm
Finally finalized the answer to the question of when the half stop should be applied and when it shouldn't because it is a very sensitive thing that can cause a good trade with a good stop loss placement to turn into a losing one because of too tight a stop...so after doing months of thinking and putting ideas together and forward testing the ideology behind it I've finally come to my solution...so moving forward that will be greatly effective in further enhancing returns/profitability and such...
No man is free who is not a master of himself. -P.M.-
  • #1,238
  • Feb 1, 2012 3:35am Feb 1, 2012 3:35am
I am looking forward to seeing your ideas come through. Hope it will all work out!.... ...all the best.
Money is important, Love is essential.
  • #1,239
  • Feb 1, 2012 3:37am Feb 1, 2012 3:37am
Just closed out one minute eur usd ctt trade on m1 at the pivot...a long with risk of 0.5 percent...

stop 5.4 pips
closed at +61 pips

so netted 5.64% on this...

long from 1.30486
stop at 1.30378
closed @1.31096

one minute is experimental hence the low risk % but again it should carry the same strike rate as 5 minute if not than perhaps just a little lower...this is all a part of forward testing...and 1 minute would only be done with eur usd and no other pairs although even 1 minute set ups for me don't necessarily happen as often as one might think....

Paul
No man is free who is not a master of himself. -P.M.-
  • #1,240
  • Feb 1, 2012 3:38am Feb 1, 2012 3:38am
Quoting Ati Baia
looking forward to see.... how this works out for you ...all the best.
Thanks
No man is free who is not a master of himself. -P.M.-
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