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  • #3,701
  • Feb 3, 2012 8:56am Feb 3, 2012 8:56am
Quoting X-Man
Nice work guys.
I locked in half of my profits at 40 pips.
Moved my SL to BE and the second half i'll ride it to 80 or 100 pips.

So right now im on a risk free trade with no stress what so ever.


X-man, Kudos to an awesome system!

Just wanted to find out, after the NFP, what made you enter the market? I decided to stay out completely and missed the move entirely. What would be the trigger there?
  • #3,702
  • Feb 3, 2012 9:07am Feb 3, 2012 9:07am
Quoting burningmunke
X-man, Kudos to an awesome system!

Just wanted to find out, after the NFP, what made you enter the market? I decided to stay out completely and missed the move entirely. What would be the trigger there?
well whens theres red alert news then i dont trade such a candle as you seen what happened.
Infact never trade such a candle.

As Dcginc said theres always another trade opportunity.

When that candle closed out of the triangle i entered on the open of the next candle by then the market settled.
The upward break fake out already happened so that was a further hint
X-man the legendary conqueror of markets
  • #3,703
  • Feb 3, 2012 9:08am Feb 3, 2012 9:08am
Quoting dcginc
What is it in the trading mind that causes traders to want to trade during one of the most volatile annoucements in the Forex market? Greed.

There may be an opportunity, but your emotions are heightened and disjointed simply because of the perception of the volatility. You are trading more for excitement than for profits - in other words, gambling. You will never convince me that you aren't nervous when you are in a trade during these whipsaws!

This creates unnecessary risk and deviation from sound money management and a disciplined approach....
I've claimed a lot of pips on these days but I have lost a ton more, with emotions riding much higher knowing that their is high volatility.

Its with this experience I would advise anyone to not trade NFP days.
  • #3,704
  • Feb 3, 2012 9:13am Feb 3, 2012 9:13am
Quoting burningmunke
X-man, Kudos to an awesome system!

Just wanted to find out, after the NFP, what made you enter the market? I decided to stay out completely and missed the move entirely. What would be the trigger there?

I wonder how Abe Linc got to know about the internet?
Let it turn and find your entry.
  • #3,705
  • Feb 3, 2012 9:14am Feb 3, 2012 9:14am
what a lousy week. I can never get the 50 pips. Always get BE
  • #3,706
  • Feb 3, 2012 9:20am Feb 3, 2012 9:20am
And i'm out .

pips made this week - 472
Pips lost this week - 0
Total pips for the week - 472

Total win rate 100%
3 trades at BE

I'm out for today
Enjoy your weekend guys. See you back on monday.
I'm off to play a nice game of squash. Thats the most addictive sport just cant get enough
X-man the legendary conqueror of markets
  • #3,707
  • Feb 3, 2012 9:28am Feb 3, 2012 9:28am
Quoting X-Man
And i'm out .

pips made this week - 472
Pips lost this week - 0
Total pips for the week - 472

Total win rate 100%
3 trades at BE

I'm out for today
Enjoy your weekend guys. See you back on monday.
I'm off to play a nice game of squash. Thats the most addictive sport just cant get enough
Nice work!! I sat on the sidelines today... usually do on NFP. Keep up the great work... love your system... and enjoy learning something new every day in this thread. Enjoy your squash game... I'm off to play golf.

Great weekend to all
Addicted and proud of it!
  • #3,708
  • Feb 3, 2012 9:39am Feb 3, 2012 9:39am
X Man

Not only are you a great trader but also a great mentor and teacher.

The friendly tone of this thread no doubt contributes to its huge success and makes you a great human being in my eyes.

Thank you for all your hard work and interest in helping those of us who need that bit of extra help in navigating the rough seas of Forex.

A big thank you too to all your first mates who contribute to all the learning info on the thread.

Greenlake
  • #3,709
  • Feb 3, 2012 9:41am Feb 3, 2012 9:41am
How many lessons to be learned...
I totally screwed up everything.
A long weekend of study and backtesting waits me...
  • #3,710
  • Feb 3, 2012 11:04am Feb 3, 2012 11:04am
Nine trades for the week.

Pips earned this week on seven trades +336.
Pips lost this week on one trade -4.
One trade at BE.

Total pips for the week +332.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.3.12 week.jpg Size: 118 KB
  • #3,711
  • Feb 3, 2012 11:43am Feb 3, 2012 11:43am
Quoting hale-mary
what a lousy week. I can never get the 50 pips. Always get BE
So then why don't you stop pulling to BE? Inspired by Phx62 I also experimented with BE and 5pips-below-candle-TS. I even made a trade management EA for that. But then I realized that I not only cut my losses but also my wins.

This is a high probability method. Even with a R:R ratio of only 1:1 (e.g. TP50, SL50) you should be winning in the long run. With TP50 and SL30 it should be even better. Provided you stick to the rules, your trading plan, and proper MM.

gary
  • #3,712
  • Feb 3, 2012 11:58am Feb 3, 2012 11:58am
For me, when backtesting (as well as this week) proved to me that 50 tp is hard to obtain. I noticed that Xman started looking at other things as well when setting the TP. I am having difficulty trying to judge the TP. Taking 20 pips a day is easy so that is out of the question. SOme of the more expecienced i know look at S/R levels or trail.
  • #3,713
  • Feb 3, 2012 12:03pm Feb 3, 2012 12:03pm
Quoting gms
So then why don't you stop pulling to BE? Inspired by Phx62 I also experimented with BE and 5pips-below-candle-TS. I even made a trade management EA for that. But then I realized that I not only cut my losses but also my wins.

This is a high probability method. Even with a R:R ratio of only 1:1 (e.g. TP50, SL50) you should be winning in the long run. With TP50 and SL30 it should be even better. Provided you stick to the rules, your trading plan, and proper MM.

gary
Its more of a TP problem....when to get out. As i think I am getting the hang of entries. But I wont say anything yet, The BE is necessary as the trades would end up in a loss. BE is better than a loss. I just hate getting BE when I know I can get a profit. I can post trades when I make a profit as well, but it does not make sense unless I am consistent.
  • #3,714
  • Feb 3, 2012 12:24pm Feb 3, 2012 12:24pm
hale mary take profit at your resistance levels coincide them on a minute chart and watch your stoch and macd to confirm a change down/up
  • #3,715
  • Feb 3, 2012 12:30pm Feb 3, 2012 12:30pm
Quoting alshaheen
hale mary take profit at your resistance levels coincide them on a minute chart and watch your stoch and macd to confirm a change down/up
last thing i want to do is become indy dependant again and 1 minute charts are a nightmare
  • #3,716
  • Feb 3, 2012 12:39pm Feb 3, 2012 12:39pm
Quoting hale-mary
last thing i want to do is become indy dependant again and 1 minute charts are a nightmare
then im also interested to try the answer you search for
  • #3,717
  • Feb 3, 2012 2:12pm Feb 3, 2012 2:12pm
hale-mary, if you have the time to monitor your trades do not set a TP only a SL at S&R, then when you feel you have enough you take your profit and run. This is what i do and it accumulates fast, in my mind i have a goal set at +50 therefore when it reaches that point i will re-evaluate and see if i can take more or if i have to get out. Sometimes it reaches and surpasses my goal and sometimes i will get out with only small pips, but my SL is always set, the main thing is finishing the day with profit, doesn't matter how much the profit is, as long as it's profit you are ahead of the pack.
Only my strategy, may not work for all.

Good Luck
cajun
  • #3,718
  • Feb 3, 2012 3:21pm Feb 3, 2012 3:21pm
Little suggestion: why not add a picture or two of "pullback candles" on the S3 1Hr rules PDF?
It would make a lot easier for newbbies (like myself) to recognize them.
  • #3,719
  • Feb 3, 2012 3:29pm Feb 3, 2012 3:29pm
Hale mary

TP is always set according to a traders discretion especially in this method.
I totally agree with cajuns last post when he say at times you must take your profits and run

Theres lots of ways i use to set my TP.
Your TP firstly must be set in a logical yet reasonable area.

These are the following things i use to set my TP:
1. Fibb Tool
2. Major S&R areas , trend lines etc ( i wont set my TP beyond those points as it not logical. you set TP within those points)
3.I posted the sonic pivots indi , this also can be used to set TP. There you can see support and resistance levels

Now you will have to know when and how to use these tools for TP.
If you set your TP for 50 pips then when you use these tools and see that PA wont go to 50 pips because the tools show PA will stop at the certin level then you lock in your profits at 20, 30 or 40 pips whatever the case maybe.
With lots of practice you will get the hang of it and it will become second nature as you get better at using various tools.

I want to set some rules for you.
Firstly i want you to take only pips a trade or less.
I dont want you to set TP higher than 50.
secondly i dont want you moving your SL to BE.
If im not mistaken you mention earlier in the week that you have taken some of the winning trade but got stopped out at BE.
from 50 move your SL to 30 or 20 SL when you 30 pips up rather then moving it to BE.

From next week i want you to post me charts whether its winning or losing trades.
Your chart should look like the charts i post.
It shows entry , TP and SL ( I show these in 3 colors)
I use paint to do all that so the charts are more understandable.

so i'll be looking forward to your charts next week.
All traders are welcome to do this if they want further help.
X-man the legendary conqueror of markets
  • #3,720
  • Feb 3, 2012 4:55pm Feb 3, 2012 4:55pm
Ok thanks Xman will do. I can post charts of trades this week. I use fxcm as my broker so will have to show manually.
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