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  • #5,241
  • Feb 22, 2012 10:24am Feb 22, 2012 10:24am
Quoting jamauqui
Hi Phx62,

Checking you E/U chart, i opened a short trade at LO as you but i closed after 4 candles with -19pips; so I would like to know did you manage this trade in order to realize that you should close the trade at -1pip? When the pair is hesitating how do you decide to let it go or just close it??
Sorry but i've been having troubles at the time of manage the trade ones its open.

Thanks for the info...
can i ad anther question here to X-man , Phx62...

did you take any decision during the candle time or always wait to candle close ....especially exiting trades .." manually exit "...
  • #5,242
  • Feb 22, 2012 10:30am Feb 22, 2012 10:30am
Hi, good day everyone, I'd read thru the thread and doing my back and forward test with this method. I had to admit that this is a very good and simple method, however there are still a lot of things i have to learn from everyone here. Here's a post in H1 i execute followed all rules, can some one show me the reason why it failed ? Did i miss out something ?
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 23 KB
  • #5,243
  • Feb 22, 2012 10:31am Feb 22, 2012 10:31am
Attached Image (click to enlarge)
Click to Enlarge Name: euro.gif Size: 27 KB

testing London H.
  • #5,244
  • Feb 22, 2012 10:38am Feb 22, 2012 10:38am
Hi X-Man,

Another question regarding the 4H swing trade. Let's say I open a trade with 100 TP and 100 SL on channel bounce signal, how would you identify that it is a wrong trade and manual close the trade with minimum lose? Or you just let it run to TP/SL?

Thanks!
  • #5,245
  • Feb 22, 2012 10:49am Feb 22, 2012 10:49am
Quoting HITMAN
can i ad anther question here to X-man , Phx62...

did you take any decision during the candle time or always wait to candle close ....especially exiting trades .." manually exit "...
Entering trades....always at the beginning of a candle.
Exiting trades.....anytime I see consolidation or a reason to exit.
  • #5,246
  • Feb 22, 2012 11:10am Feb 22, 2012 11:10am
Quoting Phx62
Entering trades....always at the beginning of a candle.
Exiting trades.....anytime I see consolidation or a reason to exit.
hi phx62. i had a hard time identifying pullback candle. could you help me? like today @LO . i thought it was a pullback candle but then i wrong.
  • #5,247
  • Feb 22, 2012 11:29am Feb 22, 2012 11:29am
Hello,
I test this method.
Congratulations to Xman.
I'm French, sorry for my bad English!
I can not translate a whole document Xmen's .doc.
"You Will enter at the open of the candle straght the after the signal candle"
However, in the graph or Phx62 Xman, this is not respected!?
1-Do you use a robot Ea, for Entries trade?
2-Someone speaks French ?
Thank you very much
  • #5,248
  • Feb 22, 2012 11:52am Feb 22, 2012 11:52am
Quoting Phx62
Entering trades....always at the beginning of a candle.
Exiting trades.....anytime I see consolidation or a reason to exit.
MY problem is as i am forced to track my trade pip by pip but me under massive emotional stress which influence my chart reading especially when my pips turn to red ... i enter the euro usd trade from same level you enter but my judgement under lead me to exit in the middle of third candle with 18 pip loss ..
from your experience could you show me please how and when exit losing ( wrong direction trade )
  • #5,249
  • Feb 22, 2012 12:09pm Feb 22, 2012 12:09pm
Quoting HITMAN
MY problem is as i am forced to track my trade pip by pip but me under massive emotional stress which influence my chart reading especially when my pips turn to red ... i enter the euro usd trade from same level you enter but my judgement under lead me to exit in the middle of third candle with 18 pip loss ..
from your experience could you show me please how and when exit losing ( wrong direction trade )
Sounds like your lots are too high per trade, if you are getting stressed out that much by a trade going south on you.
If you must trade live (which is the best way to learn) use micro lots (0.01) to start until you have confidence in the strategy and that you can use the strategy,
Dont even use a percentage system for MM ie 1% of your account balance as risk, until you are sure of you and the system , you dont need to use that method yet ,
Just stick at 0.01 for the time being

Set your SL at the last fractal , one of the traders here can answer that better as I am using another system but reading this thread , as the strat i use is similar
  • #5,250
  • Feb 22, 2012 12:47pm Feb 22, 2012 12:47pm
Quoting HITMAN
MY problem is as i am forced to track my trade pip by pip but me under massive emotional stress which influence my chart reading especially when my pips turn to red ... i enter the euro usd trade from same level you enter but my judgement under lead me to exit in the middle of third candle with 18 pip loss ..
from your experience could you show me please how and when exit losing ( wrong direction trade )
I use a last higher or lower for SL and support resistance PA
  • #5,251
  • Feb 22, 2012 1:12pm Feb 22, 2012 1:12pm
Quoting Chriswill57
Hi, good day everyone, I'd read thru the thread and doing my back and forward test with this method. I had to admit that this is a very good and simple method, however there are still a lot of things i have to learn from everyone here. Here's a post in H1 i execute followed all rules, can some one show me the reason why it failed ? Did i miss out something ?
From what i see is that you went short after the TDI cross.
If you look at PA there is a small tiny little red candle.
Its really weak.
If you try to trade every cross on TDI then you will get killed in a ranging market.
First we want to see momentum in PA , then we confirm the TDI cross
There was not downward momentum at all.
X-man the legendary conqueror of markets
  • #5,252
  • Feb 22, 2012 1:18pm Feb 22, 2012 1:18pm
Quoting leong_87
Hi X-Man,

Another question regarding the 4H swing trade. Let's say I open a trade with 100 TP and 100 SL on channel bounce signal, how would you identify that it is a wrong trade and manual close the trade with minimum lose? Or you just let it run to TP/SL?

Thanks!
Ok firstly we looking for a candle colour change. for example from blue the candle must turn red and stay red until close then we enter short on the open of the second red candle.

Now the question is how would we know to exit if we wrong:
A safe and simple way is that the when the red candles start changing to blue again the we exit.
Back test and you will see how many lovely runs you will get if the candle dont change colour. Theres enough running up until 100 to 200 pips easy before a candle colour change.

So b conservative and exit when the candle changes colour then look for other set ups.
X-man the legendary conqueror of markets
  • #5,253
  • Feb 22, 2012 1:24pm Feb 22, 2012 1:24pm
Quoting HITMAN
MY problem is as i am forced to track my trade pip by pip but me under massive emotional stress which influence my chart reading especially when my pips turn to red ... i enter the euro usd trade from same level you enter but my judgement under lead me to exit in the middle of third candle with 18 pip loss ..
from your experience could you show me please how and when exit losing ( wrong direction trade )
Why are you forced to track your trade pip by pip?
You are riding the emotional roller coaster for nothing.
You nedd to relax and take it easy.

Firstly a person should only trade money that he dont even need coz forex is a place where its like throwing a stack of your money on the street when you lose a trade.

You should try to get your psychological trading in order firstly
X-man the legendary conqueror of markets
  • #5,254
  • Feb 22, 2012 1:27pm Feb 22, 2012 1:27pm
Quoting jpctop
Hello,
I test this method.
Congratulations to Xman.
I'm French, sorry for my bad English!
I can not translate a whole document Xmen's .doc.
"You Will enter at the open of the candle straght the after the signal candle"
However, in the graph or Phx62 Xman, this is not respected!?
1-Do you use a robot Ea, for Entries trade?
2-Someone speaks French ?
Thank you very much
I think i know what you trying to say.
Well when you trade this system long enough and gain the experience then you will be able to enter during the candle at the right times because you have your edge built up and will be able to exit when you know you wrong.
X-man the legendary conqueror of markets
  • #5,255
  • Feb 22, 2012 1:48pm Feb 22, 2012 1:48pm
Quoting peterporter
Sounds like your lots are too high per trade, if you are getting stressed out that much by a trade going south on you.
If you must trade live (which is the best way to learn) use micro lots (0.01) to start until you have confidence in the strategy and that you can use the strategy,
Dont even use a percentage system for MM ie 1% of your account balance as risk, until you are sure of you and the system , you dont need to use that method yet ,
Just stick at 0.01 for the time being

Set your SL at the last fractal , one of the traders here can...
....... I open my first live account 3 months ago during this period i never risk more than 2% per trade ( including this one ) however my account balance now is down 22% due to different reason from changing the trading systems many times .. trading small time frames with very small SL ....take profit too early ...
you know after you start to loss you feel like are in the middle of swamp every action make difficult to get out of it ..
any way i think this system is good .simple & few rules and ...1H time frame is good offer less stress and time in the front of the screen with reasonable number of trades per week . .and . i hope this system could improve my trading result ......
  • #5,256
  • Feb 22, 2012 1:56pm Feb 22, 2012 1:56pm
Quoting HITMAN
MY problem is as i am forced to track my trade pip by pip but me under massive emotional stress which influence my chart reading especially when my pips turn to red ... i enter the euro usd trade from same level you enter but my judgement under lead me to exit in the middle of third candle with 18 pip loss ..
from your experience could you show me please how and when exit losing ( wrong direction trade )
Of all the posts lately about entry, exit, pullback candles, system rules, etc, on & on, this one really has me worried!

Why? As X-Man said, "You should try to get your psychological trading in order firstly"

But Hitman is probably asking How do I do that?

First of all a HITMAN has NO emotion attached to his trading, by limiting the risk on each & every trade, whether that is 0.5% or the usual 2% - that is up to YOU.

Once you accept the risk & maximum loss for each trade, place the trade and let it run it's course - NO need to watch it pip by pip!

Some Mark Douglas quotes to help everyone keep on track.

The 7 Principles of Consistency:

1. I objectively identify my edges.

2. I predefine the risk of every trade.

3. I completely accept the risk or I am willing to let go of the trade.

4. I act on my edges without reservation or hesitation.

5. I pay myself as the market makes money available to me.

6. I continually monitor my susceptibility for making errors.

7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.


The 5 Fundamental Truths of Trading:

1. Anything can happen.

2. You don’t need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing happening over another.

5. Every moment in the market is unique.
It takes a lot for me to IGNORE you, but you can try.
  • #5,257
  • Feb 22, 2012 1:59pm Feb 22, 2012 1:59pm
The 7 Principles of Consistency:

1. I objectively identify my edges.

2. I predefine the risk of every trade.

3. I completely accept the risk or I am willing to let go of the trade.

4. I act on my edges without reservation or hesitation.

5. I pay myself as the market makes money available to me.

6. I continually monitor my susceptibility for making errors.

7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.


The 5 Fundamental Truths of Trading:

1. Anything can happen.

2. You don’t need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing happening over another.

5. Every moment in the market is unique.[/quote]

  • #5,258
  • Feb 22, 2012 2:00pm Feb 22, 2012 2:00pm
After a failed short E/U this morning, 2nd london candle (exited at -7) I profited from a short GBP/JPY, a classic TMS entry, for 30 pips.
  • #5,259
  • Feb 22, 2012 2:13pm Feb 22, 2012 2:13pm
Quoting ljin
hi phx62. i had a hard time identifying pullback candle. could you help me? like today @LO . i thought it was a pullback candle but then i wrong.
Pullback candles have been discussed in this thread a couple of times but you will have to search for those posts......
  • #5,260
  • Feb 22, 2012 2:13pm Feb 22, 2012 2:13pm
Quoting Erebus
Of all the posts lately about entry, exit, pullback candles, system rules, etc, on & on, this one really has me worried!

Why? As X-Man said, "You should try to get your psychological trading in order firstly"

But Hitman is probably asking How do I do that?

First of all a HITMAN has NO emotion attached to his trading, by limiting the risk on each & every trade, whether that is 0.5% or the usual 2% - that is up to YOU.

Once you accept the risk & maximum loss for each trade, place the trade...
i think i should read the all mark douglas book
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