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  • #5,561
  • Feb 27, 2012 10:28am Feb 27, 2012 10:28am
Quoting Phx62
Two trades today....both entered after the first candle of LO moved past the low of the setup candle. PA did what it does quite often on Monday morning.....it continued in the direction of the Asian session.....EU +50.....EJ +150....nice start to the week.
I had some minor surgery last week so I was able to stay at home and study some other pairs for 5 days and incorporate them into my trading plan.....it paid off with the EJ this morning.
hi Phx62,

Great start of week, checking the pair E/J i would like to know how did you manage your exit point in order to get +150pips
  • #5,562
  • Feb 27, 2012 11:09am Feb 27, 2012 11:09am
Quoting Phx62
Two trades today....both entered after the first candle of LO moved past the low of the setup candle. PA did what it does quite often on Monday morning.....it continued in the direction of the Asian session.....EU +50.....EJ +150....nice start to the week.
I had some minor surgery last week so I was able to stay at home and study some other pairs for 5 days and incorporate them into my trading plan.....it paid off with the EJ this morning.
Phx62,

what made you exit on EURUSD? I did wait some more time and I went back from 50pips to 26pips so I lost 24 pips because I did not close it on time, what made you exit on the EURUSD exactly on the right time?

thank you
  • #5,563
  • Feb 27, 2012 11:19am Feb 27, 2012 11:19am
Quoting Phx62
Two trades today....both entered after the first candle of LO moved past the low of the setup candle. PA did what it does quite often on Monday morning.....it continued in the direction of the Asian session.....EU +50.....EJ +150....nice start to the week.
I had some minor surgery last week so I was able to stay at home and study some other pairs for 5 days and incorporate them into my trading plan.....it paid off with the EJ this morning.
I also went short at 109.13. The Yen has completed its 1,000 pips run so it seems some correction on the way therefore holding this short for a while to see how things unfold.

Trade well.
Forex is boring but profitable with patience and discipline
  • #5,564
  • Feb 27, 2012 11:25am Feb 27, 2012 11:25am
Quoting migmac
Phx62,

what made you exit on EURUSD? I did wait some more time and I went back from 50pips to 26pips so I lost 24 pips because I did not close it on time, what made you exit on the EURUSD exactly on the right time?

thank you
Let me try to answer this question.

Refer post 5487 and you will get the clue why he closed when price reached in that particular area.
Forex is boring but profitable with patience and discipline
  • #5,565
  • Feb 27, 2012 11:32am Feb 27, 2012 11:32am
Quoting jamauqui
hi Phx62,

Great start of week, checking the pair E/J i would like to know how did you manage your exit point in order to get +150pips
Entered the trade with a 50 pip SL & 100 pip TP based on backtesting and studying PA on this pair for the past week........went back to bed....got up to see price still moving steadily down so I move TP to 150 and trailed SL 5 pips behind the previous candle...went to work....150 TP was hit by the time I got to work...at the time the trade closed, the SL was at about 80 pips on the trailing stop....I like to give the trades 30 to 35 pips of "breathing room"......I was at my work computer before price pulled back so if the TP had not been hit, I probably would have closed the trade manually, before it got to the SL, for 100 to 120 pips.
Regards....
  • #5,566
  • Feb 27, 2012 11:36am Feb 27, 2012 11:36am
Quoting migmac
Phx62,

what made you exit on EURUSD? I did wait some more time and I went back from 50pips to 26pips so I lost 24 pips because I did not close it on time, what made you exit on the EURUSD exactly on the right time?

thank you
I enter most of my EU H1 trades with a 50 pip SL and a 50 pip TP....if price is moving well, I wll adjust my TP to 100....otherwise, I take the 50 pip TP or get taken out where ever my SL is at the time.....after 30 pips, I trail SL 5 pips behind the previous candle.

The post prftablefool referred to is #5480.
  • #5,567
  • Feb 27, 2012 11:36am Feb 27, 2012 11:36am
Phx,
Nice trades as usual, you stated you had been looking at the way other pairs move, would you mind stating which other pairs you looked at for this sytem?
Thanks rob
  • #5,568
  • Feb 27, 2012 11:47am Feb 27, 2012 11:47am
Quoting Phx62
Entered the trade with a 50 pip SL & 100 pip TP based on backtesting and studying PA on this pair for the past week........went back to bed....got up to see price still moving steadily down so I move TP to 150 and trailed SL 5 pips behind the previous candle...went to work....150 TP was hit by the time I got to work...at the time the trade closed, the SL was at about 80 pips on the trailing stop....I like to give the trades 30 to 35 pips of "breathing room"......I was at my work computer before price pulled back so if the TP had not been hit,...
Thanks for the explanation, great trade indeed!!, I will do backtesting in other pairs too
  • #5,569
  • Feb 27, 2012 11:49am Feb 27, 2012 11:49am
Quoting robthorp
Phx,
Nice trades as usual, you stated you had been looking at the way other pairs move, would you mind stating which other pairs you looked at for this sytem?
Thanks rob
So far, only GU and EJ have been added to my trading plan. Eventually, I will learn PA and the idiosyncrasies for GJ and AU, but that takes lots of time and study. EU is still my base pair to trade because that is where I have put in the time and effort to understand how it moves and acts in situations.
Regards.....
  • #5,570
  • Feb 27, 2012 11:56am Feb 27, 2012 11:56am
Quoting jamauqui
Thanks for the explanation, great trade indeed!!, I will do backtesting in other pairs too
I would suggest that everyone select and concentrate on one pair only until you have mastered how it performs and you can be consistantly profitable with that one pair (you should be able to average at least 200 pips a week). X-Man has suggested we all master the EU.....Once you reach that point, branching out to other pairs becomes easier and hopefully quite profitable. I, for one, do not want to "derail the train while trying to repair the track". I will not post anymore trades, except the EU ones....I don't want anyone to lose focus on this thread and what it offers.
Regards....
  • #5,571
  • Feb 27, 2012 12:04pm Feb 27, 2012 12:04pm
Quoting Phx62
So far, only GU and EJ have been added to my trading plan. Eventually, I will learn PA and the idiosyncrasies for GJ and AU, but that takes lots of time and study. EU is still my base pair to trade because that is where I have put in the time and effort to understand how it moves and acts in situations.
Regards.....
Sorry mate for bother you, but as you know i am new in this world. So i wonder if you can tell me what are the points that you are looking for at the time of backtesting?
thanks for the help!
  • #5,572
  • Feb 27, 2012 12:08pm Feb 27, 2012 12:08pm
Nice trade on EU today. +60

Back in to see if I can catch a short move up.
Attached Image
  • #5,573
  • Feb 27, 2012 12:17pm Feb 27, 2012 12:17pm
Mastering one pair....yes!


Quoting Phx62
I would suggest that everyone select and concentrate on one pair only until you have mastered how it performs and you can be consistantly profitable with that one pair (you should be able to average at least 200 pips a week). X-Man has suggested we all master the EU.....Once you reach that point, branching out to other pairs becomes easier and hopefully quite profitable. I, for one, do not want to "derail the train while trying to repair the track". I will not post anymore trades, except the EU ones....I don't want anyone to lose focus on this...
  • #5,574
  • Feb 27, 2012 12:41pm Feb 27, 2012 12:41pm
Quoting jamauqui
Sorry mate for bother you, but as you know i am new in this world. So i wonder if you can tell me what are the points that you are looking for at the time of backtesting?
thanks for the help!
There is a lot of information in this thread and the Trading Made Simple thread by eelfranz about how to backtest and what to look for. You will also get a good insight about what to look for in your trading by studying this information.
Regards.....
  • #5,575
  • Feb 27, 2012 12:42pm Feb 27, 2012 12:42pm
Quoting jasonnevis
Nice trade on EU today. +60

Back in to see if I can catch a short move up.
Nice job Jason!!!!
  • #5,576
  • Feb 27, 2012 12:55pm Feb 27, 2012 12:55pm
Quoting Phx62
Nice job Jason!!!!
Thanks Phx! I see your still raking in those pips, +200 you must be having a great monday.
  • #5,577
  • Feb 27, 2012 1:47pm Feb 27, 2012 1:47pm
Quoting Phx62
Two trades today....both entered after the first candle of LO moved past the low of the setup candle. PA did what it does quite often on Monday morning.....it continued in the direction of the Asian session.....EU +50.....EJ +150....nice start to the week.
I had some minor surgery last week so I was able to stay at home and study some other pairs for 5 days and incorporate them into my trading plan.....it paid off with the EJ this morning.
Nice one.
It was absolutely the same movement for G/J and U/J like E/J.
I took short for all three, but for a much lower TP ...doh.
  • #5,578
  • Feb 27, 2012 2:42pm Feb 27, 2012 2:42pm
You said you looked at the PA of EJ last week to determine the trade...I think.

I thought PA in general was consistent and not dependent on the on a previous weeks move. Could be wrong.
  • #5,579
  • Feb 27, 2012 3:27pm Feb 27, 2012 3:27pm
Quoting hale-mary
You said you looked at the PA of EJ last week to determine the trade...I think.

I thought PA in general was consistent and not dependent on the on a previous weeks move. Could be wrong.
No...I said I studied PA and how this pair moves by backtesting last week. There is no way to determine PA for today by studying last weeks PA. What I was trying to convey is that I had to spend some time studying and learning how this pair acts and reacts before trading it.
Regards
  • #5,580
  • Feb 27, 2012 3:38pm Feb 27, 2012 3:38pm
Hi guys,

quick question, hope someone can answer the question here. Can't reach the chat of my broker.

I have opened a trade and put a SL and TP in place.

But there are no lines at entry, SL and TP in my chart. Even when I check the weekly and monthly, these levels are nowhere to be seen.

I double checked everything. The symbol (pair), the trade is actually running (it was a market order, not a limit or stop order) and I see the profit changing constantly. Also checked the SL and TP, all is fine and in place.

Is there some sort of setting I have to edit before I can see the entry, SL and TP in the chart?

These levels are always in the charts, but now they have vanished and I would like to see them in the charts.

Hope someone can help me out
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