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Robert Miner's Dynamic Trading learning journal

  • #1
  • First Post: Edited Mar 19, 2012 6:37am Mar 18, 2012 4:54am | Edited Mar 19, 2012 6:37am
Hello traders,

I don't know why moderator moved my journal to the commercial forum. Anyway.

I'm new to FF and Forex trading, have been trading with Robert Miner's method for 9 months. Recently blown my account.

I have also subscribed his newsletter for 3 mths, have not been able to make any money too. So I stopped.

Before I declare Dynamic trading is not for me, I would like to give it another try with a journal. Hopefully I can also find some fellow friends who can give me some advice here.

Cheers,
Marc
  • #2
  • Mar 18, 2012 5:07am Mar 18, 2012 5:07am
Possible short setup at GBPUSD

H1 signal already triggered, waiting for a swing low at M5.

Placing a pending stop short entry at 1.58224 2 lots, SL 1.58460 or another swing high. First target 1.57470.

But if GBP goes up 1.58608 without triggering my entry, cancel order.

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  • #3
  • Mar 18, 2012 11:14am Mar 18, 2012 11:14am
now is 5844
More on my Blog...
  • #4
  • Mar 18, 2012 10:08pm Mar 18, 2012 10:08pm
Move my stop sell entry upward to 1.58268.
  • #5
  • Mar 19, 2012 5:45am Mar 19, 2012 5:45am
My order was triggered.

Short 2 positions GBPUSD at 1.58299, SL 1.58527. First target 1.57470
  • #6
  • Mar 19, 2012 6:02am Mar 19, 2012 6:02am
SL -22*2=-44pips
  • #7
  • Mar 19, 2012 9:34am Mar 19, 2012 9:34am
Giving GBPUSD another try,

Pending stop sell 2 position at 1.58532
  • #8
  • Mar 19, 2012 6:02pm Mar 19, 2012 6:02pm
Quoting lithium1
Giving GBPUSD another try,

Pending stop sell 2 position at 1.58532
Order didn't hit, H1 OS........... cancel order, wait for another few more hours and see how things go first.
  • #9
  • Mar 19, 2012 9:10pm Mar 19, 2012 9:10pm
I have just shorted gbpusd again. will update the price tonight. I'm using my mobile now
  • #10
  • Mar 19, 2012 10:49pm Mar 19, 2012 10:49pm
Quoting lithium1
I have just shorted gbpusd again. will update the price tonight. I'm using my mobile now
shorted 2 position at 58818, sl 58986.

Now close 1 position at 58715. +10 pips
  • #11
  • Mar 20, 2012 6:09am Mar 20, 2012 6:09am
Quoting lithium1
shorted 2 position at 58818, sl 58986.

Now close 1 position at 58715. +10 pips
Closed the other position at 58753. +6pips
  • #12
  • Mar 20, 2012 6:52pm Mar 20, 2012 6:52pm
i also have a book from miner..not too bad at all...the problem is that he simplifies elliot wave at bit too much for my taste especially for the corrections...that's why i came to learn more about elliot wave :nerd:....in your example it is obvious that not a true abc correction is going on... if i remember right the miner rule is what is not a true abc is a complex correction and we should wait for the impulsive wave which indicates the end of the correction..so your c would probably not a true wave c...just my 2 cents
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  • #13
  • Mar 21, 2012 7:17am Mar 21, 2012 7:17am
Lithium1 - I stand behind Miners work 100% - well written book that offers many solid approaches to trading. Will agree his EW is a bit too simple and that is a shortcoming.

My observation from what you posted is that your stops are WAY TOO tight - I have been at this game for a long-time, scalping or day trading FX is a complete waste of time - especially in this current market where themes and cross-currents are fickle at best.

My advice - get yourself on 60-min charts and higher - get your wave counts set-up and look to buy pull-backs and/or sell rallies against the dominant trend. In my opinion stops less than say 35-50 pips is a waste of time - and don't drag out the argument that I cannot take wide stops - yes you can - just adjust your lot size accordingly so if you are stopped out it is no different than taking a 10 pip stop-loss on more lots.
  • #14
  • Mar 24, 2012 12:47am Mar 24, 2012 12:47am
Thanks Torkay & Dave for your kind comments.

Torkay I have read Robert Pretcher's Elliot wave theory as well, but there are just too many possibilities in wave counts.

Dave, I am trying to trade the longer time frame. But since there are waves within waves (subwaves), it is possible to improve our Risk Reward Ratio by entering with the M1, M5 waves? Unless your experience suggest Elliot waves
don't work in smaller time frame? OK, I will try placing my stops virtually with bigger time frames and see if I still get whipsawed.

Thanks again guys for your valuable comments. I appreciate it much.
  • #15
  • Mar 24, 2012 12:49am Mar 24, 2012 12:49am
I'm waiting for a setup in S&P.

Prabably need to wait for 1 or 2 days.

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  • #16
  • Mar 25, 2012 3:12am Mar 25, 2012 3:12am
GBPJPY 5 waves seems to have complete? Waiting for corrective ABC to LONG, but this correction could last for a few weeks to a month.

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  • #17
  • Mar 25, 2012 3:43pm Mar 25, 2012 3:43pm
Quoting lithium1
Possible short setup at GBPUSD

H1 signal already triggered, waiting for a swing low at M5.

Placing a pending stop short entry at 1.58224 2 lots, SL 1.58460 or another swing high. First target 1.57470.

But if GBP goes up 1.58608 without triggering my entry, cancel order.

Attachment
Attachment
another problem i discovered is to combine the right timeframes...miner gives no real rules here....i think it is not good when the gap between the timeframes is too big..like when you combine weekly with hourly charts ...my favourite combination is 1d - 4h and 4h -1h so that the factor between both charts is from 4 to 6... 1d and 1h might work too but you need a much bigger SL for this ...
  • #18
  • Mar 26, 2012 10:09am Mar 26, 2012 10:09am
Quoting lithium1
Thanks Torkay & Dave for your kind comments.

Torkay I have read Robert Pretcher's Elliot wave theory as well, but there are just too many possibilities in wave counts.

Dave, I am trying to trade the longer time frame. But since there are waves within waves (subwaves), it is possible to improve our Risk Reward Ratio by entering with the M1, M5 waves? Unless your experience suggest Elliot waves
don't work in smaller time frame? OK, I will try placing my stops virtually with bigger time frames and see if I still get whipsawed.

Thanks again guys...
Well dropping your time frame to monitor lesser degree waves will not improve your risk/reward ratio per se - a 5-min chart vs. a 60-min chart does not alter risk/reward - all it does is allow the trader to be more pro-active in managing and executing trades.

However, as I said previously, a higher time frame is more conducive in my opinion. Remember, wider stops does not equal higher risk as you can lower the # of lots traded to keep risk at your threshold.

Getting whipsawed on your stops suggests that either the time frame is too small or you are not setting the stops at relevant levels.
  • #19
  • Mar 26, 2012 5:48pm Mar 26, 2012 5:48pm
Quoting torkay77
another problem i discovered is to combine the right timeframes...miner gives no real rules here....i think it is not good when the gap between the timeframes is too big..like when you combine weekly with hourly charts ...my favourite combination is 1d - 4h and 4h -1h so that the factor between both charts is from 4 to 6... 1d and 1h might work too but you need a much bigger SL for this ...
Actually daily DToch has crossed down in this case, I just lazy to post so many charts. So, Weekly is OB, Daily crossed down, I'm using H1 to find an entry.

By the way, S&P has made a new high, so the wave count was wrong, no trade. Back to drawing board again.
  • #20
  • Mar 26, 2012 5:50pm Mar 26, 2012 5:50pm
Quoting Dave Floyd
Well dropping your time frame to monitor lesser degree waves will not improve your risk/reward ratio per se - a 5-min chart vs. a 60-min chart does not alter risk/reward - all it does is allow the trader to be more pro-active in managing and executing trades.

However, as I said previously, a higher time frame is more conducive in my opinion. Remember, wider stops does not equal higher risk as you can lower the # of lots traded to keep risk at your threshold.

Getting whipsawed on your stops suggests that either the time frame is too small or you...
I have flip thru miner's book last night since my broadband internet was down. Yeah he recommended to trade higher timeframes, and start with ETFs with no leverage, until we are expert enough, then we can go back to the M3, M5 charts.
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