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  • #2,261
  • Apr 12, 2012 11:47am Apr 12, 2012 11:47am
Quoting forexhard
Please don't take it personally. I wasn't trying to give you a complex or anything. It's just that lately we've had guys posting lies about us in other threads, and one of those lies had to do with Martingaling. So it seemed like a disclaimer was in order, especially since an EA is in the works.

About the other thread ..... let the dog bark to the moon. I won't worry about it. The original will last longer.

Cheers
Risk Less Gain More, Trade Less Make More
  • #2,262
  • Apr 13, 2012 5:17am Apr 13, 2012 5:17am
Hello - I am in the EURJPY short trade (see attached chart). Targeted the short due to the retrace on the strong H4 down trend.

I have used the CZ size as my SL and TP targets (26 pips). It ran to +17 earlier but has since turned and I'm floating around break even.

Sue
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-short.png Size: 14 KB
  • #2,263
  • Apr 13, 2012 5:20am Apr 13, 2012 5:20am
Also in this GBPJPY short. Same set-up as the EURJPY, with the same SL and TP based off the height of the box.

Edit: currently -10 pips

Sue
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-short.png Size: 15 KB
  • #2,264
  • Apr 13, 2012 5:43am Apr 13, 2012 5:43am
Hi Sue!

Saw that one on Eur_JPY. Did not enter because it was already pass my bed time and i like to keep an eye on the open trades i make.

Yesterday on G/U was a tricky one! Gave me 3 entry signals and i managed at the end to be profitable.

Patience is the key.

Here is what i see on AUD_USD that can give us pips in our pockets in a near future/hours.

A note : Today is OPEX day, so i don't know how volatile the pairs will be.
Attached Image (click to enlarge)
Click to Enlarge Name: a_u.gif Size: 10 KB
  • #2,265
  • Apr 13, 2012 6:00am Apr 13, 2012 6:00am
Quoting sue23
Hello - I am in the EURJPY short trade (see attached chart). Targeted the short due to the retrace on the strong H4 down trend.

I have used the CZ size as my SL and TP targets (26 pips). It ran to +17 earlier but has since turned and I'm floating around break even.

Sue
EURJPY hit stop loss: -26 pips

That would have been -1% with my usual position size, but as I'm testing this it's only -0.05%!

Sue
  • #2,266
  • Apr 13, 2012 6:03am Apr 13, 2012 6:03am
Quoting sue23
EURJPY hit stop loss: -26 pips

That would have been -1% with my usual position size, but as I'm testing this it's only -0.05%!

Sue
I still have a short bias for this trade due to the H4 chart, but I'm not really sure how to approach this now. Are other people just following price as forexhard suggests, or do you stick to your original analysis and only trade one side of the CZ?

Sue
  • #2,267
  • Apr 13, 2012 6:09am Apr 13, 2012 6:09am
Quoting sue23
I still have a short bias for this trade due to the H4 chart, but I'm not really sure how to approach this now. Are other people just following price as forexhard suggests, or do you stick to your original analysis and only trade one side of the CZ?

Sue
Don't take my word for it, but if i understand this method correctly, you trade the breakout! If the price breakout to the opposite side, you trade it, as long it fit the ForexHard Rules. Up until 4 entry's are allowed per CZ, no matter what the breakout side it breaks. Only after that you wait for another CZ to form.

Ah: and most important : lose that BIAS !!
  • #2,268
  • Apr 13, 2012 6:11am Apr 13, 2012 6:11am
Quoting sconcha
Don't take my word for it, but if i understand this method correctly, you trade the breakout! If the price breakout to the opposite side, you trade it, as long it fit the ForexHard Rules. Up until 4 entry's are allowed per CZ, no matter what the breakout side it breaks. Only after that you wait for another CZ to form.

Ah: and most important : loose that BIAS !!
Okay! I'll see how it goes. I actually picked up the second breakout for my trade (asleep for the first), so maybe it was lower quality. The 1st would have been a winner.

Sue
  • #2,269
  • Apr 13, 2012 6:49am Apr 13, 2012 6:49am
Quoting sue23
Also in this GBPJPY short. Same set-up as the EURJPY, with the same SL and TP based off the height of the box.

Edit: currently -10 pips

Sue
Stopped out of my GBPJPY trade: -31 pips. Equivalent to -1% (-2% for the day)

Sue

Edit: I missed the long entry on GBPJPY due to the spike up. Watching now to see what price action looks like.
  • #2,270
  • Edited 7:24am Apr 13, 2012 7:04am | Edited 7:24am
Sue, 3 quick comments:

1. We allow price to tell us what to do. We never anticipate direction. We simply take the breakout price.

2. We can do this, because we have chosen parameters which give back only the very best CZ's possible for that pair. This creates less CZ's but the quality factor increases exponentially. So that, none of my CZ's have less than 30 bars, regardless of the pair. I get many fewer CZ's that way, but I get a lot more TP's on the first breakout as a result.

3. Different pairs have different personalities. Some pairs are princes, and some are real stinkers. The real purpose of the demo trading is not to "try to see if breakout trading works", it's to study and compare the various currency personalities. Keep a detailed diary of all your trades. After a few weeks a couple of pairs will pop out at you as your favorites. You will of course refine your technique along the way as well, but what you really need to do most is learn which pairs to trust and which ones to avoid. You don't need more pairs to trade, you need only a couple of pairs that you have confidence in, and whose idiosyncracies you have mastered.
To improve is to change. To perfect, is to change often.
  • #2,271
  • Edited 7:44am Apr 13, 2012 7:11am | Edited 7:44am
Quoting forexhard
Sue, 3 quick comments:

1. We allow price to tell us what to do. We never anticipate direction. We simply take the breakout price.

2. We can do this, because we have chosen parameters which give back only the very best CZ's possible for that pair. This creates less CZ's but the quality factor increases exponentially. So that, none of my CZ's have less than 30 bars, regardless of the pair. I get many fewer CZ's that way, but I get a lot more TP's on the first breakout as a result.

3. Different pairs have different personalities. Some pairs...
Wise words. I appreciate your comments.

Being used to H4 and daily bars, I do tend to scan a whole lot of pairs (I have 16 set up at the moment) and I see this as a process of whittling it down to the ones I feel most comfortable with. And of course, the ones which perform the best with the settings I have chosen.

Thank you for your feedback.

Sue

Edit: I entered the short break of EURJPY again. I have to dash out to the shops, so this trade will have to do it's own thing without me breathing down it's neck. I'm testing my new money management ideas with this trade. A different stop and take profit, with the same risk %. This should offset some of the previous loss if it runs in the right direction.
  • #2,272
  • Edited 10:36am Apr 13, 2012 9:53am | Edited 10:36am
Just got back in to find both my short trades (EURJPY and GBPJPY) hit their take profits. Yey!

The way I tweaked the stop loss and take profits meant the trades covered the earlier losses and made a healthy profit on top. Early days, but I feel like I have made a lot of progress in one day. Still find the M15 charts insanely quick to deal with...it's a good job I don't trade the one minute charts!

As a bonus my AUDCHF long trade off the daily chart from three weeks ago has just hit TP. Almost 170 pips = 4.5% = ker-ching! ;-)

Have a lovely weekend,

Sue

Edit: just had a look at the profits from the four trades and (assuming I had been risking 1%, rather than penny trading) I was -2% for the first two trades then +3.5% for the re-entries. The second set of trades were set at approx. 80% of the original stop loss and took 160% of the profit. A bit of profit was eaten by slippage and the spread.
  • #2,273
  • Apr 13, 2012 12:22pm Apr 13, 2012 12:22pm
Gotta love it. After a 5-day climb and a total gain of about 160p (the 140 shown, plus a few more besides), the whole thing comes crashing down right back to the CZ's upper level in just 1 day! Almost to the pip!

Perfect.
Attached Image
To improve is to change. To perfect, is to change often.
  • #2,274
  • Apr 13, 2012 12:28pm Apr 13, 2012 12:28pm
Quoting sue23
Just got back in to find both my short trades (EURJPY and GBPJPY) hit their take profits. Yey!

The way I tweaked the stop loss and take profits meant the trades covered the earlier losses and made a healthy profit on top. Early days, but I feel like I have made a lot of progress in one day. Still find the M15 charts....
Another happy SSBO camper! Congratulations on finding something that works for you! Some people spend years searching and never find it.

Just tighten those parameters down until they beg for mercy. Better 5 perfect CZ's than 50 so-so. It's not how many pips you make, it how much you can trust the ones you get to work with. 50p in the right hands can be as profitable as 1000 pips in the wrong ones, never forget that.

Contiunued success, and keep posting those (smaller) pics! LOL
To improve is to change. To perfect, is to change often.
  • #2,275
  • Apr 13, 2012 12:37pm Apr 13, 2012 12:37pm
Quoting forexhard
Sue, 3 quick comments:

1. We allow price to tell us what to do. We never anticipate direction. We simply take the breakout price.

This has always been my number one rule!!!!

Cheers,
Risk Less Gain More, Trade Less Make More
  • #2,276
  • Apr 14, 2012 4:46am Apr 14, 2012 4:46am
After almost 2 days moving sideways and hit my SL several times, my favourite pair finally made the move and hit my TP.

And yes.... after making the ADR move it started to crawl back and hit my trailing. Double lot in the bank!!!


Cheers,


http://i41.tinypic.com/2lxjgnl.gif
Risk Less Gain More, Trade Less Make More
  • #2,277
  • Apr 14, 2012 8:14am Apr 14, 2012 8:14am
Quoting publicjud
I was looking in to making one, but if bullbearies is, then no point in duplicating. I'm new to mt4 programing, but it's similiar to the other programing languages I know from my previous work.

I've modified the sqDynamicBreakoutBox indicator to text me when a new consolidation box has formed so that I can be prepared to trade.
Where can I find the revised indicator?
  • #2,278
  • Apr 14, 2012 12:59pm Apr 14, 2012 12:59pm
Quoting forexhard
Gotta love it. After a 5-day climb and a total gain of about 160p (the 140 shown, plus a few more besides), the whole thing comes crashing down right back to the CZ's upper level in just 1 day! Almost to the pip!

Perfect.
I don't want to be dense but you have posted this arc pattern a lot. I think I am missing something. Does this pattern make the old CZ valid again? Is this something that you actually trade back in the direction towards the CZ?

I can tell you, as someone who has a very hard time taking profits, that this pattern is not perfect. It is more of an interesting pattern that must be dodged at all costs.
  • #2,279
  • Edited 1:52pm Apr 14, 2012 1:19pm | Edited 1:52pm
Paradox, Everything I have ever said in this thread, every hint I've ever given, is (I hope) meant to help the rest of you guys become better traders.

Like with the pics you are referring to, where I point out the "arc" which happens so often.

Or like with the attached pic. I just now took this from a post from way back on page 92 or something. The post it came from is not important. What is important, is that this same detail should be at the top of every one of you guys' screen. It's been staring you guys in the face for over 6 months.

This information from this pic and the arc are connected. At least to me the information they contain means something. I see clear patterns forming, and I want you guys to see them too. And because of that, I've been prodding all of you to discover them.

The hints are right there for anyone to see. That's all I'm prepared to do for now. Better that you guys figure out the rest of it on your own.

Relax a little and have FUN with it!
Attached Image
To improve is to change. To perfect, is to change often.
  • #2,280
  • Apr 14, 2012 6:46pm Apr 14, 2012 6:46pm
trading made as simple as it is: fh has given away some solid info. no 1 noes when to buy or sell (hint: momentum in coordination with RSI might give a clue) but the idea is simple and effective. first of all - no reason to buy into a falling knife or vice versa - wait for some consolidation and that's when i come in to complete ur story of success, fh. if the rsi has been overbought and keeps falling but the momentum still is strong: sell! if the rsi has been oversold but starts rising and momentum keeps declining more or at least the same than it did on the lowest point (hint again: divergence) buy! - keep on to the position as long as the next S/R level (hopefully converged with some fibo level) has not been penetrated and trail ur position - no fancy charts needed, make ur families happy and honour the ones that made it possible for u to b in the position u r - cheers
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