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  • #21
  • Jul 2, 2012 2:53am Jul 2, 2012 2:53am
Quoting Percentage
I'm trading the same time as Jpr but live in the US.

Jpr, I just noticed that this is your personal journal so I want to say sorry for posting so much. I'm a new member to this forum and don't want to rub anybody the wrong way.

All along I was thinking this was under the "Trading Systems" section. I will limit my post extremely because I don't want to be disrespectful in your trading journal.

Sorry.
No probs. I can see you want to learn do post away. It serms like you had the same signals as me but I'll check in more detail later.
  • #22
  • Jul 2, 2012 3:01am Jul 2, 2012 3:01am
Thanks Jpr.

Yes, I had the same signals as you. My entry for the Frankfurt was at 11:07pm PST and my entry for the London Open was 12:09am PST.

I live in the US so that is why I put my times down in Pacific Standard Time. Not great at converting to GMT but from the chart we had the exact same entry on the Frankfurt so I'm sure our London trade is the same also.

Yes, I'm trying to learn and march along the path to financial freedom at the same time. I also want to be a positive part of this thread and forum in general.

Great to be surrounded by like minded people.

Quoting Jpr
No probs. I can see you want to learn do post away. It serms like you had the same signals as me but I'll check in more detail later.
  • #23
  • Edited 3:26am Jul 2, 2012 3:12am | Edited 3:26am
Hi JPR, I took the first signals immediately before 7 and 8, I guess some prefer not to use these and wait until after the hour. When I collected the data I did use these so just staying consistent. I use the platform charts for all pricing and I haven't the slightest clue how to get them on here, long time since I did it but I'll have a look later, still busy on my normal trading. strada.

Entry @ 7.00am B1.26218; SL 1.26178 (actual 1.26170); TP 1.26318
Entry @ 8.00am S 1.26270; SL 1.26310; TP 1.26170 (actual 1.26160)


Quoting Jpr
Hi Strada,
I had a win at Frankfurt Open and a loss at London Open. I posted the Frankfurt chart but won't have time to post the London chart until later. I would be interested in seeing your charts as I had different entries to you allbeit with the same net result (+10%) for the day.
  • #24
  • Jul 2, 2012 4:09am Jul 2, 2012 4:09am
Quoting strada
Hi JPR, I took the first signals immediately before 7 and 8, I guess some prefer not to use these and wait until after the hour. When I collected the data I did use these so just staying consistent. I use the platform charts for all pricing and I haven't the slightest clue how to get them on here, long time since I did it but I'll have a look later, still busy on my normal trading. strada.

Entry @ 7.00am B1.26218; SL 1.26178 (actual 1.26170); TP 1.26318
Entry @ 8.00am S 1.26270; SL 1.26310; TP 1.26170 (actual 1.26160)
It's really interesting that we took opposite trades buy and sell but still ended up with the same net profit!

I am going to take the first valid signals after the hour, but I'm happy for you to keep posting your results and we can keep track of which is performing better.
  • #25
  • Jul 2, 2012 4:17am Jul 2, 2012 4:17am
Quoting Percentage
Here is my chart showing what I believe to be a valid short entry. I would greatly appreciate it if Jpr or anybody else who has a sound understanding of this method would check the chart and let me know if the trade is valid.
Hi,
Just looked at your trade chart and yes it was exactly the same as my entry (to the pip). It's good to see someone grasping the SL and TP so quickly.

You are using the same broker as me from your screenshot so it isn't suprising that we had similar results.

If the stoploss is to be placed above a swing high I too add 2.0 pips (1.6 spread plus 0.4 buffer) to the high.

If the stoploss is to be placed under the last swing low I place the stoploss 0.4 pips under the low (no spread).

As soon as I get filled I look at what my entry price was and compare it to the stoploss, then work out my takeprofit from there.

I use a script called EASYORDER (search this forum for it) which is EXTREMELY helpful in calculating risk for you and also entering.

Hope this helps.
  • #26
  • Jul 2, 2012 4:48am Jul 2, 2012 4:48am
Yes, just a slight difference between strategies. When I get some time later on I'm going to track back and see how the 6.59/7.59 signals compared with only the signals post the hour. I've always doubted the entry on the first bar of the session, especially the 8am start which often involves an immediate turn. Will let you know what I find.
btw, you live in Wales, your initials JPR, this leads me to thoughts of one of the best ever rugby players.

Quoting Jpr
It's really interesting that we took opposite trades buy and sell but still ended up with the same net profit!

I am going to take the first valid signals after the hour, but I'm happy for you to keep posting your results and we can keep track of which is performing better.
  • #27
  • Jul 2, 2012 4:54am Jul 2, 2012 4:54am
Quoting strada
btw, you live in Wales, your initials JPR, this leads me to thoughts of one of the best ever rugby players.
You got it!
  • #28
  • Jul 2, 2012 5:18am Jul 2, 2012 5:18am
Quoting Paulus
Your signal
Hi Paulus,

That was my entry.
I noticed you are using the EA that someone wrote over on your thread. Is it working for you?
  • #29
  • Jul 2, 2012 5:44am Jul 2, 2012 5:44am
Quoting Jpr
Hi Paulus,

That was my entry.
I noticed you are using the EA that someone wrote over on your thread. Is it working for you?
Hi Jpr,

I have just found your thread and I will follow it, because Paulus´s original thread is not following anymore Paulus´s rules.....(double tops, bottoms, trendlines.......)

Anyway thanks again Paulus and Jpr
  • #30
  • Jul 2, 2012 6:25am Jul 2, 2012 6:25am
Quoting Caillou
Hi Jpr,

I have just found your thread and I will follow it, because Paulus´s original thread is not following anymore Paulus´s rules.....(double tops, bottoms, trendlines.......)

Anyway thanks again Paulus and Jpr
+1 here
very nice, good price..!
  • #31
  • Jul 2, 2012 6:59am Jul 2, 2012 6:59am
good idea to start your own journal Jpr, Paulus' thread has been hijacked........

i'll follow along

good luck
.
  • #32
  • Jul 2, 2012 8:56am Jul 2, 2012 8:56am
Quoting PeterE
good idea to start your own journal Jpr, Paulus' thread has been hijacked........

i'll follow along

good luck
.
Cool - welcome.
Thanks for keeping such detailed records on the other thread of your trades.
  • #33
  • Jul 2, 2012 9:00am Jul 2, 2012 9:00am
Hi JPR,

Good idea your new journal. I will follow with interest and hopefully be able to replicate your trades.

I'm with IG which isn't metatrader. At least its UK local time though.

G.
  • #34
  • Jul 2, 2012 12:55pm Jul 2, 2012 12:55pm
Glad to know that I'm seeing the signals correctly. I really like this method because over-trading for me has been a major problem in the past.

Also my MM was screwed up so I would always find myself on the losing end of the battle. I honestly never thought there was a method of trading that could use a tight stop loss and still be profitable. Glad to see that I was way off base with that assumption.

What's also great about this method is even if you have a job, you can still trade this because within 3 hours maximum (just a rough guess) you will be done trading for the day. After the second trade you can go do something else because you don't even need to manage the trade. Either you will have your trade hit it's TP or SL but you don't need to sit and watch it.

Jpr, I do have one question that I hope you can clear up for me. We agree on where to place the stop loss for a short entry (spread + buffer) but on long entries you use just buffer and don't include the spread. Can you please explain to me why you don't include the spread on the long entries as well?

Although its only been one day, I'm glad I'm a part of this thread.

Quoting Jpr
Hi,
Just looked at your trade chart and yes it was exactly the same as my entry (to the pip). It's good to see someone grasping the SL and TP so quickly.

You are using the same broker as me from your screenshot so it isn't suprising that we had similar results.

If the stoploss is to be placed above a swing high I too add 2.0 pips (1.6 spread plus 0.4 buffer) to the high.

If the stoploss is to be placed under the last swing low I place the stoploss 0.4 pips under the low (no spread).

As soon as I get filled I look at what my entry price was...
  • #35
  • Jul 2, 2012 1:29pm Jul 2, 2012 1:29pm
I'm curious to see what the difference in statistics will be between Strada and those who use the orginal rules since Strada uses a different window of time for looking for entries.

After looking over my statistics for todays trades I'm seeing that I might have a problem on some of the trades (probably majority of them). Since I'm dealing with a small account and my leverage is capped at 50:1 since I trade with a US broker on some of the trades I can't risk 5% of my capital (not a bad thing I guess!).

I'm trading with a small $231 account so here is the problem I ran into when doing my calculations for both of the trades from today. On the short entry that was a winner (didn't take the trade as I was out walking my dog) I would not have been able to risk 5%.

$231 x 0.05 = $11.55 (total risk)
$11.55 / 4 (size of the stop loss on the long entry) = $2.88 per pip

Well with an account size of $231 and leverage of 50:1 the maximum amount I can trade right now is $0.91.

So in situations like this where what I can risk because of my account limitations will be less than 5%, I will trade the highest amount possible and just let the trade play out. I will still use a 1:3 risk to reward so it won't be a big deal.

So in the example above on the short entry I would have risked a little more than 1.5%. My target would be a return of a little more than 4.5% profit (not complaining one bit).

My actual goal is to average 0.50% per day (10% per month) so I'm not complaining one bit but just noticed that most of my trades will be risking much less than the suggested 5%. All in all with a 1:3 risk to reward ratio my account will grow just fine if this method continues to prove to be profitable.
  • #36
  • Jul 2, 2012 2:13pm Jul 2, 2012 2:13pm
Here is a chart for the London Open trade this morning which was a loss. Entry was at close of candle with the arrow. SL was horizontal red line which as you can see was hit about 6 bars later.

Attached Image (click to enlarge)
Click to Enlarge Name: eu 2.gif Size: 15 KB
  • #37
  • Jul 2, 2012 2:17pm Jul 2, 2012 2:17pm
Quoting Percentage
I'm curious to see what the difference in statistics will be between Strada and those who use the orginal rules since Strada uses a different window of time for looking for entries.

After looking over my statistics for todays trades I'm seeing that I might have a problem on some of the trades (probably majority of them). Since I'm dealing with a small account and my leverage is capped at 50:1 since I trade with a US broker on some of the trades I can't risk 5% of my capital (not a bad thing I guess!).

I'm trading with a small $231 account...
Maybe you could just risk 2% per trade instead of 5%.
  • #38
  • Jul 2, 2012 2:31pm Jul 2, 2012 2:31pm
Funny you said that because I had already decided that's what I'm going to do.

Still gives me a maximum loss of -4% on the day and a possible maximum gain of +12% which is more than enough in my book.



Quoting Jpr
Maybe you could just risk 2% per trade instead of 5%.
  • #39
  • Jul 2, 2012 2:33pm Jul 2, 2012 2:33pm
Thanks for the chart and explanation. My entry would have been at the close of the candle that is one candle after what you have marked on your chart.

Will go back and double check to see if I missed calculated something for the entry rules. Even with being one candle after you, my trade was stopped out also.

Quoting Jpr
Here is a chart for the London Open trade this morning which was a loss. Entry was at close of candle with the arrow. SL was horizontal red line which as you can see was hit about 6 bars later.

Attachment
  • #40
  • Jul 2, 2012 2:34pm Jul 2, 2012 2:34pm
Quoting Percentage
Glad to know that I'm seeing the signals correctly. I really like this method because over-trading for me has been a major problem in the past.

Also my MM was screwed up so I would always find myself on the losing end of the battle. I honestly never thought there was a method of trading that could use a tight stop loss and still be profitable. Glad to see that I was way off base with that assumption.

What's also great about this method is even if you have a job, you can still trade this because within 3 hours maximum (just a rough guess)...
Ok here goes (it's quite hard to explain).

Basically it's to do with the way the candles are drawn on the chart. As you know there are two prices quoted, the bid and ask.

The candles highs, lows, opens and closes as shown on the chart are always drawn using the low price of the spread.

When you sell, then the sell line appears at the lowest price of the spread, however the actual price at that time is the higher price of the spread (hence why you are 'down' as soon as you place a trade).

If the SL was placed only 0.4 pips above the last swing high then in reality as soon as the higher price of the spread hit the SL then it would close the trade, however the candle on the screen would be showing that it hasn't even reached the previous swing high (because the candle is drawn using the lower price of the spread).

This is why I add the spread to the swing high if selling.

However if buying then the actual price will be the low of the spread which is also the price which is used to actually draw the candle as well so I don't add the spread to that.

Even writing this I know it probably doesn't make any sense and I have tried to explain it before.

In essence it is all to do with the price which is used to draw the candle on the screen, which is always the lowest price of the spread.

Told you it was hard to explain!

If anyone can do it more concisely then crack on!
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