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Quick and Dirty EOD

  • #101
  • Jul 3, 2012 10:07am Jul 3, 2012 10:07am
Quoting PipLegend
Hey the usd/cad trade triggered 20 pips so far!
Hi PipLegend,

Am I missing something on the USDCAD trade. Isn't the monthly trend up while the daily trend is down?

Just curious if you are have the same situation on your charts?

Thanks - TCO
  • #102
  • Jul 3, 2012 11:05am Jul 3, 2012 11:05am
Quoting TallCoolOne
Hi PipLegend,

Am I missing something on the USDCAD trade. Isn't the monthly trend up while the daily trend is down?

Just curious if you are have the same situation on your charts?

Thanks - TCO

I believe you are correct sir. At least that's what mine shows.
Everyone's daily could be different, but the monthly's should match.
  • #103
  • Jul 3, 2012 2:37pm Jul 3, 2012 2:37pm
A very interesting thread. Looking forward to following it Hugh.
  • #104
  • Jul 3, 2012 2:39pm Jul 3, 2012 2:39pm
Quoting ronnierott
A very interesting thread. Looking forward to following it Hugh.
Thanks, glad you like it.
  • #105
  • Jul 3, 2012 2:51pm Jul 3, 2012 2:51pm
Hugh,

Let's say for example you see a setup and the S/L works out to be 75 pips. Do you still aim for a 200 pip TP?? Or do you just go for 150 pips and always aim for a 2:1 return??
  • #106
  • Jul 3, 2012 3:21pm Jul 3, 2012 3:21pm
Quoting ronnierott
Hugh,

Let's say for example you see a setup and the S/L works out to be 75 pips. Do you still aim for a 200 pip TP?? Or do you just go for 150 pips and always aim for a 2:1 return??
There is not yet a hard and fast rule about this, still some testing to be done but the quick and dirty answer would be to target an amount you think it can reach. Ask yourself if there is any strong s/r in the way that would stop it going 200 but 150 would be achieveable. I know this isn't a perfect answer but with time and testing the details will become clear.

It's interesting to note that the EA coded and posted earlier in the thread makes money but yet presumably doesn't take any s/r into account, just always goes for 100 stop/200 profit.
  • #107
  • Jul 3, 2012 3:27pm Jul 3, 2012 3:27pm
Quoting TallCoolOne
Hi PipLegend,

Am I missing something on the USDCAD trade. Isn't the monthly trend up while the daily trend is down?

Just curious if you are have the same situation on your charts?

Thanks - TCO

Yes you caught me red handed being bad,breaking the rules,but not all the rules,you see I hope even Hugh will agree with me when I say price action on the daily,weekly,and monthly gives very strong signals although only a few unless you want to trade 26 different pairs!

But my digital trader friends,please take a look at the weekly look how many times price didn't push through and now the 5 ma is pointing down{it's a 5 lwma with 2 period shift},from what price is doing I feel comfortable taking this trade,now to align the monthly up with daily, I feel although is different it's still a strong signal also if you where to line the weekly up with daily,basically most price action patterns on D1 timeframe and up don't fail which is why mostly experienced traders who know the patterns and formations will appreciate this system more, but here's to more pips though it's dragging along for 25 pips so far,i'm about to move SL to BE so I don't get caught up thanks ya'll and happy trading
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To Write Sonnets On Soliloquies In A Fortress Of Solitude
  • #108
  • Jul 3, 2012 3:28pm Jul 3, 2012 3:28pm
GBP/CHF seems to be the only pairing on my chart tonight that ticks all the boxes.

If you could confirm this Hugh that would be great.
  • #109
  • Edited 3:43pm Jul 3, 2012 3:31pm | Edited 3:43pm
Quoting ronnierott
GBP/CHF seems to be the only pairing on my chart tonight that ticks all the boxes.

If you could confirm this Hugh that would be great.
Yes, gbpchf looks like the only one for tonight. Of course eurgbp short would be better, smaller spread and the same move.
  • #110
  • Jul 3, 2012 3:46pm Jul 3, 2012 3:46pm
Eurnzd could be a possible.
  • #111
  • Jul 3, 2012 3:54pm Jul 3, 2012 3:54pm
And Nzd/Cad
  • #112
  • Jul 3, 2012 4:09pm Jul 3, 2012 4:09pm
Quoting spyderman
And Nzd/Cad
Yeah actually the full list is eurgbp, eurnzd, audcad, audchf and nzdcad. Some correlation there so don't take them all unless you go for very small lot sizes. I might take them all at 0.01 for research purposes only.
  • #113
  • Jul 3, 2012 7:17pm Jul 3, 2012 7:17pm
EUR/NZD seems to be flirting with support around a low that hasn't been seen in a few years.
  • #114
  • Jul 3, 2012 10:35pm Jul 3, 2012 10:35pm
Quoting prof8t
EUR/NZD seems to be flirting with support around a low that hasn't been seen in a few years.
Yes, doesn't mean it won't go lower though.
  • #115
  • Jul 4, 2012 2:39am Jul 4, 2012 2:39am
I've been thinking, it makes sense to adjust the stops and targets in line with the volatility of each pair. Putting the stop just above the signal candle makes sense and is inherently volatility adjusted but if the signal candle is particularly large it is better to use a set size of maybe 2 times the atr(20) for that pair rather than a fixed 100 pips.

The take profit should always be at least 2 times the stop. So for a small signal candle put the stop just behind the high/low and take profit at stop times 2. For a large signal candle put the stop at 2 times atr20 and the take profit at 4 times atr20.
  • #116
  • Jul 5, 2012 1:38am Jul 5, 2012 1:38am
looks a good system , we need good balance and patience for such system
this system is almost like Andrew system in this forum even he is really successful and lot of them are earning really well
will keep an eye on this thread and its really makes sense to trade on daily tf and in direction of monthly and weekly great thread let it keep coming more

all i am scared is what if u are in long at the top and it reverses how to identify false signal first trade yesterday long in AJ 82.20 sl hit of 55 pips sad but this does not keep me still agree i like this logic if i have good balance and my lot size are small than i an take multipal trades keep closing the ones in profits and let run he looser i still sure i will be in good profits
  • #117
  • Jul 5, 2012 6:57am Jul 5, 2012 6:57am
My E/A closed for a nice profit. Have orders open now on C/F, G/F & E/G, all in profit.
  • #118
  • Jul 5, 2012 11:49am Jul 5, 2012 11:49am
Quoting spyderman
My E/A closed for a nice profit. Have orders open now on C/F, G/F & E/G, all in profit.

Hugh,

Loving this so far. Thanks muchly for the strategy. I'm trading this live by the way...
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  • #119
  • Jul 5, 2012 12:02pm Jul 5, 2012 12:02pm
Quoting spyderman
Hugh,

Loving this so far. Thanks muchly for the strategy. I'm trading this live by the way...
Glad you like it
  • #120
  • Jul 5, 2012 12:23pm Jul 5, 2012 12:23pm
Quoting yogesheena
looks a good system , we need good balance and patience for such system
this system is almost like Andrew system in this forum even he is really successful and lot of them are earning really well
will keep an eye on this thread and its really makes sense to trade on daily tf and in direction of monthly and weekly great thread let it keep coming more

all i am scared is what if u are in long at the top and it reverses how to identify false signal first trade yesterday long in AJ 82.20 sl hit of 55 pips sad but this does not keep me still agree...
Couple thoughts Yoge.

The A/J is technically down trending on the Monthlyand its really pretty rangy.

But even if you did, 55 pips is a pretty tight stop loss. Hugh mentions 100 or if you went to the bottom of the signal bar you would be at about 110. Either way you'd still be in the trade.

That's if your daily bars match mine. If not then apologies.
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