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Quick and Dirty EOD

  • #141
  • Jul 9, 2012 12:04pm Jul 9, 2012 12:04pm
Quoting spyderman
Hugh,

What are your thoughts on a situation like this on Cad/Chf, where we have a nice movement in our direction but we haven't hit our TP yet and now we are getting a potential setup for another entry.

Could we move our initial order to BE and then enter again?
This is something I've been thinking about. I don't see why you shouldn't get the first trade to break even and open another trade.
  • #142
  • Jul 9, 2012 4:26pm Jul 9, 2012 4:26pm
Wow big day for setups.

I now have pending orders on:

A/F
C/F
F/J
G/F
G/J
E/A
E/C
E/G
E/J
E/U
U/F

Currently in profit total of 338 pips on:
C/F
E/G
G/F

Currently negative 30 pips on:
G/U
  • #143
  • Jul 9, 2012 7:26pm Jul 9, 2012 7:26pm
Quoting spyderman
Wow big day for setups.

I now have pending orders on:

A/F
C/F
F/J
G/F
G/J
E/A
E/C
E/G
E/J
E/U
U/F

Currently in profit total of 338 pips on:
C/F
E/G
G/F

Currently negative 30 pips on:
G/U
Be careful of your total risk of equity there. If you are risking 1% on each one that's a sizeable chunk in total. Also are there any correlated pairs there?
  • #144
  • Jul 9, 2012 8:40pm Jul 9, 2012 8:40pm
Quoting Hugh Briss
Be careful of your total risk of equity there. If you are risking 1% on each one that's a sizeable chunk in total. Also are there any correlated pairs there?

I appreciate the warning on correlated pairs. I've never been much on avoiding correlation. Probably stupid of me. It would be interesting to see an in depth study of the effects of trading correlated pairs over time.
  • #145
  • Jul 9, 2012 10:41pm Jul 9, 2012 10:41pm
Quoting spyderman
I appreciate the warning on correlated pairs. I've never been much on avoiding correlation. Probably stupid of me. It would be interesting to see an in depth study of the effects of trading correlated pairs over time.
Well when one works out they all work out and vice versa. If you put 10% at risk on correlated pairs and they all tank how are you going to feel? Of course if you're only risking 0.5% on each trade to allow for this then it's not such a big deal but I wouldn't be putting 2% on each of 10 trades with such high correlation especially as we are yet to determine a long term strike rate for this system.
  • #146
  • Jul 10, 2012 3:43pm Jul 10, 2012 3:43pm
Hugh I have a question for when there is more than 1 pullback candle.

If you look at the chart below of the D1 Eur/Aud.

Monthly downtrend, D1 had a green pull back candle and then another pullback candle.

Where would you place the pending order? 2 pips below the first green candle with the white arrow above it or the second green candle with the red arrow above it?
Attached Image (click to enlarge)
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  • #147
  • Jul 10, 2012 3:48pm Jul 10, 2012 3:48pm
Quoting normtold
Hugh I have a question for when there is more than 1 pullback candle.

If you look at the chart below of the D1 Eur/Aud.

Monthly downtrend, D1 had a green pull back candle and then another pullback candle.

Where would you place the pending order? 2 pips below the first green candle with the white arrow above it or the second green candle with the red arrow above it?
This is something we need to test to find out which works best but I would think to use the highest pullback candle in a downtrend (the red arrow) would be best. Keep moving the pending order up until you are stopped in or the setup is invalidated.
  • #148
  • Jul 10, 2012 4:37pm Jul 10, 2012 4:37pm
Like the look of it. Time for a bit of back testing.
  • #149
  • Jul 10, 2012 5:35pm Jul 10, 2012 5:35pm
Quoting Hugh Briss
This is something we need to test to find out which works best but I would think to use the highest pullback candle in a downtrend (the red arrow) would be best. Keep moving the pending order up until you are stopped in or the setup is invalidated.

Seems like we might be looking for a 1,2,3 entry or a break of previous support. If that's the case it might do work to view them as one unit. Pending entry below the green arrow, s/l above the red.

The market doesn't really know how many bars are in play, just that we hit a low, it retraced to a point then came back down and broke (hopefully) that support.

Just a thought.
  • #150
  • Jul 10, 2012 9:49pm Jul 10, 2012 9:49pm
Quoting normtold
Hugh I have a question for when there is more than 1 pullback candle.

If you look at the chart below of the D1 Eur/Aud.

Monthly downtrend, D1 had a green pull back candle and then another pullback candle.

Where would you place the pending order? 2 pips below the first green candle with the white arrow above it or the second green candle with the red arrow above it?
My vote would be below the red candle to the left of the 1st arrow. The safest entry it would seem if going short.
  • #151
  • Jul 11, 2012 4:37am Jul 11, 2012 4:37am
Thanks Hu, spyderman and piprac for your views.
  • #152
  • Jul 12, 2012 9:32pm Jul 12, 2012 9:32pm
Thanks HB.

I am happy with this strategy no immidiate rush, only pending order with the trend and main things need to see the chart only in 10 minutes.
  • #153
  • Jul 12, 2012 10:14pm Jul 12, 2012 10:14pm
Quoting umpats
Thanks HB.

I am happy with this strategy no immidiate rush, only pending order with the trend and main things need to see the chart only in 10 minutes.
Glad you like it, it seems to be working ok.
  • #154
  • Jul 13, 2012 7:11am Jul 13, 2012 7:11am
Yeah Hugh,

I think you have a nice steady equity builder here. I'm up about 800 pips on the week (counting floating equity).

I might start thinking about keeping some positions for long term growth (Equity Millipede)
  • #155
  • Jul 13, 2012 7:17am Jul 13, 2012 7:17am
Quoting spyderman
Yeah Hugh,

I think you have a nice steady equity builder here. I'm up about 800 pips on the week (counting floating equity).

I might start thinking about keeping some positions for long term growth (Equity Millipede)
Hi HB and sm,

can i close all trade today or let it run for next week?
  • #156
  • Jul 13, 2012 7:36am Jul 13, 2012 7:36am
Quoting umpats
Hi HB and sm,

can i close all trade today or let it run for next week?

Personally, I don't close mine. It's a daily strategy, would take a big gap to take you out.

Hard to build positions if you close em every Friday.
  • #157
  • Jul 13, 2012 7:38am Jul 13, 2012 7:38am
Quoting spyderman
I might start thinking about keeping some positions for long term growth (Equity Millipede)
I like that idea. Letting winners run definitely fits in with my trading philosophy. Talk to me about exit ideas though. 100 sma? 20 period Donch channel?
  • #158
  • Jul 13, 2012 7:40am Jul 13, 2012 7:40am
Quoting umpats
Hi HB and sm,

can i close all trade today or let it run for next week?
I agree with Spyders answer above. I have been caught out badly by a weekend gap once but if you're risking a sensible % on each trade then even a huge gap shouldn't break the bank. I say leave them open.
  • #159
  • Jul 13, 2012 8:32am Jul 13, 2012 8:32am
Quoting Hugh Briss
I like that idea. Letting winners run definitely fits in with my trading philosophy. Talk to me about exit ideas though. 100 sma? 20 period Donch channel?

Good question. Not sure what would be best. Might be wise to adopt a 1/2 & 1/2 philosophy.

Entries on daily (my two thus far shown on Cad/Chf. 1st one already closed at TP). Close 1/2 of each position at our existing level (basically SL x 2). Move remainder to BE.

Looking at the Monthly (nice channel by the way ) Keep trading with the monthly trend until we get a cross back down. This in my mind would be the point where we might want to diversify (for those familiar with Pipeasy's Equity Millipede thread). Close some of the nearer BE positions.


Pretty basic moving average stuff. Establish trend on the higher TF. Trade on a lower. Keep the direction until the higher signals a change.

I think the key is stacking the positions and letting them build. Again, looking at the monthly, if we had been doing that since 07 we'd be sitting on a bunch of 1700 pip positions
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  • #160
  • Jul 13, 2012 8:50am Jul 13, 2012 8:50am
Quoting spyderman
Good question. Not sure what would be best. Might be wise to adopt a 1/2 & 1/2 philosophy.

Entries on daily (my two thus far shown on Cad/Chf. 1st one already closed at TP). Close 1/2 of each position at our existing level (basically SL x 2). Move remainder to BE.

Looking at the Monthly (nice channel by the way ) Keep trading with the monthly trend until we get a cross back down. This in my mind would be the point where we might want to diversify (for those familiar with Pipeasy's Equity Millipede thread). Close some of the nearer BE positions....
I never scale out of positions. If I'm ever tempted to scale out of a position I add another trade! You've always got to do the hardest thing to do and go against what your senses tell you.

I would say a 20 donch channel for the exit would be as good as any but then of course I like moving averages for exits too.
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