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  • #3,121
  • Aug 16, 2012 8:49am Aug 16, 2012 8:49am
Quoting C345
I trade full time a very similar system/strategy and have done so for 5 years + - looking for break outs of the Asian session from 7 am UK time onwards. Have been through the whole thread and ran the indicator on a live account (don't like demo's).

Trade 3 currency pairs USD/CHF, GBP/USD, EUR/USD.

The indicator is very impressive and saves me drawing boxes at 6.30 am each day!

As pointed out by FXH you need to make this your own - it is a starting point not a holy grail.

Great bit of work guys and thanks for sharing.
HI C345,

Do you use the similar Trade Set martingale approach when trading full time?

many thanks
  • #3,122
  • Aug 16, 2012 8:53am Aug 16, 2012 8:53am
I don't use martingale I think its a road to ruin - just my opinion. I simply look for 100 pips a week in total across three pairs.
  • #3,123
  • Edited 12:56pm Aug 16, 2012 11:07am | Edited 12:56pm
Anyone plays with pending order instead of monitor the break out and make an entry of trade?
Mind to share some of the experience here?
I just wan't to know the range from the 'BOX' for pending order, how far it will be for you guys to set a pending order.

I just applied the indicator and observed the history chart...found that set pending order 10 pips above/below the box's top and bottom and scalp for 5 pips of TP will be profitable. I haven't try this out, it is just based on observation.....and i hope to see more people sharing about their way of trading with pending order with this system, or there's an EA available?

I know there's no fix solution, and everyone's settings and way of trading might be different, but people please kindly share your experience here, thanks.....especially for EURUSD pair....

Sorry if someone had posted this kind of topic before.
  • #3,124
  • Aug 16, 2012 11:17am Aug 16, 2012 11:17am
Here is my chart for euro today - again didn't take the trade but looks pretty obvious.
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  • #3,125
  • Aug 17, 2012 1:20am Aug 17, 2012 1:20am
Quoting C345
Here is my chart for euro today - again didn't take the trade but looks pretty obvious.
Hi C345 - Good to hear you have been working a system similar to this one for a while with success. You mentioned that you don't use martingale style money management, so could you give us an idea how you approach your trades, and your MM in particular?

I've been using my own modified version of martingaling for a while with a fair bit of success, but I'd prefer not to have to rely on it if at all possible. So far, I have found it to be the best option...at least, the best option that I can come up with!

For instance, looking at the Euro chart you posted, there were two minor break-outs which happened before the third major one later in the day. How did you manage these without altering your position size? A fixed risk and profit targets would have resulted in a loss for the set of trades, or a break-even if you had anticipated the large break-out.

Thanks for your time,

Sue
  • #3,126
  • Aug 17, 2012 1:43am Aug 17, 2012 1:43am
Hi Sue

I didn't trade euro yesterday most of my trades are cable - however you are correct if I had done so I would have been down - although wouldn't have took the first trade due to time of day.

My system is very simple but I do rely on 70% winners with risk/reward of 1:1 based purely on break outs after a consolidation which this indi helps to identify.

Time of day is important in my view. I will not enter a trade before Frankfurt opens and usually wait for London to open and settle down at around 8.15 which usually gives some idea of direction for the day until NY reverses it all!

Basically I look for 20 pips a day - some days happens by 7.10 am some days have to fight all the way.

Apologies to FXH if going off topic here but it is all related to the indicator and how we use it differently.
  • #3,127
  • Aug 17, 2012 2:00am Aug 17, 2012 2:00am
Sue

Here's a classic example -Asia has brought the market down which Frankfurt has reversed - now going into London we see a small pull back as usual as orders are getting filled.

I got a buy order in at the blue line which is recent resistance and the weekly high so far and therefore a high risk trade so I've gone in low. We also bounced off the daily pivot.

This is my money management I guess evaluating each trade as to its risk. Some might argue this is of form of martingale.
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  • #3,128
  • Edited 2:15am Aug 17, 2012 2:02am | Edited 2:15am
C345, I don't mind at all that you have a style of trading that you feel comfortable with. We all have. One of the trademarks of this entire thread (I hope) is how open I am to individuality, and that this system was never intended to be a cookie-cutter operation where everyone was treated like mindless zombies all acting in exactly the same fashion at all times.

But I do take exception to your earlier statement about Martingaling being a "road to ruin". It's a ridiculous statement, especially coming from someone that doesn't use it. Martingaling is just one tool among many, and it can be abused, or refined into something practical, or ignored, just like any of the other tools at our disposal.

It's obviously a tool I am familiar with. Even so, I have never insisted that anyone else around here trade with it. But I will insist that if we talk about it, we do so rationally and treat it no different than any other tool on hand. Because what really leads to ruin is ignorance.
To improve is to change. To perfect, is to change often.
  • #3,129
  • Aug 17, 2012 2:20am Aug 17, 2012 2:20am
Martingale - FXH if it works for you then I am pleased. Money management as you obviously know is very important in this game.

We all trade differently - someone asked my opinion I gave it and will stick to it.

If this offends you then so be it remove my posts.

I have used Martingale and have seen people lose large accounts so calling me ignorant I take exception too.
  • #3,130
  • Aug 17, 2012 2:28am Aug 17, 2012 2:28am
Giving an opinion about something you have never done is what offends me. I'd rather you stick to what you know, not what you think you know. I only talk about things I have extensive first hand experience with, not just in passing or am just guessing about, and I expect everyone else to do likewise. So in the future if you want to talk about Martingaling (or anything else for that matter), please speak form a position of personal experience, give details and supportive facts, and stop with the hyperbolic unsubstantiated commentary.
To improve is to change. To perfect, is to change often.
  • #3,131
  • Aug 17, 2012 2:39am Aug 17, 2012 2:39am
I do speak from experience - please read the edited post.

I trade full time forex, commodities and equities and have done so for many years successfully by utilising sensible money management. I have seen traders blow big accounts using martingale and indeed have lost money myself.

If it works for you thats good - but people reading the thread should be also aware that it can be dangerous. What if you had 10 losses in a row the draw down using martingale would blow 99% of accounts in this forum.

Guess we going to have agree to disagree on this one.

Anyway keep up the good work.
  • #3,132
  • Aug 17, 2012 2:59am Aug 17, 2012 2:59am
Quoting C345
I do speak from experience - please read the edited post.

I trade full time forex, commodities and equities and have done so for many years successfully by utilising sensible money management. I have seen traders blow big accounts using martingale and indeed have lost money myself.

If it works for you thats good - but people reading the thread should be also aware that it can be dangerous. What if you had 10 losses in a row the draw down using martingale would blow 99% of accounts in this forum.

Guess we going to have agree to disagree...
Eeek...sorry, didn't mean to open a can of worms! Sorry if my question has caused a problem - that wasn't my intention at all.

I actually agree with you both... I think a Martingale system if used indiscriminately and without understanding the consequences could be an account killer. On the other hand, if used sensibly, it's a powerful tool.

C345 - I think I misunderstood your original post with the EURUSD screen capture. I thought you were suggesting that you traded that breakout in it's entirety and delivered a profit. I wondered how, without altering the trade size on reversal.

Thanks for your responses.

Sue
  • #3,133
  • Aug 17, 2012 3:35am Aug 17, 2012 3:35am
lol Sue was an interesting start to the day. No more talk of martingale from me! This is FXH's thread and I respect that.

Back to the Euro trade - on the big break out I would probably have took 20 pips and closed half position and let the rest run. The earlier would definitiely been losers All easy with hindsight.

No trades so far today - no significant economic data in the UK and markets are flat.
  • #3,134
  • Aug 17, 2012 4:00am Aug 17, 2012 4:00am
Quoting C345
lol Sue was an interesting start to the day. No more talk of martingale from me! This is FXH's thread and I respect that.

Back to the Euro trade - on the big break out I would probably have took 20 pips and closed half position and let the rest run. The earlier would definitiely been losers All easy with hindsight.

No trades so far today - no significant economic data in the UK and markets are flat.
Yes, same here. Looking like a fairly quiet morning.

Just one final––promise it's FINAL!––thing to add about martingale. (Actually, that's the wrong phrase because it suggests a doubling up of each position size, which is not what I do).

Unless you have a 1:1 risk to reward or worse, reversing a trade and aiming for roughly the same profit as the first trade involves much less than doubling the position. For instance a 1:3 trade would see the original loss covered plus the same % profit returned with only a 33% increase in position.

I have a spreadsheet (okay...it's a scrappy note book! LOL) with position sizes listed for various risk/reward scenarios. The 1:3 version (assuming a starting position of 1 lot) is:

1.00
1.33
1.78
2.37
2.83 (drop to targeting two thirds the original profit)
3.44 (drop to targeting one third the original profit)

As long as the starting position is a small % of your account, it's possible to reverse your bias several times to capture an eventual trend without denting your account too badly if everything goes wrong. Of course, if you get greedy, then you only have yourself to blame! ;-)

Like I said, not a tool to be abuse, but also not one to overlook.

Here's to a great trading day and a restful weekend.

Sue
  • #3,135
  • Aug 17, 2012 4:09am Aug 17, 2012 4:09am
Can see us getting kicked off this thread lol.
.
Interesting last post of yours though. I will have a look in more detail.

Looks like a good set up on USD/CHF coming on worth a look.

Have a good weekend.
  • #3,136
  • Aug 17, 2012 4:14am Aug 17, 2012 4:14am
Oops forgot the pic - ignorant as always
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  • #3,137
  • Edited 9:29am Aug 17, 2012 8:29am | Edited 9:29am
Hi, I'm a newbie trader.

This will be my first time sharing a pic at FF.

I start reading this thread about 2 weeks ago and still at page 40. I need time to digest the information and practicing with the boxes.

I tried this method for the past 24 hours and here's the result :

Setting :
sl 20, tp 30

GBPUSD :
+10
-20

EURUSD :
-20
(I missed one opportunity that potentially can rack me 30 pip because I was away )

NZDUSD :
+30
+30


So far I really love those 30pis high boxes. I'll continue reading through the pages and practicing on my own.

Thank you Forexhard for sharing such wonderful methods!



Edit : I think 20 pips SL is too low. i often get stopped then PA goes back to my direction. I'll try SL 35 TP 35 next time

Edit 2 : I just got +35 on EU. I think I got enough for today, better close my terminal.
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  • #3,138
  • Aug 17, 2012 11:33pm Aug 17, 2012 11:33pm
Just to let you all know, over the last couple of days Xux has sent me an early version of the EA, as well as updates to the indicator. There's still a lot to do, and there's always a lot of de-bugging after that. I have no way of knowing how long it will be until it's finished, but at least we are seeing some good progress.
To improve is to change. To perfect, is to change often.
  • #3,139
  • Aug 18, 2012 7:19am Aug 18, 2012 7:19am
Hey all!!! I have been a fan of this thread for quite some time now. I have read it from beginning to end. thank you to Forexhard for starting this. I have struggled for many years and blew out a few accounts along the way !!!!! This makes so much sense and it was right in front of me the whole time, I just never saw it!!! So, a big thank you to Forexhard for opening my eyes!!! No more lagging indicators for me!!! Now it is time to start banking some pips and get on my way to making some money!!! Here is a trade I caught later on Friday. Normally I wouldn't even be trading on Friday, but I figured I would give it a shot. Closed out a nice 20 pip profit in 2 hours!!!! We will see what next week brings!!!! This was the first trade that I have made using SSBO on a live account and it won't be the last!!!
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  • #3,140
  • Aug 19, 2012 2:40pm Aug 19, 2012 2:40pm
Finally have got some time to look at new indi. Very nice tool, but as stated before - YOU are in control of everything. I have spotted some new guys' settings with up to 6 or 7 reversals and I think this is something that should be addressed. I know its cool to see new indi showing 100% winning rate, but do you have enough nerves to go that far. Suffer 10% or 20% or even more drawdown, chasing reversals.

Anyway good luck to all, and again FxH and Xux99 - Good job.

Regards
A.
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