DislikedI use IBFX Metatrader which gives me a 4 hour Sunday candle.It is always a small daily candle.How would you handle this? Fold that Sunday price action candle into the Friday candle?Ignored
Winners add to winning trades!
- #43
- Sep 21, 2012 1:11pm Sep 21, 2012 1:11pm
- Joined Dec 2006 | Status: Backtest is meaningless (to me) | 2,176 Posts
- #44
- Edited 2:51pm Sep 21, 2012 2:35pm | Edited 2:51pm
- Joined May 2008 | Status: Trader | 1,158 Posts
ever thought about stacking additional positions as long as the trend is moving your way? the profit potential if it works out is enormous.
what I suggest is doing it like this:
when the stop of your first trade is at BE or in profit, place a new pending order above the present price.
do it in such a way that if the new candle is against the trend, it is not likely to trigger the pending order. suggest price + 1/2 the average daily movement.
suppose 14-day ATR = 100 pips; price at the start of the day = 1.3000
at the start of the day, place a pending order to buy @ 1.3050.
the next day: trade has been triggered and price is now 1.3070.
although our profit on the pending trade is only 20 pips, we take our chances and put our stop @ BE = 1.3050.
if the 2nd trade is taken out or not AND the trend is still up, we place a new pending order at 1.3070 + 50 pips = 1.3120
never place the next pending order if the last trade is not @ BE.
you can never lose much this way.
the BE of the second trade stays in place until the stop of the 1st trade catches up and can then move up in tandem.
continue doing this until the trend ends, which could be a 1,000 pip trend: imagine the profits catching these sort of trends a couple of times a year!
what I suggest is doing it like this:
when the stop of your first trade is at BE or in profit, place a new pending order above the present price.
do it in such a way that if the new candle is against the trend, it is not likely to trigger the pending order. suggest price + 1/2 the average daily movement.
suppose 14-day ATR = 100 pips; price at the start of the day = 1.3000
at the start of the day, place a pending order to buy @ 1.3050.
the next day: trade has been triggered and price is now 1.3070.
although our profit on the pending trade is only 20 pips, we take our chances and put our stop @ BE = 1.3050.
if the 2nd trade is taken out or not AND the trend is still up, we place a new pending order at 1.3070 + 50 pips = 1.3120
never place the next pending order if the last trade is not @ BE.
you can never lose much this way.
the BE of the second trade stays in place until the stop of the 1st trade catches up and can then move up in tandem.
continue doing this until the trend ends, which could be a 1,000 pip trend: imagine the profits catching these sort of trends a couple of times a year!
- #48
- Sep 21, 2012 8:16pm Sep 21, 2012 8:16pm
- Joined May 2008 | Status: Trader | 1,158 Posts
is there a reason why you limit yourself to a maximum of 3 positions?
doesn`t seem logical to me.
as long as all your trades are @ BE or better, you can only lose on the last trade.
and sometimes the trend is so strong, there are really no pullbacks.
why not milk the trend for all its worth and the more positions the better, provided they are at BE or better.
I know it works.......
doesn`t seem logical to me.
as long as all your trades are @ BE or better, you can only lose on the last trade.
and sometimes the trend is so strong, there are really no pullbacks.
why not milk the trend for all its worth and the more positions the better, provided they are at BE or better.
I know it works.......
- #49
- Edited Sep 22, 2012 5:27am Sep 21, 2012 10:06pm | Edited Sep 22, 2012 5:27am
- | Joined Aug 2006 | Status: Trader | 1,024 Posts
is there a reason why you limit yourself to a maximum of 3 positions?
doesn`t seem logical to me.
as long as all your trades are @ BE or better, you can only lose on the last trade.
and sometimes the trend is so strong, there are really no pullbacks.
why not milk the trend for all its worth and the more positions the better, provided they are at BE or better.
I know it works.......
Be careful to heed his advice regarding making certain all the current trades are at BE or better before making an add-on trade. It's a powerful strategy.
Great trading!
is there a reason why you limit yourself to a maximum of 3 positions? doesn`t seem logical to me. as long as all your trades are @ BE or better, you can only lose on the last trade. and sometimes the trend is so strong, there are really no pullbacks. why not milk the trend for all its worth and the more positions the better, provided they are at BE or better. I know it works.......
Winners add to winning trades!
- #56
- Sep 22, 2012 3:30pm Sep 22, 2012 3:30pm
- Joined May 2008 | Status: Trader | 1,158 Posts
hello folks,
I always find that in these forums we talk a lot, but hardly anybody does the hard yards to succeed in this business.
and to succeed a lot of work has to be done; you cant expect somebody else to hand it over on a plate.
what about some homework to solve an interesting puzzle:
AUD/USD - period 1 Sept 2011 - 4 Oct 2011 - high 1.0764 - low 0.9387
can you devise a system for this period where entry, exit and SL are consistently used and be up more than 1,000 pips for this period?
I hope a lot of people take the challenge and the one with the most pips will be the winner!!!
good luck
I always find that in these forums we talk a lot, but hardly anybody does the hard yards to succeed in this business.
and to succeed a lot of work has to be done; you cant expect somebody else to hand it over on a plate.
what about some homework to solve an interesting puzzle:
AUD/USD - period 1 Sept 2011 - 4 Oct 2011 - high 1.0764 - low 0.9387
can you devise a system for this period where entry, exit and SL are consistently used and be up more than 1,000 pips for this period?
I hope a lot of people take the challenge and the one with the most pips will be the winner!!!
good luck
- #59
- Sep 23, 2012 12:48am Sep 23, 2012 12:48am
- Joined Dec 2006 | Status: Backtest is meaningless (to me) | 2,176 Posts
interesting,
using my simulator,
51 trades, 45% win rate,
final outcome: 937 pips, max DD: -408 pip,
average win: 86 pip, average loss: -37 pip;
spread cost -153 pip (with spread 3 pip)
very difficult (for me) to trade, though it is an easy period.
using my simulator,
51 trades, 45% win rate,
final outcome: 937 pips, max DD: -408 pip,
average win: 86 pip, average loss: -37 pip;
spread cost -153 pip (with spread 3 pip)
very difficult (for me) to trade, though it is an easy period.
hello folks,
AUD/USD - period 1 Sept 2011 - 4 Oct 2011 - high 1.0764 - low 0.9387
can you devise a system for this period where entry, exit and SL are consistently used and be up more than 1,000 pips for this period?
I hope a lot of people take the challenge and the one with the most pips will be the winner!!!
good luck