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  • #9,381
  • Dec 7, 2012 11:50am Dec 7, 2012 11:50am
Quoting Flaviu1981
I seen that you use buy/sell orders to trade the bounce of 200 ema. Can you offer more details about this, please?! (TP, SL, when you trade this bounces and when you don't)
In this instance I did not trade a bounce off the 200 ema. The box indicates that there were buy orders (orders at the Bid) sitting in that area, not that I had a Buy limit order sitting there.
Cut your Losers short and let your Winners run.
  • #9,382
  • Dec 7, 2012 11:54am Dec 7, 2012 11:54am
I've been active in this thread some 8-9 months ago, then decided to abandon indicators to focus on PA and now Im back again. Hopefully smarter

I plan to use the TDI as a confirmation for my setups, which are based around S&D or S&R levels. Thats why I also wont use the synergy candles as I need to see price clearly.
My main indication will be the breakout of the volatility bands, which, if coinciding with a premarked level, will be a very good setup. At least thats the theory, after doing some backtesting. I will also use the indy for divergence.
I wont however play the classic crossovers as I belive that waiting for it results in a to late entry.

I'll try this system over the next weeks, try to finetune it and come up with something that optimizes my trading.

Today I took 3 trades, though, 1 was a reentry on UCAD. And only this reentry was a good setups, the others not really.
Next week, the real testing will start.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucad.jpg Size: 101 KB
Click to Enlarge Name: gold.jpg Size: 97 KB
Thoughts are things
  • #9,383
  • Dec 7, 2012 11:55am Dec 7, 2012 11:55am
Quoting munirpt
Been away for awhile due to professional duties....
Today had one trade After the news
Welcome back. Nice pips, see told you you would be getting more pips than me and I would have trouble keeping up.

Your lilac boxes showing High/Lows do your draw them by hand and how do you use them in your trading?
Cut your Losers short and let your Winners run.
  • #9,384
  • Edited Dec 8, 2012 8:28am Dec 7, 2012 12:05pm | Edited Dec 8, 2012 8:28am
Quoting stephen77
I want to keep track of the high and low in the London Session but so far there doesn't seem to be an indicator that accurately shows this.
In case any one else has been having the same problem with incorrectly marked highs and lows:
Found that Phx62's post #7147 page 477 provides the answer to the problem
http://www.forexfactory.com/showthre...47#post5572947

Quoting Phx62
I modified the two attached indicators to show the open, the close, the high and the low of each session. ...
  • #9,385
  • Dec 7, 2012 12:08pm Dec 7, 2012 12:08pm
Quoting Quezoy
I've been active in this thread some 8-9 months ago, then decided to abandon indicators to focus on PA and now Im back again. Hopefully smarter

I plan to use the TDI as a confirmation for my setups, which are based around S&D or S&R levels. Thats why I also wont use the synergy candles as I need to see price clearly.
My main indication will be the breakout of the volatility bands, which, if coinciding with a premarked level, will be a very good setup. At least thats the theory, after doing some backtesting. I will also use the indy for divergence.
I...
Have you tried the Stochastic at 8,3,3, shows divergence better than the TDI and shows momentum better. Also, if you want to see the cross just add a 10sma applied to the first indicator, this crosses at the same time as the TDI, some times a little earlier.
Attached Image (click to enlarge)
Click to Enlarge Name: TDI v Stochastic.png Size: 38 KB
Cut your Losers short and let your Winners run.
  • #9,386
  • Dec 7, 2012 12:16pm Dec 7, 2012 12:16pm
Quoting dee50
Welcome back. Nice pips, see told you you would be getting more pips than me and I would have trouble keeping up.

Your lilac boxes showing High/Lows do your draw them by hand and how do you use them in your trading?
Its good to be back and Im sure you are doing much more pips than i do.
I was also recently studying more about moving averages. Actually i do believe they are very important(specially 10,50 and 200 ema) and i wasnt using them properly...

Those boxes are done with an indicator called Timezones.
I use it to help me visualize high and lows as points of minor support and resistances.
also by a quick glance it helps me see the trend (if boxes are going up or down)
  • #9,387
  • Edited 12:28pm Dec 7, 2012 12:16pm | Edited 12:28pm
Quoting stephen77
In case any one else has been having the same problem with incorrectly marked highs and lows:
Found that Phx62's post #7147 page 477 provides the answer to the problem
If you right click the post number and then click "copy post location" you can then paste it into your post. Makes things easier. Hah!!!! cancel that I just discovered the new search features at the top lH of the page. Munirpt has just admitted to using an indy called Timezones which marks the High/Low of the session have a look at his charts, it is the Lilac boxes. Checked out PHx62 posts he is using the London Breakout Indy from the thread of the same name.
Cut your Losers short and let your Winners run.
  • #9,388
  • Dec 7, 2012 12:23pm Dec 7, 2012 12:23pm
Quoting munirpt
Its good to be back and Im sure you are doing much more pips than i do.
I was also recently studying more about moving averages. Actually i do believe they are very important(specially 10,50 and 200 ema) and i wasnt using them properly...

Those boxes are done with an indicator called Timezones.
I use it to help me visualize high and lows as points of minor support and resistances.
also by a quick glance it helps me see the trend (if boxes are going up or down)
MA´s, I couldn´t agree more. 10 50 and 200 yep, because almost every body uses them on pretty much every time frame. Interesting use of lilac boxes bit more than just a session marker.
Cut your Losers short and let your Winners run.
  • #9,389
  • Dec 7, 2012 12:28pm Dec 7, 2012 12:28pm
Quoting dee50
Have you tried the Stochastic at 8,3,3, shows divergence better than the TDI and shows momentum better. Also, if you want to see the cross just add a 10sma applied to the first indicator, this crosses at the same time as the TDI, some times a little earlier.
Its an interesting option, but I need the TDI RSI for the breakouts. Besides, I never particularly liked stoch, its to reactive for my liking.

Anyway, I've just started trying this out, I may change a few things as things progress.
Thoughts are things
  • #9,390
  • Dec 7, 2012 1:11pm Dec 7, 2012 1:11pm
For those who followed the system today could have made 100 pips
Attached Image (click to enlarge)
Click to Enlarge Name: tdi_today.jpg Size: 191 KB
  • #9,391
  • Dec 7, 2012 1:13pm Dec 7, 2012 1:13pm
Quoting stephen77
I would like to set up my charts to show the London and New York sessions with a boxed outline so that the box expands to the high and low of the session much like Phx62 uses.
The nearest I can find is Sessions.mq4 - See screenshot. The verticals work fine but the horizontals for the high and low seem to be offset by one candle so not ideal.
Can anyone advise on something better. I have tried the various ones listed in the attachments for this thread but no luck so far. Any help with this would be great - thanks
Here is a sessions box indicator. You can enable/disable the fill color.
Attached Image (click to enlarge)
Click to Enlarge Name: sessionsbox.gif Size: 15 KB
Attached File(s)
File Type: mq4 SessionBox.mq4   10 KB | 514 downloads
  • #9,392
  • Dec 7, 2012 1:18pm Dec 7, 2012 1:18pm
munirpt

interesting chart

thank you

-bill
  • #9,393
  • Dec 7, 2012 4:42pm Dec 7, 2012 4:42pm
Levels to pay attention next week
Attached Image (click to enlarge)
Click to Enlarge Name: levels_eu.jpg Size: 192 KB
  • #9,394
  • Dec 7, 2012 11:15pm Dec 7, 2012 11:15pm
munirpt,

You gave us a translated price action PDFs, which I read and benefit a lot

I would like if you can guide me about using ATR, I think it save time figuring stop loss or even take profit, correct me if am wrong

I'm asking about ATR because most of the time I find when I enter a trade that stop loss reaches up to -60 pips , and then breathes and continue making profitable pips

So what I do is, whenever I enter a trade, First I set my TP and then give the trade a room to breathe , and then only I set my stop loss, I think I most of the time enter a trade late.

Yesterday on AUD/USD H1, I entered a trade which I think late a bit , First it went against me -60 and then it made some pips which was even up to 30+ pips but I took half of them
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled-1.jpg Size: 118 KB
I Have Learned to Take Some Losses to Make Profits
  • #9,395
  • Edited 5:05am Dec 8, 2012 4:39am | Edited 5:05am
Quoting TheScorpS
munirpt,

You gave us a translated price action PDFs, which I read and benefit a lot

I would like if you can guide me about using ATR, I think it save time figuring stop loss or even take profit, correct me if am wrong

I'm asking about ATR because most of the time I find when I enter a trade that stop loss reaches up to -60 pips , and then breathes and continue making profitable pips

So what I do is, whenever I enter a trade, First I set my TP and then give the trade a room to breathe , and then only I set my stop loss, I think I most of the...
If a trade is going 60 pips against you on the 1 hr you "Seriously" need to stop and evaluate what you are doing. If a trade went against me 60 pips on the 4hr I would worry, if it went that much against me on the daily that would be acceptable but the 1 hr!!!!. What did your backtesting show you would be the "normal expectation". Have you backtested? You are clearly doing something very wrong.

Edit.

I have just pulled up a chart of AU and none of what you are saying makes any sense!!!! see attached. If you entered long at1.04918 price could not have gone against you 60 pips, the AU did not move that much. Post another chart and mark your entry and exit and remember that you are using a 5 digit broker so when you measure the price move and the crosshair shows for example 110, that is not 110 pips it is 11 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: Huh.png Size: 34 KB
Cut your Losers short and let your Winners run.
  • #9,396
  • Dec 8, 2012 4:48am Dec 8, 2012 4:48am
dee50

I just cant figure a way so far to correctly back test, I have back test to practice the strategy , so what I did was just to try as much as possible to understand entry point, but don't know how to correctly find a stop loss in back testing

I have been studying Forex for 2 months only, so I think there are loads of problems that I have to fix to correctly be on the right track, studying as much as possible, but it needs time and experience

now , normal how much draw down should I accept on 1H chart when enter a trade?

Thanks for concern
I Have Learned to Take Some Losses to Make Profits
  • #9,397
  • Dec 8, 2012 4:50am Dec 8, 2012 4:50am
Quoting dee50
I do not trade London session on fridays
Hi dee, we also tend to avoid London on a Fri morning, Mon mornings also can be very scrappy.
  • #9,398
  • Edited 5:07am Dec 8, 2012 5:06am | Edited 5:07am
Quoting TheScorpS
dee50

I just cant figure a way so far to correctly back test, I have back test to practice the strategy , so what I did was just to try as much as possible to understand entry point, but don't know how to correctly find a stop loss in back testing

I have been studying Forex for 2 months only, so I think there are loads of problems that I have to fix to correctly be on the right track, studying as much as possible, but it needs time and experience

now , normal how much draw down should I accept on 1H chart when enter a trade?

Thanks for concern...
When back testing with 1hr candle entry I would suggest looking at the 15 min charts that co-incide. Consider stops that are above/below the last 15 min swing high/low. If you can also get 2 key levels between your entry and stop eg a W pivot, D pivot, psych level (00, 25, 50, 75), SR level, fib etc in addition to the last 15 min swing high low you should be pretty much OK.

Just an example, assuming a sell here below 1.2915, see arrow down, was a valid trade on 1hr. Then a stop around 1.2938 has a W pivot, 25 psych level, S1 and the last 15 min swing high between entry and SL. Giving you a relatively small stop for a 1hr 'entry'.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 15 KB
  • #9,399
  • Dec 8, 2012 5:07am Dec 8, 2012 5:07am
Quoting TheScorpS
dee50

I just cant figure a way so far to correctly back test, I have back test to practice the strategy , so what I did was just to try as much as possible to understand entry point, but don't know how to correctly find a stop loss in back testing

I have been studying Forex for 2 months only, so I think there are loads of problems that I have to fix to correctly be on the right track, studying as much as possible, but it needs time and experience

now , normal how much draw down should I accept on 1H chart when enter a trade?

Thanks for concern...
Scorps have a look at my response above. The situation may not be as bad as it first seemed
Cut your Losers short and let your Winners run.
  • #9,400
  • Dec 8, 2012 5:21am Dec 8, 2012 5:21am
Quoting TheScorpS
dee50

I just cant figure a way so far to correctly back test, I have back test to practice the strategy , so what I did was just to try as much as possible to understand entry point, but don't know how to correctly find a stop loss in back testing

I have been studying Forex for 2 months only, so I think there are loads of problems that I have to fix to correctly be on the right track, studying as much as possible, but it needs time and experience

now , normal how much draw down should I accept on 1H chart when enter a trade?

Thanks for concern...
The attached is a small sample of my back tests results on the EU 1 hr which I started some time ago. A representative sample would be at least 200 trades. Remeber that this is based on MY style of trading and may not be applicable to you, but it will give you an idea of the sort of information you should be gathering.

To explain the columns. First 4 are obvious.
PIPS= Pips Profit. B/E=number of pips in profit before stop moved to B/E. STOP= size of stop loss used. RETRACE= Number of pips price retraced after entry
Attached Image (click to enlarge)
Click to Enlarge Name: Statistical Analysis.png Size: 18 KB
Cut your Losers short and let your Winners run.
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