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As Easy as "PI"

  • #161
  • Jan 18, 2013 6:16am Jan 18, 2013 6:16am
Quoting msia.metal
Thanks for the post, Spyderman.

Don't mind to share your thought on G/A. Even thou there is a Pin Bar Jan 10 at a level - showing a potential long trade, you would still go for short at the PB's low, based on Daily? Why?

Thanks for your time.

Because that's what this strategy is centered on. It's not about candlesitck formation.
As a side note but parrallel note, here's why I don't like candlestick trading. At least not on the daily.

Brokers have different open/close times on their daily candles. So while I might have a pin bar or engulfing pattern on my
chart for a given day, you may not. Your not going to see that difference in the MA's as they're just that...averages.

So, back to the strat, sure enough the pinbar on G/A didn't turn out to be anything in terms of a trend change. You may have picked up a few pips, but that's for another trading strategy.
  • #162
  • Jan 18, 2013 6:27am Jan 18, 2013 6:27am
Quoting Erebus

Hope I don't get banned by spyderman


"No Bannings Today!, tis a Friday. Let there be peace in the Kingdom"

Erebus and I have crossed keyboards before...hopefully in good fun. He has a very direct way of speaking, but in the end he's often correct.
(Unless he disagrees with me of course. )
  • #163
  • Jan 18, 2013 7:42am Jan 18, 2013 7:42am
Quoting spyderman
"No Bannings Today!, tis a Friday. Let there be peace in the Kingdom"

Erebus and I have crossed keyboards before...hopefully in good fun. He has a very direct way of speaking, but in the end he's often correct.
(Unless he disagrees with me of course. )

Thanks for that, all comes back to me now! If I could sling you a vouch I would, maybe one day.

Congratulations on a fine thread, I will be following along and posting charts from time to time. Forgot to mention, that broker is GLOBAL PRIME , supposed to be Non expiring account too, so that will help with my demo.

Here is the GBP-AUD in question, as you say, candle pattern be buggered, price looks to ready to break new lows soon.

Do you ever flick to the Weekly to see what is happening there? I think it helps to screen potential trades if there has been ranging price action on the daily.

And this GBP-AUD might be interesting in the weeks ahead

Have a good week end all

Attached Image(s) (click to enlarge)
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It takes a lot for me to IGNORE you, but you can try.
  • #164
  • Jan 18, 2013 10:54am Jan 18, 2013 10:54am
Quoting msia.metal
Erebus
Perhaps stop and waste no more time.
Your points serve no educational.

p.s. Sorry all if I bore you.
Perhaps this can help a bit for those who are unfamiliar with trade explorer.

How to see trades and trade history

Have a good weekend everyone.
  • #165
  • Jan 18, 2013 11:17am Jan 18, 2013 11:17am
Quoting Erebus

Do you ever flick to the Weekly to see what is happening there? I think it helps to screen potential trades if there has been ranging price action on the daily.


I must say I don't typically. I do keep up with the daily news on Bloomberg so price usually reflects that. However it might certainly be beneficial to see the price patterns on the weekly.
  • #166
  • Jan 18, 2013 12:21pm Jan 18, 2013 12:21pm
Quoting spyderman
Because that's what this strategy is centered on. It's not about candlesitck formation.
As a side note but parrallel note, here's why I don't like candlestick trading. At least not on the daily.

Brokers have different open/close times on their daily candles. So while I might have a pin bar or engulfing pattern on my
chart for a given day, you may not. Your not going to see that difference in the MA's as they're just that...averages.

So, back to the strat, sure enough the pinbar on G/A didn't turn out to be anything in terms of a trend...
Yes, stick to the trading rules
OK, now I see the c. f. is not a key decision in your daily trading method

Your comments indeed are value. Thank you for your time.

Keep posting charts if ok for you - I think some ppl learn faster with pictorial than wording (English is not my main lang)

Have a nice weekend.
  • #167
  • Jan 19, 2013 12:38am Jan 19, 2013 12:38am
Quoting Dodgy Salmon
Well I would do but considering the reaction I got from just stating that a 2 ema crossover system doesn't have too much of a lifespan I may not bother. I think you are right about the trust thing, no one will take it from me that the OP's system as is will not work because I only just started posting here so suddenly that invalidates my 40 years experience of investing in one market or another. With the passing of time you lose interest in trying to convince people of things. If these greenhorns have got their mind set on something then...
40 years investing? then surely you must have heard of these 3?

1. Richard Dennis

2. Turtle Traders

3. Trend following

Now that you have said what won't work, looking forward to you sharing your experience to help us know what does work, thanks

E.
It takes a lot for me to IGNORE you, but you can try.
  • #168
  • Jan 19, 2013 4:46pm Jan 19, 2013 4:46pm
Spydey,

I noticed your 1st chart shown was with Interbank FX, and subsequent charts shown have been with ForexBroker Inc.. Any significant reason for switching brokers?

BC2
  • #169
  • Jan 19, 2013 5:03pm Jan 19, 2013 5:03pm
Hi every one,
I have a simple question for you Spiderman, Do you take into account the Swap in your strategy ?
Thanks for you time.
Toinou
  • #170
  • Jan 19, 2013 11:47pm Jan 19, 2013 11:47pm
Anyone that has been on FFF for any length of time has probably had a look at the Building an equity millipede and probably moved on as it all seems a bit daunting.

But now that you are here reading the As Easy As "PI" thread, another long term trend following method, I suggest having a look at these 2 posts, # 3482 and # 3483

Post # 3482

He describes the method used to entry a position(s) using daily charts, and holding them for some time, target 1,000 pips actually.

Need something to do while daily charts are forming anyway.

I think it is relevant to this thread; wonder if spyderman got any inspiration over there?

It takes a lot for me to IGNORE you, but you can try.
  • #171
  • Jan 20, 2013 8:30am Jan 20, 2013 8:30am
Quoting Erebus
Anyone that has been on FFF for any length of time has probably had a look at the Building an equity millipede and probably moved on as it all seems a bit daunting.

But now that you are here reading the As Easy As "PI" thread, another long term trend following method, I suggest having a look at these 2 posts, # 3482 and # 3483

Post # 3482

He describes the method used to entry a position(s)...
No doubt. I read the whole millipede thread (daunting is an accurate word) and it definitely changed the way I looked at position trading. You can see from some of my other threads that I tried different ways to capture the spirit of Graeme's ideas.

One thing I'm not trying to follow here is his exit strategy. I think many struggled with interpreting his "diversification" method. Perhaps, looking back now, he was just referring to market sentiment, which I've come to appreciate more since then. Anyways, I definitely think Graeme's thread is an excellent read for anyone serious in long term and successful trading. I would just read from the start up through the point where Graeme discontinued posting.
  • #172
  • Jan 20, 2013 8:32am Jan 20, 2013 8:32am
Quoting Bobcat2
Spydey,

I noticed your 1st chart shown was with Interbank FX, and subsequent charts shown have been with ForexBroker Inc.. Any significant reason for switching brokers?

BC2
Nothing specifically wrong with IBFX. Forexbroker Inc. sent me a solicitation email offering a trading bonus which I took advantage of. Good spreads, micro lots. Twas a good fit. We'll see how it goes when and if I withdraw...
  • #173
  • Jan 20, 2013 8:35am Jan 20, 2013 8:35am
Quoting toinou21
Hi every one,
I have a simple question for you Spiderman, Do you take into account the Swap in your strategy ?
Thanks for you time.
Toinou

Simple answer...no. Longer answer...I view the swap as another cost of trading, just like the spread or commissions. After all, it's interest. In my view, if you're paying a significant amount in swap then you must have some nice positions open that have been there for some time. With this strategy, that would only be the case if you were in a long term trend. So your profits would far outweigh any swap costs.
  • #174
  • Jan 20, 2013 8:36am Jan 20, 2013 8:36am
Someone asked in PM about the short entries on G/U. Can't attach chart in PM so here's the answer:

Here ya go. You can see the cross down on the 8th, and the addon trade on the 16th. Again, your broker may have different daily candles but it should still be showing short.
Attached Image (click to enlarge)
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  • #175
  • Jan 20, 2013 9:55am Jan 20, 2013 9:55am
Hello,

the choise of this system remembers me to the Sidus v3 Indicator. With this you have an alert on crosses the EA and an Filter with RSI. Settings whatever you like. I trade this indicator in M30 timeframe. Matching with the MACD Hist it seems a great setup.
Attached File(s)
File Type: ex4 sidus_v3_alerts.ex4   6 KB | 352 downloads
  • #176
  • Jan 20, 2013 11:42am Jan 20, 2013 11:42am
Quoting spyderman
To be honest, I don't know how FF's trade explorer works for sure. At least not as far as how it figures entries and exits.
That is one reason for some who prefer charts to understand the entries (I am one).

Quoting spyderman
Here ya go. You can see the cross down on the 8th, and the addon trade on the 16th. Again, your broker may have different daily candles but it should still be showing short.
For your both shorts, you set stop loss 300 pips each?
When will your BE a trade?
  • #177
  • Jan 20, 2013 12:13pm Jan 20, 2013 12:13pm
Quoting msia.metal
That is one reason for some who prefer charts to understand the entries (I am one).

Perhaps you'd do better by not concentrating on the Trade Explorer. Open some charts with the indicators in place on the daily and find the entries. Once you find a nice trend in place, then look for the addons.
  • #178
  • Jan 20, 2013 12:16pm Jan 20, 2013 12:16pm
Quoting msia.metal
That is one reason for some who prefer charts to understand the entries (I am one).



For your both shorts, you set stop loss 300 pips each?
When will your BE a trade?

You're concentrating on the s/l too much. The s/l is there for emergency only. You will tyically get an exit signal long before s/l.

I will probably start trailing my stops at 300 pips, just in case we get another Japan earthquake event or something like that.
  • #179
  • Jan 20, 2013 4:16pm Jan 20, 2013 4:16pm
As mentioned early in the thread I had been basing my initial entry lot sizing based on a 3% risk and my addon trades at 1%.

Moving forward I believe I will adjust this so that all orders go in at 2%. As account size increases (hopefully) I will adjust the lot size percentage.
  • #180
  • Jan 20, 2013 9:03pm Jan 20, 2013 9:03pm
@ everybody, just stumbled across a website call AlertFX (dot) com

very easy to set up alerts to either email or SMS to phone, not that there is any great need for speed on daily charts

might help some, have a great week

It takes a lot for me to IGNORE you, but you can try.
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