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As Easy as "PI"

Could you share with us your spreadsheet please ?
Quoting gj6n68
Hi,

I just came across your wonderful and so simple but powerful thread yesterday.


And I saw a few replies regarding how many pips the stop loss should be away. Further to that I did bit of analysis on daily change (in pips) on audcad and audchf. I did this to find out how much has the market moved if we take extreme cases to set our stop loss, especially on daily basis only.

For audcad, the max it moved down was 148 pips, while max it moved up was 143.
For audchf, the max it moved down was 444 and max it moved up was 805.

I may be...
Quoting toinou21
Could you share with us your spreadsheet please ?
Hi,

I've attached the example sheet, which has data for one pair.

have a look at it and let me know if you don't understand it. I've done it with very basic understanding.
Attached File
File Type: xlsx example.xlsx   76 KB | 249 downloads
Quoting gj6n68
Hi,

I've attached the example sheet, which has data for one pair.

have a look at it and let me know if you don't understand it. I've done it with very basic understanding.
Thank you, looks interesting, which indicator did you use to get this data ?
Quoting toinou21
Thank you, looks interesting, which indicator did you use to get this data ?
Data comes from bloomberg. It is just raw data, using bloomberg template. No indicator used, here.
Quoting gj6n68
Data comes from bloomberg. It is just raw data, using bloomberg template. No indicator used, here.
got it. thank you.

I have another question Spyderman, (sorry for bothering you ha ) on your trade list you have been trading many pairs, so somehow do you try to diversify the risk ?
Wow, 15 min to USA open, been traveling by plane all day, finally sitting in hotel room, first chance to check charts - I can see that it must be a great day for "PI" - hope you got some good add on trades spyderman

I definitely have to set up a VPS so I can get this running & testing properly

The two most powerful warriors are patience and time. Leo Tolstoy
Quoting Erebus
Wow, 15 min to USA open, been traveling by plane all day, finally sitting in hotel room, first chance to check charts - I can see that it must be a great day for "PI" - hope you got some good add on trades spyderman

I definitely have to set up a VPS so I can get this running & testing properly


Yeah, things are moving nicely right now. Had about 5 addons yesterday and another this morning. I'm back in teh Eur/Jpy, so seems like that stop out earlier was indeed premature. That will end up costing me in the long run. Oh, well.

I'm think about an alternative to the x pips of s/l. I have a trailing ea that will trail behind a MA. Seems like it might be the thing to just trail 10 pips behind the close of the 22 MA. Set an initial s/l of course and then maybe move to BE after a strong move, but then switch to trailing.
That way that retracement this week wouldn't have taken out the E/J. Maybe the G/J would have been hit...the pound was pretty week at the beginning of the week.
Quoting toinou21
got it. thank you.

I have another question Spyderman, (sorry for bothering you ha ) on your trade list you have been trading many pairs, so somehow do you try to diversify the risk ?

Not sure exactly what the question is. By trading many pairs, I am diversifying the risk. If you mean many pairs with the same cross, i.e. JPY, then I don't worry to much about the correlation. Different crosses will act slightly differently, have orders triggered different days etc. This week I had both long EurAud and short Gbp/Aud in good profit (until the Aussie weakened), even though Eur and Gbp often act similar.

I've never been a big fan of avoiding pair correlation as a rule. I think you just have to look at the situation in light of the global sentiment. I mean you can get yourself into analysis paralysis if you start questioning every correlation...Can't trade Eur and Gbp together...can't take Usd and Jpy trades together because they're both safe haven currencies...can't trade the commodity currencies together, Aud-Cad-Nzd...can't trade Cad along side Usd...etc. etc.
Quoting spyderman
Not sure exactly what the question is. By trading many pairs, I am diversifying the risk. If you mean many pairs with the same cross, i.e. JPY, then I don't worry to much about the correlation. Different crosses will act slightly differently, have orders triggered different days etc. This week I had both long EurAud and short Gbp/Aud in good profit (until the Aussie weakened), even though Eur and Gbp often act similar.

I've never been a big fan of avoiding pair correlation as a rule. I think you just have to look at the situation in light...
Thank you, it was the answer i was looking for, especially about trading many pairs with the same cross.
Since we have a gap during the weekend, do you set up any trade just before the market close on Friday ?
Quoting toinou21
Since we have a gap during the weekend, do you set up any trade just before the market close on Friday ?
I don't treat Weekend much different. My daily bar closes 5:00 pm EST so that works well for weekend close. At the beginning of the new day, in this case Sunday, I place all my trades at that time.
hello,
This is USDCHF using daily timeframe. Do you have any pending order on this pair ? and if yes how do you deal with it ? do you keep the 2 pending orders , or the last set up who shows up cancel the previous ?
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.JPG Size: 60 KB
Quoting toinou21
hello,
This is USDCHF using daily timeframe. Do you have any pending order on this pair ? and if yes how do you deal with it ? do you keep the 2 pending orders , or the last set up who shows up cancel the previous ?

To answer the first part of your question, no, no pending orders. I am not trading the Chf crosses as the Swiss Franc is so closely pegged to the Euro. So if you trade UsdChf, you are basically trading EurUsd. Not the charts below, basically mirror images.

To answer the second part on the setup in general, remember we're looking for a pull back and then a break of the recent high to signify a resumption of the trend. On this pair the first reversal bar is still valid so I would place a pending above that recent high. It would actually go above the wick two candles to the left of your first arrow.
Hi

Just finished reading the thread and I am subscribing.

Regards

John from Durban
Quoting jmcl
Hi

Just finished reading the thread and I am subscribing.

Regards

John from Durban
Welcome John. There's not much to say on the way. Pretty basic and yet slow moving at the same time. Not as sexy as scalping, but hey, what ya going to do.

Feel free to ask any quesitons.
Quoting spyderman
Welcome John. There's not much to say on the way. Pretty basic and yet slow moving at the same time. Not as sexy as scalping, but hey, what ya going to do.

Feel free to ask any quesitons.
Thank you and the sexy scalping from my side is out of the door - patience will count from now on.

John
We have a possible set up on AUDUSD, when do you think it's the best time to enter ?
I'm guessing we have 3 possibilities before us.

1/ we could enter at the opening of the next candle (the MACD shows us sell signal)
2/ we could wait for the next pull back and enter when the trend resume
3/ we enter at the break of the purple line.

thanks for your time.
Toinou
Attached Image (click to enlarge)
Click to Enlarge Name: audusd.jpg Size: 85 KB
Quoting toinou21
We have a possible set up on AUDUSD, when do you think it's the best time to enter ?
I'm guessing we have 3 possibilities before us.

1/ we could enter at the opening of the next candle (the MACD shows us sell signal)
2/ we could wait for the next pull back and enter when the trend resume
3/ we enter at the break of the purple line.

thanks for your time.
Toinou
AudUsd has been pretty choppy. Aussie's been all over the place with the China economic situation. I'd opt for waiting for a pullback and reaffirmation before entering.
  • Post #219
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  • Edited at 11:26am Jan 28, 2013 11:11am | Edited at 11:26am
spyderman, if you did not try to filter the signals on the weekly chart ?
Attached Image (click to enlarge)
Click to Enlarge Name: 99.gif Size: 38 KB
Quoting alexey
spyderman, if you did not try to filter the signals on the weekly chart ?
Not sure what your question is here?
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