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Still Basketting

  • #3,201
  • Jan 29, 2013 8:49am Jan 29, 2013 8:49am
Quoting WideEyed
Circles aren't easy on MT4. What charts are you using, Netdania?
Yes, the charts are from Netdania. This is the daily, price might climb up the big blue circle or bounce off one of the green circles first.
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  • #3,202
  • Jan 29, 2013 8:57am Jan 29, 2013 8:57am
Thanks cspip. Before anyone asks about circles, let's not take this thread off course. There are discussions like this you can read instead.

I can't help noticing a strong correlation between the Kos chart and EURJPY (thanks, Thorn). In fact, is a +0.9 correlation sufficient to avoid the 14x spread and take the trade on EJ instead of the basket? Or is there an opportunity to hedge the basket via an option position on EJ to give added safety?
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  • #3,203
  • Jan 29, 2013 9:35am Jan 29, 2013 9:35am
A good example yesterday of why we ABSOLUTELY need to watch the higher timeframes.
I took this H1 short signal on Core 5 and then about a half hour later looked at the H4 to see that we were sitting right on it. I furthered my retardation by not getting out +94 (+100 is my be lock). I got stopped out, but a great lesson learned, even though it's common sense: ALWAYS CHECK THE HIGHER TIMEFRAMES!!!
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  • #3,204
  • Jan 29, 2013 9:36am Jan 29, 2013 9:36am
Sorry, bigger pic is H1 and smaller pic is H4
  • #3,205
  • Jan 29, 2013 9:56am Jan 29, 2013 9:56am
Quoting Bob_Loblaw
Sorry, bigger pic is H1 and smaller pic is H4

You're not the only one mate.
It's funny because I'm working on a brief document where I actual wrote "ignore H4 @ your peril" explaining the bounces and retracements and what do I go and do? Well, I ignored H4 and got caned! TWICE!

Lesson learnt now though - Twice bitten, 10 times shy!
Psalms 82:6: Forex Must Bow!
  • #3,206
  • Jan 29, 2013 10:30am Jan 29, 2013 10:30am
Quoting stephenoye
Twice bitten, 10 times shy!
Haha!! Love it!!
  • #3,207
  • Jan 29, 2013 12:41pm Jan 29, 2013 12:41pm
Quoting stephenoye
I've PM'd you.
Stephen Thanks Seems our E A is bit different Please give me ur E A indicator Just want to compare
  • #3,208
  • Jan 29, 2013 12:46pm Jan 29, 2013 12:46pm
That is the reason why we have a basket of currency pairs because 12 of them travel in the same direction thus draw similar charts and 2 in the reverse. Some are stronger than the rest in production and there is always one that leads the pack. The yen pairs are the most prolific leader of the pack esp the GJ and the EJ, that was the reason i was a bit interested in the last guy manner of trading just the yen pairs.

Now we should realize that ideas however insignificant at the onset maybe big later. The spread of trading 14 lots of GJ pose a greater risk than just trading 14 pairs basket. Of course not all 14 pairs will generate as signifcant pips as the GJ. Also you must consider that there are times that GJ and/or EJ also at the tail end of the pack.

There is no safety in trading even with basket. Everytime we trade, we risk, it the a matter of reducing the risk and i think BTS is the less riskier of all system i ve known.

Joven

Quoting WideEyed
Thanks cspip. Before anyone asks about circles, let's not take this thread off course. There are discussions like this you can read instead.

I can't help noticing a strong correlation between the Kos chart and EURJPY (thanks, Thorn). In fact, is a +0.9 correlation sufficient to avoid the 14x spread and take the trade on EJ instead of the basket? Or is there an opportunity to hedge the basket via an...
  • #3,209
  • Jan 29, 2013 12:49pm Jan 29, 2013 12:49pm
H1 HAS has turned. I am now long C5 and looking good so far.
  • #3,210
  • Jan 29, 2013 12:54pm Jan 29, 2013 12:54pm
Quoting omadivi
We have a USD news report coming out in a couple of minutes. If its bad,it would pull the UJ down, and possibly the other yen pairs. Time will tell. I'm still looking for yen shorts, took some pips earlier in the day but I believe we still have plenty room downside before any significant climb. I'ill be the first to admit it if I'm wrong...
Well,the usd news was not good. It caused a UJ dip,which in turn caused a dip on the other yen pairs. The trend is still up though. And about using HTFs,if you take a signal off the H1 chart,keep your eyes on the M15 or M30 for warning signs. Atleast till H4 agrees with your H1 signal. That's if you really wanna take signals off lower TFs
It is possible to make large sums trading, small losses, large wins
  • #3,211
  • Jan 29, 2013 12:58pm Jan 29, 2013 12:58pm
Quoting terminator12
Stephen Thanks Seems our E A is bit different Please give me ur E A indicator Just want to compare
Stephen We got same Parameter Thanks Hope it will be better
  • #3,212
  • Edited 4:54pm Jan 29, 2013 4:08pm | Edited 4:54pm
I am using the MPBM multi-purpose EA someone kindly posted a zillion pages ago to manage my first trade. It came with an excellent PDF instruction document.. unfortunately the How To document doesnt really match the EA params. It's confusing and I obviously want to set it up right first time and learn how to do it myself.

Does someone have a .set file they could share or explain how I can set a simple pip target and trailing StopLoss / Break even and TakeProfit targets.

Sorry. I don't want to risk the wrath of our patron Mr Kos... this system is very interesting. I have my first basket on and it is doing nicely.

Thanks.
  • #3,213
  • Jan 29, 2013 7:08pm Jan 29, 2013 7:08pm
Quoting r2997790
I am using the MPBM multi-purpose EA someone kindly posted a zillion pages ago to manage my first trade. It came with an excellent PDF instruction document.. unfortunately the How To document doesnt really match the EA params. It's confusing and I obviously want to set it up right first time and learn how to do it myself.

Does someone have a .set file they could share or explain how I can set a simple pip target and trailing StopLoss / Break even and TakeProfit targets.

Sorry. I don't want to risk the wrath of our patron Mr Kos... this system...
The MPBM didn't come with a pdf manual, only the MPTM. i know confusing. The MPBM is a lighter version of MPTM, and i use it with great success.

What are the settings you are wondering about?

for starters, set the magicnumber so the MPBM knows what trades to monitor

PipTakeProfit is total pips, Cash is dollas,

Adaptive TakeProfit and Stoploss is your input pips times the number of trades. (20 pips times 14 trades = basket stop 280 pips, 20 pip times 5 = basket stop 100 pips)

JumpingStop is that it will lock your pips at set intervals only i.e. 0 -200 - 400 - 600 - 800

better explanation: if your jumping stop is 200, when the pips reach 200 it locks at 0, when it reaches 400, it locks 200, 600 in plus locks 400 and so on.

Breakevenprofit pips is at what level you wish the stop to be moved to breakeven.

BreakevenProfitPipsLock is the number of Breakeven plus pips

i.e. Breakeven is set to 100
Breakevenpluspips is set to 10

that means when you are at 100 pips plus, the stop is moved to breakeven plus 10 ---> 10 pips locked

just ask if you have more questions

1Thomas
  • #3,214
  • Edited 7:30pm Jan 29, 2013 7:21pm | Edited 7:30pm
Hello

i have been trading this style now for some time and it is a fantastic way to trade to total market, not only two linked currencies.

i have been experimenting a little and here are some observations i have made:

my long are usually running longer and stronger thah the short, it seem like the market moves more smoothly up and then chops itself down and begins the cycle again.

if this is the case, the EA should have long and short only settings. that way we can utilize different HA setting and catch the long uptrend and get the most out of the smaller short downtrends. Manual trades can set up two chart with different settings to confirm this if it sounds interesting.

And another thing, in my mind a JumpingStop is the best alternative for the autotraders among us. it will jump the stop in set intervalls. with a large enough step size the trade is allowed to breath, but the downward price can be cut before HA color change. Thus gaining a few more pips.

Also something to try. try taking all signals in one direction, one direction only and not close any of them on HA color change. Use the pips as a guide to where to get out. Example. 5M chart, only long trades. Max five baskets, close if pips is negative 500 or 1500 positive. adjust for timeframe and number of open baskets.

Thomas

i know i have very few posts, i prefer lurking in the shadows but had to step forward and congratulate and thank Kos.

Thanks Kos, you have guided me towards 4723 pips since mid december.
  • #3,215
  • Jan 29, 2013 9:22pm Jan 29, 2013 9:22pm
Quoting omadivi
Well,the usd news was not good. It caused a UJ dip,which in turn caused a dip on the other yen pairs. The trend is still up though. And about using HTFs,if you take a signal off the H1 chart,keep your eyes on the M15 or M30 for warning signs. Atleast till H4 agrees with your H1 signal. That's if you really wanna take signals off lower TFs
Your analyses are uniquely insightful. Keep the good work going!
Enter Signature
  • #3,216
  • Jan 30, 2013 12:26am Jan 30, 2013 12:26am
Quoting stephenoye
I've PM'd you.
Stephen, Perfect set up but usestoploss 560 instead of 200 , Now i will leave it as it is , Soon will start live trading , Thanks .
  • #3,217
  • Jan 30, 2013 12:33am Jan 30, 2013 12:33am
Quoting tutsola
Hello

i have been trading this style now for some time and it is a fantastic way to trade to total market, not only two linked currencies.

i have been experimenting a little and here are some observations i have made:

my long are usually running longer and stronger thah the short, it seem like the market moves more smoothly up and then chops itself down and begins the cycle again.

if this is the case, the EA should have long and short only settings. that way we can utilize different HA setting and catch the long uptrend and...
Good ost and observations.

I agree that the long trades seem to run much smoother. I think this is down to the overall trend at the moment.
Pop up the H4 and it shouts long at you and the shorts we see on the H1 are generally retracements at the minute.
It'll be nice to see what happens when the long awaited downtrend resumes.

On Jumping Stops, I love them. I think they agree with my trading personality.
I'm going to have a go at incorporating it into GVCs EA as running BTS and MPBM together don't seem to always agree.
An alternative for me at the moment is the trailing set with a big enough percentage to let the market move but lock considerable pips.
The trail generates a larger P/L but potentially leave more pips on the table while on the other hand JS clears up but cn chop the move prematurely.

Good post though and congrats on good pips
Psalms 82:6: Forex Must Bow!
  • #3,218
  • Edited 2:22am Jan 30, 2013 2:03am | Edited 2:22am
Finally broke 147.00 on H4 (Core 5), the trigger was pulled. I hope to broke 150.00, it will be very nice.



P.


PS
I missed the entry on HAS change yesterday, this is the reason to catch the train now.
"The fear of loss is a path to the Dark Side." >> Yoda
  • #3,219
  • Jan 30, 2013 2:35am Jan 30, 2013 2:35am
Hi,

Salute to T101 for introducing the method and Thank you to kos for starting the thread again.
The method is very interesting, however it has developed a lot since the beginning of this thread.

This made me a bit confused of the current development...

Please kindly help to enlighten me on these questions:
1. Which pairs are better to trade? 14 pairs, 12-2 or Core 5?
2. Which time frame is the best to trade BTS?
3. Do I need Higher TF confirmation?
4. How many pips is the best BE setting?
5. SL ?

Thank you
Failure leads to Success if one learns from mistakes and never give up
  • #3,220
  • Edited 3:44pm Jan 30, 2013 3:04am | Edited 3:44pm
HI Basketeers...

One question and one observation from a new KOS basketeer (I've done a bit of basket dabbling in the past).

Observation
My 14 pairs (12-2) LONG basket is net swop positive 16 pips (+31 -15) rather than close long baskets when HAS changes could / should we leave it open and hedge instead? Obviously we'd need to keep an eye on the swop rates but an extra 112 pips a week isn't bad.

[EDIT] My apologies.. I got the decimal points in the wrong place! With my broker (IBFX) my long basket is a paltry +1.6pips _not_ 16. I thought I got too excited

Question
I'm LONG on my first demo basket and see H1 and H4 resistance coming up. I know the prevailing view is to wait until HAS changes to put on the reserve basket, but it cases when you see H1/H4 resistance level would people consider taking profit then? (The basket is already locked at breakeven).


Thanks everyone.
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