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Lean Mean Money Making Machine

  • #61
  • Jan 29, 2013 1:08pm Jan 29, 2013 1:08pm
Quoting ashur123
We have a 104 PIP TP and a 33 PIP SL.
I am sorry but I do not quite understand how can you have different R:R ratios for different trades. Sometimes you have mentioned 1:4, sometimes 1:3...
If using same Fibonacci levels for TP and SL then our RRR should be a constant, shouldn't it?
  • #62
  • Jan 29, 2013 2:27pm Jan 29, 2013 2:27pm
We'll take a quick look now at USD/CHF to see what it has in stock for us. From the looks of the 4 hour chart, we are looking to BUY. So we proceed to our Daily Oanda chart and here we see that our last SELL trade has not yet met its Take Profit. This means price wants to come down to the Take Profit/TURNING POINT before it proceeds to becoming a BULL trend. Pretty straight forward right?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCHF.jpg Size: 320 KB
Click to Enlarge Name: USDCHF2.jpg Size: 427 KB
  • #63
  • Jan 29, 2013 2:34pm Jan 29, 2013 2:34pm
EURUSD we are looking for SELL as described in the pictures below.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 341 KB
Click to Enlarge Name: eurusd1.jpg Size: 456 KB
  • #64
  • Jan 29, 2013 2:37pm Jan 29, 2013 2:37pm
Quoting Indrek
I am sorry but I do not quite understand how can you have different R:R ratios for different trades. Sometimes you have mentioned 1:4, sometimes 1:3...
If using same Fibonacci levels for TP and SL then our RRR should be a constant, shouldn't it?
As long as my TP is higher than my more than 50% I have no issues and what I noticed with using the Fibo the way I am using it, my profit is ALWAYS 3x or more what my stop loss is.
  • #65
  • Jan 29, 2013 2:41pm Jan 29, 2013 2:41pm
Quoting Pardy
Ashur,

For your 5 min charts, it would be great if you could enumerate the steps required as to determining entry point, sl, tp. It seems that you are only lookinh looking at the one timeframe in this instance.

I use mt4, and have a starc bands indicator and would like to trial this with you on mt4.

Thanks
Pardy
If price is below the STARC bands that means I am looking for a BUY. In the this case, I would go to my PREVIOUS SELL signal and set up my Fibo lines from the highest high to the breaking of the highest low. Then I look to see if my TP was hit on that trade. If it was, I would look for a BUY signal. If I entered the BUY and my stop loss got hit, I would continue looking for BUYS.
  • #66
  • Edited Jan 30, 2013 11:16am Jan 29, 2013 2:41pm | Edited Jan 30, 2013 11:16am
Quoting ashur123
As long as my TP is higher than my more than 50% I have no issues and what I noticed with using the Fibo the way I am using it, my profit is ALWAYS 3x or more what my stop loss is.
No, what I meant is that if we use the same Fibo levels all the time then mathematically RR ratio cannot differ. It is either 3 or 4 or whatever but it is always the same. Because Fibo is nothing more than % of the distance between entry and SL.

You are, in fact, using 423.6 Fibo line as TP. So, your reward should always be equal to 3.236 * risk.
  • #67
  • Jan 29, 2013 2:46pm Jan 29, 2013 2:46pm
Quoting Indrek
No, what I meant is that if we use the same Fibo levels all the time then mathematically RR ratio cannot differ! It is either 3 or 4 or whatever but it is always the same. Because Fibo is nothing more than % of the distance between entry and SL.
Well according to these trades they can lol. I don't like to complicate things, if it works then I am all for it regardless of why the ratios differ on different trades. What I noticed in my experience of trading, keep things as simple as possible. Once you get into too much detail with things, that's when you over think and lead yourself down a road of unnecessary stresses. I'm not bashing on you or anything by the way, just giving you how I approach the markets.

I just seen the second part to your last post, I guess that sounds about right.
  • #68
  • Jan 30, 2013 7:53pm Jan 30, 2013 7:53pm
Today I entered NZD/JPY BUY and CAD/JPY SELL on the 5 MIN TF
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDJPY.jpg Size: 307 KB
Click to Enlarge Name: CADJPY5m.jpg Size: 320 KB
Click to Enlarge Name: USDJPYupdate.jpg Size: 334 KB
  • #69
  • Jan 31, 2013 3:12am Jan 31, 2013 3:12am
Hi Ashur,

Is it possible to do a quick video on your 5 minute trading system. Hope its not asking for too much!
Thanks
Pardy
  • #70
  • Jan 31, 2013 6:42am Jan 31, 2013 6:42am
Quoting ashur123
Today I entered NZD/JPY BUY and CAD/JPY SELL on the 5 MIN TF
Do you use M1 chart with MA-s and COG or you trade M5 differently than higher TF?
  • #71
  • Jan 31, 2013 7:36am Jan 31, 2013 7:36am
Yes, good question. Which timeframe should we look at on the COG when we are trading the 5 minute charts? Thanks!
Life is too short to have anything but delusional notions about yourself.
  • #72
  • Jan 31, 2013 8:20am Jan 31, 2013 8:20am
Quoting Pardy
Hi Ashur,

Is it possible to do a quick video on your 5 minute trading system. Hope its not asking for too much!
Thanks
Pardy
Not a problem! I'll try to have a video uploaded today. It's my girlfriends 20th birthday so she's expecting me to do quite a bit of splurging haha. Regardless, I will find the time to upload a video for you and everyone else. You can use it on the 1 Minute time frame, I was using it on the 10 Second time frame and it was still proving to bring in pips. It's all about consistency with this system. Don't lose hope after one trade hits the stoploss. As long as you keep entering the proper signals, the market will take care of you. Don't fight or get angry at the market, just remain calm and keep in mind that you have the knowledge it takes to understand what the market it wants.
  • #73
  • Jan 31, 2013 8:24am Jan 31, 2013 8:24am
Quoting hoss
Yes, good question. Which timeframe should we look at on the COG when we are trading the 5 minute charts? Thanks!
When I am using lower TF, I don't bother looking at the COG. I only use COG on my long term trades, so that I'm not in a trade for so long only to find out it's a loser. The COG assists me in making my decision for the long term. When I make the video for 5 Minute, you'll see exactly how I start off my week. Trading starts exactly when the market opens on Sunday evening. We don't have any specific times we trade this system. Whenever the market is ready to give us something, we're there to take it gladly!
  • #74
  • Jan 31, 2013 2:13pm Jan 31, 2013 2:13pm
Quoting ashur123
When I am using lower TF, I don't bother looking at the COG. I only use COG on my long term trades, so that I'm not in a trade for so long only to find out it's a loser. The COG assists me in making my decision for the long term. When I make the video for 5 Minute, you'll see exactly how I start off my week. Trading starts exactly when the market opens on Sunday evening. We don't have any specific times we trade this system. Whenever the market is ready to give us something, we're there to take it gladly!
How many pairs are you watching if trading 5 min? I think the number cannot be too big if wanting to focus and avoid mistakes?
  • #75
  • Jan 31, 2013 3:18pm Jan 31, 2013 3:18pm
Hello Indrek and Ashur,

I thank you both for the given answers, a bit late but I was busy with other stuff.

Today I was looking at USDCAD,
It touched a few day bakc the centerline in H4 and backs off down again. So, again it should be a buy to look for from H4 perspective.
But going to D1 it looks like it only reached from below, the first Fibo level.
How to go about in such situation?

Thanks and Regards,

Ben
  • #76
  • Jan 31, 2013 4:03pm Jan 31, 2013 4:03pm
The COG or center of gravity is used with linear regression logic to determine levels and volatility of the market. Center of Gravity is good indicator.
  • #77
  • Jan 31, 2013 4:14pm Jan 31, 2013 4:14pm
AUDJPY and USDJPY hit 100 pip TP each. The USDJPY I entered on my metatrader account, I'll show you guys that at the end of the week to see the progress.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPYTP.jpg Size: 322 KB
Click to Enlarge Name: USDJPYTP.jpg Size: 337 KB
  • #78
  • Jan 31, 2013 4:20pm Jan 31, 2013 4:20pm
Quoting Indrek
How many pairs are you watching if trading 5 min? I think the number cannot be too big if wanting to focus and avoid mistakes?
Hey Indrek, currently I'm experimenting with all the JPY crosses. I've had 2 stop losses hit for the GBP/JPY and CHF/JPY, but if I had looked at those trades at a slightly higher TF I would not have taken a loss. It because they're a volatile pair so whipsaws would be more common at a lower TF. Nevertheless, I will be re-entering positions on those currencies soon so that money will be coming back in folds. I'm going to try the USD/CHF very soon, it wants to make a big move going up so we'll see what it wants to give us. So far USD/JPY has been the most respectful pair, nice, easy, pips!
  • #79
  • Jan 31, 2013 4:34pm Jan 31, 2013 4:34pm
Quoting campco
Hello Indrek and Ashur,

I thank you both for the given answers, a bit late but I was busy with other stuff.

Today I was looking at USDCAD,
It touched a few day bakc the centerline in H4 and backs off down again. So, again it should be a buy to look for from H4 perspective.
But going to D1 it looks like it only reached from below, the first Fibo level.
How to go about in such situation?

Thanks and Regards,

Ben
Hey Campco,

USDCAD is kind of a more trickier currency. After analyzing it, it seems like it would be better to trade that currency on the 12-Hour TF. Try it out, go back and go through the past BUY/SELL signals and you'll see it shows more respect towards Fibo lines on the 12-hour.
  • #80
  • Jan 31, 2013 4:35pm Jan 31, 2013 4:35pm
Quoting ashur123
Not a problem! I'll try to have a video uploaded today. It's my girlfriends 20th birthday so she's expecting me to do quite a bit of splurging haha. Regardless, I will find the time to upload a video for you and everyone else. You can use it on the 1 Minute time frame, I was using it on the 10 Second time frame and it was still proving to bring in pips. It's all about consistency with this system. Don't lose hope after one trade hits the stoploss. As long as you keep entering the proper signals, the market will take care of you. Don't fight or get...
Looks like you have your hands full tonight! Looking forward to that video. I am too confused about a few things!
Remember, Red. Hope is a good thing, maybe the best of things...
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