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As Easy as "PI"

  • #281
  • Feb 2, 2013 5:45pm Feb 2, 2013 5:45pm
My "system" -if I can name it system is like this:

It is a high leverage, trend following , price action system ) Name it better if you can, and this is my favorite currency pair.
Attached Image (click to enlarge)
Click to Enlarge Name: mySystem.png Size: 66 KB


Marked with 3x up when I would enter in trade, and 1x down when exit if I would trade only on chart and wouldn't see the FF's calendar with event results, news, so only the chart part.

In the latest weeks I wouldn't do any short, I would stay away from market instead.

In practice I did a hard short and now I recovered that looses...but leak of discipline...

How should be this system vs this PI like system?

On strong long entry I would use 30:1 leverage ( my max at Dukas, because of weekends).

In this case isn't any day a trade day, or should look at 4h, 5 min chart to "do something", but lets stick to plan: I would stay out ASAP the trend gives signal it is moving counter trend and once the pulllback is coming back I would enter enain in trend direction: not a single counter trend trade.
I want to buy PATIENCE
  • #282
  • Feb 2, 2013 6:49pm Feb 2, 2013 6:49pm
Quoting matheszabi
My "system" -if I can name it system is like this:

It is a high leverage, trend following , price action system ) Name it better if you can, and this is my favorite currency pair.
Attachment

Marked with 3x up when I would enter in trade, and 1x down when exit if I would trade only on chart and wouldn't see the FF's calendar with event results, news, so only the chart part.

In the latest weeks I wouldn't do any short, I would stay away from market instead.

In practice I did a hard short and now I recovered that looses...but...
Sounds like you need to start a thread...
  • #283
  • Feb 2, 2013 7:05pm Feb 2, 2013 7:05pm
Quoting matheszabi
my "system" -if i can name it system is like this:

It is a high leverage, trend following , price action system ) name it better if you can, and this is my favorite currency pair.
Attachment

marked with 3x up when i would enter in trade, and 1x down when exit if i would trade only on chart and wouldn't see the ff's calendar with event results, news, so only the chart part.

In the latest weeks i wouldn't do any short, i would stay away from market instead.

In practice i did a hard short and now i recovered that looses...but...
Matheszabi

You need to respect the thread owner spydermam.

Open a new thread for yourself then traders will discuss your trading philosophy there, not here.
(It seems your trading method sounds good)

Trusting you are a mature trader.
  • #284
  • Feb 2, 2013 7:32pm Feb 2, 2013 7:32pm
Quoting spyderman
Sounds like you need to start a thread...
ok, bye
I want to buy PATIENCE
  • #285
  • Feb 2, 2013 7:40pm Feb 2, 2013 7:40pm
Quoting spyderman
Kind of funny how this has ended up building a form of millipede. I hadn't really intended it that way when I started even though I've tried several other ways to implement Graeme's thoughts. He did always say you have to find your own way of entering. Of course there's a lot of differences. I don't plan on holding for an undetermined time, nor closing 'nearer' term entries while keeping the old. Also, I have no provision for having older long positions in play while then starting short positions.

Another aspect of Graeme's method was moving...
Hi Spyderman

Thanks for reply my last post 257.

I don't know will G be returned?
I followed him until he left.
He is v. good buy just wonder will novices able to follow his many trading philosophies?

Yours is easy to follow due simplicity.
Maybe due it is a Daily tf - it fits my trading style.

Overall I can understand your PI trading method.

I am still figuring the histogram crossing 0 for entry - how soon vs. wait for pull back?

For the initial 300 pips emergency exit - I am still unable to accept this philosophy, maybe due to "old" habit to set at the opposite low

As for exit, again due "old' habit, I use BE (like G does).
Not quite understand the trailing stop.
Actually never use training and EA before.

Cheers
  • #286
  • Edited Feb 3, 2013 8:43am Feb 2, 2013 8:01pm | Edited Feb 3, 2013 8:43am
Hi Spyderman

Following your PI, so far my E/U survives.
I think my 1st entry is not right - should be at the high of y candle, instead x candle
2nd entry should be ok at the high of z candle.
So now wait for next pull back if any.
Frankly, wonder when to exit?

I missed a few pull-back entries on GBP pairs on Fri.
Did you manage to get some?

I will set a pending order on GU at the low of x candle.

Comment pls?

Cheers
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  • #287
  • Feb 2, 2013 9:49pm Feb 2, 2013 9:49pm
Quoting msia.metal
Hi Spyderman

Following your PI, so far my E/U survives.
I think my 1st entry is not right - should be at the high of y candle, instead x candle
2nd entry should be ok at the high of z candle.
So now wait for next pull back if any.
Frankly, wonder when to exit?

I missed a few pull-back entries on GBP pairs on Fri.
Did you manage to get some?

I will set a pending order on GU at the low of x candle.

Comment pls?

Cheers
Looks like you got the right idea. y and z.
Yeah I had an entry Friday on E/G.

When 2 exit. Either when the MA's cross back over or I'm taking an earlier exit when price crosses back over the 22MA plus 15 pips. Once price moves against your trade that much you're usually seeing a change of trend, or at least entering a consolidation.

Here's an example on how its so hard to know when to exit. On G/A I took the exit on a couple of orders when price crossed back up over the 22MA. Now it's moved back down. No matter when you decide to exit, sometimes it will turn out to be too soon, sometimes you waited too long.

Just pick what seems right to you and be consistent. Then monitor as you go along and make adjustments as you see fit.
  • #288
  • Feb 2, 2013 11:37pm Feb 2, 2013 11:37pm
indeed its very nice system! i will try it and mix and match with my fibonacci ..welldone
  • #289
  • Edited 6:14am Feb 3, 2013 5:53am | Edited 6:14am
Hello followers,

Thanks to “Spyderman” for sharing his trade account.
Before I traced the thread of “Graeme”, I used already a similar method on daily entries in a longterm account.

Some guys did ask questions how to handle SL and BE and when get exit?

We can watch the price-action (please refer to MATAF.com) for hourly, daily and actual pip-movements (price-action).
There you can switch also to the correlation matrix to watch how the pairs (majors and minors) interact.
Longterm price-action and direction will be indicated in the weekly and monthly chart too.

Actually e.g. the E/U has a daily price-action at the average of appr. 90 Pips/daily.
At thursdays we even had have currently a price-action of appr. 120-140 pips. Similar price-actions of other pairs you will find at mataf.com indicated. These are the overall price-areas to consider within which ranges price will move after entry.
Price will need space to breath and be care to place e.g. the SL in an appropriate distance by trend following, before a fast adapted BE will kill any trade quickly.

If we trade not only with a single order by using pendings placed in a grid and in regard to the daily movements, we will get the chances to catch the trend followed by multiple pendings orders. Pendings are not dangerous as long as they are not triggered.
If price will retrace and it will do certainly, we would have the chance also to reenter orders after a pullback, as long as the trend will still be stable.

Beginners mostly did not have patience to follow longterm movements.
During the starting period of a longterm account, the account will not immediatley run into profit. Use a portfolio to simulate, what will happen (worst case scenarios) by using multiple orders (fictive orders, pendings) and try fictive scenarios with different pairs, how and if a market and price will hypothetically move during a certain session and period, especially when price or any market move against you.
I call it risk-management, because we only can consider and calculate losses in advance, anyway we cannot predict the profit-performance of any order.
In a portfolio (e.g. spreadsheet) the equity and balance will tell us realtime and in advance, when the orders will not perform proper. It will protect your account in advance, before you get burned out.
Don´t think about profits, calculate fictive losses at the maximum and you will trade relaxed.

Not only impatient intraday-traders can try to work with partial-profit-orders. Even intraday scalpers can manage orders by partial profit to let alive daily orders for swing and longterm.
It depends on your daily money-management in regard to the actual equity and balance in your portfolio.
Your risks or entries (e.g. pendings) prepared should not decrease in the worst case your already generated profits (balance).
I define “balance” in the term of realized orders (already taken profit), be it closed orders or orders protected by SL.
Despite of that, the equity in the MT4-terminal shows only the unrealized profit (risk area). I prefer to trade only within the area of equity and balance and I try and intend to let the balance grow continously. Your RR should be adapted accordingly.

Concerning exits, we do not know in advance, how far a trade will perform in profit.
We can watch the weekly and daily support and resistance areas. The price action will slow down, indicated by smaller candles in the faster TFs. In regard to daily movements, positions in the long run and in take profit should be then protected by SL closer.

Next week some pairs (in the weekly-chart) are closed to support and resistance levels in sideward movements.
We will watch, what will happen, especially in the faster timeframes.

Trade well
Over60
Enter Signature
  • #290
  • Feb 3, 2013 6:09am Feb 3, 2013 6:09am
Quoting Over60
Hello follower,

Thanks to “Spyderman” for sharing his trade account.
Before I traced the thread of “Graeme”, I used already a similar method on daily entries in a longterm account.

Some guys did ask questions how to handle SL and BE and when get exit?

[size=3][font=Times New Roman]We can watch the price-action (please refer to MATAF.com) for hourly, daily and...
Hi Over60

If you may, do post some charts to illustrate your message / explanation above.
This will will ease some to understand better.
English is not my strength

Cheers
  • #291
  • Feb 3, 2013 7:11am Feb 3, 2013 7:11am
Guys,

I hate to bring this up, but feel it necessary. I certainly don't want to be a Thread-Nazi.

I respect everyone's opinion and trading style.

That being said though, we're getting a lot of postings that are diverging from the purpose of the thread.

This is not a price action strategy.
This is not even a strictly technical strategy.

I guess if I had to define it, PI is a technical way to visualize what is happening with the global market sentiment.

I am trying to capitalize on long term trends. Long term trends are not caused by price action, or moving averages.
They are not ended by price action or moving averages.
Long term trends are caused and ended by market sentiment and the resulting order flow...pure and simple.

A moving average, for one, can help you identify on a chart, when trends are happening. Not when they will, or if they will continue...but when they are currently happening.

We can then use that information to decide to jump on the trend and ride it out.

We do not use s/l's as such. (Only an initial emergency s/l)
We do not use t/p's as such.

We let market sentiment tell us when to exit.
That sentiment, for me, is expressed with by economic news or by the reaction of price to the same indicators that told us we wanted to get into a particular trend.

I encourage anyone with a strategy or method they are fond of to start a thread. You're more than welcome to post a link to it on this thread.

Buy out of respect for the time I've put into this and for the benefit of those trying to understand and follow what we're doing here, I would appreciate it if we don't diverge too much.

Please don't think this was aimed at anyone in particular, I just thought that it was time to mention it in view of many of the posts that we've had.

Thanks.
  • #292
  • Feb 3, 2013 7:18am Feb 3, 2013 7:18am
Dear MM,

Sorry. It does not make sense and I do not intend to offer charts public in advance,
how I trade and about my forecasts. What do you expect? That’s yours.
I do not intend to give any advice in that manner.
Create a portfolio and calculate your forecasts in the markets for yourself.
The message and the method of using a portfolio, I posted should be clear and for common convienence.
I do not have a crystall ball to predict any actual market movement.
Watch, act and calculate your risks, consider worst case scenarios concerning your accout before you enter any order.
That’s all.

Trade well
Over60
Enter Signature
  • #293
  • Feb 3, 2013 7:28am Feb 3, 2013 7:28am
Sorry Spyderman,

I did not noticed your comments in the meantime.


Over60
Enter Signature
  • #294
  • Feb 3, 2013 7:45am Feb 3, 2013 7:45am
Quoting Over60
Sorry Spyderman,

I did not noticed your comments in the meantime.


Over60
No worries
  • #295
  • Edited 8:23am Feb 3, 2013 7:50am | Edited 8:23am
Spyderman

Based on your post 291 plus previous some, I think you are a season, prof, financial trader.

Reason - for one I presently lack of economic / financial knowledge and experience, thus I am not able to read or even sense my own country market, not to say the global market probably due to my past years of technical background

Also you do not use SL and TP - this is an incredible!

I think many traders are unable to accept your philosophy because the normal tradings shared by others always require SL and TP.
For me I have SL (ops).

Pls. bear with me if I have repeatedly asked the same questions

I appreciate your time to share and clarify your trading philosophy.

Many thanks.
  • #296
  • Edited 8:44am Feb 3, 2013 8:30am | Edited 8:44am
Quoting spyderman
Looks like you got the right idea. y and z.
Thanks. I may be slow but coming to there


Quoting spyderman
Yeah I had an entry Friday on E/G.
I got it too. I think the correct entry should be the high of y candle instead x. I had it earlier (ops).

Do you use the lower (H4/h1) tf for entry?
(sorry to mention here because my 1st entry was happened to base on the H4 when the moment I screened the charts)

Quoting spyderman
Here's an example on how its so hard to know when to exit. On G/A I took the exit on a couple of orders when price crossed back up over the 22MA. Now it's moved back down. No matter when you decide to exit, sometimes it will turn out to be too soon, sometimes you waited too long.

Just pick what seems right to you and be consistent. Then monitor as you go along and make adjustments as you see fit.
Assuming on G/A you have 10 entries made.
When you closed 2 entries, you were just left the other 8 open/run and not worry the trend might turn?
Attached Image
  • #297
  • Feb 3, 2013 8:37am Feb 3, 2013 8:37am
Quoting msia.metal

Assuming on G/A you have 10 entries made.
When you closed 2 entries, you were just left the other 8 open/run and not worry the trend might turn?
No I only had 2 entries on G/A. Both got closed.
  • #298
  • Feb 3, 2013 8:45am Feb 3, 2013 8:45am
Quoting msia.metal

Based on your post 291 plus previous some, I think you are a season, prof, financial trader.

Let's see...Professional means you're paid to do something...so...perhaps. Full-time...no.

Quoting msia.metal
Reason - for one I presently lack of economic / financial knowledge and experience, thus I am not able to read or even sense my own country market, not to say the global market probably due to my past years of technical background
Bloomberg.com - Ransquawk.com


Quoting msia.metal
Also you do not use SL and TP - this is an incredible!

I think many traders are unable to accept your philosophy because the normal tradings shared by others always require SL and TP.
For me I have SL (ops).
I think many times s/l and t/p become a crutch for our trading. There was a reason you entered a trade. Get out when that reason changes, not at some pre-defined level or price. People talk about support and resistance, and they definitely come into play. But take a look at the JPY crosses that last several months. No support/resistance line, fibonacci or ATR is going to hold up to Japanese Prime Minister Shinzo Abe saying he's going to aggressively devalue the Yen
  • #299
  • Feb 3, 2013 1:40pm Feb 3, 2013 1:40pm
Spyderman, do you think i can focus my trading only on a few currencies ( maximum 5 pairs)with your strategy, or i should diversify as much as possible ?

best
Toinou
  • #300
  • Feb 3, 2013 1:48pm Feb 3, 2013 1:48pm
Quoting toinou21
Spyderman, do you think i can focus my trading only on a few currencies ( maximum 5 pairs)with your strategy, or i should diversify as much as possible ?

best
Toinou
Reread post 268 and see what you think.
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