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  • #921
  • Feb 22, 2013 11:46am Feb 22, 2013 11:46am
Quoting Seneca pilot
Trader's choice. I tend to do that with this strategy. In level trading I attempt to never move the stop (not always successfully). I also move it the next day if there is another breakout in the same direction. I exit all positions on an opposite breakout. If short for three days for example, and the fourth day there is a close long out of the range I exit everything and then go long on the retest.
Ok, this makes perfect sense. I assume from your above statement that for a breakout in the same direction on the next day, you move your stop from the previous day to the stop level of the current trade?
  • #922
  • Feb 22, 2013 12:10pm Feb 22, 2013 12:10pm
[quote=foxybunny;6467676]
Quoting Seneca pilot

I saw the breakout long for 25-Jan, just that you did not show it on your chart, and was wondering why you did not show it on your chart.
I was only showing how the method filters out losers, wasn't really highlighting entries.
  • #923
  • Feb 22, 2013 12:42pm Feb 22, 2013 12:42pm
Quoting Olarion1975
Ok, this makes perfect sense. I assume from your above statement that for a breakout in the same direction on the next day, you move your stop from the previous day to the stop level of the current trade?
Correct.
  • #924
  • Edited 8:56pm Feb 22, 2013 8:45pm | Edited 8:56pm
Quoting Seneca pilot

A good system is a dangerous one to fade. Take what I have offered here and spend some time with a few charts over the weekend. A few hours will do it. Honestly (even if you don't like me) after some testing ask yourself would you want to be on the other side of all my trades.
Well it was only one trade, and I do pay attention these levels myself, good entry/ exit points sometimes for me, I was just very stubborn (stupidly) in my bias on that one. Still looking forward to getting through the whole thread.

Cheers
Time hides Nothing
  • #925
  • Feb 22, 2013 10:26pm Feb 22, 2013 10:26pm
Quoting CindyXXXX
Well it was only one trade, and I do pay attention these levels myself, good entry/ exit points sometimes for me, I was just very stubborn (stupidly) in my bias on that one. Still looking forward to getting through the whole thread.

Cheers
Humble Pie can taste good. Ego's can taste bad.
  • #926
  • Edited 8:41am Feb 23, 2013 7:40am | Edited 8:41am
I've no time for idiots who shoot their mouth off before even thinking like this Cindy fella. Humble pie maybe but only because he now thinks he can get something for himself out of this thread. If it was up to me I'd have banned him long ago. nuff respect to SP for having so much tolerance.
  • #927
  • Feb 23, 2013 10:00am Feb 23, 2013 10:00am
Quoting stevexyg
I've no time for idiots who shoot their mouth off before even thinking like this Cindy fella. Humble pie maybe but only because he now thinks he can get something for himself out of this thread. If it was up to me I'd have banned him long ago. nuff respect to SP for having so much tolerance.

Don't make it personal. I think he really has the best intentions even if a little rough around the edges. He is right that you need to be constantly vigilant and flexible to market conditions. As we have seen over the past weeks currencies can come in and out of favor and we have to be ready to adjust. Also from time to time the daily opens can shift between GMT and NY times. He is only saying to be aware of shifting market conditions and volatility. These are the reasons I haven't presented this as a "system". It is not a system it is a framework that the trader can use to improve his or her accuracy. It is a framework to help traders narrow their focus to specific areas on the charts instead of shotgunning trades all over the place. It is a framework to help the new or failing trader control their risk and combat the tendency to overtrade.

Cindy shares the same fear that I have. I fear that the information I have presented here will be taken as a rigid set of rules. It isn't, rigid rules don't work in the markets. Flexible and thoughtful traders succeed. Rigid traders who cannot recognize when conditions change will fail.
  • #928
  • Feb 23, 2013 12:45pm Feb 23, 2013 12:45pm
Hi SP.

Doing a historical review of Midnight est 'til 3am of euro.

For the last 3 days, price has not retraced all the way back to 3am est BO price, so no trade?

Thanks,
Darryl

"Whatever your past has been, you have a spotless future" ~ Melanie Gustafson
  • #929
  • Feb 23, 2013 12:53pm Feb 23, 2013 12:53pm
Quoting diamonddbw
Hi SP.

Doing a historical review of Midnight est 'til 3am of euro.

For the last 3 days, price has not retraced all the way back to 3am est BO price, so no trade?

Thanks,
Darryl

"Whatever your past has been, you have a spotless future" ~ Melanie Gustafson
No trade days happen its part of the strategy. If you blindly take every breakout your win rate drops dramatically. The past few weeks have been more volatile than normal causing a few more no trade days.
  • #930
  • Feb 23, 2013 4:24pm Feb 23, 2013 4:24pm
Quoting Seneca pilot
Don't make it personal. I think he really has the best intentions
He started it. He called me a sycophant. He 'likes to hit nerves' which says it all.

I'd suggest he's here to wind people up who he thinks are beneath him - not help. Everything he posts here or in other threads as you've mentioned is about how knowledgeable and successful he is. He's pathetic. A sad little creature out to put people down because he thinks they are worthless compared to him. Any little 'tips' he's given have been solely to make himself look clever - a winner amongst loosers. Only a very sad individual would come here as a success just to rub peoples noses in it. I don't care if he's bleedin warren tuffet he's a sado with a capital S. He doesn't reveal anything personal here about himself because he has no respect for the real people here. The one big lesson he's reminded me of is that even the biggest winners (which I'm sure he's not) can be big sad pathetic loosers inside. I'd rather stay grounded and humble and poor than be wealthy but so sad and lost inside. Get a life Cindy.

Hope that helps.
  • #931
  • Feb 23, 2013 5:41pm Feb 23, 2013 5:41pm
Quoting stevexyg
He started it. He called me a sycophant. He 'likes to hit nerves' which says it all.

I'd suggest he's here to wind people up who he thinks are beneath him - not help. Everything he posts here or in other threads as you've mentioned is about how knowledgeable and successful he is. He's pathetic. A sad little creature out to put people down because he thinks they are worthless compared to him. Any little 'tips' he's given have been solely to make himself look clever - a winner amongst loosers. Only a very sad individual would come here as a success...
Not saying you are wrong or right just that he's an anonymous poster on a forum. Don't waste your energy being mad at him. The best revenge is to trade well and be happy in spite of anything he might say to you. I'm still not sure about him he has lots of bickering posts but occasionally throws in the odd good bit of advice. Rest assured if he makes it personal on a regular basis he will be banned. If the debate is kept to trading principles I won't stop him. Someone might get a nugget from him. Of course he could be the same gas bag he accused me of being in which case he won't have anything useful to say and you guys can all ignore it. Either way I won't entertain him by going down the same road. I don't have time to waste on bickering.
  • #932
  • Edited 6:57pm Feb 23, 2013 6:35pm | Edited 6:57pm
Quoting stevexyg
He started it. He called me a sycophant. He 'likes to hit nerves' which says it all.

I'd suggest he's here to wind people up who he thinks are beneath him - not help. Everything he posts here or in other threads as you've mentioned is about how knowledgeable and successful he is. He's pathetic. A sad little creature out to put people down because he thinks they are worthless compared to him. Any little 'tips' he's given have been solely to make himself look clever - a winner amongst loosers. Only a very sad individual would come here as a success...
Of all the wonderful things in this world there is to talk about you're still talking about me... Wow
you're b/e since 2007and I just can't see why.

Don't bother banning me, I'm done here
Time hides Nothing
  • #933
  • Feb 23, 2013 6:50pm Feb 23, 2013 6:50pm
Quoting CindyXXXX
Of all the wonderful things in this world there is to talk about you're still talking about me... Wow
b/e since 2007and I just can't see why.

Don't bother banning me, I'm done here
If you choose to leave it's up to you. I have no intention of banning you. I would only do that if you continue to make personal attacks.
  • #934
  • Edited Feb 24, 2013 3:45am Feb 23, 2013 6:57pm | Edited Feb 24, 2013 3:45am
Quoting Seneca pilot
If you choose to leave it's up to you. I have no intention of banning you. I would only do that if you continue to make personal attacks.
the only personal attacks are coming from your boy, I think I stopped about a week ago! Just saying. I never said anything about that stevy dude. I don't know why the bee is so far up his bonnet.

I will not post as some things cannot be un said and I've said my bit and at the same timeruined my privlages here. Thanks again for the thread, and g/l to you.
Time hides Nothing
  • #935
  • Feb 23, 2013 7:13pm Feb 23, 2013 7:13pm
Quoting CindyXXXX
the only personal attacks are coming from you're boy, I think I stopped about a week ago! Just saying. I never said anything about that stevy dude. I don't know why the bee is so far up his bonnet.

I will not post as some things cannot be un said and I've said my bit and at the same timeruined my privlages here. Thanks again for the thread, and g/l to you.
I think I understood the point you were trying to make and tried to convey it so that the readers got it. While we may not have the same approach to teaching you are welcome to post here.
  • #936
  • Feb 23, 2013 7:26pm Feb 23, 2013 7:26pm
Quoting CindyXXXX
Of all the wonderful things in this world there is to talk about you're still talking about me... Wow
you're b/e since 2007and I just can't see why.

Don't bother banning me, I'm done here
Looks like I hit a nerve Cindy? So you can give it out but not take it is that it? You called all the posters here minions as recently as today actually.

I've made my point and won't bother you again as it just gets tedious. Suffice to say if you disappear now you will prove me right that you are only here to cause trouble.
  • #937
  • Feb 23, 2013 7:31pm Feb 23, 2013 7:31pm
And now for a word from our sponsor, The Foreign Currency Exchange...

As I understand it, the program, 'The Days of Our Nights', has been canceled.

Back to the EU 3 hour BO;

Still checking. Have gone back to the beginning of the year. Seems to be working out pretty good.

Have you noticed any difference, so far, this year?

Thanks again.
  • #938
  • Edited Feb 24, 2013 3:45am Feb 23, 2013 7:31pm | Edited Feb 24, 2013 3:45am
Quoting Seneca pilot
I think I understood the point you were trying to make and tried to convey it so that the readers got it. While we may not have the same approach to teaching you are welcome to post here.
Recepeta

You have the resolve of a trader sir.
Time hides Nothing
  • #939
  • Feb 23, 2013 8:08pm Feb 23, 2013 8:08pm
Quoting diamonddbw
And now for a word from our sponsor, The Foreign Currency Exchange...

As I understand it, the program, 'The Days of Our Nights', has been canceled.

Back to the EU 3 hour BO;

Still checking. Have gone back to the beginning of the year. Seems to be working out pretty good.

Have you noticed any difference, so far, this year?

Thanks again.
This year has seen a little more volatility. If anything there have been more days without a trade triggered than typical. The longest losing streak with this I can remember was four. I am sure it could have more but I am coming up on two years of trading this and that is the most I remember. If I get a chance I can try to dig up my records but my old trade logs are still packed. The equity curve has been steady. The hard part of testing this will be keeping track of the runners. This may be able to be coded I am not sure. I just did a manual backtest and a foreward test for three months before I took it to the investment account.

As for the 'Days of our nights' its the weekend, nothing better to do.
  • #940
  • Feb 23, 2013 8:44pm Feb 23, 2013 8:44pm
Quoting Seneca pilot
Poker and Trading are remarkably similar. Both pursuits are skill based speculation with a large short term luck factor. When you make bets in poker you are speculating that the large number averages are in your favor. There is very little luck in the game of poker over a long run if you are a proficient player. On any given hand, however luck plays a very big factor. In hold-em excellent hands are routinely beaten with rags as the board develops. Over thousands of hands however the player who plays the better hands and avoids the bad ones will...

Poker and Trading are remarkably similar. Both pursuits are skill based speculation with a large short term luck factor. When you make bets in poker you are speculating that the large number averages are in your favor. There is very little luck in the game of poker over a long run if you are a proficient player. On any given hand, however luck plays a very big factor. In hold-em excellent hands are routinely beaten with rags as the board develops. Over thousands of hands however the player who plays the better hands and avoids the bad ones will come out ahead.

In poker, like trading the player has the ability to change the outcome throughout the hand (trade). It is up to the free will of the player to pass, call, bet, raise, reraise, or fold as each new card hits the board. The trader faces the same type of decision process as the trade develops. The trader may choose to stay with their original position, add to their position, cut the size of their position, leave the position to the devices of the market, place a stop on the position, exit the position at signs of exhaustion, have a set profit target, have a floating target, take partial profits, etc.

This free will with respect to the decision process opens the door to many problems. Traders often will exit a winner at the first sign of any adverse price movement even though the movement may just be part of the normal ebb and flow of the market. Traders also often will exit a position at a loss before their stop is hit and while patting themselves on the back for saving the money watch the position turn around and move into profit.
Traders also will often move their stop to breakeven plus one pip prematurely and watch in horror as the stop is taken out and then the position moves into profit. These behaviors may be caused by a combination of factors. The trader may have seen a winner turn to become a large loss in his or her past trading. The trader may be afraid of losing profits that he or she has mentally tallied. The trader may be trading positions too large for their account size and not be comfortable with the loss a properly sized stop may inflict on his or her account balance. The trader may habitually trade without stops and take profits prematurely when not able to minitor their trade.

The obvious answer to these problems is to use a stop, size your positions properly, and use the appropriate stop distance from entry to allow the market room to breathe. I would argue that there is another factor not often discussed. In learning poker the player will eventually begin to study game theory and mental discipline. In this study the player learns that to deal with the inevitable losses that come with playing a game with such a short term luck factor he or she must learn to mentally divorce themselves from the money. One thing that helps with this is that poker is played with chips instead of actual cash. The player must eventually though come to the realization that money is only the way of keeping score in the game and cannot be thought of in terms of what it is worth to the player. In this respect trading and poker are identical. In trading you will never know the outcome of a particular trade when you enter just as you can never know if your aces will hold up in poker.

And now the truth:

In trading as in poker before you click on the mouse to execute a trade, you must divorce yourself from the money. It is after all only a means to keep score.
hi,, mr.SP,, agree with your statement
nice to meet with you

salaam
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