Ramblings of a Forex Junkie | Page 138 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Trading: Incorporating Price Behavior into a Forex Trading System 4 replies

Forex Training: What to Look for in a Forex Training Program 1 reply

The Journal Of A Macro Fundamental & Technical Analysis Junkie 26 replies

Trade Anatomy - ramblings of an old-timer 147 replies

Attachments: Ramblings of a Forex Junkie
Exit Attachments

Ramblings of a Forex Junkie

  • #2,741
  • Apr 28, 2013 12:21am Apr 28, 2013 12:21am
From experience, if this thread somehow referred followers to a commercial website or live chatroom service (paying subscription fees) then it will be moved to Commercial Forum and Seneca Pilot designated as Commercial Member. Not a "good" thing in this forum.
No longer trading forex. Looking for full time job.
  • #2,742
  • Apr 28, 2013 1:00am Apr 28, 2013 1:00am
TantumVerum

Thank's a lot for your answers , really helpful .

Landsat
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #2,743
  • Apr 28, 2013 4:01am Apr 28, 2013 4:01am
SP

After manual backtesting , on EURUSD , it seems that the system have ,an R mutiple 2.5 to 1 ,with a win rate about 60 % 65 %
do you confirm such number ?

Landsat
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #2,744
  • Apr 28, 2013 8:34am Apr 28, 2013 8:34am
Quoting TantumVerum
{quote} This would be a problem. Don't get caught up on lines if you can't see through them. {quote} SP has stated you should focus on 3 when you start out, if you aren't familiar with the market use 3 lines. (O/H/L). This is very true to what SP is trying to get across. Let me say one thing about what you need from my own perspective. Once you understand the market you can trade off of ONE price. directed towards SP, but I couldn't help it...

Tantum thanks!
Very true, and very important.
Good writing as usual.
I'm actually glad you "couldn't help it".
"Always be yourself " Batman
  • #2,745
  • Apr 28, 2013 9:02am Apr 28, 2013 9:02am
Quoting TantumVerum
{quote} This would be a problem. Don't get caught up on lines if you can't see through them. {quote} SP has stated you should focus on 3 when you start out, if you aren't familiar with the market use 3 lines. (O/H/L). This is very true to what SP is trying to get across. Let me say one thing about what you need from my own perspective. Once you understand the market you can trade off of ONE price. {quote} Yes, start with with these in your arsenal. They are true to nearly all markets. {quote} No, you do not NEED LC, but you could use it if you learn...
Excellent points. I find it hard to disagree with anything you said. I do place a little more emphasis on closes than you remarked but if teaching to an individual I would start them with the high and low and nothing else. I would then add new zones as the student progressed.
  • #2,746
  • Apr 28, 2013 9:04am Apr 28, 2013 9:04am
Quoting 4x.zombie
Hello SP, I hope you and the other folks are having a nice weekend. I can't wait for Sunday PM. Several people suggested interesting and good ideas for the live trading room you are considering. I also want to offer my suggestions. My rationale for these suggestions is that you have been extremely generous for sharing the strategies that are so profitable for you. You have shared the underlying concepts and traits that support your success. You have gone beyond the extra mile by commenting and responding to subscribers real time while many had a...
Thank you for the comments. I hope my advice was helpful to you with your trade.
  • #2,747
  • Apr 28, 2013 9:28am Apr 28, 2013 9:28am
Hi all!

I was trying to backtest earlier on MT4 on how price would react to the different levels, london close, lond open, ny close ny open etc.

However my MT4 on M15 allows me to go as far till early March only.

Is there any software out there that has data that allows to go as far as 5 years back?

Thanks!
  • #2,748
  • Apr 28, 2013 10:21am Apr 28, 2013 10:21am
"my advice is valuable"

yes very valuable. This has been my favorite thread on FF for a while now. It has helped me alot. I have traded stocks since 1998 and forex since 2006. I have blown 6 accounts (after gaining 100 and even 200 and 300% gains and having up to 40 winning trades in a row, then the one big loss) I have been profitable for two years after learning to not over leverage. I used to not use stops (well i had mental ones) because i would get stop hunted everytime, but one will if they are risking a big part of their account. So now I am rambling , but to make a long story short the stop loss ATR calculation has helped me alot. I have already noticed a slight increase in my profits due to this, before i was using a static stop derived from 1/2 or 1/3 of my target. so my risk was sometimes too large.

I for one appreciate all the time that you have put into this thread and I want to say thanks again and count me in for one subscription if you decide to go this route.
  • #2,749
  • Apr 28, 2013 10:32am Apr 28, 2013 10:32am
Quoting muneeflo
"my advice is valuable" yes very valuable. This has been my favorite thread on FF for a while now. It has helped me alot. I have traded stocks since 1998 and forex since 2006. I have blown 6 accounts (after gaining 100 and even 200 and 300% gains and having up to 40 winning trades in a row, then the one big loss) I have been profitable for two years after learning to not over leverage. I used to not use stops (well i had mental ones) because i would get stop hunted everytime, but one will if they are risking a big part of their account. So...
Interesting that you mention that. My stops were too big before I figured out the ATR stops. I was not able to reverse positions effectively because the entry was hit before I could get stopped out on the original trade. My hit rate was better but I made less money. Once I figured out the relationship between ATR and stops my R/R went up by almost .5 R. The hit rate went down about five percent but the profitability went up. I was getting out of losers more quickly and getting into the correct direction with my trades. Amazing what is important in this business. Most people want the highest hit rate, thinking that if they are right ninety percent of the time they can't lose. Nothing could be further from the truth.

Thank you for the nice comments.
  • #2,750
  • Apr 28, 2013 10:44am Apr 28, 2013 10:44am
Hey SP

where will I find your Youtube?

Thanks
  • #2,751
  • Apr 28, 2013 11:10am Apr 28, 2013 11:10am
Quoting Seneca pilot
{quote} I think its only a bad thing for the guys selling junk. I think we can all agree that the J16 material is solid trading advice. His forum grew exponentially after moving into the commercial section. I will agree that there is a certain negative bias toward any member on this forum who is a commercial. It would be up to the readers and potential subscribers to decide if the information was worth paying for. The difference between me and most of the other thread owners in the commercial section (including Jim) is that I would always PROVE...
I would normally lose confidence for someone who charge for teaching forex, but this time is different.
SP has shown his demo account performance for a month, the performance has been consistent for most part in the 1 month period.
(James16 didn't even show a past statement, let alone live account, and so I don't trust him).
Everyone wants to get something for free, but there is no free lunch on earth. It is better to have someone with real trading skill to remain teaching for a fee than to have him disappeared.
It is good that even you provide a charge service in the future, you will still provide occasional free advice here.
  • #2,752
  • Apr 28, 2013 11:22am Apr 28, 2013 11:22am
have a good week guys
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #2,753
  • Apr 28, 2013 1:12pm Apr 28, 2013 1:12pm
Spent my weekend going over this thread. I will be testing this out on futures trading (mainly /ES) on demo for a month to see how it performs before using real money on it. I'll be using 5 lines:

Week High/Low
Day High/Low
Yesterday's Close

I'm excited to see where this can lead. Thanks SP
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 36 KB
  • #2,754
  • Apr 28, 2013 1:32pm Apr 28, 2013 1:32pm
Quoting biDc
Spent my weekend going over this thread. I will be testing this out on futures trading (mainly /ES) on demo for a month to see how it performs before using real money on it. I'll be using 5 lines: Week High/Low Day High/Low Yesterday's Close I'm excited to see where this can lead. Thanks SP {image}
Have fun. What are you going to use for your close price?
  • #2,755
  • Apr 28, 2013 2:15pm Apr 28, 2013 2:15pm
SP

if i may answer , i will choose London close and weekly close ......
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #2,756
  • Apr 28, 2013 2:49pm Apr 28, 2013 2:49pm
Quoting Seneca pilot
{quote} Have fun. What are you going to use for your close price?
For now, I'm going to experiment with the globex close at 4PM CST.

I backtested a little bit (not too much since I can only go back 20 days on 15min time frame) on /ES, /YM, and /TF. One thing I noticed is how often price will bounce off the daily close at the open of Asia and London sessions...that's definitely something to keep in mind as I go through this.
  • #2,757
  • Apr 28, 2013 3:03pm Apr 28, 2013 3:03pm
Quoting biDc
{quote} For now, I'm going to experiment with the globex close at 4PM CST. I backtested a little bit (not too much since I can only go back 20 days on 15min time frame) on /ES, /YM, and /TF. One thing I noticed is how often price will bounce off the daily close at the open of Asia and London sessions...that's definitely something to keep in mind as I go through this.
Yea, the globex close works best for futures trading. I use that level as well when trading the emini and commodities.
What is any ocean but a multitude of drops?
  • #2,758
  • Apr 28, 2013 3:13pm Apr 28, 2013 3:13pm
Quoting Xhale
{quote} Yea, the globex close works best for futures trading. I use that level as well when trading the emini and commodities.
Here ya go. Here's this week.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-04-28_1311.png Size: 29 KB
What is any ocean but a multitude of drops?
  • #2,759
  • Apr 28, 2013 4:33pm Apr 28, 2013 4:33pm
Quoting Xhale
{quote} Here ya go. Here's this week. {image}
The close from Thursday and the reaction on Friday towards it was the first one I tested. From that alone I was already almost convinced this will work lol

By the way, did you have a script for those close or did you draw them in manually?
  • #2,760
  • Apr 28, 2013 5:11pm Apr 28, 2013 5:11pm
Quoting Xhale
{quote} Get the fuck outta here.
i see you have 3- 5 years --of doing what ?-trading like a f@#king newbie?--looser--i am appaled you have zeppelin on your profile--all the posting you do makes me belive you are searching for just 1 winning day--exhale on this bitch--not on the leaderboard?--why?--lets see your trades????--hiding them for some reason--f@#king looser--i will send this to your lil fag down under also--u2 seem to be on the same plane of f@#king loosers
Enter Signature
3 traders viewing now