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Trend Runner

  • #181
  • May 12, 2013 6:00pm May 12, 2013 6:00pm
Hi Ilz

Was the reason for the manual close of the GBPUSD trade (Post 165) due to the price closing back over the 200SMA? On my chart the price has yet to close down over the 200SMA.
  • #182
  • May 12, 2013 7:18pm May 12, 2013 7:18pm
Trade Update

Short AUD/USD @1.01881 Current Stop 1.01651. +23.0 Secured

Long EUR/JPY @131.193. Current Stop 131.313. +12.0 Secured

EUR/USD - NOTHING

Long GBP/JPY @ 155.477. Current Stop 155.667 +19.0 Secured

GBP/USD - NOTHING

USD/CAD - NOTHING

Long USD/CHF @ 0.94853. Current Stop 0.94993 +14.0 Secured

Long USD/JPY @ 99.301. Current Stop 99.581. +28.0 Secured

Gold - NOTHING

-ILZ
“Control, control, you must learn control!” - Yoda
  • #183
  • May 12, 2013 7:44pm May 12, 2013 7:44pm
Quoting driven18
{quote} ILZ, you have a PM
driven18. You have a PM
“Control, control, you must learn control!” - Yoda
  • #184
  • May 12, 2013 8:06pm May 12, 2013 8:06pm
Quoting Blackeagle
Thanks for sharing your strategy. I have a question re. how you use Support & Resistance Indicator as I find it a little bit confusing from your comments. In Post #1, you said " This indicator is used as future stoploss levels/profit secure levels. " In Post #2, you haven't mentioned about this indicator while explaining your entry method. In Post #11, in Scenario 1, you said " price broke and closed above an established resistance point " while explaining a perfect entry, and in Scenario 2 and 3 you said before you take a trade, price would...
Hey Blackeagle,

In Post #1, you said " This indicator is used as future stoploss levels/profit secure levels. "
Correct

In Post #2, you haven't mentioned about this indicator while explaining your entry method.
Oversight on my part.

In Post #11, in Scenario 1, you said " price broke and closed above an established resistance point " while explaining a perfect entry, and in Scenario 2 and 3 you said before you take a trade, price would need to close above/below both the supertrend and current established S/R.
Correct

In Post #69, when you explained the rules for a short trade, you haven't mentioned Support & Resistance Indicator.
I am not a professional writer. Sometimes when I try to explain things, I tend to assume that everyone knows what I am thinking. I could have explained better.

In Post #90, when you were showing your USDJPY long entry, you haven't looked for 30 pips close above resistance line.
Price does not need to close 30 pips above/below S&R, it just needs to close above S&R in an amount. The 30 pip rule is PA needs to close 30 pips or more away from any established S&R point.

In Post #137, you said " Re-entry is based on 30 pips away from candle Close "
Koglkama had brought to my attention that I had miss wrote. I was not allowed to edit the original post. However that post is correct. "Re-entry is based on 30 pips away from candle Close"

Considering all above comments of yours, can you please explain how you use 30 pips close above/below SR indicator? Are you using this rule for Re-entries into the trend only? Or do you look for min. 30 pips close above/below SR indicator for all entries?
The 30 pip rule is for any & every entry. Price must be 30 pips or more away from any established S&R in the direction of my trade. Price only needs to close above/below S&R in any amount. It does not need to be 30 pips.

If you have any other questions, don't hesitate to ask.

-ILZ
“Control, control, you must learn control!” - Yoda
  • #185
  • May 12, 2013 8:14pm May 12, 2013 8:14pm
Quoting vcary
Hello ILZ, Thank you for your method and all information that you give! Can you tell us, if when 30 pips are reached when the candle is not yet closed, you move the stop loss or if you wait until the candle is enclosed? Also do you use a trailing stop (expert advisor), or is it that you always intervene manually? Thanks Best regards Vcary
Hey Vcary,

Technically, I am supposed to wait & mostly I do. But sometimes, if it is late or if I have to leave, I will just +3 the trade as long as price is a good distance away. I know that does not sound very professional, but people can gauge it after awhile. If I had to place a number on it I would just say if it HAS moved 30 pips in your favor and is at least 10 pips away, go ahead and +3 the trade.

No, i do not use an EA. everything I do is manual.

-ILZ
“Control, control, you must learn control!” - Yoda
  • #186
  • May 12, 2013 8:33pm May 12, 2013 8:33pm
Hi Ilz,

can you please be so kind as to share the order manager on the top left of your screen?

Thank you
Failure leads to Success if one learns from mistakes and never give up
  • #187
  • May 12, 2013 8:40pm May 12, 2013 8:40pm
Quoting Oyapoke
Hey ILZ after being stopped, do you take a new trade when a new candle open after price broke and closed above (below) an established S/R, of course if the other criteria are good (color super trend and 200 SMA position)? Thank you
Hey Oyapoke,

Yes. But also be wary or strong previous S&R points, such as weekly H/L. i would still take the trade if PA tests these points, but remember % of failure is higher.

-ILZ
“Control, control, you must learn control!” - Yoda
  • #188
  • May 12, 2013 8:47pm May 12, 2013 8:47pm
Quoting hotgun
Hello, Ilzalama, First, thanx for sharing such great (and pretty simple) trading technique. Very good thread, I will surely be following it. Second, I don't know if anyone has asked you this question, but did you think about securing half of your position for each pair, say after 40 or 50 pips and then letting the rest run till the HL or LH is broken with the same stop loss moving method? Of course then you'll have to change some rules about your money management, because you will either be opening two positions instead of one or opening bigger...
Hey hotgon,

Gaia has asked me about that and I am in the process of checking it out. However, it will be a long awhile before I have enough data to actually make a decision. i am also working on several other MM strategies, but for now this is my way and it works for me.

Money management is a personal choice. It needs to be something that one is comfortable with.

I have received several PMs such as:

Just go for 100 pip TP

Close half position @ 50 pips

Add to position each time a new S&R is broken

and many more.

I can not say if they are good or bad ideas. They are just not for me, at least not with out a lot of data to back up each one.

Hope that helps,

-ILZ
“Control, control, you must learn control!” - Yoda
  • #189
  • May 12, 2013 8:52pm May 12, 2013 8:52pm
Quoting Koglkama
Hi Ilz Was the reason for the manual close of the GBPUSD trade (Post 165) due to the price closing back over the 200SMA? On my chart the price has yet to close down over the 200SMA.
hey Koglkama,

Yes, exactly.

My chart GBP/USD H4

Attached Image (click to enlarge)
Click to Enlarge Name: 2013-05-12_185027.jpg Size: 182 KB


Green Arrow = Entry

Red Arrow = Exit

-ILZ
“Control, control, you must learn control!” - Yoda
  • #190
  • May 12, 2013 8:58pm May 12, 2013 8:58pm
Quoting jinchu
Hi Ilz, can you please be so kind as to share the order manager on the top left of your screen? Thank you
hey jinchu,

if you are referring to the item the red arrow is pointing to, that is the ONE-CLICK TRADE feature on MT4. That is not an indi of mine.

Attached Image (click to enlarge)
Click to Enlarge Name: 2013-05-12_185027.jpg Size: 174 KB


-ILZ
“Control, control, you must learn control!” - Yoda
  • #191
  • May 12, 2013 10:15pm May 12, 2013 10:15pm
Quoting ilzalama
{quote} hey jinchu, if you are referring to the item the red arrow is pointing to, that is the ONE-CLICK TRADE feature on MT4. That is not an indi of mine. {image} -ILZ
Oops, I have not updated my mt4, and therefore cannot find the one click feature

Thank you for clarifying
Failure leads to Success if one learns from mistakes and never give up
  • #192
  • May 12, 2013 11:30pm May 12, 2013 11:30pm
Hello ILZ,

Can you tell me?
You indicate in your post 2:
Once a new support/resistance line is confirmed (usually within 3 candles), I move my SL to that line + 3
But, in your today post 182 "update trade", for AUD / USD, the stop is 1.01651.
Why is not about to 1.0050, 3 pips above the resistance confirmed?
Thank you
Oyapoke
  • #193
  • May 12, 2013 11:45pm May 12, 2013 11:45pm
Quoting Oyapoke
Hello ILZ, Can you tell me? You indicate in your post 2: Once a new support/resistance line is confirmed (usually within 3 candles), I move my SL to that line + 3 But, in your today post 182 "update trade", for AUD / USD, the stop is 1.01651. Why is not about to 1.0050, 3 pips above the resistance confirmed? Thank you Oyapoke
There is no reistance line where the yellow arrow is on the pic...so there is no place to move the stop
Attached Image (click to enlarge)
Click to Enlarge Name: oanda - metatrader.png Size: 224 KB
  • #194
  • Edited 9:06pm May 13, 2013 1:04am | Edited 9:06pm
Trade Update

Short AUD/USD @1.01881 Current Stop 1.00318. +156.3 Secured

Long EUR/JPY @131.193. Current Stop 131.509. +31.6 Secured

EUR/USD - NOTHING

Long GBP/JPY @ 155.477. Current Stop 155.667 +19.0 Secured

GBP/USD - NOTHING

USD/CAD - NOTHING

Long USD/CHF @ 0.94853. Current Stop 0.95713 +86.0 Secured

Long USD/JPY @ 99.301. Current Stop 101.442. +214.1 Secured

Gold - NOTHING

-ILZ
“Control, control, you must learn control!” - Yoda
  • #195
  • May 13, 2013 1:56am May 13, 2013 1:56am
Quoting Oyapoke
Hello ILZ, Can you tell me? You indicate in your post 2: Once a new support/resistance line is confirmed (usually within 3 candles), I move my SL to that line + 3 But, in your today post 182 "update trade", for AUD / USD, the stop is 1.01651. Why is not about to 1.0050, 3 pips above the resistance confirmed? Thank you Oyapoke

EVERYONE PLEASE READ


Hey Oyapoke,

Yes, the S&R levels are used for new Stops/Profit protection. Sometimes, however, they do not show up for a long while which I personally do not mind if the market is just bouncing along. However, if my trades are in deep profit, I can adjust my stops with out waiting for the S&R to show up. You can see new levels of S&R even if you do not see the indi show up. It is a money management decision. If your ok with waiting for them great, if not adjust your trades as you wish.

This thread was started for the method, not the money management. I discussed my money management to give people an idea of what & how I control the trades. I have showed this method to a few colleagues. Some of them liked my MM method, some did not. One of them uses PSARs, I believe his settings are Step 0.02, Maximum 0.2. I actually liked that one but just stuck with mine because it works. He is comfortable with that, I am comfortable with mine. My buddy uses automated Trailing Stops. Some one else moves his stops to every S&R green & red. If it brakes and closes, he moves his stop.

You guys see what I am getting at? You must be disciplined but do not be so rigid that you lose money just because a line didn't show up on your chart. Come up with a MM method that works for you. Don't use mine if you do not believe in it. Make one that works for you, use some of the ones that my colleagues use. The bottom line is, we are here to make some money, lets go make it.

I want read and see what you guys are doing, post some charts and let me know what you guys are trading and what MM method you are using.

Another quick note about creating a MM scheme.

Please go live. Even if it's just a few cents a pip. If you dont, you will find yourself in a world of trouble if you can not handle how your MM works with real money VS demo.

Take care-

-ILZ
“Control, control, you must learn control!” - Yoda
  • #196
  • May 13, 2013 2:45am May 13, 2013 2:45am
Hi ILZ,

WHAT IS PSARS ? i dont understand the bottom statement because i dont know what PSARS is

One of them uses PSARs, I believe his settings are Step 0.02, Maximum 0.2. I actually liked that one but just stuck with mine because it works. He is comfortable with that, I am comfortable with mine.


Also I was trying to wonder what has stopped you from shorting gbpusd and eurusd. Any reason?
  • #197
  • Edited 9:07pm May 13, 2013 3:25am | Edited 9:07pm
Trade Update

Short AUD/USD @1.01881 Current Stop 1.00318. +156.3 Secured

Long EUR/JPY @131.193. Current Stop 131.509. +31.6 Secured

EUR/USD - NOTHING

Long GBP/JPY @ 155.477. Current Stop 155.667 +19.0 Secured

GBP/USD - NOTHING

USD/CAD - NOTHING

USD/CHF - NOTHING- Long USD/CHF @ 0.94853. Stopped @ 0.95713 +86.0 Realized

Long USD/JPY @ 99.301. Current Stop 101.442. +214.1 Secured

Gold - NOTHING

-ILZ
“Control, control, you must learn control!” - Yoda
  • #198
  • May 13, 2013 3:28am May 13, 2013 3:28am
Quoting ilzalama
Trade Update Short AUD/USD @1.01881 Current Stop 1.00318. +156.3 Secured Long EUR/JPY @131.193. Current Stop 131.509. +31.6 Secured EUR/USD - NOTHING Long GBP/JPY @ 155.477. Current Stop 155.667 +19.0 Secured GBP/USD - NOTHING USD/CAD - NOTHING Long USD/CHF @ 0.94853. Current Stop 0.95713 +86.0 Secured Long USD/JPY @ 99.301. Current Stop 101.442. +186.1 Secured Gold - NOTHING -ILZ
Hi Ilz,

can you please help explain about how u just move the stop loss for AUD/USD with a diagram?


from what i see a few hours ago ur at +23.0 Secured but now ur at +156.3 Secured
  • #199
  • May 13, 2013 3:30am May 13, 2013 3:30am
Quoting ashtrader
Hi ILZ, WHAT IS PSARS ? i dont understand the bottom statement because i dont know what PSARS is One of them uses PSARs, I believe his settings are Step 0.02, Maximum 0.2. I actually liked that one but just stuck with mine because it works. He is comfortable with that, I am comfortable with mine. Also I was trying to wonder what has stopped you from shorting gbpusd and eurusd. Any reason?
Hey Ash,

PSAR's is Parabolic Stop and Reverse.

My EUR/USD is not 30 pips away from current S&R. My GBP/USD has not closed below 200 SMA, other than the 1st one were I had to manually close for a loss of about 30 pips.



-ILZ
“Control, control, you must learn control!” - Yoda
  • #200
  • May 13, 2013 3:42am May 13, 2013 3:42am
Quoting games130
{quote} Hi Ilz, can you please help explain about how u just move the stop loss for AUD/USD with a diagram? from what i see a few hours ago ur at +23.0 Secured but now ur at +156.3 Secured
Hey games130,

As I just explained above, sometimes S&R does not show up. When I am heavy in profit, I am not going to watch it all go away because a line did not show up. You can just see S&R sometimes with out MT4 printing for you.

look here:

Attached Image (click to enlarge)
Click to Enlarge Name: 2013-05-13_013517.jpg Size: 189 KB


The green arrow shows and S&R point. MT4 did not print it. I let it go and continued to hold my SL.

The red arrow shows another S&R point. Again, MT4 did not print. I let it go and continued to hold my SL.

The yellow arrow is yet another S&R that MT4 did not yet print.

Going on the side of caution, i move my stop to secure profit. It was a money management decision. I do not want to get a big retrace and lose all that just to wait for a S&R line to be printed.

it was my decision to do so. You will find when you are trading with real money, you will have to make decisions like that. What is the downside? There isn't one.



-ILZ
“Control, control, you must learn control!” - Yoda
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