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Quoting driven18
ILZ...few questions 1. You re-entered EURUSD where the yellow arrow is, correct? 2. Why did you place Stop Loss at 1.3029 and not at previous R+3 1.3054(where checkmark is)? {image}
He driven,

Technically, that line has passed. However, one could place the initial SL at that point. I just choose to go with my initial. I pre-programmed my Oanda FXTrade to place a 100 pip stop. Then I move it as needed. This time I just left it.

-ILZ
“Control, control, you must learn control!” - Yoda
Quoting driven18
Just veryfying if USDJPY is a valid trade on the yellow arrow with Stop loss under the R(yellow checkmark) {image}
that would be a yes my friend.

-ILZ
“Control, control, you must learn control!” - Yoda
ILZ, you have placed a Stop for this trade at the Green R/S Line(yellow arrow)

But support for this trade is at the red line(see red arrow)...

Do you count green line as a Support also and it is a nearest S/R point for you?
Attached Image (click to enlarge)
Click to Enlarge Name: oanda - metatrader.png Size: 209 KB
Trade Update ( 5PM PST Candle)

Short AUD/USD @1.01881 Current Stop 0.99408. +247.3 Secured

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

Short EUR/USD @ 1.29990. Current Stop @ 1.29900 +9.0 Secured

GBP/JPY - NOTHING

Short GBP/USD @ 1.52234. Current Stop @ 1.53333

Long USD/CAD @ 1.01725. Current Stop @ 1.01290

Long USD/CHF @0.96554. Current Stop @ 0.95554

Long USD/JPY @ 102.286. Current Stop @ 101.286

Gold - NOTHING

-ILZ
“Control, control, you must learn control!” - Yoda
Quoting driven18
ILZ, you have placed a Stop for this trade at the Green R/S Line(yellow arrow) But support for this trade is at the red line(see red arrow)... Do you count green line as a Support also and it is a nearest S/R point for you? {image}
Hey driven,

No, not exactly. The move has been going on for awhile. My belief is that at some point it will retrace. I am trying to secure as much as possible. it is known that sometimes previous S&R lines can reverse. Support becomes resistance and so forth. Again, this is a money management decision. I have several trades open that are not yet secure. To insure against a possible loss, I am securing more profit to offset any possible losses. Remember, this is business. Treat it as such.



-ILZ
“Control, control, you must learn control!” - Yoda
Quoting ilzalama
{quote} Hey driven, No, not exactly. The move has been going on for awhile. My belief is that at some point it will retrace. I am trying to secure as much as possible. it is known that sometimes previous S&R lines can reverse. Support becomes resistance and so forth. Again, this is a money management decision. I have several trades open that are not yet secure. To insure against a possible loss, I am securing more profit to offset any possible losses. Remember, this is business. Treat it as such. -ILZ

So this stop was arbitrary or still within rules and at the green R/S line?

Do you always consider green line in the down move as S/R for purpose of moving stops?
Quoting ashtrader
Hi ILZ, Are my charts similar to yours this was my re-entry of aussie trade after 1st stop out {image}
I thought price had to close below the supertrend for a short?
Quoting driven18
{quote} So this stop was arbitrary or still within rules and at the green R/S line? Do you always consider green line in the down move as S/R for purpose of moving stops?
It is more aggressive. It is not arbitary in the least. Again, sometimes previous S&R lines can reverse. Support becomes resistance and vice versa. I don't always but sometimes. I may or may not. It depends. Like in this situation, as explained above, I have several trades open that are not yet secure. To insure against a possible loss, I am securing more profit to offset any possible losses. So I move my stop to an established support line that has been broken. FX is dynamic, not static. It is always changing.

Here is an example,

Lets say your in a trade, GBP/USD lets say, BOE makes an announcement, BAM market shoots 400 pips in your direction. What would you do?

Close?

Adjust?

Nothing?

Whats the right thing to do here?

Are you going to wait for PA to retrace, which it might or might not, and wait for S&R line to appear?

Going to close and take a huge win? But it might continue after a small retrace and go for another a few hundred or it might not. Yes you can get back in but you run the risk of reversal. Then you end up loosing a chunk of what you made.

There is no right answer because you do not know what is going to happen. You only know whats happening now. Make a decision, and get an outcome.



-ILZ
“Control, control, you must learn control!” - Yoda
  • Post #249
  • Quote
  • Edited at 11:11pm May 14, 2013 9:45pm | Edited at 11:11pm
Quoting ilzalama
Trade Update ( 5PM PST Candle) Short AUD/USD @1.01881 Current Stop 0.99408. +247.3 Secured Long EUR/JPY @131.193. Current Stop 131.509. +31.6 Secured Short EUR/USD @ 1.29990. Current Stop @ 1.29900 +9.0 Secured GBP/JPY - NOTHING Short GBP/USD @ 1.52234. Current Stop @ 1.53333 Long USD/CAD @ 1.01725. Current Stop @ 1.01290 Long USD/CHF @0.96554. Current Stop @ 0.95554 Long USD/JPY @ 102.286. Current Stop @ 101.286 Gold - NOTHING -ILZ
Hi Ilz,

First of all thanks for sharing your trading method and congrats for all your winning trades, I have a little confusion on TP (I have not read the whole thread sorry but read first page explaining method and rules) should it be a next S/R or you have another criteria for closing the trade, also I will be grateful if you explain a bit about re-entering the trade.

Sorry if all these questions have been answered earlier, I am in a day job so could not get time to read the whole thread (although only 12 - 13 pages to read) but definitely will have a look on weekend.
PM for account management
Trade Update ( 9PM PST Candle)

Short AUD/USD @1.01881 Current Stop 0.99188. +269.3 Secured

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

Short EUR/USD @ 1.29990. Current Stop @ 1.29440 +55.0 Secured

GBP/JPY - NOTHING

Short GBP/USD @ 1.52234. Current Stop @ 1.52804

Long USD/CAD @ 1.01725. Current Stop @ 1.01290

Long USD/CHF @0.96554. Current Stop @ 0.95920

Long USD/JPY @ 102.286. Current Stop @ 101.286

Gold - NOTHING

-ILZ
“Control, control, you must learn control!” - Yoda
Quoting pundit78
{quote} Hi Ilz, First of all thanks for sharing your trading method and congrats for all your winning trades, I have a little confusion on TP (I have not read the whole thread sorry but read first page explaining method and rules) should it be a next S/R or you have another criteria for closing the trade, also I will be grateful if you explain a bit about re-entering the trade. Sorry if all these questions have been answered earlier, I am in a day job so could not get time to read the whole thread (although only 12 - 13 pages to read) but definitely...
Hey pundit,

Thank you. Let me suggest that you take the time to read the thread. there is a lot of information to be found. if after you have read everything and you still have questions, please feel free to ask away.



-ILZ
“Control, control, you must learn control!” - Yoda
Hello ILZ, Thanks for your valuable information. Can you tell sometimes if you come before the end of a candle? To make a trade or close an other. For example, last night I was hesitant to take long for USD-CAD. The candle had clearly broken the 200 SMA before closing.
Thanks
Best regards

Oyapoke
Quoting Oyapoke
Hello ILZ, Thanks for your valuable information. Can you tell sometimes if you come before the end of a candle? To make a trade or close an other. For example, last night I was hesitant to take long for USD-CAD. The candle had clearly broken the 200 SMA before closing. Thanks Best regards Oyapoke
hey Oya,

Im not sure I understand your question. Can you ask it in a different way?

-ILZ
“Control, control, you must learn control!” - Yoda
ILZ, please excuse for my bad English (I'm french...)

Sometimes, do you take a trade, or close a trade before the end of a period of H4, for example because of a strong movement or break of super trend or 200 SMA?

Or so is what you always expect the end of a candle?

Thanks
Best regards

Oya
Quoting Oyapoke
ILZ, please excuse for my bad English (I'm french...) Sometimes, do you take a trade, or close a trade before the end of a period of H4, for example because of a strong movement or break of super trend or 200 SMA? Or so is what you always expect the end of a candle? Thanks Best regards Oya
Hey Oya,

C'est OK. Mon franais n'est pas trs bon non plus.

It happens sometimes but mostly to close trade if its going negitive. I do not do it to open a trade.

-ILZ
“Control, control, you must learn control!” - Yoda
Thanks very much ILZ!
Quoting Oyapoke
Thanks very much ILZ!
“Control, control, you must learn control!” - Yoda
Hi,
I adapted one of my robots to the trading according to the rules Ilz. They are not a 100 % the same rules, but can be a system will make a profit. Time will tell. Thanks for the inspiration Ilz
http://www.myfxbook.com/members/Trej...ner-096/570924


http://s17.postimg.org/8kcudlnjj/2013_05_15_091708.png
screenshot program

http://s23.postimg.org/q9obyez0r/2013_05_15_092118.png
how to screen capture


I'm sorry if off topic
Nice work kasia, a robot will save the trouble of scanning many chart windows, would you mind sharing the robot here?
Quoting Kasia
Hi, I adapted one of my robots to the trading according to the rules Ilz. They are not a 100 % the same rules, but can be a system will make a profit. Time will tell. Thanks for the inspiration Ilz http://www.myfxbook.com/members/Trej...ner-096/570924 {image} screenshot program {image} how to screen capture I'm sorry if off topic
Quoting Kasia
Hi, I adapted one of my robots to the trading according to the rules Ilz. They are not a 100 % the same rules, but can be a system will make a profit. Time will tell. Thanks for the inspiration Ilz http://www.myfxbook.com/members/Trej...ner-096/570924 {image} screenshot program {image} how to screen capture I'm sorry if off topic
Hey Kasia,

Its ok. Good luck with that. Lets try to stay on topic.



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