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Attachments: Make Money Everyday - A Guide to Short-Term Trading
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Make Money Everyday - A Guide to Short-Term Trading

Quoting Sakk
Ok after a lot more back testing I have found widening the stop and adding into a position at the next level (averaging into the position) is not much better overall. Few reasons:
1. number of trades increases, if using an ecn broker with commissions cost escalates. [/quote]

I'm not apposed to more trades... If I'm making $$! But if it's just treading water, It makes no sense. There are plenty of setups day in day out that I have found, it's just easier to cut the loss and move on.

[/quote] 2. drawdowns are larger. [/quote]

My goal is to Make Money Everyday. If I was trading a longer time frame - I could probably handle a larger draw down because I know that my wins would in be larger. Since I don't, I want to keep my losses to a minimum.

[/quote] 3. you are effectively adding to an initial losing position - wrong behavior pattern (better to take a small loss and reassess market for next setup as suggested by mongolian) [/quote]



[/quote] 4. in the trade a lot longer, where other potential set ups could have been taken and recovered the initial 6 pip loss[/quote]

See comment to #1 - it applies here as well.

I will say that originally I was looking at your post from the standpoint of adding to the position basically @ my SL of 6 pips - not at an entire new 12.5 leg. I'm still a little bit curious about this. I know that PA can be 'sloppy' some days and shoot past the targets. (Especially the EURO/YEN pair) and having that flexibility could possibly be flexible. Just eyeballing PA it looks like there could be some potential there. Either to widen the stop beyond 6 pips to allow for that sloppiness to stay in the trade and/or use that as the ideal entry. I admit - it would take re-training myself as I have not looked @ this possibly and my eyes are pretty trained to look @ entries on the levels that have been described here in this thread. Thanks for contributing! Always looking for a an opportunity to grow and to expand my trading horizons. I'm still going to give this some work and see if there is anything there.

Mongolian
Quoting mongolian
{quote} As far as Fib, etc. go - don't use, don't have any idea how to use them.
Pretty simple, you enter into these trades all the time you just don't realise those levels just coincide with a 50% fib as well. See chart for simple example.

Quoting mongolian
{quote} I know that PA can be 'sloppy' some days and shoot past the targets. (Especially the EURO/YEN pair)
I also find EJ more volatile and sloppy as opposed to EU and agree that 6 pips is at times not enough room. The setups on EU are cleaner and the spreads are better. Over many trades that extra 1 pip in slippage adds up!
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Quoting Sakk
{quote} Pretty simple, you enter into these trades all the time you just don't realise those levels just coincide with a 50% fib as well. See chart for simple example. {quote} I also find EJ more volatile and sloppy as opposed to EU and agree that 6 pips is at times not enough room. The setups on EU are cleaner and the spreads are better. Over many trades that extra 1 pip in slippage adds up! {image}
Nice. Thanks for the quickie lesson!
Quoting Sakk
{quote} Pretty simple, you enter into these trades all the time you just don't realise those levels just coincide with a 50% fib as well. See chart for simple example. {quote} I also find EJ more volatile and sloppy as opposed to EU and agree that 6 pips is at times not enough room. The setups on EU are cleaner and the spreads are better. Over many trades that extra 1 pip in slippage adds up! {image}
very nice approach , i like it!

how much time do you trade like this? i assume it goes better on a ranging market rather the big runners like there on the yens pairs .


my approach is to let it break and to see how it pullback and only than to put the pending order, its filter the big drops and rises , buy hi the market most of the time ranging

so its ok .

i will test your approach see hoe it goes . many thanks for you and for mongolian .

Iam just A pips on the rode :nerd:
50 fibo bounce .
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Iam just A pips on the rode :nerd:
...
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Iam just A pips on the rode :nerd:
.....S/D
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Iam just A pips on the rode :nerd:
Quoting mongolian
{quote} No tick charts here. I have not been able to figure out how to make tick charts work on MT4. Closest thing I've used (and thanks to to enochben for the file) is a renko chart. I do miss the tick charts though - that is for sure. M
Have you tried the logtickdata and posttickdata indicators to get tick charts? It's working on mine.
Quoting idude
{quote} Have you tried the logtickdata and posttickdata indicators to get tick charts? It's working on mine.
I have tried that but have not been able to get it to work.
I've heard that it doesn't work with forex.com's mt4, you're not using them are you?
Quoting idude
I've heard that it doesn't work with forex.com's mt4, you're not using them are you?
Indeed. Figures.
Quoting idude
{quote} Have you tried the logtickdata and posttickdata indicators to get tick charts? It's working on mine.
Am I correct in saying you need to have it running 24/7 to keep the history? what tick speed are you using?.

doc.
Yes that is true, you can shut it down at close on Friday and then bring it up again on Sunday open. What that is you run logtickdata on the 1minute eur/usd chart and that logs every tick for every pair and then all you have to do is run the posttickdata on the 1 min chart on whatever pair or pairs you want to trade another words logtickdata only needs to be running in one pair but posttickdata needs to run on every pair you want to trade.

I've been testing at 70 ticks, 610 and 987 I can say that the signals are more powerful and clear than those you get with time charts.

The only thing about these indicators is that the charts comes with the wrong date and everything starts in jan 1970.
Quoting -er-
{quote} how much time do you trade like this? i assume it goes better on a ranging market rather the big runners like there on the yens pairs
I have added this approach ontop of my existing system only recently.

I will also let a trade run if price action dictates and not exit at the 12.5pips target. And yes if price runs strongly in one direction i will watch how price reacts around the level before placing an order.

But the system as per Mongolian has shown is spot on and it does not require any added complexity.
Quoting Sakk
{quote} I have added this approach ontop of my existing system only recently. I will also let a trade run if price action dictates and not exit at the 12.5pips target. And yes if price runs strongly in one direction i will watch how price reacts around the level before placing an order. But the system as per Mongolian has shown is spot on and it does not require any added complexity.
Iam just A pips on the rode :nerd:
Quoting Sakk
{quote} I have added this approach ontop of my existing system only recently. I will also let a trade run if price action dictates and not exit at the 12.5pips target. And yes if price runs strongly in one direction i will watch how price reacts around the level before placing an order. But the system as per Mongolian has shown is spot on and it does not require any added complexity.
Thanks for the comments. Always glad to see someone benefiting from this thread!

Mongolian
Quoting idude
Yes that is true, you can shut it down at close on Friday and then bring it up again on Sunday open. What that is you run logtickdata on the 1minute eur/usd chart and that logs every tick for every pair and then all you have to do is run the posttickdata on the 1 min chart on whatever pair or pairs you want to trade another words logtickdata only needs to be running in one pair but posttickdata needs to run on every pair you want to trade. I've been testing at 70 ticks, 610 and 987 I can say that the signals are more powerful and clear than those...
Can't believe someone hasn't picked it up and done a proper job of it by now, Luckily it's all built into my charting package so I don't have to worry..
What charting package do you use?

It seems to me the only way to get tick charts is either buy ninjatrader or tradestation and open an account with a broker that support these. There are forex traders who don't even know what tick charts are because brokers don't offer it (you can get tick charts with jtrader but only up to 100 ticks which to me is useless or MBT Desktop pro up to 60 ticks even worse than jtrader) I'm really thinking in either buy ninjatrader or subscribe to a third party charting service which are not cheap either. Accucharts by fx solutions had tick charts but fxsolution shutdown in the US and in the UK they changed it for something called advanced charts which have no tick option. You can always go with thinkorswim but I don't think ameritrade offers demo accounts so I don't know what their spreads are like.
Quoting idude
What charting package do you use? It seems to me the only way to get tick charts is either buy ninjatrader or tradestation and open an account with a broker that support these. There are forex traders who don't even know what tick charts are because brokers don't offer it (you can get tick charts with jtrader but only up to 100 ticks which to me is useless or MBT Desktop pro up to 60 ticks even worse than jtrader) I'm really thinking in either buy ninjatrader or subscribe to a third party charting service which are not cheap either. Accucharts by...
IT Charts (Pro Realtime) supplied through a UK spread betting company.

doc.
Quoting mongolian
{quote} Thanks for the comments. Always glad to see someone benefiting from this thread! Mongolian
No, thank you for starting this thread! It's helped me simplify my approach.
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