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1% Trading System - Continued

  • #21
  • Jun 27, 2013 3:03am Jun 27, 2013 3:03am
what is the name of your terminal? it is not familiar for me.
  • #22
  • Jun 27, 2013 11:19am Jun 27, 2013 11:19am
Quoting saqoli
what is the name of your terminal? it is not familiar for me.
That is Oanda
  • #23
  • Jun 28, 2013 7:04am Jun 28, 2013 7:04am
Quoting saqoli
what is the name of your terminal? it is not familiar for me.
Have added trade explorer to keep you updated without have to post
The Thief of Wall Street
  • #24
  • Jun 29, 2013 12:34am Jun 29, 2013 12:34am
It did not bounce off much from 1.3016, however, that level proved itself as a good support/buying level but not great.

It repeately hit my sls several times. One may notice a 2% or 3% growth in my account balance for this move, but I suspect it was an overall loss in terms of number of pips gained/Lost. This gain in only because of taking risk more than 1%, using high leverage and keeping very tight sls. This was not part of the deal, but I took those trades that way only because it was a good buying level. It is more kosher not to take risk more than 1% and try to keep sls as much away from normal market noise as possible.

Now coming back to identifying right trade-setups. I have been actively trading currencies since early 90's. I have noticed that every currency movement, big or small is always in cycles......... it moves in cycles and this pattern is very much visible on daily, 4H and 1H charts. Other timeframes do show these cycles, but not very clearly. This nature of curreny movement patterns is the key. What I mean by cycle is that pa starts going in one direction in snake like move, this move on shorter-term time frame is usually part of a big move on bigger timeframes. Those big moves on bigger timeframes also move in a snake like fashion, i.e. going up and down but inclinded more towards either up or down. Some traders use channels or trendlines to mark the boundaries of these snake moves and take a chance either continuation or break of these channels or trendlines. Similarly some traders do not look at it ...................................

Will be back to complete this post, I am hungry.
The Thief of Wall Street
  • #25
  • Jun 29, 2013 12:58am Jun 29, 2013 12:58am
AH AH AH AH !

  • #26
  • Jun 29, 2013 1:21am Jun 29, 2013 1:21am
Quoting Chicky
It did not bounce off much from 1.3016, however, that level proved itself as a good support/buying level but not great. It repeately hit my sls several times. One may notice a 2% or 3% growth in my account balance for this move, but I suspect it was an overall loss in terms of number of pips gained/Lost. This gain in only because of taking risk more than 1%, using high leverage and keeping very tight sls. This was not part of the deal, but I took those trades that way only because it was a good buying level. It is more kosher not to take risk more...
Let's continue....

Similarly some traders do not look at these cycles in a diagonal way but in a straight horizontal way, that is, they look for the price levels that cut through these cycles. Some refer to this as Price Pivot Zones and lately on these forums termed as MoFus (or M*thr F*ckr Zones). Whether it be Fibs, Bats, Gartley, Trendlines, Channels, Elliot or anyother patterns/techniques, these are all connected and form because of these PPZs.

One good thing about PPZs is that you don't need a single line on your chart to reconize them. Line is drawn only to know the exact price and to mark them for future reference.

Let me show you an example with the help of a chart ........... I am now thirsty, will be back to complete the post
The Thief of Wall Street
  • #27
  • Jun 29, 2013 1:35am Jun 29, 2013 1:35am
Quoting Chicky
{quote} Let's continue.... Similarly some traders do not look at these cycles in a diagonal way but in a straight horizontal way, that is, they look for the price levels that cut through these cycles. Some refer to this as Price Pivot Zones and lately on these forums termed as MoFus (or M*thr F*ckr Zones). Whether it be Fibs, Bats, Gartley, Trendlines, Channels, Elliot or anyother patterns/techniques, these are all connected and form because of these PPZs. One good thing about PPZs is that you don't need a single line on your chart to reconize them....
OK............. Here is a chart showing some of the key levels. I keep an eye of these levels but do not trade them. In the next post I will explain and show how I determine my entries and exits.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled1111.jpg Size: 166 KB
The Thief of Wall Street
  • #28
  • Jun 29, 2013 1:44am Jun 29, 2013 1:44am
Quoting Chicky
{quote} OK............. Here is a chart showing some of the key levels. I keep an eye of these levels but do not trade them. In the next post I will explain and show how I determine my entries and exits. {image}
I am doing my accounts for the week and I am following, I like setups and I am curious....
  • #29
  • Jun 29, 2013 2:00am Jun 29, 2013 2:00am
Quoting Chicky
{quote} OK............. Here is a chart showing some of the key levels. I keep an eye of these levels but do not trade them. In the next post I will explain and show how I determine my entries and exits. {image}
Without going into the details about Jacko and telling everyone how good or bad that member WAS, I must say that some of his posts strictly on technicals made great sense to me. In one of his posts he stated that price does not like these levels and that's why one sees very little activity at these levels. In other words, whenever price touches these levels, big orders are placed and therefore price quickly moves away from these levels. Somes it bounces off from these levels and other times it just cuts through these levels. Therefore, the key is to look for the areas of low activity. Such areas are the ones where trade graph makes V or invetered V. Vs are indication of demand and inverted Vs are indication of high selling. Also look for solid unbroken 15M to 1H candles for moves that quickly cut through these level. These are also signs of heavy bying or selling.

The method I use for selecting my first entry is to buy or sell NEAR the areas of low activity. Most of the times but not always , these are the PPZs.

So far we have discussed these elements of a 1% trading system:

1. Limiting risk per trade at 1%
2. How to select an entry

.............Later Folks
The Thief of Wall Street
  • #30
  • Jun 30, 2013 8:30pm Jun 30, 2013 8:30pm
The Daily shows its still a buying zone. Entered a long
The Thief of Wall Street
  • #31
  • Jun 30, 2013 11:27pm Jun 30, 2013 11:27pm
Quoting Chicky
The Daily shows its still a buying zone. Entered a long
Closed 3/4th position as we are entering a small selling zone from 1.3025 to 1.3040
The Thief of Wall Street
  • #32
  • Jun 30, 2013 11:46pm Jun 30, 2013 11:46pm
Quoting Chicky
{quote} Closed 3/4th position as we are entering a small selling zone from 1.3025 to 1.3040
Shorted 2 lots,with sl above 1.3040. Planning to take profit near 1.3016
The Thief of Wall Street
  • #33
  • Jun 30, 2013 11:49pm Jun 30, 2013 11:49pm
Quoting Chicky
{quote} Shorted 2 lots,with sl above 1.3040. Planning to take profit near 1.3016
Here is that small selling zone.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled1111.jpg Size: 66 KB
The Thief of Wall Street
  • #34
  • Jul 1, 2013 11:50pm Jul 1, 2013 11:50pm
Quoting Chicky
{quote} Here is that small selling zone. {image}
We are still in this selling zone. But if it overcomes, will end-up at 1.3160

Tried to play that small selling zone, but no use. Lost few percentages.

Back to long position.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled1111.jpg Size: 66 KB
The Thief of Wall Street
  • #35
  • Jul 2, 2013 2:04am Jul 2, 2013 2:04am
Quoting Chicky
{quote} We are still in this selling zone. But if it overcomes, will end-up at 1.3160 Tried to play that small selling zone, but no use. Lost few percentages. Back to long position. {image}
Closed 2 lots to cover risk. Now carrying only 1/2 lot
The Thief of Wall Street
  • #36
  • Jul 2, 2013 2:08am Jul 2, 2013 2:08am
Quoting Chicky
{quote} Closed 2 lots to cover risk. Now carrying only 1/2 lot
Coming back to the system discussion. If you compare what happened when we focused on 1% risk and 1% reward and what happened when we started focusing on trade set-ups.

................Will be back in 7 minutes to continue
The Thief of Wall Street
  • #37
  • Edited 2:44am Jul 2, 2013 2:30am | Edited 2:44am
Quoting Chicky
{quote} Coming back to the system discussion. If you compare what happened when we focused on 1% risk and 1% reward and what happened when we started focusing on trade set-ups. ................Will be back in 7 minutes to continue
OK, lets continue

I asked one question but no one replied. We earlier experienced many losses in a row while playing 1% game. The reason is simple, all our tps and sls were less than 50 pips, that is, within market noise. That made our experiment of 1:1 1% method merely a coin toss. As I mentioned earlier, my sls are usually 50 or more pips away and risk is 1%. I try to keep my sls away from market noise. No matter how correct one is in speculating this market, market noise (temporary fluctuations) knock him/her out many times. Unfortunately this is true even for bigger timeframes. The only solution to this is keep on managing your positions. Additionally, one needs to understand how pa movements get affected by session open and close, where it stalls just prior to a session start, news release, etc. These studies greatly help scalpers.

The second difference is repeated attempts to get into a position, gradual entries and r:r based on support and resistances, maybe less than 1:1. .
The Thief of Wall Street
  • #38
  • Jul 2, 2013 2:48am Jul 2, 2013 2:48am
Quoting Chicky
{quote} Closed 2 lots to cover risk. Now carrying only 1/2 lot
re-entered. May get sl in 10 pips but 1.3040 is there for second attempt
The Thief of Wall Street
  • #39
  • Jul 5, 2013 12:00am Jul 5, 2013 12:00am
Quoting Chicky
{quote} re-entered. May get sl in 10 pips but 1.3040 is there for second attempt
u

Don't know how many attempts I have made but one thing is for sure........ they all gave me huge losses.

We are in a very good buying zone and I don't want to miss this opportunity. The only thing I am not following is the 1% rule. My risk is times more than 1%. Following the 1% rule and keeping sl beyond 50 pips is very wise but not thrilling. Market noise few times went in my favor but could not materialize this move. My only fear is 1.2800 support, if it breaks I will lose 90% of the account.

ps. 1.2779.3 to be exact
The Thief of Wall Street
  • #40
  • Jul 10, 2013 6:51pm Jul 10, 2013 6:51pm
Quoting Chicky
{quote} u Don't know how many attempts I have made but one thing is for sure........ they all gave me huge losses. We are in a very good buying zone and I don't want to miss this opportunity. The only thing I am not following is the 1% rule. My risk is times more than 1%. Following the 1% rule and keeping sl beyond 50 pips is very wise but not thrilling. Market noise few times went in my favor but could not materialize this move. My only fear is 1.2800 support, if it breaks I will lose 90% of the account. ps. 1.2779.3 to be exact
It proved to be a real good buying zone. Closed all positions 1.3140 is tricky.
The Thief of Wall Street
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